How’s The Real Estate Market?

The First Question

The Real Estate Market Key

“How’s the real estate market?” is one of the most common first questions people ask a Realtor®. There are generally two ways to answer that question.

The first way is to say that the market is AMAZING! It’s a truthful statement from the Realtor’s perspective. Honestly, it doesn’t matter if the market is going up, or down, or is stable. The market is right for someone, no matter which market we are in.

The second way to answer that question is to say “It depends.” The reason why this answer is great is because in any given market, the conditions affect different people in varying ways. For example, currently we are still in a seller’s market. So, depending on whether you are a buyer or a seller will matter how the question is answered. This answer might be better than the first because it opens up a conversation with the other person. Stating that the market is amazing gives an answer but doesn’t necessarily encourage the other person to think about it and ask additional questions. By saying that “it depends,” the other person has to take a moment and think about it. They might then come back and ask additional questions to get clarification.

If you ask me how the market is, I will more than likely tell you that it depends. This also gives me a chance to have a deeper conversation and help educate the person about the specific things going on in the market – today!

The Heart Of A Teacher

The Real Estate Market Kitchen

At my core, I am a teacher. As an employee of a Fortune 500 company, I spent years teaching new skills to other employees so they could be successful in their careers. As an instructor at a Junior College, I spent three years teaching new skills to people. These skills helped them find employment once they had completed their degree programs. As a Realtor®, I help educate people on the market for real estate but also focus a lot of effort teaching them about the process of buying or selling a home.

Why? Well, it’s because people don’t buy or sell a home every week. The average person lives in their home for seven years before considering selling that home and purchasing a new home. There is little chance that these people are keeping up with all the latest legal issues with buying or selling a home.

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I am able to help educate them in the process, help them identify the things they are looking for and offer opinions and options for them to consider.

As a teacher, my primary role with students was to teach the fundamentals of the tools they needed to perform tasks and then allow them to experiment to come up with a solution that worked for them.

In a similar way, my role as a Realtor® is to offer the tools needed for my clients to make the best decision for themselves. My opinion might matter or it may not. Making sure my clients are educated ensures that they are able to perform the due diligence necessary to make the best decision for themselves about purchasing or selling a property.

It’s important that the teacher knows more than the student but they don’t have to know everything. If you don’t know an answer, tell them that and get back to them after researching.

The same thing applies to Realtor’s. An advantage that teachers and Realtors have is they are surrounded by resources to help them find the most relevant information for the students and clients. As a Realtor, I have a whole team of mentors, lenders, managers, a legal team, title companies, inspectors, plumbers, electricians, and others available to get information and share with others.

Summary

The Real Estate Market House

The market condition depends on the individual. Just because it is a seller’s market doesn’t mean that someone buying cannot get a good deal. Ultimately, a house will only sell for what someone is willing to pay for it. The good news is that historically, for any given twenty year period, real estate values tend to go up. The downturn in 2008 had many factors involved that made the market dangerous. Now, not even a decade later, the market has recovered and is growing again.

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Realtors have a huge team of resources at their disposal to help find answers to any question you might have. They also have the knowledge to help you set the correct price for your property to sell or find the property that meets your needs.

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Honoring Our Military

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Thank You

Thank you for your service to our country.

Thank you to your family who has sacrificed their lives as well as you served.

Thank you for those who gave the ultimate sacrifice for people they don’t even know.

Thank you for putting yourself in harm’s way for us.

Thank you for moving every few years, up-ending your family to get to a new duty station either in the United States or anywhere else around the world where you are needed.

Thank you for taking those temporary duty stations without your family because the area was too dangerous to have them near.

Thank you for the deployments you went on where you were gone from your family for anywhere from three months to a year.

Thank you for the thankless efforts you provide for some who don’t respect any of that but you do it anyway.

Thank you.

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Let Us Honor You

As a Realtor® with Ebby Halliday, REALTORS® there is an opportunity to offer a thank you to you for your service through a program called “Military on the Move.”

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This program offers rebates to those who have served our country, when they purchase a home in Texas. For information on the extent of those rebates, email me and I can send you a brochure about the program and the range of rebates available.

My partners at Texas Premiere Title have also generously offered to waive their title fees for active duty military and veterans. That’s a considerable savings when purchasing a home.

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There’s More

I have a standard giving offer from every transaction I am involved with regarding the sale or purchase of a property, that I will give $200 to Agape Resource & Assistance Center, Inc. Agape is an organization that offers housing for women and their children who are escaping domestic violence situations and find themselves homeless. There holistic approach allows these women and their children to rebuild their lives.

Let’s make a deal today!

New Construction: Where to Look

The Pros of New Construction

Let’s face it – new homes are nice. No one has lived in them before you. If you are involved in the actual construction process, you get to make it like you want it. Even if you aren’t there are many upgrades a builder will place in a spec home that are really nice.

Here are a few things that are nice about a new construction:

  • The latest gadgets are installed
  • Insulation is the best to date
  • They are wired for the latest technology
  • Light fixtures are modern
  • Some are even built in master plan communities

The Cons of New Construction

New construction homes are really nice but there are some things to consider

  • It may take years to finish out the neighborhood. That means constant construction.
  • The first years on the home may be met with unexpected repairs
    • Sometimes construction items are not done correctly. I had a situation where the main water line at the meter was not properly glued and had separated causing a big water leak.
  • Home values can change dramatically. The market is always moving and in particular, the Dallas area seems like it will continue to go up for a while.
  • Taxes go up. Typically, when you purchase a new construction home, the property is taxed for the land value the first year. The second year, there is a huge increase in taxes. It’s the same for the third year and then market value drives the taxes. This can increase your mortgage payment by hundreds of dollars.
  • Trying to sell can be limiting. Who’s going to pay more for your house than the next new house being built in the neighborhood? If you have a new construction home build in 2011 and the neighborhood does not get finished until 2015, the newest house may have more modern conveniences built-in which can make them more attractive.

It’s Your Choice

What is the most important thing to you?

Only you can decide based on the knowledge you gain in the process. The more knowledge you can acquire, the better the decision you can make.

If you want to search for a new construction home, check the link below for a site that will help you locate new builds in your area. Then reach out to me and let’s make a deal.

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Renting When You Want To Buy?

Problem!

Rental House

You Don’t Have the Down Payment?

So you want to buy a home?

You’re spending as much on rent as you would be by owning your own home. Maybe you only need a few months and you’ll have enough for a down payment through FHA.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

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Problem!

Credit problems?

Home Partners of America can work with you if your credit score is above about 550. Even if you have had issues in the past, Home Partners of America may be able to work through those issues and get you approved anyway. It’s not a guaranty but may be worth a shot to find out.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

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Problem!

I just went through a divorce and need to sell my existing home

Divorce can be tough. No one really wins. It’s hard enough getting a divorce but then having to sell the home you lived in adds even more stress.

Home Partners can work with couples who are in this situation. Get with me to find out how we can sell your existing home and get one or both of you into your own house. Selling your existing home requires both parties in most cases but not the buying part. Home Partners of America will work with you while you are selling the existing home so you aren’t worried about where you are going to live.

Solution!

Home Partners of America

Work with me and my partner agency, Home Partners of America and we may be able to get you into the home of your dreams while you work on that down payment. Here’s the three-step process:

  1. Get pre-approved. Email me for the specifics of what it takes.
  2. Work with me to find your ideal property that is on the market for sale. Home Partners of America will purchase the home and rent it back to you.
  3. Save up your money for a down payment while you rent that home and purchase it from Home Partners of America when you are ready. No need to worry about breaking a lease. They will waive that if you buy the house.
  4. Decide you don’t want the house after all? No problem. You can finish your one year lease and leave. No problems. No hassles.

Next Step

Patrick O'Connor

Email me to receive a brochure about the program. Then call me to set an appointment, go over the whole thing, get you pre-approved, and start looking for your ideal home.

Keep In Mind

You only get one shot at this program. Once you get into a home, if you decide to leave after the lease period, you won’t be able to use the program again on another home. Therefore, it’s really important to take the time to look for the home you want in the process. The beauty of it is that if you decide it really isn’t the home for you, you can get out of it.

One final thing

If the market tanks like it did in 2008 and the house is now worthless, simply finish your year lease and move on to another property. Hopefully, we won’t have to worry about issues like that.

Frustrations When Selling Your Home – Part 3

Who’s ready for more?

Don’t start reading here. If you missed the previous posts, they are titled Frustrations When Selling Your Home – Part 1 and Frustrations When Selling Your Home – Part 2. Read them and then come back for even more frustration.

But I like it!

When I was living in my first house, I was raising kids and wanted them to “own” their rooms. One of my daughters decided she wanted to paint her room “Tiggeriffic Orange.” It has got to be the brightest orange available. When the light was on in her room at night, from the outside, it looked like the room was engulfed in flames. Other kids’ rooms in the house were painted with blue. However, they also wanted feathered paint of a different color throughout. Finally, the playroom had murals that covered the entire room complete with flowers, clouds on the ceiling and a bright yellow sun in one of the corners.

Home Paint Colors

It would take someone really special to buy the house that way. Before selling it, I painted the whole house in earthy, soothing tones. It’s what most people expect. Besides, it gives the house a neutral look so that people coming in can start to envision their idea of what the house would look like with their added touches.

Why does my REALTOR® want me to change the price?

It’s really frustrating when you have an idea of what your house is worth and someone else comes along and tells you the price is not realistic if you want to sell your house. REALTORS® have experience figuring out the best price for your property so that it doesn’t sit on the market for months and months. Sites like Trulia and Zillow don’t help a whole lot because their pricing can be radically different than what the market says it is worth.

Home Paint Colors

There are a lot of factors that go into the price of your home and one of the biggest one’s is what other houses, comparable to yours, have sold for in the last three months.

Sure, you can find a REALTOR® who might promise that they can sell your house for more than someone else. I would challenge you to look at other houses they have sold and see how long they were on the market. Also ask them about the houses that didn’t sell and why.

Some final thoughts

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Sometimes, there are things associated with your home that you cannot do anything about. This can be really frustrating like when they installed high power lines right behind your house two years after you bought it. Maybe it is because that empty field behind your house is suddenly a shopping mall or a natural gas fracking system. Although there is nothing you can do about that, if you take some steps to make reasonable upgrades and show the house in its best light, the right buyer will come.

Conclusion

Thanks for joining me on this frustrating journey. In my opinion, if you stick with these ideas and the time your house is on the market could be shortened. If you have any questions, contact me or visit my business page.

Frustrations When Selling Your Home – Part 2

This post is part two in a three-part series.

In Why Won’t They Buy Your House? Part 1, we began a discussion about the ways you can sabotage the sale of your home.

There are a lot of reasons for it and knowing how to address some of them can help sell your house quicker than you think.

I’ll get to it one of these days

I know I am guilty of this myself. Those little things that could easily be fixed, yet they sit there broken for months or even years. The cracked outlet cover; The light switch that doesn’t work all the time; The window that fogs over with condensation; The gutter downspout that has separated from the side of the house; The chipped paint on the corners of the hallway.

 

Home Issues
Minor repairs that are delayed can affect the sale of your home

 

So many repairs that need to be done.

Who would you rather make those repairs?

These kinds of repairs are pretty easy to accomplish. The problem is that if you don’t do these repairs before you accept an offer on your house, you could end up spending a whole lot more to get them fixed. Why? Because after a contract is accepted, you will need to hire a licensed professional to do the work. That’s right, once a contract is in effect, any repairs must be hired out. Anyone care to guess what the hourly rate for an electrician is? How about painters or someone to work on gutters?

There are probably better ways to spend your money than to have to hire professionals to do this type of work.

Are you stopping people from seeing your home?

People need to look at your house if they are going to buy it. That requires that you have the house ready for people to come through and take a look.

A REALTOR® will make sure that people find out your house is for sale. There’s really no hard, fast rule to this but if it’s advertised and the price is set right, people will come. Don’t forget to clear out the clutter, mow the grass, and make those small repairs so your house shines.

The problem comes when the homeowner doesn’t want to vacate the property so the house can be shown. I know – sounds crazy right? Why wouldn’t someone leave their house so it can be shown?

Actually, there are a lot of reasons for this to happen. Maybe you have a three-month-old and it’s nap time. As exhausted as new parents are, the last thing they want to do is prevent their new baby from getting a nap. Maybe 30 minutes notice just isn’t enough time to get ready to get out of there. Maybe you’re in the shower and can’t respond to the request.

The point is that there are times when you can’t but if you plan things out the best you can, at least you can be ready to move quickly. Not in every case but maybe in most cases. After all, the primary objective is to sell the house. Don’t prevent people from seeing it and forcing your house to be on the market longer than it should be.

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But there’s more…

What Do You Do When Your REALTOR® Tells You That You Did Too Much?

You put a lot of time and money into making some improvements to your home. The kitchen is ultra-modern with the best appliances, the best cabinets, the backsplash is really expensive and the flooring is to die for. You have a custom bathroom too with marble. Your REALTOR® then has the nerve to tell you that you’ll only get about 50 cents on the dollar for all those upgrades.

Why?!?

There’s this thing called over-improvement. Houses sell for their market value. This means that the price is based on what all the other houses in the area are selling for. If no one else in the area put high-end appliances and such in their kitchen, meaning that maybe they upgraded but installed “middle of the road” equipment, then why would someone pay extra because you went all out? What if the house down the road with the same floor plan and regular upgrades was selling for $20,000 less than yours? If someone can get the same house for a lot less, why wouldn’t they buy that one instead? Unless of course, they HAD to have the upgrades you put in. In that case, the right person needs to come along. The other side of that is that a lot of people won’t pay extra.

Selling a home can be frustrating. If you have any questions, contact me or visit my business page.

Stay with me while we are talking about the frustrating aspects of selling your home. There is one more post on this topic coming up and I don’t want you to miss it. Then we can talk about other stuff. See you in the next post.

Frustrations When Selling Your Home – Part 1

Selling your home introduces you to a new level of stress to anyone’s life. In this three-part series, I will be talking about some of the more frustrating aspects. These frustrations can be managed by embracing some simple ideas. Part 2 and Part 3 will be posted soon and links will be made available.

How Aggravating! It’s a Seller’s Market!

It can be pretty frustrating trying to sell your house and no one seems to want to make an offer. This can be especially troubling when it is a seller’s market like it is right now. Wouldn’t it be nice to know some of those reasons so that you can address them before ever putting your house on the market? Even if you already have your house on the market, you can take certain steps to fix some things so that there will be minimal delays.

There are several reasons why houses don’t sell quickly. Although this list is not complete by any means, it covers some areas where you can increase the likelihood that someone will come with a reasonable offer for your home.

How can you use your cell phone to help sell your house?

Home Cell Phone

There’s an old photographer’s trick. Well, really – it can’t be that old since cell phones haven’t been around that long but go with it for a minute. A cell phone has limited viewing.

As an example, if you were to take a photograph of your kitchen using your cell phone, what would you notice in the picture? Maybe you would see all those items on your counter that you see all the time and look past. Do you notice the features of the cabinetry, appliances, and space or do you see all the ornaments you have placed around? No one buying your home cares about your canisters, the magnets and pictures on the refrigerator, or your dinner from last night in the sink.

Using your cell phone doesn’t replace having someone come out and take professional photography but can give you an idea of what others will see when looking at the photos online.

That brings me to the next item on the list.

Who’s making sure all the information about your house is being broadcast to as many people as possible?

Home Marketing

How many people think that the REALTOR® is ultimately responsible for making sure as many people as possible know about the sale of your home? Would it surprise you if I told you that you were wrong?

After all, who wants to sell your home? You do of course.

However, there’s a lot that goes into selling a house and many times you need a REALTOR® to help make that happen.

But why do I say it’s the homeowner’s responsibility? They are hiring a REALTOR® to sell their home!

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All of that is true. However, the homeowner is responsible for making sure they hire the correct REALTOR® to do the job.

Before I was a REALTOR®, I had bought and sold a couple of houses. I hired a REALTOR® who showed houses to me and I selected one to purchase. I lived in that house about 20 years before selling it again. It was a strange time to be selling a house. The market had crashed terribly and my wife and I had already relocated. We were relying heavily on our REALTOR® to get our house sold. Looking back at it, I’m not sure he ever advertised the house for sale. It took forever to sell that house. When I became a REALTOR®, I promised myself that I would make sure that I did everything I could to help my clients.

It’s up to the homeowner to make sure that their REALTOR® is doing the best job they can for the owner. If you figure out they are not doing what they can, you can fire them. A REALTOR® has an obligation to spread the word about your home to as many people as possible so that you can sell it for a fair price. If no one sees the house, how is it going to get sold? It means that there needs to be some good marketing, open houses, and online distribution of the information about the house. Great photography needs to happen. Staging needs to happen. Repairs and negotiation need to happen.

The next question is how do you find a REALTOR® that will do that for you? I’m right here!

In the next post, find out other ways you may be sabotaging the sale of your home.

If you have any questions about the current real estate market in the DFW area, contact me or visit my business page.