7 Ways to Avoid Becoming a Real Estate Guttersnipe Lollipop
The word guttersnipe has multiple definitions. Including a homeless vagabond. An outcast. Indirectly, real estate investors, buyers and sellers occasionally become guttersnipes. Naturally, and logically, not by choice. Not exactly sure what the “snipe” part means. The first known date of use for the word guttersnipe is 1869. Cool word. Great for blogging. Avoid being ...
The word guttersnipe has multiple definitions. Including a homeless vagabond. An outcast.
Indirectly, real estate investors, buyers and sellers occasionally become guttersnipes. Naturally, and logically, not by choice.
Not exactly sure what the “snipe” part means. The first known date of use for the word guttersnipe is 1869. Cool word. Great for blogging.
Avoid being a real estate outcast. A real estate vagabond. That dark shadowy and financially painful place of regret. Overpaying. Bad location.
Avoid groaning… If I had only known…
It’s so freaking painful when Jennifer and I see folks making poor real estate decisions based on unsupportive quantitative or qualitative analysis. Jennifer and I have been there. It sucks. We try and protect you. How? By giving you Principled Advice Always. Advice based on principles of real estate and logic. Listening to your needs and wants. We know Value.
Here are 7 ways you can avoid becoming a real estate guttersnipe lollipop.
- Be well advised or well informed.
- Don’t act like a bobble head lollipop just ripe for the plucking by unprofessional realtors.
- Stop listening to friends or family who bought real estate.
- Don’t trust realtors who can’t quantitatively support with verifiable market data what the hell they are saying – or just give you three “comps” and a cloud of dust or use “averages.” Scary.
- Do NOT believe or use price per sq. ft. in making real estate decisions.
- Don’t base your real estate decisions on a 30 second TV sound bite describing overall market conditions in New York or LA or Australia or outer space that have nothing to do with Bay, Walton or Okaloosa counties.
- Do fact check.
Avoid becoming a real estate guttersnipe by engaging a professional real estate expert in the local market and demanding that s/he provide you with the spreadsheets. Conclusions. How you got there. Why. Someone who can interpret real estate conditions.
Then you do minimal fact checking on your own. Ask questions.
Don’t waste 25 hours trying to learn a market. You’re not a real estate expert and you never will be. We live it. Breathe it. Smell it. Touch it. We feel the local pulse of the real estate market. Yes, the internet is great. Especially in disclosure states like Florida. You want and need a real estate expert.
Below is an example of why you want to engage Mims. Read below.
NW Fort Walton Beach Data and Analysis:
This neighborhood is an older, mature neighborhood. Residential development is varied and includes detached homes, townhomes, condos, and apartments. Most properties are detached single-family residences, built in the 1950’s, 1960’s and 1970’s. Interior homes typically are valued in the $125,000 to $200,000 price range and represent low to middle-income housing for the area. The most valuable homes are newer and/or are located along the shores of the bayous. Water front properties command higher prices. This is normal. Land within the neighborhood is currently 95% developed. Few vacant lots exist. The area appeals to those seeking a central location and modest prices.
The following table illustrates local MLS data for detached and attached homes in Overbrook, Pinedale, Ocean City, Wright, Kenwood/Golf Course Areas. This area is in NW Ft. Walton Beach.
The preceding table indicates basically minimal changes over the last five years. The first five months of 2014 indicates a pace for 293 sales in 2014 which is comparable to the last few years. Values are relatively stable over the last few years, as is the sales price to list ratio and days on the market.
As of mid-2014, foreclosures and short sales continue to make up a significant percentage of residential sales in the subject neighborhood. Most residential values are stabilizing at best. Some new construction has occurred as scattered lots are purchased and developed. However, the lack of large tracts for new residential subdivisions has hindered new development.
General market conditions for residential properties are relatively stable and have been so for the last few years. Prior to 2010, values suffered major declines. This is true for most NW Florida residential markets and is not particular to this neighborhood. Properties purchased from 2004 to 2007 have declined substantially, resulting in negative equity for many. Although not as prevalent as in the past several years, foreclosures and short-sales are still influencing the active market, driving down values in some areas.
Honest, objective, supported real data gathering, analysis, and interpretation. If you want projections or forecasting, we can do that to.
Market Alert!!! Trouble is brewing…
Sellers – lower your price and sell now. Buyers – negotiate hard or wait. I’ve been warning about changing market conditions – in writing – since August 2013. Read my two most recent blog posts.
If you want to know more, or pose real estate questions, you can. Only if you become a Dismiss Low Battery newsletter subscriber.
BBQ: “The best investment on Earth is earth.” – Louis Glickman
BLT: “Guttersnipe” by Bhi Bhiman