All across the country we’re hearing the same things in real estate “There are more buyers than there are houses for sale!”. We have a housing shortage in most markets and Jacksonville is no exception.
It’s no secret that we are still in a sellers’ market, but while three years ago that meant that buyers had to be aggressive in their offers, NOW it means that even offering OVER list price may not get them the house they are after. What we are seeing in Jacksonville is that any home in even a remotely desirable area that is priced within the realm of appropriateness may garner multiple offers upon hitting the market. The interesting thing is that, in most cases, price alone doesn’t get a buyer the house. Because prices have gone up so quickly, Realtors must also be careful up pitting buyers against each other in a bidding war to the extent that the parties have to worry about a low appraisal. In some cases with newer Realtors we are noticing that they don’t see the problem with allowing their customers to put a contract on a house for far more than the house is worth.
In one recent instance, one of Bold City Real Estate’s agents listed a home for sale in Arlington at $185,000-the highest price that could be justified on this home. The listing agent received 4 offers in the first 24 hours. An associate from a different brokerage then called with interest in the same home. That associate was notified that there were multiple offers on the property and that the sellers would be making a decision that night. That associate then sent an offer over for $210,000-well over the amount the property would ever appraise for. The problem? This inexperienced associate didn’t even run an analysis to see if the price on the house was appropriate. She just convinced her customer (who was a first time buyer) that this was the only way to set his offer apart without even understanding the risk of a low appraisal herself. Between her lack of experience, unprofessional demeanor, and an ill reputed mortgage company the buyer was using, the seller chose an offer at a lower price.
See article “Tips for getting the house in a seller’s market: https://boldcitylife.com/2017/08/01/tips-getting-house-sellers-market/
The bottom line? If you’re thinking of selling, it’s a great time to do that. Chances are you’re going to do minimal work to get the home ready (if any at all), you’re likely going to get top dollar, and you can probably get it sold in record time.
What you should pay attention to is who you hire. I’ve noticed that sellers who don’t know any better often hire a brokerage whose name they recognize, which couldn’t be crazier in my opinion. Since big box brokerages are notorious for hiring absolutely anyone with a shiny new real estate license, there’s a decent chance that when you call or step into the brokerage, that’s who is practically being assigned to you. I’m not implying that there’s a problem with hiring someone new, just do your research. We deal with just as many real estate veterans who put minimal effort into marketing and just seemed burned out on the industry altogether.
What you should be doing is researching an individual Realtor and how they’ve marketed other peoples’ homes in the past year. Sometimes there’s nothing wrong with hiring someone new if they have the right background, training, and support. New Realtors can be eager to impress, flexible, and have great service with a background that happens to complement what they will do in real estate. Don’t get hung up on “coverage areas”. It’s 2018 and every Realtor has access to the same data about Jacksonville neighborhoods. Ask for references from past customers and call them! Hire a Realtor whose only job is selling real estate! I will never understand hiring a part time Realtor. The problem should be obvious-they are only working to sell your home part…of the time..? Is that obvious? I feel like that’s obvious but we see it every day. To do the best job for you, your Realtor should be available 7 days a week and respond to you quickly-within a couple of hours.
For more information on how Bold City Real Estate markets homes, see: https://boldcitylife.com/marketing-your-home/
Allison Rodrigues is the owner and broker of Bold City Real Estate. She is passionate about her hometown of Jacksonville, Florida but helps both buyers and sellers in most areas of Northeast Florida. Her background in real estate law made the transition to selling homes an easy one and she prides herself on being available, adaptable, and transparent with her clients. She can be reached at 904-210-8387 or by email at Allison@BoldCityLife.com.