Lydia Player's Discussions

Back in January, I ran the decorating predictions of what homebuyers would be looking for in 2009. Half way through the year, how do you think these trends are stacking up?What's In Colors: Parchment white, cashmere yellow, radiant goldsProperty tax appealsArchitectural garage doorsEnergy efficiencyRefurbished appliances from the 1940s to 1960s in bright new colorsPre-wired or wireless high tech everything - lights, electronics, water features.What's OutTrack lighting & brass fixtures.Fixer-upper homes. Homes in move-in condition are selling well.Dated kitchens and bathrooms. Buyers don't want to take on projects.Cheap carpet. In Dallas, all carpet is out. Put down a hard surface instead.For Sale By Owner properties. They are not serious and they are not good buys.Foreclosure & Short Sales. Because they often aren't the bargains they should be

Prior to listing your home for sale, I always recommend checking out the other homes in your area that will be your competition. [content link removed by moderator]If you want to get top dollar for your property, you need to be the top house in the neighborhood. The only way to know if you are is to check out the other homes in your area. Visit open houses or have your agent take you to see a few homes that are similar size and/or similar price to yours. Even though you love your own home, try to be objective and think like a typical buyer who is spending the amount you want for your house. Every buyer that is coming into your house is also going to view these other homes. If their kitchens and baths are remodeled and yours isn't, then you need to either update it to the level of the other homes or lower your price to make up for it.Listen to comments as people are walking through these homes and you'll hear what is important to buyers in your area and what they expect. Too often sellers think their property has extra amenities that should raise their asking price. Often they are surprised to find out that their 'upgrades' simply meet the standard expectations of buyers. Visiting homes on the market in your neighborhood will help determine how you stack up. While you're at it, check out how the homes are being marketed (both inside the property and on-line). Typically, I view homes in Preston Hollow (on a weekly basis) when they come on the market. I know what the competition is like. As a seller, you should too. Then you'll know how you rank with the competition. You've got one shot at getting the buyers to love your house over the competition. Get it right and you won't have to worry about the competition any more.

Not as much as the Japanese and Chinese. I struggle for an answer when people ask me what is going to happen in the local residential market and if their house is going to sell. Because right now, it really depends on many factors beyond our control. We can't control the economy, the competition, the weather, the stock market, etc. Here is an example of what I mean: Foreign governments have an effect on our interest rates. And mortgage rates drive a lot of real estate transactions because the change in rate can mean a difference in what you get for your money. And one of the leading indicators that drive interest rates is the purchase of Treasury debt. Mortgage rates are inching up because investors are worried about the record amount ($104 billion) of T-bills that the government plans to sell this week. If foreigners buy strongly, then rates will likely hold steady. If they stay home from the sale, then rates may to go higher. Recently the Russians said they aren't going to buy our debt any more and are going to sell off their current US debt holdings. Meanwhile, the Japanese and Chinese (our big buyers) say they will continue to buy our debt. We'll see if they open their pocketbooks this week. So one of the many factors in whether your Dallas home will sell is based on what the Russians, Chinese and Japanese do. The factors that you can control (and should focus on) are price, condition and the marketing of your property. Those are things we can do something about.