Selling a home during this time of year can be tricky, especially for homeowners who love to decorate for the holidays. While some may argue that it does not make sense to put (or keep) a home on the market during the holiday season, several realtors we have spoken to advise that it may not be a horrible idea. After all, holiday decorations make nearly any house feel more like a home. Additionally, holiday entertaining and the threat of unexpected visits from friends and neighbors delivering presents often force people to keep their homes fairly tidy during this time of year. Finally, it is important to note that while there may be fewer house hunters swinging by for an open house when it is cold and holiday festivities abound, the reality is that the people who do show interest in a home are most likely more serious. In other words, the people looking for a home right now are probably more qualified candidates than the throngs of people who check out the local open houses on the block during the warm summer months.

Below are a few quick tips for selling a home during the holidays. These tricks will ensure that your home is beautiful and festive, but not overdone in the eyes of potential home buyers who are more decor conservative.

• Decorate, but show restraint and avoid excessive ornamentation
• Use fresh greens to decorate and make your whole home smell great
• String lights conservatively around the entry way for a welcoming glow, but limit the number of outdoor decorations to ensure that potential buyers actually see your house (not just the decorations)
• Make sure that the holiday decor you choose is classic in nature to appeal to a variety of styles, and choose seasonal decorations that compliment the rest of the home
• Avoid strongly scented candles that may be overpowering for some people

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While first time buyers of yesterday spent weeks if not months researching neighborhoods, identifying their “must-haves” in a new home and compiling checklists to ensure that no stone is left unturned, today’s rookie homebuyers are finding that they have more options than ever to weigh and more pressure than ever to act quickly if they want to take advantage of special money-saving incentives like the $8,000 tax credit that is expiring on November 30, 2009.

Unfortunately, as more first timers rush through the buying process, it is likely that they may act too soon and buy a home that they are either not satisfied with or cannot afford if they are not educated along the way. That said, the role of the realtor is becoming increasingly important for this home-buying demographic.

During a time when potential first time homebuyers are speeding through the process and spending less time doing their homework, realtors will continue to find themselves educating clients on the basics of buying a home.

Photo Courtesy of Cappcommercial.com

Below are five nuggets that realtors should share with their first time home-buying clients. While many of these items seem like a given, it is clear that today’s rookies may need a reminder. For instance, take a look at Brendt Montgomery’s story.

1. Prepare – Develop a list of must-haves before beginning the home buying process. Know what your dream home must have (upgraded kitchen, backyard, separate tub and shower, three bedrooms, etc) so that you know what you are looking for in your first place.
2. Slow Down – Do your research online first so that you have an idea of what you can get for your money and what is available in the area. Next, plan on spending several days or weekends looking for a home. This process is not something that can occur in one day, so setting these expectations in advance should help your clients understand what to expect.
3. Figure out the Finances – Prior to looking for a new home, it is essential to know your budget. Understanding what you can afford in advance will help keep you from getting your heart set on a home that you cannot afford.
4. Read – It sounds so simple yet so many people sign on the dotted line without reading their contracts. Before signing anything, it is essential to know the terms of the contract and the implications of backing out.
5. Ask Questions – As first time homebuyers, no one is expecting you to know the “ins” and “outs” of the process. For this reason, it is crucial that buyers ask questions to educate themselves on one of the biggest purchases they will make.

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As reported in Architectural Record, foreclosures and weak home sales are just two effects that the recession is having on the home/real estate industry. Although we may hear about home sales and foreclosure rates most frequently in the news, there are other forces at play that should not be overlooked.

For instance, there is the fact that rural areas of the country are suffering more than urban areas as people continue to downsize from their multi-acre plots of land and 3,000 sq. ft. homes to more compact living quarters closer to the city.

According to Architectural Record, the Woodstock Institute reported that the Cook County suburbs just outside of Chicago saw almost twice the rate of new foreclosure filings as the city proper in the first quarter of 2009.

So what is really behind this shift? While the recession is obviously the driver that is forcing people to make a move, there must be other reasons why urban living is growing in popularity among once suburban residents. Additionally, the trend begs the question as to whether the current mindset is here to stay or if people will go back to “sprawl” when the economy improves.

From our perspective, the trend in urban migration is here to stay for a number of reasons, including:

• More and more people are looking for ways to live greener lives, so it only makes sense for more Americans to downsize to smaller homes that are closer to their jobs, use less energy to heat/cool and steps away from mass transportation
• Baby Boomers are reaching the age where they are looking for smaller homes that require less maintenance compared to homes with acres of land that demand constant up-keep
• Younger Americans are spending more time getting advanced degrees and enjoying their “young professional status” while also waiting to settle down. That said, city living for the 20-30-somethings is very appealing and something that this group is not rushing to escape

Photo Courtesy of Washingtonian.com

We would love to hear your thoughts. Feel free to send us a quick email about the trend in urban migration and if you think its here to stay.

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National Association of Realtors announced today that they have launched their Green Designation 12-hour Core Course, a designation that has growing accolades across the industry for helping realtors better understand issues of sustainability and green as they relate to the real estate market.

Complements of National Association of Realtors

The launch of the course comes as a hopeful opportunity to better educate homeowners about the many benefits of green buildings. Studies over the past year have indicated that consumer spending on green is far from mainstream.

• According to the 2008 Stanford Social Innovation Review, “More than one-third of consumers we surveyed say they would like to take action against climate change but do not know what to do.”

Studies are also showing that consumer interest in green building has increased during the economic downturn, a downturn which has led homeowners to think more long term about their purchasing decisions.

• The Propane Education and Research Council released a survey in February that showed 80% of homeowners who responded said that if they were to build a new home or make improvements to their current home, they would only work with professionals who have expertise in green building.

The launch of NAR’s Core Course points to an opportunity for realtors to be real catalysts in increasing consumer spending on green when it comes to their homes. Realtors have direct contact with consumers and have the potential to be a conduit for education on green buildings and home products if they are provided with the proper knowledge and expertise on the growing green market.

How can building and home product manufacturers take advantage of realtors’ increased education on green and access to consumer purchasing decisions? Provide them with tools and marketing collateral that help them talk about your green product benefits and close home sales.

Knowledge is power when it comes to pushing consumers to take that first step toward a greener lifestyle. With a greater focus on green, realtors can give them the extra push.

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First-time homebuyers made up 41% of all buyers at the end of 2008, up from 36% in 2006, according to a recent survey from the National Association of Realtors.

How can you attract these buyers to your products? Following are excerpts from recent conversations we had with Linda Joseph, a well-known realtor in Marlton, New Jersey and Ryan Bowen, a 24 year-old recent college graduate looking for his first home. Hear firsthand what resonates with this growing group of buyers. 

Linda Joseph

Realtor, Prudential Fox & Roach Realtors

Q: What do first-time homebuyers look like as a group?

A: They are younger than in years past. We’re seeing many recent college graduates in their very early twenties. We see a mix of single and married people.

Q: Where are first-time homebuyers getting their information?

A: Online. I read that nearly 90% of buyers are looking online to help their search for a first home. I think Realtor.com the most used web site among my clients.

Q: What are today’s first-time homebuyers looking for in their first place?

A:  They want a place that will be easy to move into. They don’t want to do a lot of work to a new place. They want neutral paint colors, updated kitchens and baths, and new lighting fixtures.  First-time buyers also want a great location close to their job. They don’t want big yards, or outdated décor like wallpaper.

Q: What type of marketing efforts/collateral resonates with this group?

A: Online marketing works best. They want lots of pictures and descriptive information.  I enhance all of my online listings to include at least 25 photos and I link to multiple sites like CraigsList. Open houses also still work with this group, so we stage many homes and offer open houses on the weekends.

Q: What is different about first-time homebuyers versus your other clients?

A: They are the most nervous. They are nervous to lose their job, or buy the wrong place. This group needs the most help and the most information to make a decision. I share with them info about the new tax credit and mortgage rates to help ease their anxiety.

Ryan Bowen

First-Time Home Buyer

Q: What are you looking for in a home?

A. I want a newer place that doesn’t need a lot of repairs or updating. I’d like a single family home, but will likely get a town home since I can afford a newer townhome.  I’d like at least two bedrooms, and a garage. 

Q: What rooms are most important to you?

A: I want a big family/living room for entertaining and a great master bedroom for relaxing. I want the bedroom to have walk-in-closet and a big bath with soaking tub and separate shower.

Q: What do you want in a kitchen?

A: I want a contemporary kitchen with granite countertops and stainless steel appliances.

Q: What else do you want in a home?

A: I want neutral colors like white and off-white on the walls. I want hard word floors on the first floor and carpet on the second floor. I don’t want a big yard, but I would like a deck or patio for grilling outside.

Q: Where are you getting info?

A: Online and through a realtor.  I use online tools such as http://www.zillow.com/, http://www.realtor.com/ and http://findyorkhomes.com/.  I use a realtor to help walk me through the process and get into the homes I want to see.

Q: What kind of marketing resonates with you?

A: Online and word-of-mouth are the most effective. Ads in newspapers are also good.  Anything that shows me pictures of homes is really great. I like to see at least ten photos of a place, including both interior and exterior photos. If an online listing does not show interior photos, I assume the inside is ugly and I won’t go see it.

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