This survey is dated 2014, and they should update it every year – or at least until I’m right about having a boomer liquidation sale coming down the pike!
This survey asks several different questions, but notice how 20% to 30% of the responses seemed to divulge some stress or uncertainty about their future:
Uh-oh. It looks like this homeownership thing could be a boomer addiction:
It’s still early in the game for most boomers.
But here’s where the game changers start to come out. Only 58% don’t plan to sell? Fine, they aren’t going to make the market – it’s the other 42% that will determine our real estate future:
Fluff question below – of course we like our home, at least until selling it becomes a better idea:
Almost a quarter of boomers know they are already short on income, and will be hitting the housing ATM. How many others who didn’t expect to use their equity in 2014 will eventually need to cash out for various reasons?
Here’s where the real trouble starts below – 46%???
The best question towards the end of the survey once respondents have loosened up – and lo and behold, 61% of boomers aren’t sleeping that well.
If it only ends up being 20% to 30% of boomers who make a move, that’s still at least 15 million people in America who will be deciding our market!
The biggest concern?
Elderly folks who haven’t moved in a generation (or two), who know their money is running out and happen to see a couple of lower-priced sales nearby. In a effort to bank as much equity as possible, they hit the panic button and grab the first realtor they find who then dumps their house for 95% of value.
It’s a downward spiral that could pick up steam quickly.
Despite all the changes technology has made in how houses are bought and sold, one standard feature of the process remains: the Sunday open house.
Shortly after a house goes on the market, the listing agent will set aside a Sunday afternoon to welcome prospective buyers (plus nosy neighbors) to see the house at its best.
But has the open house gone the way of the landline and outlived its usefulness? It depends whom you ask. Some agents believe modern life has rendered open houses unnecessary, while others believe they are more important than ever.
“It’s very, very important you have open houses, especially the first few weeks when [the home is] on the market,” says Steven Aaron, head of the Steven Aaron Realtor Group at Keller Williams Beverly Hills. “It makes it convenient for the buyers to come and see the house without an appointment.
Craig McClelland, COO of Better Homes and Gardens Real Estate Metro Brokers in Atlanta, agrees about the importance of open houses.
“I think it’s a great way to expose the house to people who are driving around,” McClelland says. “People want that instant gratification. … People want to see it now.”
The blog post linked below points out the percentages of total realtor listings on Zillow. The Z Group didn’t take too kindly to such exposure, and they issued a cease-and-desist order, so I’m not sure how long this link will be working:
Zillow and the San Diego MLS do not have an agreement to automatically upload the realtor listings, so those seen on Zillow are manually-uploaded, or by private agreement. The blog post shows that Zillow has about 90% of the San Diego realtor listings, but the same chart has four cities that show over 100% of the realtor listings.
How can Zillow have more than 100% of the listings shown on realtor.com?
The authors suggest that it could be due to quality issues, but let’s face it, it more likely due to sandbagging – realtors putting listings on Zillow to find their own buyers to double-end the deal, but not sharing them on the MLS.
One in five Americans who bought a home in the past two years said they had made an offer on a home they had never visited, based on a poll of 2,100 recent buyers conducted for Redfin by SurveyMonkey. People who paid more than $750,000 for their homes were particularly likely to make a blind bid, with 53 percent of them submitting an offer sight unseen. So were millennials, 30 percent of whom made such an offer.
Buyers: Are you making offers sight unseen because the top-quality online presentations, or because you know that you can always back out later?
Sellers: Are you worried that buyers are submitting offers without seeing your house, and once they do, they could back out? You should be!
Most listings only include photos of granite slabs, stainless appliances, and the latest in modern bedding.
With so many buyers making offers without seeing the houses, doesn’t it make sense to have the most complete online presentation possible? Yes it does!
What is the answer? Jim the Realtor video tours!
I’ve completed over 2,000 YouTube video tours and regularly use them to sell houses – it is the closest thing to being there.
Because of the audio. Instead of goofy elevator music, you hear my honest assessment of what you are looking at on the screen. It is healthy for buyers and sellers!
Get Good Help – hire Jim the Realtor!
Later today we are filming the ‘Making of a JTR Video’. The blog post will be here later tonight!
Readers may think that this business may have a few bad apples, but overall, won’t any agent do? How bad can it be? Here’s a story heard recently – and this is typical of the insanity that goes on every day:
An agent who was a professed ‘neighborhood specialist’ asked a homeowner if he would consider selling if the price was right.
The homeowner said ‘Yes, maybe’, and they sign an agreement but the house doesn’t go into the MLS. The next thing you know the agent is bringing over a buyer represented by their own agent from a different office. As a result, the neighborhood specialist represents the sellers only.
They agree on price, and open escrow. The buyers conduct their home inspection, and on Day 16 of the 17-day contingency period they cancel the transaction.
The seller asks his agent, the neighborhood specialist, to produce a copy of their lender pre-qual and proof of funds. The listing agent refused, and belittled the seller instead.
The seller told the agent that he wasn’t going to sign the cancellation form, and that his wife wouldn’t sign it until he did.
The listing agent – whose sole duty is to properly represent the sellers – takes the cancellation form to the sellers’ house, and finds the garage door open.
He walks right into the house, and tells the wife to sign the cancellation form, and to forge her husband’s signature on it as well.
When Mr. Seller found out later, he complained to the agent’s supervising broker. The broker refused to do anything.
Fallbrook isn’t on our regular route here on the blog, but seeing houses like this can keep pricing in perspective. I’m also hoping to demonstrate that I can sell any house, any price, any where – let me help you!
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