My Advice for Homebuyers in Today’s Market

Here’s a great example of why you should buy a home sooner than later.

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Does it make sense to buy in today’s market? I’ve been hearing this question a lot lately, and I wanted to offer insight into why my answer is a resounding, “Yes!”

I recently saw a colleague of mine post about a house they sold in 2012 for $360,000; it’s a gorgeous home. The exact same house, with just a few updates, just sold for $692,000. That’s $330,000 worth of appreciation in just about 10 years. 

Now, the home didn’t increase in value by $30,000 every year. In the last few years, home prices have grown exponentially. Most of that value came within the last 12 to 18 months. The house might have gone from $450,000 to $692,000 during that time. 

I didn’t see this coming, and I don’t think anyone in their right mind would have thought the real estate market would be rebounding like this amidst a global pandemic.

"In the last few years, home prices have grown exponentially."

 

So does it make sense to buy in this market? Absolutely; real estate is a fantastic long-term investment. I guarantee that $692,000 home is going to sell for over a million dollars one day. The question is, do you want to be involved in a great investment like that?

If you have any real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon. 

Zillow Made a Mistake Buying Homes

Here’s why Zillow shuttered their home-buying program at the end of 2021

Something happened at the end of 2021 that you might not have heard about. Many people visit one platform when they look for available properties. The name of that platform is Zillow, and for the last few years, they have been not only marketing homes but also buying them.


Zillow would make an offer on a property without seeing it, close that transaction, and send someone out to renovate it. They were buying and rehabbing houses all over the country, but at the end of 2021, they shut down that program.

At the end of the day, nothing can replace a seasoned agent.

It’s funny because clients used to bring up Zillow’s estimate at listing appointments. To me, those numbers felt like they were as much as 25% over or 35% below the actual price. It was interesting when Zillow announced that they would start buying properties based on these estimates.


After a couple of years of trying this, it turns out Zillow was losing money on almost every house they bought. They obviously hadn’t gone the right way with their algorithm. At the end of the day, nothing can replace a seasoned agent who knows the market, lives in the area, and works in it every day.


On top of that, every market is different, and every market changes. It can depend on what’s in the newspaper that day or what announcements were recently made. There are just too many pieces for an algorithm to put it all together. It was interesting to see if Zillow could succeed, but they couldn’t, and that’s why you still need to depend on your local experts.


If you have any questions, or if you truly want to know what your home is worth, please call or email me. I’d be happy to do a home valuation for you.

Buying a Jonesboro home?  Get a Full Home Search

Selling your Jonesboro home? Get a Free Home Price Evaluation

How to Choose a Buyer in Multiple-Offer Situations

This strategy will help you choose the best buyer in multiple-offer situations.

Buying a Jonesboro home?  Get a Full Home Search

Selling your Jonesboro home? Get a Free Home Price Evaluation

What happens when you get multiple offers after listing your home? This is a question we’re receiving on a daily basis, and that’s because it’s such a common occurrence in today’s market. Here’s how we typically approach the situation. First, we see which offer you like the most—for example, it might be above the asking price, it may be an all-cash offer (make sure to check for proof of funds), or it may have no contingencies. If it checks all your needs and wants, it’s probably a good offer to go with.

"Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier."

If you have multiple offers that are similar but have different contingencies or concessions, however, it can be difficult to figure out which one is best. Our solution is to go back to all of the buyers and let them know we’re making a decision the next day, so they should put in their highest and best offer by then. We explain what might help get the offer accepted, such as fewer contingencies, a higher purchase price, a longer closing date, etc. The agents will then get back to their buyers and figure out how they can improve their offers, which helps the seller get the best deal possible. Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.