Property tax shock: 64% of U.S. homeowners surprised by their house’s tax bills | Wednesday Real Estate Snapshot 🦅 🌎 ⚓️

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Property tax shock: 64% of U.S. homeowners surprised by their house’s tax bills
Reddit Question of the week! Are Real Estate Agents actually "useless"? 
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Property tax shock: 64% of U.S. homeowners surprised by their house’s tax bills

Pricing Sells Homes

 All right. So, I've been following this lady for a bit. She's an agent down in California... uh, LA area, and she, she's a pretty straight shooter. She's a little cocky, a little arrogant, but she knows, she knows her stuff. And I gotta say that she's pretty dialed in as everything is going. And here's the thing.

When you put your house on the market, you know what the market buyers are willing to pay for the house. And if you're not getting any offers, you know that your house is overpriced. Because, as I've shown you over the years, my process is pretty similar. And when your house is priced right, and I do everything else that I do, your house is gonna sell.

If your house is not priced right, and I still do everything I do, I waste my time, and your house doesn't get sold, and then I look like the idiot. 

Off-Market Commission Trap

Conversely, if you are namby-pamby and your agent is telling you to do the off-market thing, I don't think it's of value. And I know I harp on this a lot, and I know I use this hook just to get your attention on this, but it's...

Brokerages and agents that have this as a service or as a mention, and they pressure you to do this, they're that is... Their intention is to double up on the commission. Period. They don't care that y- you maximize and get the most money out of your sale. And that's Sad. It's pathetic, and it's sad, and it's pathetic that it's allowed.

I don't like doing double or dual agent. I do, but I also make it very, very aware that when the buyer approaches me, I tell them very succinctly, I am not in your favor. I owe a fiduciarduty y to the seller. And if you want your house to be, if you want this house, you will get to know what the highest and best offer is.

And you have to beat that, period. That's how I work it. And a lot of times, they just chicken out, period. And I get that. I totally get that. But again, I'm not there to make, I mean, I'm there to make money, but I'm not there to screw over my seller, and just so I can get two deals. I think it's horrible. Okay.

Property Tax Shock Explained

This link is in my blog if you want to watch the whole thing. Property tax shock. 64% of U.S. homeowners are surprised by their house tax bills. You need to read. There's always a supplemental tax bill disclosure saying the way it works is the way it works. And if you don't like it, we'll just figure it out.

But here's the thing. You are always going to owe 1% or 1.25% of your house's value every year, period. In California, we have the benefit of Proposition 13, which four, five, or six years ago they tried to get rid of, which is horrible. Proposition 13 keeps it down to 2% increaseinf the value every year instead of fluctuating up and down.

Like in Texas or St. Louis or wherever, wherever the prices go up and down and fluctuate greatly, that could hurt you. And for those that are retired, there are certain states, like I think Texas has a homestead law or something like that, where once you turn 55 or 60 or you retire, the property tax stops at that value, period.

So you can always count on that, which is fair, right? So it's just nice to have these things that are around there. So when you're shopping around for areas, you need to know what you're looking at because you could buy a house and in 30 years it could have tripled or quadrupled in price. And yeah, guess what?

That's the way it is. National survey, 2,500 homeowners conducted in March, published 76 respondents say their tax bills have recently exceeded their household budgets. Something's gotta change. Despite 90% of homeowners expressing concern over the long-term financial impact of these rising costs, an overwhelming 74% have formally appealed...

Appeals and BPO Help

Oh, and that's the other thing, too. If you think your, uh, if your values have gone up and you're being assessed incorrectly, let me know. I'm happy to walk you through the process and give you a current value statement, mini appraisal, a broker's price opinion, if you would like, and the value of your house.

I'm a licensed broker as well as a real estate agent, meaning I can hire people over me, but I also have more responsibilities, meaning I can do these BPOs, broker price opinions, for you. There you go. So the primary reason for this inaction is da-da-da-da. So if you're having problems with it, give me a call, and we can walk through it.

Reddit Question of the week! Are Real Estate Agents actually "useless"? 

Are Agents Useless

I love this. Are really...  Are real estate agents actually useless? And I tell you this all the time. I think a lot of them are.  I've been doing this for twenty-three years, so I, I get it. The problem with real estate is it's a very low barrier to entry, meaning that you only have to take three tests or three classes and pass by 60%, which in some schools is a failing d- failing grade, right?

You have a hundred test- a hundred questions that you have to take, and you can miss forty of them and still pass, which is horrible.  And as a broker, you have a hundred fifty questions, and I think you have to pass it by 70%. And here's the thing, when you pass, they don't tell you what you pass by. Don't really care, you just pass, and then you move on.

And my problem with this is that it doesn't really prepare you for real estate. It just pa- prepares you to be able to,

to pass a test. Likewise,e how many square feet are in an acre? Four three five six o. How many acres are in a square mile? Four hundred and sixty. You know, these questions like that. Like, how useful is it? Doesn't really teach you how to be a real estate agent and how to... You also have to be a bartender and a therapist and a salesperson and a coach and very knowledgeable about lots and lots and lots and lots of different things.

So a lot aren't. They... A lot of them pressure you into sitting, buying a house, or selling a house, and they don't care because they're there to get it done. I choose not to do that.  And this person says, "Yeah, I don't need 'em." You absolutely don't need an agent. You don't need a contractor to fix your house.

You don't need a plumber to fix your toilet.  Plumbers are very expensive. Oh, but they're not 3%. No, they're not, but how often do you sell a house h- versus how many times do you need a, a, a plumber, right? I call appliance guys to fix appliances, and it costs me twelve hundred bucks. That's crazy expensive for a couple of hours of work.

Why? Because I hired them for their expertise, not for the hours that they spend, right? My agent got, got us a house while at a funeral in Costa Rica. I have never seen someone so dedicated to service. So yes, there are good, really, really good agents out there. The problem is that the low barrier to entry and the high cost make it very attractive for the bottom ten percent of every industry to trickle into real estate and give their hand, try their hand at real estate, and that's what gives us the thing, right? A lot of people come in, they have commission breath, and they're just sell, sell, sell appointment, and I don't do that. You know me, I'm just a low-key, chill guy. I'm here to serve, right? And that's the difference between Ime I serve with abundance and my experience, versus trying to pressure you into whatever it is you have.

I have tons of listings coming. I have tons of buyers I'm working with. And I don't sell a ton because I'm waiting for them to be ready for it. And I check in with them as a professional should, but I'm not pressuring them to do anything. 

Fees and Service Levels

I'm probably not useless, probably not worth 6%. There's s... Yes, there's a flat fee, there's this and this.

It depends on what your values are and what you need as an agent. Do you want a flat fee guy, and you do most of the work? Okay, there you go. You want somebody that's gonna take care of everything for you, including the re-- the, landscaping, including the cleaning, including repairs, including staging and marketing and everything else?

You want a full-service guy? Yeah, you're gonna pay the money, right? It's a sliding scale, right? Oh, this one right says, " They should get paid a thousand dollars for each month that they're..." This person is just a thousand dollars for each month that they are trying to sell your house and doing their magic.

Wouldn't that incentivize them to keep y- keeping your house on the market as long as possible?" Yeah, no kidding, right? "I'm a realtor in Chicago, and I realize..." So there's always going to be varying differences, and guess what? There are varying skill sets in real estate because there's a low barrier to entry, and some people just don't care.

They just want the sale. I care. I wanna be around for another twenty-three years. So when it's ready, when you're ready, give me a call. Yeah, there you go.

I'll talk about that later. 

REO of the Week 

Overpriced Listing Case Study

This is Holbrook Drive. This is ninety days on market. And the reason why I chose it is that it's semi-close to us. It's by Branham. There's not a ton of these houses out there that are in our neck of the woods. But Holbrook Drive, one point eight million dollars on a four-bedroom, two-bath, sixteen-hundred-square-feet, built in nineteen sixty-eight.

And yeah, it's a nice-looking house, right? But is it worth that? Obviously not. A house is worth what people are willing to pay for it. Um, let's see, where's the price? The original price was one point nine. Now it's down to one point seven nine. Now you're chasing the market, and it's still on the market since October, which is a hundred and ninety-six days.

And there you go. Why? Because sometimes people want their house sold for a certain price. They think it's worth it because six months down the road. 

Distressed Pick and Market Stats

Anyway, distressed property of the week. This is brand new. This is Hall Ranch, a million bucks, two bedroom, two bath, fifteen hundred square feet. We don't even know what the house looks like.

This is a new listing, a one-car garage, seven days on market, but it's also in the fire plan. That's a long way away, so good luck with that. Not interested in that. And we have two hundred and sixty-two homes on the market for over forty days. Why am I telling you this? Because we're seeing, uh, the market slow down a little bit.

See that blue, forty days. It's starting to tick up. It's starting to tick up. Why? Because rates are high, and people want to sell their house, and that's just the way it is. Look, it's for sale. We have more inventory now than we had last year, it looks like. Same thing here in Santa Clara County. This is San Jose, and this is Santa Clara County.

We have more inventory now than we did last year. So there you go. And everything else is fine. Back on the markets is typical. This is year-to-date, and we-- last week we had nine withdrawals. We had forty-nine canceled and eleven expired. So that's it. Sometimes you sell your house, sometimes you don't. It's just that's the fact of life.

Wrap Up and Goodbye

All right, thanks for watching. I'm Vito with Abitano. Glad to be back in the warmth. We'll see you out there.

 

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