In my latest article and the Video below, I talk about what to do when you need to sell my house Sacramento, Stockton or Modesto.
First and foremost, in real estate it really is all about the numbers. That is ironic because as important as they are, it also depends on where those numbers are coming from. For years, real estate agents had the monopoly on the metrics of the entire house selling universe. The numbers embedded in their MLS were exclusively theirs and they had value. That all changed when the bubble burst in 2008, and real estate agents became less and less relevant and those numbers became less and less exclusive. At that time, the sale of houses became about as rare as a new home being built. Money dried up, banks were not lending and about the only people buying and selling houses were real estate investors that did not need the assistance of a real estate agent. As a group we learned that they just added another layer of cost to the seller, so where they could be avoided they were excluded.
Certainly, not all sellers got that memo, but for a large portion of the distressed real estate market, the sellers need for a real estate agent has been negated and their impact has been dwindling ever since. There are so many signs that their relevance has been diminished. The explosion of discounted real estate brokerages, Zillow and Trulia actually competing with local agents and yes, now there are ibuyers that are even competing with real estate investors for the purchase of houses that used to be the exclusive territory of cash home buyers.
Don’t get me wrong, the ibuyers are nowhere near as competitive as the local real estate investors in their ability to offer a high return on equity. They are national companies and they follow computer based models that do not allow them a lot of leeway to negotiate on price. Local real estate investors, have to know the market inside out and have to be price competitive because we are risking their own money on every transaction.
So for most sellers it really depends on who they are talking to. The market is made up of so many types of houses so unless you are talking directly to the potential buyers you may be selling your house at a discount without even knowing it. You need to know the numbers and also understand that as a seller you are paying both sides of the commission when you sell your house with a real estate agent. Unless they have factored that into the sales price, I can assure you that you are paying for their presence. You need to know the market, the values of houses in your neighborhood and what it means if your house does not sell because it is overpriced. You need to know your holding cost and what happens to your cash flow when your house doesn’t sell like you planned. Your real estate agent loses nothing except a potential commission and that is why over 39% of all real estate listings expire without an accepted offer.
Like I said, in Sacramento real estate is all about the numbers and for sellers to just leap without understanding them is a a bit insane. In this article I want you to see the numbers and then decide how you should sell your house.
So here is the Real Estate Industry by the numbers … If You want Sell your House in Sacramento, these are the numbers;
- 87% of all real estate agents wash out or quit within 3 years
- 40% of all listings expire represented by a real estate agent
- 30% of bank financing gets declined and the sales fall out of escrow (seller must start over)
- The Average Days on the Market is Increasing from 45 to 120 days
- The Number of Houses on the Market is still less than a buyers market
- Interest rates have increased making homes more expensive to buyers
- Home Prices while level are very high making the buyers very anxious
- 5% of the real estate agents do 95% of the business
- Asking Price and Sales Price are different animals
- Commissions are dropping from what was a standard 4% to 6% or less (that is good news for sellers)
- New Discount Real Estate Firms are popping up every day and undercut commissions and service
- The cost of fixing and updating a house is getting more expensive as supply and demand increase
- there are no new houses being built for under $350,000
It doesn’t matter whether you are talking to a real estate investor in Sacramento with years of experience if you are a homeowner just screaming Sell My House in Sacramento, there are no shortage of options for you in today’s real estate market.
My name is Peter Westbrook and I am a cash home buyer in Sacramento, Stockton and Modesto. If you find yourself saying that “I need to my house Sacramento you have at least one cash buyer and outlet to talk to. I have over 10 years of buying houses in the Sacramento valley, with hundreds of homeowners and families that I have helped with some complicated real estate issues..
Sometimes the only Solution is to Sell the House.
Houses come in all shapes and sizes with different kinds of issues that determine its actual condition. Buyers are skittish and if they perceive a problem, they walk. Real Estate Agents are no different and they have vastly different levels of experience with different types of houses. The truth is that most real estate agents have no experience in selling distressed houses at all and their abysmal performance in selling them is obvious.
Here is another fact… Unless your house is in move-in, near-perfect condition and is priced right, the average buyer is going to pass. The truth of the matter is 95% of all buyers are looking to buy houses that are move-in ready, that need no repairs or updates, which is also evidenced by the fact that over 98% of all buyers order home inspections and expect the seller to pay for the repairs.
If you have a house with any problems whatsoever, what are the chances that you are really going to pull a fast one on the buyer, the inspectors, and finally the bank?
So in a world where buyers are looking for move in ready and sellers are looking to cash out, the only thing that they have in common is a real estate agent that is trying the best they can to match things up and as the above statistics point out, it works only 60% of the time.
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Video Transcription
Peter Westbrook: Hello, my name is Peter Westbrook with Westbrook Real Estate Investments and I’m standing inside of a house that I just purchased. I know some of you are thinking, “Well wow. Really? Is this what you bought and you did in consciously”, and I’m going to say, “Yeah”.
I’m a real estate investor based in Stockton. I buy houses in Sacramento, Stockton and Modesto, California and this is what I do for a living.
This house was built probably in the ’20s and I can’t remember to tell you the truth. I just know it’s an opportunity. I bought basically two from the same sisters. Their father passed away in 1995. It is now 2019 and they finally put the house through probate and have settled their father’s estate. It took them years to do it. In fact, there was one item for $500 on the bill from 1972, which was $500 for child support and that remained unpaid and it actually got paid as part of the escrow.
Again, my name is Peter Westbrook. I’m a real estate investor in Sacramento, Stockton and Modesto. What that really means is I’m a cash home buyer. I pay cash for houses. I know that you’ve seen the signs on the side of the road, We buy houses Stockton. That would be me. Those were in large part my signs.
I’ve been a real estate investor for over 10 years and so at the height of the real estate bubble bursting, I was on the forefront. I was hanging those signs all over Stockton, Modesto and Sacramento and that was quite a few signs. I was one of the pioneers in creating the we buy houses Sacramento market space.
So if you go online and you Google “we buy houses Stockton“, you’re going to see my company, https://www.ibuyhousesstockton.com. Or you’re going to see https://www.westbrookrei.com or you’re going to see https://www.webuyhousessacramento.org. Those are all me. I try to position myself with Google. I have to if I want to get phone calls from people that own properties like this and I want to get a phone call that says, “Peter, will you come and take a look at my house”?
Let me ask you. If you owned a house like this and you called the real estate agent, what do you think the reaction would be? First of all, I know that they’d say, “You need to fix it”. Well, you’re not going to fix this house by waving a magic wand and spending 10, 15, 20 or $30,000. It just isn’t going to happen.
The floors are collapsing and buckling. The foundation is slipping, it’s on a raised foundation. You need to go underneath it, raise it literally. Put new footings and piers underneath. You need to redo the bathroom floors that are rotted out, dry rot. This house has been lived in very, very hard and it isn’t going to be a weekend project. This is one of those projects where you need to start from one end and go to the other and you go through this thing back and forth until it’s done.
This house is going to really have to be deconstructed in a lot of ways. It’s lath and plaster. There’s no way to easily patch what needs to be fixed in this house. There are cracks in the ceiling. You can see in the bathroom alone, you see that? That is where the paint is coming down, the plaster is coming down and underneath it is wood lath. It’s the same all over, inside here. This shower has got, shower curtain around the back that is protecting the enclosure that’s falling apart as well. The floor, you can see the wood floor there and when I step on it, you can hear the creaks. That’s because the floor is falling apart.
I go into the second bedroom and you look up. You can see where they tried to put a piece of drywall up there between and that’s the lath and plaster showing through right there. But the water from the leaks on the roof of this, the cracks in the ceiling because of the settling.
As I walk through, I’m kind of falling off and again, you’re probably asking, “Well, you bought the house. You knew what you were getting into”. The truth is yes. But can you imagine if you’re a homeowner and you had a house like this? You inherited a house like this? Yeah, you’ve been renting it out but how do you sell it? There’s no bank that’s going to loan somebody money for a house like this. So it has to be a cash home buyer like me.
If you go to Google and Google cash home buyer, you’re going to find my name, Peter Westbrook. You’re going to find Westbrook Real Estate Investments or Westbrook REI and I buy houses in Sacramento and we buy houses in Sacramento. You’re going to look for Peter Westbrook and you’re going to call or you’re just going to call (209) 481-7780 and you’re going to talk to me personally. I handle every single one of the real estate investment calls personally.
This is, again, what I do for a living. So, if you own a house in the Stockton, Sacramento or Modesto market that you know you’re not going to be able to sell in a conventional way. Give me a call. I’ll make you a fair, all cash offer and what I mean by that is I’ll offer fair market value minus the cost of repairs. There’s nobody that does a better job than I do. Like I said, I’ve been at this a long time. I’d love to talk to you.
Again, my phone number is (209) 481-7780 and thank you for watching.