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Amarillo Home Buyers | Sell Your Amarillo House 806-359-7653

Thursday, October 27th, 2011

Do you need to sell your house fast?

Does your house need a lot of repairs?

Do you want to avoid the hassle of using a Realtor and waiting for months and months to see if it will even sell or not?

What if you could just sell your house to a cash home buyer, in it’s as is condition, and close in just a few days?

My name is Wade Mitchell.  My wife Emmy Mitchell and I are real estate investors here in Amarillo.  Every month we buy Amarillo houses from people just like you.  We can help you too!  Even if we can’t buy your home we can probably give you some good ideas that you may not have considered.  Here is what we can offer:

  1. We are super easy to work with! We make sure you understand all of your options.
  2. We pay cash!  You don’t have to worry about long drawn-out bank approvals.
  3. We close whenever you want! You are in complete control.
  4. We buy property in its as is condition. You don’t have to fix anything or clean anything!
  5. We pay all of the closing costs and take care of all of the details!  You just sign and pick up your check.

If your house is in great condition, in a great area, and you don’t mind waiting months for it to sell then selling to us may not be your best option.  (You should still call us though because we also list houses!)  But if you need to sell it fast or it needs a lot of work we can definitely help!

I just got a call from a guy who I talked to about 6 months ago who wanted me to buy his home in Amarillo.  We couldn’t come to terms so he listed it with a Realtor.  He is a really nice guy, and despite not being able to work with him, we made friends.  I told him to let me know how everything went.  This is what he told me.  In the end, he walked away with about $5,000 more than what I had offered him on his home.  It took him 6 months to find a qualified buyer and get his house sold.  The contract price was higher, but by the time he paid his Realtor 6%, paid 3% in buyer closing costs, and 1% in his own closing costs, he didn’t get as much as he thought he would have.  But here’s the bad part.  He had to keep making payments for 6 months while his house was on the market!  His payment with taxes and insurance came to about $716 per month (This was about a $100,000 house).  So he paid $4296 in payments over that 6 month period.  And to add insult to injury, he had to paint the trim of the home so that it would pass the bank inspection.  As you can imagine, this guy was a little frustrated.  He told me that he should have taken my offer and saved himself all of the trouble!

You see, it is not easy to find a good qualified buyer for your home.  It has become much more difficult than it was even a few years ago.  We are getting more calls than ever from people who are having a hard time selling their home.  Why are so many people contacting us?  Well here is my opinion.

  1. The Real Estate market has slowed down a little bit.  Now I’m not saying that it is time to panic, and I wouldn’t believe what the news media says, but I things have definitely slowed down.  Part of that has to do with the economy.  Another reason is that there has been a flood of foreclosures over the past several years.  The end of the home buyer tax credit is big reason that things have slowed down.  The home buyer tax credit really did help our Amarillo market as well as the rest of the country.  But it caused everyone who was even thinking about buying a house to go ahead and pull the trigger.  Now there are fewer buyers as a result.  In our current market it not really that a house won’t sell, because it will, it is just that it is taking longer and selling for less.  It has to be in better condition and marketed properly.  Finally, I think a lot of people are still on the fence.  Maybe they want to see what the economy is going to do.  Whatever the reason, they aren’t ready to pull the trigger and buy a home.
  1. People are tired of using Realtors.  You can have the best Realtor in the world but they still can’t guarantee that your house will get sold.  Realtors charge around 6% for their services.  They do a good job for the most part but it just takes them several months to get your house sold.  Sometimes it is because they are not marketing the property correctly or following up on showings, but other times it has nothing to do with the Realtor.  When you use a Realtor you can count on multiple showings.  Some people don’t want to keep their house neat and clean and be ready to show it with very little notice.  They also don’t want to make expensive repairs.  Most Realtors will want you to make repairs before they take on the listing.  For some people this is just not an option.
  1. People can’t afford their property.  Many people have no idea just how expensive it can be to own a home.  First you have your house payment, then property taxes (which are just about due), and then you have insurance.  These are the big three.  But don’t forget about maintenance!  It just flat out costs a lot of money to keep a house up and running.  Things break and need to be repaired.  All of these things add up.  I have talked to people before who decided to list with a Realtor instead of taking my offer.  Six months later they called me and told me that they finally got their house sold, but that after they paid their Realtor and paid their closing costs and made the repairs that they didn’t come out as well as they had hoped.  When they factor in 6 months of holding costs it is obvious that they would have been better off taking my offer and getting their money 6 months earlier.

When I get calls from people looking for someone to buy their home in Amarillo, I know what they are thinking… They think I am just trying to steal their home.  But that’s just not the case.  I do the combined job of both a Realtor and a General Contractor, but the big difference is that I am a buyer, and they are a Realtor.  I buy it, they list it and hope to find a buyer.  I have to get it for a good enough deal that I can fix it up and resale it for a profit, but when you compare my offer with what you would actually walk away with if you were to use a Realtor, you will see that I am actually a pretty aggressive buyer!  Especially if your home needs some work.

So if you are looking for a home buyer in Amarillo give me a call.  I can go over the numbers with you and if it makes sense for you to do business with me then great.  If not then that’s ok too.  You can call me at 806-359-7653 or visit my website at Amarillo Home Buyers for more information about my company.

Amarillo TX Real Estate Market. How long does it take to sell a house in Amarillo TX?

Friday, October 1st, 2010

I try to keep a close eye on our real estate market.  As a Real Estate Investor, I have to make sure that I know what houses are worth and how long it takes them to sell, which is just as important. 

When someone calls me to sell their house I like to give them options.  I not only give them a cash offer which I can close in just a few days, I also try to let them know about what their house would bring if they were to list it with a Realtor.  Then they can make a good choice based on the facts. 

It is usually pretty easy to tell someone how much their house is worth.  There are comparable market sales that help me determine that.  The harder question to answer is how long will it take to get the house sold. 

Right now in Amarillo it takes anywhere from 4 to 7 months to sell a house priced $200,000 or less.  You can figure that out by looking at the Months of Inventory in the chart below.  For example, look at the $70,000-$89,999 price range.  There is a 6.3 month supply of inventory.  What this means is that if there were no new listings that came on the market it would take 6.3 months for all of the current listings to be sold.  It is also a rough indication of how long it will take a house in that price range to sell.  It is not an exact science but it is pretty dang close. 

 

 

Sold

Average

Active Listings

Months

Listings

Per

Of

Price Class

Total

Month

Total

Inventory

$69,999 and Under

217

36.2

156

4.3

$70,000-$89,999

139

23.2

146

6.3

$90,000-$99,999

80

13.3

63

4.7

$100,000-$119,999

188

31.3

145

4.6

$120,000-$139,999,

203

33.8

151

4.5

$140,000-$159,999

137

22.8

157

6.9

$160,000-$179,999

97

16.2

91

5.6

$180,000-$199,999

96

16.0

86

5.4

$200,000-$224,999

74

12.3

64

5.2

$225,000-$249,999

68

11.3

71

6.3

$250,000-$299,999

69

11.5

99

8.6

$300,000-$399,999

61

10.2

93

9.1

$400,000-$499,999

14

2.3

47

20.1

$500,000-$699,999

6

1.0

32

32.0

$700,000-$999,999

3

0.5

27

54.0

$1,000,000 and Up

3

0.5

11

22.0

***Totals***

1455

242.5

1439

5.9

***Average***

$150,101

 

$203,192

 

***Median***

$129,000

 

$149,000

 

 

But remember, this is just a guide.  There are still free market forces at work.  If you have a very nice house that doesn’t need any work and you price it too cheap it will sell sooner.  If you price it too high and it needs a lot of work it will sell much later, if it sells at all.  There are houses all over Amarillo that have been on the market for a year or longer.  Many of these houses are not in good enough condition to be sold with a Realtor. 

In the end it really all boils down to condition and price.  If you price your house correctly you can expect it to sell in about 4-7 months if you use a Realtor.  Of course you will have to pay a Realtor fee of about 6%, plus you own closing costs of about 1%, plus buyer closing costs of 3-6%, and make any necessary repairs.  For some people it is better to take my offer and close the same week.  For others it is better to wait it out and use a Realtor. 

I can tell you this much, regardless of what the charts show, it has gotten much more difficult to sell a house in Amarillo.  Banks are looking for reasons not to make loans.  Buyers are expecting to find bargains and negotiate harder than ever.  They also hire inspectors and expect you to make a lot of repairs.  There just also seems to be more competition than ever.  Every month more and more foreclosed HUD houses come on the market that can be purchased for a discount.  This is stiff competition for you if the house you are selling needs work.

So how long will it take you to sell your house on your own or with a Realtor?  I would say pretty close to 4-7 months if you price it correctly and it is in sellable condition.   It may take longer or it may be sooner.  If you would rather have your money this week then let me make you an offer.  When you compare my offer with the amount that you would actually net if you used a Realtor, you will be very surprised.  If you want more information call me today at 806-359-7653.  Or you can check out our website at Sell My Amarillo House

 

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Contact Information

4105 SW 34th St, Amarillo, TX 79109 | 806-359-7653

wade@mitchellpropertygroup.com | emmy@mitchellpropertygroup.com