Real Estate Facts In Today's Market
The Savvy Synopsis
“Location, location, location!” You’ve heard that one, right? What other real estate facts or phrases apply in today’s market? Angie explains whether we can trust these commonly heard real estate statements.
Real Estate Facts
1:07 “Those Who Don’t Understand a Local Market Are Doomed to Fail”
- No, by not understanding your local market, you aren’t doomed to fail.
- A real estate agent should be educating you on what to expect in your market.
- Be open to suggestions from a professional, especially if you don’t know the market.
2:37 “Real Estate Is Governed by Supply and Demand”
- Angie completely agrees with this one.
- When buying, you might need to be more urgent or pay more than you expected to pay.
3:33 “Your Home Is Only Worth What Someone is Willing to Pay for It”
- This one is so true!
- You might look at your neighborhood and see based on paper what you think your home is worth.
- Angie shares an example of some variables that might change the value for a buyer.
- Your home is only worth what a buyer will pay for, but also what a seller will sell it for.
5:09 “Smart Marketing Makes a Big Difference”
- Marketing is number one when it comes to selling your home and getting a great offer.
- You need to make sure to interview the agents you are working with to find out what is involved in their marketing plans.
- For instance, Angie’s team goes above and beyond between internet marketing and even with this show!
6:17 “Know Your Budget and Stick to It”
- Sometimes buyers can get overwhelmed with the process.
- Of course, you might like a home outside of your budget because it has more bells and whistles.
- Make sure that you speak with a lender to talk about what monthly budget you feel comfortable with on a home.
- Don’t look at homes well above your budget because it will be a letdown for you.
7:50 “Selling Your Home Without an Agent Dramatically Increases Your Risk”
- Risk can mean a lot of things.
- Angie shares the story of a client who was surprised by a scam.
- When doing for-sale-by-owner, you have to be careful who you choose to work with.
- Without an agent's marketing savvy, you may be leaving a lot of money on the table.
- For-sale-by-owners actually net less than those who work with agents.
16:58 - Mailbag: Crime Rate
- Dale in Raleigh asks where to find homes in low crime areas?
- Unfortunately, real estate agents are not allowed to discuss this.
- There are a lot of online resources to look at crime reports.
- You can call your local police station to pull a crime report for an area surrounding a specific address.
- Drive through a neighborhood at different times of day to see how an area makes you feel.
12:02 - Closing Recap
- Congrats to Tangie and John who sold an investment condo in Raleigh!
- It was a wonderful situation with multiple cash offers that went quickly and smoothly.
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 real tours in the Triangle. Angie Cole and The Savvy Realtor Podcast. Well you know Angie regardless of who you are how much money you have when and where you're going to sell the home we know that location and all these things sometimes will impact a you know how a home is going to sell and how it's going to do there are some real estate facts that you just need to know and really they're going to impact everybody no matter what your particular situation is.
And so we want to make sure that you're not left shrugging your shoulders on some of these important issues and instead are well equipped to handle them. So one real estate fact that I would identify with Angie if I say when you disagree with you know please set me straight. But from from my research I certainly found that you know those who don't understand their local market are pretty much doomed to fail when it comes time for the transaction would you agree with that.
I think there's a fine line there. You know that's where a real estate professional should come into place and we are talking about if you're a buyer or seller right and feeling this way. Absolutely. OK. So you know if you don't understand your local market I mean that's where a local real estate agent should be educating you on you know this is the market. This is the average you know inventory levels. You know this is what you can expect to see in the price point or location you're considering or the home that you're selling. So by not understanding your local market you're not doomed to fail but you just you need the advice of a professional and that's why you know as a local real estate agent you know we're able to educate you and we're always honest and upfront with you know. This is how things are. This is the price that you can get for your home because we're doing you a disservice if are not. So you're not doomed to fail I'm not quite on board with this one. OK that's good. Now you more than would be open opened up to taking suggestions and feedback. Right. Because otherwise you are doomed to fail if you're not open to listening to the facts.
So somebody in the process needs to understand the local market but it doesn't necessarily have to be the actual buyer or seller.
If the buyer or seller but not in any way. OK. Exactly. Exactly.
All right. Another one and I like it when you disagree because you're the expert after all real estate degree is governed by this that by the law the simple law of supply and demand. Anybody who's ever taken Econ 1 to 1 might disagree with the simple law but nonetheless supply and demand that pretty much drives things right.
Yeah. Now I definitely agree with this one I mean it's 100 percent true. The the lower the inventory the higher the prices go up. I mean it is what it is. You know when that comes into play when it comes to selling your home you can more than likely expect more money if there's very low inventory. But then on the buy side you know if there's low in the tour you need to be a lot more you know urgent when it comes to probably submitting offers. You might be paying a little bit more than what you would pay if the market was flooded with inventory. So yeah. Hundred percent right. Supply and demand is real estate. Those coincide with each other.
That's an easy one. Also your home is only worth what someone is willing to pay for it. That's pretty true.
So true so true. You know when we go over are comparable so when I'm go out to a listing presentation we start talking numbers. You know I show them paper right. And it could be plain as day on paper that OK everything in your neighborhood is selling at one hundred fifty dollars a square foot or you'll be right within this range based on paper. But the thing that we need to remember is you're looking at a piece of paper you're not truly walking through the comparable home. So what if all of the other comparable homes had this amazing flat back yard but then the hand that I'm trying to sell this kind of our subject property has a backyard that just drops off even though the acreage is these acts same. There's gonna be a different buyer for each property and so right there. Your home is only worth what a buyer's willing to pay for it because to a buyer the home with a just steep drop off backyard is not going to be worth as much as a home with a nice flat backyard. So that's true but you know it goes both ways. I always tell our clients that your home's only worth what the buyers are willing to pay for it and what you're willing to sell it for. You know if the numbers don't make sense to you maybe you'll just stay put. So it has to be a win win on both ends.
Absolutely another great point. Angie the other thing I want to mention here as well as. Talk about some of these real estate facts that you can take to the bank. If you're just joining us we're talking with Angie Cole one of the top real estate agents here in the Triangle about these items a smart marketing makes a big difference. I know just from interviewing you so many times. This is a big one on your list.
Oh yeah. I mean marketing is number one when it comes to selling a home and getting top dollar. You know right now during you know 2019 it seems like every seller is hoping and wishing for multiple offers and you know sometimes that's just not feasible on every listing but in hopes to get that marketing is number one. So yes smart marketing makes a difference. You need to make sure that you're interviewing you know the agents that you are meeting with and you're truly understanding what all is encompassed what's all involved in their marketing plan you know. Number one thing these days is definitely Internet exposure. I mean they should be doing all different types of internet exposure to really get your home in front of the potential buyers. You know our team of course we go above and beyond and we had this radio show where we do our feature listings of the week. You know we're the only agent here in the triangle that has this radio show or this type of you know marketing piece that we can really push our listings out there. So yes smart marketing makes a difference.
I agree again whether you're buying or selling this one will come into play as well. Know your budget and stick to it is pretty good advice most of the time right.
Yeah. I can see. You know sometimes we have buyers that can just kind of get overwhelmed with a process or be almost let down. You know we do a great job on educating you in the very beginning to give you guidance so this doesn't happen but I have seen it happen before where you know you're not sticking within your budget so you start browsing on your own for homes that you know you just fall in love with but these homes are all you know 25 50 thousand above your max budget. And that's just unrealistic because of course a home that is you know 50 thousand more than your budget you're going to like it more right it's going to have more bells and whistles maybe more square footage whatever it might be. So you know no your budget and the best way to go about that is if you are getting financing make sure that you speak with a lender because what you can do is you can share with the lender what budget what monthly budget that you feel comfortable with paying towards your home and then from there they can give you direction on a price point. And so you want to make sure that you are looking at homes that are not above that price point because especially in this market right now with it still being a strong seller's market it depends on the set scenario but we might not be able to negotiate strong for you. So don't start looking at homes that are well above your budget because it just will be a letdown for you.
Yeah it's really good point too. And we want to manage those expectations throughout the process. One more real estate fact you can take to the bank here is selling your home without an agent on your side dramatically increases your risk. You've seen this time and time again Angie.
I have and I've time and time again I've taken over listings that were at one point physios those For Sale By Owners. But yeah I mean you know risk can mean a lot of things. I mean risk means from a safety standpoint of course. I met with a sweet couple the other day and you know I told them I share with them the numbers. OK. This is where we should list. This is kind of the range of what we should expect to get for your home. And you know they share with me they said well wow this is surprising. Kind of upset.
They said we've already gotten a offer cash offer from someone at another price point that was on as it was above what I know they could even get for the market and they said you want to see the contract I said sure let me know. And so they shared it with me. And I very quickly I was like guys. I could be wrong get this in front of an attorney but this looks like a scam to me. It was very very fishy and they were mealy were like You know what we were thinking the same thing but that goes to show up for sale by owner. You know people are coming after you you know from a risk standpoint safety standpoint you have to be careful with who you're working with. On the flip side you know also as far as risk I mean financially you know if you are doing a For Sale By Owner and you don't have an agent looking out for you and putting all their marketing behind getting your home sold at top dollar you could really be leaving a lot of money on the table and although in the back of your mind you're thinking well without having an agent I don't have to pay those commissions. But in the grand scheme of things and this is actually there's a study behind this for sale by owners overall actually net less than if you were to list your home with an agent and still pay their commission.
So working with an agent that's on your side is dramatically you know going to you know save you financially and from a safety standpoint. And so if you are I know we've been talking a lot about but buying and selling and just kind of you know facts that you can take to the bank and one of them you know I didn't agree with but I do agree with the rest of them. But if you are thinking about. Selling your home right away to get started is by understanding what your home is worth in 2019. You know what could you sell your home for in today's market and we have a great tool that you can receive that information so just on your smartphone. So to get an idea of what your home is worth in today's market. Just text the word listing to the phone number 5 5 5 8 8 8. So once again on your smartphone if you're thinking about selling your home you can text the word listing to the phone number 5 5 5 8 8 8 to get an idea of your home worth in today's market. But make sure when you do that we are going to respond back to you and send you a link. Make sure that you click the link in input your address and from there we can tell you what your home is worth in today's market.
Be sure to take that extra step it only takes 20 or 30 seconds to do so and it's very helpful to you to just make sure you complete that process so you can truly find out that potential value of your home if you want to sell it in today's market. So again just text the word listing. Put that in the message and send it to the number 5 5 5 8 8 8 and we'll text you right back with what you need to fill in that information.
Twenty or thirty seconds worth and you'll be on your way to finding out that potential value of your home great starting point for somebody thinking about selling your home in the near future or even if you're a little ways off still worth finding out that potential value now and kind of keep it updated on it as it changes over time. Text the word listing to the number 5 5 5 8 8 8. Very useful tool if you're thinking about selling your home. We're coming up on today's show so don't go anywhere.
This is the savvy real tour with.
Did you know that weight Carney grows on average by 64 people per day. That's a lot of homes being bought and sold. If you're planning to join the moving madness you'd better listen up to this savvy realtor.
This is the closing recap on the savvy real tour with Angie Cole and Angie and her team have helped so many people buy and sell homes over the last couple of weeks.
Angie I know you've got plenty of stories to draw from as we try and ask you each week to highlight one of the more fun closings that you've had in a recent week or two and who are we featuring on this week's segment.
Yes. So I want to say congrats to Tandy and John and I love Tanner his name because it rhymes with Angie Of course.
Is it just a t in front of the Angie is it.
It sure is. Yeah. Is that easy. Yeah. I just want to congratulate them so they just sold one of their investment condos that they own here in Raleigh. But what I love so much about this is first of all the speed behind that. So it was wonderful situation where we got multiple offers multiple cash offers and they closed within I believe but we could have said they were super stoked about that. It was you know a super fast and seamless closing for them. But what makes the situation even neater is I originally met with Tandy back in 2016 so we've had an ongoing relationship for three years now and she finally gave me the opportunity to list her home and to get it sold for her so I got to say I had a put in a lot of hard work to get this listing but I'm so grateful and fortunate that Tansy and John trusted me would get in this investment condo sold for them and I know that they are super thrilled and super excited to have you know that off their plate.
Absolutely yeah. That's a it's a lift off the shoulders and it sounds like it worked out better than they could have expected with all of those cash offers coming through and a little bit of a bidding war there so very cool. That's exciting. So if you're thinking about selling your home in the near future whether it be your main home or an investment property like Tanja and John were utilizing there you can certainly do that with Angie and the team they'll walk you through Angie and her folks will come out walk you through all the important information that you need to know when it comes to selling your home go over the marketing plan with you make sure that you settle on a great price the right price to list your home so that you can create those bidding wars and do not make the mistake of overpricing or underpricing your home. All of those little things are of course very important if you want to reach out to Angie and the team you can call or text 9 1 9 5 3 8 64 77 to start your conversation now. That's 9 1 9 5 3 8 6 4 7 7 again you can call or it's as simple as texting that number to communicate back and forth with Angie as well.
They've got a 29 day home sold guarantee where if they do just what it sounds like sell your home in 29 days or less. Or they sell it for free if you want the details on that. Again you can discuss that with Angie and the team when you dial in 9 1 9 5 3 8 6 4 7 7 is that number and always online you can get in touch a call realty dot com that's a call realty dot com. And if you're just sort of beginning that process of selling your home maybe even you haven't taken any steps yet you're just thinking about it or you know that it's on the horizon. Angie you guys have a great tool that people utilize it seems like each and every week when we talk about it here on the radio show that folks can kind of find out an initial estimate of their home's value. Tell us a bit about that tool and how easy it is.
Yeah sure thing. You know it seems always to be that when sellers potentially want to meet for listing presentation what's most important to them is Well what is my home worth. What can I sell it for in today's market and although we'd love to meet with you for a listing presentation so we can tell you just fully about our team about our marketing plan when we get down to it. You know the most important thing for sellers is what can we sell their home for and what will they not. So if you are thinking about selling your home and you want to get an idea of what your home is worth in today's market you can text the word listing to the phone number 5 5 5 8 8 8. And from there we will send you back a tax make sure that you click the link you input your address and then from there we can give you an idea of what you could sell your home for in today's market. So once again just on your smartphone if you are thinking about selling your home and you want to get an idea of what your home is worth in today. Today's market in 2019 just text the word listing to the phone number 5 5 5 8 8 8.
It's very easy to do. Easy tool to utilize once again just text the word listing to the number 5 5 5 8 8 8. We'll text right back with quick instructions on how you can find out that estimated home value.
If you were to sell it in today's market only takes 20 or 30 seconds to put in that information so you can do it real quick. Right now while it's on your mind just text the word listing to the number 5 5 5 8 8 8. If you're thinking about selling your home in the near future to find out that potential value.
Much more coming up on today's show. So stay with us. This is the savvy real tour article.
It's time for the mailbag. We want to hear from you.
Dale in Raleigh it's pretty simple. Dale says we're going to find homes in low crime areas.
You know Dale although I mean this is a question that we do get quite a bit. We unfortunately we cannot discuss this as being a real estate agent you know we are limited on talking about certain protected classes per say and crime rate is just one of those that we cannot be feedback and guidance on. Now what I can tell you though you can do there is a lot of online resources where you can go and you can look at crime reports. You can actually look at the maps and see what type of crime happened and what area you know. You can also I know I personally did this at one point is I called my local police station and I was able to get a crime report for you know I told them a specific address and they pulled for example like a half mile radius and they were able to give me a crime report. So there is research that you can do as being a buyer but that just unfortunately is not something that us as agents we can give you guidance on and you know honestly we don't 100 percent even now. Right. I mean there's no way for us to understand all areas of what is happening and in what specific spots I always say a rule of thumb though is you know drive through during certain days and decide if that's an area where you feel comfortable. So you know maybe drive through at 8:00 in the morning maybe drive through midday and then 8:00 at night and just see you know how does the area make you feel. So that's something that you unfortunately you're going to have to determine and a real estate agent really. We cannot give you guidance in regards to crime and where.
What areas have low crime rates so you can point in the right direction for the tools but can't really give opinion on what areas are just like schools.
It's the same schools same thing. We can point you in the right direction to send you to the public web school Web sites but you know if you say hey I want to be in a good school district it's a lot of it's opinion too. Right. Because to one person. Oh a lot of break ins is no big deal but when they're shootings that scares me so a lot of it can be opinions as well. So that's why we really cannot give you guidance on that.
Yeah. And same thing the schools some elements you know are testing scores more important than college placement or more important than you know a diverse school or whatever it may be there's some as a parent how you did it hit it off with one teacher so they now hate that school.
Yeah. That's just not fair. You know guidance bros to give you there.
Yeah. Good question that Dale thank you for asking.
Yeah check out some of those tools online that are at your disposal and that might help you then make your own decisions on kind of drawing those lines around the areas that you'd like the most. Based on some of that data if that's important to you 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 cold 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 cold reality dot com and you can also call ante with your questions. 9 1 9 5 7 8 31 28.
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