Half Time Report and Real Estate Reality Check 101

Half Time Scores 2018!

We are in the midst of the dog days of summer here in Louisiana. Lots of triple digits in temperature readings for late July and the real estate market has been hot too! I am happy to report that numbers were significantly higher in residential sales in the second quarter of 2018.

All information provided here was gathered from the NWLA Board of Realtors’ MLS in July 2018. Stats include residential unit sales for Caddo, Bossier and DeSoto parishes.

Caddo Parish Second Quarter Sales 2018

Total Units Sold 802  — Sold price range of $4,200 – $885,000 — Average Sales Price $172,110 — 75% of units sold were sold at a price of $216,900 or lower.

*Compared to First Quarter of 2018 in Caddo Parish**

532 Units  — Price range $4,500 – $1,400,000 –Average Sales Price first quarter $156,521–75% of units sold first quarter were $190,00 or lower.

Bossier Parish Second Quarter Sales 2018

Total Units Sold 583– Sold price range of $3,000 – $800,000 –Average Sales Price $204,595 –75% of units sold were sold at a price of $259,000 or lower.

**Compared to the First Quarter of 2018 in Bossier Parish**

381 Units — Price range $5,000 – $535,000 — Average Sales Price first quarter $185,295 — 75% of units sold first quarter were $250,000 or lower.

DeSoto Parish Second Quarter Sales 2018

Total Units Sold 62 –Sold price range of $25,000 – $899,900 — Average Sales Price $195,895 — 75% of units sold were sold at a price of $269,000 or lower.

**Compared to First Quarter in DeSoto Parish**

40 Units –Price range $12,750 – $349,000–Average Sales Price first quarter $176,138 –75% of units sold first quarter were $279,000 or lower.

Overall, all three parishes saw an increase in the number of residential homes sold as well as an increase in average sales prices. This is good news and hopefully something we can sustain in the third and fourth quarters. As always, you can text, email or call for additional information for your specific area! 318-990-0999 or nexthomeconnect@gmail.com

Real Estate Reality Check 101

I asked real estate agents both locally and nationally to tell me what they thought were the biggest misconceptions that their clients have when it comes to buying and selling a home. I surveyed real estate agents on different Realtor FaceBook groups. Yeah, that was as scientific as I got! But I think their responses are useful. No matter if you are in Pennsylvania, California or Louisiana many people say the same things. Here is what agents had to say. (Agents are anonymous)

Agent B : My Seller said  “We want to price it $15,000 above what the homes are selling for to leave room to ‘negotiate’ ” and when the offer came in $20,000 lower than the asking price my Sellers were insulted and indignant. They wouldn’t “negotiate”. SMH We got two more offers along the same lines. The Sellers ended up about $2,000 under market averages and EXACTLY the sales price I told them I thought we would end up at when I listed it. They could have saved about two months of wasted time.

Agent S : Just because a property is in foreclosure, a short sale or an REO doesn’t mean the Sellers are going to take your low-ball, half off the listing price offer! These properties are carefully priced to reflect the condition. The Sellers have criteria that has to be met when selling one of these homes. Some of these Buyers think it is a game to keep submitting low offers thinking they will wear down the Sellers. These Sellers are usually government entities and that thinking won’t work.

Agent N: Sellers will say “this _______ (dishwasher, roof, HVAC system etc.) is old or doesn’t work but it’s good enough for us. The Buyers can’t expect to buy a brand new house.” In reality, if it’s old, worn out or not working you will end up replacing it or losing money on the sales price.

Agent D: My Sellers don’t want to replace stained worn out carpet using the excuse that “we don’t know what color the buyer will want” or “we will give them a carpet allowance”. The reality is no buyer wants to make an offer because of the worn-out carpet, or if they make an offer it is much lower than what it would cost to just have replaced the carpet to start with. Lenders won’t let you put an “allowance” on a contract.

Agent C: It kills me when Buyers want to start looking at houses but they have 10 months to go on their apartment lease! Do they really think the house they fall in love with today will be there in 10 months?! Realistically, if you are stuck in a lease don’t start looking earlier than 90 days out.

Agent W: The Buyer sees that the house has been on the market for 6 months and automatically thinks the Sellers are desperate. “Let’s make a low-ball offer and see if they will take it.”

Agent R: If you don’t like stained cabinets in the kitchen and the pictures online clearly show stained cabinets in the kitchen, don’t waste everyone’s time by asking to see that home.

Agent C: My Sellers think that their antebellum historical home for sale is “Steel Magnolias” in reality it’s “Animal House”.

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