Jonesboro Real Estate Video Blog with Eric Burch

My Advice for Homebuyers in Today’s Market

team@ericburch.com (Eric Burch) — Thu, 03 Feb 2022 19:26:00 +0000

Here’s a great example of why you should buy a home sooner than later.

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Does it make sense to buy in today’s market? I’ve been hearing this question a lot lately, and I wanted to offer insight into why my answer is a resounding, “Yes!”

I recently saw a colleague of mine post about a house they sold in 2012 for $360,000; it’s a gorgeous home. The exact same house, with just a few updates, just sold for $692,000. That’s $330,000 worth of appreciation in just about 10 years.

Now, the home didn’t increase in value by $30,000 every year. In the last few years, home prices have grown exponentially. Most of that value came within the last 12 to 18 months. The house might have gone from $450,000 to $692,000 during that time.

I didn’t see this coming, and I don’t think anyone in their right mind would have thought the real estate market would be rebounding like this amidst a global pandemic.

"In the last few years, home prices have grown exponentially."

So does it make sense to buy in this market? Absolutely; real estate is a fantastic long-term investment. I guarantee that $692,000 home is going to sell for over a million dollars one day. The question is, do you want to be involved in a great investment like that?

If you have any real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Zillow Made a Mistake Buying Homes

team@ericburch.com (Eric Burch) — Thu, 20 Jan 2022 19:10:00 +0000

Here’s why Zillow shuttered their home-buying program at the end of 2021

Something happened at the end of 2021 that you might not have heard about. Many people visit one platform when they look for available properties. The name of that platform is Zillow, and for the last few years, they have been not only marketing homes but also buying them.

Zillow would make an offer on a property without seeing it, close that transaction, and send someone out to renovate it. They were buying and rehabbing houses all over the country, but at the end of 2021, they shut down that program.

At the end of the day, nothing can replace a seasoned agent.

It’s funny because clients used to bring up Zillow’s estimate at listing appointments. To me, those numbers felt like they were as much as 25% over or 35% below the actual price. It was interesting when Zillow announced that they would start buying properties based on these estimates.

After a couple of years of trying this, it turns out Zillow was losing money on almost every house they bought. They obviously hadn’t gone the right way with their algorithm. At the end of the day, nothing can replace a seasoned agent who knows the market, lives in the area, and works in it every day.

On top of that, every market is different, and every market changes. It can depend on what’s in the newspaper that day or what announcements were recently made. There are just too many pieces for an algorithm to put it all together. It was interesting to see if Zillow could succeed, but they couldn’t, and that’s why you still need to depend on your local experts.

If you have any questions, or if you truly want to know what your home is worth, please call or email me. I’d be happy to do a home valuation for you.

Buying a Jonesboro home? Get a Full Home Search

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How to Choose a Buyer in Multiple-Offer Situations

team@ericburch.com (Eric Burch) — Tue, 29 Jun 2021 20:08:00 +0000

This strategy will help you choose the best buyer in multiple-offer situations.

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What happens when you get multiple offers after listing your home? This is a question we’re receiving on a daily basis, and that’s because it’s such a common occurrence in today’s market. Here’s how we typically approach the situation. First, we see which offer you like the most—for example, it might be above the asking price, it may be an all-cash offer (make sure to check for proof of funds), or it may have no contingencies. If it checks all your needs and wants, it’s probably a good offer to go with.

"Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier."

If you have multiple offers that are similar but have different contingencies or concessions, however, it can be difficult to figure out which one is best. Our solution is to go back to all of the buyers and let them know we’re making a decision the next day, so they should put in their highest and best offer by then. We explain what might help get the offer accepted, such as fewer contingencies, a higher purchase price, a longer closing date, etc. The agents will then get back to their buyers and figure out how they can improve their offers, which helps the seller get the best deal possible. Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.

We’re Seeing More Low Appraisals Lately

team@ericburch.com (Eric Burch) — Mon, 21 Jun 2021 12:30:00 +0000

My experiences with appraisals not meeting the contract price.

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When you sell your house and the appraisal does not meet the contract price, what do you do? This has happened to me two or three times in the last month, despite only happening to me five other times in the last 16 years. For it to happen three times in the last month is a big deal. The great news was that I still closed all three transactions. One of the properties sold for around $195,000, although the appraisal came in at $185,000. The seller actually purchased that home from us two years before the close date for $150,000, so they made quite a bit of money. When the appraisal came in $10,000 under, we went back, renegotiated the contract, and ended up only moving about $5,000 total. I had another deal that came in $40,000 under the appraised value. I called the buyer and asked them how they would like to handle it. They said, “We love the house and we want it. We really don't care what the appraisal says. We have the funds to pay the difference.” So we went to closing with an appraisal lower than the contract price and the buyer was still thrilled with the transaction.

"These are the kind of sticky situations that you run into when selling your house."

Those were two great situations for the buyer and the seller. Everybody was happy, but what happens if the appraisal comes in under contract price and the buyer doesn't want to move forward? You have a couple of other options. In today's market, I'd be fine with that happening if it was my property. I would put it right back on the market and probably sell it for a little bit more depending on what was going on in your area. These are the kind of sticky situations that you can run into when selling your house. I've seen more people out there sell their house as a FSBO listing during these times because they think it’s going to be incredibly easy in a seller’s market. It's one thing to sell a house, but it's another thing entirely to close the house. When it comes to buying and selling homes, our team's here for you. We’ve closed over 3,000 transactions in the last 16 years, and we’ll do whatever it takes to make sure you're taken care of. If you’re looking to buy or sell a home, don’t hesitate to reach out to us. We'll be happy to help you.

How Buyers Can Navigate This Market

team@ericburch.com (Eric Burch) — Mon, 07 Jun 2021 13:00:00 +0000

Here are some tips and strategies to help you make offers in this market.

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Today I’m talking about how buyers in this market can navigate multiple-offer situations.

So you're a buyer looking for a home, and maybe you work Monday through Friday, 8 p.m. to 5 p.m., and your agent texts you at 10 p.m. saying the perfect house just hit the market. If you've been a buyer for a little while in this market, you've probably gotten to that house at 6 a.m. only to find that it's already sold. We’re seeing buyers getting burned out from things like this. How do you handle that?

I always want to inspect a house before putting an offer on it. Any Arkansas real estate association contract is going to have an inspection period. If a good house hits the market at 10 a.m. but you can't get there until 5:30 p.m., go ahead and write the offer at whatever price you're comfortable with. It may get rejected or thrown out, but at least you're on the hunt.

"We’re seeing buyers getting burned out from things like this."

Write the offer contingent upon your inspection. Having an inspection doesn't mean you have to find something majorly wrong with the house to walk away from that contract. Your inspection can be you walking in and saying that the bedroom's too small, the layout doesn't work, or the kitchen's just not exactly what you wanted. The inspection contingency is a strategy that we have used in the past, and it works out very well, especially in a hot market like today.

Another trick we have is when you write an offer, be flexible on the closing date. If you can tell a seller that once we close you’ll give them X more days to move out, that won’t cost you any money, and it will make your offer look so much better. If you have kids, write a letter to the seller about how you can see your kids playing in the backyard and all those memories being made. A heartfelt letter will go a long way with an offer as well.

If you have any real estate questions, reach out to me and let me know; my cell phone number is (870) 919-4968. If you're thinking about buying or selling, I’m here to help. Have a blessed day, and we'll talk soon.

A Brief Message About Home Preparation

team@ericburch.com (Eric Burch) — Mon, 24 May 2021 18:04:00 +0000

How do you prepare your home for sale in today’s market?

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Homes have been selling with multiple offers, many of them getting well over their asking prices. Truth be told, I don’t know how long these market conditions will last, but I don’t see them slowing down anytime soon.

That said, it’s still a good idea to get your home ready for the market. Buyers may be hungry for properties, but that doesn’t necessarily mean that they’ll make offers on homes they deem in poor condition. Walk around your home and look for any cosmetic issues that need to be addressed. Cosmetic issues could include paint, floors, countertops, and so on. Be sure to touch up any scratches or scuffs.

"It may take some time for subcontractors to get around to the small jobs."

You should know, however, that subcontractors in our area are very busy, so if you don’t have any major renovation plans, it may take some time for them to get around to the small jobs. I also can’t tell you exactly how much you’ll be able to recoup in this market, but you’ll probably be able to price your home at a number you’re comfortable with and still leave enough money on the table for your buyer to go in and make the changes they want.

If you’re in the market to sell a home or have questions about specific ways to prepare your home for the market, please reach out to us. We’re here to help.

My Advice for Handling Multiple Offers

team@ericburch.com (Eric Burch) — Mon, 10 May 2021 13:49:00 +0000

Here’s my advice on how to handle multiple offers in this market.

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Whether you’re listing your home in Northeast Arkansas or anywhere else in the U.S., there’s one trend I keep seeing over and over: If the home is clean, neat, and ready to sell, most of the time it’ll get multiple offers. What’s the best way to handle multiple offers, though?

For starters, hopefully your listing agent lets other agents know that there are multiple offers on the table. Sometimes this scares other buyers off because they don’t want to get into a bidding war. However, we’ve found that after these same buyers have lost out on a house or two (or three), they’re willing to step up to the plate because they understand they’ll have to engage in a bidding war if they want a house in this market.

"When you have multiple offers, why not play them against each other?"

That said, my team and I use the ‘highest and best’ method when handling multiple offers. Let’s say one of our sellers gets three offers for their home: one for $10,000 over asking price, one for $11,000 over asking price, and one for $12,000 over asking price. Let’s also imagine that one of these offers is an excellent offer—an offer the seller might even be willing to accept. When you have multiple offers, though, why not play those offers against each other?

In this case, we’d contact each agent, tell them we have multiple offers on the table, and give them notice that we’ll go over all the offers at, say, 5 p.m. If they want to leave their offers as they are, that’s fine, but now they know there are multiple offers on the table, and there’s a good chance the seller won’t counter any of them. They’ll probably just accept one of them because they’re all at or above list price. Now their client has the opportunity to put their best foot forward.

Three to six months ago, if a buyer would’ve written an offer for a property, they probably would’ve gotten a counteroffer detailing which terms the seller would accept. Nowadays, the seller doesn’t have to do that. You can basically say that you have other offers and need the highest and best brought to you by a certain time. At that point, you can go over the offers and pick whichever one suits your needs.

If you’d like to know more about juggling multiple offers, know what your home is worth in this market, or are thinking of buying a home, don’t hesitate to reach out to me. I’d be happy to help you.

Being a Buyer in a Seller’s Market

team@ericburch.com (Eric Burch) — Mon, 26 Apr 2021 13:00:00 +0000

Homebuyers should check these three items off their to-do lists.

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If you’re a buyer in today’s crazy market, there are three things you need to do as soon as possible if

you want to be ready:

1. Get pre-qualified. If you’re financing your home purchase, you need to have a letter from a bank

that says you’re approved to buy a house for X amount, or else sellers perceive your offer as being

riskier to accept.

2. Get proof of funds. If you’re paying in cash, be sure to provide proof of funds, and mention in

your offer that you’re buying without any financing contingencies to put yourself in an even stronger

position.

"Make sure that the agent you choose has experience in this fast-paced market."

3. Work with a superstar real estate agent (like me!). While people can go online to get

information about the properties they’re interested in as well as whatever information the listing

agent wants them to know, you can’t find out all the down-and-dirty stuff that goes on behind the

scenes.

There are many things about a property that you might need to know; a superstar agent will know to

ask about the seller’s property disclosure, utilities, bills of insurance, HOA requirements, and so on.

You also need to make sure that the agent you choose has experience in this fast-paced market.

It’s important that they’ve been through the ups and downs of the market so they know how to adjust

to shifting circumstances.

Don’t hesitate to reach out to me for any questions you have or help you need. I’d be happy to help

you navigate this market so that you can get a great deal on your next home and move on to a new

stage in life.

What Low Inventory Means for Buyers & Sellers

team@ericburch.com (Eric Burch) — Mon, 12 Apr 2021 12:00:00 +0000

Here’s what our low inventory means for buyers and sellers.

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What’s the latest news from our Jonesboro real estate market? The biggest challenge we’re

facing is inventory. There aren’t enough homes on the market to meet demand. That means

if a home comes on the market that you’re interested in and fits all your criteria, you need to jump

on it. You have to get after it, because if you don’t, someone else will. If you’re a seller, this means

you can probably ask whatever you want in terms of price. Due to this lack of inventory, we’re

seeing houses sell for more money than I’ve ever seen before.

Another reason resale home prices are surging is that lumber prices for new construction homes

have gone through the roof. In fact, just about everything you see on a new construction home has

increased in price dramatically. If new construction homes cost between $140 and $150 per square

foot, sellers who perhaps paid $120 per square foot for their current homes can now ask for $125

to $130 per square foot.

“

I always used to say that real life is not like HGTV, but guess what? Now it is.

”

This obviously isn’t great news for buyers, but the silver lining is that you can lock in a ridiculously low interest rate right now. It seems like I’ve been talking about this for the past 15 years. Every time we think rates can’t possibly get any lower, they do. We’re seeing 15- and 30-year fixed rates as low as 2.9%, 2.5%, and even 2.1%. Although you’ll have to pay more for a home, some of the cost is offset by how low your monthly mortgage payment will be.

In addition to being ready to jump on the next suitable listing, have your pre-qualification letter in-hand when you visit it because there’s an agent in front of you and an agent behind you showing that home. We recently listed a couple of homes that literally had lines outside their doors mere hours after going live on the market. I never thought I’d see that here in Jonesboro. I always used to say that real life is not like HGTV, but guess what? Now it is. As always, make sure you get in touch with a great real estate agent so they can guide you through the home-buying process.

If you’d like to know what your home is worth or have questions about our Jonesboro market, don’t hesitate to reach out to me. I’d love to help you.

Q: What Type of Properties Are Flying off the Market?

team@ericburch.com (Eric Burch) — Tue, 06 Oct 2020 18:45:00 +0000

Take a look at just how hot our market is.

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Today I was going to show off some really awesome listings that recently became available on the market, but as it turns out, they all flew off the market before we even got a chance to publish this blog post! That just goes to show you how hot this market truly is. Here are a couple of examples of the types of homes that buyers have been snatching up right and left:

1. 805 Smithfield, Jonesboro, AR 72401—$299,000. This 4-bed, 3.5-bath home is newly constructed and sold for a great price.

2. 5109 Deerfield Dr., Jonesboro, AR 72404—$174,900. This 3-bed, 2-bath home has brand-new flooring in the main living area and the hallways. Being priced under $175,000, there was no way that it would stay on the market for long!

“

Buyers in the market need to make sure they’re acting quickly.

”

We also had a group of new construction homes located in The Orchard, a development we talked about a few weeks ago on our blog. This is a brand-new, master plan development full of craftsman-style homes located in the Valleyview school district. These one-level homes range from $199,000 to $225,000, and there were a ton of builder incentives on them. Since homes are flying off the shelves, buyers in the market need to make sure they’re acting quickly and writing strong offers that will stand out amid their competition. Here are a few tips to help you craft an eye-catching offer:

1. Make your best offer first. Don’t write unrealistic offers for which the home couldn’t appraise. In this market, you can’t afford to haggle because the seller will likely move on to one of their numerous other offers.

2. Have a solid pre-approval letter. A pre-approval means the lender has already collected your paperwork, is ready to submit it to underwriting, and the only other thing you need is an appraisal. A fully pre-approved offer is almost as good as cash.

3. Make an above-average earnest money deposit. The earnest money deposit is usually about 1% of the purchase price, but if you deposit more, that’s a good way to stand out among the competition. Remember: Earnest money is a signal of good faith that tells the seller you’re committed to making a win-win deal. If you’re interested in taking a look at any property in the Northeast Arkansas area, don’t hesitate to reach out to us. Additionally, you can also reach out to us if you’d like your own home featured in one of our listings videos. Contact us for a free home evaluation and we’ll get your home in front of as many buyers’ eyes as possible. Hope to hear from you soon!

Q: What’s the Latest News From Our Market?

team@ericburch.com (Eric Burch) — Wed, 23 Sep 2020 21:33:00 +0000

Fear not—our Jonesboro market is humming along nicely.

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What’s happening with the economy and our real estate market? If you pay attention to my social media posts, you know that the market is blowing up. Interest rates are so low that we’re seeing people lock in a 2.5% rate for a 30-year mortgage. Ordinarily, you’d only ever expect to see that low of a rate for a 15-year loan, and even then it still isn’t a guarantee. Here in Jonesboro, we’re still talking to buyers, showing homes, and negotiating offers every day, so things haven’t slowed down for us at all. The news outside of Northeast Arkansas may not sound promising, but our area is moving right long. Lenders are still lending money at ridiculous rates and jobs are still plentiful.

"Inventory is low and buyers are out there looking. "

If you’re thinking of selling your home and would like to know its value, reach out to us. Its value is probably different now than it was just a few months ago, and this current moment may be the time to sell for top dollar; inventory is low and buyers are out there looking. Whether you’re buying, selling, or would just like to know more about what’s happening in our Jonesboro market, feel free to call or email me. I’m happy to help.

Q: Have You Heard of The Orchard Development?

team@ericburch.com (Eric Burch) — Tue, 08 Sep 2020 15:42:00 +0000

The Orchard is our newest master plan development that you shouldn’t miss.

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Welcome to The Orchard, Jonesboro’s newest master plan development. ‘Master plan development’ means that we’ve thought this thing through completely—for this 160-acre development, we’ve laid out the sidewalks, parks, green spaces, landscaping, etc, so that it all comes together cohesively. We sat down with some of the greatest minds in the development industry here in Jonesboro and laid out the plans to bring our community the types of homes and amenities that you’d see in places like Nashville, Dallas, and Orlando.

To help put The Orchard in perspective, we have over five miles of sidewalks planned. If you live there, you and your family will be able to step out of your front door and comfortably walk through the neighborhood on a nice, wide path.

Many have asked us why we named it The Orchard when, while driving by, they didn’t notice any trees. That goes back to our master plan for the community: Over 600 trees will be planted over The Orchard’s 160 acres, and over the next few years, we plan to fully rework the landscape to reflect our vision for the community.

"We sat down with some of the greatest minds in the development industry to plan out The Orchard."

Whether you’re looking for a house today or for a few years down the road, we’ll have a spot for you. We’ll have houses in all phases of construction, from houses that are still in frames to those that are being given their final touches, so no matter what you’re looking for, there’ll be something here for you to choose.

Another way that we’re thinking outside the box is with our “Pick Your Plan, Pick Your Lot” promotion, where you can pick out one of our available lots as well as a house plan that suits you and your family’s needs. You’ll have your choice of paint colors, cabinets, flooring, countertops, and the rest. It’s the easiest way to customize your Jonesboro-area home.

If you have questions about purchasing a home in The Orchard, our “Pick Your Plan, Pick Your Lot” promotion, or anything else to do with real estate, don’t hesitate to reach out to me. We’d love to schedule a time for you to come tour the development and do a walk-through of the homes we’re building there so that you know they’re quality builds that will be around forever.

Click here to check out 'The Orchard' Facebook page.

Q: What’s Jonesboro’s Best Incoming Development?

team@ericburch.com (Eric Burch) — Tue, 25 Aug 2020 16:11:00 +0000

Here’s what to know about the best development in town.

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I’m sharing today’s message from inside a model home in The Orchard subdivision, which is just south of Highway 49 in the Valley View school district. Comprising 160 acres of what used to be farmland, this development is currently in Phase I, with 20 houses standing already.

There is a model available for walk-throughs, and several other nearly complete homes to check out. Right now, the builder and developer of The Orchard are offering a back-to-school special: $5,000 in closing costs will be credited, blinds will be furnished on all of the windows, and a washer and dryer will be included, along with a refrigerator! That kind of package is virtually unheard of in new developments.

If you buy a brand-new house in The Orchard today, you’ll have all those amazing amenities and $5,000 in closing cost credit included in your contract. From what I’ve seen, I’m convinced these homes will sell quickly; they’re all fantastic one-level floor plans with three-bedroom or four-bedroom options and a minimum of two bathrooms. Come check out this amazing new spot and hear more about its incredible incentives.

If you have questions about The Orchard or any other one of Jonesboro’s delightful neighborhoods, don’t hesitate to give me a call or send an email. I’d be more than happy to chat with you!

How Did One of Our Team Members Help Feed 3,500 People?

team@ericburch.com (Eric Burch) — Mon, 15 Jun 2020 14:27:00 +0000

Our James Wickham is the recipient of KAIT’s Gr8 Act of Kindness award.

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We’re excited to announce that our own James Bickham is the latest recipient of the KAIT 8 Gr8 Act of Kindness award.

James is an agent and photographer on our team who jumped into action after people were already struggling with the pandemic and then a deadly EF-3 tornado hit the Jonesboro community. In addition to helping others who were directly hit salvage what was left of their belongings, he also helped feed them.

When a friend contacted James saying that she had pizzas to give away from Chuck E. Cheese, he used his social media accounts to get the word out. After giving away 40 pizzas on the first night, the line started to grow and grow. As more and more people got involved and also paid it forward, upwards of 3,500 people received meals.

To learn more about this awesome story, you can see the full video and article here. We already knew that James had a kind and generous heart, but we’re glad that so many others have been able to see that as well.

If you have any real estate-related questions for us, don’t hesitate to reach out via phone or email. We would love to hear from you.

Click here to read the full article!

How We’ve Adapted to Help Our Buyers & Sellers

team@ericburch.com (Eric Burch) — Tue, 26 May 2020 13:56:00 +0000

Going virtual has been so effective, we might just make it our M.O.

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COVID-19 has shaken our world and forced nearly every business back to the drawing board. Real estate is no exception, and transactions have to be approached a little differently these days. I’m proud to share that we at Burch & Co. Real Estate have created a seamless system for our buyers and sellers using the latest technology.

For those seeking to list their property, we’re offering virtual tours for buyers where they can actually FaceTime us as we walk through your property (while adhering to all of the safety guidelines). If you’re pre-qualified and ready to go on the buying side, we can stream neighborhood and home tours directly to you via a multitude of platforms—keeping you safe and well-informed at the same time.

If you’re thinking about selling but aren’t sure how to proceed, reach out to us; we can do things over the phone or computer—no one has to leave the comfort or safety of their home. We can even email you the necessary paperwork.

When it comes time to get a deal done, we’re able to get everything done without an in-person appointment with the closing company. One of our first closings during the pandemic was carried out by exchanging digital documents (some of which needed to be printed out, signed, and mailed back). In fact, this method proved so efficient, we’ve considered making it the new way we do all of our closings, pandemic or no pandemic.

We’re here to help you actualize your home buying or selling goals and keep you safe. Check out the home value and property search links to get the process started. Give us a call or send an email if you have any questions or concerns at all. We love hearing from you!

Current Mortgage Rates

team@ericburch.com (Eric Burch) — Tue, 12 May 2020 15:06:00 +0000

I’m sharing the latest news from the mortgage world.

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These days, everyone is asking what’s going on with mortgage rates. You may have heard recently about '0% money.' Sadly, that doesn’t mean you can buy a home with a 0% mortgage rate. This 0% rate you’ve heard about is actually a short-term loan where banks loan each other money, usually on a 24-hour basis.

The 10-year Treasury notes are more in line with where interest rates will be for the rest of us. Interest rates are extremely low. Currently, 15-year rates are as low as 2.5% to 2.75%, and 30-year rates are around 3% to 3.5%.

I spoke to a mortgage broker a few days ago who said they were locking in so many refinancing deals that the investors called and stopped it. He said the rates were so low at the time that they were getting 2.25% for 15-year loans and 2.75% for 30-year loans. The investors said they couldn’t continue giving rates that low to so many people.

Over the last few weeks, it’s been a bit more difficult to qualify for loans because of the uncertainty in the market. I talked to a lender a couple of days ago who said as soon as the economy starts opening back up and the government lifts restrictions, the higher credit score requirements will decrease; so it’ll be easier to qualify again.

If you’re looking to buy a house or want to know what your current property is worth, links on our website make it easy. If you have questions about mortgage rates or real estate, please reach out via phone or email. We would love to help you.

How the Coronavirus Has Impacted Our Market

team@ericburch.com (Eric Burch) — Wed, 29 Apr 2020 16:07:00 +0000

Though it may surprise you, the coronavirus hasn’t really affected our real estate market.

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Selling your Jonesboro home? Get a Free Home Price Evaluation

How is the coronavirus affecting the real estate market? The answer might not be what you think. Why? Because it’s not affecting the market. We’re seeing the same number of showings (if not more), homes are still selling, and our average list-to-sale price ratio has actually risen. We’ve even sold a couple of new construction homes recently for over listing price. To get the full scoop on what’s happening in our market, watch the short video above.

Will Making Your Northeast Arkansas Home Greener Save You Money?

team@ericburch.com (Eric Burch) — Fri, 03 Apr 2020 19:30:00 +0000

Solar panels may make your home more energy efficient, but they won’t save you much on utility costs in Northeast Arkansas.

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In terms of cost-effectiveness, is it worth it to make your Northeast Arkansas home more energy efficient with solar panels?

In our area, utilities are pretty inexpensive. Jonesboro City Water & Light offers us power at about five cents per kilowatt-hour. That national average is around 13 cents per hour.

This makes it tough for out-of-state buyers who want a “green” house with solar panels because installing solar panels on a home in our area isn’t a practical way to save on utility costs. It may be one day, once they're more mass-produced, the cost comes down dramatically, and there are more than just a handful of installers.

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Installing solar panels on a home in our area isn’t a practical way to save on utility costs.

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At the moment, though, they’re still a specialized item, just like plasma-screen TVs were once upon a time. About 10 or 15 years ago, it would cost thousands of dollars to have one of those installed on your wall. Now, you can buy one for $199. Everyone entered into the market, and the technology became much better and cheaper. I think we’ll eventually see the same thing happen with solar panels and other “green” energy solutions

I’m excited about the future, and I’ve looked into this a couple of times for past clients, but it just wasn’t practical. I will, however, keep a lookout for the first Northeast Arkansas home with solar panels, because I think it will look pretty cool. It’s only a matter of time before it becomes cost-effective.

As always, if you’d like a free home valuation or are thinking of buying a home in our area, don’t hesitate to reach out to me. I’m here to help.

Tips for Selling Your House When It's in Poor Condition

team@ericburch.com (Eric Burch) — Mon, 23 Mar 2020 14:04:00 +0000

So you have a house you want to sell, but it’s in less-than-perfect condition. What do you do?

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If you’re looking to sell your house but the property isn’t in perfect condition, what can you do?

Some people think they need to spend up to $40,000 to update their homes, but that’s just not the case. We recommend budgeting appropriately for any renovations you’d like to make, whether that’s a paint allowance, roof allowance, flooring allowance, etc.

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To avoid wasting money and time, let your buyer be the one to pick what changes should be made to the property.

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If you spent only $5,000 on new flooring or countertops and a buyer walks in and doesn’t like it, you’ve lost some of your wiggle room on your price because that money has already been spent.

To avoid wasting money and time, let your buyer be the one to pick what changes should be made to the property. Granted, there are some deferred maintenance issues that you’ll want to fix yourself, such as a leaky roof that leaves water stains on the ceiling. Nobody wants to inherit these kinds of issues when they buy your home.

There are multiple ways to work through this problem, but the underlying need is to be creative when selling your property. If you have any questions about selling your home or what kinds of upgrades would help you get the most out of your sale, don’t hesitate to reach out to us. We can come visit your property and give you some great advice.

What You Need to Know About iBuyers

team@ericburch.com (Eric Burch) — Fri, 06 Mar 2020 20:10:00 +0000

iBuyers are coming to our market sooner rather than later, so here’s what you need to know about them.

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These days, everything is internet-driven. If you want to know the answer to any question, it’s right there at your fingertips.

The real estate industry is no different, and some of the bigger companies (e.g., Zillow) now have iBuyers, or “internet buyers.” iBuyers will make an offer on your home without ever having seen it.

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This trend hasn’t really affected our market, but it’s coming sooner rather than later.

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How does this work? A ton of information is dumped into Zillow daily—information that gets pulled from the MLS. They see the most recent listings and sales, and based on that information, they buy houses across the country. This trend hasn’t really affected our market, but it’s coming sooner rather than later, and when it does, it’ll be interesting.

If you’re wondering why I bring up this topic (Won’t iBuyers end up cutting me out of a transaction?), I’ll say this: At the end of the day, we’re here to serve all of your real estate needs. Whether my team’s sign is in your yard or not is irrelevant as long as you’re happy with the transaction.

I’ve talked to agents across the country who come from markets where iBuyers are prevalent. I’ve heard of some offering to list a person’s home, only to have an iBuyer offer to buy it for the same price. I’ve also heard of iBuyers offering to buy homes for less than what they’re worth.

If you decide to sell to an iBuyer, I still recommend reaching out to a professional agent so they can give you a market analysis.

As always, if you’re thinking of buying or selling soon or would like to know the value of your property, don’t hesitate to reach out to me.

A Tip to Remember When Hiring a Home Inspector

team@ericburch.com (Eric Burch) — Mon, 24 Feb 2020 14:25:00 +0000

If you want to streamline your home purchase, there’s one thing you must do before hiring a home inspector.

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If you’re buying a home, should you hire a home inspector? As you know, my team and I serve hundreds of buyers per year, so I’ll share the same advice with you that I do with them.

Home inspections usually cost between $400 and $800, depending on who you hire and the age and state of the house. We always recommend hiring a home inspector, but there’s a certain trade secret you should know: Home inspectors are a jacks of all trades, but masters of none.

I know this because I’ve read thousands of home inspection reports, and if there’s an issue with a home’s roof, heating and air conditioning unit, plumbing, electrical framework, etc., the home inspector will suggest having an expert take a look at it.

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Home inspections usually cost between $400 and $800.

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That’s why, instead of spending the time, energy, and money hiring more professionals after your home inspection is done, we suggest hiring them beforehand to take a look at the house. This way, you have the master of each trade on the job site, and if an issue is found, they can give you an accurate estimate of what it would cost to fix it.

I’m very excited about what the rest of 2020 has in store for our market, so if you’re thinking of buying or selling or have any real estate questions at all, don’t hesitate to reach out to me. I’m here to serve.

When Should You Put Your Home on the 2020 Market?

team@ericburch.com (Eric Burch) — Fri, 07 Feb 2020 19:26:00 +0000

Here’s my response to the age-old real estate question, “When’s the best time to sell my home?”

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Today we’re covering one of the most common questions: When should you put your home on the market? Numbers from the MLS and the National Association of Realtors show most properties sell in the summer. That’s simply because summer is when most properties are listed.

The reality that we experience, however, is that people buy houses every single day, regardless of the season. Yes, even Christmas Day and New Year’s Day (there’s actually a running joke in our office: Whenever it snows, we sell a house).

Most people don’t buy houses because it’s beautiful outside, but rather because they’re compelled by life events—having a baby, getting divorced, navigating a job transfer, etc. And, as you know, big life changes aren’t restricted to just three or four months out of the year.

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Most people don’t buy houses because it’s beautiful outside, but rather because they’re compelled by life events.

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That’s why I tell those planning to sell their homes in 2020 to do so when it’s most convenient for them. As far as the average days in market metric, it’s practically irrelevant if you want to sell a house quickly; price it aggressively and it will certainly sell.

On the other hand, if you’re in no hurry and are aiming to get top dollar, then be prepared to wait two to three times as long as the average days on market in your area to get your price (if necessary).

Naturally, you’d expect me to tell you to list right now and call us here at Burch & Co., but again, it’s all about your personal time frame. What are your goals? If you were to reach out to us, we’d sit down and discuss your intentions at length before we ever recommended any action.

So, if you are someone who’s been contemplating selling soon, regardless of whether you’re shooting for spring, summer, or fall, let’s have that talk. Reach out to us via phone or email. We’d love to work with you and come up with the best timeline to meet all of your specific needs.

What the Future Holds for Our 2020 Market

team@ericburch.com (Eric Burch) — Fri, 24 Jan 2020 14:28:00 +0000

Here’s what buyers and sellers can expect from our 2020 market.

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Now that we’re almost a full month into 2020, how is our real estate market trending? Unfortunately, I don’t have a crystal ball, but I do have some thoughts on what I think will happen throughout the year.

First of all, I’ve had several conversations with local lenders, and they all expect interest rates to be cut again. This doesn’t directly affect mortgage rates, but it all gets tied together on the back end. We’re seeing people lock in interest rates well below the 5% mark we hit 18 months ago. Before that, we hadn’t seen rates that low in 10 years.

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Our Jonesboro economy remains very strong, and we’re optimistic about the future.

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If you’re a buyer, the minute interest rates bump up, your money doesn’t go as far. If you’re looking to buy a $200,000 home, for instance, it will cost you a little bit more after they rise. If they go down, your money goes a little further, and that same $200,000 will cost you a little bit less after they drop.

If you’re a seller and interest rates bump up, that will probably eliminate a few buyers from your buyer pool. If they go down, it makes your house more valuable because, again, buyers can afford more and there will be more of them looking at your home.

When interest rates decrease, it’s a great thing overall. Granted, there are a few drawbacks when rates get really low, but our Jonesboro economy remains very strong, and we’re optimistic about the future. Jonesboro continues to grow, and we work with clients from all over the country looking to move to our area.

As always, if you have questions about our market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help.

How Burch and Co. Finished Out 2019

team@ericburch.com (Eric Burch) — Mon, 13 Jan 2020 17:25:00 +0000

Thanks so much for your support in 2019; we couldn’t have done it without you.

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Thank you so much for making 2019 another amazing year. We served well over 250 families last year, amounting to $40 million in volume. There are around 70,000 people here in Jonesboro, Arkansas, which is a small, tight-knit community. The amount of referrals and business we got from the community is mind-blowing, and it was an honor to be a part of it.

We don’t take your trust in us lightly. Buying or selling a home is likely the largest transaction you’ll ever be a part of, and we want to make sure that we do anything and everything to help you succeed.

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The amount of referrals and business we got from the community is mind-blowing.

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Thanks again for all your support! If you’re thinking of buying or selling a home in 2020, or if you just need some real estate advice, don’t hesitate to reach out to Burch & Co. We’ll give you access to all the properties listed in and around our area so that you can see what’s available for purchase and you can get an idea of what your home is worth. In the meantime, I hope 2020 is your best year ever!

Merry Christmas From Burch & Co. Real Estate

team@ericburch.com (Eric Burch) — Fri, 13 Dec 2019 15:20:00 +0000

The holiday season is here and we want to wish you all a very Merry Christmas and a Happy New Year.

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We hope you and your family have a wonderful holiday. We just wanted to take a moment to thank you for your continued support throughout the years. We wouldn’t be where we are today without your help! It truly brings us joy to help you make your real estate dreams a reality. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you in any way we can. In the meantime, have a very Merry Christmas!