Walmart, Wal Mart, John Mcclellan discussed on KLBJ Programming
A lot of times and around Christmas people aren't thinking about buying a house in any contracts, written this month, will close in February. So you know, we'll probably see it an increase, but we're seeing a lot of activity for a January more than I've ever seen. It's really quickened a lot in the last week. So here's one of the cells give you one of the crazy stories weakening the quickening. So we have a listing. It's been on the market for 70 days, and it was at 417,000. How long was it on the market? 70 days. Remember the sludge and we might describe the sledges s O. It was ugly. It was ugly house Really? Not really move in ready Back to the main street. I think, he said, or done no, not not to Main Street. But here's I want to talk about the buyer Psychology that's out there in the market because we know we're teaming with tons of buyers. We talked about how they got low. They've got good spending power and everything else. OK, 70 days go by. Listing agent drops the price to 3 99. That's what happens. Get it off for multiple offers Come in multiple offers. Buyers start bidding against each other, and it ends up going under contract in the fourth thirties. Okay, wait a minute. So is lifted. We recently what 4 17 for 70 days. It sat for 47 no contracts with no contracts. And then suddenly, a frenzy starts up on it, and people fight over fight with each other to pay 4 30 in the fourth thirties over 4 30. Where? Yesterday before any of them could have had it for 4 17. So this is interesting, right to me. This talks about? Yes, we have science. We have low interest rates. We have all these things that we can look at. And prediction. We love to share the science of the stats with our audience. But there's this. Uh, there's this human element that's out there, and it's significant and it causes weird things to happen here. I call it the eBay mentality. You know, When you start bidding on things in the bay, you didn't pay more than it would be a Wal Mart. You ever do that? I used to be a debate. This is years when it first came out. Oh, this is cool. Sell this online. I want to buy that. And like, I gotta win this bid, right? And you didn't pay Maybe the same or more than just going down to Walmart or whatever, baby, but that's because you have this and I think humans have this innate want to win. All right. I want to win. I want to beat out on that if they if he really wants that I should want it even more. But in the opposite goes too, right. Look, nobody wants it. But I'm going to say when your story too, And I'm gonna take out some important details because we're on the radio. You'll get the effect. So second listening. Also in the market for about 90 days or so. No price production, But buyer Inner Zen goes under contract at the list price. Second buyer comes in the next day says Hey, I really want this. Um, I'll pay 10% more than the list price. They say Sorry. You know, for we're under contract that second buyer comes back says Look, I'll not only pay 10% more than the list price, I'll take another 10%. You can offer that to the first buyer to go away and I'll pay their realtor as well. So so both you is the cellar. You'll get an extra 10%. I'll give 10% to the by the president of contract just to walk away and pay their realtor as well. So well, that's an interesting strategy. Yes, So in one day, there's 23% increase in value on the house. Guess what? The first buyer said No, really. They could walk away with a $40,000 check. Uh, it's more than that. I don't just say the exact price point, So we're still none of this is closed yet. But it is it is more than they could have walked away with a 10% of the price of the house check for doing nothing for never even closing in. They said. No, they said no. Because They couldn't find anything else out there again. This is something that had been on the market for over 90 days. Why was it so Let's let's back up. We know we're talking about how hot the market is. He goes on the market it last for all these days, and now in 1 to 2 little short stories. You talk about the house and one was six years 70 days, ones. 90 days. What caused them where they just about what it was right and that put him in that sludge and the markets caught up to him. Because the market is moving that bad First story. It's buyer psychology where being in multiple offers become became this validator that somebody else s O? They saw it as 78 days on the market said, Uh, it must not be worth that the same question you're asking. But then, as soon as they found out that there's four other people that wanted it, But it's a validators. Oh, it must be worth more than that. If there's that many people that one Yeah. And then in the second story, and Price range has a lot to do. They obviously when you get the higher price range after your buyer pulls strings, right, you know you go 1.51 Point 72 million That buyer pulls, not his biggest hit was safe. You know if you're buying a five or 600,000 on the house, the second story is about. It's about a neighborhood in Austin that has just turned on and it's different way the whole the whole neighborhood is different. I'm not going to put it out there. But personal clients. I think if you want to hear we want to hear that story, I think we probably to wait till after you need to work with me privately on that one. So we're going to wait till after the break for that. All right, guys, you're listening to the real estate's own phone number. If you'd like to be a part of the show 5128605 90 That's 51283605 90. Questions comes love to hear from me. You will be right back. Like what you're hearing. Would you like to have John McClellan or Kevin work with you personally called 5125898088 make the best investment for your future take advantage of the best mortgage rates, now called 5125898088.