As a local listing and buyer's agent, I truly want to help my clients. One of the most difficult parts of listing a home is working with a seller to determine the current price for the home. Sellers always want to get the highest price possible, and they should.............however, we do have another issue to deal with! THE MARKET! Let me say that all markets are buyer's markets! What I mean by that is that unless a buyers is ok with the price, the home will not sell. Buyers ALWAYS look for the best of a given price range..................now with the market a little soft, they are even MORE critical! And, when the seller goes to buy..........he will be too.
Consider these points:
NO 2 homes are exactly alike - chances are we've seen most of the homes for sale in your area and have an idea of what the inside is like. But, things change...decor is different, you remember the "different strokes, for different folks idea. Even online photos won't give you a complete view of how these homes compare.
Remember- it's the Buyer that ultimately determines the value of your home. A house is worth what somebody will pay for it. It's important to try and anticipate what MOST buyers will pay for it. If the price is too high - you may just end remaining a Seller! If your home should be some chance sell for more then the estimated value, remember the home still needs to be Appraised for the Buyer's Loan, and if it's overpriced it just may not!
What about the situattion of "needing" a value?
BUT That's What INEEEEEEEED to Get for My Home!
There is the odd time that a home is unusual and there are not direct comparables, sometimes this requires a trial and error strategy where we have to gage potential buyer responses in order to fine tune the price.
If the feedback you get from "looker" is we don't like the floorplan, the yard is too small, or the home is overpriced..............the quicker the price is adjusted, the better.
What about a seller who believes:
Should you start higher - after all you can always come down???
Remember, if you price too high for your area, you are helping your competitors to sell THEIR home!
Remember the most critical time for selling your home is in the first 30-60 days. Longer then that you can bet your bottom dollar, (and unfortunately that's probably what it will end up being) that the Buyer will be paying attention to your 'days on market' when making both their buying decision and price point!
How do you know if your house is priced right? If you are not getting showings, you can know that of the homes that are available, your home is not making it on the "show" list when an agent pulls the similar homes.
Ask yourself, is it the exterior appearance? Is it the interior? The location. The price.....
If it is any of the above, the only thing that will help is to lower the price! It is impossible to market enough to overcome pricing too high, expecially in a market where there are 10+ home for every buyer. IN DFW we have an oversupply of about 18 months to absorb, if we did not get any other homes on the market.
Sometimes the most important factor is YOUR motivation
DiAnne Arnette, REALTOR, writes about all things Fort Worth, and what is currently happening in the area.
Monday, November 16, 2009
Wednesday, June 10, 2009
Why Fort Worth is a Great Place to Call Home!
Ok, I may be partial to wide open spaces and clean air, and the fact that within 45 miles there is the "best of the best" in anything that you want! Take into consideration that Fort Worth has these things to just love:
Some of the best Museums in the country
(Kimbell, Amon Carter,the Modern, and more)
One of the best concert venues (Bass Hall) nightly
The Botanic Gardens which is fabulous year round
A great Symphony, Ballet,Opera etc.
Neiman Marcus...and most other big stores
All of the smaller, national chain decor stores, etc.
Sundance Square (downtown) with activities daily
Fort Worth Camera Club which is one of the best in the nation
Good Schools, both public and private
Large Lakes nearby, Eagle Mt. Lake, Lake Grapevine, Lake Joe Pool and more
Granbury 30 miles away with quaint shopping and a large lake
Affordable housing which is much lower than the national average
The nicest people you will ever meet!
Low Crime rate
Billy Bob's Texas.......nationally known music and entertainment venue
20 min. from DFW International Airport
30 miles from Dallas...for anything that you might "think" you need
Short commute times for most areas
and the list goes on and on.
If you live in Fort Worth and want to add to this list...just add your comments.
I sell real estate and it is a pleasure to drive Tarrant County on a weekly basis and see the positives that we have to offer.........it is one the the Top places to Live in our great Nation.........Move here, and help us keep it that way.
Tuesday, June 9, 2009
BUYERS ASKING FOR SELLER'S CONTRIBUTION
The recent market changes have brought new requests in offers that quite frankly have major impact on how sellers counter offers on their homes. It has become very common that buyers ask for cash to close in their offers. Not only are they making low offers, they also ask for up to a 6% seller contribution to prepaids and closing costs.
A few years ago, in a stronger market, we saw this and it was common to add the contribution on to the asking price in order to actually sell the home at a price the seller could live with. With the changes in the market, homes that are priced with the market are actually priced to sell and to appraise. Buyers are not paying attention to this. I have seen offers on perfect homes that are priced for their condition to sell. The offers come in and they are 7 or 8 thousand below asking price and then ask for another 4 thousand in closing costs. This does not make sense!
If a buyer can get a desparate enough seller maybe they will agree, however, that will have a big impact on every other home and it's value in that neighborhood. I think that lenders are suggesting this idea to buyers and buyers are then actually looking at homes that are more costly than they can afford. The consequence is that buyers are making many offers before they get one that sticks.........the consequence to their agent is that that agent is running in circles trying to make offers for these buyers. I do not have an opinion about right or wrong in this, but what I think is that this type of practice falsely impacts the market and it may not be a positive thing!
Think about this. If the buyer actually needs this closing cost money......he really doesn't have money........and what happens if he loses his job? Don't we know? I think it helps to continue the circle of foreclosure! What do you think? Email me at DAAHomes @gmail.com
Monday, June 8, 2009
Etsy Selling...Team Fort Worth and Me
I am so excited to go meet up with the Team Fort Worth group of our local Etsy seller's/designers this week. I am interested in seeing the ladies who are all so talented in different ways.
Now...as a new Etsy seller, I really still do not have the "hang" of it. Although I am so happy when I see that I sold something, I still don't know how I was found, and how one gets "found" consistently.
Last Friday, I listed several items and when I got ready to look at my site and see how it all looked, I couldn't find one of the listings. Then I looked at the sold area...there it WAS! It had sold in 3 seconds! I was so amazed!..not to mention happy! I felt successful and that my work was appreciated....I was just sure another item would sell immediately....and I am still waiting!
Well that's ok. I will discover the magic method soon. I just know I will.
Wednesday, June 3, 2009
BPO ORDERS...
"BPO" STANDS for Broker Price Opinion and I have done these for various relocation companies and lenders for years....Never thought that my expertise in this would be so needed. I was just contacted by a BPO company in Arizona and did one for them that day. I actually enjoy doing them because my mind works in stats easily.
For the "home owner" who is in trouble and needing help by way of a Short Sale, this is one of the first things that your lender will order. It may be done by a knowledgeable agent or an appraiser...they will want to see what the current market value of your home is.
When I am doing Short Sales, when I am notified that the lender has ordered this, I am relatively sure that we are going to get approval...
If you need Short Sale information...or a BPO....I will be happy to help you.
Tarrant County and What is Happening in Real Estate
Calling all buyers! This is the time to be a first time buyer. The announcement came yesterday that first time buyers can use the $8K in tax rebate for their closing costs, but not their 3.5% downpayment on FHA loans. This is huge! The issues that I have seen in first time buyers is that they could qualify for the loan, but did not have closing costs........Well now there is a different source! Take advantage of this........IT WILL NOT LAST FOREVER!
The house to the left is an example of a great house for a first time buyer.It is in the 76137 zip code and is NOT A FORECLOSURE. Therefore, it is move in ready and very cute!
---------------ON A DIFFERENT SUBJECT: What is you are having trouble making your mtg. payments? Have you missed some? How many? ETc. I can help any seller if they call soon and avoid their foreclosure. I have had good success with Short Sale transactions and this is a good solution. You will be selling your home and not having a bad credit ding on your record for years to come. CALL TODAY IF THIS WOULD HELP SOLVE YOUR PROBLEMS.
Follow me on Twitter @fortworthhomes
And...my hobby: www.wantzit.blogspot.com
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