The Dangers of Pricing Your Home Too High
Selling a home is a big decision, and one of the most important aspects of the process is determining the right price. Unfortunately, some sellers make the mistake of pricing their homes too high, which can lead to a host of problems down the line. In this blog post, we’ll explore some of the reasons why people price their homes too high when they sell them, and the potential consequences of doing so.
1. Testing the Market
One of the most common reasons why people price their homes too high is because they want to “test the market.” In other words, they want to see if there are any buyers out there who are willing to pay more than what they think their home is worth. While this may seem like a logical strategy, it can backfire in a big way. Overpricing your home can make it less appealing to buyers who are looking in your price range, and it can also turn off potential buyers who might be willing to pay more for a home that is priced appropriately. For example, a home that is worth $600K and the list price was $600K, it would be more likely to get that amount. However, if you listed a home that was only worth $575K for $600K, price reductions might eventually lead to a sale price of only $540K.
2. Leaving Room for Negotiations
Another reason why people may overprice their homes is that they want to leave room for negotiations. They may assume that buyers will try to negotiate the price down, so they start with a higher price in order to end up at the price they really want. However, this strategy can also be counterproductive. If your home is significantly overpriced, buyers may not even bother making an offer, or they may assume that you’re not serious about selling.
3. Believing a Higher List Price Will Result in a Higher Sale Price
Some sellers mistakenly believe that if they list their home at a higher price, they will end up selling it for more money. However, this is not necessarily the case. Buyers are savvy, and they will typically do their research to determine what a home is really worth. If your home is priced much higher than other similar homes in the area, buyers may simply choose to look elsewhere.
4. Misinformed About the Market
Finally, some sellers may overprice their homes because they are misinformed about the market. They may have received bad advice from a friend, neighbor, or another realtor who is not familiar with the local market conditions. It’s important to work with a realtor who has experience selling homes in your area and who can provide you with accurate information about pricing and market trends.
So, what are the consequences of overpricing your home? The most obvious consequence is that your home may sit on the market for longer than it should. This can lead to a variety of problems, including:
• Reduced interest from buyers
• Fewer showings
• Lowball offers
• A lower eventual sales price
In addition, if your home sits on the market for too long, it can start to develop a stigma. Buyers may assume that there is something wrong with the home, or they may wonder why it hasn’t sold yet. This can make it even more difficult to sell the home in the future.
In conclusion, pricing your home appropriately is crucial if you want to sell it quickly and for a fair price. While it may be tempting to overprice your home for any of the reasons mentioned above, it’s important to resist the urge and work with a realtor who can provide you with accurate information about pricing and market conditions. By doing so, you can avoid the pitfalls of overpricing and increase your chances of a successful sale.
The Most Popular and Favorite Features In New Home Building
New home construction has come a long way in recent years with a focus on space design, energy efficiency, and environmentally-friendly materials. Here are the latest features in new home construction:
Large Mud Rooms (aka Family Foyers) – Large mud rooms have extended their footprint in new homes. Previously, mud rooms were often limited to just a hallway with a built-in, but now they are taking on a larger role by accommodating seating, sometimes with a desk to pay bills, and drop zone for mail. Think about it as a room to hide all the mess when you or your children walk in the door – there’s a place to drop shoes, coats, backpacks, laptops, papers, mail and even to take a minute to sit and relax before entering the main house. All of this is usually hidden behind a sliding door to create separation and the ability to close off this area from guests seeing the mess.
Heated floors – Heated floors are especially popular in the primary bathroom. Making cold tile warm in the winter is a game changer! Heated floors operate on a timed thermostat so you can program the heat to match your schedule. Waking up and the bathroom is already toasted, no longer cringing when your bare feet hit the cold floor and scrambling to get your slippers on. Once you have them, you’ll never want to be without them.
A Hidden Room – Childhood dreams come true! Having a hidden room to relax and unwind or to safely retreat into if needed, these rooms are being added behind bookshelves just like in the movies! Often found in an office, a walk-in closet, or primary bedroom, hidden rooms can serve a variety of purposes like hiding a prized and valuable collection, a hidden entertainment area, or a reading and relaxing spot. Another example is the understairs space that often goes unused, which can be turned into a hidden fun playroom for kids. We’ve even seen a hidden hatch door in the floor that led to a wine room underground. The possibilities are endless.
Environmentally Friendly – Environmentally-friendly building has become a favorite for energy efficiency, with an attainable and clear ROI and because of increased environmental awareness. Homeowners want to be a better steward of the planet, and this not only saves homeowners money on energy bills, but it also helps to reduce the overall carbon footprint of the home. There are many ways builders are incorporating this into their plans, such as:
● Solar: Your builder can prepare the roof when built for solar panels. Installing mounts and preparing for wiring during construction will save you money for when you do install solar panels in the future.
● EV Ready: Your builder can ensure that your home has enough electrical service in your garage and install chargers during construction.
● Battery Ready: Equipping your home with solar batteries allows you to capture the energy produced with solar (instead of or in addition to sending it back to the grid) and then use it as you need it, either during a power outage or on cloudy days when solar may not be sufficient.
● Geothermal Systems: According to the US Department of Energy, a Geothermal heat pump can mean a 25%-50% reduction in energy consumed compared to a traditional system that uses air. In addition to the electricity savings, geothermal systems are eco-friendly because they don’t burn gas during operation. And because there’s no combustion, there’s no admission of carbon dioxide, carbon monoxide or other greenhouse gasses. Because these systems are much quieter to operate, it also saves on noise pollution. If the builder is already digging for a septic for your home, ask about the possibility of adding geothermal during the dig.
There has been a significant shift towards the use of environmentally-friendly building materials. This includes the use of recycled materials, low-VOC (volatile organic compound) paints and finishes. Eco-friendly building materials cut down on greenhouse gas emissions, and conserve natural resources; all while improving water and air quality. Examples are Low-Formaldehyde Insulation, Low-VOC Drywall Adhesives, Low-VOC Paints and Carpets, ENERGY STAR® Low-E Windows, low-flow plumbing fixtures, dual flush toilets and LED lighting packages.
Hidden Outlets – These can be an afterthought, but with planning ahead and smart design, your outlets don’t have to take away from your beautiful kitchen backsplash. Electrical outlets can be placed under the cabinets so they remain hidden from view and still easy to access. There are also countertop pop-up outlets that only appear when needed or removable tile plates that can keep the outlet masked when not in use. With the amount of device charging we need now, consider a charging station drawer. This drawer will have a power strip at the back of it and you can keep unsightly wires and devices out of view while charging. Perfect in the kitchen, bathroom and built-in desk drawers.
Large Kitchen Island – Kitchens are the heart and center of the home. Large kitchen islands serve a multitude of roles, from prep station to homework spot to eating area. Large kitchen islands have an aesthetic impact on the room as well. Popular design trends include the waterfall edge where the countertop continues down the side of the island all the way to the floor or the simpler English cottage style with tongue and groove paneling. Large dramatic hanging light pendants and gorgeous sink hardware help showcase the island as a centerpiece of the kitchen.
Floating vanities – Floating vanities add a contemporary feel and modern look. These shorter base cabinets appear to “float” on the wall instead of sitting directly on the floor. They can make small spaces look larger and open up the room. The downside is less storage space. To add to the floating visual, under-cabinet lighting is a popular added feature, this lighting below the floating cabinetry also adds to the “floating” appearance of the vanity.
Dog Wash Station – Dog owners are spending more and more on their dogs every year. A recent survey cited that one of the main reasons Millennials purchased a home was because of their dogs. So, it’s no surprise that new features specifically for dogs are becoming standard. We’re even seeing dog watering stations with a faucet to refill the water bowl.
Locating a dog bath in a mud room, laundry room ,or garage is a practical solution, especially if your space has exterior access. Putting everything you need right by an exterior entrance; your home will remain better protected from tracked-in dirt. Ideally your wash station has a faucet with a handheld sprayer attachment and drain area. Plus, it’s more versatile than you might think. You can use it not only for your furry friends, it’s also great for washing off muddy kids or dirty shoes.
Built-In Speakers Inside & Out – Bring on the tunes! If you already know where you want to put the sound system and entertainment center, talk to your builder about installing built-in speakers in those rooms. You’ll save yourself valuable floor or wall space and have the luxury of having your house literally filled with music.
Whether you’re building a new home or remodeling an existing one, these trends are worth considering to stay ahead of the curve and to optimize your space in a modern, fashionable way.
“Behind the Curtin” Presents a Pool and Pool House in Milton, GA Episode 2
“Behind the Curtin” provides an inside look at local homeowners’ beautifully-crafted houses, giving insight into what it takes to renovate, upgrade, and style the most coveted parts of their dream homes. In this video series, industry expert and business owner Joanne Curtin explores local homes while interviewing their owners along the way to better understand their thought processes when making important decisions. Join Joanne to get a look into the world of thoughtful real estate one wonderful home at a time.
“Behind the Curtin” Episode 2 – A Pool and Pool House in Milton, Georgia
WATCH THE FULL EPISODE HERE
Tripp and Grace Melton live in Milton, Georgia. They have been residents since 2003. In 2020, they began the work of creating an outdoor space for relaxation and entertaining, with a pool and pool house.
Joanne: Why did you pick this area?
Tripp: We were working downtown at the time and couldn’t find anything we liked. And then we drove through this area and liked the idea of a newer construction.
Grace: Even though the house wasn’t initially what I had in mind, I fell in love with the hidden pantry in the kitchen and the fireplace in our keeping room looks like the wall in the church where we go married.
Joanne: What have you done specifically to increase the value of your home?
Grace: We made a lot of use of the outside space and tried to do some thoughtful landscaping with trees and buffers because the way the house is situated, you can see the whole backyard from the street. But the biggest thing was adding the pool in 2020 and the pool house.
Joanne: Did you use a designer to create the outdoor living resort space that you have?
Tripp: No, these are all our ideas, even the landscaping. We worked with our pool builder for the pool house to execute what we wanted.
Joanne: What do love about the outdoor space you’ve created?
Grace: For me, I love being around water. I like seeing it, I like hearing it. I think it’s calming, but it’s also a great entertaining space. And we use it year ‘round, because we’ll have the pool heated. We can go out here for coffee in the morning or have friends over late at night. We use the fireplace and the electric heaters in the middle of winter, and so we spend a lot of time in the pool house. It’s been fun.
Joanne: Where did you find vendors and contractors for such a big job?
Tripp: We went to our original builder. They gave us some ideas and some referrals. We also did a lot of research online about what we wanted.
Joanne: So, what did you splurge on?
Tripp: The sliding doors on three sides of the pool house was almost a third of the cost of the entire pool house. But the space is transformed when they are opened or closed. The pool house stays cool in the summer and comfortable in the winter. Also, our ceiling fan from Big Ass Fans Company, is large enough to create a nice breeze.
Joanne: What else do you really like about the space?
Grace: The vaulted ceiling. It’s not just a flat ceiling, so I think it’s a nice, added dimension.
Joanne: What have you learned from the process?
Tripp: I’ve learned from this process to get everything in writing. In the end, even when you’re dealing with friends or people you like, it’s still a business transaction.
Joanne: Is there anything you would do differently?
Tripp: We weren’t able to put in a bathroom because of the rules regarding septic fields, unless we wanted to install another septic system. However, we finished the basement with an additional bathroom that allows us to have a changing room for the pool.
And some people have asked why didn’t do an outside kitchen. I mean, we just don’t use our inside kitchen that much. So, it wasn’t a big deal for us.
Joanne: What advice would you give someone who wanted to renovate their outdoor space?
Grace: I would say good design that’s really well thought out. And materials, don’t skimp on materials.
Tripp: I would tell someone don’t skimp on the decking. For example, the travertine around the pool is cooler in the summer than pavers or concrete. I would also not skimp on lighting. We changed our ground lighting to soffit lighting and it changes the whole look. We also installed a cool sound system through a Sonos sound system with speakers shaped like rocks around the pool area.
Tom and Christy Explain Mortgage Rate Buy Downs
The Curtin Team’s CEO, Tom Curtin and Director of Sales, Christy Smith explain the benefits of mortgage rate buy downs for buyers and sellers. Like many practices in the world of Real Estate, mortgage hacks depend on Buyer/Seller goals, timelines, and preferences. Buy-downs are unique, though, because they offer direct benefits to both Buyers and Sellers in the short term and long term. They allow houses to be sold more efficiently, less stress with high monthly payments for Buyers, and less interest payment over time. If you are in the market to either buy or sell a home, don’t forget that there are ways for you to save money during the process.
Tom’s Top Five Business Books
What was the last book you read? More importantly – what was the last book you read that helped you and your team succeed at work? Being well read doesn’t just help you in your day-to-day activities. Choosing to learn from established experts and authors helps shorten your learning curve so you can bring practical information and methods to your co-workers, colleagues, and clients. While there’s no substitute for learning by doing, there’s a wide gap in knowledge that favors those who take time to read effective business books over those who don’t. Over the years, I’ve read more than a fair share of business books, and some have stood out more than others. That’s why today I am sharing my top five favorite business books that you will wish you had read sooner.
1. “Rich Dad Poor Dad” by Robert Kiyosaki
Written as a narrative story, this is an easy read. I find this book foundational for any new or recently-started investor to understand what it means to have an investor mindset. It helps distinguish what is truly an asset and liability and how to use money as a tool to create wealth. You don’t have to be born rich to become rich. Instead, there’s a path that just about anyone who is willing to take can follow. In 1999, my wife Joanne read this book and I read it shortly after her. It was one of the reasons Joanne decided to leave her teaching career to become a real estate professional just a year later. It’s the reason we bought our first investment property and created goals around real estate investing. I have a lot of gratitude for this book.
2. “Atomic Habits” by James Clear
This book is about breaking bad behaviors and adopting good ones in four steps with small, incremental, everyday routines that compound into massive, positive changes over time. You can truly change your behavior by following these steps. There are some great hacks here on breaking cravings and creating new habits. These include steps about making new routines easy to start, making them obvious, attractive, easy, and satisfying. 1. Make it obvious – Don’t hide your fruits in the fridge, but instead put them on display front and center. 2. Make it attractive – start with the fruit you like the most so you’ll actually want to eat one when you see it. 3. Make it easy – don’t create needless friction by focusing on fruits that are hard to peel. Bananas and apples are super easy to eat, for example. 4. Make it satisfying – if you like the fruit you picked, you’ll love eating it and feel healthier as a result! The book goes into a lot more detail. I highly recommend it as you can apply these little hacks to make your life better and more efficient.
3. “Unlimited Power” by Tony Robbins
This book is a self-help classic that breaks down how Tony Robbins has helped top performers perform at their highest level and how you can use the same mental and physical tactics to accomplish your biggest life goals. “Unlimited Power” connotes your ability to revamp your life and produce every outcome you’ve ever wanted while generating value for the people around you. There is so much packed into this book that I can’t get into everything. It’s a long read, but it’s worth every page. One key idea is to use modeling – how you can model yourself after others who are more successful to get what they have. We’ve used this tactic in our real estate business as well as real estate investing. The difference between successful people and everyone else is that successful people see “failure” as an opportunity to grow and learn. We model, try new things, fail and learn. Also simple hacks to change your mood with body posture and breathing techniques, it works! And lastly emotional intelligence, how you respond to situations and your emotions, your attitude determines a lot of what you can accomplish.
4. “First Break All The Rules” by Don Clifton
This book walks you through how to be a better manager and debunks a lot of traditional management methods. I enjoy this book because it resonates with my management style, especially being a part of a small team. We are truly a family. Happy and satisfied employees make the company better and treat clients better. Managers can help employees be happier and more satisfied, it starts with caring about how happy and satisfied they are at work and personally. Intentionally design the atmosphere to encourage self-expression, trust, enjoyment, and productivity. A leader sets the goals, and helps guide but ultimately employees will be happier when they can control and have input in how they reach those goals. If you want to help your team grow, you’ve got to get to know them on a personal level. And if you want to know what standard you should hold everybody to, you need to look at your top performers and spend a lot of time with them. I’d recommend this book to someone who just became a manager and feels overwhelmed, or a seasoned executive that wants to learn and play to their employee’s strengths, or anyone that would like to become a great leader at work.
5. “Five Dysfunctions Of A Team” by Patrick Lencioni
This book will teach you how to have a functional team to be more productive and how to avoid back-channel politics. It’s written in an easy-to-read fable and then breaks it down into practical guidelines on how to overcome each of the five dysfunctions. In hindsight, if I had read this book at the start of my team building career, I could have avoided some drama and probably gotten out of business faster with some people we ultimately ended up parting ways with, but not before they caused damage to the team. it could have possibly helped to fix some bad behavior, but I suspect it would have just highlighted it and caused them to opt out sooner, and maybe I’d have a few less gray hairs.
The next time you are asked what the last book you read was, I hope you think back to one of my five suggestions and are able to apply what you’ve learned in the workplace. True leaders and intelligent thinkers know that they don’t know everything, and they know when to look for outside wisdom and advice to pass along to those who rely on them in the business world. These five reads cover everything from financial responsibility and habit building to team chemistry and unlocking your true potential, and I highly suggest that you check them out.
Ask Me Anything Invitation
The real estate market is constantly shifting. Do you know how to position yourself for success as a buyer or a seller? Our team of real estate experts will be available to answer your questions on August 10 at 10am (Eastern Time). Dial into our Zoom call and join us for an informative Q and A.
After registering, you will receive a confirmation email containing information about joining the meeting.
Ready for Spring with Kanani and Cheri
Kanani Briggs, Realtor, and Cheri Bartlett, Space Strategist, discuss the ways you can start organizing your home in preparation of a Spring sale. Cheri offers tips on tackling difficult areas to organize as well as the services she offers homeowners to help them move items out of their homes.
For more information, contact Kanani Briggs at firstname.lastname@example.org or 678-287-4848.
Guide To Sorting Through Sentimental Items Before Moving
If you’re thinking about putting your house on the market in 2022, now is the time to start cleaning, purging, and prepping. The holidays may be the ideal time to get started while kids are home from school and family is visiting. It’s the perfect time to open up SPACE for what this new year will bring. While it might be easy to let go of those clothes that are out of style or the gadgets you were so excited about, but are now sitting at the back of your closet…never used, many people struggle with what to do with sentimental items. Pictures, cards and artwork from kids, items you’ve kept from loved ones now passed, even your own childhood memorabilia can bring up so many emotions! That’s ok! We have some tips for taking that emotional ride, making it fun, and in the end loving the result!
The Curtin Team has been in business for over 20 years and in that time, we have helped hundreds of clients prepare their homes for sale. Here’s our favorite method for sorting sentimental items before a move. Create an EVENT focused on going through these precious items in your home. Whether it’s all the items from your children, or from passed loved ones or a combination, now is the time to get people on board to help you.
These are our top tips for making this event fun and productive!
1. Schedule a time
2. Invite family
3. Make a SPACE
4. Make it FUN!
5. Gather supplies
6. Explain process
7. Do it!
Schedule a time: If you have 5 small to medium sized boxes you will probably be able to get through them in about 4-5 hours. Larger or more boxes are going to take longer. Just keep in mind, that most people underestimate how long it’s going to take.
Invite family: As with any event you want to invite people so they can carve out the time in their schedule. You can send an evite, paper invitation or just call people. Do what feels best to you! Explain in the invitation that you are planning to put your house on the market and it’s time to make decisions about items you’ve been holding onto. Let them know that you wanted to include them in the decision making and why. For example: I have items from when mom/dad passed that you may want to keep. Or for your children: I have items from your childhood that you may want to keep. Keep it light and fun, more of a party atmosphere.
Make a SPACE: You may want to sit at the dining room table, or just sprawl on the floor. Again, do what feels best to you but plan ahead of time and get extra chairs for the table or pillows to sit on the floor. Whatever will make it comfortable.
Make it FUN: This is our favorite tip because this process does not have to be miserable! Depending on the time of day have some yummy food for everyone …coffee and donuts if it’s morning, sandwiches at lunch, etc. Definitely have beverages too! Maybe some hot chocolate or wine ;). Turn on some fun upbeat music, light some candles. You know what we’re going to say next…whatever feels good to you!
Gather supplies: First on the list is garbage bags. Have scissors for opening boxes if needed, and bins/bags for each person so they can take away whatever items they decide to keep.
Explain the process: Let your family know you’re going to open the boxes one by one so everyone can see everything. This can be the most fun way because as you are looking through the items invariably you will have memories of fun moments from the past. Occasionally, it could also bring up sad memories…that’s ok. Let it out and then let it go. These are not items you want in your SPACE and there will be plenty of items that feel good to you. Focus on the good because you want to create a new SPACE that is uplifting and feels good when you walk in the door!! It’s great to keep items that are useful and sentimental so that you feel connected to your loved ones. If you have recently lost a loved one you might find it more difficult to part with their items right now. It’s ok to keep them until you feel better about letting go. Be gentle with yourself keeping in mind you are never going to forget this person or the experiences you shared with them regardless of which items you decide to keep!
Do it: Go through all the items and let it unfold however it unfolds. Keep only the items that REALLY resonate with you and feel good to you. A special note about photos – only keep pictures that really capture the event and feel good! Even if they are blurry or off center but are fun and uplifting…those are the ones you want to keep! If you have multiples of the same picture …like school photos, just keep one. When your event is finished throw the garbage away and make sure everyone takes the items they chose with them.
Now you can look forward to making wonderful memories in your new home!
A special thanks to our contributor and friend, Cheri Bartlett, owner of CEO Space, Inc. She specializes in helping clients organize and renew their space.
Here’s her contact info
CEO SPACE, Inc
Facebook: SPACE Simplify Purge And Create Ease
Buy and Hold: The Key to Wealth
You may have heard other investors, gurus and financial planners discussing the virtues of owning rental properties. And it is definitely true that a portfolio of GOOD rental properties can provide lifetime income and financial security. But what really makes a GOOD rental property? What should you expect from your rental portfolio and how do you manage it for maximum return on minimal effort? Tom and Joanne cover those points and more with real examples and data at this GRID meeting.
Join the online GRID community to post deals, ask questions, and connect with other investors across the globe. Tom and Joanne host a monthly meeting discussing a variety of topics so sign up for the entire year! And don’t worry if you can’t make it, you can get a link to the recording so you don’t miss any valuable information. www.gridinvestor.com/atlantanorth
Ready for Relocation – Recording Available
In case you missed last week’s discussion on Relocation with Kanani Briggs, you can sign up to get a link to the ENTIRE video. Kanani and her guests discuss the reasons for relocation, the challenges many people face and the the top resources for helping you feel at home in your new city.