Month: May 2018

It doesn’t take a senior statistician to identify a hot seller’s market in the Finger Lakes.

The first quarter showed ideal conditions for lakefront homeowners looking to sell their home this year. Between the increase in total sales volume, average sale price, and overall quantity of lakefront homes sold, this is a seller’s utopia.

Complete 2018 Lakefront Sales Report: Quarter One

In addition, the reduction in the average days spent on the market demonstrates the high demand of buyers looking for waterfront homes. With mortgage rates expected to rise significantly in Q3 and Q4, the manifestation of what realtors refer to as ‘buyer’s panic,’ where potential buyers fear they will be priced out if they don’t purchase a home soon, may be a causal agent in this noteworthy decline.

In effect, the Finger Lakes is starting to see pocket listings, where agents tell their friends or officemates about a listing so it can be sold without ever hitting the general market. This strategy has worked exceptionally in Q1 as we’ve seen the Days on Market average plummet from 160 days last year to 102 days in 2018.

In terms of surprising dips in market success, Seneca Lake requires some examination. This dip is unexpected as a continuous rise in sales for Q1 has been reported on Seneca the last couple of years, peaking last year with a 160% increase in overall inventory sold. However, this year only 5 homes have sold as there are only 8 active listings currently on the entire lakefront. The shortage of inventory is so prominent, we’ve had to redirect buyer inquiries, specifically for Seneca Lake, to other lakeside homes. In other words, if you’re an ‘on-the-fence’ homeowner on Seneca Lake, now is the time to list as high buyer demand and low inventory foster a dormant seller’s market.

Finger Lakes Premier Properties is positioned with Lakefront Listing Specialists who know and understand the differences in each lake’s market. Whether your home is on Canandaigua or over on Owasco, our Listing Specialists know your market, towns, and watersheds, and will help you understand when the best time to list your home will be.

If you are interested in an overview of the National Real Estate Market, click here, and when you are ready to list your home, or purchase a new one, give us a call at 888-599-4810 or email Sales@FLPPlake.com.

 

Last week we posted the article, Maximizing Your Property’s Potential with 3 Simple Steps (insert bitlink for Facebook) which gave specific examples of what to clean and repair to ready your home for sale. If you haven’t read the previous editorial, we highly recommend viewing this piece beforehand as it segues into the home staging process.

Unlike hardcore cleaning and maintenance projects which act as a direct reflection of the home, home staging is about illusions. It’s how David Blaine would sell a house. Staging is an art form that makes your house look bigger, brighter, cleaner, warmer, more inviting and, best of all, makes home buyers want to buy it. Immediately!

 

Essentials for Professional Home Staging

Professional stagers are highly skilled artists. They possess the skills of a top-level designer and can create a theatrical backdrop that entreats all five senses.

But before getting into the coordination of specific rooms, here are some of the simplest ways you can begin staging today:

 Arrange scattered pieces of furniture in an appealing grouping (known as a vignette).

 Showcase a lavish usage of soft fabrics such as silk, lamb’s wool, and satin.

 Display unusual knickknacks in units of 1, 3 or 5 (more on odd-number pairings below).

 Drape window casings with simple lines.

 Add distinctive elements to shelving, bookcases and fireplace mantels, which draw attention to prearranged areas.

At Finger Lakes Premier Properties, our staff of trained professionals follow a strict system of procedures and inspections to ensure that each property is prepared for rent or sale. Instead of describing to you the techniques for proper home staging, check out some of our examples below!

 

Staging Techniques at FLPP:

FLPP Vacation Rental: Hidden Treasure 

It’s pretty simple: Abide by the rule of threes. Things arranged in odd numbers are more appealing, memorable, and prevalent than even-numbered groupings. Three, in general, seems to be the magic number, but 5, 7, or 9 work nicely as well.

 

Active FLPP Real Estate Listing: 59 Brook Hollow Drive

Active FLPP Real Estate Listing: 59 Brook Hollow Drive

Use what you have: If you have a game room, set it up and make it appealing. Kitchen? Setup a lovely dining area. Not only does this emphasize a family atmosphere paramount for winning over a buyer’s sentiments, it can help distract viewers from less attractive amenities.

 

The Kitchen: Heart of the Home

Without staging, your home will probably remain on the market for many months, particularly for the kitchen, what professional stagers refer to as the “heart of the home.”

Here are a few tips to really make your kitchen space sparkle:

 Apply orange oil to cabinets, renewing them to their original luster.

 Arrange colorful and fun cookbooks on the countertops.

 As mentioned in the prior section, elegantly style the table as if dinner was on the way.

 Put out live plants or large bowls of fruit such as polished apples or oranges.

Active FLPP Real Estate Listing: 170 W Bayard

 

An Overlooked ‘Make or Break:’ The Bathroom

Yup. Everyone knows what transpires here on a daily basis… but how well you can cloak the acknowledged use of this room can make or break the buyer’s perception of the home. In short, bathrooms should look open, airy and delightful. Obviously, a deep clean is the first step for any bathroom as mentioned in our previous blog, but after that, you’ll want to use some serious dressing techniques to enhance the illusion.

One of the leading tricks is to add baskets filled with spa treatments such as:

 Towels, tied with ribbons.

 Scented soaps.

 Creamy lotions.

 Lavish bath rugs.

 Moisturizing & facial jars.

 Create a theme: A beach theme is a common hit for a bathroom, but make sure to think creatively to avoid something that’s just run-of-the-mill.

FLPP Vacation Rental: Five Gates 

 

How Much Does a Hired Hand Cost?

We get it, there is a lot in terms of preparation. For families with full-time jobs and kids, the research, strategizing, shopping, and application may not be feasible.

If you’re looking to outsource, prices vary depending on where you live and the local demand for professional home staging. Lakefront and coastal areas where home staging has been prevalent for years commands a higher price point; fees generally range from $500 to $5,000 or more, depending on square footage and the number of rooms.

Instead of outsourcing, we would recommend listing with a Real Estate team like Finger Lakes Premier Properties (FLPP). When you agree to list with our team of lakefront sales specialists, we will stage your home FOR FREE.

And not only will FLPP help revamp your home for sale, every remodeling effort is carefully prepared through the lens of a prospective buyer; this is the perk of utilizing an all-in-one company.

 

In 2017, FLPP flattened the industry average of days listed on market by 80%. To make ensure all our client’s needs are consistently met in this fashion, FLPP has recently brought on a Marketing Real Estate Coordinator. The resource will help the real estate team capture new homes with aerial footage and apply 3D virtual technology, getting more people to tour homes and sell faster.

To learn more about our property management services, visit FLPP’s webpage here

If you’re already past that step and ready to roll, contact our real estate team today at (844) 277-5709 ext 2.