Here are four real estate lies that the mainstream media is telling you.
Raise your hand and repeat after me: I (insert your name here), do solemnly swear that I will no longer get my real estate news from the mainstream media and will instead call my buddy Jeff, who will give me the straight poop. Today, I’ll share four things that the media is telling us that I do not believe is true:
- Prices are stabilizing. They’re not crashing. The way that we used to price houses is changing. To give you an example: If I came to your house to list it, we would look at the most recent cost and then add 3% to 5% to that. That would be our starting price. Along comes a buyer, and they would pay that, and it just kept stepping up because there was so much competition. That’s how the market got so crazy high as fast as it did.
- There are fewer buyers, but the buyers that are here are super serious, and they’re ready to buy. We work with every single buyer like they are the only one that we’re getting.
“Do not get your real estate news from mainstream media.”
- Inventory is up, and days on market are the same. Inventory is actually up about 60% this year. Keep in mind that in February of 2022 in the Dallas market, Fort Worth was at the lowest point it has been for inventory in ten years, so any increase is going to make it look up. Even though inventory is up, days on market are the same or actually a little bit lower, which tells me that we still have enough demand to meet that increase in supply.
- Your house should look good and be priced right. If you’re planning to sell, you better be prepared to dress the house up for a beauty pageant and price it correctly right off the bat. These buyers know there’s too much information out there for buyers, and they know a good deal from a bad deal or no deal. If you’re overpriced, it’s going to sit. Nobody’s going to make a lower offer. It’s just going to sit until you get the pricing right. That is very, very important right off the bat, and getting a bunch of interest and more than one potential person at a time is going to give you a chance to get a better, stronger offer than you were when it’s been on the market two or three weeks down the road.
As always, thanks for tuning in. I really appreciate your attention through this whole video, and if I can ever help you with anything real estate related, feel free to reach out.