ATTENTION HOME SELLERS & BUYERS: HOW TO GET AHEAD NOT BY $4,000 or $40,000 or even $140,000 BUT AS MUCH AS $155,000

By
Real Estate Agent with Chase International Real Estate 61032

 

 

“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.”

                                                             -David Ogilvy, "pope of advertising"

 

By: Joe Salcedo of Reno Real Estate Blog

 

Understanding your market can put you ahead not by $4,000 or $4,000 or even $140,000 but as much as $155,000. Or if you choose not to heed, pick $155,000 from your pocket.

My client April (not her real name) was strongly advised (with graphs to show her) to sell her house in August of 2007. She waited till the market got better. We could have sold it at $305,000.

 

Demand

Demand

 

 

Median Price (2 years)

Reno median price

 

Now, it's worth $150,00.

Like a lone voice in the wilderness crying “look at the market... market... market” My cries have been largely ignored. “Location, Location, Location” is what they throw back at me. I don't argue, but a half-truth often carries the impact of a full blown lie.

Open the television, browse the news--there is someone bound to tell us about the real estate market. He's usually with the shiny head, a blue suit and an equally shiny red tie with thirty minutes worth of opinion--either watered down or hopelessly stuck in the latest breaking news in the housing market. 

The result: people seeing from the wrong end of the telescope—the here and now versus understanding the big picture.

The solution: know the supply & demand and median price. I promise you, you will understand the market better than the 90% of the 'experts'.

How: 1) Google it. e.g "Reno real estate number of homes for sale" or "Reno homes supply and demand"

        2) Your agent might not be able to provide you a graph like the ones you saw earlier (I was 'forced' to do this for my blog).  But ask your agent to pull up numbers--supply & demand and median price (at least two years).  Spend an hour to find out how the market is behaving.  You will enjoy it because you will proft greatly from it.

        3) Demand it from your agent's title company.  Ask questions.  Be inquisitive.

 

“Confront the brutal facts but never lose hope that in the end you wil prevail.”

                                                                  -Jim Stockdale, POW in Vietnam for eight years

 

*Joe Salcedo is a real estate agent in Reno.  You can find him at Reno real estate blog.

 

 

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Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

This could describe a lot of people.  Everyone wants to wait for the market to go back up, not believing that there's more "down" between here and there.

May 01, 2009 11:41 AM #1
Rainer
23,573
Matt Heisler
Heisler & Mattson Properties - Southborough, MA
Real Estate & Investor Services

Hindsight is 20/20, but I think a lot of us - even KNOWING the correction was coming, would have been hard pressed to say by how much.  If we knew the answers we wouldn't have to sell real estate for a living....

May 01, 2009 11:49 AM #2
Rainer
45,230
Elizabeth Benefield
Montana Country Real Estate - Libby, MT

Good advice the market has not been the normal this year. Even watching the market who would know some of the things that have happened in real estate this year.

May 01, 2009 11:51 AM #3
Rainer
14,346
Joe Salcedo
Chase International Real Estate - Reno, NV
Reno Real Estate

Margaret,

Sadly...true.  The good part is we don't have to fly blind.  If you look at hard enough, the market reveals clear signs of what it will do.

May 01, 2009 11:56 AM #4
Rainer
14,346
Joe Salcedo
Chase International Real Estate - Reno, NV
Reno Real Estate

Matt,

We may never know exactly where the market is going but thick smoke leads to the fire.  Just knowing what's currently happening will help us help our clients by leaps and bounds.  Future will always be future but the present gives us clear signals.

May 01, 2009 11:59 AM #5
Rainer
14,346
Joe Salcedo
Chase International Real Estate - Reno, NV
Reno Real Estate

Elizabeth,

The best thing is to be the market's friend--observe it closely so we would know what it is doing.  We're the messengers of the market to the people. 

 

Thanks..

May 01, 2009 12:01 PM #6
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Joe Salcedo

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