In The News: Listing And Selling Your Home
The Savvy Synopsis
We’ll talk about three different headlines and how they relate to buying or selling a home in the Triangle. Should you sell early in the year? When’s a good time to change the listing price? Plus, what to consider when building a home.
In The News
- 00:51 - Headline: 5 reasons it will pay to sell your home early
- An article lists these five reasons to sell: rates are historically low, inventory remains tight and demand is high, prices are still going up, people have more money in their pocket, and millennials are finally ready to make the commitment. I agree with all of these reasons. Especially in the Triangle, we are in a strong market.
- 5:29 - Headline: When it’s time to raise your listing price
- The theory is when your home isn’t selling you should lower the price, but this article claims it might be time to raise it. Possible reasons to raise the price are if market conditions have changed, the home is better than the competition, and finally if you want to generate more interest. Normally, I’m not interested in doing that. However, whether it’s a price increase or decrease, it will pop it back up on the list of options for it. Even if we increase the price, having it on the market longer might suggest the seller will be willing to negotiate. With a new home neighborhood, a price correction can help increase the prices overall. These would only be small increases though when making an adjustment on the listing price.
- 11:26 - Headline: Most popular names to buy a home
- This article outlined a few popular names among millennial homebuyers this year: Dylan, Chelsea, Austin, Alexandria, and Taylor. In our market in the Triangle, a common name is David. Last year we even had two people with the exact same name. According to the article, the most popular name in North Carolina among homebuyers was Roy.
- 16:15 - Jackie in Cary says she’s thinking building instead of buying. What should she know ahead of time?
- This can be tough with the limited amount of land available, especially in Cary. Depending on the budget you have, this could be difficult. Of course, when you contract on your own expenses will be less. A lot of times people will end up going with a builder who already has the land and perhaps allows you to have a choice between custom or semi-custom options.
Get In Touch:
Angie Cole - Contact - Call: 919-538-6477
It's time for The Savvy Realtor Podcast. I'm Walter Storholt alongside Angie Cole the owner and broker in charge of A Cole Realty serving you throughout the Triangle teaching you about the ins and outs when it comes to buying or selling a home. You can find the team online by going to A Cole Realty dot com that's A C-O-L-E Realty dot com or by calling 9 1 9 5 7 8 3 1 2 8. That's 9 1 9 5 7 8 3 1 2 8. And now it's time for one of the top Realtors in the Triangle. Angie Cole and The Savvy Realtor Podcast. All right it's time to do one of the segments that we'd like to call in the news where we take a look at some of the recent headlines and get Angie's reaction to these headlines and discuss how it might impact you as a buyer or seller. So
Andrew there was one article I saw is really more of a blog post from a San Diego real tour. Five reasons. She says it'll pay to sell your home early. And so some of the reasons rates are historically low drawing buyers into the market. Inventory remains tight and demand high prices are still going up. People have more money in their pocket. She's basing that on numbers like incomes are increasing and expected to go up and that millennials are finally ready to make commitments and move and make the jump from renting to buying your reactions on those five reasons doesn't make sense for why an early timeframe might be a good time to sell a home.
So I agree with all five reasons. Starting off with rates are historically low draw more buyers into the market you know of course the lower the mortgage payment that's you know a wonderful place to be and so it's kind of a win win for a seller because you get to sell your home at the top of the market but also take advantage of the lower interest rates. Ryan I know we mentioned this I believe in our last show but just a difference in a point of an interest rate for example on a two hundred thousand dollar home. If the interest rate increases by one point you then will only be able to afford a one hundred and eighty thousand dollar home. So it's a difference in twenty thousand dollars so that's a big big job. So taking advantage of the low interest rates I mean is huge and that is I feel like driving more buyers into our market in inventory remains tight and high demand. So you know it's all about supply and demand. So we have less homes on the market you know and we have a higher demand of buyers that will drive our prices up.
So we are still seeing that the triangle market is appreciating you know numbers are still on the rise so it's a great time to sell a home also though on the flip side then you go to buy a home. You're not at the very top yet. I really do not feel that I feel that and just from you know watching the market that numbers are still increasing the values. So yes a win win again you get to take advantage of the strong sellers market but you're also not buying at the very top of the buyer's market and that's something people are afraid of right.
Yes that's what happened in 2008 we had so many people bought at the very top.
Exactly and then the market crash and you know of course you know put a lot of people in a financial you know a struggle.
Yeah. Difficult time in their lives. You mentioned the prices are still going up. I just kind of you know mentioned that they are that we're not at the top yet which is great. People have more money in their pocket. You know we here in the Triangle we are in a strong strong market. As far as employment goes. So when you have that employment rate that is decreasing because of the deal ability of jobs and careers you know openings here in our area typically those people of course that have money they have money to invest into the market and to buy a home. And then millennials are ready to commit. I would definitely say that's a very strong point for our area. We are.
I just feel like just flooded with millennials here in a market especially just because of all of the different you know employment opportunities and we always will get rid of us. Yeah yeah we always win like the best place to live the best place to date the best place for this and that safest place you know. And so we have a lot of millennials in our market.
And you know that's a big step in a lot of millennials lives are less you know take the jump from renting an now go and purchase a home. So you know the more just people in the market the stronger the market will be for sellers and so that makes it a great time to sell your home in early 2018.
Yeah that's. It was a good post a good blog post from that real tour and even though she's in San Diego I think a lot of the things that she's sitting on seemed to touch the same nerve here in the Triangle. I 100 percent get good takeaway there. And if you are thinking about selling your home here it is a good idea to let your first step be finding out an initial evaluation of maybe your home's worth. And you can get that from Angie and her team. Angie told you a little bit earlier about the tool that she and her team have put together for you. It allows you to find out the value of your home. An initial estimate right from your smartphone. So all you have to do to find out the value of your home is text the word listing and s TNG text the word and listing to 5 5 5 8 8 8 again just text the word listing to 5 5 5 8 8 8. What will happen is you'll get a text back from us and you just click on it and put in your home's information and you'll be able to find out the value of your home great first step to take to see maybe where you stand if you're thinking about selling here. Another article that I saw recently Angie was from real toward dot com and I thought it was interesting it really caught my eye because it seemed very counterintuitive and then as I read it it seemed still counterintuitive.
So I managed to to get your take on this one. The title of it was something like when it's time to raise your listing price not lower when it's time to raise your listing price. So it presents the theory that if your home isn't selling well instead of doing the conventional wisdom of OK we need to lower the price so that it will finally sell that you should actually raise it. In many cases the reasons that the article gave was that if market conditions have changed and pretty broad you know delivery or definition there too if you realize the home is actually better than the competition and 3 you want to generate more interest by read listening and I know you've touched on number three before and that one's a logical thing to make sense that would be more like pulling it off the market than re listing it at a different price. They were theorizing that even you know taking you're not even taking the home off the market so much as changing the price and increasing it even by a dollar. People who have searchers set up in different fields will see it as like a you know this home has changed and create new buzz and new interest in some of those things so. But what you know about this general concept of the homes not selling let's raise the price.
Yeah. I'm not normally I guess fond of doing that but we actually we just did that in one of our new home neighborhoods where we raise a price just a teeny bit. But you know with doing so there are the reason why. First of all we have now entered into a new year. We typically find that more buyers have entered the market you know traffic has picked back up and we have 100 percent seen that we get a half ago or actually I guess now two weeks ago we host an open house at this neighborhood there was 25 walk ins that came through. Wow. Well we did open house that's a lot. What we typically would see for example you know end of the year you know maybe three to five you know potential buyers would walk through the door but 25 people walk through the door. Wow. So that goes to show you that buyers are out in the market. And so we know when it comes to the home the longer sit on the market it will become stale. So we need to make a change. What can we do to the home to make it pop back up in searches for potential buyers. Of course the number one thing you always think of is let me do a price reduction which typically that is the route we need to take.
But because you're buyers at the market right I mean your house is worth what someone's willing to pay for it is the old adage and so I am willing to pay for two or three thousand. What's gonna make them willing to pay for it 305.
Exactly. You know so typically yes we need to kind of you know we need to do a price reduction because there's a reason why the homes not selling and no matter how the home looks the condition its price is always going to drive you know that home to get it sold. So but you know with this new home neighborhood we did increase the price maybe about fifteen hundred on each of our listings. But what that will do is whether it's a price reduction or price increase. It will pop back up in the automated searches for buyers and you know maybe it was home that a buyer quickly zipped through and said I'm not in love with it at the moment. But then once it pops back up again and their automated search they might give it a better look and then move forward and remember you know most of time in the home's been on the market for a little while the seller will be negotiable. So even if we increase the price by 15 hundred dollars you know more than likely that seller will be negotiable and you'll get the price back down. But it is the point that we were able to touch those potential buyers so you know it is not normally the route that I like to take but I have seen it happen and I've seen it work.
So interesting Yeah I thought you would kind of rip that thing apart but this is while you're the expert and kind of you know detail these things for us yeah it does make sense I can see some of the logic behind doing some of that.
So right and I once again I think it more depends on the home the location like I mentioned this is a new home neighborhood and typically a new city sits in the front page of your play by play you know best best practice is a couple pages later for you know strategy. Normally I will come to you and ask for a price adjustment a price reduction but yeah with a new home neighborhood you know as even if the homes are not selling as quick as what we were like do in some type of price correction whether it's increase or decrease get the homes selling again. And then from there as homes sell you actually increase the prices you know the base price the price of a lot you want to increase the prices because that shows that it was a great time to buy in the very beginning and it was an investment for the first buyer. So for new home neighborhood the prices should continue to increase.
You know as we sell you're also talking about small adjustments N Yeah not like small you know small large jumps in like let's just get into a whole nother price range right.
You're talking about little strategy adjust because it just makes it pop up as you know. Oh there's been a change in our MLS database and it will touch you know buyers that are set up on the automated searches. Gotcha.
That makes sense. Very cool. Well if you are looking to buy a home here in the triangle you can get Angie Cole's home buying guide right on your smartphone. Great tool or resource to have if you're thinking about buying in the area again what you need to do is just text the word contract to the number 555 8 8 8. Again text contract 2 5 5 5 8 8 8. Click on the link that will text right back to you and you can download that guide right to your smartphone or view it at that link that we provide kind of walks you through the steps of the home buying process. It's good if you're both thinking about buying a home or selling a home because it's just a good refresher of you know what the steps are going to be. It's valuable from a seller standpoint as you kind of know what the buyers are about to go through and you're involved of course in many of those steps. Again just text the word contract to the number 5 5 5 8 8 8 to access that home buying guide. All right one more article that I saw in the news recently Angie and I just thought it was fun. I don't know if there's a whole lot we can actually learn from this other than if you meet someone named Dillon they might buy your home. You know this was from the home by your name guide which is something they publish every year apparently the most popular names of home buyers although this energy aggregate orders data across the country what names were most popular purchasers. The article only detailed millennials in terms of most buyers so the names were Dillon Chelsea Austin Alexandria and Taylor. Interesting they were the most popular.
Yeah. And you know I feel like in our market a name that's very common is David. David. OK. You know maybe it's just it's common because you know David has been a very common name for a very long time and people are still naming their kids. David John Mark the biblical names are always gonna be around. Right. And you know even on our team there there's four husbands named David. All of our agents there's four Davids on a team. So it can be very confusing are the husbands or you know names are David's but. Yeah. So I I've come across David many many times. I've also come across where Mark's Mark's.
We have multiple employees named Mark. And then we have multiple clients named Mark. I mean there's Mark's everywhere.
Yeah. All over the place. I have this past year we sold homes to clients with the exact same name and it wasn't a common name. They won't mention their names. Chris Rapley. And that's one name Chris. Oh and then last name Rapley interest just kind of. But two people named. Yeah. We two of our clients this past year they spelled their last name differently but it was still pronounce the exact same. But how. I mean kind of uncommon. You know Chris of course is a common name but the same last name. And we you know help to people the exact same name. And so that was me. How about that. Yeah it's pretty cool.
All right. Well can you guess what North Carolina's most popular name was so they they listed a guy or girl.
It's a guy right the guy name I would say Matt or Matthew.
No I think it'll surprise you but then you'll get it but then it'll make sense.
Roy Roy Roy was the most kind of a country name. We'll think about North Carolina. Yeah. Do you have a lot of you know more rural areas. There are always a lot of Roy's out there. I and I know some Roy so that makes that makes sense. That one was surprising. Yeah.
That's not what I would have thought. And I kind of think I know. Course we worked with a Roy before but definitely not a common name that we've worked with. Yeah. But that makes perfect sense.
There's a lot of Roy's out there apparently biomes at least they were in 2017. Donna right. All the boys have bought homes now. So there you know 2018 or probably a what's now. Exactly. Well anyway that was kind of fun. So there you go if your name is Dylan. Dylan was like the top in several states. That's interesting. Really. Yeah. The other thing was it was spread out so it wasn't like a bunch of Southern states or like there was a Southern state a northern state a Pacific Northwest state Texas and then another one Dylan was by far the most popular name.
And you know you mentioned Alexandria. To me that's not a super common name right. I wouldn't think I've heard the name Taylor because I've I feel like the names like Austin and Taylor can go either way boy or girl sure you that would be more kind of Dylan too right. I've I've met a writer has been yeah there are some years right. That's it. Chelsea I think most ladies are Chelsea the same thing with Alexandria. I wouldn't know that Alexandria would be a common one.
But you're right. In three of those five names would be out by the way both ways so that makes sense.
Yeah. Interesting. Yeah. Fun stuff.
Well there you go. So what's in a name that was part of our conversation on this week's savvy real tour. OK. Coming up in just a few moments we're now the listing of the week the Mortgage moment is around the corner we love a lot to get to so before we head to a quick time out in a quick breather if you are interested in buying or selling a home here in the triangle you need guidance you need a little bit of assistance call Angie Cole and her team. They have a five star Zillow dot com agent rating and she's been featured on HDTV is house hunters in the past as well.
You can call or text Angie with your questions at 9 1 9 5 3 8 64 77. That's 9 1 9 5 3 8 64 77. No matter if you think it's a complicated question or a simple one and she's happy to chat with you about it just call or text her at 9 1 9 5 3 8 64 77.
Stay with us. More coming up on today's edition of The Savvy real
It's time for the mailbag. We want to hear from you
Jackie says Angie we're thinking about selling our home soon but instead of buying an old home we're thinking of building our own. What's there to know before embarking on that journey.
Jackie this is actually a very common question and kind of a goal that a lot of potential buyers have.
I would say it can definitely be tougher just because of the limited amount of land that's available especially depending on location you mentioned you're in carry. It's extremely extremely hard to find some land and carry massive land is being bought up by you know builders who then will go and subdivide. And so that land is beyond expensive. So depending on the budget that you're trying to stay within it might be tough to find that plot of land right. I do find though if you can find that piece of land that's perfect for you of course when you're contracting out on your own you know your expenses for building will be less for sure. But I tend to find that you know most people although their goal is to find land build on their own they end up going the route of working with the builder so maybe someone who has a presale opportunity who has a home that's under contract construction or an inventory home just because you know the idea of finding that land and the perfect piece of land is just really not out there especially in our market.
So when you say work with a you know work with a builder that would be like a pre designed site like they've already bought the land and they're building several new homes on that land right.
You know there's so many different types of builders there can be more of the mass builder production builders. There can be decks kind of semi custom where they allow you to make some changes and then custom custom which is picking out you know every single bell and whistle that goes into the home. But typically yes they already had the land to build on. So it's just you know figuring out the floor plan the design and taking it from there. The hardest part of you know the idea of building on your own is finding that land to build. Of course there's you know thousands of builders out there that would love to build you a home but it's finding that piece of land.
So even if you go out and get your own piece of land you can still go to one of these builders even that's not in their pre design neighborhood yet and have them come and either do that custom route or pick something from a layout they've already got determined design.
That's true a lot of the production builders will not. And the reason being is you know when they build in bulk they save money. And so they're not looking to build you know one little plot of land that's just not cost efficient for them. It's not how they make their money. But yeah. The custom builders of course they would love to build your home you know some are willing to get the construction loan for you where other builders will require you to obtain the construction loan.
So there's different ways of working at and is that something that you would still need a real tour for for that whole process to help shepherd people through you know kind of a to be with you know finding a builder and getting the land and knowing the purchases and everything that goes along.
I would I would highly suggest it. You know first of all when it comes to finding the land you need someone to do the paperwork to negotiate for you help you out with a search and then even when is going through when you're going through the actual building process. You know I personally like I was a new home sales before for three and a half years before I went into general brokerage. So I'm very you know I guess well versed as far as what happens throughout the construction process and so I would know things to ask or to suggest you put in a home. Yeah we're just probably wouldn't be at top of mind because you've never done this before. So I would definitely have a real estate agent to advise you through the process of building a home.
Again the number to call to reach Angie call or you can text or if you have any questions about building a home what that process looks like. 9 1 9 5 3 8 64 77 is the number to call or text. That's 9 1 9 5 3 8 64 77. One more follow up to that. Angie if you're looking to build your own home and kind of go through these different steps would it make sense he said lands really hard to find in Kerry. Is it counter-intuitive or does it is it makes sense to find a home that maybe has on the lot that you like but where the home is maybe in disrepair or isn't very large and you know you can you know would it make sense to knock it down and build the new one.
Yeah. That can be very common. I see for example around the North Hills area there's you know these homes that are you know super old and they just have then you know left they are no one maintaining them. And people will buy these homes to tear down in order to build. Typically when you go that route though just remember you're going to be looking at a pretty excessive or extreme budget that you'll be working with because you're still paying for the house you are paying for the home even. Yeah exactly and I mean I've seen for example around the North Hills area. Tear down homes. I've seen them be around 500000 just to tear down a home. And then you still need to pay for the cost of rebuilding a home. So that is definitely an option but I tend to find that's going to be a higher budget.
Gotcha. OK. So if that's your last resort if you've got to stay in carry in you know your limit on near space. Yeah right. Certainly one thing now if you're looking to move out of carry your options start to open up a little bit more in Treasure Island.
Yeah it is still really tough though I see. You know to find land. You really have to go on the outskirts you know. For example I just took on three new lots in Selma. You know. So you know that's not close to Kerry. Rob it's further further out. But if that's what you're looking for you know maybe a little bit further but drive.
You know you can get over that and be okay with it. You've been listening to the savvy real tour podcast. I'm Walter store Holt alongside Angie Cole. She's the owner and broker in charge of ACO realty here in the Triangle and if you have questions for Angie we invite you to go online to a call realty dot com. Listen to past podcast episodes on the Web site read the blog and all the great information including the option to find a home right there on the website. That's a call realty dot com and you can also call ante with your questions. 9 1 9 5 7 8 31 28.
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