For everyone who just bought a house or is buying a house

[C-Liz-Go]

Here's something (hopefully) useful to all of you. Impress your women with your wealth of knowledge about buying and selling a house



http://rismedia.com/2010-10-12/be-market-smart-dos-and-donts-for-home-sellers-and-buyers/#more-50199

Some of this stuff seems pretty obvious to me, but then again, it's what I live and breathe, much like you gearheads live and breathe exhaust and track days.

 

[whyask]

Thanks Liz ! Sent this link to the Wifey !

 

[Ken04]

helpful, except this part;

Don’t make a silly offer. There’s nothing wrong with making an offer below asking price—it’s no secret that today, many homes are selling for under the asking price. But going 40% below the asking price may anger the seller. Some sellers, especially more emotional ones, won’t even bother counter offering an outrageously low offer. Feel free to make a deal—just don’t make an offer so low that you’ll be kicked off the table.

there is no 'market price' on homes now. An offer is an offer, I would never worry about what some dumb ass seller thinks their house is worth. I would do my research and offer accordingly. If it gets kicked off the table so be it, the owner can sit on it for another year. Most houses for sale are foreclosures anyway, alot of the obama bail-out money the banks got was for help with foreclosures. If the banks don't start loosening up their purses and distributing some of that govt money soon America is going to hell in a handbasket.

We'll never have an economic rebound unless the average americans start buying homes again. Find a house, make an offer, move in and start America back on the path to health. If the seller ignores your low offer, find another house, there's 5 years worth of them for sale.

 

[C-Liz-Go]

helpful, except this part;

Don’t make a silly offer. There’s nothing wrong with making an offer below asking price—it’s no secret that today, many homes are selling for under the asking price. But going 40% below the asking price may anger the seller. Some sellers, especially more emotional ones, won’t even bother counter offering an outrageously low offer. Feel free to make a deal—just don’t make an offer so low that you’ll be kicked off the table.

there is no 'market price' on homes now. An offer is an offer, I would never worry about what some dumb ass seller thinks their house is worth. I would do my research and offer accordingly. If it gets kicked off the table so be it, the owner can sit on it for another year. Most houses for sale are foreclosures anyway, alot of the obama bail-out money the banks got was for help with foreclosures. If the banks don't start loosening up their purses and distributing some of that govt money soon America is going to hell in a handbasket.

We'll never have an economic rebound unless the average americans start buying homes again. Find a house, make an offer, move in and start America back on the path to health. If the seller ignores your low offer, find another house, there's 5 years worth of them for sale.

The part in bold is correct. And right now in Houston, homes are being sold for 95%-100% of list price. The final word lies with the appraiser, not the buyer or the seller.

And comps and data support this.

Example: Had a client two weeks ago make a cash offer on a very nice foreclosure listed for $169,900. Liz the Realtor advised him (as did his wife) to make an offer close to list if he was serious. He didn't, he offered $140k. Another buyer came in and offered $165,000. House was already priced $50k less than the nearest competition in the same neighborhood, had all new appliances/paint/carpet/pool servicing. Guess who didn't get the house. And guess who got reamed by the wife who was out of town when he made that ridiculous low-ball offer. I know, because she called me to let me know she'd told him to offer $160k. And he didn't listen to either one of us. Wife is pissed at him, not Liz.

Moral of the story - listen to the professionals. Read the hard data. Quit listening to the media hype about what they say is going on. Ask the folks who are IN the market, not just around it.

 

[alloy6ix]

The part in bold is correct. And right now in Houston, homes are being sold for 95%-100% of list price. The final word lies with the appraiser, not the buyer or the seller.

And comps and data support this.

Example: Had a client two weeks ago make a cash offer on a very nice foreclosure listed for $169,900. Liz the Realtor advised him (as did his wife) to make an offer close to list if he was serious. He didn't, he offered $140k. Another buyer came in and offered $165,000. House was already priced $50k less than the nearest competition in the same neighborhood, had all new appliances/paint/carpet/pool servicing. Guess who didn't get the house. And guess who got reamed by the wife who was out of town when he made that ridiculous low-ball offer. I know, because she called me to let me know she'd told him to offer $160k. And he didn't listen to either one of us. Wife is pissed at him, not Liz.

Moral of the story - listen to the professionals. Read the hard data. Quit listening to the media hype about what they say is going on. Ask the folks who are IN the market, not just around it.

That's true, it doesn't always happen where sellers are going to go too much lower than list and someone else can come in and take it from under you if you don't receive a locked in counter offer.

FWIW, I know it's all television, but I love watching house hunters and property virgins, even though Sandra Rinomato is always rude at the beginning by showing houses that are 100K-500K over their price range. lol.

 

[C-Liz-Go]

That's true, it doesn't always happen where sellers are going to go too much lower than list and someone else can come in and take it from under you if you don't receive a locked in counter offer.

FWIW, I know it's all television, but I love watching house hunters and property virgins, even though Sandra Rinomato is always rude at the beginning by showing houses that are 100K-500K over their price range. lol.

Haha, I used to love watching those shows too, they are actually quite educational. But now after being on the other side, it's like you guys watching Monday night football - I sit and yell at the TV and the Property Virgin contestants because it astounds me how many of them are totally uninformed about buying a house, yet here they are shopping and saying they're ready to spend a small (or large) fortune.

Guess that's no different than going to the track and being stuck behind some newbie who leaves his A/C on while sitting in the staging lanes.

 

[alloy6ix]

Haha, I used to love watching those shows too, they are actually quite educational. But now after being on the other side, it's like you guys watching Monday night football - I sit and yell at the TV and the Property Virgin contestants because it astounds me how many of them are totally uninformed about buying a house, yet here they are shopping and saying they're ready to spend a small (or large) fortune.

Guess that's no different than going to the track and being stuck behind some newbie who leaves his A/C on while sitting in the staging lanes.

Great analogy! I think they put the uneducated buyers, and high expectation buyers (the ones who are expecting a 3500 sq ft home in a nice historical neighborhood with a pool, 3 car garage, on a full acre, with no HOA fees, and are only looking to spend about 185K ) on the show to make for some entertainment. However, I've seen people looking for a home with over 700K to spend and but don't know what their money will get them and settle because they had no guidance or didn't hire someone with professional experience in real estate. Don't worry though, I yell at them too. lol.

 

[C-Liz-Go]

You'd love listening to some of the convos people engage Liz the Realtor in....your comment about the acre and no HOA and 3500 sq ft house for $185k isn't too far off from the truth.

 

[Ken04]

You'd love listening to some of the convos people engage Liz the Realtor in....your comment about the acre and no HOA and 3500 sq ft house for $185k isn't too far off from the truth.

depends on the area, and this is a national forum. Housing in this area sucks, 2400 sq feet on a 10,000 sq ft lot in a good neighborhood w/good schools; 2 houses across the street, identical to my $255,000 house. 1 sold for $120K, 1 for $145K. 1 on market for 14 months, the other for 8 months. Both listed at over $200K. Both foreclosures the owners walked away from. This aint Houston.

 

[Ken04]

not trying to crap on your thread Liz, I'm frustrated banks aren't loaning money, I'm frustrated people aren't buying houses. I think if people were a little more aggressive in getting out and looking and making offers it would stimulate the housing market a little. It would be good for everybody, realtors too.

I want EVERYBODY to buy a house. I wouldn't want anybody to not TRY to buy a house because they were afraid of making an offer. Offer on 100 houses until you get one !

 

[C-Liz-Go]

Just spent a few hours looking online at the Houston available home inventory just in the Spring/Tomball area, and there are LOADS of great houses under $150k, not foreclosures or HUD homes or short sales, but totally remodeled with new roofs/HVAC/paint/carpet, etc. and just not enough qualified buyers out there for all of them, which is a shame.

This price range is the biggest chunk of the local market now, dime a dozen. Maybe the results from today's election will start moving our economy in an upswing soon.

 

[alloy6ix]

Just spent a few hours looking online at the Houston available home inventory just in the Spring/Tomball area, and there are LOADS of great houses under $150k, not foreclosures or HUD homes or short sales, but totally remodeled with new roofs/HVAC/paint/carpet, etc. and just not enough qualified buyers out there for all of them, which is a shame.

This price range is the biggest chunk of the local market now, dime a dozen. Maybe the results from today's election will start moving our economy in an upswing soon.

Hells yeah!!

 

[C-Liz-Go]

Google is my friend......looky what else I found today on the Dummies.com (naturally). There are many many other articles about finance, home buying, appraisals, etc that should keep folks entertained (and educated) for hours.

I shoulda read these and skipped going thru real estate school.

http://www.dummies.com/how-to/content/working-with-a-real-estate-closing-team.html

 

[Ken04]

Just spent a few hours looking online at the Houston available home inventory just in the Spring/Tomball area, and there are LOADS of great houses under $150k, not foreclosures or HUD homes or short sales, but totally remodeled with new roofs/HVAC/paint/carpet, etc. and just not enough qualified buyers out there for all of them, which is a shame.

true, hopefully the elections will help change that too. Kick the banks with all the bail out money hard enough they'll have to start loaning out money for homes again instead of foreign investments and playing the stock market.

This price range is the biggest chunk of the local market now, dime a dozen. Maybe the results from today's election will start moving our economy in an upswing soon.

fingers crossed.

 

[C-Liz-Go]

Have 2 homes under contract right now, and just took a new construction listing. Business IS on the upswing.

 

[Ken04]

Have 2 homes under contract right now, and just took a new construction listing. Business IS on the upswing.

awesome, maybe my business will start to pick up too. Been in lumber 25 years, past 3 years have been a no show.