Four Things Real Estate Agents Wish They Could Say to Their Clients
As I reflect back on this year’s residential real estate market, I have come up with a few issues that arise all the time. I know that real estate agents would love to avoid them if they could only say the following to their clients.
- Do Not Schedule a Vacation At Least Two Weeks Before or Two Weeks After Your Proposed Closing Date. As all of us in the residential real estate world know, while the purchaser gets all of their “ducks in a row” (e.g. mortgage, title, etc.), and the seller packs up the house, the weeks prior to and after a targeted closing date (i.e. due to adjournments) are a whirlwind of activity. Though, I know you cannot pass up your week in the islands, Hamptons, Europe, etc., maybe think about doing this WAY before or after you are going to close on your largest personal financial transaction! Otherwise, Magellan, an already stressful process is going to get even more stressful as you try to work around your (NOT) once in a lifetime trip or try to get final closing preparation done with spotty internet and maybe even a time difference!
- No, Your Home is Not Worth $100k More than Your Neighbors: I know that everybody thinks that their house is larger, nicer or in a more desirable location than the ones nearby. But, guess what….it is not! As a matter of fact, your neighbor’s place may very well be worth more than yours because it is newer or has a better view! In addition, nobody is going to pay extra because your basement resembles the Bat Cave even with its perimeter cameras and bat pole! Houses and apartments are worth a similar amount as to what comparable ones have recently sold for. Since this is not your vocation, even though you think your Zillow or Street Easy searching skills make you a pro, it makes sense to listen to your real estate agent who works for you and does this for a living. Overpricing your house and then “seeing if you can get that” makes you more like a Chump than a Trump!
- At the Walk-Through, it is not worth fighting over a broken appliance or missing light fixture. You are going to spend hundreds of thousands of dollars or more to buy a home so these items are of consequential value. And, guess what? You are going to spend many thousands of dollars more over the next few years updating items; repairing items and making this house your home. So there is no reason to worry about some minor items. Your agent will “pretend” that these items are important and “fake” indignation at their state of repair. But, though they are doing this to placate your emotional response and coax you to the closing table, this is really just much ado about nothing.
- Don’t Expect to Schedule Your Sale and Buy on the Same Day. Though it is everybody’s dream to sell their property in the morning and buy their new property in the afternoon, this is almost impossible to achieve. In a house transaction there are usually at least 6 parties involved and with a coop, 8 on EACH transaction. With busy schedules, vacations (See 1 above), holidays, etc. getting this many people lined up on the day AND time that work FOR YOU is usually an insurmountable task. Though everybody will try, the real estate world does not revolve around YOU and your schedule. Alternatively, save yourself some grief and arrange to have your stuff stored briefly on the moving truck or at a storage facility. Then relax by unwinding in a hotel or with a relative and make things work smoother. Again, selling and buying a house is very stressful. So, when stress can be avoided by the payment of a few dollars, it is money well spent.