Tune into FOX 5 on July 17th
Tune into the local Fox5 Vegas news between 7:30am & 8:00am on July 17th to see me discuss some of the largest mistakes buyers and sellers make during their real estate transactions here in the Las Vegas area. The following topics will be the basis of our discussion.
Buying Mistakes
1-Buying the wrong property: Buyers purchase something too small, too expensive, too large, wrong location because they become emotionally attached to a property. The “Keeping up with the Jones” mentality gets people in trouble. This often happens when buyers are not working with true ethical professionals. This can force a sale sooner that expected costing the Buyer thousands of dollars.
2-Choosing the wrong loan program: Loan programs that make unexpected or misunderstood changes can cause a nightmare for a buyer. This can end up costing the buyer thousands and even result in loosing their home. Our high rate of foreclosures is evidence of buyers making mistakes in the past.
Selling Mistakes
1-Not choosing the right professional Realtor to market their home: The right Realtor should help with pricing, present a comprehensive marketing plan, and direct the seller in the proper way to “Sell,” it’s different than how you “Live” in a home.
2-Overpricing the home: Proper pricing is a must in our competitive market. The wrong pricing strategy can end up costing the seller as much or more than they pay a professional Realtor.
I hope you will tune in, I would love your support!
July 12th, 2007 at 6:31 pm
You should also comment on the importance of having the home inspected by a competent, experienced & professional inspector. One who has the proper credentials and experience. New homes, especially, require thorough inspections.
July 13th, 2007 at 10:32 am
What are your feelings about the condo conversion market? I am currently marketing a property, Eleven11, and to me it sounds like a great buy for a first time home buyer. Our Grand Opening is this weekend and with all of the media I placed I think we will have an amazing turn out. I only wonder if buyers will see what I see or if I am just tainted by being so close to the project.
July 13th, 2007 at 7:18 pm
Lucinda,
I think condo conversions are a mixed bag! Some of the projects have not done that well, I think there is a bit of a “Stigma” with them in some buyers eyes. They are still looked at as apartments, and the quality of the area, construction and over all desirability is sometimes in question. But on the other hand some have worked, they are usually a good buy but tend to have a lot of investor owners. I think this sometimes creates problems, that is when you have a lot of different landlords where in the past there has just been one management company. I would say if you are trying to sell buyers on a project, you need to sell the quality hand in hand with the price point, & make sure you have a good developer!
July 13th, 2007 at 7:20 pm
Robert,
You are right about the inspection! I’m planning this for a future series of postings. I would love to have your input if you are interested.
July 13th, 2007 at 7:40 pm
Thanks Tim,
I would be happy to offer any input I can. The general public needs to be aware of many things. Even builders can learn from observations from the feild to improve their techniques. I just re-inspected a brand new 1/2 MM home today where the foundation was failing due to improper backfilling on a steeply sloped site. Extra dilegence needed to be taken before hand by the contractor because of the site conditions, now they have to remove the fill material and replace with the correct material. Its sad sometimes when I have to report on things that could have been easily prevented. But, that why I love my job!