Selling Your Home for Top Dollar. Redfin s Maryland Team June 29 th, 2010

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1 Selling Your Home for Top Dollar Redfin s Maryland Team June 29 th, 2010

2 Our Maryland Team Nick Chaconas Maryland Team Lead Karen Krupsaw Balt./Wash. Region Market Manager Philip Gvinter Maryland Coordintator Tom Lewis Maryland Agent

3 Agenda for June 29, 2010 What Redfin is all about How to sell your home Photos Curb appeal Staging Pricing How people see your home Negotiating Inspections and contracts Post Mutual

4 What Redfin Is All About Our Mission To use technology and a customer service focus to make buying and selling homes better for consumers. The Redfin Difference: service, not sales Agents 100% focused on clients, not prospecting Every client surveyed, every response published Every agent paid on client satisfaction What That Means for You: a good sale, not any sale Deepest local expertise: what s selling, who s buying Accountable for results Focused on your goals, not mine

5 How to Sell Your House Perfect debut Staging: invest in the house, not fees Professional photos: optimized for online Pricing: a science, not an art Marketing blitz Website syndication Open house, private tours, yard sign, flyers Sustained effort Tour follow-up Real-time traffic dashboard

6 Photos Make A Big Difference After price, the #1 factor for driving tours: photos

7 Tips to Making Your Curb Appealing Clean up and fix your yard Fix your mail box and add house numbers if missing Wash off your siding Flowers in pots, weed, mow & edge lawn If your house needs a quick refresher, paint the front door instead of the whole house! Park your cars in the garage, not the driveway

8 Tips to Staging Your House Declutter Get rid of ALL smells Get the dust and film off of everything Make sure all electronics are turned off Make all beds & add throw pillows to couches Put fresh flowers in rooms New fixtures and drapes in the bathroom or kitchen Neutral colors

9 Pricing: An Art & Science Consider the current markets Housing markets Mortgage rates Economic and other factors Consider the price Competitive environment Comparable homes in your area Active, under contract, sold (within days) Appraisal concerns

10 $550,000 NWMLS: $500,000 Median Price $450,000 MRIS: Median Sold Price $400,000 $350,000 $300,000 $250,000 $200,000 Area YoY Prior Mo. $Amount Montgomery -2.0% +1.7% $351,000 Fairfax +7.7% +3.6% $404,000 Washington, DC -2.3% +0.5% $386,000 $150,000 $100,000 Montgomery Fairfax Washington DC

11 2,200 2,000 MRIS: Number of Homes Sold 1,800 1,600 1,400 1,200 1, Area YoY Prior Mo. No. Montgomery +23.3% +8.3% 1,078 Fairfax +8.5% +9.1% 1,957 Washington, DC +36.8% +0.3% Montgomery Fairfax Washington D.C.

12 Pricing Strategies What if we under price? Stand out from competition More buyers = more offers Lower carrying costs Risk: one buyer What if we over price? Loss of Interested Buyers Eliminates Offers = Lower Price Long days on market Need price-reduction plan Hope: one buyer Appraisal concerns

13 90% of Buyers Search Online 834,000 visits in DC area for May 2010 (Source: Internal records)

14 Your House as Seen by You

15 Your House as Seen by The Buyer

16 Your House as Seen by The Lender

17 Your House as Seen by The Appraiser

18 Your House as Seen by The Tax Assessor

19 Negotiations and Tactics Understanding current market conditions Personal vs. business Evaluate entire offer Price Settlement date Inspections Financing To counter or not to counter

20 Inspections and Contracts Types of home inspections Home Inspection vs. General Inspection Opportunity to negotiate repairs? As-is terminology Seller credits

21 After Offer is Accepted Agent Alternate Agent Team Coordinator Mutual Acceptance Earnest money due Loan Application Title Contingency HOA Contingency (condos) Inspection Contingency Financing Contingency Closing

22 Thanks For Coming Out Tonight! Please fill out the survey we ll send tomorrow along with the slide deck. We d love to get your feedback on how the class could improve. If you d like to get in touch with an agent, just chat with us now or contact us on Redfin.com.