Sellers Who Regret Not Using a Real Estate Agent
Melissa Dittmann Tracey
Homeowners who decline to use a real estate agent to sell their property (For Sale by Owner, or FSBO) are twice as likely to say they weren't satisfied with the selling experience, according to a new survey of 1,000 home sellers in 2022 and 2023. Survey respondents say they realize they likely made less money on their home sale and faced more stress by not having a professional representative.
More than a third of non-agent sellers, such as for-sale-by-owner (FSBO) sellers or those selling to an iBuyer, said the process was more difficult than they expected.
What's more, these sellers admitted:
Buyers distrusted them because they didn’t have an agent (43%).
They struggled to understand their contract (40%).
They made legal mistakes because they didn’t use an agent (36%).
About half believe their home would have sold for more if they had used an agent.
Even though most home searches start online, most consumers still use real estate agents to buy or sell a home. 89% of buyers and sellers in the last year used a real estate agent, up from the previous year. Only 7% of homeowners sold as a FSBO over the last year.
FSBOs don't fare as well in the market as sellers who are professionally represented: FSBOs sold at a median price of $310,000 in the last year, compared to $405,000 for listed homes, NAR's data shows.
For one of the biggest transactions in your life, work with experts. Robin & Les Wrigley have over 35 years of experience selling over 1,000 homes. They will make sure that your home sale is successful.
Spring Homebuying Season Just Kicked Off. Are You Ready?
Anna Bahney
Super Bowl weekend is the unofficial kick-off of peak home buying and selling season. Mortgage rates are inching lower, and more homes are beginning to hit the market. It’s time for you to get ready.
Putting together a home-buying team will keep you ahead of the pack in a bidding war with other buyers. You’ll want an agent who will call you on Thursday to be sure you’re looking at new listings coming on to the market ahead of the weekend and helping you organize your weekend around showings and open houses. Many properties that sell quickly are already looking for offers and setting a deadline of Monday or Tuesday. A good agent can help you have all your ducks in a row to present a compelling offer.
Connect with a direct local lender who is respected and known by local agents and who helps agents review offers with the seller.
To make the nest egg you’ve saved go as far as possible, now is the time to explore any family gifts that might be coming in to help with a down payment or closing costs. Explore whether you qualify for any down payment assistance or homeowner support programs.
Head into a home search knowing what a conservative monthly payment threshold is for you. Then you can move the variables of the “price,” “location” or “condition” of a house around to triangulate the best chances for you to buy a home.
Robin & Les have helped hundreds of buyers get their first home. They can help you too.
California Proposition 19: Property Tax Changes and Inheritance
Naimish & Lewis, APC
California Proposition 19 is now in effect. From now on, parent-to-child exclusions for reassessment have been limited to only the primary residence.
The primary residence must be primary for the parents and the child who inherits, with a one-year window for a child to move into the property after inheriting.
On top of that, this much narrower exclusion is limited to 1 million dollars. For example, a primary residence that is transferred to a child with a dollar basis value of 100 thousand and a current value of 1.5million will still require property tax basis to be increased to 400 thousand (1.5 million – 100 thousand basis – 1 million cap).
For any property which is not a primary residence, it will now be reassessed, and the property taxes increased.
Anyone who has owned property for a significant period and expects to pass it on to their children will have to consider that their children may have to pay property tax based on the assessed fair market value of the home. This will significantly affect whether the child decides to sell the property or keep it, and in some circumstances, require the sale of the property if the child does not have the resources to pay the adjusted tax rate.
Every situation is different, and you should always contact your attorney to determine what options are best for you. Robin & Les will be glad to help you get started.