Still a Great Time to Buy or Sell a Home
By Lou Ann Wilcox
Sophisticated Living recently caught up with Julie Lane, a number-one selling agent with Janet McAfee Real Estate focusing on luxury homes, who assured us that the St. Louis residential real estate market is strong and stable. “Although the market is not like it was a year ago and the inventory of homes for sale remains low, it is still a great time to buy or sell,” she says. While home prices have dropped in California as well as cities such as Austin and Seattle, “Because St. Louis is a conservative city, the highs and lows are not extreme,” she explains. “We have not seen huge price drops in this market. And, there are plenty of opportunities for first-time home buyers who are interested in building equity.”
Lane sees her role as an agent as being that of an advocate – whether for the buyer or the seller - and was happy to share her observations about the evolving market as well as recommendations for maximizing the buying and selling outcome.
“I always advise buyers to purchase as much house as they can afford,” she says. “It is a long-term strategy that provides the most value. Lane notes that buyers are financing the purchase of a new home differently now that interest rates are higher. “People are putting more money down initially, knowing they can refinance later, say within 15 years. The likelihood of interest rates going down during that time is very high.” She encourages buyers to discuss options with their financial managers and banks as well as their agent.
“For sellers, our goal is to maximize their options,” Lane explains. “We don’t want to leave money on the table. I recommend showing the house to as many potential buyers as possible.” Lane notes that some sellers prefer to keep the listing within the brokerage company they choose to employ. However, statistics show that the seller may not get the absolute top dollar for their home. "Privacy is always paramount with any of my listings, whether an owner prefers the property to be on the Multiple Listing Service (MLS) and let ALL agents know about it, or to keep it as an 'in office' listing. With an MLS arrangement, I am able to share the listing with all agents who work in that specific price point across our region and further to ensure that everyone who is qualified to purchase the home knows it is for sale.”
“We sometimes get push back on the recommendations we make for preparing a home for sale. Trust your agent,” she says. “One of the most important things affecting the sale of a home is its condition. Homes which are on the market for a long period of time may be priced too high or are in less than ‘showing’ condition. Buyers cannot see the potential in the home because there are too many obstacles – clutter, dirt, or too much of the homeowners’ stuff. We emphasize clean, maintained, and neutralized,” she says. “Windows, ovens, carpets should be deep cleaned. It should be apparent to buyers that the home has been well maintained. It also means decluttering and for the most part depersonalizing.”
Lane says there’s some misunderstanding regarding depersonalizing a home. “It’s a fine line. I advise to eliminate clutter and depersonalize to a degree. For example, remove family photos and collections. In St. Louis, people know each other. When people leave the showing, you want them talking about the house – not the homeowners, their kids, their things. We want buyers to focus on the features of the house and how they might live in it.”
“All homes, particularly high-end homes, are very personalized and customized. The home works for the seller but it may not work so well for others. Neutralizing the house means more than just removing personal effects. The goal is to make the house appeal to as wide of an audience as possible,” she adds.
According to Lane, it is worth it to hire an interior decorator for a few hours to rearrange furniture and accessories after decluttering. If the house is empty, she suggests staging it. “An agent, stager, or interior decorator typically can help make a home more appealing to a broader audience. You might want to re-purpose rooms, for example. It is a fact that houses that are staged sell faster than empty houses. It would be an interesting study to determine if houses that were not depersonalized take longer to sell than houses that are more neutral, but we see it in the reactions of potential buyers. If they cannot picture their own possessions in the space, they will move on.”
“A little extra effort goes a long way,” she concludes.
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.
