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My friend OVERpaid for his house said the First Timer....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

   Our referrals come in many different areas and price ranges from Sellers downsizing to First time Buyers...and we enjoy being of service to a variety of clients.

  referral  We interview our Buyers and talk about everything from their wish list and financing to communities, commuting distance...the length of time they anticipate living in a home....the more we know, sometimes realistic and sometimes not...the better we can offer guidance during their search.  There can be no such thing as "too much information"...when it comes to a client's background.

    Often first time buyers know other friends who  have recently purchased a home....and they share their experiences..good and bad in the hopes of theirs being the best possible purchase and we appreciate that information.

     Southeastern Wisconsin is largely a Seller's market with people who have prepared their homes for sale and priced them to "meet the market" receiving wonderfSOLD Homeul offers in a short period of time. Sellers who believe they don't have to prepare the house and will somehow "take advantage" of a Seller's Market anyway...overprice the house...and are disappointed when their "For Sale" status does not become SOLD very quickly....or at all.  But....I digress.

    A first time buyer interview lead to a discussion about their friend's buying experience. The new Buyer told us ..."My friends OVERpaid for their house."  Hmmm....thinking that the friend probably did not pay cash without an appraisal contingency we were curious as to how that could happen.  "They paid over the assessed value," declared the new Buyer.   Wellllll......they didn't pay over the APPRAISED value and there is a BIG difference we told him.   Assessments are used by a municipality to collect the money to run them....and in southeastern Wisconsin are not directly related to "the actual market price."    That was a lightbulb moment for the Buyer who had believed otherwise...thought the internet said....but learned now was not true.

         If you want to Sell or Buy a home in southeastern Wisconsin, Sally K. & David L. Hanson would be honored to introduce you to the communities in the eight southeastern counties we are honored to serve including Kenosha, Racine, Walworth, Ozaukee, Washington,Milwaukee, Waukesha and Jefferson for all things real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

First time buyers should be handled with extra care!!!

Often first time buyers know other friends who  have recently purchased a home....and they share their experiences..good and bad in the hopes of theirs being the best possible purchase and we appreciate that information.

Jan 19, 2018 03:53 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

All buyers in the Southeastern part of WI will have that "lightbulb" moment if they hire the right Realtors - Sally and David Hanson!

Jan 19, 2018 04:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

So many "myths" to dispel with first-time buyers about home values, I've found. In my county there is very little correlation between assessed value and market value, which is hard for some buyers to understand who come from areas where assessed values match the most recent sale.

Jan 19, 2018 04:24 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Sally, you do not digress at all...just because it is a sellers' market does not mean you can overprice a home...yet many do & will argue with the agent on and on...I call it the 'T' syndrome and it doesn't work.

Jan 19, 2018 04:57 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Sally K. & David L. Hanson ,

Its amazing the misinformation that is out there on the Internet. Real Estate is local but here in Austin assessed value and appraised value are definitely two totally different things. So many myths to dispel!

Jan 19, 2018 05:00 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  There are many false and misleading beliefs by those not involved in real estate that spread like a virus.

Jan 19, 2018 05:03 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Consumers read things on the internet and sometimes do not understand . It is important to work with a real estate agent

Jan 19, 2018 05:51 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Most people do not know the difference from assessed value to appraised value, it is a great conversation started and often can really impress a consumer where they then become a client Sally K. & David L. Hanson 

Jan 19, 2018 05:52 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Good morning Sally K. & David L. Hanson .  The general public often confuses assessed value and appraised value and use the terms interchangeably which is absolutely wrong! 

Jan 19, 2018 06:14 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. This is a common misconception. Great explanation and always good to have an initial meeting.

Jan 19, 2018 07:01 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I think it is funny that some people well take inaccurate information and swear that it is gospel, haha.

Jan 19, 2018 08:36 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

  I had one client who told me their neighbor got $20,000 more for their property then the county said they got.  I told them I have to go by what the County record says the sale was because that’s documented as fact Sally K. & David L. Hanson 

Jan 19, 2018 02:27 PM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Educating consumers is a must to ensure they have the best information to make a smart real estate decision. It's no wonder your services are sought, Sally!

Jan 19, 2018 03:06 PM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Hi Sally, I agree with all of the above - darn I hate being late the party. Makes it tough to find something new, or clever to day. Great realtors, good post, how's that? Have a great weekend. D 

Jan 19, 2018 03:36 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David may be this Seller should have his friend sell his house since he is suvh an expert

Jan 19, 2018 08:25 PM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Sally K. & David L. Hanson assessed value and appraised value can be confusing for consumers...and then you throw in those fabulous "Zestimates"  LOL

Jan 19, 2018 09:29 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Oh, that's confusing even for 2nd and 3rd-time buyers in my area, Sally! Our values don't match at all and when I hear that comment, I know they need some edu-ma-cation!! I always tell them they WANT that assessed value to be lower - it means they pay lower taxes! 

Happy Saturday!

Jan 20, 2018 08:19 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Sally and David - the best way to prevent buyers remorse is to help buyers understand options and outcomes.  Then they will be more assured that they did the right thing.

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