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AUGUST 2016
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Vol. 97, No. 31
The Pitfalls of Over or Under Pricing Your Home Determining a list price strategy for home sellers is one of the more challenging duties of a real estate broker. Timing can mean everything when it comes to selling a home as properties attract the most attention and interest level in the first two to three weeks on Pricing correctly out Ken Graff market. of the gate can help keep a COLDWELL property from languishing on the market, selling below value, BANKER or even not selling at all. BAIN When I meet with sellers, they often bring up the automated online estimates of their home’s value given by sites such as Zillow and Trulia. These estimates are based on algorithms, and while they may be interesting to read, they should not be relied upon for pricing. In suburban subdivisions built around the same time and with more uniform construction styles and materials, these estimates can be fairly accurate. This is not the case in neighborhoods such as Queen Anne and Magnolia where houses have been built in different eras and having received differing upgrades over the years. Sellers are wise to consult with a qualified, experienced REALTOR® and request a market analysis when determining a list price. Just a few years ago, when it was a more balanced market, it was standard practice to start at a higher list
price than what the seller would accept as people often didn’t submit full priced offers. The theory of “anchoring” holds that when making a decision on what they are willing to pay for something, people are greatly, sometimes irrationally, influenced by price factors. People tend to rely on the first bit of information available; that is the “anchor”. For example, a $3,000 watch might look like a good price to consumers when displayed next to a $5,000 watch. That same watch wouldn’t seem to be as good of a buy if displayed next to a $1,000 watch. Retailers are acutely aware of this theory. It can work the other way as well. A software company could offer basic services for $750 per month, but offer considerably more services for $775 per month. Consumers might think that they are getting a bargain by spending “only” $25 per month. The anchoring theory must be considered in residential real estate pricing also. A house priced at $750,000 is more likely to be thought of by buyers as a home worth $750,000 compared one priced at $740,000. Therefore, it is possible that a higher starting sales price, the initial data available to home buyers, could result in a higher final sales price. In fact, some studies show
➧ PRICE RIGHT, Page R3
Smart Ways to Baby-Proof Your Home BY FAMILY FEATURES First-time parents quickly discover how little they know, especially when it comes to critical tasks like baby-proofing the home. When a tiny tot’s safety is at stake, the entire house can seem like one giant danger zone. Before you pull out the hard hats and safety “bubbles,” take some time to sit down and assess where changes can be made. Tackle the project room by room and you’ll be surprised how quickly the chore grows more manageable. Be sure to give special attention to common safety pitfalls like open stairways, electrical outlets and cords. ^ Window Coverings When you’re decorating the nursery, it’s easy to get wrapped up in all the little touches that make the room feel complete. However, adding too much flair can create some safety concerns, especially when it comes to windows. The crib may look just right centered under the window, but once your little one can reach the curtains, you may be in for some problems. In fact, as your infant becomes more mobile, the same concerns apply to windows throughout the home. Curtains are a temptation most young children can’t resist. They’re perfect for peek-a-boo and pretend forts, but can also pose a suffocation hazard, and if tugged on too hard, bring the whole rod ensemble crashing down. That’s why it’s a good idea to skip floor-length curtains and opt instead for valances or bolsters that still add a decorative touch but are well out of reach of curious hands.
^ Door Blinds For new parents desperate for sleep, blocking the light to create a darkened room may be a top priority. However, some light-blocking options also pose a risk to children. Window and door blinds are a common solution because they allow the versatility of being raised or lowered and opened or closed to create different looks and lighting filters as needed. However, many blinds have exposed cords, which not only present a strangulation and choking hazard but also can cut off circulation and cause permanent damage if wrapped tightly around extremities and limbs. Look for cord-free styles or opt for a semipermanent film or tint instead. Another concern is windowpaned doors, which pose a similar challenge to windows when it comes to managing privacy and light. An option such as ODL Add-On Blinds for Doors is a lowmaintenance and easy solution. The blinds are easy to install and use, efficiently block light and don’t have any exposed cords. As kids grow older, you’ll also appreciate the enclosed design, which eliminates the banging and swinging experienced with traditional door blinds. ^ Furniture For most families, it’s not practical to re-furnish your home before a baby arrives. Fortunately, there are ways you can baby-proof the items you already have and as your little one grows, work on teaching boundaries to ensure safety. Options like adhesive foam can soften the sharp edges of coffee tables, while anchors help prevent large, heavy items from being tipped or pulled over.
Find more information on safety options for your doors at odl.com/FFAOB16.
5 Easy Ways to Refresh Your Home BY FAMILY FEATURES When it comes to finding the time to refresh your home, there is truly no time like the present. Tackling your home cleaning and updating checklists does not have to be a chore - try taking inspiration from a few of your favorite tastes and smells by utilizing the five senses to keep spaces clean and inviting. Sight: Thoroughly wash windows until they are dirt-free so the sun can shine through. Capitalize on sunny days, no matter the season, by opening curtains and shades instead of using harsh bulbs. The natural light will soften the look of the room, making it more inviting, not to mention the savings on your energy bills. Sound: Curate a cleaning playlist full of your favorite upbeat tracks. For smaller tasks, use the playlist as a timer. Have to clean out the fridge? Challenge yourself to get it done in three songs or less. Wiping down the tabletops and counters? Give yourself one song. Not only will singing to your favorite tunes make the chores go faster, it will help you achieve all of your tasks in a timely fashion.
➧ SENSES, Page R2
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