The First Offer May Be The Best Offer

Hello Friends,

Versions of this column have appeared before. It is still true. And for many, still relevant.

Sometimes when everything goes right we have trouble accepting that fact. Perhaps nowhere is this phenomenon more clearly illustrated than in the case where a seller receives a good offer right away.

The annals of real estate are well stocked with stories of sellers who refused to take a good, but not perfect, first offer, and who then waited a long, long time before finally accepting something else at a considerably lower price. And most agents who have been around for a while know to shudder when a good strong offer is made almost at the outset of a listing; for the seller's reservations are almost inevitable. "Did we list it too low?" "If someone will offer this much so soon, maybe we should wait a while and see if we can get more." Etc.

When we read of Silicon Valley listings routinely selling at above list price, and while we are still in a period when multiple-offer situations are commonplace, it is understandable that such thoughts come to mind. Nonetheless, they are generally unfounded, especially if the market is anywhere near "normal", as ours is today.

As an antidote to the ill effects of the "curse of the first offer", a couple of observations might be kept in mind.

First, the fact that an offer is received early in the listing period -- even in the first few days -- doesn't mean that the property has been listed too low.

It is easy to overlook how very efficient the residential real estate marketplace has become. Modern multiple listing systems (MLS) provide agents, and thus their buyer clients, with virtually instant access to information about existing inventory and about what has newly come on the market. In the old, old days a buyer's agent did not become aware of new listings until "the book" (i.e. the compilation of MLS listings) was published. There might have been a lag time of ten days or more from the time the listing was taken.

Today, a good buyer's agent will have electronically entered a "profile" of his client's needs and price range into the system. Then, whenever he logs on to the MLS, he will be notified if a listing has been entered that matches that profile. In a low-inventory market such as we have had recently, buyers' agents will log on a half-dozen times a day, or more, to see if an appropriate new listing has been entered. Moreover, in most systems the buyer's agent is able to place the buyer himself on a similar notification.

The point is that potential buyers learn quickly of the existence of an appropriate new listing. Thus a flurry of activity at the outset of the listing does not necessarily imply a too-low price; rather, it reflects the efficiency of the system.

Secondly, an early first offer does not imply that the seller should hold out for full price.

We all know that there is typically a bit of a dance in the pricing and negotiating for a property. Sellers, with the concurrence of their agents, will usually list their property for an amount that is both higher than what they believe its value to be and higher than what they would be satisfied to receive. Why? Because they know that buyers almost always want and expect to pay less than the listed price.

However, when an otherwise acceptable offer comes in near the outset of a listing period, sellers are frequently tempted to hold out for full price, or much closer to it than would normally be expected. Caution should be exercised in this regard.

For one thing, as we have noted, exposure of the property to buyers occurs pretty quickly nowadays, and sellers shouldn't assume that there are going to be more, much less higher, offers as the listing period progresses.

Secondly, there often can be a transactional benefit to "leaving something on the table." A real estate transaction is a process. These days, with inspections and disclosures, there are almost always "second negotiations" during the course of escrow. A buyer who feels ground down in the purchase negotiation may well be more difficult to deal with as other issues arise. http://realtytimes.com/consumeradvice/sellersadvice/item/1001147-20170404-the-first-offer-may-be-the-best-offer?rtmpage=

Thanks so much!

ERA Skyline Real Estate

3376 Harrison Blvd

Ogden, UT 84403

801-627-6500

8 Bathroom Tile Trends You'll See in 2017

Hello Friends,

This staple decor item is taking on new, modern shapes and styles designed to excite.

Tiles are a staple of bathroom decor, and the options for how to use them are endless. This year is seeing plenty of new tile trends emerge that cater to just about every design style, from minimalist to maximalist. Swipe up for ideas to inspire your next bathroom renovation (and as your tile obsession grows, check out these kitchen tile ideas, too).

Patterned Tile

Gone are the days of tile floors blending into the background of a room. In 2017, you'll see the reemergence of patterned tiles, perhaps reflective of this year's renewed focus on artisanship and craftsmanship.

Honeycomb Tiles

If 2017 could have a shape, it might just be honeycomb. Designers are getting geometric with their tiles, with honeycomb (aka hexagon) shapes appearing in tiled flooring and walls. This bathroom from Laurel & Wolf features gray floor tiles with navy borders, which echo the navy blue wall.

Color Patterns

Patterns painted on tiles aren't the only way to excite with tile. Designers are piecing together intricate designs using a variety of colorful, geometric tiles meant to capture the eye upon first glance, such as in this bathroom in a Laurel & Wolf home.

Espresso Tones

Though color will certainly be trending this year, so will earthier tones such as chocolate brown — a sound option for those who prefer a more neutral palette. In this Homepolish home, the floor tiles are a deep brown that add dimension to the neutral space. You can also expect matte finishes to compete with glossy this year.

Long, Narrow Subway Tile

If the honeycomb tile trend is any proof, this year will be all about atypical tile shapes. Instead of the classic subway tile, this year, long and narrow tile will appear in bathrooms as a sleek alternative.

Fish Scale Tile

The fish scale trend first emerged in 2016, but it's still reigning strong into 2017 with fashionable bathrooms like this one from Homepolish. Fish scale tiles add an element of dimension and offer a softer look for the homeowner who wants to avoid a boxy look.

Vertical Tile

When you've tired of horizontal subway tile, the only place to go is — up! Vertical tiles can be staggered for an unexpected, modern aesthetic that can visually expand a room. This particular bathroom uses varying shades of gray to capture visitors' attention.

Colorful Tile

Naturally, 2017 is all about green. But just about every color is appearing in tiles this year as a bright, happy bathroom trend for color-lovers. In this bathroom, vivid green is paired with more subdued natural elements (like the wood sink and window) for a balance of colorful and carefree style.  https://goo.gl/EDnyfj

Thanks so much!

ERA Skyline Real Estate

3376 Harrison Blvd

Ogden, UT 84403

801-627-6500

3 Easy Gardening Hacks to Get You Ready for Spring Using Items you Probably Already Have Around the House

Hello Friends,

Everyday items (an over-the-door shoe rack, an ice cream cone, a wine bottle) bloom into crafty helpers that make caring for plants a cinch—even if you lack a green thumb.

Shoe Organizer as Vertical Garden

Love the idea of an herb garden, but just don’t have the room? Maximize your vertical space by hanging a shoe organizer on a sunny fence, shed, or porch door. First poke small holes in the bottom of each pocket for drainage and then fill with herbs or other small plants. Bonus: When you water your plants from the top row, the overflow water will drip into the plants below.

Ice Cream Cone as Seed Starter

Have a couple sugar cones that have gone stale in the cabinet? Re-purpose them as seedling starters. Just fill a cone with soil and your favorite seeds. “This works best for seedlings that grow within a few weeks,” says Heather Rhoades of the gardening website gardeningknowhow.com. The reason why this summer treat vessel works so well? It’s biodegradable, making replanting easy.

Wine Bottle as Self-Watering Planter

Rinse out a wine bottle and fill it with water. Replace the cork and hammer a nail through it to create a small hole. Remove the nail and place the neck of the bottle in the soil at a slight angle. Water will drip out and hydrate your plant once the soil dries around it. (Will water a medium-size plant for your entire one-week vacation.) 

https://goo.gl/KLtCR5 

Thanks so much!

ERA Skyline Real Estate

3376 Harrison Blvd

Ogden, UT 84403

801-627-6500

Can you guess which keywords made the list?

Hello Friends,

These Words Could Help Your House Sell Faster—and for More Money

Words matter, too, when it comes to real estate listings.

If you’re putting your house on the market, not only will you want to make sure it looks good enough to score the best sale, but you may also want to keep a close eye on its real estate description. A new analysis from Zillow Digs shows that certain keywords in a listing can help houses to sell faster and for a higher price. “When it comes to real estate listing descriptions—words matter,” Dr. Svenja Gdudell, Zillow chief economist, said in a statement. “Your listing description is an opportunity to highlight specific details and finishes that might not be visible in photos.”

Zillow Digs looked at the listings of 2.8 million U.S. home sales between January 2014 and March 2016, while accounting for property age and size, time of year, and market region. Researchers analyzed 60 specific keywords that described certain design features and amenities and whether their inclusion in the home’s listing affected the sale price. From the analysis, the team at Zillow found that Craftsman-style keywords in listings were both popular and more lucrative—“barn doors” helped to raise a home’s price by 13 percent and sell 57 days faster, “shaker cabinets” upped the price by 9.6 percent and sell 45 days faster, and “farmhouse sink” elevated the value by 7.9 percent and sold 58 days faster. The team also found that “Craftsman-style” homes do better than any other design style.

While it might not be possible to transform your Spanish Colonial Revival-style home into a Craftsman-style one, the other findings can be a guide for any renovation projects you decide to undertake before putting your home on the market. For example, the terms “subway tile,” “pendant light,” “heated floors,” and “granite” were also found to be popular listing terms. The team saw that compared to the term “new carpet,” listings with “hardwood floors” sold for two percent more than the expected value.

To optimize your home’s listing description, the experts at Zillow have a few extra tips in addition to highlighting desirable amenities and design styles. They recommend keeping location in mind when calling out certain terms; for example, in colder climates heated floors are more important, while outdoor kitchens might be more prevalent and sought-after in warmer climates. You can also use flattering adjectives—words like “luxurious” and “captivating” can add 5-8 percent more to your home’s value. They’ve also found that words with longer descriptions sell for more as well. You’ll want to work with your real estate agent, who should be an expert in the local area and know what kind of language will attract buyers.

Below, take a look at the top listing keywords from the analysis and its effects—what percent it can sell above the expected price and how much faster:

• Barn Door: 13.4%; 57 days
• Shaker Cabinet: 9.6%; 45 days
• Farmhouse Sink: 7.9%; 58 days
• Subway Tile: 6.9%; 63 days
• Quartz: 6%; 50 days
• Craftsman: 5.4%; 14 days
• Exposed Brick: 4.9%; 36 days
• Pendant Light: 4.6%; 48 days
• Frameless Shower: 4.6%; 38 days
• Heated Floors: 4.3%; 28 days
• Stainless Steel: 4.2%; 42 days
• Granite: 4.1%; 38 days
• Backsplash: 4.1%; 46 days
• Tankless Water Heater: 4%; 43 days
• Outdoor Kitchen: 3.7%; 19 days

https://goo.gl/rAJuC9

Thanks so much!

ERA Skyline Real Estate

3376 Harrison Blvd

Ogden, UT 84403

801-627-6500