Category Archives: North Texas Real Estate

7 Myths Will Keep You From Getting Your Best Price

full frame shot of eye
Photo by Vladislav Reshetnyak on Pexels.com

When homeowners are preparing to place their properties on the market, one aspect looms large in their minds: money.  And it should.  Setting the asking price accurately can mean the difference between getting an offer quickly and having a house languish for months, accruing days on the market and drawing little interest.

How do you block out the noise that often surrounds the intricate art and science of pricing?  How do you separate fact from fiction?  The question can cause you to lose sleep.  The truth?

1.  If we keep waiting, a better offer will come along.

giphy14
Occasionally.  When sellers receive an offer from the first showing, they may be skeptical or hesitant to accept it.  Would other prospective buyers be inclined to pay more?  Thoughts of bidding wars can cause sellers to want to wait and see.  There’s no guarantee other would-be buyers are waiting around the corner. If the offer is fair, entertain it.  Consider the time, mortgage payments, and inconvenience involved in keeping your home on the market.

2. Getting an offer right away, means the agent priced it too low!

giphy15
An offer early on in the process may provoke the questions, “Should we have asked for more money? Did our agent price it too cheaply?”.   It’s natural to be skeptical, but receiving an offer quickly most likely means your home was priced accurately and attractively.  If you trust your agent (and read my book), you know he or she didn’t pick a number out of the sky.  It’s based on extensive market research and discussed at length prior to signing your agreement.  It’s an occasion to celebrate!

3. We should price it so there’s room to negotiate.

giphy-downsized-large
Sellers – and their agents – want to get top dollar. But overpricing it with the intention of being willing to accept a lower offer may leave you empty handed. (It’s explained in my book) Plus, if you have to drop your asking price multiple times, buyers may begin to wonder what’s wrong with the property — other than the price, that is.

4. That’s not what my Zestimate says it’s worth!

giphy17
I love Zillow.  But have you ever noticed how homeowners are eager to believe Zestimates or other automated valuation models (Even my Bestimate can go wide of the mark!) when that price exceeds their expectations?  Yet, when the opposite happens, they assume it’s outdated or erroneous information.  Did your agent use the 2-step process to prepare your estimate of value?  (Have you read that part of my book?) Don’t do your home a disservice by asking it to yield more than the market will bear.

5. We can add all renovation costs to the asking price!

giphy18
No.  Yes, you’ve made improvements.  And the upgrades look great!  But remember, not every change is going to land a huge return on investment.  If you’re curious about the value added, check out Remodeling Magazine‘s annual ‘Cost Versus Value’ report.  You’ll find which upgrades yield the biggest bang for your buck. Also, as you’re making changes, bear in mind that the infinity pool you view as an asset may just seem like a huge liability to a buyer.  Perspective is everything.

6. My Realtor® overpriced my house to make a larger commission.

giphy19
Agents are paid a percentage of the selling price of the home.  However, even if they were to raise the ask by $25,000, that might yield an additional $1,500 in commission, to be divvied up between with agent’s broker and the buyer’s agent, leaving your agent to realize an additional $750. It’s hard to imagine an agent would blow the possibility of a quick sale — and take on weeks or months of additional showings and marketing expenses — for a few hundred dollars.  It’s not logical.

7. Reducing the price is a sign of weakness.

giphy21
Definitely not.  It’s not about being eager to drop the listing price.  It’s about constant evaluation of all the data available to you.  If time has passed and interest is waning, talk to your agent.  Ask for an updated CMA.  The market changes.  (Seriously, ask for my book.)  Remember, time is money.  While you’re waiting for someone to meet your price, you’re still paying the mortgage, taxes, utilities, and insurance etc.  Plus, lowering the price (even a small amount), may put your home in front of a new group of buyers.  This translates to increased interest and an opportunity to negotiate the price closer to where it was in the first place.

Call anytime I can be of help.

Advertisements

Why Do Realtors Ask That?

ache-adult-depression-expression-41253 (1)

Have you ever gone to an open house? Or called a real estate agent because you were curious about a listing? Maybe you e-mailed an agent about a property he/she has listed?

Did you just want to check out the house?  Maybe you’re curious about amenities. Or, perhaps you’re really serious about buying a house. Doesn’t matter. All you’re doing is asking a question. That’s it. You just want an answer.

It must seem like one of the first questions we ask you is, “Do you have a house to sell?

I’m sure you wonder what difference it makes and I suppose it does seem a bit cart-before-the-horse.  It might even come across as pushy and forward, and beside the point.  (Well…that’s sort of characteristic of Realtors, right?)

You don’t even know if you like the house – and you aren’t even really thinking about selling your house, until and unless you find the house you want and actually have an offer accepted.

So, why is it asked?

Maybe you think it’s because we’re hoping you do have a house to sell, so we can list the home you own, sell you the one you’re asking about, and get two sales off you.  Or that we want you to list your home, and get it under contract, so that you have to move…(again, so we can get two sales off you).

Which makes you feel like we’re just looking to make as much money as possible, as quickly as possible, and all from you!  All of your fears and perceptions about real estate agents seem justified…but… Continue reading Why Do Realtors Ask That?

Dallas – A Small Country In North Texas

dallas-texas-skyline-dusk-45182

Sort of, anyway.  According to the Dallas News,  the residential real estate in Dallas is valued at $549 billion dollars and is equivalent to Sweden’s gross domestic product.  That may be comparing apples to oranges.  But, I did discover that the Bureau of Economic Analysis has determined that the GDP of Dallas/Fort Worth/Arlington for 2016 was $511 billion dollars.  That’s a bit more ‘apples to apples’, though I would have liked to see a report for Dallas separately.  I’m a numbers person.  I like things to make sense – at least, I like them to make sense to me.

Speaking of numbers – in 2016, Sweden had a population of 9.903 million people living on 173,860 square miles.  The population of Dallas in that same year was 1.318 million with a land area of 385.8 square miles.   In 2016, there were approximately 4.5 million households in Sweden while Dallas had close to 458 thousand occupied homes.  (Households are defined differently by a number of sites I researched, among them, Statistica and the US Census.  Occupied homes seems a logical definition, but, I’m a Realtor and perhaps I shouldn’t be blogging so late at night!)

In conclusion, what does this tell us?  Again, I’m a Realtor, so, I’ll have to get back to you.  I’m mesmerized by the information about Sweden’s real estate market.

NOTE:  I invite you to provide any information that may clarify the GDP of Dallas, separate from Fort Worth and Arlington.  The data seems skewed without that bit of detail.  I really need some closure there.

 

Arched Cabins – Built In Texas

 

f6ecd4a4ae117caed36036932aa35e79f4be5a722ab97d6e7b4d117da6439d9f

David Cruey created Arched Cabins for the sole purpose of providing efficient, sturdy, cost-effective, easy to build, multipurpose structures all in one. Utilizing the arch shape and four inch ridge beams, he was able to create the perfect structure for enduring all sorts of weather conditions. The structures are built from their Cypress, Texas (Yayy, Texas!) based facility and shipped to various distribution points for delivery all over the lower 48 states. How are they doing so well? Have a look!

frame-of-a-14x20-partially-sheeted-in

 

They start with an elevated 24’ by 32’ platform as a foundation to prevent flooding before building the arched frame.  The arch not only lends itself to style, but also provides incredible durability in all sorts of weather. R25 insulation can be installed for handling harsh temperature climates.

While there are many different sizes, the larger framed structures can make for two story homes.  The entire Arched Cabin kit can be erected by a crew within four hours, or by two people over a standard weekend!

From the outside, they look very simple.  From the inside, though…they’re amazing!  And the kitchens rock!  The open house plan lends to a spacious, airy feeling.  The insertable shelves maximize space efficiency, and the elevated position of the bedroom makes it the warmest spot for the winters.  There is even enough space for a walk in shower!

With all of the sizes and colors, this home design is suitable for much more than a ‘tiny house’ community!  Think cabin in the woods or at the lake.  What about a nice little place out back for college aged kids (don’t go all out or the kids will remain long after graduation!).

It won’t replace 2500SF, a 3-car garage and a pool…but I can help you with that.