Posted by krovinsky52 under Uncategorized
One of our jobs as Realtors is to write romantic descriptions of our listings. They are meant to be factual representations, while at the same time, creating some excitement about the subject property. I learned a long time ago that the truth sells. My favorite “romance” that I have ever written for a property was for a rather “blah” property in a “not so great” location. Romance was as follows…
“House. Has roof. Rumored to keep you dry when it rains.”
There is a violation of Realtor code called “puffing”. “Puffing” is when a Realtor uses non-factual or extravagant statements and opinions made to affect the desirability of a property.
There are a number of adjectives, while descriptive, don’t really relate to Real Estate. I am going to start with one that makes my skin crawl every time I read it in relation to a house…
1.free from moral blemish or impurity; pure; undefiled.
Now, we all know that you are intending to communicate that the house is well kept. Owned by anal clean freaks. What you are saying is “I am comparing this house to Jesus”.
Not only is this incredibly creepy, but I think it should be considered the highest form of “puffing”.
“Dear Potential Buyer – I can sincerely vouch that this home is free from moral blemish or impurity.” Ugh.
Try this one instead – “This home has been owned for the last XX years by persons diagnosed with OCD. They spend more money on detergent than they do on air conditioning. 2 car garage”.
Posted by krovinsky52 under Uncategorized
Stanley Marcus used to say of his slow moving merchandise “Mark it up 20% and hide it”.
It may work for crystal swan soup tourrines, but I don’t see it working in residential real estate.
Recently I have been working with a client wanting to buy in North Dallas. They were listing their home in a very “toney” area and the agent they were using to list was from a previous relationship. They spent months preparing the home for the marketplace…power washing, painting, landscaping. Their home was going to be PERFECT. The day finally came. “We’re listed. Tell me what you think of the house”.
I went to MLS…couldn’t find it. I called my client. “I can’t find your house on MLS.”
“That’s funny. We are ready to go. I just got an e-mail about an agent tour for next Monday.”
I went back to the MLS.
So I decided to call the listing agent.
“Hi, Dixie-Lou (name changed to protect identity, but name created to convey “blue-bloodedness”) this is Kyle Rovinsky from Virginia Cook, REALTORS – I am calling about your new listing on “5th Generation Highland Park Boulevard” (again, street name changed to protect area, but name created to convey self-serving importance)”.
“OH, Hi Kyle”, Dixie-Lou said sheepishly, “how did you know about this listing?”
“I have my ear to the ground. I may have some clients interested in this property.”
“Well Kyle, the property is not quite ready to go into MLS. I will let you know as soon as it does.”
So my buyer client thinks her house went on the market two days ago, with a tour happening in four days, when in reality, the property has NOT Listed yet. Also – I have a buyer who wants to BUY the property, but I am not allowed to show them? What in the wide, wide world of sports is going on here?!
There seems to be a trend of late where brokers encourage intermediary transactions (a transaction where the same broker represents both sides of the transaction) by holding listings out of MLS for up to 4 weeks to give their own agents an uncontested chance to transact the property. The agencies even go out and market this to their potential clients as an advantage to list with them.
How is it an advantage to show the home to fewer people in order for a broker to collect both sides? Let me put this another way. If it is, by definition, and agents job to act IN THE BEST INTEREST of their client, how is it in the best interest to show the home to fewer qualified buyers?
Let’s play out a scenario in the marketplace. The house on “My Dad Went to SMU with Bill Clements” Boulevard is listed for $3 million. It is listed for a 6% commission. If there are different brokers representing buyer and seller, and the house sells for list price – the total commissions paid equals $180,000. That breaks down to $90,000 for buyers broker and $90,000 for seller’s broker.
Now, the same house at the same list price…say the broker does not list it publicly, and brings a buyer. Say the buyer offers $2,750,000. The agent convinces the seller that it is a good offer and the seller accepts it. The seller just LOST a fair market $250,000 – while the broker keeps 6% of the $2,750,000 – or $165,000. The broker makes an extra $75,000 while the seller loses $250,000. How is that working in the best interest of the seller? Not to mention that I have a buyer excited in the property. My buyer is ready to offer $2,900,000 for the property. Worst case scenario – seller makes an extra $150,000. Best case – my interested client gets the original buyer more interested, and they bring an offer of $2,925,000 – seller gets more money, but the BROKER gets less money…and the broker’s dues at the Dallas Country Club are only going up…and rentals in Aspen are through the roof…not to mention paying the back taxes. Agents gots to eat too!!!
Another liability created by this scenario. What happens when this property has been brokered on the inside to any agent that would listen…and it goes four weeks with no action, so now the agent puts it on MLS. The property is so tired and picked over that there is no excitement left for it in the marketplace. Now it’s time to lower that price…once…twice…maybe three times. My listing strategy synthesizes two key components – getting the attention of the MOST qualified buyers for a property, while at the same time, creating a high level of excitement for the first 45 days of the listing.
The brokers touting this “hidden” listing strategy seem to be doing the opposite for their clients.
6722 Lupton Drive.
3 bed – 3 bath – 2300 sqft – lot size 100 x 180.
This property listed on Jan 31, 2012 for…
Wait for it…
I don’t care if this house didn’t have a roof – at $450,000 it was one of the most exciting list prices I’ve seen in a long time. Or so I had hoped.
See – back in the spring of 2008, one of the most vaunted appraisers in the area gave me lot values for all critical areas of Dallas. North Dallas, Preston Hollow, Park Cities, Northwood Hills, and the adjacent areas. In the spring of 2008, this Real Estate pundit valued the lots in Preston Hollow that measured 100 x 180 with decent trees at $725,000. Then in the fall of 2008, the bottom dropped out. Now we had to wait for the market to reevaluate…and wait…
In 2011, the highest transaction for a 100 x 180 lot in Preston Hollow went for $659,000. Still decent. Still strong.
Then I see this listing…like a mirage in the night. 100 x 180 lot for $450,000.
I thought it was a typo. I immediately started emailing all clients that I thought would have an interest. Replies were all the same…”Hmmmm…$450,000? What do you think they will take?”
“Probably $480,000″ was my reply.
Everyone thinks the market is still shaky and this listing was going to be the litmus test. If this listing sits…and sits…and sits…a new value would be established for the area and usher in an era of sluggishness. I never want to over-emphasize a perceived value. I present the numbers and let my clients evaluate. No one wanted to rush and make an offer.
Anyway – cut to the finish – 6722 Lupton went under contract in 7 days with multiple offers on the table. Someone just made $150k just by buying it.
Market should be exciting this year.
Posted by krovinsky52 under Uncategorized
There are some things that are not talked about.
Age and weight are two things that come to mind.
There is a legend in my family that my grandmother was so sensitive about her age (and the fact that she was older than my grandfather) that she changed the numbers on her birth certificate. The numbers on the headstones at the cemetery tell the truth. I am surprised she hasn’t risen to change them …yet.
Anyhow – there is a practice in real estate known as “Undisclosed Final Sale Price”, or “Z” (as it is known in the industry). After a property is sold and the transaction is closed, the final sale price is reported in MLS along with other vital data – original list price, days on market, etc. This is how Realtors gather the information to know at what price YOUR house should sell. In very few occasions the final sale price is undisclosed. It shows up in the sales with the current list price and the little, tiny letter (z) next to it. This means the property did transact, but both parties have agreed to not disclose any of the sale info regarding the price.
This makes a job difficult for Realtors. Let’s say a 1500 sqft house in Devonshire is listed for $475,000. That price makes the cute little cottage $316 per sqft. Now that house sits on the market for a long time and the seller decides to accept an offer of $390,000 – but they keep the final sale price undisclosed. The real price per sqft comes to $260 per foot – but the sold report includes the transaction listed at $475,000 with an undisclosed sale price – so $316 per foot enters the record.That creates an inflated record of 21%. Difficult to overcome.
The “undisclosed” loophole was created by old Dallas MLS rules. Buyers wanted an opportunity to remain anonymous in sales records. I guess JR didn’t want Sue Ellen knowing how many town houses he was buying to keep his girlies in.
So MLS made the rule to protect buyers…it was ONLY for the buyers, and clearly stated as such in all listing documents (the seller is REQUIRED to share all information pertaining to the sale with MLS)…but then sellers wanted to get into the act. Let’s say a bad market had a seller accept an offer 20% lower than he or she originally intended. They did not want to sit in the lounge at the Dallas Country Club and have their transaction be the subject of loose-lipped gossip (well…loose lipped gossip based on fact). So the seller would say to the agent, “Please hide my shame by not disclosing my final sale price to the world”. The agent would say “I will take your hideous, embarrassing secret TO THE GRAVE – along with the name of your plastic surgeon). Then to everyone who is not “in the know”, the sale looks like a $1 Million dollar transaction – when really it was a $770,000.
The reverse was true when the market was “super-hot” in the 2006 to mid 2008 range. A buyer would see a new listing and make an offer over list price. This buyer would request the (z). Now..to his golf foursome he could say he got it much lower than list…while his buddies would guess that he went much higher. What was the tag line of the old Tootsie-Pop commercial? “The world may never know.”
The “Undisclosed” “Z” was used in 1.6% of MLS transactions in 2011. Not very much. If you drill down to the tony areas of Dallas (let’s say south of LBJ down to…say…Fitzugh), the number of “Undisclosed” grows to 7%. Drill down further to houses that go to Highland Park ISD, and the number of “Undisclosed” transactions grows to 13.3% in 2011. In Highland Park/University Park there were 681 closed transactions in MLS for 2011.That means in 91 sales, the final price was not reported.
This practice may not seem like a big deal, until it affects you directly. Here is my biggest pet peeve in the business…
I am at a cocktail party, or Memorial Day BBQ, or Bar Mitzvah Sunday brunch, and someone always wants to talk Real Estate. We bandy about in a conversation, and some putz overhears what we are talking about and says “You know, that house on Poo-Poo-shire just sold for a million bucks…I guess that makes my house on Doo-Doo-shire worth a million and a half, because anyone in their right mind would rather live on Doo-Doo-shire than Poo-Poo-shire”.
At this point I tilt my head and say “That doesn’t sound right”. What I am thinking is “I am glad I do not have a knife right now. You know, like the one Sylvester Stallone had in ‘Rambo’, because I would jam it right into this joker’s NECK!”
I go back and research the listing only to see that the house on Poo-Poo-shire was LISTED for a million – sat on the market for 19 months and sold with a itty, bitty little (z) next to the number $1,000,000. After a cross reference with the county records and mortgage records, I am able to estimate the sale at about $800,000.
However, the damage has already been done – everyone in earshot at the party, plus everyone this big mouthed putz will talk to in the future think that the numbers he is spouting off were etched into a tablet and brought down from Mount Sinai. So now, anyone thinking of listing their home in the prestigious subdivision of “Dookey Estates” has an unrealistic expectation for what their home should sell for – making my job more difficult…all because of the tiny, little (z).
Well – the (z) looks like it’s going away. It was supposed to go away on Jan 1, but a few blue-blooders who took it in the shorts got their high-falutin’ lawyers involved and have carried this issue to the national level. Today’s update says that after June 30th, you will no longer be able to hide your final sale price in MLS.
Now like many political issues – I feel strongly both ways (:D). If you want to take advantage of an undisclosed transaction, you have 4 months to do so.
That is what is known in advertising as a “Call to Action”.
Last week I attended a fascinating lecture at the Greenhill Alumni Networking Luncheon. Greenhill secured a gentleman named Dr. Nathan Huntoon – a professor that oversees the “Innovation Gymnasium” at SMU.
The “Innovation Gymnasium” provides a place for high level engineering types to come in and “problem solve” in a cool, hip environment. Oh, how I long for the days of “cool and hip”…
Anyway, some pretty amazing ideas come out of the “Innovation Gymnasium”. Think of it the same way that Lockheed-Martin uses “Skunk Works”. Not familiar with Skunk Works?
Skunk Works is an official alias for Lockheed Martin’s Advanced Development Programs (ADP), formerly called Lockheed Advanced Development Projects.
Remember the 1980′s teen sex movie “Real Genius”? Yes the one with Val Kilmer. Yes, the one with the same bad guy from “Ghostbusters”. In the movie, the university think tank was trying to create a laser that could shoot for 5 seconds an an impossible temperature. Unknown to the student engineers, their university was selling this laser to the military as a new, top secret weapon.
Skunk Works is responsible for a number of famous aircraft designs, including the U-2, the SR-71 Blackbird, the F-117 Nighthawk, and the F-22 Raptor. Its largest current project is the F-35 Lightning II. The designation “skunk works”, or “skunkworks”, is widely used in business, engineering, and technical fields to describe a group within an organization given a high degree of autonomy, tasked with working on advanced or secret projects.
Dr. Huntoon gave us some insight into how “SMU Skunk Works” operates. One of the projects they were given…Lockheed-Martin had developed a remote control, unmanned helicopter for military application. Lockheed went to the SMU skunks and asked, “give us civilian applications for this helicopter”.
Huntoon grabs 12 volunteers who agree to live in the Innovation Gymnasium for 10 days. No showers…no meals out…no “Call of Duty III”, and no sleep. They come up with idea after idea, they engineer the projects into reality…IN TEN DAYS!!! The winning idea was transforming the remote control helicopter, using GPS technology into an unmanned fire fighting machine. The students outfitted the helicopter with a 600 gallon tank. They could program in GPS coordinates of a forest fire, and GPS coordinates of the nearest water source. The helicopter would fly to the fire…unload it’s water…then fly to the water source, refill the tank…then back to the fire as many times as necessary.
Pretty cool stuff.
I had only one question or Dr. Huntoon.
“Dr. Huntoon, where did you get that weird last name?” (Ok, I had two questions, but I only asked one)…
“Dr. Huntoon, if there is no real deadline to deliver your ideas, why do you put such a tight constraint on the creative process?” See, there was no real reason for the ten day deadline. Lockheed wanted as many great ideas engineered as they could get. They were paying a flat research fee to SMU, so…the more the merrier, right?
Wrong, “Rubik’s Cube breath”.
Dr. Huntoon told me that he had to put a tight restraint on his projects or they would never focus on getting one, super sharp idea fulfilled. His genius teams would dilly dally and chase fireflies into the distance, or let more creative, but unattainable ideas steal time and energy from the real projects – ultimately creating extreme frustration on the part of the engineers, and having a final result of an unfinished project. “Empirically” he said, “You have to create a time deadline before you start in order to have the best chance at success”.
Got me thinking…(say it with me)…”The same is true in listing Real Estate”.
Some of the worst listing experiences I have ever had are the ones where the sellers just “amble” into the listing. They don’t regard market data. They don’t look at the comparable information. They have an arbitrary sale price in mind because…”well, it’s just what we want”. These listings linger…and linger…and linger…until finally the property sells much later and much lower than if the seller’s went into the listing with a hard plan. The “dilly-dally” part of the listing is letting the unrealistic price sit…and sit…and sit.
The “chasing fireflies” part is when showings do happen, the seller’s convince themselves that they are close to selling, and all the realtor has to do is “chase” down the showing and close the deal”. The only thing an unrealistic sale price and a few showings get you is the loss of a year of your life.
Go into your listings with a finite plan. Don’t list unless you focus on a price, and have a REDUCTION strategy in place BEFORE THE LISTING STARTS. No offers after “x” amount of showings or 30 days – reduce the price to “y” amount.
Remember, the genius doctor used the word “empirical”. I did not.
My life is dominated by my three year old triplets. Anyone that has spent any time around three year old boys knows that one of the main heros to the “three year old” is “Bob the Builder”. Bob is somewhere between an “All around Mr. Fixit” and Dr. Frankenstein with his ability to bring structures back from the dead. No wonder kids think he’s pretty cool. I think he’s cool, too.
This week I had the privilege of being invited to the Homebuilder’s of America Forecast Luncheon for 2012. Imagine me – in a room full “Bobs”, listening to them tell me EXACTLY what their new building clients want. Here is a list of the items:
Smaller floorplans – 4200 sqft instead of 6600 sqft
More yard around the house – clients do not want the footprint of the house to take up the whole lot. The area can be dramatically different if the building plan offers three more feet of space on each side.
No Formals – formal living and formal dining are a thing of the past. Build clients want open space that can be used by anyone all the time.
Big closets are more important than big bathrooms. Build clients want just enough room to do their business. They want to keep their stuff (and lots of it) organized.
A big, comfortable entry into the house. No tight gables, no tight doors. No tight entry halls.
More requests for LED lighting.
Big wine cellars or monuments to wine storage are OUT!
Media rooms are OUT!
Build clients are requiring foam insulation and more efficient effects as to keep utility costs down.
Build clients are requesting centralized electronics control.
As a Realtor who represents a number of buyers every year, I do hear many of these items time and time again. If you have a house that sports a few of these features, I will benefit you when it comes time to list…but as a homeowner, do not go out anr retro-fit your house to contain all of these features. You are not going to get a dollar for dollar return for the cost of implementing these upgrades.
See the “Bob the Builder” theme song here:
Once again, one of my New Years Resolutions is to blog more. I love sharing stories from the battlefield – I will always post those….but I have a huge pet peeve…
People who talk a lot with nothing to say.
It is not in my DNA to waste anyone’s time with boring info…so please understand that gaps in my blog are not because of laziness, it’s because there is nothing worthwhile to share.
Here is my first shot at 2012…
Every year I get asked the same question by my clients:
“What is the best time to list my house?”
Everyone defaults to the school year calendar…school is out from May to August. People want to be in their new hose before school starts – so list in April to sell over the summer. Right?
Wrong, MLS breath.
Sure there may be more buyers out in wamer weather, but there are also DOUBLE the active listings. With more competition, your house has to be FLAWLESS…and even if you are flawless, there is always another listing that was overpriced last season that will come back this year at a better price and also be flawless. In the “off months” there are fewer listings and buyers that are looking are usually more serious than the summertime “looky-loos”.
Looking at my personal business from 2011, my busiest closing month was July (6). Second busiest – December (5). Let’s take a look at the December closings:
10749 Les Jardins Drive – list price $429,000
Listed October 23rd – under contract November 18th. Closed December 16th
If this guy had waited until the spring, he would have accumulated four extra months of taxes, utilities, landscaping and pool pkeed costs. By listing in the fall (and doing it right) he saved himself about $6,000 in additional expenses. Also, if he had waited until the late spring, there would have been a ton more listing competiton -so the potential buyers would have seen his house AND 25 more – rather than his house and 10 more. His house looked better by comparison, so he got a higher offer in a quicker time frame.
6514 Barnsbury Court – List Price $319,000
Listed November 11th. Under contract November 19th. Closed December 22nd
This Tioga listing that goes to Brentfield Elementary had been listed all summer without transacting. For some reason, the seller hired an agent out of the area, and that agent did some bad factoring. This 3200 sqft house had a lot of great things goig for it, however location was not one of them. $115 per sqft would have been relevant if the house was south of Campbell and west of Hillcrest. So the original list price of $369,000 was VERY unrealistic. WI sat down with the seller, I broke down all the sales stats and told him that if he listed for $320,000 – he could expect to sell over 95% within 30 days. I’m right too often to be lucky.
6441 Bordeaux Avenue – List price $87,000
Listed Jan 11. Under Contract September 18th. Closed Dec 22nd.
This one was a beating. This condo was the perfect price for FHA financing, but the condo complex had let their FHA accreditation expire. I was on the complex’s HOA board like white on rice until I could get a firm answer about renewing the FHA relationship. It only took me 6 weeks.
2815 Sutter’s Mill – List price $127,500
I represented the buyer on this one. A HUD foreclosure. Final sale price was $110,000 for this 4 ed/3.1 bath home (2700+ sqft). Property closed on Dec 27th and the buyer already had it leased for $1150 per month starting on Jan 1. PITI for the property is $697 per month. Looks like this dog is cash-flowing.
It looks like we are going to have a light winter (no jinx. please). If so, the selling season is going to start earlier. For me – the proof is in the pudding…9 transactions from October to January proves that it does not have to be baseball season to sell your house. Being the first, well placed, well priced property on the market gives you an overwhelming advantage to sell for an attractive price.
2012 looks like it’s going to be a fun year.
Posted by krovinsky52 under Uncategorized
I pride myself on keeping my Real Estate blog to the subject of real estate. So many times you see a “Real Estate Blog” that uses the subject of real estate as a cover for a gossip blog. The properties become an extension of the people selling them. I have been guilty of this a few times, but the guts of my posts are about Real Estate…the values of properties, the trends in areas, and the frustrations of dealing with…well…frustrations. Today’s post is a value based post.
I have a client getting ready to list a great property in traditional North Dallas, so I had to run the comp sales in the area for 2011. This is meat and potatoes info that can benefit anyone in the area so here goes:
For properties in Area 11 (South of LBJ, north of NW Hwy – between Midway and Central Expy) for houses from 4,000 to 6, 000 sqft with pools on lots measuring .5 to .99 acres (big lots, but DEFINITELY NOT 1 acre or over).
There have been 20 properties to transact in 2011. Average sale price $1,368,150. Average price per sqft $259.47.
Median sale price $1,220,000
The question everybody asks is “How is the market”? Answer: market is always great! How do these numbers compare to 2010?
In 2010 there was a lackluster 15 transactions that met this criteria. 15 Transactions (up 33%). In 2010 the average sale price was $955,453 (the prices in 2011 are up 43%). Avg price per sqft $195.19 (up 33%).
Seems VERY STRONG. (Just to cap off this discussion – the average price per sqft for this niche of the market in 2007/2008 was $273 per sqft).
Notice I managed to complete this post without mentioning which house belonged to Wolfgang Puck.
23 Days ago I listed a great property in the Royal Lane/Midway area of North Dallas. Those who are incredibly optimistic would refer to this area as “Preston Hollow adjacent”. Others may see it as “Almost Midway Hills”. Half-Full or Half-empty.
This 5 bedroom, 3100 sqft gem on a half-acre lot got me to draw a suggested list price of $415,000. The seller (of course) wanted to list it higher – $440,000 because…well, just because. We came to a middle ground of $429,000 with the “hard and fast” rule that if we had no offers in 15 days we would reduce to $409,000. In my opinion, this would still give us time to transact for $400,000 – the number that all indicators pointed to from the start.
So on October 26th we were off and running – hitting the MLS with this listing at $429,000. The photos were magnificent. Gleaming parquet floors. Open kitchen. Huge gameroom. Swimming pool that looked like a vacation resort. Everything you would need to hit the ground running.
Response was brisk. 8 showings in the first week. Not a lot of strong feedback…but we did receive the strongest you can get. No offer.
We slid into week 2, again showings were brisk. 8 more showings. 2 second showings – but no one would take the time to write an offer. This is usually the time when home sellers make their biggest mistake. There is a hard strategy to reduce the price if there are no offers, but the seller says, “We’ve had so many showings…let’s just sit tight and see what happens.” Well, in this case, sitting tight would mean Thanksgiving…and an overall lack of motivation for any buyer’s to do anything. If you give a substantial price reduction, the buyer will feel motivation to jump on the deal before anyone else does. So the seller agreed to reduce to $409,000 as planned. Here is the “armchair quarterback” evaluation – tons of showings at $429,000 (with multiple ‘second showings’) shows that the price is relevant. The reduction should be enough to get someone to jump at $400,000.
Here is where the story gets funny…
The day of the price reduction, a Realtor presented an offer on behalf of his client. Tight offer. 30 day close. 1% earnest money. Offer of $390,000. I took the offer to the seller who responded “Give me 24 hours to come up with a counter”.
The next morning – before the seller presented a counter, the buyer’s agent called me. He was slightly agitated, I started the conversation…
“Hey, I’m glad you called. The seller has a counter offer for you.”
“Kyle,” the buyer’s agent asked, “Did you mean to reduce the price of the home by $20,000?”
“Yes we did. Why do you ask?”
“My client is furious. He thinks his offer is now too high – he wants to change his offer to $375,000″.
So wait – just because a seller reduced his price to motivate buyers, it doesn’t mean that the value of the home goes down, too.
“Ok, that’s fine. The seller’s counter is still $402,000.”
I could tell the buyer’s agent was really frustrated. He took the information and said he would get back to me.
3 hours later I got an email from another agent with an offer attached – qualified, 1% earnest, 20 day close…sale price of $395,000. Everything looked strong. So we are sitting at 2pm, not 24 hours after the price reduction, with an acceptable offer – right on the heels of a buyer that thought one reduction merited another.
4pm I get an e-mail from buyer #1 that he will raise his offer to $382,500. I reply to him that the seller’s counter has been withdrawn. Now free to work the second offer, it was an easy communication to get the offer up to $400,000.
BOOM! Right where I thought it would go. Contract executed on Friday. Inspections scheduled for Monday. We changed the status in MLS on Friday so it showed up as “under option” late Friday.
The first agent called back again.
“Under option?!?”, the agent questioned and exclaimed. “Why didn’t you tell me you had multiple offers?”.
“Well, I didn’t think it mattered. Your client’s counters did not indicate that he was serious about buying the house. I did not want to scare off the second offer with a brash announcement of ‘MULTIPLE OFFERS!!!!’ so we quickly worked the strong offer and got the deal done.”
So, it looked like the 1st buyer really wanted the house, but his self educated Real Estate 101 from watching “The Today Show” told him he could not POSSIBLY offer close to list for a property – even though his initial offer of $390,000 could have gotten the deal done.
Moral of the story – one price reduction does not merit a reduction in offer. Let a property sit for 30 to 60 days before going in low on a reduction. Also, a note to sellers…a carefully placed price reduction means the difference between hosting dozens of tire kickers and getting an offer.
Posted by krovinsky52 under General Information
Last night, as I was absorbing the news reports about the death of Steve Jobs, I was trying to get my triplet boys ready for bed. “Come on…to the diaper room…DON’T TOUCH THAT…Leave that alone…Hurry along…You can play with that when you’re done.”
I couldn’t help but wonder what Steve must have been like as a three year old? Did he always want to make things and figure out how things work? Did he talk back? Was he willful? Did he want his own way? Or did he always fall in line and do what his parents said? Did Steve always make good choices, or excel at every thing he tried?
I constantly find myself frustrated at the actions of the boys. Whether it’s Hiram asking “Why?” for the 100th time in a row, or Meyer saying “Watch this Daddy…” as he learns that if he turns the water hose on full blast into the charcoal grill, he can make his own version of play-doh. Or my favorite…when Leo first discovered he could move the “inchworm” over to the kitchen serving window, climb on it’s back and escape into the unexplored territories of the house.
What can I learn from Steve Jobs, a man that changed the world as we know it…and how will that help me raise my children?
Here are a few thoughts swirling through my head:
There are going to be a LOT of mistakes. Trial and error. No one creates the Macintosh on the first try without making a little mess.
If they break something open to see what is inside, use it as a learning experience, rather than get upset at a broken toy.
Let them do what THEY want to do, rather that what I want them to do.
As another example of an “outside the box” genius – I often think of an 18 year old Jim Henson sitting with his father (who at the time was holding a $5,000 inheritance check from Jim’s grandmother):
Jim’s dad: Well Jim, this is a lot of money. What are you planning on doing with it?
Jim: Well Dad, I have an idea about making this frog puppet…
I hope I can cultivate my children’s curiosity. I hope I can nurture their hunger to learn. I hope I never kill their desire to ask “why”. These items are way more important than forcing the kid to eat a green bean, exploding if they spill their juice on the carpet, or screaming if they get out of their chair at dinner.
Sometimes I will need to prod them with a suggestion, or help them lift something higher than they can physically reach. I want to be their sounding board and support their ideas. Pick them up when they fall down or cry with disappointment when their plans do not workout. I want to encourage them to work things out on their own, so they feel proud and accomplished when they have succeeded, yet willing to try and try again if things disappoint them.
I’m sure I will read and learn much more about Steve Jobs, and always wonder what would he have thought of next?
Maybe, years from now, you will buy an amazing, “can’t live without” product that one of my children has created! Or maybe they will grow to be the kind of person you like to be around. A person that cares about the world around them.