Plano Real Estate, Dallas Texas Real Estate, Plano Homes for Sale, Plano TX Realtors

Thursday, 01 March 2012

Big Changes in the Residential Listing Agreement to Know Now

Sellers - You Now Have More Control of Your Listing Data

If you're getting ready to list your home or thinking about it you need to know this. Effective March 2, new revisions have been made to the residential listing agreements. This information is so important because it lets the you (the seller) be in control of the listing data distribution on the internet and it also allows an option to not list the home immediately on the MLS but add a timeline to defer, which is more control for the consumer.

Here are the changes for the listing agreement:

The following items were changed in the Residential Real Estate Listing Agreement, Exclusive Right to Sell (TAR 1101); Residential Real Estate Listing Agreement, Exclusive Right to Lease (TAR 1102); and Farm & Ranch Real Estate Listing Agreement, Exclusive Right to Sell (TAR 1201):

Paragraph 6B now includes an option for the seller to instruct the broker not to file the listing with the one or more multiple listing services until a certain amount of days after the listing begins.
Paragraph 11B was added to allow the seller to control the display of the listing on the Internet.

So what does this mean?

On paragraph 6B there will be a write in option, for example you want to finish updates or spring cleaning first, or you have guests etc. That way you control the exact day when you're are ready for the listing to hit the MLS.

Paragraph 11B - below is exact wording from the listing agreement:

B. Broker is authorized to display this Listing on the Internet without limitation unless one of the following is checked:
(1) Seller does not want this Listing to be displayed on the Internet.
(2) Seller does not want the address of the Property to be displayed on the Internet.

This is so important for your privacy and safety. What most consumers don't understand is that your listing data and photos (lots of them can and will remain online forever.) MLS data as well as IDX home search sites will drop off after the status change but most of the popular real estate search sites like Zillow, Trulia and hundreds of others don't take it off. They're not in the actual real estate business of providing services directly to the consumer because they're not a broker. This becomes an issue of your rights, privacy and safety. They will continue to use your data as free content for an ad based platform model. That's fine, but when it contains photos of your home and belongings - it's a different story and you should be in control of that especially when a physical address is given. Don't you agree?

Posted by: Terry Smith - Broker Owner Smith & Smith Realty - 214.755.9895 AT 10:03 am | Permalink | 0 Comments | Email

Friday, 03 February 2012

When is the Best Time to List a Home

When is the Best Time to List Your Home?

Obviously, the best time is only when you're ready. However, it's good to know certain market conditions which change daily to know your chances of actually selling and moving on. I once had a client tell me she was going to wait till June to list. To be honest the spring market starts now and there is pent up demand.

Buyers are out there especially below 350K price point. The chart below shows an opportunity for selling in 75093, Plano, TX. Homes for sale are 18% below last year. When inventory shrinks there's not as much competition on the market and really pristine homes will sell for top dollar. And median sale price is up over 8% from last year in 75093. Days on market is around 100 days but could be much shorter, some properties are going under contract in less than a week.

Sounds like the perfect storm to test the market, competition is not as fierce now as it will be in a couple of months. Multiple contracts are seen quite frequently now on excellent properties and yes there are still low ball offers but you don't have to sell unless they really want the house and it does work that way. Buyers will play hard ball just to see and some will pay the price but your home has to be on the market to play. The tide right now is turning for sellers with the low inventory in West Plano. Enjoy the weekend and any questions, let us know.

When to List Your Home

Posted by: Terry Smith - Broker Owner Smith & Smith Realty - 214.755.9895 AT 11:55 am | Permalink | 0 Comments | Email

Friday, 27 January 2012

Home Selling 101 - 2 Truths to Know

Home Selling 101 - 2 misunderstood facts about real estate...

You have to admit there's alot to do and know about selling and buying a home. The process can be overwhelming if you don't know how to do it or get expert advice. Once you've been through the process once or twice you'll feel more comfortable with your decisions. However, no real estate transactions are ever the same, ever. All present different case scenarios and human behavior decision and emotions. There are many factors in a real estate transaction that are common but you may not understand the process. Two factors that are often overlooked are the difference between a listing agent and a selling agent.

1. The selling agent (buyers agent) actually brings the buyer to the home 99% of the time The agent who lists the home and has the sign in the yard does not actually bring a buyer most of the time unless on rare occasion they have a buyer. It's the buyers agent and buyer that find and selll the home. Most sellers think the listing agent sells the home and that's not true, they list it on the MLS.

2. The internet does not sell your home, buyers are able to find and contact an agent to view or just take a look-see. The MLS is a home search tool for buyers and a proprietary tool for the agent with tons of accurate data and statistics. The MLS is actually a cooperative between brokers to market listings and determine how everyone is paid. Real estate is 100% commission driven so the MLS is much more than a search tool, it's the backbone of the real estate business.

Posted by: Terry Smith - Broker Owner Smith & Smith Realty - 214.755.9895 AT 01:00 am | Permalink | 0 Comments | Email

Tuesday, 29 March 2011

Need To Justify Your Listing Price?

Where does your listing stand with others?
How to Justify Your List Price...

Has your home been on the market for awhile? How does it compare to others? These are important questions to ask because technically you can find the right answer through MLS data. The distribution of price is a step beyond a typical CMA (competitive market analysis). We are now able to pull any public info as well as real hard data from the MLS.

The chart below is for West Plano zip codes 75093 & 75024. Criteria is: 4 bedrooms, 3 plus baths, 3800 to 4800 sq ft in a target price range of 399K to 650K. This is a drill down of the current market in the last 45 days. What you see is competition is high, 72 homes for sale, 21 homes are currently under contract, so there is action and 10 have sold, 5 of those have been in the target price range - 50% chance of selling.....Do you want better odds than that?

Adjust your price to where the demand is 400K to 500K if you can. Also, the 500K to 600K is picking up steam, if you know the competition you have a better chance of selling! Sure, it will always depend on condition and location. Buyers right now want homes that are totally updated and priced well. If your home needs updating especially kitchen & baths then you'll have to deduct for that.

Looking at your property in a detailed and analytical way will save you time and much less stress when you see where the buyers are. The real estate markets continue to be difficult to navigate and more accurate data on your side can help for a quicker sale. This information can help you position yourself in a lower or higher listing price to attract buyers and better offers.

Posted by: Terry Smith AT 02:31 pm | Permalink | 0 Comments | Email

Thursday, 20 May 2010

How Do My Home Showings Compare to Others? Is there a way to find out?

Showing Activity for 75093 - $250K to 500K - March - May to date...

You probably know how many showings you get and feedback from selling agents (buyers). But how do you know if it's good enough? Does your agent give you the big picture. The chart below is from CSS (Centralized Showing Service) that schedules all real estate showings or almost all. This is from March 11th through today May 20th.

Price point is from 250K to 500K with 20K increments. This gives you an overall picture of how you stack up and what you may need to do to get your home sold. Overall, it shows consistency even after the tax credit expired on 4/30. What you can see is the activity of different price points or where the buyers are...320K to 420K is where the bulk of the activity is broken down by week.
Showing Activity for 75093

Take a look at the next chart:

This is just since the start of May in 75093, you can see percentage of showings by price point, monthly & weekly average plus showings per listing. 320K to 340K seems to be a magic number here. You can use this as a tactic to drill down and really know what and where buyers are looking! It's another tool to get your home sold quickly! Knowing where the buyers are is another piece of the puzzle.

So, Are you happy with your showings?

[75093,Plano,TX, showing activity]

Posted by: Terry Smith - Broker-Owner -214.755.9895 AT 07:21 pm | Permalink | 0 Comments | Email

Thursday, 21 January 2010

Plano Listings Trend Report

Plano Listings Trend Report

Great new reports available from the MLS! This shows all listings in Plano by areas and subareas.
For example, 20-1 (red) is the highest concentration of luxury homes in Plano. Stats below reveal:
162 active listings, med list price $625K, med price s/f is $147. and med days on market is 156. as
of yesterday. Of course, there are all price points in each area but gives you an idea of activity and
where you might find more inventory. Take a look at the med green areas where inventory is low, it
could be time to put your home on the market. And for buyers you'll find fewer selections. If you're
thinking about getting in the market these tools are invaluable as far as knowing what your up against.
This also tells you that Plano real estate is very affordable and that's a good thing in this market.

Plano Listings Trend Report

[75093,Plano,TX, trend reports]

Posted by: Terry Smith - TX Real Estate Broker AT 12:57 pm | Permalink | 0 Comments | Email

Wednesday, 30 December 2009

How to Sell Your Home Quicker! it's called Range Pricing...

What the Heck is Home Range Pricing?

You might or might not be surprised that only 50% of the homes on the market actually sell. Maybe because your home isn't priced right for the condition and location or it could be market forces (like the economy) beyond your control that make it harder. Finding the right buyer can be easier if you try range pricing.

What's range pricing?

Range pricing lets you open up your buyer pool. Instead of just setting a list price say, $459,000 you can list a range from $429,000 to $459,000. It's perfectly legal here but most agents don't do it. I have come across it more recently in the MLS. It will state that a seller will accept offers between $429,000 to $459,000. That's a 30K difference and opens the window for more showing activity thus a potential offer. I can see it used in the luxury home market where pricing and financing are more difficult to obtain. When you list a home this way an R appears next to the list price but an explanation is generally needed in the description to tell agents what it is. This is commonly done in California and Florida and really is a seller's tool.

The extra range could find a lower end buyer that can trade up 5K to 20K and really find a home they want. You just never know. It also protects the seller from low ball offers because he's stated his opening bid. Remember, everything in a contract is negotiable so the point is to increase the showing activity to get an offer. Range pricing could and should be considered if you really wish to sell and you have little or no showing activity.

More Showings = Potential Offers.

It's just one more tactic to try in this real estate market that could get your home sold sooner than later. As always, a CMA (competitive market analysis) not more than 3 months old is the best way to determine the value and activity of your specific neighborhood and since appraisal issues from lenders are becoming more difficult, range pricing could help you get multiple offers just in case one doesn't work out. Knowing the market forces and trends of an area can help you sell quicker and use it to your advantage. Might be just the thing to try for the New Year! Any questions???

[75093,Plano,TX,range pricing]

Posted by: Terry Smith - TX Real Estate Broker AT 04:00 pm | Permalink | 0 Comments | Email

Thursday, 31 January 2008

Real Estate Marketing Online

Your Home Online

The Pitch

Have you gotten much junk mail from agents or Realtors® lately? You know the Postcards
that say "I sold this house in 10 days?" or a Brochure of MY listings! and How Great I Am.
There's always a picture of the house and then a fabulous or bad photo of the agent or team
that says... Call me now!

To be honest, with the market being slower, I've received very little and guess what?
I bet...you don't miss it either.

Needless to say, they all look the same. Even your sale sign in the yard is about the agent
and the broker....It's called pull marketing, but does it really sell your home?

The Truth

The truth is... it sells the agent and the broker, not your house. SHH! I don't want to get
in trouble, but it gives the agents leads and the broker recognition. It's how agents are
taught to market real estate. Brilliant! Not really.

That's how it works but I don't think anybody tells you that. Pull marketing is how we
have been taught to buy anything by direct mail or TV, etc. Are you tired of this like
I am? Being SOLD. And it's very wasteful, not green at all. Just throw it out there and
see what sticks.

A Better Way

With the Internet becoming the social and information darling that it is. There's a new
type of marketing, it's called push and it's being done with real estate too.

How does it work? Glad you asked...

It's a content driven blog or web site about your home, community, neighborhood,
photos, market conditions and stats. It's pushing information out there so google
and anyone in the world can access it, it doesn't get trashed in the recycle bin
and it lives on and on and on...for years. It's effective and efficient. So, to sell your
home you need online marketing that's syndicated to the world, your own virtual sale
sign, property site or page. Take a look at the chart above and see the new marketing
of real estate. It's come along way from Realtor.com and the technology is changing
all the time.

It's all about the client or customer, not the agent. The way it should be!
There's a new way to sell real estate, make sure you are getting this type of service,
it's imperative in this market. Oh, if someone says it doesn't work than they don't
know how to do it or probably haven't tried with their static website that's very OLD.

Welcome to Web 2.0 real estate marketing. See the search term for west plano real
estate on yahoo, Plano homes and land comes up #1 and #4, not paid advertising,
just fresh content and genuine interaction. Check out some virtual flyers here.

That's how it works. To be continued....there's much much more...

Posted by: Terry Smith - Dallas Real Estate Gal AT 03:46 pm | Permalink | 0 Comments | Email

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Your Home Online

The Pitch

The Truth

A Better Way

Housing Information Overload?

I Hear You!