Spending On Your Home...What Will Pay You Back?

From Greg's appearence Sunday on WTHR's REAL ESTATE UPDATE: 13 WTHR Indianapolis

Greg Cooper Top Selling Indiana Realtor Agent Broker WTHR Weekend Sunrise Naomi Pescovitz


Some Like It Hot. I Don't.

In late Spring and early Summer of 2013 and for a brief period in April and early May of 2014, the real estate market was humming. Good homes were getting bid on almost within the hour of them appearing on the MLS/BLC. It was the crazy season and for home buyers it almost had to be. Available inventory was down and buyers were wrestling to be in position to snatch that next home on the market. As a result silly, I mean SILLY money got thrown at homes in circumstances where buyers had virtually no time to make decisions. Buy this minute at least at full list price or someone else will. Not a highly productive position for home buyers to be in. For my home selling clients of course I wish we would have had more of this but for the health of the overall housing market it is NOT productive. Overpaying, which is what some people did, is not ever good for the overall health of home values. Overpaying translates into a bubble...even a mini bubble if it's just for short time and we all know what happens to bubbles. Most of this year has been measured and I think ultimately that's good for all. Perhaps not good for individuals who had homes that were appraised at a higher number due to the early season rush but those were aberrations, not trends. In essence it's good that it wasn't better. It will mean better health for the overall market next Spring when the seasonal urge kicks in again. If you're one who is pained by the slowness of your particular price niche, I do feel for you. Behind every home sale there is still a reason to be somewhere else. A job change, a family change, a move out of necessity especially at this time of year is a lot of work and emotional stress. It's not all that different stress that those bidding for homes felt when the market heat was at it's highest. 
Greg Cooper top selling Indiana Agent Realtor Broker 


Do Not Market The Home You're Selling: An Example

Even after 28 years of marketing homes I am constantly caught off guard by people who will take an investment worth hundreds of thousands of dollars and make the most simplistic strategic blunders that put their money at risk. The last 45 days is another example.

I know of home in very close proximity to me that has been rehabbed over the Summer. The owners bought it essentially from an estate and it needed everything as it's a 45 year old home. To their credit, they did a FANTASTIC job of the rehab. In contrast they're now trying to resell it and making an absolute dumpster fire out of the process. The house was finally ready about  9.1, a crucial point in the home selling calendar in our area. For the first 30 days they stuck a it on Zillow with no pictures and put the WORST open house signs up I've ever seen at the end of the street (when one phone number runs across two 'for sale by owner' signs it pretty much makes you look incompetent).  I never saw the home or opens advertised anywhere else. The 'flippers' took an investment they have hundreds of thousands in and completely botched the exposure. It's now 10.14 and they have finally decided to go ahead and list it. Had they done that sooner there were over 139 potential home buyers who had looked at homes in their area and their immediate price point who would have been exposed to it (data documented directly from Centralized Showings). By waiting to mid October and missing six critical weeks of marketing to a fairly active market, they have now put themselves in a terrible position. They're now staring at having literally missed the entire end of the market for no other reason than cheapness and greed. They may have to pay for it over the winter burning mindless days on the market while the leaves and then snow pile up and most qualified home buyers are celebrating the holidays and waiting for Spring. Had they hired ANYONE to get it in the MLS on 9.1 the home would have been most likely sold and closed. Instead the current owners have put hundreds of thousands of their dollars at risk. Amazing.

Look...listing a home and selling through a broker is expensive. I get that. If you want to try to market (and ACTUALLY market) your home in May and June that's one issue. But when you have so much on the line and your investment is about to get swallowed up by the season, get a brain and lose the ego. As it is I think this couple will have cost themselves at least $40K...perhaps more. 

Some people think marketing a home is for idiots. Some days it's the idiots who think that. Would you go into court on a $400,000 piece of litigation without any reliable representation?  Why would you at a time of the greatest risk put a home worth that much out there without a clue in the world what you're doing? 
Greg Cooper top selling Indiana Realtor Agent Broker


Dear Zillow: I Think I Love You

I have a new man crush. I am hopelessly, deliriously, completely infatuated with the blue and green. That's right....I am in love with Zillow. Their CEO, Spencer Rascoff...I think he's just dreamy. All of those little hints he keeps giving real esate agents about how we should be using Zillow? Sighhhhhh. Some days I think he's talking directly to me. I will admit it's taken some time. Zillow was always like the obnoxious kid in home room who knocked my books out of my hand and spit in my food in the cafeteria. But now...I have finally seen the light. Zillow makes my naughty financial parts tingle. Where once there was disdain, now there's lust. Unfortunately I'm afraid Zillow may never feel the same way about me. You see...in the plainest terms I was a hater. I blogged about, went on TV about, on the radio about, basically went to any street corner that would have me and I would preach about how much I disliked Zillow. But then I realized something. All of the other kids in school loved Zillow. They were and still are crazy about him. They think he's a righteous dude. It finally hit me that if all of these people were in love with Zillow then maybe I should be too. While this love may always be unrequited given my previous venom, that won't sway my new found love. Zillow I love you. I even love your Zestimates despite the fact they are rarely even in the ball park. You see when one of the other kids is sad about your Zestimate, it gives me a chance to comfort them and share other, more accurate information. When someone finds a home on Zillow that's not even for sale anymore, I can come to the rescue and provide other homes for that someone to love. Zillow...I am so lucky to have you in my life. Let's grow old together, shall we...and I promise not to leave you no matter what that nice Mr. Murdoch and the kids at Newscorp promise me in the future. Sighhhhhh.
Greg Cooper top selling indiana realtor agent broker