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April is here and I could not be happier! March was by far one of the most challenging months in my entire career. I won’t bore you with the details, but can I just say, I made significant and POSITIVE changes in my business that I know will be life-changing. I am so fortunate to have a network of friends and business mentors that got me through a challenging business decision and I am and will continue to be eternally grateful. I am so freakin excited for the future..you have no idea! Anyway, onto the newsletter!
We still have about a 3-4 month absorption rate. That means if nothing else came on the market, it would take about 3 to 4 months to sell all of the listings. For reference, an even market has an absorption rate of about 6 months. As a seller, you might want to take the hint about pricing and be willing to consider some offers that fall under your list price. Personally, I believe in testing out a slightly higher list price to gauge interest, but I do have a very real conversation about appraisal value and possible offer pricing. I’ve seen a lot of low-ball offers the past month and buyers appear to be pushing back. Houses 400K and below, in good shape, are still selling well. I will also say that I am getting concerned about those folks renting. Rent pricing is enormous. Mix that with high purchase prices and I see people really struggling to find a place to live in either scenario. I truly hope things calm down a bit.
Wanna try out something really neat? If you own a home and would like to keep track of your equity and value, I have access to a really cool product called HomeBot. You can sign up here: HOMEBOT AI. I love this technology! It gets delivered once a month and the info is easy to read and understand. It’s a free app to use. I highly recommend you try it out. I have 500 spaces available and they are first come, first served. As always, you can always call me to get a personal evaluation of your home. 407-948-8295.
Oh yeah…YOU HAVE TO SEE THIS HOUSE! CLICK HERE!
RECENT HOME SALES
What do you REALLY need to do to sell your home?
I did a walkthrough for an upcoming listing today. It’s an emotional sale and honestly, these are the types of sales. that I truly take pride in doing, because I am able to help someone who really needs it. So this house is not brand new, but it has a great layout and an amazing lot. It could use a bit of love, but circumstances being what they are, it’s not really feasible to come in and do all the rehab one might like to do prior to listing. So we are asked the question, “What must you do and what SHOULD you do?” If you have followed me over the years, you know I don’t like to waste a seller’s money. I think it’s rude and sometimes, it’s the only strategy a seller’s agent has in their arsenal. Truth is, not all presumed repairs, make an impact. So what makes sense? Well, I am glad you asked! Let’s dive in!
When It comes to repairs and improvements, I try to look at the big picture. Am I fixing something that the new owner will just rip out or change, like the carpet or a poorly done paint job, or am I truly fixing an issue that would cause a buyer pause, like a broken AC or damaged door? What you should do is try and see your home as you would as a buyer. Would seeing a damaged door make you think twice about offering or would it just be a reduction in price? Take the house I mentioned above. There was mildew on the wall and AC. First, it’s an easy fix and second, mildew is sometimes perceived as black mold and can freak some buyers out. So yes, address and check off the list.
Second, we went into the bedroom and the walls looked horrible. Technically, it was just bad paint, but it could also be perceived as water damage. Assessment? Paint it. Super easy and affordable. Next, damaged exterior door. pretty pricey and something a buyer might want to replace with a specific type of door that could be more expensive than what a seller would be willing to do. We discussed and decided to take the hit and allow the buyer to deduct for a new door. If we replaced it, we would not likely get the return and the buyer might just as easily want something different. In the end, we decided to make a few painting updates, since the painter was already going to be there and we are replacing one interior door, because we felt that a door with a couple of large holes, sent the wrong message. We also agreed to get a few estimates on the exterior door so that if brought up, we could share an accurate repair cost to a buyer. Could we have racked up a huge repair bill? Yes, but we also felt it would be more affordable to take the hit on the back end instead of paying up front. So the lesson is easy. Don’t let your agent force you into spending money you don’t have if it doesn’t make you more money than the repair and really doesn’t kill the deal or scare the buyer away. I am happy to come by and check your home out! Call me! 407-948-8295
FIND OUT YOUR HOME’S ESTIMATED VALUE. CLICK HERE!
About our sponsor… See below.
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THANKS! See you all next time!
DAVID DORMAN BROKER / OWNER
CENTURY 21 PROFESSIONAL GROUP. 2747 MAGUIRE RD OCOEE, FL 43761
DAVID@DAVIDDORMAN.COM. 407-948-8295. WWW.DAVIDDORMAN.COM