Jennifer LeBow

Oven-roasted Eggplant

May 23, 2023 by Jennifer LeBow Leave a Comment

Jen LeBow’s oven-roasted eggplant

Preheat oven to 375°.

Cut ¼” thin strips vertically from JAPANESE eggplant (other eggplants are rubbery). I usually figure one very large (or 1 ½ medium) per person

Place slices in Ziploc bag with about ¼ cup milk and shake/smush so they are all moistened.

Leave in the bag 5 minutes-1 hour.

When ready to bake, lay out eggplant slices in single layer on cookie sheet sprayed with non-stick spray.

Mix together in plastic bag or bowl:

1/3 cup grated Parmesan cheese

2 T breadcrumbs

½ t Italian seasoning

Sprinkle mixture with fingers or spoon over each slice.

Bake 35 minutes or til starting to crisp.

How to improve your credit score

May 3, 2023 by Jennifer LeBow Leave a Comment

Buying a house on Philadelphia's Main Line — Bfore you apply for a mortgage make sure you’ve done everything you can to imprvoe your credit score.

Want to improve your credit score?

If you are considering purchasing a home and you will need a mortgage, your credit score is very important. It is used to determine the interest rate on your loan. Some people consider their credit report a mystery–they don’t understand what affects it, whether they have any control over changing it or that (gasp!) there are sometimes even errors on it that, if corrected, can benefit them. For more information on how to determine if there are mistakes and what to do if there are, click here. Be aware that it can take significant time for the adjustments to show up, though, so I’d recommend getting started as soon as possible.

What helps or hurts my credit score?

You might be surprised about which activities help you, hurt you or make very little difference as far as your credit score.

Is it good to have a lot of credit cards or better to have only a few? Investopedia says, “Having too many open credit lines, even if you’re not using them, can hurt your credit score by making you look more risky to lenders.”

Should you use them up to their maximums? Credit Karma says, “Though individual cases may vary, those who keep their utilization percentage low generally have higher scores than those who habitually max out their credit cards….Using less of your available credit is generally best for your credit scores because using a large amount of your available credit could mean you’ll have trouble repaying that debt. If you want to keep your scores healthy and your credit reports in good shape, you should try to use as little of your credit as possible.”

How important is it to pay them all off monthly vs. carrying a balance? Forbes says, “Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.” The Consumer Financial Protection Bureau says, “Paying off your credit card balance every month may not improve your credit score alone, but it’s one factor that can help you improve your score. There are several factors that companies use to calculate your credit score, including comparing how much credit you’re using to how much credit you have available.”

Should you close most of your cards before applying for a loan so the bank isn’t worried about having to compete for the monthly mortgage payment? Investopedia says, “Closing credit card accounts can have an adverse effect on your credit score, mostly because it decreases your credit utilization. Keeping cards open, even when they are barely in use, can be beneficial because it keeps your history of payment and age of the oldest credit account positive.”

Is it good or bad for your credit score to open additional credit cards? This question is a bit complex, so click here to find out more.

There are some things you definitely should NOT do if you don’t want to negatively impact your credit score. Creditcard.com warns:

Pay off a car loan early. Unlike credit cards, loan balances – whether mortgage, auto or student – carry very little of the weight we see assigned to credit card debt. As such, aggressively paying down a car loan in anticipation of a mortgage won’t provide nearly the bang for your (scoring) buck that paying down a similarly-sized credit card balance will.
Apply for or accept a credit offer. In light of its extremely short track record and accompanying hard inquiry from the recent credit evaluation, a new account appearing on your credit report just prior to a mortgage application is likely to do more damage to your score than good.

Equifax.uk.com adds, “Try not to open new credit lines in the six months before applying for a mortgage. This could increase your debt-to-income ratio, which may reflect badly on your ability to repay any mortgage loans. These can demonstrate to lenders that you’ve been able to make repayments over a sustained period of time.”

What specific factors go into determining your credit score?

The most heavily weighted sector is your debt payment history. If you historically pay off debt every month, you are already well-positioned. The next largest category is how much debt you currently carry as compared with available credit. The scoring calculator prefers that you are using a conservative amount of the credit available to you. How long you’ve been making payments is next most important (this is why young people often don’t qualify for mortgages; they have short credit histories). Other considerations are your credit mix (what variety of credit you have–car loans, credit cards, other real estate mortgages, etc.) and how much new (recent) credit you’ve applied for.

For a clear, straightforward explanation of what goes into figuring out your credit score and lots of other ancillary information, click here.

Using a HELOC to help you buy a house

April 26, 2023 by Jennifer LeBow Leave a Comment

Using a HELOC to buy a Main Line home — What is a Home Equity Line of Credit (HELOC) and how can you use one to your best advantage?

What is a HELOC?

Let’s talk a little about what a HELOC is and how/when it can be useful. First, a definition of some terms:

HELOC: a home equity line of credit

Equity: your home’s current value minus the amount you owe on the mortgage

Variable interest rate: a rate that changes based on the Fed’s prime rate

A HELOC (home equity line of credit) is “potential” money. The idea is that, based on the amount of equity you have in your current home (see definition above), you can secure the ability to borrow up to a certain amount, using the equity you have in your home as collateral. While you need to speak to your lender about your specific situation, one example might be:

Example

Your home is worth $800,000. You still have $500,000 left on your loan from when you purchased the house. The bank may only want your total loan + HELOC amount to remain under 80%. So 80% of $800,000 would be $640,000. You already owe the bank $500,000. So they would probably (again, this is just an example; every scenario is individual) allow you to secure a HELOC of up to $140,000.

Pay interest only on what you use

The nice thing about a HELOC is that if you don’t actually borrow any of that money, you pay no interest on it. If you do (let’s say you take $50,000 to remodel your kitchen), you make a monthly interest-only payment on just the $50,000. So, different than a conventional mortgage, you are NOT paying off any principal unless you choose to. The requirement is only that you pay the interest. At what rate? At whatever the current rate is, and it fluctuates. So, again, dissimilar from a fixed rate mortgage, your payment is NOT the same every month. Not only are you only paying interest, but you are paying it at a variable rate.

When should you consider getting a HELOC?

Before you need it–it takes around 3-4 weeks to get the paperwork done and once you have it, again, unless you actually borrow against it, it doesn’t cost you anything.
When your property value is at its highest–remember, the amount of the HELOC is based on the value of the home at the time you apply for it, so when property values are high, you stand to have access to the highest amount of money to borrow if you need it. So if you secure the HELOC today, when your property is worth $800,000, even if next year, it’s only worth $700,000 (and value is based on the bank’s appraisal software’s valuation), the amount you can borrow does NOT decrease.

What can you use HELOC money for?

You can use these funds for anything. It’s basically like a checking account. You could pay your kid’s college tuition one semester if your income falls a bit short. You can use it to purchase a car, or repave your driveway. So while you can use if for anything you want, write those checks after careful reflection. You will not only have to pay interest on whatever you use, but, of course, you eventually have to pay that money back (and, if you haven’t paid it back prior to selling your home, you must pay it back when you sell).

If you have a good deal of equity in their current home and are trying to buy another home, you may want to discuss with your lender whether it makes sense to use HELOC funds to help with the cash portion of the purchase. It’s possible that doing so could reduce the amount you need to borrow, which can make your interest payment more manageable. Just keep in mind that you would need to pay that money back upon the sale of your current home.

HELOCs are best looked at as emergency money or a “rainy day fund”. When the house’s value is high (and when you have a reasonable amount of equity), it may just make sense to apply for one “just in case”. Remember, if you never use it, there’s no fee, interest or penalty.

What are the potential negatives of using a HELOC?

With a variable interest rate, you can’t predict how much you’ll need to pay every month for the interest accrued for whatever amount you’ve actually used.
Just like with any loan, you need to be sure you can pay it back. If you are planning to sell your home, be sure to estimate your proceeds conservatively and earmark what is needed to pay the HELOC off. If, though, you are not planning to sell, make sure that you have the means to eventually pay off whatever amount you’ve used.

What is the TOTAL cost of home ownership?

March 26, 2023 by Jennifer LeBow Leave a Comment

Owning a home on the Main Line — Once you buy a home, you have maintenance and other expenses–be sure to budget for them.

When people (especially first-time home buyers) decide to buy a house, there are a lot of costs to consider. The focus is (appropriately) on the costs to make the purchase and the affordability of the monthly mortgage payment (which usually includes taxes and home owner’s insurance as well as the principal and interest payment on the loan–and HOA or condo fees, if applicable). The “costs to make the purchase” include the down payment and closing costs. There are some othet expenses, too, like inspections and moving fees. If you have budgeted for those costs, you are probably in good shape to buy the house and afford the monthly payment. Here is a quick primer:

Down payment: this is the amount of money you are contributing to the purchase prices (outside of the mortgage).
Inspections: home, radon, wood-destroying insects, stucco, swimming pool, well, septic–any and all of these inspections cost money.
Closing costs: these are the non-financeable, one-time fees (for title insurance, transfer tax, closing protection letters, lender escrows, home owner’s insurance, etc.) due at closing.
PITI: this acronym stands for Principal, Interest, Taxes and Insurance. Most people who have a mortgage choose to roll in their annual tax fees and home owner’s insurance costs to their monthly payment, so they are spread out equally across the year as opposed to paying them in a lump sum when the annual bills come due.
Moving: this includes the cost of packing, moving, storage fees if applicable and, potentially, any money lost by days taken off of work to complete the move.

Once you own the house, though, there are additional costs. Don’t make the mistake of overlooking these. They include (but are not limited to):

Furnishings: from sofas to beds to lamps, window coverings, rugs and pillows and linens, moving into a larger home means you will need more furniture. While you don’t need to furnish every room immediately, it is something you might want to budget for.
Increase in utilities: again, if you move from a small space to a larger one (or to one with utilties that cost more), keep those costs in mind.
Maintenance: this one is the big one. Your home and property will require exterior maintenance, which will include your roof, windows, siding, paint, brick or stone, driveway, landscaping (including tree work, grass cutting, sod/seed, shrubs, etc), and outdoor spaces like decks, patios, and porches. Then there is interior maintenance/updating. Your heat, air conditioning and hot water heater have limited life spans and those systems need to be in good working order. Kitchen appliances and washers and dryers will also wear out over time and need to be replaced. You may also want to consider interior painting, refinishing hardwood floors/replacing carpet, updating your kitchen and bathrooms, finishing the basement and any other improvements you might want to make.

While all of these costs may seem daunting and have you wondering whether home ownership is really worth it, there are some financial advantages! For example, some states offer tax credits if you install energy efficient appliances. If you work from home, there are also tax write-offs for office space. For more info on the tax benefits of owning a home, click here.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

Why housing inventory 2023 is so low

March 20, 2023 by Jennifer LeBow Leave a Comment

Why homeowner's aren't listing their houses for sale — Find out why so few homeowners are listing their homes for sale.

The set up for limited inventory

We have been fighting low housing inventory levels for a few years now. In my neck of the woods, suburban Philadelphia/Main Line, it’s always somewhat of a seller’s market. There are always more people wanting to buy than sell in this area. Several factors, though, have exacerbated the problem. First of all, our region became very popular during the pandemic. People fleeing tiny, city residences with no outdoor space (who no longer needed to be within commuting distances of workplaces in large cities like New York and Washington, D.C) found a lot to like here. Philadelphia is big enough to offer restaurants, museums, theater, professional sports, a good airport and is a reasonble distance to other destinations on the eastern seaboard. The Main Line also has very highly ranked public schools, which drew many relocating families here. The result: an increase in demand, with no corresponding increase in supply.

When interest rates rose

Competition for homes was fierce. Fast forward to 2022 when inflation was rampant and the fed responded by steadily and steeply increasing mortgage rates. There were fears of a recession and the cost of food skyrocketed. Tech sector (and other) jobs suffered major hits and lots of would-be buyers, for all the reasons above, decided to sit on the sidelines as far as home buying.

What may be less obvious is that home SELLERS can’t sell, unless they are prepared to be home BUYERS. And all of those same concerns affect them. The one that hasn’t received, in my opinion, as much attention as it deserves is the interest rate. A recent blog post from Keeping Current Matters, a real estate website says describes “rate-locked” homeowners:

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

An illustrative example with real numbers

Note that these figures reflect interest rates at the time of origination. Many homeowners took advantage of the low rates we were enjoying within the last few years and refinanced. Those people, and they were many, are not reflected in the data above. Today, in mid-July, rates are at 7.5%. To illustrate just how major an effect the difference in a 3.8% rate and a 7.5% rate is, consider this example:

A current homeowner bought his home for $870,000 and got an 80% mortgage at 3.8%. His monthly principal and interest payment is $3,597. If that homeowner wanted to keep the payment the same, at today’s rate of 7.5%, he could afford a $579,650 home with an 80% mortgage. How many people do you know who would be interested in that trade-off? Taking a big step DOWN and paying the same amount?

You might argue that many move up buyers are prepared to pay more than they are currently paying in order to have a nicer home. Agreed. Let’s see how much more someone would need to pay to move up to a property worth 20% more than their current home.

If the owner of the $870,000 home (which, in theory, is worth more now than when the homeowner bought it several years ago for that price, which means that to move “up”, it would probably be even a larger price jump than I am using in this example) decides that, to be worth moving, he’d want a house that he’d characterize as at least 20% “better” or “more valuable”. That framing means he’d be looking at home in the range of $1,044000. If he were to stick with an 80% mortgage, his monthly payment at today’s rate would be $6,194. Compared with the $3,597 he’s currently paying, that means he’s getting a 20% more valuable home for a 172% increase in his monthly payment. (That calculation, of course, doesn’t include additional costs for home owner’s insurance and, very likely, higher taxes.)

To be fair, the person selling that home that was purchased for $870,000 might have some considerable equity in the house, and since interest rates are much higher now than when the home was purchased, let’s assume the seller is planning to put more than 20% down in cash on the new home. To purchase that $1,044,000 home, in order to maintain the same monthly mortgage, of $3,597, he or she would have to put down more than 56% of the purchase price (around $585,000) in cash. That’s a lot of cash. Some people do have that much equity and will use it for the purchase of a new home. Many don’t, though. And, when you consider the additional “administrative” costs of buying and selling (real estate fees, closing costs, lender escrows, etc.), it is not hard to figure out why so few home owners find it financially wise to sell their homes right now.

The current landscape

The point is that if sellers feel like their low rate “locks”‘ them in their homes because the rates they’d have to pay to buy something else makes a purchase financially prohibitive, they won’t be buying. And if they aren’t buying, they aren’t selling! I think that this situation is playing a much bigger role in our woeful lack of inventory than many people realize.

It’s not totally hopeless; while this post has focused on home owners who would be looking to move only if they could get a “better” house, there are people who sell houses for other reasons. Sometimes a financial burden requires downsizing. Death, divorce, job changes and other life events can also trigger a sale. So there still are people who will list their homes for sale. However, a large portion of the “move-up” buyer group, which often represents a good chunk of the listing market, has decided to sit on the sidelines for the moment. That choice translates into a dearth of housing inventory.

While I’d love to end this post on a high note, by telling you that I expect to see a shift soon, with the supply in demand imbalance easing, the truth is that I cannot. While there will always be cylcles to the housing market, I don’t see a measurable change any time in the immediate future. Only time will tell.

Why prices are cooling (or not) in different regions

March 12, 2023 by Jennifer LeBow Leave a Comment

Philadelphia Main Line relocation — Most of what you read about the housing market is comprised of averages which don’t accurately reflect any market at all. It’s all local.

While national averages concerning the cost of housing (increasing or decreasing) probably has some value, mostly to the Fed, averages in real estate values provides nothing useful to prospective home buyers. If one market has decreased 10% and another has risen 5%, that would indicate an average of a 2.5% drop–not an accurate reflection of either market. The news is full of headlines about a cooling housing market and prices that are dropping. However, those reports are based on those averages, which, again, don’t represent any market, much less every market. You might wonder why, though, prices are dropping in some places but not in others.

The factor that most directly affects value, though, is the balance (or imbalance) of supply and demand, which varies incredibly from place to place. But what affects supply and demand? Lots of things.

Mortgage rates

Mortgage rates have an enormous effect on home values. Most people would assume (and, indeed, this is the idea behind the fed’s aggressive increase in rates) that higher mortgage rates reduce the amount buyers can spend on a house because the monthly payment for the same dollar amount of loan has increased. Certainly, demand has gone down as fewer buyers can afford to buy. Mortgage rates actually are the same across the country (about the only thing about real estate that isn’t hyper local) so why aren’t all markets responding in lock-step? Because there are lots of other factors in play. For example, don’t forget to consider the other side of the equation. These rates affect the supply of homes just as radically as the demand for them, if not more.

Today’s high mortgage rates, more than ever, are keeping sellers in their current homes. The average mortgage holder in the US has a loan origination rate (meaning this figure does not include the hundreds of thousands of people who refinanced at the historically low rates we saw within the last two years) of 3.8%. As I compose this blog post, rates are at 7.25%. Few sellers who don’t have to move (change of job, move to retirement facility, change in life circumstances, etc.) are choosing not to because the cost of a new mortgage is double what they are paying.

This lack of inventory is even worse in areas like where I live, in the Philadelphia suburbs. Because of our very good schools and jobs in medicine, pharma and academia, there are always more people trying to move in than out. (Once they are here, many people want to remain in the area.) As a result, many sellers, historically, have been what we refer to as “move-up” buyers. Those are people already living in the area who are looking for a “better” house. Therefore, in markets like mine, where most of the sellers don’t need to sell because they are not moving out of the area, the dearth of listings is even worse.

Desirablility

The desirability of a certain city may change, too, leading to less demand for houses there (and a corresponding drop in prices). What might cause a decrease in a city’s popularity? Maybe it experiences an industry-wide employment shift. Just like values in Detroit plummeted when much of the auto manufacturing business was moved overseas, the huge reduction in tech jobs is having a similar effect. In tech hubs like Austin, TX, fewer people are interested in living there if their jobs are no longer local to that area.

We are also seeing a bit of a boomerang effect as far as people who fled cities to rural areas for space, safety and tranquility during the pandemic. A certain percentage of those people are feeling a little too remote and some have chosen to return to cities or larger suburban regions with more culture,restaurants, entertainment and goods and service. I’m confident there are many more reasons that some places that were very popular might wane in popularity. (For example, while I have no data for this opinion, I could believe that changing weather and climate patterns might also make certain regions more or less desirable.)

Valuation

Another interesting feature of different local markets, highlighted by COVID migrations to certain areas is the valuation of a city. You have probably heard the term “overvalued”. Boise was listed as the most overvalued city in 2021 (80.8%). To understand why, consider that lots of wealthy people (mostly from California where they were used to paying very high prices for real estate) relocated there during the pandemic. They were willing and able to pay high prices for what many perceived as a higher quality of life. The definition of “overvalued’ is the ratio of the average cost of housing to the average income in that city. When a city is egregiously overvalued, it denotes a big gap in income and housing prices. Over time, as the influx of wealthy people slowed, those high housing prices began to fall. Why? Because when such a large percentage of the population can’t afford homes, the buyer pool shrinks and the demand goes down. Less demand translates to lower prices. In contrast, Philadelphia, where I work, was overvalued at 11%. That much lower percentage has expressed itself in prices keeping steady or actually rising in many local neighborhoods.

Total supply available

While the number of homes for sale fluctuates, what about the absolute number of houses that exist in a local market? Well, in many areas, new construction accounts for a growing number of houses. In places like Salt Lake City and many places in Texas and Phoenix, new building is booming. In areas like mine, where there is no new land to build on, the potential number of houses for sale is limited by the fact that we are dealing with (basically) the same, fixed number of structures. When the potential supply is fixed and doesn’t increase, the effect is more demand on that limited supply. And more demand means more competition for the properties that are available. Competition means higher prices.

Are you starting to see why different markets are responding differently to current conditions? I am certain there are several other factors that come into play, so please don’t view this post as an exhaustive exploration of the issue. The most important take-away is to find out everything you can about your local market and don’t assume that the news you see/read is representative of your area.

Why use a local lender when relocating

March 2, 2023 by Jennifer LeBow Leave a Comment

Main Line Philadelphia relocation — If you are relocating and buying a home, use a local mortgage professional to reduce stress.

As a specialist in helping relocating buyers find homes in the Philadelphia area, I have many clients who obtain pre-approvals from their banks or even lenders they have used in the places they will be moving from. While that decision doesn’t necessarily spell disaster, there are some potential pitfalls that I see way too often. Here are some of the risks you take if you don’t work with a local lender with experience helping relocating buyers:

Inaccurate closing cost estimates

PA closing costs are very high and many lenders just estimate based on averages.They often provide estimates which are inaccurate and too low. Imagine how unhappy people are to discover that they need much more cash than they had thought in order to close. Customs differ from region to region. For example, in PA, the buyer and seller each pay transfer tax. I have had non-local lenders ascribe all the transfer tax (and often still the wrong amount) to sellers. My buyers don’t enjoy it when I have to correct that mistake either. National banks which are often more constrained by lots of immovable rules and regulations than mortgage brokers are the worst offenders.

Banker’s hours don’t cut it

While a local lender doesn’t guarantee better customer service than a national bank, it usually does. Be sure that you have a cell number for your lender and that he or she is responsive outside of banking hours. Most real estate transactions occur outside of traditional work hours of 9-5 because buyers and sellers are usually working then and not available to negotiate in the middle of the work day. Conversations between agents and buyers and sellers occur much more often at night and on weekends. You need to be able to reach your lender when you have a question or require an updated pre-approval immediately.

Lack of experience specific to relating to job move

In the Philadelphia area, we have a lot of colleges and universities and people are often leaving one academic post to take a new one here. Local lenders understand some of the idiosyncracies of these situations. Often, people can remain employed remotely by an institution and, conversely, have a delay, based on the academic year, before they can start their next job. There are strict Fannie Mae/Freddie Mac rules about whether they can count income from an out of state university toward the income to debt ratio as well as rules that apply to counting income from a position that doesn’t start for more than 90 days. I had a client who was assured by a national bank that she would qualify for a mortgage even after my local lender, who works with my relo clients all the time, told me underwriting wouldn’t be able to count her upcoming job income. She listened to the bank, got a preapproval through them, and then, lo and behold. less than two weeks before settlement, they told her she wouldn’t qualify. Fortunately for her, my rock star lender was able to swoop in, pick up the pieces and actually settle on time.

Incorrect assumptions that the real estate landscape looks the same everywhere

One example of this mistake is when, just last week, a client of mine who is moving here from Arizona, but is not yet ready to sell his home there, told me his bank there said his interest rate would be higher than normal because the lender had to categorize the PA house as a vacation home. My guess (as I don’t know) is that, in Arizona, it’s so common for a home there to be a vacation home, that the increase in mortgage rates for second homes is the norm there. I checked with my local lender and he scoffed and said he makes loans all the time to people moving from other areas who are not selling their current homes and he is able to offer them “regular” rates.

These are just a few of the obstacles you want to avoid when you need to get a mortgage to buy a home in another area. Moving and especially relocating to someplace new where you may not have a network is already stressful. And buying a house anywhere, any time is, too. You don’t need to introduce any unnecessary ways for things to go wrong. Do yourself a favor and talk to a local lender who has experience with relocating buyers wherever you are going.

Feedback on your listing–what to do with it

February 23, 2023 by Jennifer LeBow Leave a Comment

How to use the feedback you get when your home is listed for sale — If your home is for sale, pay attention to the feedback you receive from agens who have shown it to prospective buyers.

Your listing agent asks showing agents for feedback on your house

When your home is for sale, most agents (the good ones, at least) ask any agents who have shown the property to prospective buyers to provide feedback. The feedback form they use varies (and is customizable). Some of them just ask whether the buyer was interested, opinions on the price and anything that could be improved. Others ask for more detail, like the best and worst aspects of the property. Regardless, the feedback received can be useful. How useful it is depends in part on the questions the form ask, in part on how thorough the buyer’s agent is in filling it out and in part on what their specific comments are.

What is a feedback form and how is it used?

Sometimes, feedback forms are useful. Sometimes, they’re not. If a showing agent says, “Too small for this client”, or “Buyers didn’t like the busy road”, there’s not much you can do. You can’t change those aspects of your property. However, if you receive comments like “The closets were all so stuffed, my clients felt like there wasn’t enough storage space” or “The layout was good, but the wall-to-wall carpet was skeevy”, there ARE things you can consider. For the first example, reduce the amount of stuff in the closets. Store things in tubs in the basement, get a POD, donate/discard things–just reduce the number of things stored in the main closets so people don’t assume they are inadequate. For the second example, have the carpets cleaned, or (yes, more expensive, but often resulting in a more than 100% return on investment), pull those carpets up and put new ones down, or, better, have the hardwood floors underneath refinished.

Ask your agent for a copy of the form

If you’re comitted to selling as quickly and for as high a price as possible, it’s worth your time to ensure the feedback form is structured to be as helpful as possible. Ask your agent if you can see the one he or she uses. Decide whether you think it needs tweaking. Keep in mind that showing agents are busy and sometimes don’t take the time to be specific. Unfortunately, it’s common for them just to check “not interested”. Good agents often follow up with those people with a text or phone call asking for a little more information about why the buyer isn’t interested.

Be prepared to hear the criticisms

It’s pointless to collect feedback if it falls on deaf ears. If you have no intention of making any adjustments (whether to the price, in the event that all the agents say the price was too high for what you were offering, or about things that could be improved), there’s no reason to ask for feedback. While no one likes to hear their home criticized, recognize that soliciting feedback is designed to help you sell. If there are things you can fix with reasonably little cost/effort that may make a significant difference in how the buying public values your property, don’t you want to know about it?

Your agent should recommend, when you are preparing to list, improvements/changes/repairs that he or she thinks will increase the final price and the ease of selling. Sometimes, though, things are missed, or maybe you received a suggestion but assumed it didn’t really have value and you ignored it. Whatever the situation, you are likely to benefit by paying attention to feedback and seriously considering whether you can and should address negatives that prospective buyers and their agents report.