27
I.E. and I. V. Appeal
The weather this past weekend here in Sonoma, overcast with a little sun, typified the market. I was at an open house on the Jazz Festival week end that should have been packed with people, but had just a drizzel. Open house traffic, according to Avram Goldman in his Goldman report, slowed from previous weeks, but could have been affected by the reporting period’s warm weather and graduations. The buyers that were out there are eager to find the right home. The homes that are receiving the most attention are those that have IEA and IVA.IEA is “immediate emotional appeal” and IVA is “immediate value appeal”. A home that has both will end up in the 15% of the transactions that are garnering multiple offers. If a home has neither the chance of selling is zero. What I mean by IEA is that when you enter a newly listed home you are overcome with the feeling that I could live here—just move in and set up for the house warming party. On Broker’s tour last week I saw two homes in the $1.1-1.6 mil price range. Both homes were attractive from the street, but once you entered they were profoundly different. The first one you entered and right away were hit with canine odors. The house had many traditional features, but all you could focus on is the smell. The rooms were ok, but felt ordinary as the beddings were rather sparse and unattractive. The upper deck had weathered paint and plants that looked as weathered as the deck. Inviting backyard, but the landscaping unimpressive. Nice spacious home, but didn’t sparkle. The second home you entered and you were greeted with that wonderful smell of fresh paint. It has that clean as whistle feeling. It was professionally staged. The landscaping in the backyard was impeccable. The listing agent asked me if I had seen the listing previously. I had not. She shared that the seller invested over $30,000 in creating what I call IEA. Oh by the way, the house had just received an offer. Before the investment no offer. Sellers must make the investment. It will bring them a significant return and most importantly a sale. In today’s market you need IEA or IVA, but preferably both. You need IVA which is as important, as buyers know the values. They have done their homework.
