Sellers Ask: Are vacant homes in Dayton harder to sell?

April 15th, 2010

Short answer is “Yes”. Long answer is “Depends”.

Let’s start with the long answer: Dayton investors, flippers, intrepid pioneers often want to see the bones of the home: What do they need to replace, repair, rehab. They don’t care about any emotional attachment to the home because this home purchase is a financial decision. They may not plan on living in it, or they may plan on living in it only long enough to fix and sell for a profit. These are visionaries with a good business sense so they don’t need to see how furniture could be arranged- they can do that on their own. Often these buyers have bought multiple homes, or have extensive construction experience. They look at many many distressed properties and the dirt, smell, and repair issues that scare off most buyers are met with grim determination. As one investor told me “A house that smells like cat pee to everyone else, smells like money to me.” Okay then. Staging isn’t going to impress him much.

Most buyers don’t fall into that category though. Most Dayton buyers think of property as “home”. For these buyers a well cared for property is what they are looking for. They walk into a property wanting that emotional, visceral connection that lets them know their hopes, dreams, loved ones, and life, well be safe and tended to within those walls. The more like home you can make a buyer feel, the more likely they will be to write an offer, and an offer that appeals to you- they want this home.

Discerning sellers take note: RISMedia offers 5 Reasons Vacant Homes Are Tough To Sell In Today’s Market:

1. People don’t simply buy houses; they buy the next chapter of their lives.
This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost.

2. Vacancy distracts buyers from looking at the house itself.
They wonder: “Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?” They’ll make a low-ball offer, thinking the owner is desperate.

3. When a house is vacant, buyers focus on flaws.
They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down.

Read the rest here.

Looking for Open Houses in Dayton Ohio? Easy.

April 11th, 2010

*Note: I wrote this post awhile back, but today is National Open House Day and homes throughout the Greater Dayton Area will be open. Sign up at any Open House and you will be registered for GC from Lowe’s. Remember the ground rules for Open Houses- the Realtor hosting the Open is working for the seller, so be very careful about giving that Realtor any thoughts and opinions about the property you are looking at, lest you enter into a Dual Agency situation (read about the caveat emptor of Dual Agency below).

 

It’s Sunday morning in Dayton Ohio and you want to go looking at homes. I understand that. You probably want to go looking at homes during an Open House because you might be undecided about which Realtor to use, and you figure at an Open House you can remain anonymous. I understand that as well. Or maybe you just love looking at homes? Makes sense to me. Or perhaps you have family that is moving back to Dayton, and you promised that you’d go to Open Houses to see what is on the market? Trust me, I understand that there are many many reasons that Dayton residents spend their Sundays looking at Open Houses, and that’s why I like Open Houses.

A really great way to find Open Houses in the Greater Dayton area is directly through the Dayton Area Board of Realtors (DABR) website, through their Open House portal, here.

It allows you to refine your criteria to specific areas, specific price ranges, etc, so that when you hit the “Submit” button in the upper right corner, you get any homes listed as “Open Houses” in the Multiple Listing Service (MLS), and you also get all the information about that property that you would see through the MLS. So instead of a few lines of copy and one grainy photo, like the newspaper, you get a complete printout for the property. You can also map them, and, drumroll please, you can print them up. Cool, huh?

Of course, please keep in mind that many Open Houses in Dayton are hosted by, well, “hosts” that not only may know nothing about the property, they may not be licensed Realtors, which might be a good thing if you want to just go look at a home, unmolested by pushy salesfolk. But if you want information about the property, then you have to talk to a Realtor anyway, as an unlicensed host is not allowed, by law, to discuss any property listed in the MLS.

Here’s where it gets tricky: If you go to an Open House, and it is hosted by a Dayton Realtor, please remember that that Realtor works for the seller- they are not, at that moment in time, working for you, even though they may ask for your contact information. That is, any information that you tell a Realtor at an Open House, that pertains to your thoughts, feelings, and opinions about that particular house, will be conveyed to the seller. Buyer beware! Be very careful about what you are saying at an Open House.

Which brings us to a whole other point: When you are serious about looking at homes unmolested, contact me. While I can’t say I would never be a dual agent, I can say I would only be a dual agent to a client who specifically requested it. I will represent you and only you in a sale. A buyer’s representative can take you to look at any home listed in the MLS, and you can get a private showing, if you will, with an experienced real estate agent, who truly has your best interest in mind. It’s a fiduciary relationship, and when you are making such an important purchase, you really want someone who understands that relationship in your corner. Call an agent who you feel comfortable with, and allow them to work for you.

One more thing, getting into the Dayton Area Board of Realtors MLS is easy- just click on the link on the upper right sidebar. But, if you want to make this really painless, a specialized home search can come to your inbox. It’s simple as can be, just let me know- 937-478-7781, and we’ll set it up for you. Some Realtors might call this a VIP Buyer Search, or some such thing, as if it’s something no other Realtor can offer. I think it’s basic customer service. When you are ready to automate the process, let’s talk.

Centerville Condo at HUD Pricing: 9209 Great Lakes Circle

April 9th, 2010

*Note: Alas, this property is no longer for sale, but other homes are! Feel free to browse the entire Dayton Multiple Listing Service, without signing up and without obligation. When you have any questions about any home you see, or when you are ready to talk to a Realtor, contact Dayton Realtor Jennifer Core, Exit Realty Central for information about any home for sale in the Dayton area, Dayton real estate information, how much your Dayton area home is worth, or for email updates about real estate in your Dayton neighborhood. Always free, always no obligation. Just call 937-239-0373, or write, jennifer(at)exitdayton.com.

HUD property #411-383497. See HUD property details here.

Buying a home in Dayton Ohio? Contact Realtor Jennifer Core, Exit Realty Central, at jennifer@exitdayton.com, or 937.239.0373 for experienced, knowledgeable help throughout your home buying process. Jennifer can show you any home listed for sale, regardless of who has it listed, and can offer you representation, as well as real estate advocacy. Give her a call to find out more.

HUD Disclaimer: All properties are sold in “AS IS” condition. Seller makes no representations or warranties concerning the condition of the property and does not guarantee that the property is free of hidden or visible defects. Buyer is responsible to take action to satisfy himself that the property is in a condition acceptable to him. Seller will make no repairs. Buyer is encouraged to have a home inspection to identify any defects.

The purchase of Real Estate is a legal transaction. The signing of a sales contract is legal and binding between two consenting adults. Anyone under the age of 18 is NOT PERMITTED TO SIGN THESE DOCUMENTS.