Imitation is the sincerest form of flattery. This week, Redfin released a new tool to enable buyers to make offers on homes online without an agent. Some top news publications covered the story:
Is this a good time to sell? We get this question often. This is a natural question, since everybody wants to time the market in their favor.
First, some observations from what we've seen on Faira. Our sell through rate has been higher in 2018 than last year. We have been getting multiple offers on many of our homes. Our homes are selling well.
As part of Faira Premium, we are now offering a same as cash guarantee. When offers are received, they may be cash or subject to financing. Sellers sometimes miss the opportunity to take a higher offer because they prefer to take a lower cash offer. If you use this program, you can now accept an offer subject to financing with high confidence, as if it was a cash offer. This levels the playing field and may result in stronger competition to give you the best price while improving your peace of mind no matter what offer you take.
How do I pick the list price?
This is a question we hear a lot. First, let's get the elephant out of the room. Sellers do not determine the sale price of a home, buyers do. What sellers can do is adopt a strategy so you can find the buyer who values your home the most. The sellers may decide not to sell the home, but they can’t directly determine the purchase price of the home.
When you list your home with Faira, your home is accessible to more buyers. Really? How?
To explain, let's take a look at the stages a typical homebuyer goes through. It's not like a person wakes up one day and decides to buy a home. For many people, the decision to buy a home is a big one and takes a long time to evolve. Often, before a person is actually in the market to buy, they casually visit open houses. At this stage, they do not yet have a buyer’s agent. They are just looking around and testing the market.
Selling your home is exciting but it can also be a stressful time. I just published a short ebook for home sellers that can help you understand the Seattle market, avoid common pitfalls and learn more about Faira's new approach to home sales. How to Sell Your Home is a quick read that includes new ideas you won't find anywhere else.
I hope you find it useful.
What fixes or updates should I do before listing my home?
This is a dilemma for many sellers. Each situation is unique so there is no single answer which fits every home. Though there are some general ways to think about this question.
Let's start the discussion with some easy questions.
Real estate in America is one of the few remaining industries stuck in an old era. There’s been some progress to modernize it, but change is not happening fast enough. Why?
The internet generation demands modernization, and in most industries, businesses must comply or be defeated in the market. Not so in real estate.
One reason is because on average, home sellers tend to be older than home buyers. Most people own their home for many years and when it’s time to sell, they return to the traditional home selling process they used when they purchased. Not because it’s the best way, because it’s familiar.
The negotiation is perhaps the hardest part of the entire purchase/sale process. There are no ground rules in the negotiation process, which doesn’t help anybody. A buyer is left guessing how the seller will respond to their offer. Either side can bluff or tell the truth, and the other side can’t distinguish between a bluff and the truth. A buyer doesn’t know whether they are competing against a fictitious other buyer or if there actually is another buyer as the listing agent claimed. A listing agent may bluff to a selling agent, who now shares the bluff with their buyer.