BHHS Pro Agents WOW the Market in 2015

BHHS Pro Agents Sales Prices 10.1% Above Average

Berkshire Hathaway HomeServices Professional Realty agents in Northwestern Ohio just completed one of the best representative years ever.  Their home-selling clients were able to close at prices 10.1% above what the neighborhood averages were.  Simply put that's over $8,000 in your pocket.

In depth studies of real estate areas where BHHS Pro agents participated, as accumulated from the multiple listing services of Northwest Ohio, West Central Ohio, and the Western Regional of Ohio, clearly indicates that when employed in the service of a home seller, these agents are out-performing their competitors where it counts - higher sales prices!  Comparisons were made of the ratios of the average original listing prices to the average sales price of all homes and of Berkshire Hathaway HomeServices Professional Realty listings in the same geographical areas.

Berkshire Hathaway HomeServices Professional Realty Throughout Ohio

With almost 500 agents in 26 offices in Ohio, BHHS Pro is making quite the impact throughout the state of Ohio.  Since joining Berkshire Hathaway HomeServices in January of 2014, BHHS Pro has joined the "Elite Circle" of brokerages in the network by being in the top 5% due to production. Recognition by RIS Media as one of the top 500 Power Brokerages has also set us apart from every other company in our Northwestern Ohio area.

Locally we are very proud of the continued excellence in representation that our seasoned agents continue to provide their clients.  With a combined expertise of practicing real estate of over a century, there isn't much that we haven't seen or done.  Our experience is showing through daily with reports like this one that further prove the value that can be found in any of our professional Realtors.

Shared Values Bonds us Together for Better Representation

There are 7 core Values that we at BHHS Pro Realty hold dear.  Expertise, Collaboration, Integrity, Innovation, Compassion, Enthusiasm, and Perspective are combined to aid us in determining how we interact with each other, our clients, other brokerages, and our community.  Our true belief is that we are in this profession to advocate for our clients, be champions for our communities, and to increase the perception of real estate agents by our example.

Bath School District Housing Market is Stable

Bath Housing Inventory Stabilizing

The Bath School District is a wonderful place to live.  It boasts the widest of all possibilities in that it contains a lot of farm land, quite a few industries (including the 4th and 5th largest employers in the area), multiple parks and reservoirs, small towns and city suburbs.
Bath has it all and people want to live here!

The current inventory of homes in Bath is holding at 5 months.  This means that if no one else lists their home for sale and our current sales pace continues then we will have nothing left to sell by March 2016.  We all know that this is not how the market works, but it is how we determine inventory levels.

This current active 5 month inventory is the first to be below 6 months in two years.  August of 2013 was the last time that we saw listings numbers pacing with sales numbers to such a level.  Over this same period the inventory has increased to near 7 month levels before the sales pace quickened to ease the pain.

2015 Bath Home Sales Pace 10% Faster than 2014

The rate at which inventory is consumed has increased by almost 10% (9.9% actual) when comparing this same rate in 2014.   Last year saw an average of 8.3 homes sold per month and the rate today is just over 9.1 home sales per month.  This does not mean that now is a great time to sell your home; nor does it mean that demand has increased to a point that home prices are jumping.  These numbers simply show that the buyer pool is large enough to consume what is being put on the market.

Historical evidence shows that when inventory levels in Bath exceed 6 months, prices tend to decline.  Stabilization happens around the 5 month level and, should something happen to decrease inventory or increase demand, prices should increase when inventories get below the 3 month level.

Please Note that Stable is Good!

To all you home owners in the area, please know that a stable market is a good thing.  This is especially true in Bath where further growth could drastically change the desireability of the area as it sits now.  Most of us appreciate that new home construction is paced with demolition almost perfectly.  Transient housing levels are also fairly well maintained with no additional rental unit offerings in the area.  No plant openings or closings, no new shopping mallls, our school is performing to high levels and our football team even had a great season.  Stability in our housing market is a good thing.

If you have any questions about the numbers that I use or the methods used to derive my information, I would be happy to buy you a cup of coffee and discuss it.

I am Tim Parker and I just want to help the people of our Bath community to get the best from life by having the best information.

Call or text if you need anything - real estate or otherwise - 614-551-7341  (the local agent with the long distance number)!!

I Signed with An Agent, Now Where'd They Go?

You want to move and need to sell your home first.

You met with a real estate agent and quickly became convinced that they could expose your home to the market and find a buyer faster than you could on your own, so you signed a contract.

It's been 5 weeks and you still haven't heard anything from the agent.

Your wife is still asking nicely, "What are you going to do about this?"

You've overheard your mother-in-law say, "I don't know why you're having so much trouble, the Rhineharts sold their home themselves in 2 days and got a lot more than anybody thought they would and now they just bought their second vacation home, and ..., and ... . If you would've ..."

One or more idiots you work with asks everyday, "So did you sell your house yet?"

This is not an uncommon situation in the market that I work in; even though it should be.  Real estate agents, especially those of us with the Realtor designation, are supposed to be committed to the promotion of the best interests of our clients, the profession, and the ideals of home ownership, but some are not. 

Situations that create frustration for home Sellers happen all the time.  It should not be that these situations are created by the actions or inaction's of real estate agents.  Even a half-capable agent should keep consistent contact with their active clients.  Good agents set the expectations of communication with their clients way in advance and then meet, and usually exceed, these expectations thus eliminating the added frustration of the Sellers' not knowing what is going on.

For those of you who do find yourself in the above scenario, or anything similar to it, there are some actions that you can take.

1. call, text, and e-mail your listing agent a specific day and time that you expect to hear from them.
2. if you do not get a response: call or e-mail the broker or office manager of the company that you listed with.
3. if still not satisfied then you can contact the local real estate board and issue a complaint.
4. now that you have gotten the complaining off your chest, you can contact any other real estate company to discuss your situation.

Please don't blame the entire industry for the actions of a single representative.  We all work hard to represent the interests of our clients every day.  Do you really think that we just want to put a sign in your yard and then hide from you?  We want you to sell your home for the highest market dollar possible, in the shortest amount of time possible. Period.

I have heard that some upset sellers go FSBO (for-sale-by-owner) and refuse to ever work with an agent again.  They believe that nobody cares because nobody is seeking to fix their problem.  We all want to help BUT, since you signed with an agent we are NOT ALLOWED to seek you out.  We are allowed to speak with you if you seek us out.  Don't go all FSBO, it ends up taking a lot more time and money to sell that way and 85% of the time you will end up listing with an agent again anyway. 

To re-cap:
Try to get ahold of the agent you signed with.  Try to work things out with the Brokerage that you signed with.  Go ahead and complain where it counts.  Talk to other industry professionals about your situation.  Tell your wife what you're doing (she loves you taking control), your mother-in-law that you love her even though she's full of it, and the idiots at work to pluck-the-plank from their own eye.

Let me know how it's going.  I specialize in frustration.

Absorption Rate Analysis

How many times a day do you hear someone complaining about their not having the correct or updated absorption rate analysis?

None?

Maybe you are so tired of hearing about it that you don't even listen anymore, but they're complaining. They are saying things like,
"Why did the neighbors house sell but mine didn't?"

I can tell you right now that the best advice that you can give them is to start listening to their professional, friendly, neighborhood real estate agent.

A good agent can help home sellers with the hardest part of marketing a home which is to price it right. Study after study shows that a properly priced property sells faster and, ultimately, for more money than homes that start out being marketed overpriced.

The absorption rate analysis is a report of the results of a study of the real estate market as to the price of listings and the rate at which they sell. Top agents can provide you with detailed information about the market in your area and help you set realistic time frames and price expectations about the sale of your home.

I recently completed just such an analysis for a couple who have been trying for 2 years to sell their home. My report showed that if they would be willing to drop their asking price by just 12%, that the probability that their house would sell within the next six months increased 10 fold. Unfortunately, they did not want to make such a large sacrifice right now. I fully, and confidently expect to talk to them again next year after their home gains another unfruitful year of market exposure.

I have also, in the past, found opportunities for sellers to ask for more than they thought they would be able to. Even in a down market there is higher demand in certain price ranges than others.

A great absorption rate analysis can clearly identify where the active market is and help you price your property right into the thick of things.

"It's a Standard Contract... Just Sign It"

It is a requirement of Ohio law that all real estate contracts be in writing.  When was the last time that you wrote a contract?  When was the last time that you actually read a contract? 

Great questions for most of us because we have all signed contracts recently and very few of us can actually tell what all the verbage in the document meant and how it could affect us. 

I just got a new phone.  It was free with only my agreeing to the terms and conditions of a contract.  I didn't read the contract, too many words and tiny print.  I've had phones before and haven't had a problem, so what is there to worry about, right?  Well, it seems that in the contract that I agreed to but didn't read, there is something about how to get out of the contract by paying some outrageous charges to the phone company.  If I get really upset with dropped calls, missing texts, or some other poor customer service by my provider, I can pay them $650.00 and walk away.  Rough math shows me that if I want to take advantage of this option then I better do it soon; otherwise it would be better if I just paid the monthly fees even if I don't want the service (or lack of it) any longer.

I did not read my phone contract, but I did understand most of it because I asked the person selling me the phone and service some questions.  I trusted the representative of the "other side" to explain things to me.  In retrospect this might not have been my smartest move.  The person I trusted did not tell me of all of the charges involved if I grow to hate their company, they did not tell me how poor their service could be and what I could do about it, and they didn't say a word about how I could or should have my own representative to explain the contract to me.

Contracts are something that we are all finding ourselves dealing with more and more today and it is unfortunate that reading and understanding them is becoming rarer due to apathy. 

The next time you are presented with a contract take the time to read and understand it completely before you sign it.  If there is something you don't get, go find a yourself a representative.  Don't ever trust the "other side" or their agents to explain things to you.