Arkansas Real Estate | Deaton Group Realty

Little Rock, North Little Rock, Maumelle, Bryant, Benton, Sherwood and surrounding areas

Little Rock AR Real Estate

buying

How accurate is Zillow & Trulia?

Today, many of my clients, sellers and buyer, ‘refer’ to Zillow or Trulia to try and pick up some knowledge about their local real estate market.  I agree that both of these sites provide great information about the buying or selling process, but relying on these two sites for accurate, real time, data on the local real estate market is a mistake.
According to a recent study, 36% of the ‘active’ listings posted on Zillow were actually no longer available.  It was 37% for Trulia.  These properties were either already under contract, sold, expired, or withdrawn and were no longer actively for sale.  For buyers, this means you are excited about a property that is no longer available.  Ever been told you can’t have something you really want?  It sucks!  For sellers, only the atual ‘sold’ price provides a true picture of what buyers, lenders, and appraisers, are giving for the home.  Just because something was listed for $200,000, doesn’t mean it sold, or appraised, for that.
In addition, this study found that Zillow only contained 79% of the local market’s active listings anyway.  It was 81% for Trulia.  Hey buyer!  Do you want to know about all the homes available for sale that match your family’s needs, or just 80% of them?  Don’t worry about the other 20%.  I bet they weren’t that good of a value anyway. Oh yeah, seller, don’t worry about the 20% fewer buyers who know about your house.  I’m sure that won’t affect your sales price or time on market much, well maybe by 20%, but that isn’t much, right? (20% x $200,000 = $40,000 less).  Chump Change!
Because Zillow and Trulia are third party, for profit, companies and not real estate firms or agents, they can not provide all the current, real time, information concerning active and sold homes.  Only a local agent, as a member of the local Multiple Listing Service, can provide real time, accurate date concerning your local market.  And local can mean your specific neighborhood.  Each neighborhood is different in style, in demand, in age, etc and each neighborhood has a different real estate market.  Just because a home only 1 mile away sold for X dollars, doesn’t mean your home will sell for X dollars.
Buying, or selling, a home is a family’s single largest financial decision and has great influence on all aspects of the family and its members.  Before making such a huge decision, I recommend that you get ALL the information….All the CORRECT and ACCURATE information, so you can make an educated decision.  Don’t make a decision based upon speculation, or partial data.  This could cost you greatly in the form of higher days on market, and incorrect ‘most likely sales price’.
 

Thinking of buying a For Sale By Owner property?

Many buyers think that purchasing a property from an ‘unrepresented’ seller, without buyer representation, will save them money on the overall cost of purchasing a property.  Sure that can happen.  But it can also cost you more.
Most of the time ‘unrepresented’ sellers actually have their property priced above market because they don’t have the correct data for pricing to ‘today’s buyers’.  Most of the ‘unrepresented’ sellers get their pricing from either what they ‘need’ to get out of the property to cover their mortgage, PLUS the profit they want (profit?  in this market?  ha), OR, they have priced their home based upon the rumors spreading throughout the neighborhood from other home sales.  I’m sure none of my readers have ever done this, but people are know to exaggerate what you tell your neighbors.
Even outside of asking price, not following the ‘represented’ process managed by a licensed REALTOR, can cost you greatly when it comes to hidden or unknown issues of the home, title problems, survey problems, etc.
And don’t forget about seller concessions, and negotiating skills.  Not knowing the ‘game’ could cost you thousands!
Most of the time, when I represent a buyer who is interested in a FSBO, I am able to get the seller to pay my real estate fees for the buyer.  Yes, I represent the buyer, protect the buyer, manage the buyer process….and get paid by the seller.  It’s a great thing!
Here is the recent letter that I sent to a potential buyer who was looking at an ‘unrepresented’ property, or commonly referred to as a FSBO.
Hello, Danny
I am Elizabeth’s real estate agent, and she let me know that you have been looking at a for sale by owner property.  If you are interested in representation for that transaction, I would be glad to assist.  At this point, the seller may not pay my real estate fees (but I will definitely ask).  I guarantee you that I can save you money on the purchase.  We can work it out so my real estate fees will be less than the amount of money that I can save you on the purchase of the property.  This way my representation is no cost to you, but provides you the full legal protection and guidance.  With my pricing & market knowledge, along with my negotiating skills, I promise to save you thousands of dollars on the purchase.  Plus, I have all the legal paperwork and will manage the entire transaction for you to make sure you get clear title to the property without any problems.
Yep, I said it, and I meant it.  If I don’t get the seller to pay all my representation fees, I guarantee that I will save my buyer more money on the ‘unrepresented’ property than they will pay me in my service fees.  Guaranteed!  How can I do this?  I’m a professional, and I know what, when, where, why, and how to ask.  I also know what to do to protect my buyer’s interest when it comes to some of the hurdles – repairs, title, survey, financing, etc.
How about this?  I guarantee to save my buyers at least $5000, or I will actually pay my buyer $500.  Either way, my buyer wins!
Why am I writing this?  I am in the process right now of helping a young family purchase an ‘unrepresented’ home.  Guess what?  Saved them $6,150!  Oh yeah, the seller paid my real estate fees.

Homes for Heroes Program is now available in Little Rock and North Little Rock

Homes for Heroes Program is now available in Little Rock and North Little Rock
Guess who is Little Rock & North Little Rock’s newly appointed real estate agent to the Homes for Heroes Program?  That’s right, I recently became the official REALTOR with a national program called Homes for Heroes®.
Homes for Heroes® is an organization that was formed after the tragic events of 9/11 as a way say “Thank You” to the heroes of our nation.  It is an organization that gives back to our local heroes who include, but are not limited to: Military personnel, Police/Peace Officers, Firefighters, First Responders, Teachers, and Health Care Workers.  This program allows me to give back to my local community heroes by giving them discounts and rebates when they buy or sell homes, commercial real estate, or land with me.
We also have other professional affiliates that are willing to give back to our local heroes creating a well rounded savings package for our community heroes that continues to give back to them even after they close.  These include, but are not limited to: insurance companies, home inspectors, pest inspectors, title companies, stagers, contractors and other local businesses.
So get the word out!  Homes for Heroes® is available to our local heroes anywhere in the United States and you may be a hero or know of a hero that would benefit from this program.  This program does not stop at giving back when our heroes utilize our services.  We also offer the Homes for Heroes Foundation®.  The Homes for Heroes Foundation® is a public charity exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. Its mission is to provide or coordinate financial assistance and housing resources to our Nation’s Heroes such as Military personnel, Police/Peace Officers, Firefighter and First Responders who demonstrate neediness.
For more information about Homes for Heroes® or the Foundation, please log onto www.HomesForHeroes.com. For your convenience please see the frequently asked questions attached.
This is where you, or a loved one who is active or a retired, can register for more information. Or you may contact me, Scott Deaton with Deaton Group Realty at 501-580-9151 or email: scottadeaton@sbcglobal.net or website: www.ScottDeaton.com