Beauty Contest

Working at the office, chatting with one of my fellow agents, we started talking about sellers.  I recently was in a multiple bid situation that my clients lost out on.  Now we were fine not getting the house, but it sparked a thought!  

This home my clients lost was very nice, very nice, however, it was small and had no upside.  Meaning all the square footage was used, and it was not going to be the family house they were going to need in 4-7 years.  Now, we saw a lot of dogs, and I mean dogs, before we walked into this house.  But there was no reason to overpay for a house just because it was nice, and updated.  The home didn't have any upside, we could not see where we were going to put in sweat equity.  The square footage was all used, it had a two car garage, and the yard was not very big.  Plus there was no room in the basement.

However, this home sold for more then the asking price.  What?

Back to my conversation with my fellow agent.  We were talking about listings that were opportunities for us, and he said "watch out, it's becoming a 'Beauty Contest' out there" and I almost fell out of my chair.  The house my clients lost out on was nice, and the one they bought was nice too, but has upside for improvements.  No fancy stainless steel appliances, just a solid foundation, well kept home, and a little more off the beaten path. 

When my clients start their family some day, their house will be able to grow with their family. Not so much with the overpriced house they lost out on.  You see as a Realtor it is my responsibility to make sure I get the best possible deal for my clients, and listen to their needs.  By listing to their needs, I can fulfill them to the best of my ability.  

This turned out to be a win/win for everyone.  The folks that bought the overpriced house, in my opinion, are happy, and my clients are happy with their purchase.  However, this taught me that it is a "Beauty Contest" when selling and you have to be careful that picking the winner may not be the one that is the flashiest.  But the winner may be the one with personality.

Follow my thoughts on this topic at www.twitter.com/edinarealty and offer your thoughts.

What if I'm a seller?

What can sellers do in this market? Simple! Price your house right! Price is the key to selling plan and simple! We all think that our house is worth more then it may be, but let trained professionals determine your true market value.

Often times I hear buyers, or buyer representatives, say "did you know the tax value is only..." and often times that may be true. However, remember that the cities tax value is what your property taxes are based off of, but it does not reflect your MARKET VALUE. These are two very different things!

Market value is determined by having a professional Realtor do a market study. That will give you true market value! Stay in the range and your home will sale, get out of the range and you could be chasing your property down the market.

In toady's market the government is giving the first time buyers the leg up buy lowing rates to an all time low. Therefore, if you are a seller there will be buyers, but only if your price your house to sell.

Follow this conversation at www.twitter.com/edinarealty as I will be offer new thoughts as the week goes on.

New to the game?

Searching for a new home can be trying, hard, and sometimes disappointing. You have to have a strong since of who you are and what you are truly looking for in their new home. First time buyers don't know what they are looking for until they walk into it, however, with the growing use of the Internet makes looking easier. First time buyers walk into more homes on average then the second or third time buyers. Why? Because they really don't know what they want and need to see as many possibilities to make up their minds:

Qualify yourself as a buyer:

1. Do you have your financing in order?

*Have you spoken to a loan officer to know what you qualify for?

Nothing Realtors hate more is a showing houses to unqualified buyers. What do I mean? We do not like show homes to those who do not know how much they can afford! It wastes every ones time. That is why I say get your financing first!

2. Do you know what kind of home you are looking for?

*One story?

*Two story? and so on...

*How many BR's and BA's do you need or want? Can we get that in our price point?

3. Where do you want to live?

As Realtors we are not able to "Steer" you to an area, you have to discover that on your own, but most already know where they want to be.

Now these are just some of the things that a good agent will ask you, I have a lot more, but blogs are meant to be short and sweet!

If you qualify yourself as a buyer then you can find that property you are looking for, or see the one you have your eye on. However, don't forget to be prepared to buy because it easy to want to buy, but harder if you are not prepared.

Follow this conversation all week at www.twitter.com/edinareatly .