Blanco River Property in Wimberley
It is all too easy to fall in love with Blanco River property around Wimberley. Buying it wisely is a whole different subject. Understanding flood plains, knowing there are places where the Blanco River ran dry during the drought of 2008-2009 and understanding price trends and pricing by linear frontage are all important and necessary.But there is another trend that has shown up over the last couple of years that is equally as important to a buyer. Blanco River sales statistics show that some listing agents are pricing Blanco River property as much as 30% above true market value.Often this is done to establish a high starting point for future negotiations but common sense would dictate that it is also done in hopes of snagging an uninformed buyer. What that means to you as a buyer is that a property listed at $1,000,000 that you want to buy at $850,000, may in reality be worth only $700,000. Is there anything unethical about this practice ? After all it is the job of the listing agent or sellers agent to get as much as they possibly can for the seller. If I own a vintage guitar that has been appraised at $10,000 and someone shows up , falls in love with it and offers me $15,000, am I wrong to take it ? If a Blanco River property is priced at $2,000,000 and is worth $ 1,500,000 and a uninformed buyer shows up and offers $1,800,000 cash, has the sellers agent done anything wrong ? They have done what they were hired to do..get the highest price and best terms for who they represent…the seller. So what is the message here for a buyer who wants to purchase that dream property on the Blanco River ? Caveat emptor, let the buyer beware. Here are some do’s and dont’s that will help you with your next property purchase.Do hire someone with expertise in Wimberley real estate and in this example Blanco River prices to represent your interests. It does not cost you a dime more to do so, and may save you a bundle of cash and hardship in the end . A buyer has nothing to gain and so much to loose by dealing directly with the sellers agent. They (sellers agent or listing agent) do not represent your interests, as a buyer, and in fact have a fiduciary responsibility to get the highest and best price for the seller. Commissions are set by contract. Do not think that by dealing directly with the sellers agent that you are avoiding part of the commission and therefor lowering the price you pay for the property. . Do not assume that all agents are the same. Wimberely may be this beautiful, little hill country town but I am telling you based on my 17 years of selling and buying real estate in Wimberley that real estate here is far from simple. Do make sure you or your Realtor can answer the following questions before buying a Blanco river property. What is the current average price per linear foot for Blanco River frontage. How does the listing agent on the property typically price their properties ? What is the history of the property …has it been on the market previously ? What are the neighborhood deed restrictions and do they jive with what I want to do with the property ? How has this part of the river done during times of drought…. during times of flood ? How much of the land is in the flood plain ? How has the neighborhood done as far as appreciation compared to other Wimberley areas ? Dig deep, study hard. The Blanco River is one of the hidden jewels of Texas real estate. Email, phone or visit my website . I would be honored to help.
Steve Hysinger Wimberley Broker 512-461-2865 WimberleyHomes.com