There’s little reason to be intimidated by selling or buying a house with Realtor David Fogg in your corner.
The California property expert relishes the chance to dole out insider tips and help individuals make informed home-buying decisions.
Fogg appears on the new Fine Living Network show “Real Estate Confidential,” airing at 7 p.m. Tuesdays and Wednesdays. The series shadows real estate power brokers to reveal the art of negotiating.
Here, Fogg imparts a few pearls of wisdom.
Q: What are the most common mistakes people make when buying a home?
A: People often don’t look at enough properties to realize what they really want or need. They let emotions carry them away, or buy a property that’s cute but doesn’t meet their needs in relation to bedroom and bathroom count and location to schools.
Buyers also make a major mistake when using an unknown lender. We always tell buyers to use a lender that either they or their family members know personally so there can be a line of performance accountability.
Q: Where do sellers go wrong?
A: The biggest mistake sellers make is overpricing their property. Their perspective is almost universal – their home is better than their neighbor’s and should sell for more. It’s kinda like the thought that my kid is cuter and smarter than yours.
You want to remember that the first two weeks the property is on the market is when every real estate agent and all waiting potential buyers come out to see it. The initial impression they get of the house is the one that sticks. We call it a red light, green light. If a broker walks through the door and say, “It’s OK, but priced too high,” sellers get a red light. The next time the house is on the market, the broker won’t show it, even if there is a price reduction later on.
Q: What advice do you have for people who prefer not to use a real estate agent?
A: The individual home seller doesn’t have the ability to expose the property the way a real estate agent could. The market has changed throughout the nation. The robust nature of the market we had five years ago allowed a property to literally sell itself, no matter who was selling it. All you had to do was put a sign in the yard. But it’s not that way anymore. There used to be 10 buyers for every one house being sold. Now you have five houses for every one buyer.
You need an experienced real estate agent whose single and entire job is to promote and sell your property. Your local Realtor has the complete grasp of the Internet and all the multiple listing services. Most real estate companies lease large sections in the newspaper. The ship sinks fast trying to do that type of advertising (yourself). In reality, when no agent is involved, most buyers will come into a “For sale by an owner” property and deduct between 6 and 10 percent off the asking price.
Staff Writer Sheba R. Wheeler can be reached at 303-954-1283 or swheeler@denverpost.com.
