Although Austin isn’t seeing the horror of many other markets (like southern California), the nervousness and hesitation of Austin’s buyers still has us in a buyer’s market.  So in a buyer’s market, what should you do differently, as a seller?

One of the best things a seller can do in any market is detach from your house completely.  This is your most important strategy in a buyer’s market as well.  We know you have more than money invested in your house.  It’s been home to you in the best and worst of times, and you’ve worked hard to improve it and make it the best that it can be.  But in these times, you need to be objective and detach from the house to make it not your home, but a place someone else wants to live.

Don’t take it personally.  Any offer is good.  If you get an offer, it means you beat out your neighbors no matter how low or complicated it may be.  You may not be able to accept the offer, especially if it has a ton of strings attached, but don’t take it personally if you get a low offer.  The buyers chose your house over all the others — keep that in mind.  It could be low for a number of reasons, but it’s not because they don’t think the house is great.  Sure, they will likely make a great deal of changes, but not until it’s their home.  Many buyers who have previously been priced out of the home of their dreams are fishing for a great deal from someone who needs to move on.  You may be in this situation or you may not be, but always remember, any offer is a good offer.  Even low offers open a dialog of negotiations that can result in a sale.  You can always have your agent draft a counteroffer.

Don’t over-price thinking that it leaves you room to negotiate.  Over-pricing puts your house in a pool with other houses that are likely larger with more features so which house in the price range would you pick?  Always put yourself in the buyer’s shoes.  Sellers who over-price end up in a cycle of reductions to actually get their homes sold several headaches later.  Save yourself the stress, it’s worth it.  Price reasonably and competitively to get your house sold more quickly than the competition.  You will be making fewer payments which saves you money even if you don’t actually see the savings.

Be patient with your buyers.  Loans are tough right now and under-writers are struggling to approve many who could have received a loan for almost nothing down not too long ago.  Even pre-approved buyers can be sent through seemingly endless waits for final approval.  Your buyers want to buy a house; it’s an emotional time for them as well.  Don’t panic over financing.  Wait it out.  The deal may not work out, but financing is really out of your control as a seller.

Sellers in Austin may have had it easy a few years ago, but times have changed.  You can still sell your home if you get your house completely ready for sale, price it competitively, detach emotionally, and don’t take it all personally.

Tags: austin real estate, facts, hot market, housing, money, seller, sellers by Aria
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After my recent post “We Are the Real Estate Experts, Aren’t We?” you may argue that large, national chain brokerages may be better because they have the resources and the budgets for agent raining and education. And while I think that these Brokerages are a great place for new agents to start for that reason, if you are serious about buying or selling a home or investment property in Austin, chose a boutique real estate company.

Why? Let the new agents get their start with one of the big guys. They often have in-house training, which is truly needed to get these agents competent enough in their careers after relaxed education requirements by the Texas Real Estate Commission (TREC). And many great agents emerge from the big guys — into small, boutique-style companies with a focus on customer service. The rest are eaten up by the business, and pursue a better-fitting career.

Quality vs. Quantity
Do you want the agent you hire to be focused on quality or quantity? The big companies play the old-fashioned, used-car-salesman numbers game. No wonder REALTORS® are getting the Used Car Salesman reputation, huh? The instruct agents to go after every listing, no matter the quality of the clients and the property. If you have 10 listings and 5 drop out, you still have 5 listings! This is why you receive post cards all the time from agents with the big companies, especially if your listing expires in MLS.

Although some small Austin brokerages still focus on quantity, most focus on quality. Quality listings, quality clients, take 3 clients, have 3 happy clients who make it to closing with smiles on their faces. Shouldn’t quality over quantity matter when you’re hiring someone to guide you through such am important time in your life?

Do you want to be a number or a person?
Although I sometimes want to shop quietly and anonymously, be it at the mall or for real estate, I still want the customer service when it counts. I want the answers and I want them when I need them. I want guidance and I want it when I need it. What will I get that with a frazzled agent shuffling 10 listings and 15 buyer-clients (with 8 over-priced listings, 5 don’t show well, 9 haven’t heard from her in weeks, and all 15 buyers are represented without pre-qualification and a buyer’s rep agreement)? I doubt she’ll answer when I call, how can she? I doubt she’ll have the answer and will have to get back with me. Why am I paying her again?

I won’t take a number, I’ll move on to the next guy. I don’t want to waste time, effort, and money. I want to get it done and get it done now. That’s why I recommend a small company — a Boutique Brokerage — headed by a great Owner/Broker who has a vast amount of knowledge and experience. Don’t take a number, be number 1. Hire someone who will earn their money by giving you guidance and advice every step of the way, even before you asked the question. Hire a REALTOR® who will take the time to be your friend, because trust me as someone who moves a lot, a friend is what everyone needs when they are moving!

Naturally, I recommend BridgeOne Properties headed by Michelle Cain. Yes, she got her start with one of the big companies. She used everything she learned by being successful with the big guys to create a company supportive of both its agents and its clients. BridgeOne is Austin’s Boutique Real Estate Company… We don’t sell an exceptional number of properties, just exceptional ones.

Tags: Realtors, aria, austin, austin real estate, sales, seller, sellers by Aria
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I’m at it with my numbers again! While I was logged into MLS to update my listings, I decided to do a quick search for the most expensive home sale for 2008 to date (as of 4/14/2008). With so much unfounded real estate panic floating around, wouldn’t the rich and famous be weary of making a home purchase right now? Of course not! Those in the know are taking full advantage of this buyer’s market before it turns. And at the rising rate of multiple offers that my office has seen this year, another seller’s market could be just around the corner. Of course, I still recommend buying if you need to move closer to work or find a larger home for your growing family, not as an investor unless you are really up for it. Like buying stocks, real estate goes up and down and it’s best to be in it for the long hall.

Anyway, the most expensive home sold so far this year was listed at $3,800,000 in Northwest Travis County. The sales price was under asking, but I don’t believe in revealing those details! This home was one of two homes to sell for over $3 million so far this year.

5 homes have sold for $2,000,000 to 2,999,999 and 37 have sold from $1,000,000 to $1,999,999 this year alone in the 4.5 months we’ve had so far.

According to my ABOR MLS search, 4858 homes total have sold so far this year by Austin’s Realtors.

Tags: austin real estate, buyers, economy, estates, hot market, housing, info, luxury, market, money, sales, seller, sellers, statistics by Aria
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For about a year now, I have been a member of The Institute for Luxury Home Marketing. By joining the Institute, I have access to education and resources specific for effectively working with high-end home buyers and sellers and marketing luxury properties. If you’d like to learn a little more about my membership or The Institute for Luxury Home Marketing, here’s a short video with some highlights of what I, as a member, can offer you.

Why work with a Member of The Institute

Tags: austin real estate, luxury, sellers by Aria
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