Anybody have a crystal ball? I expect not.
So let's listen to an expert housing industry analyst. In mid 2000, he accurately predicted the Oct 2009 housing market bottom. Almost to the day. Now he predicts we're back to 2006 levels, which will only improve over the next 5+ years.
What are some of the key indicators? Let's look at new homes under construction. A typical, healthy ratio of unsold new construction - finished but unoccupied - would be between 24-28%. The last time his analysis tracked that ratio was 2006.
In the subsequent 3 years, that ratio extended to over 60% unsold. The highest level was Oct 2009, and it has taken 5 years to recover from that recession. And guess what happened to builders and developers over those 8 years? They went out of business.
Now we are back to the healthy 2006 levels, where unsold newly constructed homes has dropped to below 28% this month - across all the counties and all price points in the Metro Nashville area. You've all heard that Nashville is expecting a growth boom over the next 10 years - so where will the homes come from? Fewer builders and developers mean less competition for existing homes! And new construction starts can require 2 or more years to approve...
That's good news for those of us who already own homes. It's also unfortunate that many builders and developers went under over the past 8 years, and are no longer around to build new homes to meet the demand. In fact, new construction starts are off by over half, while demand for housing is stronger than ever. That means demand for your home and mine is stronger now and will increase substantially over the next several years.
How can I help you take advantage of this excellent home ownership trend? First of all, if you've never owned a home, you shouldn't wait. Interest rates are still favorable, and I can help take the mystery out of buying a new home. And if you own a home and are looking to move into a more capable home, you should take this as a definite buy sign. You will get more home for your money now than if you wait.
You can ask those who know me well - I have a proven track record as an expert negotiator, because as Steven Covey first proposed, I "seek first to understand, then to be understood". I will listen, so we can together put your needs at the top of your list, where they belong.
Both Seller and Buyer need to Win in a successful negotiation. That means listening to, understanding and acting according to your needs. Since I will repeatedly earn your trust by doing the right thing always and in all ways, you will truly be proud of this real estate transaction - as well as every future real estate transaction we work on together.
Curious? Let's talk. Remember that "I" + "Realty" will help you reach your new "Real-I-ty".
Sunday, October 26, 2014
Wednesday, October 8, 2014
I have a "For Sale" sign in my front yard - Now what?
Q. Why does my agent keep telling me to drop my asking price?
Q. My agent tells me that Open Houses don't sell homes - Is that true?
Q. I seem to get a good number of showings, but why am I not getting offers?
If you've ever tried to sell your home before, you've probably tired of asking yourself these questions. I know as a home seller, I have. That's why I got into Real Estate in the first place. I expect my experience will help you address these risks b-e-f-o-r-e they become problems. Note that *none of them* are solved by how many signs you have in your yard or how many places on the internet show your home is for sale.
So let's address these questions one at a time. "Drop my price?" That's not the real question. Selling your home is a project, and you need a realistic strategy, a plan from Day One. That plan should be respectful of your goals and your timeframe. Next to your marriage and your family, your home is your largest investment. That means I will listen before I prescribe. Then I will help you arrive at a realistic listing price and home presentation strategy to achieve your objectives.
"Open Houses don't sell homes..." The truth? Despite all of the great research tools on the internet, you can count on the fact that nearly 100% of homes do not sell until a buyer walks through their front door! And more than 10% of homes sell directly as a result of an Open House. So let's talk about the other 90% - why would you want the inconvenience of having them view your home? Have you ever seen the shows (e.g. HGTV) where prospective buyers provide their candid comments during a walkthrough? Capturing those comments help us modify strategy and sell your home more quickly, and for a higher price.
"Why am I not getting offers?" Truth be told, each every showing is an invaluable piece of the home selling puzzle. Most people don't waste their time (especially with internet-based research tools), looking at more homes than they need to visit to reach a decision. Your best realtor will interview the buyer's realtor on the heels of each showing. All we need to discover is objections that we did not anticipate in our strategy. That's where I can provide you the most value - coming up with a solid strategy, and helping you mitigate the occasional objections neither of us could have foreseen.
I would be pleased to help you be a good steward of the home you have already been blessed with. Let me bring uncommon solutions to these all-too-common problems.
Q. My agent tells me that Open Houses don't sell homes - Is that true?
Q. I seem to get a good number of showings, but why am I not getting offers?
If you've ever tried to sell your home before, you've probably tired of asking yourself these questions. I know as a home seller, I have. That's why I got into Real Estate in the first place. I expect my experience will help you address these risks b-e-f-o-r-e they become problems. Note that *none of them* are solved by how many signs you have in your yard or how many places on the internet show your home is for sale.
So let's address these questions one at a time. "Drop my price?" That's not the real question. Selling your home is a project, and you need a realistic strategy, a plan from Day One. That plan should be respectful of your goals and your timeframe. Next to your marriage and your family, your home is your largest investment. That means I will listen before I prescribe. Then I will help you arrive at a realistic listing price and home presentation strategy to achieve your objectives.
"Open Houses don't sell homes..." The truth? Despite all of the great research tools on the internet, you can count on the fact that nearly 100% of homes do not sell until a buyer walks through their front door! And more than 10% of homes sell directly as a result of an Open House. So let's talk about the other 90% - why would you want the inconvenience of having them view your home? Have you ever seen the shows (e.g. HGTV) where prospective buyers provide their candid comments during a walkthrough? Capturing those comments help us modify strategy and sell your home more quickly, and for a higher price.
"Why am I not getting offers?" Truth be told, each every showing is an invaluable piece of the home selling puzzle. Most people don't waste their time (especially with internet-based research tools), looking at more homes than they need to visit to reach a decision. Your best realtor will interview the buyer's realtor on the heels of each showing. All we need to discover is objections that we did not anticipate in our strategy. That's where I can provide you the most value - coming up with a solid strategy, and helping you mitigate the occasional objections neither of us could have foreseen.
I would be pleased to help you be a good steward of the home you have already been blessed with. Let me bring uncommon solutions to these all-too-common problems.
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