What to Do If Your Listing Failed

If you tried to sell your home in the past but were unsuccessful—don’t give up. Most buyers tend to do one of four things in this situation, and I want to let you in on which option is best.

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If you’ve attempted to sell your home in the past but didn’t find success—what’s your next step?

In this situation, I typically see homeowners do one of four things. Today, I’d like to discuss each one of these routes and what they achieve.

1. Relist their home with the same agent. Every situation is unique. However, by looking at certain statistics and market averages to how a listing performed, you can generally discern how your listing differed from the norm. For example, the average amount of time a home spends on the market in Orange County is just over two months. If your agent was unable to sell your home with a four, five, or even six-month contract—this does not bode well for you. My team and I, for example, typically sell our homes in just under 28 days. If your agent wasn’t able to sell your home the first time, they aren’t likely to be able to do so on their next try.
2. List their home as For Sale By Owner. While although 2% of homes on the market do sell this way, the remaining 98% of homes are sold through a Realtor. Typically when a homeowner chooses to list this way, they do so because they believe it will save them money. However, listing your home without the assistance of an agent actually involves a lot of unexpected work and costs that people often forget to consider. For example, in order to bring buyers to your listing, you may have to pay a buyer’s agent to do so for you. Additionally, the average FSBO listing will sell for 11% to 17% less than if it was listed with an agent. Instead of focusing on what you are paying in the process, it is much more important to consider the money you will walk away with at the end of the transaction.
3. Give up. Life doesn’t always work out in the way we’d like it to. As difficult as it is, the key to getting back on your feet after a failed listing is by not letting your emotions drive your decisions. Instead, think back to why you were selling your home in the first place. No matter the reason, it likely still important to you even after your home failed to sell. Just because you were unsuccessful doesn’t mean your home is impossible to sell.
4. Interview different agents. In my opinion, this is the best option. Speaking to different agents about their strategies, networks, and pricing options can give you a better idea of what is possible for your home. Not all agents are created equal, and selling a home isn’t easy. Finding the agent who will be best-suited to take on your listing will make a massive difference in your success.

If you’d like to know what my team or I can do for you, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why Are You Waiting to Get Pre-Approved?

If you aren’t pre-approved yet, I’m curious as to why that is. There are many people out there, in fact, who are nervous about this process.

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Over the course of my career, I’ve met a lot of buyers who’ve wanted to wait before getting pre-approved.

Some people want to wait because they are afraid to commit to a Realtor or lender, while others hesitate because they’re nervous about having their credit pulled. There are also those who simply feel intimidated by the fact that a pre-approval makes the prospect of a transaction seem a little more “real.”

Having nerves before purchasing a home is common and absolutely normal. I, myself, have become desensitized to the process through years of experience. I’ve helped so many people buy homes that my perspective on the ordeal is a lot different from that of a buyer.

However, that’s exactly the benefit of working with a professional. Professional agents have the knowledge and experience to navigate a transaction based on what will get results. Getting pre-approved can give buyers a lot of peace of mind.

Knowing what loan you’ll be using, how much you can afford, and what your monthly payments will be like is all very valuable information—all of which you will learn through getting pre-approved.

So, why are you waiting? Knowing why you don’t feel ready to get pre-approved would help me to better understand and service buyers just like you. The market right now is very competitive. No seller is going to consider a buyer who lacks a pre-approval letter.

Most listing agents will also contact the lender even after receiving a pre-approval letter to confirm that they are qualified to purchase a home.

If you aren’t pre-approved yet and are nervous about the process, I want to hear from you.

So, if you aren’t pre-approved yet and are nervous about the process, I want to hear from you. I would love for you to contact me with your thoughts.

Also, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why the Market May Be Headed Toward a Shift

It is hard to say whether or not we are experiencing a shift in our market. However, I have noticed some changes that I’d like to share with you, today.

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As I’ve mentioned in the past, predicting what the market may do in the future is an extremely difficult thing to do. However, while it is hard to pinpoint where the market is exactly going, there are certain trends that I’ve noticed from my experience working with buyers and sellers.

Since the beginning of 2017, we’ve seen a very strong seller’s market. Homes have moved quickly, prices have been high, and competition among buyers is intense.

This has caused some homebuyers to take a step backward from the market because they think they can, and should, wait for a market shift—which they believe is coming soon.

The advice I like to give to my clients, however, pertains to what is happening right now, instead of what may happen in the future. Nevertheless, I have noticed small factors in the market that have started to change my perspective regarding where things are headed.

Recently, for example, my team and I sold three homes to three of our buyers for slightly below market value.

The reason this came as a slight surprise to me is that each of these homes were staged, marketed, and priced in such a way that they should have absolutely flown off the market. Instead, these homes were on the market for 27, 32, and 50 days.

Certain pockets of our market are indeed slowing down.

Right now, it’s hard to say whether or not we are experiencing a shift. What I can say is that certain pockets of our market are indeed slowing down.  

If you are a seller, now could be a good time to meet with a Realtor. My team and I would be happy to consult with you about our thoughts on your home and its value. If you wait too long to list, you may be leaving some money on the table.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

When Is the Best Time to Buy or Sell a Home?

Sellers want to sell at the top of the market and buyers want to buy at the bottom, but timing the market is more complicated than you think.

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How is the real estate market? When is the best time to buy or sell a home?  

I’ve read over 100 blogs, talked to a number of different economists, and looked into my crystal ball, and I know for a fact that the best time to buy or sell a house will be when the market shifts in June of 2018.

I’m just kidding.

If anyone tells you when the bottom of the market will be, they are lying to you. It’s all speculation. Nobody knows exactly when the bottom of the market will happen. All anyone really knows is what’s going on right now. There are so many variables that come with the real estate market that it’s hard to predict the future. You have to look at how much inventory is available, what the interest rates are, how the job market is doing, and more!

Right now, the market is going strong for sellers. Interest rates are still very low. Inventory is growing slightly and demand is still high. I want to challenge you to change your mindset a bit. I meet with buyers and sellers on a daily basis, and I find that a lot of people who approach me have more of an “investor mindset” than a “first-time buyer” or “quality-of-life mindset.”

Stop worrying about how the market is and start focusing on what a home is worth to you. A lot of people are moving for a specific reason: they have to relocate for work, want to be closer to their kids, need a bigger house, need to downsize, or want to upgrade from a condo to a single-family home. The point is, everyone is different and has different needs.

Recently, a client approached me and said, “I really want to buy a home but I feel like I’ll end up overpaying for a property in this market.”

The reality is that if you’re a buyer, you’re going to pay a premium for homes on the market right now. We are in a strong seller’s market. Still, the best time to buy a home is when you can afford it.

Becoming a homeowner is about more than making an investment. Yes, your home will go up in value and there are tax benefits each year, but those are the cherry on top. You should buy a home to maximize your quality of life.

Talk to your lender so that you understand what you can afford. Then, if your agent can find properties that you want at that price point, you should go ahead and buy. The longer you wait, the more risk there is. That’s the beauty of buying and owning a home. Your payment will be fixed for 30 years; the same cannot be said if you are renting.

Don’t hold off on your dreams and try to time the market.

I know that buyers want to buy at the bottom of the market and sellers want to sell at the top, but timing the market is difficult. Don’t hold off on your dreams because you think you might be able to get a house for $10,000 less than you can now. After all, it may not happen, and you could find yourself in a worse situation than you were when you first started thinking about buying.

If you have any questions about buying a home in our current market, give me a call or send me an email. I would be happy to help you!