Real Estate Podcast with Troy Davis

Here are a few different ways that you can stay competitive as a homebuyer in this fierce market: 1. Be prepared. If you’re purchasing with a loan, make sure you’ve met with a loan officer and provided them with your tax returns, bank statements, and pay stubs. The goal is to obtain a pre-approval letter that verifies your assets, income, and down payment. If you’re paying with cash, you’ll need a proof of funds letter from your bank. If you do use a bank statement to verify your funds, make sure you black out all your account numbers and personal information. 2. Be aggressive. You may have to make an offer over asking price. If you intend to live in this home and it’s the home of your dreams, offering above asking price might only mean a few extra dollars on your monthly payment. On a 30-year loan with a 4.5% interest rate, the monthly payment is around $1,031 for a $200,000 home. If the purchase price is bumped up to $210,000, the monthly payment just goes up to $1,064. That’s just a $33 difference to potentially own the home of your dreams. “You may have to make an offer over asking price.” 3. Be creative. Sometimes offering above asking price either isn’t an option or isn’t enough. To make your offer really stand out, consider structuring it with a short inspection period. Most sellers will appreciate you getting these done as quickly as possible so they can concentrate on closing and moving. Talk with your lender about shortening your appraisal and financing contingencies to get the extra edge. You could also pay for the seller’s closing fees or write a heartfelt letter to the sellers letting them know why you like the home and why you’d love to have it. If you’re a homebuyer and you want to get more expert advice or need our help making your next purchase or sale, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Buying or selling a home is a major undertaking, so having a professional to guide you can make an incredible difference in your success. On the other hand, working with the wrong agent can be a costly mistake. So how do you go about choosing an agent who’s a good fit for you? One of the best ways to find the right agent is by interviewing a number of candidates and asking each of them these three questions: 1. How many homes have you sold in the last 12 months? Many real estate agents will tell you how many years they’ve been in the business, but recent activity can be more relevant than their time spent in the business. Knowing their recent track record of success can show you how well they understand the current market. While you’re discussing the recent transactions they’ve worked on, also make sure to ask whether they work more frequently with buyers or with sellers. “The right agent will be experienced, diligent, and have a concrete plan for meeting your specific goals.” 2. Can I contact your past clients for references? Anyone can boast about their own expertise, but speaking directly with their past clients can give you a more accurate gauge of whether or not their claims are true.  3. What is your strategy for my specific needs? If you’re a buyer, you’ll want to know how the agent plans to find properties for you. And if you’re a seller, you’ll want to determine how the seller will advertise your home.  As an agent answers each of these questions, you should get the sense that they are someone you can trust. The right agent will be experienced, diligent, and have a concrete plan for meeting your specific goals. If you have any other questions, would like more information, or would like to see whether my team and I could be helpful in meeting your real estate needs, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Sellers often ask me how they can generate multiple offers on their home sale. Here are a few ways of doing that: 1. Preparation. Homes with a fresh, inviting feel will attract more attention. A few ways to provide that feeling are by decluttering or adding fresh paint or carpet. Buyers are looking for a turnkey home. Consider sprucing up the yard by doing some landscaping and powerwashing the driveway. 2. Pricing. Position your home for maximum value against the competition. What are the prices of the homes you are competing against? You want your home to be the best looking and the best priced of the bunch. “Take the time to study trends, pricing, and interest rates in your market.” 3. Consider an offer deadline. If possible, you want your home to have at least five days of marketing and one full weekend of exposure. Let buyers know they can submit their offers, but you won’t respond to them until the deadline date. 4. Understand your market. Know the inventory in the different price ranges in your market. Take time to study the trends in home pricing, interest rates, and seasonality. Implementing these strategies and understanding the market will help you generate multiple offers on your home. If you have any questions in the meantime or would like to learn more about the market, don’t hesitate to give me a call or send me an email. I would love to help.

People have a lot of questions about Zillow’s Zestimate tool. They want to know what it is, how it works, and whether it’s accurate. First, what is a Zestimate? A Zestimate is an estimated home value provided by Zillow. It is not an appraisal, nor is it an accurate home evaluation. Zillow determines values using a computer algorithm. Data such as location, lot size, square footage, and more are taken into account, but Zestimates ignore a number of other factors. “A Zestimate is not an appraisal, nor is it an accurate home evaluation.” Zestimates often give a home value that is either too high or too low. Let’s look at the example of a home I helped sell last year. The Zestimate was $188,000, but the home actually sold for $209,000. Even Zillow recommends doing additional research beyond using their Zestimate tool to determine your property’s true value. If you’re a seller, it’s important to be proactive in preparing your home for the market. If you want to determine your home’s true value, you’ll need to get in contact with your local real estate expert. 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.