Archive for category: For Sellers

Here’s a reminder for anyone who needs it: pricing your home competitively is the most important part of your marketing strategy.

Even though it is a seller’s market, an overpriced home is not going to sell. Sometimes the best strategy is to price a home ever-so-slightly *below* market value to increase the likelihood of multiple offers. In a situation with multiple bids and buyers competing against one another, you’ll probably wind up selling for over-list price.

Of course, the best price for your home is going to depend on a lot of factors: market trends, local data, what comparable properties in your neighborhood are selling for, and what kind of updates you’ve made to your home.

If you’re interested in taking a peek at what your home is worth, give us a call, and we’d be glad to run some comps for you. Chris 480-754-9077 & Cheryl 480-754-9477

Don’t let selling your home during the holiday season dampen your holiday spirit. Create a buyer-friendly home with these seasonal staging tips.

• A few subtle touches like pinecone centerpieces and an evergreen wreath can create a warm and festive feeling in your home. Avoid overtly religious items, this may be off-putting to some buyers.
• Make sure your holiday decorations match your current decor. If your family room has a clean blue and white color scheme, then skip the clashing red garland. If you have an earthy color scheme, then accent with rich tones like cranberries, forest greens and gold.
• Too much can distract buyers, but the right amount of accessories can draw attention to your home’s best features. Try hanging a few tasteful ornaments from your mantel to highlight an elegant fireplace.
• Go light on the lights and leave the inflatable snowman in the storage room. Instead, use simple string lights to play up your home’s architecture or draw attention to your landscaping.
• If your living space is small, then save space with a skinny Christmas tree. Swap the kids’ homemade ornaments for cohesive themed ornaments such as all red and gold, or icicle lights and silver tinsel.

Contact the us when you are ready to sell your home or do some holiday home shopping! Chris 480-754-9077 & Cheryl 480-754-9477

In real estate, the term “functional obsolescence” is defined as “the impairment of functional capacity of a property according to market tastes and standards.” In simpler terms, this essentially means that there is a reduction in the property’s desirability, typically because of an outdated design feature that cannot easily be altered or changed. This leads to a lower appraisal and a loss of property value. 

Real estate can exhibit functional obsolescence if its design features are outdated, not useful, or not aligned with market tastes and standards, such as when an old house is located within a neighborhood of new homes. 

While functional obsolescence is generally associated with rundown structures or dilapidated neighborhoods, it can also occur in the opposite case. For example, a home may have “over-improvements” when a homeowner renovates and includes features within their home that might not be necessary.

Curable Obsolescence

Curable functional obsolescence refers to any deficiency that can be cured by the property owner. For example, if physical depreciation can be fixed by updating, repairing and renovating the subject property, then the obsolescence would be considered curable.

Incurable Obsolescence

Incurable obsolescence is when the deficiency causing the obsolescence is too costly, impractical or impossible to cure. In these cases, the deficiency is often a factor that the property owner has no control over, such as being on a busy road or under power lines.

Superadequacy  Obsolescence

The final type of functional obsolescence is known as superadequacy, this is essentially the opposite of a deficiency. Superadequacy happens when the homeowner over-improves the property for the neighborhood. 

How Much Can Functional Obsolescence Impact Property Value?

If the obsolescence is due to a deficiency, it will undoubtedly lead to a decline in the valuation of the property while curable functional obsolescence will not affect the property value as much. In situations of a superadequacy, it is most likely the homeowner will not be able to get enough money out of the investment to cover the cost of the improvements made. 

Ultimately, functional obsolescence creates problems even before we get offers on a home because there will be less traffic through the home resulting in more days on market, leading to only receiving low ball offers. Thus, preventing the homeowner from achieving top dollar.