Southlake Real Estate Blog

My Secret Weapon for getting homes sold in this market!
     Get an appraisal before you sell!One of my secret weapons in this difficult market right now is to ask my sellers to obtain a pre-listing appraisal
The majority of the appraisals are running between $350.00 to $500.00. I have two appraisers that I like to recommend, but a client can use any appraiser that they feel is qualified.
     There are many benefits of using an appraisal in this market. There is not a lot of wasted market time. When an agent or seller guesses at the price, the up and down price game usually follows. Playing the lowering the price game over and over again makes a seller question your credentials and your experience. The price may need to be adjusted if there are multiple sales presenting lower. An accurate appraisal gets the price very close to what the actually price will be at closing. Is should not be necessary to make frequent adjustments. I like having appraisals because you get the correct square footage verified. In some cases, sellers use the tax record, which can be inaccurate. Why leave money on the table? Your home may be larger than the taxing authority shows on record.
      When offers come in, having an appraisal in your pocket is really good ammunition. Many buyer’s agents feel that in order to prove their worth as a good buyer’s agent, they have to lowball the offer and try to get their buyer the best deal that they can. The high number of foreclosures and short sales are adding to this difficulty. We are seeing that there are a lot of low offers coming to the sellers at this time. I recently had a situation where I had an appraisal done on a property that appraised for $184,000. I got an offer of $174,000 and the buyer’s agent asked the seller to pay $7,000 in closing cost. Well, for that price range, asking $17,000 off the value is a pretty big reduction! I called the agent that submitted the offer and asked him if he had reviewed the appraisal that I had posted online. He had not taken the time to do so. The appraisal was there, but he had not shared the appraisal with his buyer. I mentioned that the seller is unwilling to take this low offer. I suggested that he take the time to look at the appraisal that was posted. Look at the comparable sales and then share them with your buyer.
     The agent’s comment was very interesting. He said “I did not get that value”. “I came up with a much lower price, and I suggested and advised my buyer to offer the lower price”. I shared my thoughts with him as well. “I can appreciate that, but we do have the appraisal, it has been recently done, and you can actually take that appraisal to the lender and get a loan with it! Please go back to your buyer, share the comps, share the appraisal, and see if we can’t work out a deal”. The agent did just that! I believe that in my mind the buyer wasafraid to pay our price because he was afraid he was paying too much. Since the appraisal was available, he felt comfortable enough to go forward and we were able to work out a contract. I really feel like if we had not been able to have that appraisal, it would’ve been that agent’s opinion against mine and the seller’s opinion. It is very likely that the price gap would never have been closed. Another advantage of an appraisal is the ability to post on the MLS. Agents and buyers can refer to it in a remarks section. “This property has recently been appraised for __________. The public and the agents can go online and see that document.
      I would rather know the value up front than wait until the buyer gets the appraisal at the end of the loan process. It is so inconvenient for sellers to keep the home clean, enduring a long market time and finally getting a buyer that’s willing to pay an acceptable price, only to find out that it does not appraise for contract price. I would rather know up front if it’s not going to appraise. It is important so the seller can go forward with their plans! Many times I hear “I don’t want to sell my home unless I can get “X “amount of money out of it from the sale. A seller cannot price the property based on what they want to “net”. The price should be based on what has sold around your property.
     Appraisers will take into consideration the actual amenities in your property. They will consider the location, the condition, the landscaping, the trim, the granite and all the pgrades. Some upper end amenities such as hardwood floors, coiffered ceilings, electronics and media equipment will call for large adjustments. There are so many different things that can add value or decrease value. An appraiser is going to give you actual value and will not price your home by raw square footage. Many agents do price properties by the footage. There may be similar properties with similar footage, but if the footage is similar, that does not mean the finish out and amenities are the same! Location is a big factor. A wooded lot versus a sterile lot is important. Water features add great value. Golf lots also add a tremendous value compared to lots that are not on the course. The majority of the properties get their best activity in the first 45 days. Pricing the property right is key! Properties priced properly at the beginning gives you a jump start and gives you theopportunity to have an edge over those listings who are playing the price game.
     If you have any questions about real estate, please give me a call at 817-994-7152, or e-mail with your questions at Sharon@TeamHodnett.com
     Remember, time kills all deals.

On Friday, December 12th, Team Hodnett and other members of CENTURY 21 Mike Bowman took part in Keller history! What a treat it was when Team Hodnett was invited by CENTURY 21 Relocation Director Marion Pollard and her son, the general contractor and in charge of the entire project with Wall Homes for ABC’s network show Extreme Makeover Home Edition. We were able to observe the various phases of the construction of the Keller home of the Augustin family. What a thrill it was to meet this truly wonderful Keller family and have pictures taken.

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You may have recently read that Southlake, TX has been recognized for having the highest median income in the nation. The Dallas Morning News reported this juicy tidbit of good news in yesterday’s edition. While the West Coast may have it’s glitz and glam, Southlake homeowners are rolling in the dough!

Other North Texas Communities are in the Money!

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Back on November 20th I participated in the 2008 Southlake Real Estate Top Producer Power Panel Event which featured several of my esteemed fellow top producing real estate agents from Southlake and the greater Dallas Metroplex. This event also included a question and answer session. During the evening David Fair with Hexter Fair also discussed the economic forecast for our local real estate market.

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Serving the needs of our Southlake and Colleyville clients is indeed a tremendous honor. Team Hodnett is firmly committed to delivering the absolute best Southlake real estate experience in our area. When you succeed, we succeed and apparently that success has been noticed by our peers in the greater Metroplex area. Team Hodnett has been selected to participate in a Metroplex real estate power panel event scheduled for November 20th at the Colleyville Convention Center on 5301 Riverwalk Drive in Colleyville. We are so excited to take part in this event along with many of our outstanding peers who have been fortunate enough to experience similar success in 2008. This special power panel event is sponsored by Metroplex real estate stalwarts and they include:

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I recently gave into temptation and purchased one of the new generation iPhones with G3 technology. While I don’t consider myself to be a “hard-core techie” it is important that I keep up with the latest tools to help Southlake buyers locate the home of their dreams. Plus, keeping up with technology helps me market my Southlake and Colleyville featured listings to a whole new segment of tech-savvy home buyers too.

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If you have been paying attention to the national media reports in recent weeks, no doubt you’ve heard the accolades our area has received for being so “Boomer-friendly”. Let’s face it, many Boomers have seen their 401K take a beating in recent weeks. Living in areas that allow you squeeze more out of your retirement accounts is more important now than ever before. Much of this notoriety for affordable senior living in the Metroplex is due in part to the following qualities:

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This years Spring Tour of New Homes sponsored by the Greater Fort Worth Builders Association is sure to be a big hit. New homes will be open for tour on the dates of April 19-20, 25-27 and May 2-4, 2008.

Trophy Club Jewel on Tour

The must see luxury home on this year’s tour is the stunning Trophy Club home built by Glendale Custom Homes. With a base price of $1,289,000, this elegant new custom built Trophy Club entry #79 is located at 8 Heatherstone Drive in the Knoll section and is sure to turn heads at this years new home tour event.

Lavish Trophy Club New Home Features

This impeccable home boasts a beautiful, treed, golf-course lot. The grand foyer gives way to a luxurious, curved staircase. Offering a separate guest suite with an outside entry, your guest may not want to leave the comfort of their Trophy Club oasis. The gourmet kitchen offers the warmth of solid-surface granite counter-tops, stainless steel Viking appliances, custom-milled cabinets, a large island and service bar. The butler pantry has proper wine storage facilities. Enter the inviting family room where friends and family are sure to spill over into the covered patio with a fireplace. The mudroom has custom-milled lockers with a bench.

Entertain in Elegance

To compliment the covered patio with fireplace, this 6452 square foot luxury home is the perfect setting for entertaining. Complete with game room, media room with soundproofing and pool; this is the ultimate home for parties and events.

Directions to 8 Heatherstone Drive

Take Highway 114 to Trophy Club Drive. Go north on Trophy Club Drive, and turn right on Indian Creek Drive. Turn right on Greenhill Trail. Enter through the gates into The Knoll. For more information on the location of this home or any other home on the tour, be sure to use the convenient area map.

Have questions About the Ft. Worth Spring Tour of Homes?

Just leave a comment and we will answer your questions about this home or any home on this year’s new home tour.

Until my next post,

Sharon

Your NE Tarrant County Real Estate Expert

A Texas Winter Wonderland!

We had a winter wonderland at my house last Thursday! I have not seen a blizzard in Texas since I was a young child. As the huge snowflakes began to fall about noon, I let all the office staff go home. We are not set up with the proper equipment to drive on ice and snow. It was treacherous by the time I reached the red light in front of my subdivision where I slid right through the intersection. Thankfully there was very little traffic so no damage was done.

A Texas Snowman

I decided to take the rest of the day off to enjoy the weather. When I looked out my dining room window, I had second thoughts. I was not sure I wanted to brave the cold. I am so glad I did. It felt good to get out and act like a kid. After all, it may never snow like that again. A neighbor and her little girl came over to take pictures of the snowman Mike and I built. An avocado skin made great eyes and a friendly smiling mouth. The cowboy hat was the perfect touch for a Texas Snowman! He even had a mustache!

Acting Like Kids

I made about 15 snowballs in anticipation of a fast and furious snowball fight. I lined them up on top of the bushes. Mike and I had a great time dodging snowballs and giggling like kids. It really helped to have my arsenal ready. We even had an avalanche off the roof. The snow was so heavy, my lovely backyard awning collapsed.

Making Memories

What a wonderful afternoon! I have some great memories and I got better acquainted with my neighbors. In this busy world we live in, it is hard to take time to smell the roses. I am one of the worst examples of achieving balance in life. I love my work and it takes priority over my own health, nutrition and exercise not to mention just plain fun like last Thursday.

New Found Priorities!

My mom always told me “If you don’t take care of yourself, no one else will”. It is good to be reminded of that. With renewed motivation I am seeing a nutritionist and a new physician who claims I can feel like a young woman again. I am holding them to that! I know I have to do my part. It will be interesting to see in the next six months how my new commitment plays out! Life is too short. Have some fun and take care of yourselves.

Sharon

FOR IMMEDIATE RELEASE

February 25, 2008
Sharon Hodnett, Realtor
CENTURY 21 Mike Bowman, Inc.
112 State Street, #218
Southlake, TX 76092
Office: 817.994.7152
Cell: 817.994.7152
Fax: 817.481.8839
Email: Sharon@TeamHodnett.com

SOUTHLAKE REAL ESTATE TEAM RECIEVES TOP HONOR

Team Hodnett Recognized As World Wide Leader

At a special awards banquet held at the beautiful Fort Worth Petroleum Club February 25th, Mike Bowman was named the #1 CENTURY 21 office in the world for the 13th time. Sharon Hodnett was named #1 Team for the two state region of Texas and Louisiana. Sharon’s Team also holds the #21 Team position in the CENTURY 21 system world wide.

About Sharon Hodnett/CENTURY 21 Mike Bowman, Inc.

Providing luxury home buyers and sellers in the Southlake and Colleyville, Texas and the greater Northeast Tarrant County Texas community full-service real estate solutions, Sharon Hodnett and her Team delivers impeccable customer care to their clients by offering a team of four experienced agents and administrative specialists, and a commitment to world-class service. Sharon Hodnett is a certified Luxury Home Marketing Specialist and currently ranked #1 Team for the CENTURY 21 Region for Texas/Louisiana. Named “TEXAS SUPER REAL ESTATE AGENT as featured in the TEXAS MONTHLY Named “FIVE STAR REALTOR - “BEST IN CLIENT SATISFACTION” per the Fort Worth Business Press, Ms. Hodnett is a Certified Relocation Specialist. Sharon and Team Hodnett are headquartered in Southlake, Texas.
For additional information regarding Sharon Hodnett, send an email to Sharon@TeamHodnett.com, visit her Web site at www.TeamHodnett.com, or call (817) 994-7152.

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