The Leadership Redding class of 2009 met once again, and last month’s class was on economic development. We had a total of 16 speakers so my head is still spinning and I can’t begin to share everything we heard, but once again what a great day and, wow, what a lot of important information!

I know we could all write lists of things that are challenges for business owners and that we’d like to change. One business owner gave his “wish list” of things he would want in this community to support his business (i.e. shuttle service to Sacramento Airport). I would love a discussion on what other’s wish lists are too!

What I want to share, though, are some things I learned our community is doing to help small businesses succeed and programs that are there just for the business owners in our area. Perhaps, like me, you weren’t aware of some of these and they may be able to help you out!

The Enterprise Zone: If your business is located within boundaries of the Shasta Metro Enterprise Zone you may qualify for the incentives under this program. Created to help encourage business investment and the creation of new jobs there are many credits, deductions and incentives available to small businesses. For more information and to see if you are in the Enterprise Zone visit shastaedc.org/incentives.asp.

SAFE-BIDCO is an organization that was created to offer state and federal loan and guarantee programs to small businesses. They are a non-traditional financing source for start-up and already existing businesses that may have difficulty getting a loan through traditional lending institutions. They have loans for as little as $1,000 all the way up to $750,000, depending on the purpose. For more information visit safe-bidco.com.

Small Business Development Center (SBDC) at Shasta College was created to meet the needs of small businesses here in Shasta County. They offer many services to small businesses including business management advice, counseling services, workshops, and training and information resources. They even have a new program for young people wanting to start their own business called The Young Entrepreneur Program. For more information visit sbdcsc.org.

SMART Business Resource Center provides many services to businesses including seminars (i.e. a website design workshop), training, job posting, help with The Enterprise Zone and their “Worksite Training” Program that helps with the cost of training new or existing employees. For more information visit thesmartcenter.biz.

If you feel overwhelmed by all the information above, a good place to start is a website created just for that: shastabiz.com. It outlines business needs into six categories and directs you to the organizations that can help you.

Of course I couldn’t even list all of the services available in our area. And I know, we can all complain about what we don’t have, but I find the services we do have impressive. So I hope you take advantage of them, have success and continue to preserve the existence of small businesses in our community! And if you know of other resources for local businesses, please offer up advice in the comments.

Lara Wells Osborn is a Redding native. After traveling and working around the world she has returned to Redding with her husband and three children. She is a real estate agent with Coldwell Banker Westside. She can be reached at 530-276-3026 or by email at laraosborn@ccproperties.com.

While everyone is spending a lot of time pointing fingers and talking about how we got into this housing mess, I feel compelled to tell the tale of this short sale.

A short sale is where the house is being sold for less than the loan amount.  It is supposed to benefit the seller (not being foreclosed on) and the bank (not having the high cost of foreclosure).

Short sales, though, require tremendous amount of paperwork and - this is the key - the cooperation of the bank.  Many banks do not have adequate departments and employees set up to handle the huge increase in amounts of short sales – thus making the process a bit challenging for everyone involved.

This little house my colleague was selling was listed in the lower $100,000s.  The first offer on the house was for full asking price – about $10,000 below what it would take to pay off the loan. This was a good offer.  The seller agreed to the price, and the paperwork was completed and submitted to the bank.

My colleague spent hour upon hour on hold with the bank to get a chance to talk to someone about the offer.  A case manager was assigned, but my colleague was not allowed to connect  directly to him. All correspondence was via fax or phone message. The bank lost faxes and documentation of phone calls from the agent.  No messages left for the bank were returned.

Once he was finally able to connect with someone weeks later, he was required to submit additional paperwork – paperwork about as thick as a phone book.  Finally, everything was in and ready to go. They just needed to wait for the approval from the bank.

Weeks went by.  Phone calls to the bank.  Sitting on hold.  No response from the bank on the offer.

Months went by.  Phone calls to the bank.  Sitting on hold.  No response on the offer.

After almost 3 months, we finally had approval!  Hallelujah!  Time to move forward!  But, oh, wait, in the meantime, those buyers were tired of waiting and moved on to another house.

Well, all that work shouldn’t be in vain because normally once you have the first approval the second one comes much quicker – so back on the market the house went.

Second offer.  This time $10,000 lower than that first one.  Paperwork was filled out and submitted to the bank.  Hours of sitting on hold with no contact allowed with the case manager.  Again, months later there was an approval!  But wait, those second buyers by this point had moved on.

Third offer.  Hopefully, it’s the charm even though it is $23,000 below where it started!  Seller agrees, paperwork filled out and submitted.   Wow, after only about a month we had a bank approval and the buyers hung in there!

So, on to the escrow….

One day I was covering for my colleague, and someone from the bank called and said, “Unless we receive the funds by tomorrow this deal is no longer valid.”  WHAT??

I responded, “I believe there was a repair needing to be approved; let me find out and how can I reach you back?”

“You can’t.  You can only call the 800 number.”

“I can’t request you or dial an extension?” I asked.

“No, and if funds aren’t here tomorrow the contract is no longer valid.”

Wow, I thought as I hung up, they had been working months and months on this and the bank (I actually think it was a loan processing service set-up to deal with short sales) was willing to have it go back on the market?  Interesting.

It turns out the bank had lost the paperwork on the repairs.  But somehow my colleague worked magic via that infamous 800 number, got the repair approved and an extension on the close of escrow.

Things were moving along toward closing until another curve-ball came in, this time from the buyer’s lender within a few days of closing.  They would not lend on a home where paint was peeling, even on the fence, and a few other minor repairs had to be made.

At this point in time no one was willing to let this go on a few chips of paint – so the lender and both Realtors met over at the house, bucket of paint and brushes and tools in hand, and made sure that property had no peeling paint and the repairs were done!

Remarkably, the loan came through, the bank signed the papers and the home closed - 227 days after being listed.

When all was said and done, if you added up the hours spent on this, the Realtors made less than minimum wage.  But it is now one less house on the market, happy buyers have a home and happy seller is out from underneath the financial burden.

A success!  Now how many more to go???

Lara Wells Osborn is a Redding native. After traveling and working around the world she has returned to Redding with her husband and three children. She is a real estate agent with Coldwell Banker Westside. She can be reached at 530-276-3026 or by email at laraosborn@ccproperties.com

Do you ever wish you could get a do-over on your elementary school field trips now that you actually care about the information being taught? I am so lucky because as part of our first class for Leadership Redding on Culture and History I had the opportunity to do just that.

I was born here in Redding and lived here until graduating from Shasta High in 1987. And yes, I have to confess at the time I took my elementary field trip to Old Shasta and learned about our area history, that I may have been (gasp!) less interested in what Judge Eaton had to say and more interested in well, whatever else there was to be interested in.

But after leaving Redding for 18 years and now having made the choice to return to this community to work and raise my family, I was really looking forward to the history lesson. Learning more about Redding, our past and our present, and being part of the future is the main reason I signed up for Leadership Redding.

Our day started out at the Redding Rancheria. (Another confession: I’ve only been to the casino once 11 years ago and really had little knowledge of what has been going on with them). The Rancheria sponsored our day and treated us like royal guests. Most fascinating for me, though, was hearing the history of the Native Americans in our region, what they have been through and what they are accomplishing.

We watched a great video (it can be viewed on their website at redding-rancheria.com/tribal-documentary.php) and learned what amazing, positive changes they have made in the last 20 years. Not only are they making a difference within their tribal community, they are a positive force in the entire community of Shasta County -– giving funds to support many local events and organizations working toward positive change.

Next we received some Redding history. Did you know that people use to travel up the Sacramento River on steamers and disembarked in Red Bluff? I didn’t. Most of us know that Redding grew from mining (gold and copper being the biggest) and lumber. But did you know that we were a contender for a state university, but Chico beat us out way back when? Imagine how different things would be.

Next we heard presentations from Amelia Delatorre Ward on Latino/Hispanic culture, Officer Bounpon Kongkeoviman on Laotian culture, and Rhonda Nechanicky on African American culture and what it’s like to live in our community as a minority. Does it cross your mind often that most the people you connect with on a daily basis in our community are Caucasian? It was fascinating, informative and eye-opening to hear what these speakers had to say about our community culture and how they make it work with their own identities.

After lunch we took a trip out to Old Shasta and met at the Masonic Lodge for more local history. Did you know that Shasta Union Elementary School is the oldest continuous elementary school in the state? I didn’t. Did you know that Old Shasta has the only designated art gallery within the California State Park System with over 300 works of art? I didn’t. I heard a lot I didn’t already know.

The story of our day would not be complete without mentioning our tour guide, Lori Martin, who showed us the Litsch Family Store and a Catholic cemetery being restored. I wish I had a fraction of the enthusiasm this woman has! She absolutely loves our history and is a wealth of knowledge.

“You guys want to hear something?” she would say to us, followed by a fascinating story of how women used to dress, or how they made a spittoon that helped curb the spread of “consumption” (better known now as tuberculosis), or how many of the medicines back in the day contained laxatives as their main ingredient! Each story was entertaining and informational.

She would finish each of these stories, her eyes sparkling and with a big smile, saying, “Isn’t that sooo interesting?” Lori, you are a true gem to Shasta County and yes, it was sooo interesting –- especially the way you tell it!

Another great day, another great experience and another confirmation of how lucky we are to live in this wonderful community. Each experience amazes me at how many people care and take time to make our community a better place. They are being the change they wish to see in the world.

For more information on Leadership Redding, visit leadershipredding.com.

Lara Wells Osborn is a Redding native. After traveling and working around the world she has returned to Redding with her husband and three children. She is a real estate agent with Coldwell Banker Westside. She can be reached at 530-276-3026 or by email at laraosborn@ccproperties.com

A group of 35 classmates from all different parts of the community – the publisher of Enjoy magazine, City of Redding employees, people in the health-care arena, employees of Northern Valley Catholic Social Service, just to name a few, along with myself (a Realtor) - gathered this weekend at Trinity Alps Resort for a workshop and the beginning of our year-long Leadership Redding program.

For those not familiar with Leadership Redding, it is an awareness and educational opportunity that serves as a catalyst for individuals who seek participation in community decision-making. It starts with the weekend retreat and then continues with monthly sessions on different aspects of the community. It ends in May with our “graduation” from the program.

Though the 35 of us were virtually strangers - and all very different - there was a common thread that brought us together: the desire to make a difference in our community. For some it may be small and in the background, others may be seen in years to come in the spotlight, but all of us shared a goal of making our community a better place.

If our classes throughout the year are the cake that is to come, this weekend retreat was the icing. The weekend was about bringing the class of 2009 together. It was about connecting, trusting and learning from one another.

I’m sure many of you have visions of us circling the campfire singing “Kum Ba Yah” and falling back into each other’s arms as they catch us. Hmm, you may be correct but we have a saying, “What happens in Trinity, stays in Trinity.” So though the stories would be fun to share, instead I would like to share with you some of the ideas, inspirations and insight that will stay with me always as a result of our time together:

• You don’t have to be the leader to be a leader.

• Working together as a group often accomplishes more than working as individuals.

• The quiet people in the back executing the plan are as significant in the process as the loud ones up front.

• Slow and methodical will often get you quicker results than charging full-speed ahead without a plan.

• We are all connected. When one person struggles or one person succeeds, there are many that are affected.

• If you have an idea, don’t stop until you feel you’ve been heard.

• Sometimes other people’s ideas may be better than yours. Know when it is time to step back and let them take control.

Sure, these are all things we probably knew before the retreat, but sometimes we need to be reminded and to see it put to the test.

The weekend was transforming for me. I found this to be an amazing group of 35 people with amazing ideas, amazing compassion and amazing passion. I am humbled and honored to stand shoulder to shoulder with them and to be able to say I am part of this group. I look forward to our year together and can’t wait to see what impact those in our group may have on our community. I promise to keep you posted.

And finally, there were many quotes that were shared over the weekend. Some I knew, some were new to me and all were inspirational. I’d like to end with one that was still ringing in my head as I pulled away from the resort:

“You must be the change you wish to see in the world.” – Ghandi

For more information about Leadership Redding, visit its website at: www.leadershipredding.com/ or contact the Recruitment Chair, Staci Bertagna, at 355-5606 or sbertagna@sfymca.com

Lara Wells Osborn is a Redding native. After traveling and working around the world she has returned to Redding with her husband and three children. She is a real estate agent with Coldwell Banker Westside. She can be reached on her cell at 530-276-3026 or by email at laraosborn@ccproperties.com

Do you remember the days when, in order to buy a house, you scrimped and saved until you had a big enough down payment to go out and find your dream home?

How about the days when you could buy a house with no money down (you could even get over 100 percent financing to cover closing costs), even if you had a sketchy credit score?  (Probably easier for all of us to remember the latter because that was how it was not too long ago, until the mortgage crisis hit and the real estate market took a turn for the worse.) 

Now the pendulum is swinging back to the other side. In an effort to correct the errors made by the lending industry, lending requirements are getting tighter and tighter. The days of easy 100-percent financing are becoming a thing of the past.  Down payments and good credit scores are once again coming to the forefront. 

But don’t let all that doom and gloom stop you. There are lots of ways to get creative and to make it work.  It is a great time to buy. Interest rates are still historically low, housing prices are down, and right now a lot of sellers are willing to work with you in an effort to get their house sold.

First check out what you can do through the conventional loan process.  It is very important you find a good lender – one who’s aware of all the loan programs out there.  (I recommend that you shop a few lenders to be sure you’re getting the right information and learning about all the loans available.)  The government and the banks are changing things so often these days that most of us can’t keep up with it all, but good lenders will work to find the best possible options for your situation and they will give you an idea of what you can spend on a home.

Next, start thinking outside the box. What can sellers do to help you on the financing side?  Well, depending on your situation — whether it is not enough cash for down payment and closing costs, or you’re worried about the high monthly payments or you just can’t qualify for a conventional loan — there are some creative things you can do.  Here are some suggestions:

·     Ask for closing costs to be paid by the seller.  Here in Shasta County, title and escrow fees are typically split 50/50 between buyer and seller.  But to keep down the amount of money you need at close of escrow, request the seller pay these costs.

·     Ask the seller to buy down your loan rate.  If monthly payments are an issue for you, it may be worth your while to pay a little more for the house but ask the seller to contribute to buying down your interest rate on your loan to bring your monthly payments where you need them.

·     Seller financing.  There are sellers out there who are willing to carry the loan on the purchase of their home.  If, for some reason, it is difficult for you to qualify for conventional financing, see if you can find a seller willing to carry the loan on the house. 

These are just a few suggestions of things you can do.  Look at your own personal situation and then ask yourself if there is a creative way the seller can help you get into the home you want.  And then just ask for it!  There are a lot of sellers out there who, in an effort to sell their home, are willing to work with buyers and be creative.  Talk to your Realtor and your lender and start thinking outside the box.

Contact Lara Wells Osborn at Coldwell Banker C&C Properties - Westside, 1801 Buenaventura Blvd., Redding, CA 96001. Cell: (530) 276-3026. Fax: (530) 419-1167. Email: laraosborn@ccproperties.com or larawellsosborn.com.

No matter which way you turn you are hearing about the downturn in the real estate market.  Everyone is talking about how much money they have “lost” on their home since things took a turn for the worse. 

But is that true? 

Is everyone here in Redding “losing” money on their home?   

If you are reading this article and bought your house in the last several years, there’s a good chance that you have lost money on your real estate investment, especially if you are forced to sell today. 

But how many people bought homes in Redding during this time?  Actually, a very small percentage of the homeowners in Redding. 

So let’s talk about the majority of you who bought your house before - let’s say - 2003.  Where do you stand on your real estate investment? 

We are all so focused on how “bad” the market has gotten recently that we seem to have forgotten the skyrocketing of home values in Redding in the early 2000s.

Just for fun I looked up the average sales price of homes in a nice neighborhood on the east side of town in 2002 – $280,000 - and then looked up the average sales price of what sold in that same neighborhood in 2007 -$510,000.  An increase of $230,000.  Hmmm, making $230,000 over 5 years sounds pretty good to  me. 

I looked up another, more upscale neighborhood on the west side of town. The 2002 average sales price was $412,000 and in 2007 it was $749,000!! In 2007 the market was bad, prices were down and things were bleak– but someone could have walked away with a gain of $337,000 in a 5-year period.  It’s all a matter of perspective, isn’t it? 

With the increase in home prices a lot of homeowners took equity out of their home and they, too, may find themselves currently “upside down” and owing more in loans than the current value of the property. That’s tough if you’re forced to sell now.  But hopefully a majority of these people can hang on and weather this storm.  Don’t forget though, that in this instance there still was a profit made on the initial investment, it was just taken in advance.  

So many homeowners are focusing on where their homes are valued today, versus 2 years ago, instead of looking at the long-term investment. 

Real estate is not typically something you buy to make a quick profit, but if you look at history it has proven to be a solid way to invest your money. 

I feel strongly that it will continue to be.   

And hey, what about the old idea of buying a house because it was a nice place to live and it brings joy to your family? 

I guess it’s all just a matter of perspective. 

*Information for this article was taken from the Shasta County MLS  and is deemed to be reliable, but is not guaranteed.  

Contact Lara Wells Osborn at Coldwell Banker C&C Properties - Westside, 1801 Buenaventura Blvd., Redding, CA 96001. Cell: (530) 276-3026. Fax: (530) 419-1167. Email: laraosborn@ccproperties.com or larawellsosborn.com.

Q: Dear Lara, we were thinking of putting our house on the market eventually, so we invited a realtor over to look it over and give advice about the market and the best time to list it. We didn’t fill out papers, just talked.

The other day someone stopped by our house and seemed interested in it, possibly to buy. What’s the protocol here? Am I obligated to go with the realtor we talked to, even though the house was never listed with him? 

A:  This is a great question as many people are often confused on real estate agency relationships and when you are obligated to use a certain Realtor.  

Because, in this case, you only spoke to the agent about your house and never actually signed listing paperwork, the answer is no, you have no obligation to that Realtor.  Once you have signed an exclusive listing agreement, though, you are obligated to compensate the Realtor if you sell your home.  If, when you list your house, there is someone you already know who might purchase your home, you can have those people “excluded” from the listing and if they purchase the home you are not obligated to compensate the real estate agent (but then you will represent yourself and will be responsible for all your own paperwork, etc).  

Another question people ask often is if you meet an agent at an open house are you obligated to use that agent if you purchase the home? The answer again is no.   You may use whomever you choose to represent you in your purchase. 

What if you have been looking at homes with an agent and you no longer want to use that agent?  Well, this starts to get sticky.  If you have signed a Buyer Representation Agreement you typically are obligated to purchase the home through that agent (so be sure you know what you are signing and agreeing to if an agent asks you to do this).  And if an agent has shown you a home they may be able to argue “procuring cause” to earn the commission, even if they don’t write the offer for you.   

As I mentioned before, real estate agency relationships are confusing and I could write endlessly about different scenarios. (If you have a specific situation you’d like the answer to feel free to post it below or email me directly at laraosborn@ccproperties.com and I will get you the answer).  But here is some general advice on how to handle these situations and to avoid those sticky situations: 

•Be honest with agents:  In the first scenario above, call the agent you spoke to and explain the situation. A good agent understands this is part of the business and will respect the communication.  In the open house example, let the agent holding the open house know that you are already working with another agent.  Agents appreciate knowing this up front.  Honesty is still always the best policy.

• •Understand what you sign: Before signing any agreement obligating you to pay compensation to a Realtor, make sure you know what you are getting into.  If you’re feeling uncomfortable, ask to have some more time to review the documents and to ask questions.

• •Ask questions: If you are uncertain how an agency relationship/compensation works, ask the agent to explain it.  Or, if you don’t feel comfortable asking the agent, call the local real estate association. Typically each board will have written guidelines establishing procuring cause.

• •Find an honest, ethical agent you can trust:  Real estate agents are in the business to make money, but that doesn’t mean they shouldn’t still be looking out for your best interests.  I personally don’t make my buyers sign agreements, and I always guarantee my sellers can cancel the listing agreement if a personal situation changes or they become unhappy.  I count on the fact that I will have loyal buyers and won’t have unhappy clients based on the service I provide. 
• So find an agent you trust and who will put your interests – not their commission - first.

Contact Lara Wells Osborn at Coldwell Banker C&C Properties - Westside, 1801 Buenaventura Blvd., Redding, CA 96001. Cell: (530) 276-3026. Fax: (530) 419-1167. Email: laraosborn@ccproperties.com or larawellsosborn.com.

It’s an interesting dynamic. We have sellers who have owned their houses a long time and have lots of equity and room to move on pricing. We have sellers who bought their home in the last few years, and the house is worth less than they paid for it. They need a high price. We have bank-owned properties that might be a good price but have been abandoned and neglected. Then there are the short sales, where the price is less than what the sellers owe on their loan. They ask the lender to “forgive” the difference, which is typically the step before foreclosure. Some of these are at incredible prices, but buyers are wary because They could wait weeks — even months — for a bank response. Even if a buyer is willing to pay the listing price, the bank might deny it.

Where does that leave buyers and sellers in today’s market? If you need to sell, how do you figure out the right price? If you want to buy, how do you make sure you get a good deal? It’s not an easy maze to figure out, but here are some thoughts:

First, real estate is cyclical. If you look into the past, you will see ups and downs. There have been tough times in the past, and worries that it would never get better (17 percent interest rates!). Somehow, though, things turned around and the real estate market improved. I don’t have the crystal ball telling me when it will happen, but history speaks for itself. I have confidence we will again see an appreciation in home prices. Investing in real estate now, when prices are down, should pay off for you in the future.

Next, be realistic. The market is what it is. We are in a buyer’s market. If you are a buyer, this is fantastic. Take advantage and make your move. If you are a seller, realize we are no longer where we were two years ago, and no matter how great your house is, it won’t be spared from what the market is saying. A realistic approach from the beginning will lead toward success in the end. Sellers who are realistic about the market are selling their houses.

Additionally, rely on a professional. Everyone from Uncle Ernie to the guy at the market has an opinion on the market and the value of your house. What you really need in a crazy market is someone with knowledge and experience — someone who is showing houses, selling homes and working full-time in the real estate arena. Make use of real estate professionals to help navigate the twists and turns. A real estate agent who is successful in today’s market is a real estate professional who knows what it takes to get a house sold in these circumstances. Whether you are a buyer or a seller, you should take advantage of their expertise.

Finally (I remind myself daily), stay positive. The media love to paint the doom and gloom picture. We need to find the best way to make it to that light at the end of the tunnel. It doesn’t have to be negative. This too shall pass. Before we know it, this wacky market will be gone.

Contact Lara Wells Osborn at Coldwell Banker C&C Properties - Westside, 1801 Buenaventura Blvd., Redding, CA 96001. Cell: (530) 276-3026. Fax: (530) 419-1167. Email: laraosborn@ccproperties.com or larawellsosborn.com.

Q: Last winter our roof had a very minor leak. We repaired the leak and repainted where it leaked, and no one would ever know it happened. Do I need to disclose this to a potential buyer?

A: By law (California Civil Code 1102) sellers are required to disclose known facts materially affecting the value or desirability of the property. If you feel you have to ask whether your issue falls under this, the answer should be yes. Even if you think something is minor, to a buyer it might be relevant -– so the safest thing to do is disclose, disclose, disclose. There is a saying: “What buyers learn during escrow, they forgive; what they learn after moving in, they sue over.”

Q: We’d like to make an offer on a house but we don’t think the property is worth near what the seller is asking –- should we even bother?

A: Ask the advice of a Realtor on the specific property in question, but in general my answer would be yes -– definitely make an offer! You can’t get what you don’t ask for, and if you don’t make an offer you’ll never know where the seller stands.

There are a lot of factors I look at when a buyer wants to purchase a property, such as:

How long has the property been on the market? Has it had a price reduction? Is it really overpriced and do I have hard data to present along with my buyer’s offer to support the price they want to offer? What is the seller’s motivation and how much is owed on the property? I encourage buyers to write an offer for what would be the ideal situation for them and let the seller counter on terms that are acceptable to the seller. To make the negotiation more of a win-win situation, choose what’s most important (like price) and try to be as accommodating as possible on the other issues (like if they want a short escrow). Finally, when it is possible, I present my buyers’ offers directly to the seller, with their agent present. This is the most effective way to present my buyer’s view of things and to really push for their position.

A good Realtor will have the knowledge and the negotiation skills to guide you through this process.

Q: I’ve had my house listed for six months and it has only been shown twice. I have a beautiful home and just don’t understand why no one is interested. Do you have any thoughts about why there is no activity?

A: Many factors could play into this, and without knowing everything about your personal situation, I cannot give a specific answer. In my opinion, though, a lack of activity on a listing is usually a result of one (or both) of two things: price and/or exposure (marketing).

When prices were climbing, it was not a problem if you overpriced your house because the market would catch up. But now that we are in a fluctuating market, it is so important to be competitively priced. You get the most activity when a listing first comes out, and if you’ve priced yourself out of the market you won’t get this. Buyers have a lot to choose from. When they see they can get way more for their money than your house, they won’t bother to look.

If you are not quick to adjust, you find yourself on the market for a really long time, and buyers start thinking “there must be something wrong with that house” — even if you are finally pricing it right. In the end, overpricing your house could result in you getting way less and in a much longer period of time then if you’d priced right in the beginning. Your Realtor should be able to help you price your house fairly and give you the facts and figures aabout why it warrants that price. Be wary if they simply agree to whatever price you suggest without first doing a market analysis to support it.

Another factor could be a lack of exposure. If buyers don’t know your home is on the market, they can’t buy it. Ask your Realtor what he or she does to market your home to get it the most exposure. I provide a marketing plan to my sellers, outlining the things I will do to get the most exposure for their home so they are never left wondering if there was an exposure issue. Many homebuyers today search for homes on their own via the Internet, open houses, etc., so just listing it on the MLS might not be enough anymore. If you are absolutely certain you couldn’t get any more exposure for your home I recommend you revisit the price issue discussed above!

Contact Lara Wells Osborn at Coldwell Banker C&C Properties - Westside, 1801 Buenaventura Blvd., Redding, CA 96001. Cell: (530) 276-3026. Fax: (530) 419-1167. E-mail: laraosborn@ccproperties.com or larawellsosborn.com.