Fast food, fast real estate?

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What fast food meal could you name that is actually healthy and satisfying? I am not saying what meal fills you up, because lots of calories and carbs will do that, but in terms we understand meaning healthy?

Is it low sodium, high in protein, low in carbs, high in naturally occurring vitamins and minerals, low in fat and by any chance does it contain any amino acids? What about sodium bichloride or xanthum gum? I don’t even know what those last 2 things are but I kind of don’t want to consume them with my lunch.

When was the last time you made a fast decision, or a fast move, in your real estate dealings? OR maybe I should ask, if you did something fast in real estate, was it a good move for you and did it satisfy your need in an empty way or in an organic manner? What many say is the single largest financial decision most home buyers will make (purchasing a home) is not something to take lightly. There is no rule on how many homes you should look at and sometimes one just feels like home, even if it does not have everything on your list of needs. Price is also likely to be a major factor and putting down that huge personal investment, along with some mortgage money, is a little bit scary in some respects. Take your time and look at anything that might work for you. Listen to your professional Realtor consultant as they may have useful information beyond the online presentation or the view from the back yard.

Selling a home or property? This is also something not to do in a rush, although we would all love to see a sale in 30 or 40 days. How do you make that happen? What is the secret to getting a home sold soon rather that months (or years) from now? Again, price is a major factor, along with the physical condition of the property and the intangibles that may attract the next owner to your property. Some say bake cookies for each showing, but then how do you get rid of the extra pounds after eating all those treats?

Santa Fe, and I am going to generalize here, is a market that rarely sees a new listing priced to sell quickly. I honestly don’t know why that is, though there are some suspected conditions and beliefs. Your neighbor loves to tell the tale of how he sold his home and made a 22% profit in about 18 months of ownership. Today that is highly unlikely due to a lack of appreciation in existing homes. 10 years ago that return was normal and anything less might be considered a bad investment. But is your primary residence an investment, really? If you owned a duplex and managed that and other rental property, those clearly meet the definition of an investment. So do commercial and industrial property that you have leased to a person or small business. Land maybe not so much these days as sales are well behind the volume of sales a decade ago, when buying a lot might allow you to resell it in a few years and make a tidy profit.

There is a sweet spot for all property within which (price range again) the right buyer is going to show up with money and motivation. If you have initially priced a property for sale where you would like it to sell, will that actually come true? What is gained by being an overpriced home on the market? The saying Realtors use is that you can be ON the market or IN the market. Being in the market means being in the conversation between a buyer and their agent as to what property represents a good choice. Being on the market means your property is publicly for sale, with a sign and a web listing, but the price is such that you are not going to get what you are asking, therefore why are you asking that much?

What about a scenario where you price your property at what you would take in a negotiated settlement? It might just shave 6 or 8 months off of the waiting period for the right buyer to step up and buy your property. What is the downside? I have heard complaints and fears that buyers will not pay asking price for a property these days, knowing that maybe 90% of sellers have priced their property above what they would actually settle for. Well, I say don’t take an offer below your asking price. Put that information into the ad text or just make sure all the buyer agents know before they arrive for showings. Savvy buyers and their agents can tell the difference. You as seller do not need to take an offer below your asking price.

Would that work for you? Every now and then I see reference to a newly listed property that the agent thinks is priced for a 30 day sale. Test the market on that statement. If you find comparable properties listed for 5 to 15% above the one in question, then the statement might be true. Tell the buyers and agent in advance that the price is the price. Nobody wants to look stupid and also people do not want to overpay for property. If they cannot talk you down 5% or something, they can go buy something else. Right?

Fast deals can be good deals, but don’t expect a fast deal when you are priced well above the competition. There is a belief (and an unwritten rule) that if a buyer really wants to buy, then they can make an offer at a price they will pay. Its been my experience that, unless the buyer is truly scraping the bottom of the market for bargains no matter what condition they are in, buyers will not bother making an offer 15 or 20% below asking price. They will instead seek out the property that is already priced at or close to what it will eventually sell for. I know there are exceptions, but everyone is not exceptional and your property might not be exceptional to anyone but you alone.

Enjoy the sunny winter days and call or email someone who understands how to get a property sold. If you know enough to do it, why would you not?


Posted in Home Values, Posts & Updates, Santa Fe area real estate, Statistical Data - Santa Fe real estate market and tagged , , , , .

The writer is a 68 year-old young man engaged as an active REALTOR (associate broker) with Keller Williams, in real estate sales and management in the Santa Fe NM market area. My career has been in and around the real estate industry for more than 35 years, ranging from mortgage lending (interim, commercial, residential); residential property management and leasing; shopping center development and leasing; real estate sales; sales training; title insurance as an executive and an escrow officer; various management positions; consulting and other related activities. That plus a bunch of banking experience including our family-owned Bank of Santa Fe in the 1980s. Where has the time gone?
My background means you have my working knowledge of the entire transaction process at your disposal. That comes with honesty and no bullshit.