Archive for category: Real Estate Related

When faced with a low appraisal and danger of losing a sale, brokers and agent might consider these real estate data tools to hold the sale together.

Low appraisals happen. We all know there are a number of reasons why – too many short sales in the neighborhood, overpricing, inflated prices for certain homes, etc.

But it’s certainly a dreadful moment for brokers and agents after all that hard work bringing a buyer and seller is for naught.

Most real estate pros will obviously try their best to rescue the deal. Perhaps suggest a second appraisal. Ask the seller to lower their price. Ask the buyer to kick in more cash. It’s a tough exercise.

One handy tool that a broker or agent could introduce to prop up the sale is real estate data.

Real estate data to the rescue

With data providers such as Home Junction, a real estate pro can add a tremendous amount of hyper-local data to their website. This data can be a powerful persuader when it comes to fixing a bad situation.

And just as easy as it is to download the latest app on your iphone or smartphone, adding this gigantic reservoir of local data is an extremely simple task today. All that is required is basically just adding a few snippets of code and bazinga – there is a ton of hyper-local, highly relevant real estate data available for consumers on the agent’s website.

Here are a few suggestions on how to perhaps use that data to combat a lower than anticipated appraisal.

For example, sure this particular appraisal came in below the agreed upon price. But according to Recent Home Sales Data for the area, home prices in the rest of the market are actually on the rise So even if an appraisal for that home is low, it’s evident overall home prices in the area are on the upswing.

Perhaps there were those extenuating circumstances that hurt that appraisal. Perhaps the appraiser did make a mistake. Bottom line – the value of homes in this market are escalating, and that’s a reassuring signal to a buyer. Maybe it will persuade them to put extra cash into the deal.

Conversely, perhaps Recent Home Sales Data shows the market is flat. Or, actually declining. Maybe the seller overpriced their home (gee, how often does this happen?).

Perhaps the seller just had an unreasonably inflated number in their head and the appraisal gave them a reality check. Use your Recent Homes Sales Data to reinforce that bit of realism and perhaps help the seller come back down to earth with a more reasonable price.

Another persuasive tool to use is a Market Trend Chart. Sure, this appraisal is low, but homes sales in this neighborhood are heating up. Show how the number of homes sold is rising dramatically.

The seller might be asking for a little bit more than the appraised value, but point out to the buyer, if they really want to live in this neighborhood, perhaps they should pony up the extra cash.

Maybe there’s a new school going up down the street. Perhaps they are adding a new train station. Or a major employer is coming into town. These factors are sure to boost the values later.

Then there is the overall picture of the neighborhood. For example, Home Junction has a map-based search tool that shows amenities on a map relative to an MLS listing.

For example, you know Mr. Buyer is an avid golfer. Show him how this particular property, is within easy driving distance of three great golf courses.

Sure, the appraisal might not be pretty, but driving just a mile to tee off at one of the area’s best golf courses can sure paint a better picture in the mind of a buyer.

Mrs. Buyer loves coffee and yoga. There’s a cute coffee shop just down the street and a popular hot-yoga studio right around the corner. Does she want to give up that valuable proximity to the things she loves and find a home on the outskirts of town instead? Miles away from everything?

Okay, the appraisal came in low. Money is one thing. But arranging a solid education for your children is another. Show on the map the boundary data for the local school district. Point out how that popular middle school down the street comes in with high marks and worth putting up a few thousand dollars to be sure the buyer’s children can attend a quality school.

Maybe the data shows the area has a problem with crime compared to other areas. Show this to the seller. Let them know they are not going to get that higher price because of that factor and to be realistic. That’s a compelling reason to drop a price.

An appraisal might show the  value of a property on a micro-level, but Recent Home Sales, Market Trends and a map of local amenities can help the buyer (or seller) zoom out and see the bigger picture.

Buying or selling a home is an emotional endeavor. The cold, hard numbers in an appraisal can strike a blow to any feelings people have in their heads about a property.

Use the numbers in real estate data on your website to help persuade buyers and sellers to reassess the true value of the property and then what they should do to salvage the deal.

When housing markets overheat, there is no better tool for real estate brokers and agents than Recent Home Sales Data.

Every one who has been in the biz knows what those days are like. Buyers are in a frenzy. Homes are snatched right out of their hands (along with your commissions). Prices keep escalating.

It almost gets to the point where recent homes sales data is more important than the property itself.

That’s why it’s imperative that a real estate pro offers consumers this vital information embedded on their website. Things are moving fast. Buyers will scurry for answers. Sellers will want to pull the trigger on listings. You certainly don’t want buyers finding out recent homes sales information on a competitor’s website.

Fortunately, this is the age of big data. With today’s technology it is not a big deal to gather a ton of recent homes sales data. Not only in your marketplace, but in surrounding markets as well.

Take the town of Aviso just south of San Francisco. Dotcoms in the Bay Area are literally creating millionaires overnight. What do you think these people do when they get those big fat checks? Yep, they go out and buy a house.

Aviso used to be a sleepy little town. Now the tentacles of dotcom millionaires are reaching into their community and home prices are steadily increasing. Some people used to joke you would be lucky if you could sell a home for $200,000. They are not laughing anymore.

One couple from Sun Micro systems talked about how they had to dish out $500,000 for a home and it was a bargain compared to other places. Plus it had a yard. Now the house is probably worth $1 million.

Home sales are booming in Aviso. Rents are now going for as much as $3,000. Apple and Google just bought property there as well. The market is heating up faster than an backyard hamburger grill.

Sounds like a great situation for a real estate agent. But there are consequences. For one, residents there are in a panic. Not every buyer is going to be working for a computer conglomerate or the next big digital thing. What about firefighters, carpenters and teachers?

They are going to count on you as a real estate professional to help them find a place to live. What about someone who just moves into town, all happy at the prospect of starting their new job, only to find out they will probably have to sleep in their car? They are also counting on you to find them a place to live and to assure them the outrageous price they are about to pay for that home will be worth it in the long run.

Existing home sales data can relieve buyer anxiety

Talk is cheap. But real estate data is convincing. Especially with so much on the line.

Work with data provider such as Home Junction. They have the technology to be able to feed a pipeline of  recent homes sales and market trends right into your website by just adding a few lines of code.

In just a very short period of time a broker or agent can have a wealth of this information available to show to prospects. And to promote on social media to generate more prospects.

They can show charts for any community with trends in total Number of Home Sales. Is inventory low? Are home sales scarce? Should a buyer jump on a property as soon as it goes on the market?

You can also show a trend line for Sales Prices. Are home prices skyrocketing? What about that community about 10 miles to the south? Those home prices still seem to be holding steady. Perhaps that’s the place certain buyers should be looking.

Let’s get even more granular. With Home Junction data, a person can actually look on a map to see which homes sold for what price. Perhaps there’s a cluster of homes that sold on one street but a few blocks over there aren’t any. Need to find out why?

Just imagine talking to a stressed-out couple and being able to provide all this recent home sales data with just the press of a button. Sure, home prices might be high in certain areas, but think of the relief they will feel when you are able to show them other properties that are still within reach.

Or, think about how that data can help convince a newcomer to the area who is making a decent paycheck, that according to the trend line in recent home sales, buying a home at these prices might not be that  large of a risk and frankly, it’s probably a good investment.

In essence, you will be like a calm, knowledgeable shelter in a stormy landscape to them.

Whatever the outcome, you can be certain of this – those buyers will be greatly impressed with your professionalism, your hyper-local knowledge and the amazing recent home sales data you offer on your website.

 

 

How many times has a real estate agent faced this dilemma? One buyer wants to move here, the other wants to stay there (or vice versa).

Take a typical home buying couple. Sheila loves where they live now. She’s heard negative things about the new location from her tennis friends.

But Gary  wants to move. He’s excited about relocating to this new town, and has only heard great things from his golfing buddies.

What to do? Fortunately there’s a tool for this type of situation.

In fact, there are a whole slew of real estate data tools that can brokers and agents can use to help buyers make these difficult home-buying decisions.

These are choices that are literally life-changing for consumers.

For example, think about the impact a broker or agent can have by offering real estate data that shows a comparative analysis of one area next to another.

Take Bellevue WA and Seattle WA for example.

Gary desperately wants to move there from Seattle. He’s tired of the big city. The couple have spent the past few weekends driving around the area checking it out. They’ve even gone so far as to sit down with a local real estate agent.

Sheila is warming up a bit, but says she still loves the city and has many pre-conceived notions about what’s it’s like to live further north.

Real estate data can enlighten buyers

A savvy agent can move the dialogue along by providing the couple with valuable information that addresses those concerns and compares one area to the other.

For example, Sheila heard it’s freezing in Belluvue. The town is so close to the Canadian border, which in her mind is just down the street from the Arctic Circle.

On the agent’s website, the real estate pro pulls up a comparative analysis of the weather (remember those words, “the agent’s website.”)

Here’s what the results show for Average Temperatures:

Seattle – High 60 F degrees – Low 44 F degrees.

Bellevue – High 60 F degrees – Low 43 degrees.

One degree difference in winter. None in the summer.

“Well,” Sheila might argue. “I prefer the college graduate crowd of Seattle.”

The agent pulls up the results under Education.

Turns out Bellevue has a higher share of people with bachelors’ and graduate degrees.

Gary is glowing. But then he does express one bothersome thought to the agent.

“I personally know Bellevue is a fantastic places to live. But, I am really concerned it’s so great that it’s become super-expensive.

The agent pulls up a Buying Power comparison, again on their website.

Turns out, yes, Bellevue is more expensive. Goods and services that cost $945 in Seattle would cost $1000 in Bellevue.

However, the agent reminds Gary that’s only a 5% difference.

The comparison could go on and on. Could be Anytown USA compared to any another town.

But the underlying message is, that when it comes to real estate data, there’s no comparison between an agent who can provide that valuable local information on their website, and an agent who cannot.

Think of the implications just one comparative data tool can provide.

For one, there’s a huge marketing opportunity. As we noted earlier, when an agent points out this tool in their email blasts or social media posts, they will be driving consumers back to their website. Not another site.

And certainly not sending them out into the world wide web where perhaps they can find this data from a competitor. That creates a lead generation opportunity.

Think about the benefits when approaching sellers. An agent can not only paint an appealing picture on how they are going to market a seller’s property with great photos, etc.

They are also going to create a positive illustration of key data points on how the location of this property compares to other locations nearby, in the next county or in the next state.

Finally, there’s that local knowledge thing. The attribute that all agents aspire to possess. This is the 21st century. Home buyers (and sellers) are continually surrounded by data every day. Think of all the data they can gather on mortgages for example – comparing rates, points, fees, etc.

Data is part of their lives. They expect to see data in every transaction they are involved in. It’s a must that today’s brokers and agents have this hyper-local data available for consumers to examine.

After all, prospects will also be comparing you to your peers. Be sure you win that argument with the right comparison real estate data.

For more information visit Home Junction’s real estate data section.