RE/MAX Notes Five Key Questions Sellers Often Forget to Ask When Choosing a Broker to Sell Their Home

Chicago, IL – May 4, 2017 (PRNewswire) When it’s time to sell their home, most Americans have their eye on the bottom line. RE/MAX brokers say sellers want to know, first and foremost, what their home is worth, what commission the broker will charge and how much they might have to spend to get the home ready to sell.

“Those are vital questions, but they aren’t the only ones,” said Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois.

REMAX Northern Illinois

Choosing a broker can be confusing because most of us sell a home only every 10 to 15 years, and the real estate business has seen dramatic changes over the last decade thanks to the internet.

According to Kreider, the secret to success lies in choosing a broker whose approach to selling homes meshes with a seller’s goals and preferences. To make that happen, sellers must ask the right questions.

Based on interviews with RE/MAX brokers, here are five questions sellers should ask when selecting a broker.

1. What is an appropriate listing price?

Whatever the ultimate sales price, the listing price is a vital starting point, noted Mary Reuter Kenney of RE/MAX Excels in Geneva, Ill.

“Some sellers and brokers may want to start with an elevated list price hoping for an eager buyer, but if the price is too high, it can keep buyers away. The longer a home sits on the market, the lower its eventual selling price is likely to be, so a realistic list price is essential. Sellers should ask a broker to present a list price recommendation based on the recent sales prices of comparable homes in the area, while also keeping the impact of current competition in mind.”

2. What are the expenses, besides commission, that sellers will face?

“Many sellers aren’t aware there are selling expenses beyond the broker’s commission,” said Kyra Pych of RE/MAX in the Village, Realtors, Oak Park, Ill.

“Those fees vary depending on local custom, so I go through all that with them: costs for title search and lot survey, for attorney fees, transfer taxes and other things. Sometimes, those fees determine whether a seller must bring money to the closing table, so they need the full picture,” she said.

3. How will you market my home, especially online?

Because more than 90 percent of buyers use the internet as part of their home search, effective online marketing is vital these days.

“Sellers must understand how a broker approaches internet marketing,” said Karen Danenberg of RE/MAX Suburban in Buffalo Grove, Ill. “If done right, it lets buyers get to know a house before they walk in, but to do that you need good pictures and good verbiage. If I were a seller, I’d ask to see how a broker had marketed comparable properties, and not just the photos and text on the MLS, but also what they did on social media, which is becoming a huge factor.”

4. How will the seller and broker work together?

It’s a key issue and one with many dimensions, noted Damian Ciszek of RE/MAX 10, Chicago, and there can be marked differences among brokers.

“I work on my own,” Ciszek explained, “so I handle everything, but other brokers may be part of team of brokers or may have unlicensed assistants who deal with portions of the process. Sellers should understand what information they will be getting and how frequently and just what is expected of them.”

5. What is the broker’s approach to preparing a home for sale?

Some brokers focus on maximizing value. That can mean a fair amount of pre-listing preparation for the seller but also a higher sales price. Other brokers are more willing to price a home to reflect its current condition if the buyer lacks the time or resources to make cosmetic improvements.

Jennie McLaughlin of RE/MAX Hub City in Rochelle, Ill., is among those who emphasize making homes she lists more salable, both in terms of exterior curb appeal and interior appearance.

“Curb appeal is extremely important. It defines the first impression buyers have of the property. Inside the home, it isn’t always necessary to invest a lot of money, but getting the home clean and decluttered pays huge dividends, not only in a better sales price but also a faster sale,” she said.

The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 103 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. The northern Illinois network is part of RE/MAX, a global real estate organization with 110,000+ sales associates in 100+ nations.

Contact:

Chris Calomino
RE/MAX Northern Illinois
(847) 428-4200

Strong March Home Sales, Low Inventory Means Tougher Market for Buyers

RE/MAX National Housing Report on MLS Data from 53 Metro Areas

Denver, CO – April 14, 2017 (PRNewswire) March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.

Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.

REMAX Logo

Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.

Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases.

Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. For this month’s housing report infographic, click here.

REMAX National Housing Report April 2017 Infographic

“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”

Closed Transactions
Of the 53 metro areas surveyed in March 2017, the overall average number of home sales increased 6.6% compared to March 2016. Of the 53 metro areas, 38 experienced an increase in sales year-over-year, with 16 experiencing double-digit increases. The markets with the largest increase in sales included Richmond, VA +23.3%, Wilmington/Dover, DE +22.6%, Trenton, NJ +19.7%, Las Vegas, NV +15.3% and Chicago, IL +14.8%.

Median Sales Price – Median of 53 metro median prices
In March 2017, the median of all 53 metro Median Sales Prices was $225,000, up 7.1% from February 2017 and up 11.0% from March 2016. Only four metro areas saw year-over-year decreases, with 15 rising by double-digit percentages. The largest double-digit increases were seen in Manchester, NH +15.9%, Orlando, FL +13.7%, Charlotte, NC +13.3%, Trenton, NJ +12.8% and Nashville, TN +12.8%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in March 2017 was 64, down four days from the average in February 2017, and down seven days from the March 2016 average. The three metro areas with the lowest Days on Market were San Francisco, CA and Omaha, NE both at 27 and Denver, CO at 32. The highest Days on Market averages were in Augusta, ME at 159 and Burlington, VT at 118. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in March 2017 was up 1.2% from February 2017, but down 17.0% from March 2016. Based on the rate of home sales in March, the Months Supply of Inventory was 2.7, compared to February 2017 at 3.6 and March 2016 at 3.2. This is the first time in the history of the RE/MAX National Housing Report that months supply has hit below 3.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In March 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.3, Burlington, VT was the only metro area to see a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with Seattle, WA at 0.9, San Francisco, CA and Denver, CO both at 1.0.

Contact
For specific data in this report or to request an interview, please contact newsroom@remax.com.

About the RE/MAX Network:
RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 110,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $150 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

Description
The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.

Definitions
Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

RE/MAX Announces First Quarter 2017 Earnings Conference Call

Denver, CO – April 3, 2017 (PRNewswire) RE/MAX Holdings, Inc. (the “Company”) (NYSE: RMAX), parent company of RE/MAX, one of the world’s leading franchisors of real estate brokerage services, and of Motto Mortgage, an innovative mortgage brokerage franchise, will release financial results for the first quarter ended March 31, 2017, after market close on Thursday, May 4, 2017, and will host a conference call for interested parties on Friday, May 5, 2017, at 8:30 a.m. Eastern Time.

gI_0_REMAXHighResolution

Interested parties are able to access the conference call using the following dial-in numbers:

U.S.: 1-877-201-0168
Canada & International: 1-647-788-4901

Interested parties are also able to access a live webcast through the Company’s Investor Relations website at investors.remax.com. Please dial-in or join the webcast 10 minutes before the start of the conference call. An archive of the webcast will be available on the Investor Relations website for a limited time as well.

About the RE/MAX Network

RE/MAX was founded in 1973 by David and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 110,000 agents provide RE/MAX a global reach of over 100 countries and territories. Nobody sells more real estate than RE/MAX as measured by total residential transaction sides.

RE/MAX, one of the world’s leading franchisors of real estate brokerage services, and Motto Mortgage, an innovative mortgage brokerage franchise, are subsidiaries of RMCO, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX).