It was a very early up and out for me due to my having an early morning appointment at office, but the first thing I had to do, was stop and pick up my sold signs and lockboxes from two listings which were scheduled to close today. By the time I arrived back at office, put everything away and got at least partially situated, my buyers showed up.
The main reason for their arrival, was to get some direction as to what the whole process would be when buying their first home. After bringing them up to speed, we went ahead and looked at several properties in their price range. One was a no, and the other a maybe, so I’ll be doing some deep digging within our MLS to see if there’s something still available in their price range. I can certainly say there’s nearly nothing on the market which is safe, sound and secure under the $90K price range. There was one house they’d been eying which I’d heard was under contract but not posted, so I had to hear it first-had from the listing agent that it was indeed sold.
In between my back-to-back closing, I managed to meet some buyers out at the home we’re closing on tomorrow for their final walk-thru. After getting another good look at it, I could tell they suddenly realized they did get a good buy in these crazy market times. Yes, there’s money to be thrown at it, but at least every dime they do spend, will come back to them, whereas most homes don’t give a 100% return due to the amount they’d already spent getting them purchased, which is why in the old days, people would buy fixer-uppers just to create their own instant equity. Unfortunately in these times, they prefer the many lipsticked pigs.
Some months ago, a young couple purchased a for-sale-by-owner offering all the glittering updates which quickly had them smitten. When I later found out what they paid for it, I shook my head and said to myself, “A fool and his money are soon parted.”, which has become more commonplace these past six months. When speaking to one of the lenders today, we both agreed that in say three years, those homes purchased for big prices with little or no downpayment, will soon be turning into pre-foreclosures. Oh how I do hope we don’t have a repeat of the Savings and Loan Crisis or the 2008 Mortgage Crisis, because after those severely discounted homes came back on the market by those banks, created a feeding-frenzy with our rental barons, and for sure, we do not need any more of those in our City.
Both of those closings went smoothly today, and glad to find the parties happy with their end results. One was a low-end sale and the other higher, but at least they went to owner-occupants instead of investors, because what I’ve been recently finding, are out-of-town investors paying over $70K for our inexpensive two bedroom units offering little or no bells and whistles.
I’m still in a bit of shock my two listings located at 240 – 7th St. SE and 142 – 15th St. NW haven’t sold yet. As far as I’m concerned, that home on 7th is a diamond on the rough to where if someone were handy enough to make those needed improvements, they’d be making a considerable amount of money if they’d decide to re-sell it right away. And as far as the home on 15th St. goes, that’s all it needs is a new furnace and central air installed, carpets removed, a good cleaning and painting, and it would be another one that would easily sell in the high $70’s or low $80’s. That home is built like a WWII battleship, but once again, it’s that “I want it all now” mindset of today’s buyers.
After walking thru a soon to be gorgeous ranch home that’s been a labor of love for one of my client’s, I assured him that once he’s got all the many finishing touches completed, it’ll likely bring upwards of $175K on the open market, and the big selling point with it, is where it’s located, as I’m finding all the more buyers wanting to be in quieter districts where they’re not having to listen to all the many cars and motorcycles driving by at all hours of the day and night. I personally don’t blame them one bit.
It’ll be another “off to the races” day again tomorrow, as my appointment calendar is already half full, but I’m not complaining due my never knowing when our market will slow down, or possibly even come to a screeching halt.
One of my appointments is to meet a Realtor and her buyer over at Prairie Place on 1st tomorrow so I can give them the full tour, which I’d rather do because most agents don’t realize how many extras those units are offering. Luckily she was more than willing, instead of some who’ve been fearful I’d “steal” their buyers. Every time I sense that’s what they’re thinking, I’m wondering how many they’ve “stolen” from other agents. Such an attitude makes for a clearer idea of one’s core character.
While driving home, an agent text me saying she’ll likely be emailing me an offer tonight on one of my listings, and if it does arrive, that’ll be another slot of time out of my day tomorrow, and if this keeps up, I’ll be out beating the bushes for more homes to sell.
I received an annoying email today from another agent asking if I’d help with some research on a sale that took place back in August which had nothing to do with the way in which we handled that closing, but rather an over-sight on a bank’s part by not releasing a mortgage that was paid off. I so much wanted to send an email back saying, “I think you need to get on the tail of that lender so it gets released other than bothering me about something like this.” Oh well, the only thing I did do, was grab that old file, leave a message on the previous owners cell phone, just to ask if by chance he received an un-recorded release in the mail. I’m sure he didn’t, but at least I followed up.
Tonight’s One-liner is: People first, then money, then things.