I have heard this phrase used recently and, more often than not, it has been in tongue in cheek. While some comments have been a bit on the negative side, it has often been used in reference to political issues, increased traffic, more people at Walmart, and a few other things. But now we are truly seeing the impact in Real Estate Pricing.
Many realtors post their new listings online and on social media to help advertise for their clients. Often we may see comments on social media, that are negative about the price and how high everything is. The current market seems somewhat reflective of what many of us saw in California several years ago, where prices sky-rocketed.
Keep in mind, the local market is indicative of the current demand. We have low inventory (not enough properties for buyers coming in), buyers with the money to pay the higher prices, and sellers who want and deserve to get the highest and best price they can for their property.
Real estate listing prices are just reflective of those factors.
When someone contacts me to look at their property to possibly sell, I have to find the ‘comps’ or comparisons to help the seller determine the best price to list their property at. To do that, we are trained to find the local properties that have sold in the last 6 months that are truly comparable and calculate what we best feel the value of that property is.
It can be a huge challenge in a more rural area where we do not have the cookie cutter subdivisions with all the same size lots, similar construction of the homes, and amenities. Things considered are size of home, age, improvements, outbuildings, land size, amenities, location, and many other factors to try to determine value.
An experienced appraiser suggested we may even ‘widen’ our search area to neighboring counties, if need be, to find properties that are truly comparable. In other words, we may not be able to find many homes that have recently sold that are comparable to yours if you have done improvements that are out of the ordinary. We then expand in order to get a good sampling of properties that we feel will work as a ‘comp.’ If it has land, barns, storage buildings, stock tanks, cross-fencing, or other expensive items, the price is adjusted accordingly.
Once we determine a possible price, we sit down and go over our findings with the seller. At the end of the day, we work for the seller and the seller determines the price. If they feel the property is worth more and are adamant about it, then we list at the price they want, however we may try to suggest a strategy to adjust it, so it doesn’t languish on the market for a long time.
Keep in mind though, that when the market is as active as we are seeing it now, there is a valid reason to adjust the price due to demand. This is part of what is behind the higher prices we are seeing.
Many people, escaping the metropolitan areas, or moving here due to job changes, are coming into our local economy with money to burn, and because our housing prices have been so low compared to other states, they are willing to pay above and beyond, to get what they want.
While buyers and casual observers may not like it, the sellers are getting the best price for their property and that is what everyone wants.
Remember, it is still Texas, just with a little more green-backs!
Connecting You with More Fun Happenings and Places!
(20+) LIFE'S A BEACH FAMILY DANCE | Facebook
Please join us for our fall family contra dance with dance callers Wes and Rachel Hurd.
Dancing begins at 6pm and goes until 9pm.
Tickets are $6/person or $30/family (single household).
Remember, this is an alcohol-free, smoke-free family event.
A note on attire: dressy casual or church attire is recommended. Modest apparel for ladies (no midriffs, no short skirts or bootie shorts). We also recommend low-heeled shoes for the best experience dancing. Contra dancing requires no partner and no experience as you will be instructed as you go!
Bring a snack, dessert or a non-alcoholic drink to share
NOW OPEN! Grand Opening coming June 26th!
(20+) Wise Body Sculpt | Facebook
Proud to be the first location to offer #thesculptpodpro in Wise County #destinationbridgeport. Come see the #redlighttherapybenefits like inch and fat loss.
Want to have a Painting Party?
(20+) Wendy's Mobile Painting Parties | Facebook
Why go out of town to have fun? Wendy will come to you, set up and walk you step by step through creating your own special painting! Just give her a call, she brings everything you need and it is very affordable.
Sunday Buffet at 1 Stop!
If you haven't been to 1 Stop, go now! This is so much more than a convenience store, grocery store, or grill. They have clothing, bait, and even a meat market. But one of my favorite things, is their amazing Sunday Buffet. It is so much more than breakfast or lunch. You will enjoy the atmosphere while watching the water on Lake Bridgeport and ready for a nap after you have finished their great food. They have daily specials as well that include chicken fried steak, fried catfish and even enchiladas. Don't miss this great little treasure in Runaway Bay!
May you have a blessed week and weekend and please let me know if I can help you with any of your real estate needs!