Smart Moves

Recommendations from Realtor Julie Lane

The residential real estate market remains hot in St. Louis and according to Julie Lane, an agent with Janet McAfee Real Estate focusing on the luxury market, there are tactics sellers and buyers can use to increase the likelihood of a win-win situation. “Sellers and buyers are watching the market right now -- you can’t fool anyone. Both sides need to be prepared,” she says. “This is still a good time to sell -- no telling how long the market will be like this, however. If looking to capitalize on the market, be ready to go now.”

“The competition is fierce,” she continues. “Every market is local and what’s happening in one city does not affect the other. In St. Louis, luxury homes are selling but there is not a lot of inventory available right now. We look at sales and listing statistics regularly for the luxury market ($1 million-plus). In the past year, 675 homes were sold in that category. Today, the inventory is only about 192 listings.”

“By win-win, I mean that sellers are able to sell their homes for the most in the least amount of time and buyers feel the home they bought is a good value and checks as many of their boxes as possible,” Lane says. She outlines a few things buyers and sellers should consider implementing.

“For buyers, pick a broker who can negotiate for you -- one who knows how to finesse the components of the nine-page standard contract.” Lane points out the baked-in contingencies that can be manipulated to get the outcome you want. For example, offering the highest price is not always the best strategy. “There are lots of levers to push besides price. I have been pleasantly surprised at how buyers have negotiated the various contingencies to get the houses they want and not always paid the top price offered. It makes a huge difference.” Lane relates the story of one house that received 10 contracts – all of which were overbids. “Sometimes there has been no more than an hour turn-around on a contract. In this instance, we took the contract with the fewest contingencies even though all were overbids.”

Lane has specific recommendations for sellers. “It is important for sellers to manage the expectations of the buyers from the beginning,” she says. “Brand your house to differentiate it from the other homes they are viewing -- how it smells, feels to people who enter, what they see. People pay attention to their emotions when house hunting. Sure, they have a list of must-haves, but it is important that your home reflect a lifestyle to which they can relate to and enjoy in that house.”

Photo by Steven B Smith Photography

She also notes that although the market is great for sellers, this is not the time to overprice your house. “If you price it right, you increase the likelihood of getting multiple bids with different contingencies and even overbids.

“There are lots of things we overlook in our own homes – because it’s our home. Buyers, however, see these things. They’re looking for things.” To that end, Lane recommends deep cleaning the house. “Straighten and organize. Don’t just throw things in a closet. People are buying into a lifestyle now of organization. No clutter. Organizing is a big business now so take advantage of that resource if you need help in this area. She also recommends cleaning the appliances. “No dirty ovens or ranges.” Having the windows washed is important. Shades should be up, curtains back to let in light because buyers gravitate to windows. “Have baseboards painted – it makes a house look crisper and cleaner.”

Lane recommends hiring a designer to come in and give you a quick list of things you can do to freshen the house and ways to incorporate some of the latest trends. “People may not adopt all the trends, but they shop them when buying a house. For example, if the trend is all white/neutral and your home is full of color; people can’t get past it. Consulting with a designer is money well spent. They know what people are wanting in their homes and what tweaks you can make that will resonate with buyers and make your home stand out. With the current low inventory, it is very important to differentiate your house.” “Generally, it is best to depersonalize your home before showing it and use a neutral palette. However, if you have a great piece of art on the wall, for example – leave it. Again, that is part of reflecting a certain lifestyle.” Lane suggests finding a happy medium between depersonalized/neutral/and great pieces that complement your home. For homes that are already empty, Lane says staging the home is a must. “Empty spaces are intimidating to buyers.”

A number-one-selling agent at Janet McAfee Real Estate several times, Julie Lane has been in the real estate business since 2008. She can be reached through her website julielanerealestate.com.