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Ask Adam: Why Isn’t My Home Selling?

By WTOP Staff

This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013. Please submit follow-up questions in the comments section or via email.

Question: I keep hearing how much the Arlington real estate market has recovered, but our house has been sitting on the market for several months and we still don’t have any offers. Any advice you can provide is appreciated.

We’ve already hit a seller’s market surge in 2013 and it is barely February.  Almost every offer I have written in the last two months has been against competing contracts.  Yet, certain homes sit there collecting days-on-market.  You really can’t blame the market anymore.  It’s time to look at the items you have control over.

Price – Zillow, tax assessed values and comparable sales (“comps”) do not determine market value.  Comps play a big role in determining appraisal value and are often used when trying to predict market value, but the open market is what determines market value.  In case it needs to be said… what you owe, paid or would like to make on your home, does not influence market value either.

If people are not coming to see your home then it is usually a good indication that you priced your home higher than what the market is willing to consider.  In Arlington you should expect at least one showing per day on average.  That number should be substantially higher for homes along the Orange Line.

Waiting is not going to help.  If you have over-priced your home, address the issue as early as possible.

Days-On-Market (DOM) – The higher your DOM, the lower the perceived value will be of your home.  Potential buyers begin to wonder what’s wrong with the home.  They wonder why everyone else has passed it by.  They also begin wondering how low they can get you to come down on price.  This is why it is important to put your best foot forward as early in the listing process as possible.

If the damage has already been done and you have already racked up a large number of DOM then you need to implement a new strategy.  Your strategy should take into consideration the feedback you have received from potential buyers and showing agents.  You may also want to interview other agents to gain a fresh perspective of how someone else would help you sell your home.

Another option is to take the home off the market for 90 days to reset your DOM in the MLS.  I can’t say I recommend this during the current market.

How it Shows — If your home is vacant and less than beautiful on its own, you may want to have it staged.  A good stager is synonymous with a miracle worker.  It will help divert attention away from every imperfection.  It also goes a long way towards helping the potential buyers envision how they would live there.

Even if the home is already furnished I always bring in a stager to give us advice on setting up the home to show its best in photos and in person.  The consultation fee is usually $150 – $350 and is something I think you should expect your agent to cover for you.  Email me if you would like recommendations.

I feel for sellers with kids and pets.  I know how hard it is to keep your home in “showing condition” and all I can say is continue to do your best.

Easy to Show – If at all possible, don’t be the seller who makes it difficult to show your home.  Requesting notice before showing an occupied home is expected, but limiting showings to odd hours or requiring an appointment with the listing agent to see the home is a major detractor.

Photos – Photos are often what creates a first impression (and maybe the only impression) for potential buyers of your home.  There is no reason not have have the maximum 30 photos posted for your listing in the MLS, even if you have a tiny 1-bedroom condo.  Unless you are listing a tear-down, you should seriously question any agent that has zero, one or only exterior photos posted of your home.  If you’ve been a home buyer before you know how quickly you skip past these listings.  Bad photos are better than no photos, but do yourself a favor and hire someone with a wide angle lense that knows how to take real estate photographs.

Marketing Reach –– It only takes one home buyer to sell a home and you don’t want to miss that person.  In fact, it usually takes more than one interested homebuyer for you to sell for full price or more so why not try to attract as many as possible?

This is the biggest downside to trying to sell a for-sale-by-owner.  At least list the home in the MLS using a flat fee service.

The next step is to make sure your listing is prominent on every website that a potential home buyer may possibly visit looking for homes.  Also, consider who your target audience is and try to find additional outlets that you can advertise your listing to them.

Best of luck with the sale of your home.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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