Why Are You Letting Your House Sit On The Market?

It seems, at least for now, that the days when you would slap a sign in your yard and sell your house in 24 hours are ending. Things have changed in the market in North Texas. People are tired of overspending on a home when there are others nearby that will work just as well. Sometimes, even new construction homes will sit on the market because people don’t want to spend that much.

The Number One Reason Your House Doesn’t Sell

I see it often. A perfectly good house in a great neighborhood and it’s been on the market for half a year or more. Unfortunately, sometimes seller’s are just not realistic about the pricing of their homes. Even if you have the best Realtor in North Texas, you still won’t sell the home if the price is not in line with what is going on in your area.

It doesn’t matter if you put in a $100,000 pool with lights and an outdoor kitchen. If no one else in your neighborhood has a pool like that or an outdoor kitchen, it’s likely you won’t get near what you put into that pool or kitchen. People just won’t pay for it.

A decent Realtor will tell you where the house should be priced. Still there are those who insist that their house is better than everyone else’s home in the area.

An Honest Question

Market Bikes

Would you honestly pay more for something when there are other choices that will do the same thing for you? If you don’t race bicycles, would you pay $8000 for a bike when a $200 bike will do what you want it to do? I could ask the same thing about so many items we use every day.

When my grandson was born, my daughter insisted on buying Tommy Hilfiger clothes for him. When I asked her why, she said it was because she never got nice clothes growing up and she was not going to have her child be embarrassed by the clothes he wore. Ouch! When I tried to explain that he would be in those clothes for two months and they would never get worn out, it fell on deaf ears. There was no convincing her about the practical aspects of buying clothes for babies.

What About A House?

Market Similarity

I recently had a conversation with another agent in my office. He had a house listed on the market. It had been going slow and he was considering having a conversation with the owner about possibly lowering the price.

Just when he was about to do that, another house in the same neighborhood came on the market with an inflated price. Before he knew it, he received multiple offers on his listed house. Why? Because the houses were almost the same. People could look at both of them and soon realized that the house he was promoting was just as good as the other house.

Why would you spend extra money on a house when there is another one down the street for less?

Unless there are specific features or needs that one house has over the other, it just doesn’t make a lot of sense.

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If you need help with the purchase or sale of a home, reach out to me for more information about how I can help you get where you want to be.

I’m never too busy for your referrals.

Patrick O’Connor – CHMS, GRI, Realtor®

Ebby Halliday, REALTORS®

Plano, TX

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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.