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Don't go borrowing trouble. The interest rate is too high.

By
Real Estate Agent with Red Rock Real Estate (435) 632-9374 UT DRE# 6541633-SA00

Don't go borrowing trouble. The interest rate is too high.

 

Have you ever known a home seller to look online for a current market price and then also forgo real estate representation to sell a property? Doing this can cost a homeowner, big, in so many ways but many decide to go it alone with a thought stuck in their head... save loads of money. 

 

Some people fail to realize the value of hiring an experienced, agent to help guide them, from start to finish, through the sales process. Agents that have been through a few cycles, know that national sites lack correct information down to the local level, especially true market value.

 

Years ago, I told a story about a FSBO who went to Z to find what was thought to be reasonable sales price. In reality, it was approximately $100K lower than current market value. Fairly quickly, a buyer agent submitted an offer on behalf of a home buyer, at full asking price with quick close. 

 

 

After recording, it was discovered the house was worth almost $100K more than the sold price. Talk about a very painful reality check. Ouch! This was a great deal for the home buyer, not so much for the seller!

 

An experienced listing agent:

  • Creates a CMA to determine up-to-date market value
  • Ensures all legal documents is properly filled out, signed and dated
  • Inputs data to the MLS regarding features, upgrades and amenities
  • Gets professional photos done plus de-personalizing and de-cluttering
  • Distributes to multiple real estate driven sites, ensuring market saturation
  • Advertises and markets heavy to grab the consumer's attention, especially when the property competes with other listings 
  • Places a sign in the yard, creating fliers, scheduling Board Tour, open houses, notifying clients for showings, asking for feedback 
  • Submits all incoming offers to the seller, then helps negotiate terms and conditions that favor the client
  • And more!

 

Sellers: Trying to save money by selling a home or any property without hiring professional representation may borrow trouble and as most of us agents know, the interest rate is too high. Wayyyy too high!

 

This is an entry to: March to a Solution | ActiveRain March 2023 Challenge. Thanks again to Kathleen Daniels, Probate & Trust Specialist and to Patricia Feager, MBA, CRS, GRI,MRP for hosting!

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I, Wanda Kubat-Nerdin at Red Rock Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property and copyrighted.

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Wanda Kubat-Nerdin is a southern Utah REALTOR® assisting buyers and sellers in in the St. George area, Dammeron Valley, Diamond Valley, Veyo, Central, Hurricane, Ivins, La Verkin, Leeds, Santa Clara, and Washington real estate markets.
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Red Rock Real Estate
90 E 100 S, St. George, UT 84770

BuynSellUtah.com
Mobile: (435) 632-9374 call or text
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My Blog Posts

Edward Gilmartin
CRE - Boston, MA

Zillow is the worst place to find out what a property is worth. Paying for an appraisal is a better idea. In a slow market you definitely need to hire a realtor though

Mar 12, 2023 08:59 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

It's smart to hire a real estate agent in any market, in my opinion, Edward Gilmartin

Mar 12, 2023 09:35 AM
Edward Gilmartin
CRE - Boston, MA

High cost of borrowing will impact price of housing. Look for a decline to 2018 prices

Mar 13, 2023 03:36 PM
Edward Gilmartin
CRE - Boston, MA

Get ready for an adjustment. Learn how to advise your sellers how to adjust to high interest rate environment

Mar 13, 2023 03:51 PM
Bill Kennedy
Keller Williams Greenville Upstate - Greenville, SC
Homes For Sale Greenville SC

Great ideas! Sounds like your clients are lucky they have you in their corner. Happy selling!

Mar 18, 2023 12:01 PM
Matt Brady
Watermark Capital - Del Mar, CA
One of San Diego's Best Equity Advisors

Hi Wanda, Your title captured my interest (pun intended).  FSBOs have a whole other cost, and even though my wife is a broker we still use local agents when we are not in our home town. As a lender, I cannot tell you the number of conversations I have with people that see rates advertised online and call me to ask why my rates are too high. Well let's see, you are buying a condo with 5% down and your FICO score is 695 with a BE ratio of 47. Of course, you get the same rate as an SFR buyer with 30% down and a 780 FICO.

Mar 20, 2023 06:03 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

The future remains to be seen, Edward Gilmartin and hope to continue doing what I love. And that is helping people home!

Mar 20, 2023 06:22 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Have buyers right now in the market and I do hope the interest rates remain reasonable, Edward Gilmartin.

Mar 20, 2023 06:24 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Thanks for stopping by Bill Kennedy, hope all is well in your selling world!

Mar 20, 2023 06:24 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Showing people your value is what savvy businesspeople do and I have zero problem with that, Matt Brady. Much continued success to you and your wife!

Mar 20, 2023 06:26 PM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We know that most FSBO sellers end up listing their houses after failing to sell their homes on their own. The seller you described actually succeeded in selling the home. Not exactly a successful life event.

Mar 21, 2023 07:33 AM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

So true!  Home sellers would be smart to listen to your advice and hire you in your area to sell their home!

Mar 24, 2023 10:15 AM
jerry mikol
empress - South Daytona Beach, FL
hard but sure

It is always a bad idea to ask for a loan, but who am I to judge the situation of each person

Mar 25, 2023 01:48 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That would make sense for me. It’s a clear and concise message and general astute thought.

Mar 26, 2023 10:04 PM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Great idea.   Good message. Thanks for sharing.

Mar 27, 2023 10:59 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Losing money in a strong, seller's market is never a winning strategy and some find out the hard way, John Juarez. Unfortunately for them!

Mar 27, 2023 06:33 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Experienced agents and do help every single day and why we are still successful, Jan Green - Scottsdale, AZ!

Mar 27, 2023 06:34 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Not sure what you mean Jerry. (?)

Mar 27, 2023 06:35 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Thank you, Laura Cerrano. It is very profound in our industry, especially when people think it's easy. So much goes on behind the scenes to ensure success!

Mar 27, 2023 06:36 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Thank you Ginger Harper, glad you enjoyed the message!

Mar 27, 2023 06:37 PM