Dallas Real Estate News

I had an interesting conversation last week with someone who came in to my office and told me in no uncertain terms that the sale of her house couldn't happen fast enough!  She wants out from under the maintenance, the one million-plus leaves that fall on her lawn every year, and she espeically wants to be free from her obligation to the national bank that holds the note.  She has an updated kitchen, fresh interior paint, and the house is located in the heart of a prime area. 

As she spoke, I'm sure that my eyes lit up a bit as I sat up in my chair and leaned toward her. My mind was racing with "delusions" of a truly motivated seller with a great house in a wonderful location.  I let her vent for a bit, listened to her wax nostalgic about the days of owning a townhome with a delightful little patio and no worries about things like soffit vent replacements or keeping a manicured lawn, and then she said... 

"Of course, I don't want to list it!  No, I'm too busy to be bothered by showings and open houses.  In fact, I have a Realtor friend who told me I need to list the house, but I think it's such a wonderful house-- now that I have converted it to all electric (gulp), and finished most of the hardwoods (gulp).  I started having the exterior painted, but I got mad at the painter and fired him, so I already know how much it will cost to finish the job."

I asked her if she were aware that there are currently nearly 70 houses (all very similar to her own) that are on the market in the immediate area right now. 

"Oh, but they are being sold by people who are willing to negotiate their price.  I'm selling rock bottom, so an investor or someone who knows the area will simply jump on this opportunity once they hear about it." 

"Wow!  So how much are you asking for the house?"

Wait for it, wait for it...

Gee, that's only 30% higher than current average market, with at least two major unfinished projects and clearly devalued due to the gas/electric conversion, in a buyer's market (where-- for the most part-- buyers are few and far between), not listed in mls and no sign.  What?  Really?

My intention is not to make fun or belittle the homeowner in this case, but to simply ponder as to why a seemingly logical, well-educated, articulate person is so reluctant to take the advice of not one, but two experienced real estate professionals, while ignoring all reason and practical, empirical data that reads to the contrary.  

I doubt she would try to resolve a tax issue or a legal issue without consulting a professional-- she would most likely follow their advice to the letter!  But for some reason, she and many others are completely clueless to the intricacies of most real estate deals and why it makes good sense to hire a Realtor.  We do so much more than show houses, stick signs in yards and fill in forms!  In fact, a Realtor's job is to protect the clients both legally and financially in a real estate transaction.  HIRE a Realtor and take heed when he/she advises you.  Take advantage of the agent's experience, education and knowledge about the housing market.  A good, reputable Realtor can save you thousands of dollars, keep you out of litigation and more quickly move you foward to realize your goal.    

I'm pretty sure that sooner or later she will come to the conclusion that her plan is probably not going to work.  If it does, good for her.  In any case, I wish her the best.