<p>A good realtor is worth their weight in gold, even after paying out their commission. They will stage it properly and in today’s low inventory situation throughout the U.S., will frequently get you MULTIPLE offers. I would strongly discourage you from not fielding as many offers as you can get through a realtor. Many “note leavers” are not going to give you your best offer and/or are not in the strongest position financially.</p>
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<p>Dallas realtors are shaking their heads about real estate. In certain hot areas, there is barely a 2 month supply of homes, which is WAY low, particularly in comparison with the glut of homes that were on the market not so long ago. It’s definitely a seller’s market. </p>
<p>These things are both regional and cyclical.</p>
<p>I echo jshain – realtors are incredibly valuable. A friend of D’s parents were selling their house privately and the deal just fell through. I don’t know if having a realtor would have made a difference, but I think many realtors pre-screen buyers to make sure they qualify. An individual isn’t always able to do that.</p>
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<p>My husband has a real estate broker’s license, though he is not a residential realtor. While we were preparing our house for sale and I was interviewing local realtors, an astute realtor noticed the painting and preparations going on and wanted to bring in her own buyer. DH began negotiating because he wanted to save on the 3% seller’s commission, and he held me off from giving the listing to a realtor while this lady’s clients had a second and third look. I was really frustrated with DH, because I felt this couple was getting this free look with NO competition. I felt listing it with a knowledgeable realtor would generate more traffic, and given the market, a chance for multiple offers, etc. DH pointed out that if we listed with a realtor, we’d have to raise the listing price we had considered asking in order to beat out going with this realtor and her client and only the 3% commission. AND if we went with this lady, we would save ourselves the hassle of having showings and open houses.</p>
<p>In the end, I felt this realtor’s clients were trying to get our house for a lower price than it would bear if presented to the open market. DH relented and we listed it. This realtor agreed to list it at a crazy price, and low and behold, a buyer who was in town to go to open houses happened to stop by. He was desperate to find a home in our area in a neighborhood with almost no inventory, so he paid out the nose. He paid over bank appraisal because he wanted it so badly. </p>
<p>In our situation it paid off to go ahead and list, but it was a freak deal, and it might not have worked out to our benefit in comparison to the other offer had this particular guy not shown up. So it can go either way if you truly know the market and the values in your neighborhood.</p>
<p>In our area, realtors split a 6% commission and our realtor lowered her commission to 2% as a professional courtesy to DH.</p>
<p>IMO, we have nothing to lose by showing the house to our “note leaver.” We have jacked up our asking price to our “dream price” - if he bites great. If not, I call my friend who is a realtor. We just want to sell quickly. H starts overseas job in 1 week.</p>
<p>Another issue is whether the buyer and seller can truly “go direct” and not have a real estate agent on either side of the transaction. In Texas, a licensed attorney can close a real estate transaction without having a real estate license. So the fee can be negotiated in an amount that is much less than the normal 3-6%.</p>
<p>We’re almost certainly going to sell direct to a builder and I’ve been in touch with several of them to get a feel for the situation. Our house is definitely a tear down and almost every builder is panting to get our property. A couple of them have already given us an acceptable number so I’m really hoping to get a tiny bidding war going when we are ready to move. These are all highly reputable local companies who can give us either delayed closings or lease back arrangements - doesn’t seem to be a downside.</p>
<p>In my old neighborhood, a builder contacted an elderly neighbor wanting to buy her house for a tear down. He told her “take your highest offer, and mine is that offer plus $5,000.”</p>
<p>My parents just sold their house in FL for about 60% of 2007 prices. That is an improvement as I doubt they could have sold it at all 2008-2011.</p>
<p>What do you folks think of Florida real estate? Is it worth buying a vacation home down there with 5-7 year re-sale plan; or should people stay away from buying entirely?</p>
<p>House is for some one to live and enjoy in it, the appreciation is just an added benefit, do not count on it. </p>
<p>Unless you like me, buying and selling houses for a living.</p>
<p>Just sold one or our rental houses in Virginia to the tenant who was sick of looking. Fair price (nice profit) , no brokers, no staging no nothing as is. Our lawyer will do closing for around $1000 total. Very happy but if they backed out–happy too. Values just going up again</p>
<p>Sign went up today. The same realtor who comped our 4br suburban house last October told us to list it $39k higher today. She feels confident it’ll be sold within 30 days.</p>
<p>Was shopping in the grocery aisles of Walmart earlier this week and a lady, total stranger to me, said she was a real estate agent and wanted to know if we wanted to sell our house, she wanted to give me her card. If anyone has total recall of the thousands of posts on this thread they will know we just bought one year ago and have (finally) nearly finished extensive renovations. No way are we selling after looking for the right house for a year and spending months in a construction zone setting!</p>
<p>The Florida housing market is improving. Tough for buyers needing mortgages- along with those of us who don’t need one there are companies who buy and fix up houses to rent. Not all foreclosed houses are even on the market- sure wish the bank would attend to the one near us and at least offer it to someone who will live there.</p>
<p>Hayden, I personally think vacation homes are poor investments. That being said, my parent’s house: given it’s size, layout, and the location on the water with easy open water access, would have been worth many times more in most other areas of the country and I suspect worth more 2 years from now. However, it may be dependent on when the next hurricane comes through.</p>
<p>On the topic of vacation homes…our experience…We had two-one we sold to help pay for DD college expenses, and the second we moved to when we retired and downsized. LOVE IT! We feel like we are living our dream-with wonderful memories created over the years of family vacations.</p>
<p>Hayden</p>
<p>Florida real estate is tough and vacation homes are tougher. I don’t know of any friends who own real estate in FL who rent it enough to satisfy them. There is a ton of competition. Also, insurance is high and if you own in a HOA community, the assessments after a storm can be huge. (Insurance never covers everything.)</p>
<p>Our family owns a condo, which we don’t rent, but many of our neighbors do. They have lots and lots of empty weeks.</p>
<p>So, if you can’t use it enough to enjoy it and have some rental income that comes in, it probably isn’t a wise investment.</p>
<p>FL real estate is also, in my opinion, more volatile. It has had more dips than the nation’s real estate market as a whole from my observations. Areas get easily overbuilt.</p>
<p>I apologize - I should have given more details. I’m not looking for profit from resale, or for a rental unit. I 'm just darn sick of winters. My H is being considered for a job that may tie us down to our state beyond the retirement date I’ve been looking forward to. Consequently, one of my ideas to preserve my sanity is to buy a vacation home for me to live in 5.9 months out of the year and be together on weekends. Then, when we retire, we’d sell the vacation home and the home we currently live in, and move into a home for both of us. I’d only be looking into selling without a big loss, not selling at a profit. </p>
<p>However, what you all are saying about insurance, HOA fees, etc., makes it seem like a poor decision in any case. Maybe what I should do is get a long-term rental so ownership headaches become someone else’s problem. Thanks for your input.</p>
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artloversplus, I’ve always liked you!</p>
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My in-laws, for many years, did a 5-6 month rental of a furnished apartment. They never had the same place twice but they enjoyed being in different places.</p>
<p>They ultimately bought, but given the 5-7 year window, renting may be a better option.</p>
<p>hayden, have you looked at areas other than Florida for summer homes? I’ve been in Phoenix over the summer, and it’s practically a ghost town there as many of the residents flee to cooler climates further north. I imagine it’s a really nice place to stay for the other months of the year, though. No clue how their real estate market is recovering, though. I know it was hit pretty bad during the recession.</p>