The market has cooled considerably since it started to pick up in early February. One thing is certain - if you’re selling a home, you need every edge you can get. Back in the seller’s market of 2004-2005, you could literally put your home up without much thought to how it looked and still expect a sale. In our current market, buyers are focusing more and more on presentation - I.E. how the property shows. With a great selection of homes to choose from, buyers really are seeking “the complete package” - a home that’s move-in ready and also a great deal to boot.

Home staging is the art of preparing a property to sell. In many cases, the way furniture is arranged in a home, paint color, landscaping - even the way a home smells can be adjusted to make the home more appealing to potential buyers. REALTORs that focus on the art of home staging are acutely aware that even small manipulations of the above attributes can result in a faster sale and/or a higher sales price. For example, moving couches around to open up floor space, neutralizing strong paint colors or odors or simply “de-cluttering” a home can pay big dividends to home sellers.

 How can you go about preparing your home for sale? Your first step should be to contact a REALTOR who is aware of and skilled in home staging. They will be able to give you valuable tips that will help you increase the appeal of your home. The second step is simply to get out and do everything. Many sellers get hung up at this step. A home is a very personal thing - taking down all the pictures and rearranging the furniture can sometimes feel very strange - like sending your child to the barber for the first time. But if you have the energy and desire to get your home sold, make it a point to follow all the advice your REALTOR gives you.

This past Monday I had the pleasure of attending the regional Century 21 convention out at Navy Pier in the Grand Ballroom. It was a great day and I got to spend some time with some of my fellow real estate agents from our office as well as the other 8 Pro-Team offices. We took the Metra in from Aurora and took a short but nail-biting cab ride down to the pier to get there. We got there just in time to hear the current president of Century 21 do a talk about corporate branding and the company vision for the next few years. Afterwards, the vice president of marketing did a talk about some of our new advertising campaigns and we got to see a few of the new commercials that will be comming out this summer.

Afterwards, we got a fairly spartan box lunch but eating it out at the end of the pier on a nice sunny day made it a great experience. A group of vendors were also open during lunch so I got to talk a bit with the representative from Top Producer (who seemed a little defensive about some of my “suggestions” about the features they offer). I also spoke with a rep offering website design services. I was asking about a custom IDX solution and think I confused him a bit as to what I wanted. Oh well. I also had a nice talk with the folks from Spot Runner.

After lunch, we had the pleasure of hearing a talk by Jim Dross, a former top agent for the Century 21 system worldwide. He had some very insightful things to say about the market and how to generate business, especially in a down market. I’m in the process of incorporating many of his ideas into my own business plan and expect to see some good results.

 All in all, a great day, lots of good informaiton and lots of fun spent with my fellow Century 21 real estate agents.

But are those lookers window-shopping, or are they buyers? Lately, I’ve held several open houses for clients of mine and have had fairly good turn-outs. I consider 5 visitors a good turn-out and I’ve met or exceeded that goal in the past 3 weeks. This is likely due to several factors - the warm, sunny weather, the spring market and the income tax returns that people are just starting to get back. However, I have noticed that many of these open house visitors are, shall we say, rather unmotivated to move. I’ve had lots of window-shopping but not as many serious buyers come through my doors. This leads to the question - are many buyers still holding their collective breaths? As a real estate professional, I don’t quite understand why if that is the case. Interest rates are great and there is still a very wide selection, so why the apparent hesitation? Yes, appreciation has slowed and will remain a bit down over the next few years, but owning a home is still considered a great investment. Hopefully in the weeks to come, as schools get out, more of these window shoppes will leap off of the fence and into buying mode.

Despite the spring season, traditionally a hot time for sellers, it remains a buyers market in the Fox Valley. One of the biggest trends in Aurora real estate and Naperville real estate right now is the large amount of inventory for sale right now. Basically, there are much more homes for sale than buyers. This is perhaps not due to the fact that there are significantly less buyers now than in previous years (excepting 2006) but we also have a lot of long-term inventory on the market. These are the homes that were originally put on the market in 2006 and are either continuing to be listed or have been put back on the market after being removed over the winter season. The end result is that there are more homes to go around, more selection for buyers and the end doesn’t look like it’s in sight. This is great news for buyers - the selection continues to be great along with falling prices and interest rates are actually going down this summer from levels that are already considered good. If you are a buyer in this market, you can expect to get a good deal on a home. However, it’s important to also be realistic. There are a lot of buyers out there that have dreams of getting a great home at 20% under market values. While getting a great deal on a home is a definate possibility, buyers have to remain reasonable and understand that except in extreme cases, most sellers are not going to give a home away. However, if the buyers remain savvy and get good advice from their REALTOR, getting a great deal is almost assured.