How Do You Know If You Are Pricing Your Home Correctly? – Missy Vandercook
On this episode of The Closing Table, we sat down with Missy Vandercook!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Missy Vandercook…
The conversation began with a fill-in-the-blank icebreaker on possible reasons your offer gets rejected during a purchase, what her real estate market is mostly affected by, and more. Missy provides a glimpse into her life beyond the real estate realm. She identifies herself as a mother of two children, a caregiver to her furry companions, a wife of eleven years, and a resident of the Northside of Jackson County. Nestled by a captivating hidden lake, her location offers a unique charm.
Geographically, Missy operates within Jackson county, encompassing diverse landscapes including numerous lakes, urban downtown areas, rural expanses with farms, and various subdivisions. The scope of her market extends beyond, touching Ingham, Leslie, Washtenaw (specifically Chelsea and Dexter), Eaton Rapids, and even Lenawee. This extensive coverage highlights a broad market area.
The prevailing average sales price in her market stands at $235,000. Interestingly, there has been a 20% increase from the previous year, defying expectations that were set at around $120,000 to $150,000. A shortage of construction activity in recent years has led to reduced inventory levels, causing challenges. However, this trend is shifting as a surge in listings and construction projects emerges. Notably, Missy collaborates with forward-thinking builders who facilitate home acquisition sans construction loans, a novel approach that’s turning heads.
Missy then recounts a plethora of eccentric encounters within properties she has visited. These include baffling hidden doors leading to nowhere, wall-to-wall carpets that reach the ceiling, quirky and non-functional DIY installations, peculiar ceilings, and remnants of raucous house parties from the night before. Among the tales, one particularly chilling incident stands out. During a showing to a friend, she heard running water upstairs in a two-story house. With it being a foreclosure property in cold weather, frozen pipes seemed plausible. Yet, what she discovered was far more unexpected: stumbling upon a homeless man bathing himself in the sink. In that moment, her running speed outpaced even her friend’s.
At her brokerage, Missy adeptly employs her wealth of knowledge and experience to accurately price her clients’ homes. She recalls a situation where clients were adamant about pricing their home above market value, risking a lack of buyer interest and ultimately, a sale. Missy deftly managed this situation by offering a relatable analogy: envision a scenario where one desires a classic car priced at $70,000, yet its true value is only $40,000. She emphasized that the same principle applies in real estate – a house must find the right pricing “sweet spot” to attract buyers. Overpricing can lead to subsequent reductions and, paradoxically, result in a sale below market value. Missy’s nuanced approach resonated, illuminating the importance of pricing to achieve optimal outcomes.
Missy believes that establishing a genuine connection is pivotal. She refrains from making absolute promises, recognizing that such declarations can inadvertently lead to complications. Instead, she communicates her dedication to her clients’ interests, their financial success becoming hers as well. With an expansive role that encompasses 184 tasks in a transaction, Missy shields clients from potential stressors, diligently working behind the scenes. By prioritizing her clients’ welfare, she nurtures trust and ensures a smooth process from inspections to zoning inquiries.
Missy also acknowledges encountering demanding clients and, though she refrains from specifics, her commitment to ethical conduct remains steadfast. When met with pushback, she persists in her honest and ethical approach, diligently guiding clients toward their goals. Whether it involves achieving a desired sale price or finding an affordable property, Missy’s dedication shines through. She holds herself accountable to ensure client satisfaction while maintaining professionalism throughout challenging interactions.
Real estate agents often face the misconception that their primary goal is simply to close deals for the sake of commissions. Missy, however, dispels this notion by sharing an anecdote illustrating her commitment to clients’ best interests. She highlights her ethical approach of advising clients against purchasing a home when circumstances suggest it may not align with their goals or financial capacity. Her philosophy centers on ensuring clients don’t become “house poor,” guiding them toward making informed decisions. Missy firmly believes that people ultimately find the homes they should have, whether for personal growth, investment opportunities, or serendipitous life events.
The conversation wraps up with Missy sharing her recommended approach to home buying. She outlines a meticulous strategy, particularly for first-time homebuyers. She advocates for initiating the process by visiting a local lender’s office, recognizing the value of personal interaction in an age of long hold times. Getting pre-qualified is essential, but Missy emphasizes the importance of digging deeper into the financial aspects. Beyond approval amounts, she advises understanding monthly payments, potential private mortgage insurance costs when putting less than 20% down, and crucially, the implications of property taxes. Missy underscores that property tax rates can rise significantly, impacting monthly payments. Therefore, understanding future tax obligations is vital.
In selecting a real estate agent, Missy advises prospective buyers to rely on reviews, seek recommendations from friends, and conduct interviews. The choice should be based on a combination of competence and compatibility with the agent’s style. Missy likens the selection process to choosing a medical professional, emphasizing the importance of working with someone who instills confidence and possesses the necessary expertise. She also offers insights into questions to pose during interviews, empowering buyers to make informed decisions in collaboration with a trusted realtor.
Check out Missy Vandercook:
Facebook: https://www.facebook.com/missysheanvandercook
Facebook Business Page: https://www.facebook.com/SproatRealtyProfessionals
Instagram: https://www.instagram.com/missyvandercook/
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