All Forum Posts by: Sharon Tzib

Zillow is testing "Instant Offers" in the Orlando and Vegas markets, and it is pretty much the same as what Open Door has been doing in Dallas/Phoenix/Vegas/Atlanta/Orlando/Raleigh-Durham for a while now. They come speak to we agents at conventions and claim they aren't trying to cut us out, because the way it works is the seller (who can sell without showings, staging, etc.) is given an "instant offer" by them, but also a professional valuation from an agent, so in their mind, they are including us.

The offers are very low, from what I've heard, and the fees equal, or in some cases, more. Probably the only sellers that would sell this way would be those who have very distressed homes, so I look at these services as more of a wholesaler with marketing on steroids because of their wide reach. 

I've also read on forums that the customer service is super limited with this method, by email only, so no personal touch at all, which obviously, is the cornerstone of a real estate agent's value, along with their knowledge and expertise of their local market.

The day we can take emotions out of selling or buying real estate is the day realtors will cease to exist. Our fees may get challenged, but our profession isn't going anywhere, imho.

Are you sure you're getting rejected because the other offers are higher, or is it because you're coming in with an hml and not all cash? Most listing agents of flooded homes I know are very anti-hml, because in essence, it is a 100% financed purchase that still requires lender approval and an appraisal. Cash has none of those hurdles. 

Also, many hml's are quite wary of homes that have flooded more than once, and I saw one case recently where they raised the rehab budget and increased their points and interest rate because of it. 

Definitely will have a harder time getting your offer accepted w/ an hml than cash, but maybe going off-market will get you the deal you are looking for. Good luck!

Tom, some of the information you are requesting can be found on the listing itself, such as what the HOA fee includes (both amenities and utilities). Most agents are putting in Agent Remarks if the property has flooded or not, but your buyer's agent could definitely find that out for you if it's not obvious.

Some of the information you want is included in the Condo Documents (as we call them in TX, commonly referred to as CC&Rs), and it is very, very rare to have a seller/listing agent provide that prior to making an offer; however, you are given a contingency period for the seller to provide it and for you to terminate the sale if you object to any of the provisions. The Resale Certificate is ordered by title, cannot be older than three months, and is almost NEVER done prior to a contract being executed. It shows the board financials, insurance certificate, etc. 

Even if you have a buyer agent who is willing to get this information for you prior to making an offer, they will more than likely run into roadblocks due to customs here in the market. Hope this helps! 

Thank you @Mindy Jensen!!!

Thanks @Ryan Murdock. When I click on profile, my current company doesn't show at all! So I don't think this way will work :(

I recently switched brokers, and I've spent more time than I care to admit trying to figure out how to change the company name in my signature. When I go into my profile and click on "Signature Options," I cannot edit what appears there, only select what shows, but I don't know where it's pulling the company information from or how to change it. Any help would be appreciated. 

http://www.har.com/content/newsroom/

Houston Real Estate Highlights in January:

• Single-family home sales rose 8.9 percent year-over-year, with 4,469 units sold;
• Days on Market (DOM) for single-family homes increased slightly from 65 days in January 2017 to 67 days this January;
• Total property sales increased 8.7 percent with 5,468 units sold;
• Total dollar volume climbed 6.3 percent to $1.4 billion;
• The single-family home median price rose 3.8 percent to $218,000, which represents a January high;
• The single-family home average price declined 2.1 percent to $270,303;
• Single-family homes months of inventory was unchanged year-over-year at a 3.3-months supply;
• Townhome/condominium sales fell 1.3 percent, with the average price up 2.1 percent to $192,918 and the median price up 13.6 percent to $159,000;
• Leases of single-family homes rose 1.9 percent with the average rent up 1.4 percent to $1,748;
• Volume of townhome/condominium leases fell 5.3 percent with average rent up 1.3 percent to $1,516

http://www.har.com/content/newsroom/

Houston Real Estate Highlights for December and Full-Year 2017

• Despite the devastation caused by Hurricane Harvey, 2017 proved to be a record year for Houston home sales with 79,117 single-family homes sold versus 76,450 in 2016, the last record-setting year. That represents an increase of 3.5 percent;
• Total dollar volume for single-family homes in 2017 rose 6.5 percent to $23 billion;
• December single-family home sales climbed 4.1 percent year-over-year with 6,875 units sold;
• Total December property sales increased 3.5 percent to 8,125 units;
• Total dollar volume for December increased 2.8 percent to $2.3 billion;
• At $230,000, the single-family home median price rose 1.7 percent to a December high;
• The single-family home average price declined 0.6 percent to $292,174;
• Single-family homes months of inventory declined slightly to a 3.2-months supply;
• Townhome/condominium sales rose 3.2 percent, with the average price down 5.5 percent to $199,197 and the median price down 9.3 percent to $158,250;
• Leases of single-family homes fell 3.6 percent with average rent up 3.3 percent to $1,745;
• Leases of townhomes/condominiums climbed 7.3 percent with average rent up 2.4 percent to $1,532.

@Ronnie Howard unfortunately I think by and large most real estate agents aren't investor-friendly, and therefore they have no idea how to market a multi-family property. They are seemingly unaware of their target market and what information an investor needs to properly qualify a property, like rent roll, p&l, who pays what utilities, any outstanding maintenance issues, etc. When clients, like @Kevin Wood, go through their daily searches I have set up for them and see a multi they like, the first thing I almost always have to do is get in touch with the listing agent and try to track down all this information. It's annoying, but it's also part of the value I bring to my clients (thanks for the kind words too Kevin!).

I have often wondered about the owners of these buildings, that they don't think it's important to list with an agent who can effectively market income property and make it easy for a buyer to buy. They really are doing themselves a disservice. 

Bottom line, you really should have your own buyer's agent in your corner helping you to gather data and evaluate these properties, especially if you are new. 

http://www.har.com/content/newsroom/

• Single-family home sales continued their post-Hurricane Harvey comeback as volume rose 7.4 percent year-over-year with 6,184 units sold;
• Single-family home sales remain 3.3 percent ahead of 2016’s year-to-date volume;
• Days on Market (DOM) for single-family homes increased from 57 days in November 2016 to 61 days this November;
• Total property sales increased 4.9 percent with 7,270 units sold;
• Total dollar volume jumped 8.4 percent to $2.0 billion;
• The single-family home median price rose a fractional 0.3 percent to $225,725, which represents a November high;
• The single-family home average price increased 0.9 percent to $284,250, also the highest level for a November;
• Single-family homes months of inventory grew year-over-year to a 3.7-months supply, but is down from a 4.3-months pre-Harvey peak – the result of a surge in consumer demand for housing;
• Townhome/condominium sales fell 3.0 percent, with the average price down 5.4 percent to $196,546 and the median price down 3.2 percent to $158,100;
• Leases of single-family homes rose 6.8 percent with the average rent up 2.1 percent to $1,763;
• Volume of townhome/condominium leases jumped 20.1 percent with average rent down 0.5 percent to $1,498.