Whenever you are involved in a transaction that is unfamiliar with the subject, it is of the utmost importance that you deal with people who are knowledgeable in the subject matter and who realize and appreciate their obligations to you. All the houses I bought were bought before I got into real estate. Now that I know real estate, I know there are things I could have and should have done differently.
If you are putting a property up for sale, one of the most important aspects is asking an agent to give you realistic advice on how to price your property … even if they suspect you don’t like it. not his advice. If your property is overpriced, it can languish in the market. In 1980, we bought a house in San Francisco for $ 155,000.00. After living there for two years, it was determined that we were too far away from family. We have decided to put the house up for sale. I came up with a price adding the commission, capital improvements, and all of my closing costs on top of the $ 155,000.00, so we could come away with what we had invested in the property. I offered a price of $ 169,900.00. The agent I hired said, “Mr. McEwen, you did a great job pricing your house. Well, the agent wasn’t being honest with me, the reason being that the real estate market, nationwide, had collapsed … and he wanted the listing. I registered the property with the agent but nothing came out so I did not renew the registration. I then invited another agent to come and visit the house. When I asked her why she thought I should register her, she turned and started to walk away, maybe thinking I was going to attack her when she gave me the prize. Well she said in the 140’s, and I got mad inside so I didn’t list her with her. Looking back, she was right and I was wrong. Finally, I asked a real estate broker to find tenants for the property. A few months after the start of the lease, the tenant contacted me, wanting to buy the house. Guess what we sold it for … $ 137,000.00. Well, that was the reality of the market. Interestingly, the house sold in February 2016 for $ 1,250,000.00. This is San Francisco for you.
The moral of the story is this: make sure you hire an agent who is direct with you when it comes to pricing your home and who isn’t just trying to get the listing listed. telling you what you want to hear. He or she should be able to show you recent sales that support the recommended price. Plus, make sure the agent represents your best interests at all times and never becomes a mere middleman between you and a potential buyer. An agent’s job is to always do the best for you, not for themselves. I just scratch the surface on this topic. By the way, in my 32 years in business we are currently in the hottest real estate market Jacksonville has seen in decades. Homes receive multiple offers and sell for more than the list price.
Mike McEwen is a real estate broker with 32 years of experience in the field.