Mike Gooch Auctioneer

Here is the question session with Mike Gooch with the Gooch Auction Group, the name that sells!

1. What is your single best piece of advice for sellers in today’s market?
Price it right. Make it saleable (i.e. Clean the carpets, increase curb appeal etc.). Every seller really does not have the best house on the street. Take a reality check.

2. What is your single best piece of advice for buyers in today’s market
For them too, to take a reality check. We are not in Detroit, Las Vegas, or Florida. The market here is OK to good at best. If you want to make ridiculous, low ball offers, do it somebody else’s watch. I have sold 3 properties in the past week that have been scheduled for auction, before the auction, for good prices. Does that happen in a bad market? A big NO!!!

3. Where do you see the residential owner occupied market going in the:
a. Next 6 months?
Stabilizing
b. Next year?
Stabilizing
c. 5 years?
Who knows?! Better economists than me have guessed and failed, I’ll plead the 5th on this one and the next one
d. 10 years?
4. If someone has to sell a home before they can buy what strategy do you recommend currently
Explore the benefits of an Auction of course. No question.. Take a look at www.goochsells.com

5. Do you think it is a good time for investors to be in the market?
Absolutely!

6. What area of town or state do you see having the most attractive upside the next few years?
A place called Chicken Bristle, KY.. Definitely room to expand there!

7. What do you think are the most attractive features buyer are looking for today in a home?
Unfortunately -Price. Turn off the TV and get real.

8. Where do you see real estate, as a profession, going in the future?
Only the strong will survive. The 20% that is already doing 80% of the biz will be fine. The “part-timers”.. well the outlook is grim.

The commercial side of foreclosures are just beginning. “Hang on, this pony’s gonna buck!” Concerning the “big” picture this is probably going to hurt lenders more than the residential side. i.e. – Goodies/Circuit City etc. – (just to name two, there are many more!) going under pulling out of major strip centers & malls.

9. What has surprised you the most the last year in real estate?
Unreasonable Buyers & Sellers alike. Sellers wanting more than the property is worth, buyers wanting to pay less. We aren’t selling used cars here. It’s real estate.

10. What changes have you made in your business plan to adjust to this market?
The thought of hiring more help. My business has never been better.

Thanks to:
Mike Gooch, AARE Auctioneer/Broker
1795 Alysheba Way #1101
Lexington, KY 40509
Phone: (859) 494-SOLD (7653)
Fax: (859) 543-1644
info@goochsells.com