Mark Brawley's Blog

Some home sales need extra incentives to get buyers off the fence. Below you will find a sample of the possible incentives that might entice a buyer to make an offer.  Which incentives, if any, are appropriate depend on your market, your home, and the prospective buyers that you are marketing to.

Free Appliances

Most home sales will include the cook top, oven, and dishwasher, but the refrigerator, washer, and dryer are typically not included.  Offering these appliances to potential buyers is a nice incentive especially for first-time home buyers that are looking for a move-in ready home.  You can sweeten the pot even more by offering all new appliances if the existing ones are old.

Improvement Allowances

An allowance is a credit given to the buyer to compensate for defects or worn out finishes.  Some common ones include carpet, landscaping, kitchen, and roof.  Allowances are a great incentive to get buyers to look past defects especially when you don’t have the cash to improve them.

Pay for Closing Costs

Along with the down payment, closing costs are the additional funds that a buyer needs to bring to closing to cover the cost of getting their loan.  Offering to pay for a portion of the closing costs can be attractive to buyers that are trying to limit their out of pocket expenses for their home purchase.  It is a good idea to put a cap or state an actual dollar amount on this incentive.

Pay Interest Discount Points

An interest discount point is equal to 1% of the buyer’s loan amount.  The lower interest rate will reduce the buyer’s monthly payment and total payments over the life of the loan.  This can be attractive to buyers that are trying to stay within a monthly payment budget.  On larger loan amounts, the lower rate can have a decent impact.

Pay for Inspections

Almost all home buyers will have a complete home inspection done during their option period.  The cost can vary from $500 to $1,000.  The buyer typically pays for this but sellers can offer a credit and a repair allowance to address any items found in the inspection.

Offer Upgrades

Offering upgrades is similar to offering allowances.  The money is tagged for improvements.  The big difference is that this incentive is offered as work to be completed by the seller before closing.  This can be a nice bonus for buyers who don’t have the money or time to do improvements after closing and prior to move-in.  The most common upgrades are flooring, kitchen counter tops, and appliances.

Pre-paid Services

Hire an Aggressive Listing Agent

You want a listing agent that knows your market and knows the potential buyers for your home.  An aggressive listing agent won’t just sit back and wait for the buyer to show up, they will use modern marketing techniques along with some old school stuff to get the best price possible.  Ask your Agent to provide a specific marketing plan for your home.

Offer Buyer Incentives

Buyers are looking for deals and home runs.  If you are offering to include the appliances, pay for a portion of their closing costs, or offer an upgrade allowance, your home will quickly move to the top of their list.

Get Professional Staging and Curb Appeal Advice

The first impression in real estate is the most important.  Your agent can offer some great tips and advice, but you might want to take it to the next level and hire a professional stager.  This will ensure that your listing photos and online presentation will have buyers lining up to view your home, and when they walk in, they won’t be disappointed.

Get a Pre-inspection

Knowing all of the defects before you put it on the market can help you determine your list price and can strengthen your negotiating position if your home is in great shape.  But beware, a home with a lot of problems that you aren’t willing to fix can be a turn off to buyers.

Read the full post here: Houston Realtor

Affordability

Compared with other major US cities, the cost of living is relatively low.  You can still find affordable housing within a short commute to the major business and cultural centers.  The Third Quarter 2010 ACCRA Cost of Living Index shows that Houston’s overall after-taxes living costs are 9% below the nationwide average, largely due to housing costs that are 21% below the average.  When your housing costs are lower, you have extra money to spend on other goods, services, and entertainment which can provide a more enriching life.

Jobs

Houston has one of the strongest job markets in the country which is a compliment to the diversity of our local economy.  Our city is lead by the oil and gas industry, but we also have the largest medical center in the world, the Port of Houston is the 4^th largest in the US, and we have strong markets in financial services, technology, and retail.  If Houston were an independent nation, it would have the world’s 30^th largest economy.  There are 23 Fortune 500 companies with headquarters in Houston.

Green Space

A lot of people who have never been to Houston think of it as a flat, hot, concrete jungle.  But that’s not the case.  Houston is a very green city which is evidenced by all of the awesome mature oak trees and great parks.  Anchored by Memorial Park which is one of the largest urban parks in the US, we also have Discovery Green which opened in 2008 and turned a downtown parking lot into an 11 acre park, Hermann Park which is 445 acres in the cultural center of Houston, and many more.

International Airport

Although Houston is never short on fun and exciting things to do, having the ability to fly non-stop to international destinations is a huge plus.  Bush Intercontinental Airport is a major hub for United Airlines which flies to almost every major US city along with many international sites.  If you want to spend the weekend in Paris, it’s just an overnight flight away.

Diversity

There are more than 90 languages spoken in Houston and 92 countries have consular offices.  Our low cost of living and strong job market have encouraged people from all over the world to immigrate to Houston.  This diversity provides Houstonians a culturally rich lifestyle with a wide variety of dining, shopping, and cultural activities.

Cheese Enchiladas

Great Tex-mex and gulf coast seafood are just a few highlights.  Houstonians can select from over 11,000 dining options that range from award winning fine dining to neighborhood diners.  Our diversity has provided authentic dining options that include Chinese, Vietnamese, Greek, Turkish, Italian, and South American, just to name a few.

Read the full post here: Houston Realtor

Hiring a home inspector to crawl thru your home prior to listing it on the market can be a good idea or a bad idea.  It really depends on your knowledge of the condition of your home and your willingness to make some repairs before or during the selling process.  Here’s a few tips that may help you decide.

Pros

The main benefit of the pre-listing inspection is that you will learn about all of your home’s defects.  If you are a conscience home owner, you should already know about most of them, but most home owners don’t have the trained eye of an inspector.  Knowing all of the defects up front will ensure that you aren’t caught off guard when the buyer hires their inspector.  Getting this done up front will also give you the opportunity to get quotes or actually complete some of the repairs which can make the option period negotiations a little smoother.  This inspection can help you and your Realtor determine a good listing price and it can also strengthen your negotiating position if your home only has a few minor defects.

Another pro to this type of inspection is that the inspector will be working for you, not the buyer.  The inspector should be able to give you a professional opinion on all of the defects and he/she may be able to help you determine some basic cost estimates for repairs.

Cons

The biggest drawback to this is that you will be required to deliver the inspection report to potential buyers which could hurt your negotiating position if there are numerous defects that you are not willing to repair.  Major defects like aging AC systems, roof, or electrical panels could be a big turn off to potential buyers.  Most home owners would prefer to sell their home as-is, but a defect-riddled inspection report could force you to make some repairs before you have offers in hand.

Read the full post here: Timbergrove Manor Homes

Below you will find the most recent data on home sales and prices for the Timbergrove and Lazybrook neighborhoods in Houston, Texas. If you are interested in receiving monthly Houston and Timbergrove/Lazybrook real estate news updates, then sign up for our RSS feed to receive instant updates. For more information about Timbergrove/Lazybrook and to view past market updates, check out our Timbergrove/Lazybrook neighborhood information page. Or email us at vincent@norhillrealty.com.

Sales Activity

Based on the number of homes sold and the number of homes to go pending, March was a very promising month.  17 homes closed sale in the month of March and there were 15 homes that went Option Pending (see our Home-buyers guide for information regarding of the real estate transaction).  The average days on market for homes sold in March was 71 days.

Active Listings

Inventory remains low in Timbergrove/Lazybrook, which is great news for potential home sellers.  When inventory is low (i.e. supply), and demand is elevated, home sellers usually see higher sales prices (i.e. a seller’s market).  At the close of the month, there were 39 total listings on the market and 25 new listings came active on the market in the month of March.

Home Prices

The average price for properties sold over the past 12 months (ending in March 2012) was $296,902.  That’s up 2% from the previous 12 month period (ending March 2011).  Timbergrove/Lazybrook, like most other inner loop area neighborhoods, has been increasing at a moderate pace since 2008.

See the full post here: Timbergrove Manor Realtor

Ms. Smith had lived on Tannehill Dr in Timbergrove Manor since the home was built in 1964. Like many of the original home owners in the neighborhood, her home needed a little more maintenance than she was able to complete. She finally decided that it was time to sell her home and move closer to her family, but she didn’t know where to start. After 48 years in her home, she had accumulated a lot of stuff and her home needed a lot of TLC. The thought of selling her home and moving out was a little overwhelming. That’s when she decided that she needed some help. She called the Norhill Realty team and we developed and implemented a plan that helped her transition to her new home using the following simple steps. The steps don’t necessarily need to follow this order and can be tailored to fit your specific needs.

Step 1: Determine the Value of Your Home

Knowing what the value of your home is integral in the decision process of selling your home. You aren’t going to sell something unless you know how much it is worth and this is paramount with what is often your largest asset. Your Norhill Realty Agent will access the latest market data for your neighborhood to develop a Comparative Market Analysis and we will give you a professional opinion supported by facts.

Step 2: Hire a Junk Removal Contractor

Now that you know how much your home is worth and you have made the decision to keep going, getting rid of some of the clutter is the next step.  A good rule of thumb when it comes to moving and packing is if you haven’t used a possession in the past year then it doesn’t have any value (sentimental or otherwise), it’s probably time to get rid of it. Your Norhill Realty agent can assist in locating the appropriate charity or junk removal contractor to help you get rid of your unneeded possessions.

Read the full post here: Timbergrove Manor Realtor

1.   Disassociate Yourself With Your Home.

From the day you received the keys to your home till now, your home has been your home.  Your place in the world for yourself, your family, and your friends.  The day you decide to sell your home it must cease being your home and it must now become a house, a commodity, a product to be sold to the highest bidder.  Your home is now someone else’s home.  By disassociating yourself from your home and “letting go”, you will allow yourself to make better choices as you prepare your home for sale and better decisions as you negotiate on the sale.

2.   De-Personalize and De-Clutter.

Unless you are a little obsessive compulsive or completely unsentimental when it comes to photography, your home probably looks lived in.  You probably have personalized your home with photographs of family and friends.  You also probably have some business papers piled on your desk, books piled up on a side table, and various kitchen gadgets piled along your kitchen counter.  If you have any of those things, get them out of there.  Remove all of the wedding pictures, vacation pictures, and baby pictures.  You want people to look at your home and imagine themselves in your home. Second, you need to remove all of the unnecessary stuff that you have accumulated over the years that is now cluttering your kitchen counter-tops, desks, tables, floors, and bathrooms.  You need to go minimalist in a big way.  The less stuff you have in your home, the larger the spaces in your home will appear.  You need to convert your home into a showroom.

Read the full post here: Houston Realtor

So you’re ready to hire a real estate agent to sell presumably one of your largest assets?  Do you have a plan to find the right agent for you and your home? Or do you plan on just hiring your cousin?  Or calling off of the side of someone’s car? This is a decision that needs to be thoughtfully considered. Below you will find a few questions to help you get started with the interview process.  For the record, you want to get this decision right the first time.  Don’t be afraid to interview two or three candidates and don’t be afraid to bring them back more than once. The more due diligence you do upfront, the more likely you will be to find success.

1.  Are you a full time agent and how long have you been in real estate?

Admittedly, getting a real estate license is not the most difficult process in the world and keeping your license is even less difficult.  Any Johnny Pencil Pusher can take the battery of tests  required by the Texas Real Estate Commission to get their license and then stay current with the continuing education and annual fees required to keep it.  However, in our estimation, being a Realtor is a profession. A profession that requires experience and passion.  While shopping for someone to sell your Houston home, make sure the agent has the experience and full-time commitment to complete this important job.

2.  What is your average market time vs. the market? 

There are dedicated agents and there are other agents.  Agents that are dedicated to serving their clients to the best of their ability will tend to have a lower average time on market than the market.  Not all homes are alike.  A home that is poorly placed on a street or located next to the railroad tracks might take a little extra time to sell.  However, on average, a good Realtor should sell their listings faster than the market.  This is generally achieved by competently advising their clients on how to position their home, proactively listening to prospects that tour their listings, and by quickly making adjustments to changing conditions if needed.

Read the full post here: Houston Realtor

This entry is part of our Houston Home Renovation series brought to Houston by Cass McNinch andAberdeen Building Group, a Houston based contractor and builder serving Houston’s Timbergrove, Houston Heights, and the Inner Loop.

So, you’ve finally got the ball rolling on that renovation you have been dreaming about for years. Plans. Check. Contractor. Check. Colors and selections. Check. What now?

plan. plan. plan. This is the first key to surviving a renovation project. As much as you can do on the front end of your project, the better off you will be. Now, you can’t plan for everything, but you do the best that you can. What types of plans should you make, you ask?

• storage. You will need to figure out where to store furniture, kitchen items or other objects that need to be removed for the duration of construction. Perhaps they can be stored in your garage or in another part of the house. Or, for major renovations you may need to move everything to off-site storage. Figure any costs related to storage into your budget numbers.

• living arrangements. If you are staying in your home during the construction, how will that affect your day to day activities and what adjustments will you need to make? For example, if renovating your kitchen, where will you put your refrigerator? How will you cook? Where will you wash dishes? What type of utility interruptions will you experience? If you are not staying in your home, will you rent a place or do you have someone else you can stay with temporarily? Certainly any decision you make regarding living arrangements will be dependent on the length of the project. Knowing the construction schedule will be vital.

• dust. dust. more dust. It’s no surprise that construction is messy. No matter how much we warn clients, they will still tell us they could not have imagined the amount of dust. We do everything we can to minimize it, including sealing off the work area and establishing only one entrance to it. Also, not running the a/c during the most dust-producing times of the project can help. Construction dust has a way of reaching the corners furthest from the action. We can only minimize it, not eliminate it. You may consider covering book cases, beds (when you are not in them, of course!) and other items to help minimize the time you will have to clean.

flexibility. The second key to survival is to be flexible when your first plan doesn’t play out exactly as you thought. Think about delays due to weather or the time spent to repair an unexpected problem. To the first, we like to think we can control a lot of things, but weather is not one of them. And, to the second, some problems will only become apparent once the demolition process has occurred. Together with your contractor, you will figure out the best course of action. And, however inconvenient delays may be to both yourself and your contractor, none of the delays are the end of the world. It’s all part of the process and communication will be the key to getting through it.

enjoy. In the end, all of the inconvenience, time, dust and cost will be worth it because you will have a beautiful, newly updated space to enjoy with your personal stamp on it.

Read the full post here: Houston Home Renovation

Luxury homes, quiet neighborhoods, and great locations are what you’ll find in Houston in this price range.  The homes will include updated stately homes, new construction, and some luxury condos.  Since we focus on Houston’s near-town neighborhoods, we’ll take a look at the best options in this area.

West University

West University or West U as the locals call it, is known as a neighborhood city and is situated just a couple of miles from the Houston Medical Center.  West U has its own local government and services.  Doctors and professionals flock to this neighborhood for its quiet setting, tree-lined streets, and excellent schools.  Shopping is abundant at the local Rice Village shopping district which is home to numerous shops and restaurants.  Quiet parks and the neighborhood recreation center are some of the best in Houston.

This price range is just a starting point for homes in this Houston neighborhood with many properties selling well over $1Million.  Older, stately homes with numerous updates will be available in this price range.

Read More here: Where to Live in Houston