Tri-State Real Estate Blog

Interview with Joan Docktor concerning Buyers' Concerns in Today's Market

Interview with Joan Docktor
Excecutive Vice President of Sales, Prudential Fox & Roach Realtors/Trident

Mary Luca:

Joan thank you for being here with us today and sharing your extensive experience.  You've served clients as a Realtor for decades, and participated in many markets. What would you say to buyers at this juncture who are concerned about whether or not the home they are interested in would appreciate?

Joan Docktor:

As we know homes in our marketplace have appreciated 60% over the last five years. Since that appreciation has slowed some buyers are sitting on the fence. They are just not motivated to buy. They are afraid the home they will purchase may drop in value.

As I think about this, it seems that the following conversation that I had in the 90’s might apply now.

Buyers always asked me if I thought the home they were interested in would appreciate. My answer was always the same, "If you stay in a home long enough it will. If you move next year it may not but if you stay for six to ten years I am sure you will be fine."

I often told them, "You are leveraging the purchase and only investing 10% or 20%. You will accumulate more wealth by owning your home than you will from most other investments. The appreciation is based on the entire value of the home, not just your down payment."

If you make a $20,000 investment in the stock market your appreciation is based on $20,000. But if you put that same amount down on a home that costs $200,000 the appreciation will be based on $200,000, a much larger base and therefore a greater return.

Now I am sure this is something that we all think about regularly, but maybe the buyers are not focused on this and this discussion in the next few days may help them to make the purchase decision that is best for them.

Let’s Talk Wall Color

Spring has sprung and color is all around us! What a lift it gives to our spirits after the dreary winter days.

Just as the colors of spring change our mood in nature, the color on walls change our mood in the interior of our living spaces.

Color can evoke emotion—blue is calming while red can bring out restlessness, tension and anger. Colors are either warm (those with a red or yellow base) or cool (blue based).

When choosing color for your walls, remember—it’s just a coat of paint! If you are painting the home you will be living in, don’t be afraid to experiment with bolder colors; colors that speak to you and you love. Try an accent wall first and if you really like it, go for the entire room. If you don’t love that wall—it’s just a coat of paint. Try another shade

Painting a house for resale is (pardon the pun) a "horse of a different color"! In this instance the colors need to be neutral, but neutral doesn’t mean plain white. Whites (and all colors) come in many shades. Not everyone loves green, yellow, or blue, but you are safe with shades of whites, beiges, taupes, putties and the earthier greens. These colors will not interfere with the new owner’s preferred color palette.

You are selling the space and features of the home, so take those into consideration when choosing color.

Does the room have an east or northern exposure? If so, use colors with a warm base. Conversely, if the room’s exposure is western or southern, use a cool based color.

Is the room very large? Go a few shades darker to create a feeling of coziness. In general, for smaller rooms, go with lighter shades.

Spaces should flow and consistent color helps that happen. Consistent doesn’t have to be the exact paint color. In fact, it is more interesting if it isn’t, but it should be a shade and/or tone of the same color family. It is usually a safe bet to use two or 3 shades off of the same color card throughout a home.

Finally, when selling your house, if you have any question about a room’s color or the condition of the walls—get out the brush! It’s just a coat of paint!!