Oh my god, I don't even know where to start.

If people follow the guidance of realtors, that definitely can yield results.

That is the driving force behind what even sells a house. Longer somebody's days on market is, the more you got to ask why. And I'm like, you don't have to tell me twice! Hate that with the power of a blaring sun. I can't stand it. I don't think it does us any favors in the real estate industry. Undervaluing. Yeah. Total chaos. That got a little bit deeper than I had expected it to. welcome back to another episode of Millennia.

Welcome back to Millennia Up.

fun fact. So this episode is how real estate and dating. Are basically the same thing. The first part, which is today's episode, is going to be all about days on market and what that means for everybody involved and how that relates to the dating world. the topic of this came up because I've had this running joke with my client, who knows who he is, and we constantly joke about real estate and about my love life and how both of them are just a hot mess. And chaotic. He always says longer somebody's days on market is, the more you got to ask why. And I'm like, you don't have to tell me twice. we're just going to unpack that because it's funny. It's educational and it's

And it's relatable. And I, just as a background, I am not in the dating world. I am happily married for 21 years. And I have never been on a dating app or anything. I married my college sweetheart. my Perspective here is going to be much less valid because I have been off the market for many years.

that's why this is not a dating advice podcast and it's a real

And that, that's

you're going to provide value there where I also can, Fortunately and unfortunately, I have been out in the thick of things for more than six years. Sure. And, it's not like it was like much better before that.

have a lot of people in my world who are on the younger side who are dating. I'm not, not naive to the challenges that dating, presents

now and the dating world today for millennials specifically, is so different than what it ever was before with these freaking dating apps, with the just like everybody having this feeling of there's just options everywhere. That part doesn't necessarily relate to real estate.

No, that does not.

we'll get into that on episode two when we talk about inventory. it is just so much more of a struggle, but I just constantly find these just parallel lines between my two worlds. we're going to talk about that. let's start since this episode is all about days on market. What is that?

Days on Market is basically the counter, that starts when you list a property for sale. it just starts counting the days. It's very simple. Day that, something that's on the market for two days versus 200 days. two totally different properties, whenever a client sends me, a property, I immediately look to see how long it's been on the market because that's a different strategy. And I got to put my shoes on and we got to go see this thing, 200 days. There's that means countless amount of buyers have been throw it, and have said no. or it's been on and off market a million times, which has its, presents its own problems. it's really the first metric that you look at to see how attractive a property could possibly be to your bar.

there are three things that attribute to selling a house. So three things sell a house and they are.

Price, condition, location.

And we're gonna talk about all three of those today way more

all three of those

doing so well, Seth. I told you could provide value here.

so well. I know.

something that you do want to look at is the days on market because it does tell you a lot and it makes you want to ask a lot of questions. the longer they're available, the more you question why. too many. What's wrong with you? too few. Did you even think about it or do your due diligence?

think about it or do your due diligence? Picky? I guess that could essentially be like, it's been on the market for a while, but it's just a really unique house, it needs a specific bar.

Yeah.

That's it. I have that kind of setup to do that kind of thing.

also, here's an example um, as far as like people just rushing into things. agents get really eager to keep their days on market really low because if days on market is low, it shows that they did a really great job selling it and promoted it really well. so typically there are times where an agent will put a house on the market on a Friday and then set an offer deadline for a Sunday. How do you feel about

I,

hate that with the power of a, blaring sun. I can't stand it.

It,

I don't think it does us any favors in the real estate industry.

If you guys have been listening to this podcast at all, and if you listen to it in the future, you're going to know that I'm very protective of the consumer experience. The idea of putting a property on the market to start showings on a Friday and asking for offers by Sunday night I think is untenable for a lot of people. First of all, even if they do go in on a Friday and they see it and they love it, sometimes it can take a couple days for them to decide whether they really want it or they gotta get with their lender, so I am not a fan of that. I like at least three, maybe even four days on market before, offers are called.

And in the same sense, if you just like rush into something, then you know, A, like a confused mind should say no. So you just jump into the everything. So many other possible options that could have loved that house and could have actually had the opportunity to offer on it. are now out of the game because you just wanted to set something down on a hard deadline of, I don't want to wait. I don't want to give the other people the opportunity to have an opportunity for this. any agents are watching this, please stop setting Sunday deadlines when you go active on Friday. Yeah. For the love

please, yeah.

We're out. I'm probably still doing showings at 5 o'clock. I'm probably writing my offer at 5 o'clock. Buyers need time to like sleep and think on things and be able to just like, even if they do love it and it doesn't say anything in the fact that they didn't want it enough. Sometimes people need to process and like sleep on it and be able to know even just psychologically that like they did give it the right amount of consideration before actually acting on

amount of consideration before actually acting on it. there's so much that buyers can't control in this market. That is something us realtors can do to take some of the pressure off of these people. the listing agent who lists a property and it's due in two minutes and I need my offers now. they'll be on the other side of a transaction at some point and I know they would appreciate having the ability to have a break and not only for the buyer but just for the realtor too. especially during like football season or you know, they

we got too many, four 30 games this season, like

yeah,

four 30.

games That's a selfish thing, but there is also just a quality of life And a quality of life aspect to us Realtors We're all running around like crazy To have to turn around, come home, kiss the kids, tell the wife Okay, I gotta go hunker for two hours while I organize an

Or if you're like me, you're going home to your child who has already been dragged around with you all day on your showings, who wants to just play, and you gotta be like, oh, sorry, mommy's gotta comb right, five million offers,

that. And when I list a property, I'm the same way. I always try to list of property on the same way. I always try give people as much time as I can. Now, sometimes your seller is like, Hey, I want to see everything on Sunday night. Cause I want to be under contract and start my work day. But if you can try to get them to. Go to a Monday deadline or a Sunday night deadline, but like later at eight and it's been on the market for days. that's different. Like I just had a property I listed. it was Sunday night, but I had a coming soon for seven days. And then it was listed Wednesday, Thursday, Friday, Saturday, Sunday. it's five days.

was really sure to be able to defend the fact that he set a Sunday deadline.

it's okay. It was not what I'm talking about. And husky.

just to unpack a little bit more. So I talked about the three things that sell a home, price, condition, location. I'm going to start with price here. So price, equals value. I'm going to start with so what happens when you price a house too high?

Uh, you run a very high risk of it sitting. meaning no one would put in an offer, even in this market. So even in 2021 when you could just List anything people were like, oh, you can list it for whatever you want. And they'll just know every market has its limit But if you list it too high it's gonna sit it will still sit or you might get an offer But you won't get a bidding war

No. Your options are far more

far

Far more limited. I'm going to see this as, with value, it's like your own self worth. Not to get too deep. Like I said, this is not a dating podcast. I am not the one to take advice from on that end. But, are they asking more than what they're actually worth? are they, and then there's some people where, days on market are really long and it's because the house is overpriced. why can't you ration with your seller? To bring the price down to what it's actually worth then. So is that seller just completely unreasonable? And if they're this unreasonable to face reality of what their home is actually worth, are they really gonna be nice to work with throughout the rest of the transaction? I don't know. Oh, they'll probably

probably don't want to date that person.

date that person. getting it. He's getting are they willing to put in the work to get the value for it? say somebody does want a certain price for the house.

want to make any improvements? There you go. He's

getting it. Yeah. So a house could be worth what you want to get for it. If you do, X, Y, Z. If you replace your broken countertops, if you Paint the house. Honestly, sometimes it could be as small as just painting other times Maybe you do need to just remodel a bathroom and or make it a

and we're going to talk about that in another episode to the ROI on home improvements. And luckily this for sellers, like there's not a whole lot of that going on where you have to renovate, do major renovations. I just sold a property and the seller was so excited cause we got a lot of offers and it was a wild success. I said. Helen, you just did everything I told you to do, we fixed the garage door opener, and we fixed this, and we did these little minor things, and, we painted a couple things here or there, it makes all the difference, if people follow the guidance of realtors, that definitely can yield, results, and it's not about, 80, 000 kitchen remodel, it's just like, hey, paint that. And it

move in the timeline that you would ideally like to see for yourself, only making your life a lot easier. then there's, the people who definitely think that it's better than it really is. And those people are like, no, I know what I have.

Yeah.

And you're like, oh, does estimate I am that one right now, but yeah, we were just like a, they think that, I know what I have and no, I'm not changing the price because this is what I know it's worth when the market is telling you otherwise, maybe you should listen to it. you're limiting your options completely. there could be somebody who actually matches very well. With the house. And they could be out there, but you're not priced correctly. Fix it. Adjust it. Be what you're worth.

So in the dating world, how does that work? Adjusting and becoming what you're worth?

okay. If you want a certain kind of person, but you've got some work to do. you should probably work on yourself to be deserving of the one who, is actually trying to go for that kind of a price

And like I said, it's not something that's,

it's not something that's Like just a fixed amount. It's ever changing. You can do things to control it. Some people just choose not to, so then let's go to, if something is priced correctly,

Okay.

what happens? there's

a lot of people who probably will have interest in that house.

it also has the right amount of people that are interested in it.

Or more people,

the right people who should be looking at it, the qualified people. it's getting scooped up fast because you know what it's worth. you attract the right and qualified people, which is what you want. the one who really appreciates it is the one who's actually going to get it. Because they're looking at the right place, and, you price it for the people who are meant to have it. On the contrary, when something is priced too low, then you get, God, absolutely. Everybody coming to see it. You got investors coming. People who just want to like, something to fix. which is hear this if you're going to hear anything.

what, I can't wait to hear what you're about to say. Hear

this. If you're priced too low, undervaluing yourself, you're gonna attract the investors and the fixers and that is not necessarily something that you want because guess what? No one person can fix a person. Price yourself correctly so that somebody isn't trying to make a project out of you and make you into what they Want to make out of you. It's only going to profit them, but not necessarily you

you. There it is.

She should start listening to her own advice But and same goes for houses, you know something is priced under value and I'm talking like significantly not strategically

I underpriced a house. And it was really hard. it was not easy to, find other houses like it. And I, it was that one in Willow Grove where we had seven agents on the team all taking leads. we were signing the agreement of sale and there were investors buying Bursting or breaking into the basement, like they were literally trying to find a way. I locked the

Don't let any investor break into your

Yeah, no, but we're literally signing the agreement of sale and they didn't even make an appointment to see it. They just came over because

Oh, I do remember

yeah. And it was crazy. So I had to throw a bunch of investors out of a house and then just tell my seller, sign here. We'll put up, we'll put this whole thing to bed right now.

So yeah, undervaluing. Yeah. Total chaos.

and in the dating world, it's someone with low self esteem. They invite a come one, come all. And I get that.

Yeah. You can't filter through who actually belongs there and who doesn't. You're getting people who are not qualified for what that house is actually worth. they're going to make it as a steal and like, you still are, are not. and it could be worth more and you know, it's worth more, but you're okay with settling. Yeah. You

you'd never know.

you can have your agent telling you all the long day, or if you're doing for sale by owner and you undervalue your property, that's my take on price. Are you understanding it a little bit more? Are you getting where this is going? Are you picking up what I'm throwing down?

feel like I am being coached up, as we speak. Seth is going

Seth is going to be a relationship coach by the end of this episode.

going to be a relationship coach by any stretch.

as far as like days of market goals, really big impact on that is if it's being priced correctly. When you price it correctly, it's going to move in the appropriate amount of time. You're going to get the qualified people who actually are deserving of the house, and you're going to have your life move at the pace that you actually intend for it to go.

Got it. Alright. So now we're going to talk about condition. Condition. This is the one I'm interested in

you got your value up and then it's a matter of condition. something that will make a house sit for a while is if it is not in the best shape for the right person. you go in. Does it smell? Does it have issues that a licensed professional should really be dealing with? I'll let everybody else translate

Yeah, I was gonna say, yeah, we might need a translation on that.

okay. so say you get a house that just needs a little bit of work and that's totally fine. but is it something that is, you can change out a switch plate for an outlet, or is it electrical work that needs a licensed contractor or electrician to be taken care of? When you're dating somebody, if they need some work, is it something that you can handle or is it something that a therapist, a licensed professional therapist needs to be dealing with.

it

That's probably my

That's probably

Know the work that it needs and know who needs to be the one handling it. does it have abandonment issues?

You mean vacant? Is it vacant?

yeah. Yeah. And what can go wrong if it has abandonment issues?

issues? I don't know. I don't have abandonment issues.

I didn't mean you. Must be nice.

you're talking about a house? This time I'm talking about a house. Stays over the

over the winter. It's not winterized. You've got pipes freezing. You've got,

neglected. You've got critters. You've got animals. You've got, potential leaks that no one's tending to. That type of thing.

so abandonment issues that you're not dealing with, that if you had a licensed professional to deal with them, then it might actually go a little bit better, and if you were aware of them and are actually, being self aware, I think he's getting it. and as far as condition goes too, it doesn't necessarily mean that something has to be wrong with it. but it could just be something that's so unique. It's not everybody's taste. Yeah. And it just takes that right person coming in to see that.

if the conditioning is not right, it makes sense for both dating. And for a home as it's really just comes down to whether something's marketable or not. I hate to say if a person is marketable, but that's frankly all the dating sites

Well, marketing's going to be in part two, but even as far as condition goes. say it's a little rough, needs some work. How about before you put it on the market for other people, you take the time to actually address the things that need to be addressed. Because the more effort and work that you put into presenting it to be, like, actually sustainably correct, and whole, the better your chances are going to be for it to be scooped up.

up. Yes, and you're going to just be spinning your wheels. If it's not, if it, if the house isn't prepped, you're going to spin your wheels and you're going to lose your chance to make a good first impression. Exactly,

Exactly, and then it's gonna have your house sit on the market forever and ever and ever and have people question why

let me ask you about dating apps because I'm not on these platforms. what is like the biggest mistake that men or women make?

on

On dating sites. Is it like the kind of picture they have or is it no, no details, too much detail, mother issues,

mother issues? Unfortunately, you don't find out about those until it's too late. oh my god, I don't even know where to start. What I hate. Hate, hate, hate. So, on dating apps, there's like an order of pictures and they go

don't, I don't know. Okay. I have no idea. I assume there's some kind of a list. Yes, it is all

It is all in list form. With

and that kind of stuff. would assume most of our audience knows more about this than me. but you can talk to me like

All right. So we're going back to like basics here. on the dating app, it's picture information, a little bit more blurbs information and then pictures. the first picture that you even see is, your first impression. What blows my mind is when I see somebody on there and the picture that they consciously chose to represent themselves. And I think you intentionally chose that as your best first impression.

So bad pictures.

my god, yeah.

and there are times

It's like, and is that how you see yourself? is that the best thing that you could

I think, I would assume that, in the day, maybe people are trying to go for that, authentic, and not trying to be fake. Or is that,

mean like the back of your head I mean, I have like no idea who you are. it's like your dog, which I love dogs, but like Who the hell are you?

Yeah, okay.

and we're like some grainy picture that's like completely out of focus or somebody who's like taking a picture from The bottom of their chin or this dirty mirror picture. that's your best.

but what, wouldn't a headshot or something too polished make it seem unapproachable?

Like just, like a happy picture, just something that is yourself. But man, Oh,

Okay. So that's the biggest mistake. That's the biggest mistake is the, is the

Well, that's, that's what I can't say what the biggest one is. I'd really have to think that

I said I wasn't going to tie it back to real estate, but definitely it's in real state. it's these pictures. there are people who list homes with like sideways pictures, out of focus, pictures that, you know,

in the like

No, like a low resolution pictures because they've been like saved and saved a million times like rentals are notorious is because of the turnover on those are high. you usually will list it every year and that you're using the same old pictures. you can tell whether someone uses their Facebook page. A lot, by their profile picture. It was really out of focus. They haven't changed it in like, years. I get it. the first impression, I mean, picture is obviously, I mean, I hate to say it's a superficial world we live in, but it's totally

you can't even tell that's condition either. it's such a good question and a good thing to bring up

Okay.

We're gonna dive into it in part two of this because there is a lot to go over in that but yeah It does tie into being able to see what the condition of it is But having all the marketability of it that's gonna be a part two or because there's a ton to say on it but going back to though the days on market though, now is a straight up location honestly, this doesn't take much of a, comparison. It's pretty much just straight up the same thing. However, metaphorically, there is obviously the literal location. Sometimes it is the right fit and it's great, but it straight up just like doesn't work geographically. Yeah. if you find this beautiful home, it's your dream home, you absolutely love it, it's priced correctly, the condition is exactly what you're ready for and what you're willing to take on. But it's in like Tennessee, and you live in Pennsylvania, and your job is here, and your kids go to school here, and you are in no position to leave the

go to school here, and you are in no position to leave the state.

are you able to make that commute? That's different.

most people aren't relegated by school district. A lot of people have jobs somewhere and they can't, they've got a certain distance they're not willing to drive, you know, more than they're willing to drive. if you find like the man of your dreams or the woman of your dreams, but she lives in, four counties over, then tough shit. you're never gonna be able to make that work, unless you're really good at a long distance relationship, right?

if you're in a position to be able to do that, for instance, I got an almost six year old. I'm not in a position to be driving all over God's green earth to go find somebody. somebody else might be, and that would be great. But again, it's just like with your job, are you okay with doing that? And that comes down to a preference. sometimes it's not, sometimes that doesn't work. it could also be far more metaphorically than that. And. In terms of the location that you're at and the place that you're at in your life and your own personal journey. It's

same thing with my clients where, they don't want to have to drive 45 minutes to work every day. Or their entire life is in one township and like that sports, like I had a, a friend, that I've known for 20 years and he was looking for, looking to upsize and he did not want to move out of colonial schools because he's like, I know all the coaches, like my kids are going to school, like the, I don't want to move outside and it's just not logistically feasible for me to go and meet a whole other community of

So that's the buyer's stake. So then as far as like how the location impacts days on market, um, and this is where I was getting more to with the metaphorical side of things is, if the house is in an unfavorable area, out where I live. I live in a township outside of the borough, but within the borough, there's some like really beautiful historic houses, that have incredible charm. I've shown quite a few, but the school district does not rank very well. crime rate and some crime in certain areas pretty bad. There was a, an explosion that, was not ruled a meth lab explosion, but it was definitely a meth lab explosion. and it's a shame because it charges the actual location of where it's at and it devalues. and that's something you can't necessarily change, but, fortunately, in my metaphorical sense, the location of where you're at in your life maybe that you are in like a pretty rundown spot, it's not very favorable. you're not in a great area. Yeah. in your life right now. Fortunately for you, that is something that you could change if you work on your surroundings. work on the people that are around you and get yourself out of

Get your ass, and get your ass to a therapist, if you need

ass to a licensed professional. Ha ha ha ha ha.

Um, but

So that's changing the people who are around you. So you know, council people, people who are in charge of making decisions in the townships, people that you're surrounding yourself with, that you're making decisions with. That's the kind of change that needs to be able to happen in order to bring the value back up into that specific location. Thanks everyone. Yes. So that got a little bit deeper than I had expected it to, but yeah, so that's how price, condition, location are going to impact your sellability and a

a house of sellability. So, um, I don't know,

know. I think I got your buy in

I've got your buy in on this.

I think that covering the stays on market piece was really important to at least lay the groundwork because that is the driving force behind what even sells a house and everybody on both sides, buyers and sellers need to know that. So now that you are all educated and caught up on that, next we're going to go into inventory, what controls it, marketing. So we're going to talk more about how to market yourself and market your house, and then timing.

Timing?

Timing. Okay. Yeah. is the timing right? Okay.

we'll see all you guys on the other side.

other side. See you next week. Bye! Bye.