Category Archives: Home Buying

Money Doesn’t Buy Everything

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I previewed a $3.5 million dollar home on Friday, in Tarrytown. I have several clients looking in Tarrytown, of which, this particular house turned out not to be a match for any of them. Not all of them are necessary looking in that price point, but I have clients who tell me all of time, if they could afford more; they would find the right house. More often than not, that is very far from the truth.

Even when I custom built a home, it still didn’t turn out to be perfect, for me. I always look at homes through my clients’ eyes. Even at $3.5 million, I walked around that home thinking, that’s not Shellie’s kitchen and that’s not the Smith’s family pool. Even at $3.5 million I couldn’t say that house was a good fit for any my clients. Now, don’t get me wrong. It was a great house, with an amazing view of the lake. Homes need to be functional in different ways, for different people. It just wasn’t going to work with my clients’ lifestyles.

Having more money to spend on a house isn’t going to necessarily buy you a home that’s a perfect fit. You can find a house at any price point that is a perfect fit for you. Money doesn’t buy ‘perfect’, because perfection really doesn’t have a price.

I support local Austin; after all I think it’s only neighborly.

What’s your dream house doing in someone else’s dream?

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I met my clients in the Denny’s parking lot on I-35 to sign an offer, which was then scanned and emailed to the Listing Agent, by midnight. After telling someone this, he said I was nuts. Yes, that may be true, but when my clients want a house, I don’t sit around and wait for someone else to buy it.

Even with our combined effort, the house had multiple offers on it, after only being on the market for 6 days, and we lost it. We tried our best, and will be just as passionate and steadfast for the next one, because your dream house often appears in the dreams of others as well.

Do you need my services? I support local Austin, after all I think its only neighborly.

Resale vs. New Construction

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I taught the Buyer Consultation class to new agents this week. When you are buying a home, especially in an area where there is still building going on, you need to be mindful of its resale potential. If you are planning on selling in less than 3 years, you may very well be competing against new construction.

One year young – is not new. You will not be able to price your home equal to a new build, if all other things, like lot location, are equal. This is why certain areas have excess inventory right now. The Resale market is slower in price points in areas where new construction going on. Why buy used, when you can buy new? If your home is listed for resale in these areas, you need to be competitively priced. Its like picking a car off the lot, instead of ordering one.

I always say money has a way of making things disappear. So, maybe you can’t ‘pick your colors’ as with new construction, but if a buyer can save some money on your resale…you may be able to make that existing paint color vanish.

I support local Austin, after all I think its only neighborly.

The Age Wave Theory

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Downsizing; it’s a trend we hear more often then not these days. For those that buy into the concept that living with less, de-cluttering can be good for the soul. For those, that can’t part with the Christmas plates, they haven’t taken out in 15 years, the concept of downsizing is stressful. At some point, there is a natural progression to live on the lighter side.

The most spending, in your life, is done in your 40’s and early 50’s. After that, you start migrating from a spending lifestyle to a saving lifestyle. It means spending less and downsizing. As baby boomers start shifting from this spending to saving mode, downsizing is becoming more apparent. So part of what is happening with our economy has to do with the majority of our population changing their spending habits naturally with age. It is a slow shift that started about a year ago. It’s called the Age Wave Theory, you can Google it for more information.

I support local Austin, after all I think its only neighborly.

Do the Right Thing

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It is now mandatory that all Realtors have their fingerprints taken to obtain my real estate license. I think it’s a good idea overall. Gone are the days of the blue inked mess on a piece of paper though. Now, you role your fingers on a scanning bed and they appear before you on a computer screen.

I also, attended a city wide meeting on fraud. It is amazing how creative people can get, to make something work. Imagine what they could if they used their superpowers for good. Remember, as with anything in life…karma is a boomerang. Try to position yourself with people who do the right thing and tell you what you need to hear – not what you want to hear. There’s a big difference.

I support local Austin, after all I think it’s only neighborly.

ADOM vs. CDOM

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Lately, I’ve been getting creative with how I am searching homes for clients. I have been paying particular attention to scouting for homes with long cumulative days on the market.

Active Days on Market (ADOM) is a number attached to a property’s Listing number. Cumulative Days on Market (CDOM) is attached to a property’s tax ID. What’s the difference and why do I look? If Dr. Jones lists his home for 6 months and it doesn’t sell. He might let his listing agreement run out, wait a month and re-list the house to put it back on the market. Whether he uses the same agent or not, his ADOM count will begin with 0, and go up from there. His CDOM number will start at about 180 (6 months @ 30 days in a month..6 x 30 = 180). So, I will see something that looks like this:

ADOM = 0

CDOM = 180

Dr. Jones’ house is going to appear as new listing on everyone’s home search – even mine. In reality though, Dr. Jones has been trying to sell his home for 180 days. Maybe Dr. Jones would like an offer? (hint, hint). The only way the CDOM number will be the same as the ADOM number, is when a house has not been active or pending for at least 90 days.

Like I said, every market is good for someone. In certain price points, in certain areas of Austin, you won’t find a home lasting more than 60 days on the market. In other areas, its different. Watching the CDOM numbers, helps me find hidden opportunities.

From the Hill Country to Downtown 360 Condominiums

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I went down to Dripping Springs to tour some homes in the $400’s and went further North to Westlake to see at newly built home for $1.3 million, which does come with boat dock rights. In between Dripping and Westlake, was a stop Downtown to the 360 Condominiums

It’s always interesting for me to tour a development after I have seen models and artist renditions of what’s to come. I have to say 360 delivers and then some. From the pool, to the club room, to the theater room (just bring your DVD) – the building’s amenities and units are impressive.

Prices vary with floor levels and finish outs. If you know anyone who is interested, please have them call me.