The Doctor Will See You Now

If you regularly read this blog you know I don’t like to sugar coat things much. I’ve been told by other realtors (and a few homeowners) that I’m too negative about the economy, or interest rates, or housing prices, or the National debt etc. So this time, I decided I’m going to enthrall you with stories of never ending home appreciation and falling homeowners insurance.

Come on, you know I’m joking.

Today I’m going to tell you about the dirty little secret affecting the existing home market that most realtors don’t have the nerve to talk about.

Depreciation

Did you know that houses depreciate? It may have been Einstein who said that the universe is in a constant state of decay. Nowhere is that more true than a house. Look around right now, does yours need paint, new windows, a roof? Is the HVAC on borrowed time? What about that old water heater or the carpets? Is the driveway cracking and how’s that landscaping coming along? Do I dare even mention your crawlspace? Now if your home is anything like the hundreds of homes I get to look at as a realtor, you probably have at least some of these things going on. Relax, it doesn’t make you a bad person!

Homeowners regularly ask me what I think their house in the Upstate is worth. There’s tons of factors that go into a good answer, but two really important ones.

LOCATION (which is so important, most people in real estate say it 3 times) and CONDITION. More to the point, what is the condition of your house relative to the condition of other houses in your area also being offered for sale. This will absolutely affect the price I can market and sell your house for.

Have you ever wondered why new construction appeals to so many first time home buyers? Simple, everything is new and modern. Of course those teaser rates and incentives don’t hurt either.

Now don’t get me wrong, I specialize in listing, marketing and selling existing homes. I have many ways to help an existing home seller compete with new construction and win.

That said, the most value I can bring to any client is an accurate evaluation and optimal pricing of their home relative to their competition.

Would you be surprised to learn that 80 percent of homeowners think their home is worth more than it is?

People don’t like to offend anyone and realtors are people. It’s not fun to tell homeowners that because of deferred maintenance, their house may have depreciated in value relative to the competition.

In my case, while I hate having to do it, I consider it the most important part of my job. A home priced correctly will sell much faster and closer to the listed price, often a lot closer. I refuse to lie to a potential client just to get an overpriced listing I know will not sell.

Does this mean I lose some listing opportunities? yep

Does this mean I sometimes get a call a day or two after the meeting and get told they decided to list with another realtor? yep

When I do lose one of those listing opportunities, I always make a point to follow their progress just to see if I was right. I take no joy in seeing many of them still on the market unsold for 3, 6 or even 9 months. Not good.

If you went to a doctor, would you want him or her to lie about your actual condition so as not to upset you? Of course you wouldn’t.

In real estate, the house is the patient and the realtor is the doctor.

If you’re wondering just what condition your patient is in, call text or email me for an accurate diagnosis.

The doctor is in.

Have a great Easter and Passover everyone

Until next time,

Sal Busacca
Realtor
Keller Williams Greenville Central and
Dunrovin Properties SC
Mail: bettercallsal@kw.com
Website: www.dunrovinpropertiessc.com
Phone: 864 952-7251