One of the Realtors in my office recently had a listing appointment.  During this meeting, they went over all the research showing what the house would sell for in today’s market. 

A couple days later the owners of the property sent a letter to their Realtor saying why they thought their house was worth approximately 15% more than what the research showed.

I read the letter and it was very well written, but they needed to understand that they don’t determine the price of their home.  In a real estate market like today’s, it is important to realize that it is the buyer who determines the sales price.  In a seller’s market, the seller often determines the sales price. 

In a good real estate market the seller determines the price because there are a lot more buyers than sellers in the market.  This makes sense when you think about it like that and it is true with any commodity.  It all goes back to Economics 101 – supply vs. demand.

Last night was opening night for the newest theater series, The Who’s Tommy, running through August 1, 2010 at the Arts Center of Coastal Carolina. 

This production is the winner of five Tony Awards including “Best Score” and features the music of The Who. 

Click here for additional information on this production or how to purchase tickets.

Someone recently asked me what the most frustrating part of my job as a Realtor was. 

I think it has to be when I try to give people advice based on solid market analysis and they do not listen. 

I asked a dentist friend of mine what the most frustrating part of his job was.  He told me that it was the fact that people would not take his advice.  He would tell a client that they need to have their tooth pulled and they put it off and then they end up calling him in the middle of the night with an emergency extraction. 

I’ve had two sales recently that ended up closing for less than what they had previous offers for.

I guess this is probably one of the hardest parts of a lot of people’s jobs – sometimes people won’t listen, and I think people end up paying more for the advice they don’t take.

My wife and I were in Lexington, Virginia visiting our daughter recently.  We went for a walk to get some coffee and passed by a beautiful home.  It happened to be for sale and we picked up a flyer out of the box out front - it was listed for $1.5 million.  I automatically thought that this house was not worth $1.5 million, especially when the house down the street that was similar was priced at $500,000. 

My wife looked at me and said that there was no way I could know that this house was worth because I was not a Realtor in this area.  Real estate works the same in all areas – there is a pecking order for properties.  You don’t have a lot of buyers in Lexington, Virginia looking for a $1.5 million dollar property on 6.5 acres.

I once went on a listing appointment and the seller told me that they wanted $10 million for their oceanfront home.  I knew there was no way she could get that when her next door neighbor’s home was on the market for $5 million.  She said her house was slightly larger – which it was, and her home had 5 bedrooms rather than 4 bedrooms – which it did, and that the pool was larger – which it was.  These factors; however, did not mean that the house was worth twice as much. 

It sometimes amazes me the price someone will put on a property.

When someone is trying to determine the value of their home, I think it is important to look at the competition.  I often tell people that the price of their house is not determined by me, but that it is determined by the market and the buyers in the market.

I was recently talking to a friend of mine about getting some repair work done.  They gave me the name of a great repairman, but they said that you normally had to call him three or four times to get the work done. 

They were right, he did a great job on my repairs, but I had to call him four times before I could get him to my house. 

My staff and I pride ourselves on the fact that you can contact us one time and we will get back to you.  I think it is one of the most important parts of being in the service industry. 

It amazes me that so many people who are in the service business don’t understand the importance or responding promptly.  If you ask us once, we will get back to you and make sure we deliver you the results you expect.

Yesterday I had the opportunity to meet with the construction manager and the general manager for a tour of the renovations of the Wexford Clubhouse.  I was so impressed with the progress that they have made. 

I was very impressed with the addition of the veranda room and the enlargement of the casual dining room – it is truly going to be a quality built clubhouse.  I think this will definitely have a positive impact on the Wexford real estate market and we can definitely use some good news. 

If you would like for me to arrange a tour of the clubhouse please let me know and we will schedule something for you.

Caroline did some research this morning on real estate sales during the first 16 days of March, April, May and June.  Unfortunately, the numbers showed me that the market is not quite moving in the direction I want it to be going in.  The numbers were as follows:

March 1-16: 103 
April 1-16: 101
May 1-16: 89
June 1-16: 80

The first time home buyers credit has expired and I think that along with what is going on in Europe has taken some of the wind out of the market. 

What does this mean?  As a seller, you have to be more aggressive and make sure your property is priced to sell.  We are making sales, people just are not getting as much money as they would like. 

Any buyers out there?  If so, there are some great opportunities available.  Let me know and I can show you some of the best options out there!

I showed property to someone and we found a great bank foreclosure; it was under priced and it was in a great location.  When I talked to the husband the next day, he said that his wife really did not like the floor plan – he said, “momma ain’t gonna buy it just because it is a good deal.”

I guess this really shows that it does not matter what a good deal a property is; if you do not like it, you are not going to buy it.  I always try to point out to people that the need to like what they buy because they are going to have to live in it.

Every year the local Island Packet has the Reader’s Choice awards where the public selects their favorites in different aspects of Hilton Head Island.

I am pleased to say that Charter I Realty was once again named the Reader’s Choice winner for best real estate company on Hilton Head Island. 

I think this is a testament to how hard our agents work in order to give the best service possible to our clients. 

Thanks Hilton Head!  Let us show you why we were voted the best in real estate – if you would like an updated market analysis of your Hilton Head Island or Bluffton property or if you are interested in owning your piece of paradise be sure and let me know!