tag:blogger.com,1999:blog-87804661642356268232024-03-14T02:36:58.884-04:00Real Estate SenseObservations, stories and suggestions on everything real estate...Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.comBlogger86125tag:blogger.com,1999:blog-8780466164235626823.post-82857550697804405132015-09-11T12:57:00.000-04:002015-09-11T12:57:03.046-04:00Zillow? Trulia?Zillow... Trulia These sites are probably here to stay. And I suppose they serve some sort of purpose. (Yup... they generate a LOT of money... for Zillow and Trulia by professing to offer information and advice).<br />
<br />
These sites also spend a lot of money so that if you "Google" <b>"I want to buy a house in Albany NY"</b>... their sites appear at the top of the list. I'm pretty certain that if you "Google" I want to buy a house in Albany NY my name won't be at the top of the list... even though I've been a real estate professional a lot longer than any of those sites were even being thought of! I COULD pay the search engines money to insure that my name shows up in the top portion of the lists, but I don't.<br />
<br />
Won't.<br />
<br />
Why? Because I am certain that real estate IS local. The people you need to get in touch with are the people that are in THOSE trenches. Day in and day out. They know how much houses go for. They know which ones are currently on the market... and having sold three months ago! And now, nearly everyone uses a buyer's agent in this quest. As an example, my sister in law and her husband were thinking about selling their house in the Binghamton NY area, and they called me for some advice. My most prominate suggestion was to speak to a local agent. I told them I had no real feel for that market and I would be doing them a dis-service by giving them that kind of advice. So, I did some research for them and came up with a couple of names. they had heard of one of them and they decided to contact her and proceed. with a LOCAL professional.<br />
<br />
So, when we have a potential seller tell us they checked their house out on Zillow... "... and it says my house is worth....", we know that we can "hear" them, but we will check it out and come up with what is probably a more accurate analysis.<br />
<br />
When a buyer calls us and says, "Hey I saw this home on Zillow..." We know that there is a strong possibility that it's either not on the market at all, or the information is erroneous. <br />
<br />
Simple solution here folks... Get in touch with someone directly involved in the market. And not necessarily someone whose picture and contact information show up when you're on that site doing a search... those people PAY for that to happen. Doesn't mean they are all that familiar or all that good... they PAY for that.<br />
<br />
Talk to someone in your area. Ask them who they have used or know of. then take it from there.<br />
<br />
Real estate is local.Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-37277964745509309092014-08-26T13:33:00.002-04:002014-08-26T13:33:41.337-04:00LET THE PROFESSIONAL DO HIS OR HER JOBToo much advice can make your life sooooo confusing. I have come to the conclusion that too much advice can really slow things down. Don't get me wrong, I'm not an advocate of "Full speed ahead... damn the torpedoes!". But I do know that many of our clients, after they have listed their house for sale, or after they have engaged the services of a Realtor to buy a house tend to want to talk about it. And why not? Let's face it. It's exciting! It's stressful! It's difficult! It's all that. So what happens? They go to a BarBQue and their friend says, "Hey. I hear you're selling your house." Then it starts. They get all this unsolicited advice. "Mu agent did this..." "You should do this..." "Oh your house should be way more than that..." "Make sure your agent does..." <br />
<br />
I'm hoping by this time you have placed your trust in your Realtors hands. You met with your Realtor and you got the sense that they knew what they were doing. You got the sense that there was a plan. You understood the approach. You just wanted your agent to use the resource he or she had and get the job done. Now, you were able to go on with the rest of your life.<br />
<br />
Of course the majority of the advice you seem to be getting is well intended. From someone who cares about you. Someone who is interested in your well being. But, to the point? Your Realtor does this sort of thing day in and day out. In fact he or she has probably seen situations very similar to yours on several occasions. Most of them have gone through extensive training to get to where they are today. And they have an army of support in their office.<br />
<br />
And quite frankly real estate agents are wired to serve. It's what they want to do. They want to make a successful result out of this. More than anything in the world. <br />
<br />
So, what am I driving at? <br />
<br />
<div style="text-align: center;">
T R U S T</div>
<br />
Trust your agent to take the lead on your real estate needs. He or she will use their infinite wisdom and experience, coupled with all their resources, to steer you in the right direction.<br />
<br />
Don't let your neighbor who sold his house 20 years ago, or the person who was watching that real estate show last night on TV, or that well intended uncle who had a brother in law who was married to a woman who was the secretary in a real estate office... ten years ago, confuse you. Keep the lines of communication open with your Realtor and follow their advice. You'll go to a closing!<br />
<br />
<br />Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-52585708820971444442013-11-20T16:31:00.002-05:002013-11-20T16:46:44.224-05:00No charge.... really... no charge... happy to do it!A bunch of years ago a couple of my associates and I decided to start up a new real estate company. Now the Albany area already had a bunch of real estate companies, so why? We were leading the way for two things... Understanding and advocating buyer representation AND the "un-bundling" of services. When we went public that October Real Estate Group was actually open we got a call. A very surprising and unexpected call. Bob Howard, President and CEO of Bob Howard Real Estate was on the line. Bob Howard was one of the largest and most successful real estate owners we had seen around here. He instructed my partner to call his executive VP and General Manager and tell him we were to have access to his storage garage in Delmar. In that garage was all sorts of office stuff... desks, phones, file cabinets, chairs... We were to be able to take whatever we thought would be helpful. "Oh, and all the best of luck to you folks... I admire what you're doing." When I saw him a few weeks later and asked him why, he just smiled and said, "I hope you will do something like this for someone else someday."<br />
<br />
We were blown away. And to this day when I see Bob, I remind him of his generosity that helped us get started. (Incidentally when I do, he usually holds his hand up as if to say, 'Please... don't mention it" and just smiles) October Real Estate Group enjoyed an eleven year ride and certainly some measurable success... thanks in part to unsolicited help from a self made man who seems to just "get it". <br />
<br />
So I just read this article by Jeff Haden for Inc. And you know what? I could not have said it better... so I'm sharing it with you!<br />
<br />
If you don’t devote a small percentage of your time to working for free, you’re making a mistake.<br />
<br />
Most entrepreneurs don’t do pro bono work.<br />
<br />
(By pro bono I don’t mean for charity, I mean for another entrepreneur.)<br />
<br />
A friend swears “pro bono” is Latin for “no way.” He says, “I’m
against the idea of anyone working for free. As a more colorful person
said, there are two kinds of articles on Huffington Post: Those that
shouldn’t be written at all, and those that are too good to give away. I
don’t think anyone should give away their profession.”<br />
<br />
You probably agree. You invested significant time and money into your business or profession. You provide value.You should receive value in return. But sometimes free <i>is</i> valuable.<br />
<br />
Aside from simply doing something nice for the sake of doing
something nice (which has a value all its own) here are other reasons
why occasionally working for free—or for a big discount—can still
provide value to you in return:<br />
<br />
<b>You get to stretch.</b> Your processes are solid. Your operations
are optimized. You’re a fine-tuned machine. You’re also a little stale
and stuck in your ways.<br />
<br />
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<br />
People who can’t afford to pay you often have, um, unusual needs. Unlike
most of your clients, they’re struggling. Help them and you’ll see and do some
things you would otherwise never experience. Not only will you benefit from
what you learn, so will all your other customers.<br />
And you might discover opportunities you never knew existed.<br />
<br />
<b>You get to be scared.</b> It’s easy to forget how fortunate you are. Help
a person whose business is on the brink of failing and you’ll remember the true
meaning of “urgent.” The experience will help ground you… and help you see your
own business from a different perspective.<br />
<br />
<b>You get to be creative.</b> A person who needs help does not deal from a
position of strength. Your standard techniques or strategies don’t apply.
You’ll need to find new ways to leverage limited resources and transform
weaknesses into strong points.<br />
<br />
<b>You get to flex an atrophied muscle.</b> You’re successful. You have a
team and infrastructure in place. You can throw money at certain problems. You
can call in favors. Some customers do business with you just because it’s
comfortable.<br />
<br />
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People who need help have none of that going for them. Often they’ve made
poor decisions and have limited choices. The only approach that might work is a
practical approach. Using common sense and finding creative solutions are core
strengths for a good entrepreneur—exercise those muscles.
<br />
<br />
<b>You get to do the right thing.</b> No, you can’t help everyone. No, you
can’t give all your time away.<br />
Yes, you can help a few people who really need help—just like, somewhere
along the way, someone went out of his way to help you. You remember how that
felt. Pass it on.<br />
<br />
<b>You get to be a hero.</b> You rarely get feedback when performing well is
an expectation. Help someone who needs a hand and their thanks will be sincere
and heartfelt.<br />
<br />
Can’t beat that.Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-6839722316780701722013-03-01T15:26:00.002-05:002013-03-01T15:26:39.059-05:00Here's One... But Not About Real EstateA friend of mine in the mortgage business ( I won't say who but who's initials are Dina Trahan with 1stPriority Mortgage 518-348-6900 dtrahan@1stprioritymortgage.com) sent me this thought... I wanted to share it with you:<br />
<br />
Thanks DT!<br />
<br />
<span face="Times New Roman" size="3"><strong>TOMORROW</strong><br /><br /> <img align="left" border="0" height="127" hspace="5" name="ACCOUNT.IMAGE.6059" src="http://ih.constantcontact.com/fs186/1102643166588/img/6059.jpg" vspace="5" width="161" />
The most famous "thought about" and "talked about" day is tomorrow. For
some it is filled with hope and cannot come fast enough. For others,
it is the day of reckoning when they must be held accountable for the
transgressions of the past and all the things that were never
completed. I believe for the most successful among us, tomorrow has
little meaning other than the things we plan to accomplish, the key word
being "plan." The most unproductive among us, use tomorrow as one more
excuse in a long list of excuses. "I will do it tomorrow" has to be
one of the most repeated sentences of mankind. It also represents the
single greatest difference in the ability to achieve our hopes and
dreams. If there is one skill the most successful and happy people
possess it is the ability to utilize "today" to the fullest.<br /><br />Time
is the great equalizer. The rich man receives no more of it than the
poor man. At the end of the day the same minutes have ticked from the
clock for every human being. So how do some people accomplish so much
more in the same time period? The answers are numerous, but one thing
is true. How you use today is the key to all your future success. You
can talk about time management and organizational skills and they are
certainly important, but the key is "leverage."<br /><br />Time leverage is
the ability to squeeze the most activity out of the smallest amount of
time. Some people are masters at time leverage! Let's look at how you
can become one of these "time masters."<br />First, plan your day. If you
do not, your day will control you with crisis and unforeseen
diversions. Do this the night before or that morning. As you plan your
day keep the following in mind:<br /><br />* Plan to do the most important tasks first and try to do it before the work day starts if possible.<br />* Make sure you have outlined the exact action steps that will allow you to complete your most important tasks.<br />* Review your major goals when you plan. Make sure you have at least one of your major tasks related to the main goals.<br />* Define the activities that will yield you the biggest results and just do them!<br /><br />Second,
honor your time. Stop letting other people and things waste the most
important minutes and hours. Here are a few hints:<br /><br />* Stop
checking e-mail every ten minutes. Decide when is the best time to
check e-mail and develop an e-mail system of folders so you can easily
find things.<br />* Group your phone calls together if possible and
make as many calls as possible at one time. Also return your calls
quickly but all at once if possible.<br />* Do not let others sit
around and waste your time with idle talk. Be polite but stern when you
tell them you have a lot on your plate.<br />* Take one hour each day behind closed doors or away where you can concentrate on the goals and objections you must finish.<br />*
Have a top notch organizational system so you are not looking for
things that you have misplaced. This often takes at least an hour a day
just looking for "stuff."<br /><br />Third, when tasks come up that are
unexpected, evaluate them and decide what you can do within a few
minutes and just do them, and decide what is going to take longer and
assign a time to complete the tasks.<br /><br />Last, check your list of
most important tasks midday and decide what corrections you need to
make. Stop right then and accomplish at least one of your most
important tasks. Do not let the day finish without knowing you have
accomplished what is most important. At the end of the day review what
you have done, do one more task before you end your day and prepare to
start again tomorrow.<br /><br />There is nothing new about these things,
but just by having this simple plan you will leverage time effectively
and double what you get done in a day! Success comes from doing the
things that others never get to! Start leveraging your time today! </span><br />
<br />
<span face="Times New Roman" size="3">Hope you liked this... Zap me a note if you want some real esatte help... or even if you just want to say "Hey!"</span>Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com1tag:blogger.com,1999:blog-8780466164235626823.post-36162560369206397862013-01-30T11:17:00.001-05:002013-01-30T11:20:37.195-05:00Buyers!....Take Your Time<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">As real estate agents we spend a lot of time and effort with our sellers. Especially in the beginning. We closely inspect the home with intense scrutiny. We make suggestions. We research the market. We discuss all the possible events that may and probably will take place. We literally spend hours before the property even goes on the market.</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">We are finally realizing that we need to this with our buyer clients as well. I think we took it for granted that our buyers understood how it was all going to go down. So what did we do? We just whisked them up and took them out to look at properties. And when they saw one they liked... We rushed to the office to fill out enough paperwork to choke a horse!</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Frankly, that scenario can be very confusing... for the buyer AND the agent. there's a sense of urgency and we all know we shouldn't make important decisions under any kind of duress.</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">So here's my suggestion. <b>Set up a "consultation" with your agent.</b></span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Your agent should take the time to get to know you. I'm big on this adage: <i>"They don't care what you know... until they know you care"</i> So take time to get a feel for the kind of person your agent is. Guess what? They should be doing the same sort of thing. The agent will get a feel for your likes... your dislikes... and what your motivations might be.</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Your agent should take the time to explain agency. Actually, the law requires it. As an informed consumer, I'm pretty certain that you will want to be represented in the purchase, so you will ask your agent to conduct your real estate affairs as a "Buyer's Agent". The topic of signing an exclusive buyer's agency agreement will most likely come up here. Your agent can help you to understand how this relationship can benefit you.</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">The contract to purchase is also a pretty complicated document, and this is not a bad time to go over it... paragraph by paragraph. this way when time comes to actually sign one... it will be a little familiar to you!</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">It is also important for a buyer to realize that only 1 in 21 contracts ever get accepted as they are written. your Realtor will explain how the offer is presented and what might happen, as in counter offers... multiple offers... short sales.... cash offers... etc. Once you write that purchase offer up it can get kind of emotional. If you and your agent took the time beforehand to discuss how it all can go, you might feel a "little" better about what's happening (or not happening). </span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Financing is also very very important before you go out. Sure, you may have already had some discussions with a lender. And maybe you even got pre-qualified. But your agent works every day with these professionals. A quick discussion may evolve into you getting a better situation, or it may result in you feeling confident that you have the best terms currently available!</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">Most certainly your initial consultation will include you discussing the particulars of your next home. What you absolutely have to include... and maybe what you'd like to have... You know... that wants and needs talk...</span></span><br />
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;"><br /></span></span>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">So this whole consultation can take a little bit of time. But you know what? It's going to be worth it! You'll feel better and your agent will have a much clearer idea of where it is you want to go.</span></span>Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-56637725399965286172012-11-27T15:09:00.003-05:002012-11-27T15:18:34.480-05:00OK... One more time....We've talked about it before. I keep seeing so many houses that look like one big unmade bed.... YA HAVE TO MAKE IT SHINE!<br />
<br />
There are too many houses out there to choose from for you, as a seller, to think you don't need to get your home up to showing state!<br />
<br />
Clear the shelves and counters. Really? a half liter of Mountain Dew?<br />
<br />
Empty the trash. Don't leave a full waste basket!<br />
<br />
Pick up the living room.<br />
<br />
Make the beds.<br />
<br />
Shoes? strewn all over? Nice. NOT! <br />
<br />
And the bathrooms! Clean the mirrors. Toilet seats down. Towels at a minimum... not hanging over the shower rod. Pick up around the sink and make it look like you have lots of room there to shave and brush your teeth! I think you know about an open tube of toothpaste too, right?<br />
<br />
Get rid of out of season clothes. ( take 'em to your mom's house if you need to!)<br />
<br />
Mow the lawn.<br />
<br />
Clean windows.<br />
<br />
Smudges around door knobs and cabinet handles? Scrub them!<br />
<br />
Porch full of shoes 'n stuff? Nope... clean entryway.<br />
<br />
Same goes for stairwells. That is NOT where you put everything! <br />
<br />
Pets? Take em for a walk. And I love pets... but a lot of buyers don't. Especially the way they might smell!<br />
<br />
Kids? Don't tell them to sit in front of the TV in the family room and be quiet! Take them out for ice cream!<br />
<br />
Don't leave your mail out! Even if it's neatly stacked!<br />
<br />
Extension cords should be nowhere to be seen! <br />
<br />
Don't stuff everything in the closets either! Did you think they wouldn't look????<br />
<br />
Loose door handles are a sure sign you don't take care of other stuff as well.<br />
<br />
Look up. At the vent in the bathroom. Fuzzy looking? Clean it!<br />
<br />
Pictures and magnets all over the fridge? Not good. Get rid of em!<br />
<br />
Here's an idea... set the dining room table like you're getting ready to entertain the Queen of England... a fresh vase of flowers might help too.<br />
<br />
Come on folks... I hear that some agenst feel like you should invest 1% of your asking price into making the house look better.<br />
<br />
Sorry don't mean to nag, but I've got buyers that are questioning whether or not you're serious about selling. And when they go into one of those houses that has been set up properly, they say, "Wow, Steve... nice place here!"...<br />
<br />
<br />
<br />Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-78284600388110101642012-11-15T14:29:00.001-05:002012-11-15T14:30:34.247-05:00Just because it's sold doesn't mean you can let your guard down...You know, we go through a lot of effort making our homes ready to show don't we? The reason is obvious. We're gonna have company. Total strangers coming through our house! In fact, strangers that need to be impressed, because they just might be the buyers.<br />
<br />
So, as any good agent would do, we tell our clients to "unclutter", "paint", "throw out", "simplify", "stage"... all that stuff. Terry Watson, renown advice giver said at a recent seminar I was at, "If I can smell it, I can't sell it!"<br />
<br />
So depending on your circumstances, you had to endure a period of time where you felt like you were living in Buckingham Palace. Can't put your feet up... no underwear on the floor... make the bed!... toilet seat down... get that stuff off the counter.<br />
<br />
But, now your house is sold. Finally! We can relax!<br />
<br />
WAIT!<br />
<br />
We've got two more hurdles. There is probably going to be home inspection (sometimes called a structural inspection)... then there's probably going to be an appraisal. Both of these events are very very VERY critical. So do yourself a huge favor. Set up your home as if it was a first time showing to a potential buyer! Yup! that's right. Because the person who comes in to do the home inspection and the person doing the appraisal is just as impressionable as any buyer.<br />
<br />
So make it shine. Everytime someone related to the outcome comes in... then, you can relax! For more reasons than one!<br />
<br />
There you have it! Hope this helps you. Like me on Facebook if you get a chance and if you want to make a comment on this or any of my blogs... have at it! Rock on friends!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-1990489366237136942012-05-02T13:53:00.004-04:002012-05-02T14:04:58.633-04:00Sure you can sell it yourself....It's not often, but every once in a while I get drawn into a "philosophical" discussion with someone who feels they can sell their home their self. And they are certain that "everyone" should. "Why should I pay a real estate agent to do it when I know I can do it myself?"<br />
<br />
This person may be right. Sure, anyone can sell a house. If all the conditions are right... a buyer comes along and the seller doesn't get in his own way... a sale happens!<br />
<br />
Sometimes I wonder if I was never in the real estate business if I would feel the same way. Point is, some people are capable and some people aren't. There's room for all of us in this arena. Believe me, I have brokered some real estate transactions over the past 30 years where the seller was VERY capable of doing it themselves. Why didn't they? Because they were smart enough to see the value of having an agent when they needed to pay attention to what they were good and well-versed in. They did not want to have to be available every time someone just wanted to take a look at their home. They did not want to place themselves or their family in a position to be in the house when total strangers came to visit. They also recognized that they may be a little too close to the property... a little too emotional.<br />
<br />
They also realized that we are trained to understand buying signals.... or even the "red flags" that will help us to eliminate the lookers from the buyers. They also know that we are connected to all the other professionals that are utilized in this process. They also know that we are familiar with the contracts and the documents that are required. They also know that we will help them to understand what appeals to buyers and the approaches that most often entice a purchaser to make an offer. They also know that once they engage the services of a real estate professional they won't be solicited by other agents looking to market their home for them. I've heard some Do-It-Yourselfers proclaim that they can better answer questions about their house. The very same people don't know a French drain from a dry well; or understand the difference between a boiler and a furnace, much less that their chimney may need to have two flues... or maybe not.<br />
<br />
And buyers are skittish about coming to the house. They aren't certain about how much of what they hear that they can believe from the seller. They know that a real estate agent is bound to rules regulations and ethics and further are under the scrutiny of their state.<br />
<br />
And buyers are more inclined to tell us Realtors what they really think. When the Do-It-Yourselfer asks the buyer what they think, the buyer almost always says, "Oh you have a real nice home here. We were really impressed. We need to think about it." then they get in their car and say to each other, "Oh my gosh! Did you see that wallpaper? And the smell in the basement! Is that guy kidding?!!! And how about that price? Easily the highest priced house we've seen so far!" Stuff the seller will never hear. And while we're on that scenario: Most sellers are reluctant to follow up, much less even get a number or email to do so. And ask them if they understand the concept of verify and overcome objections. See, after someone looks at our listings we work very hard to find out what the objections may have been...and that can be used to advise our seller clients.<br />
<br />
I'm all for saving money. And that is the main reason most feel compelled to sell without the services of a broker. However, there is a boatload of stats out there that show that the majority of for sale by owners sell for less than real estate brokered deals.<br />
<br />
You can cut your own hair and you can take out our own decayed tooth if you want to. The results AND the process may be something less than you planned for.Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-88740374607694238432011-12-31T12:52:00.003-05:002011-12-31T13:07:20.668-05:00Don't let the pics fool ya!In this day of technology we are finding that more and more people are looking at houses. And never leaving their house(apartment)!<br /><br />Today's buyers want a link... a website... a URL... They want to "sneak" into your home without you knowing it. They want to take a look without inconveniencing you. So your Realtor hired a really good photographer/videographer to post your home to that wonderful resource, the internet.<br /><br />Don't get me wrong here, because I absolutely LOVE the internet. But I have seen on more than one occasion a young couple walk into a house that they had seen pics on line and turn to me and say, "Wow! It looked a lot better than this on line!" But I have also heard this: "Wow. I wasn't sure I wanted to see this house based on the pictures, but you know what? I'm glad we came..."<br /><br />You see my point right?<br /><br />I think the best way for you to make a decision on a house is to GO LOOK AT IT. And don't eliminate it solely on the pics or video you saw on line. You might be pleasantly surprised.<br /><br />Think about this. It's a big buy. You're not buying a stereo system or even a car. It's going to be your home! Your castle! You are going to be there every day for quite a while.<br /><br />Take the time to go look. You don't have to stay a long time, but you might!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com1tag:blogger.com,1999:blog-8780466164235626823.post-5820013249887160632011-11-21T12:30:00.003-05:002011-11-21T12:49:47.958-05:00"How IS the market?"<div>Having been in the real estate business for nearly three decades I am very often questioned about the status of the real estate market. And it comes from all sorts of people for all sorts of reasons. Some are merely friends who are just asking me how I'm doing.... <span id="SPELLING_ERROR_0" class="blsp-spelling-error">somethimes</span> it's someone with an agenda (they are thinking about getting involved in a purchase or a sale)... sometimes it's a person thinking about a career change...</div><div> </div><div>It's a tough question to answer sometimes because the answer truly is relative. Right now, buyers are seeing the most favorable terms , maybe ever! Sellers sometimes are seeing this an opportunity to get their real estate sold because there is less inventory and less competition. Many investors will tell you there are deals to be had out there and real estate is a great place to be while the money and stock markets settle down a bit. </div><div> </div><div>So it's all relative to what you (the questioner) want to do.</div><div> </div><div>Locally... in the Albany NY area our pending units are down 5.1% from last year... our inventory is down 3.1% and the sellers are seeing 91.1% of their asking price... down 1.3% from last year....</div><div> </div><div>So those are a couple "stats". But my office in <span id="SPELLING_ERROR_1" class="blsp-spelling-error">Loudonville</span> has seen a 26.1% increase <span id="SPELLING_ERROR_2" class="blsp-spelling-corrected">in volume</span> and 13% increase in units sold.</div><div> </div><div>Why? My agents are full time professionals that re ready when their clients need them to be ready. They are not sugar-coating any <span id="SPELLING_ERROR_3" class="blsp-spelling-corrected">of</span> their analysis when working with clients... They are giving honest straightforward counsel and their clients are listening.</div><div> </div><div>So right now the best advice I can give any seller or buyer is to trust their Realtor and follow their lead. Don't try to apply recent years' appreciations or even <span id="SPELLING_ERROR_4" class="blsp-spelling-corrected">deprecations</span> to today's market. </div><div> </div><div>Good luck!</div>Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-26894535567297640432011-10-05T13:43:00.002-04:002011-10-05T13:56:23.106-04:00Medicare Tax on Real Estate Sales????There have been a lot of "rumors", "stories", "prognostications" regarding President Obama's plan to hit us all with yet another tax. The one I'm referring to here is the so called Medicare Tax. The talk is that every house that gets sold, starting in 2013 will be taxed at a rate of 3.8% of the sale price.<br /><br />It is, as I understand it proposed to be an "investment income tax", which may or may not be real estate related or attached to the sale of a property.<br /><br />From what I am reading, and I could be wrong, and if I am I would appreciate your enlightening me... If you sell your home for a profit of more than $250,000 as an individual, or a profit of more than $500,000 for a joint filing, then you would be required to pay a tax of 3.8% of any profit OVER that threshold. So, if a couple sold a house and made a profit of 501,000, they would owe a tax equal to 3.8% of $1,000. That'd be $38.00.<br /><br />My personal view is that the majority of the persons we work with won't fall into that category.<br /><br />Still, it rankles me that this proposal finds it's way in front of us. It's a typical "tax the rich" liberal left solution to solve our financial woes?<br /><br />Thoughts?Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-81321133633476478312011-06-02T18:29:00.004-04:002011-06-02T18:59:42.736-04:00The Biggest? The Best? I'm Number One?First let me apologize for being off the blog thing for a while. True enough I've been busy. But not so busy that I couldn't take a few moments to air my views and two cents. And a few people have emailed me with stuff like, "Hey Staples! Didja run outta things to say???" I have not, and doubt that I ever will run out of things to say... might repeat myself, but I will always have something to say.<br /><br />But today I want to ask YOU a question. Get YOUR opinion. <br /><br />I work for one of the nation's largest independent real estate firms. And we are the number one firm in the Capital Region. <br /><br />So what?<br /><br />I want to know what you think that does for anyone. Does it make a difference in you deciding who to have helping you sell your house, or helping you to buy a house?<br /><br />Seems every day in the paper and on billboards all over you and I see real estate agents professing to be the top Realtor, or the best agent, or Number one! They spend lots of money to get that message out too.<br /><br />Here's what I think. And I <strong><em>do</em></strong> want you to email me a note at <a href="mailto:sstaples@Realtyusa.com">sstaples@Realtyusa.com</a> with your thoughts. But, here's what I think. <br /><br />There are over 3,000 licensed real estate agents in the Greater Capital Association of Realtors, based in the Albany NY area. Some work for RealtyUSA.... some work for Prudential... some work for Foothills Realty. Some of these brokerage firms have 600 agents and some have 6... some have less. When an agent from the largest firm advises you to use them because they have the largest firm in the area are you going to? When an agent boasts that he has over 50 listings active on the market right now and he sold over 150 houses last year is that going to convince you to sign on with him?<br /><br />I firmly believe that RealtyUSA has some exceptional real estate professionals. BUT... we aren't the only brokerage firm that has exceptional professionals. In fact, it is all together possible that the smallest real estate firm in the area has "the best" Realtor working for them!<br /><br />Now, the one thing I can be sure of is that RealtyUSA, and most of the larger firms have more resources available to them in the form of marketing power, training, support services, etc. But there are many very good real estate agents out there working out of what some might refer to as boutique firms. <br /><br />So let me know what you think.... <a href="mailto:sstaples@realtyusa.com">sstaples@realtyusa.com</a><br /><br />Thanks!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-44169598176908756392011-02-02T10:46:00.008-05:002011-02-02T11:56:23.062-05:00The Good Old Days ? MaybeIt's snowy here in the great Northeast and I am sitting at my desk trying to resist going off on a rant and sounding like an crazy old man...<br /><br />Too late! Can't stand it any more. It's Crazy Old Man time!<br /><br />When I started in the real estate business in 1982 I am not going to say there weren't computers, but essentially there weren't computers. I mean they were out there, but first they were pretty difficult to operate (anyone remember MS DOS?) and they were not being used in the real estate business.<br /><br />I'm not here to say that computers are bad, because honestly... I LOVE 'em! You should too... they're here to stay you know! They really have simplified our lives. Put incredible amounts of information (and misinformation) at our disposal. And communication?!!! Revolutionized how easily we can get our messages out. So for the most part ... good.<br /><br />But let me zero in on a dynamic that you, outside the real estate business especially, may not be aware of. Like I said, I started as a Realtor in 1982. Our database for houses for sale was the Capital Region Multiple Listing Service (CRMLS). It came in the form of a BOOK. Published weekly, but every other week was only the "new" listings... the other week was the complete inventory. There was a thing called the "Hot Sheet" which was mailed weekly to every broker who was a member of the CRMLS. And if you were truly ambitious you could physically visit the CRMLS offices and check out the new listings that had just been submitted. (They had them on clipboards in the vestibule... one clipboard for each day). So if you had a buyer that you wanted to get the "hottest" info for you needed to go down to the offices. I can tell you that there were never many agents there when I went...<br /><br />Oh, but I said I was going to zero in on something. And that something was how we presented our offers. I am not going to give you a historical lesson on the agency part of this because it's too lengthy. But here's what would happen.<br /><br />After my buyers left my office, having signed a purchase offer I would call the agent who had the house listed. This was usually done on a "land line". So we would have to catch them at the office or their home. I would tell the agent that I have an offer and I would like to present it as soon as possible.<br /><br />You know what happened next? They would ask me when I would like to present it. For example I would say, "How about tomorrow morning at 10 am?" They would tell me they'll get back to me. Usually within a few minutes the phone would ring and the agent would say something like this, "My sellers can meet you at their house at 11 am... Is that OK with you?" I, of course would say yes.<br /><br />Here's what I think has changed and not for the better. I would go to their house. I would be welcomed in by their agent and we would go into, say, the kitchen and sit down. The listing agent would introduce me and we would exchange pleasantries. I would tell them what a cool house they had... didn't your kid go to Guilderland High?... Wow can you believe how hot it's been.... Then we would settle in and start talking turkey.<br /><br />But guess what was going on here? From my side of the table, I was gathering information, observing mannerism, looking into their eyes, FEELING the transaction. I was helping the listing agent to feel at ease. I was trying to project confidence so that the sellers would feel that this set of buyers and their agent could get this done.<br /><br />And even before the paperwork got put on the table, I spent some time describing my buyers and their family. I painted a picture of this new owner lovingly caring for their home just like they did. I talked about where they came from and what they do for a living. I made the buyers real to them. In fact I usually got the sellers to like the buyers.<br /><br />So now the rubber meets the road.<br /><br />I present the offer as the listing agent listens in... all the while reading body language... facial expressions... looking into their eyes... gathering unwritten and intangible information. To help me better understand the sellers and to help me do a better job representing the buyers.<br /><br />After I go through the presentation, I sit back and LISTEN... and observe. Sometimes a listing agent will ask me to give them a couple of moments so they can speak freely... but often the discussion takes place right away with me present.<br /><br />If we have differences... prices... dates... chattle... whatever, I ask them to help me to understand the difference(s), so that I can communicate it properly to my buyers. I take notes... so they see that I am going to get it right and I am organized. Building confidence. But really what I am trying to do is to verify and overcome objections. "So if it weren't for the closing date being too soon, am I to understand that you would feel comfortable signing this agreement today?" or "If I could convince my buyers to move that date to accomodate your schedule, can we say we have a deal?"<br /><br />9 times out of 10 we could come to an agreement right then and there. And the sellers would feel pretty good about who's buying their home and their agent that is overseeing the process.<br /><br />What I'm talking about here is interpersonal relationships. Communication skills. Negotiating skills. Psychology.<br /><br />You know what happens today? The listing agent tells us "Fax the offer over to me". I'd really like to present it in person. "No... just fax it and I'll present it."<br /><br />You know what? I think, that if we would discuss more of these things in person... we'd sell a lot more houses. What do you think?<br /><br />Like I said... I am not against computers and faxes and modern technology... I just think we could still utilize the human element to get it done.Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com1tag:blogger.com,1999:blog-8780466164235626823.post-89025847968941890892011-01-19T16:33:00.004-05:002011-01-19T16:48:35.325-05:00How to market your real estate in a tough marketOur marketing efforts often vary from account to account. Certainly the most crucial, we feel is the presence in the MLS (Multiple Listing Service). This data base will engage the over 3000 real estate agents in the Capital Region. It’s where we all look first to find properties for our buyer clients.<br /><br />Times have changed our approach in advertising with the advent of the internet… and more importantly the internet being so available to so many. While we do advertise in newspapers and some of the Homes magazines we are finding that the overwhelming majority of our buyers are surfing the web. We are very proud of our database www.realtyusa.com This site gets over 180,000 unique visitors a month according to our IT people. The way our site is set up, a procedure occurs every early morning whereas our site visits the MLS database and imports all the new entries and any changes that may have occurred. This constant updating has made our site a favorite with savvy buyers who check in regularly.<br /><br />To supplement our efforts we of course engage direct mail marketing .. neighborhood announcement… open houses… virtual tours, etc.<br /><br />The interesting phenomenon that we are watching take place is the fact that more and more people are visiting your house without visiting your house! Before this technology was available the only way we could know what a house looked like on the inside was to actually, physically, visit it! This new luxury of being able to look at still interior photos or virtual tours without leaving our desk chair or comfy apartment is good and bad. It’s good because we feel it saves us time. It’s bad because sometimes the pictures don’t do the subject property justice. Maybe the agent didn’t get as good a pic as they could have or maybe the property is just hard to get pics… whatever the reason is a web-surfer may glance at the pics and dismiss the idea of actually going in. I have had clients visit a property after having more or less pooh-poohed it on line and expressed amazement that it “looks way better in person!”. By the same token, we have looked at pics on line and decided to visit the property and we look at each other and say “Is the right house????”<br /><br />Another resource a good Realtor uses is to do the research to see who in the real estate business is active in your area and make direct contact with them to promote the property.<br /><br />The trick to marketing real estate these days is to have a well-rounded and open approach. One of my agents stopped in the office today and told me he sold a house in the far reaches of the Capital Region because he advertised in the local Pennysaver! He was amazed at the response he got from that little ad, but as it turns out EVERYone in that town reads the Pennysaver!<br /><br />So count on us to take an approach to marketing your real estate in an account by account way. Each and every account will warrant a unique approach... count on it!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-20114597567511451422010-12-17T11:24:00.000-05:002010-12-17T11:25:32.544-05:00"I Only Work With The Listing Agent"Frequently we get a phone inquiry at our real estate office where the caller is insistent on speaking only to the listing agent. In that instance there is no discussion. The call will go directly to the listing agent... no questions asked.<div><br /></div><div>But, often, we are having a discussion at an open house, or maybe just a casual chat at a bar or a on a park bench and we will hear someone say, "Yeah, I've been looking for a house for quite a while, and when I see one I like I call on it." Our agent will offer, "Would you like me to help you with your search?"... ""No... I just call the listing agent. I'd rather work with the listing agent."</div><div><br /></div><div>Depending on the circumstances this is where a "buyer" could use a little educating and help in the Common Sense Department. Quite often we find that the buyer doesn't really fully understand the fiduciary relationships and how working "only with the listing agent" can be a recipe for financial loss.</div><div><br /></div><div>Simply.... Keep this in mind. When a real estate agent lists a house for sale, who are they working for? You should already know this, but the answer is THE SELLER. So when you are chatting and inquiring and musing about buying that house what do you suppose the LISTING agent is doing? Working for the seller! Not you. the seller! They are gathering information.. they are plotting ways to SELL you the house. They are scheming as to how they can get you to pay the highest amount of money and the best terms for their client... the SELLER. they are working against you.</div><div><br /></div><div>OK... I know what you are thinking. The listing agent says to you, "I know these guys (the sellers) pretty well, and they'll listen to me. I think I can get them to cooperate with you... work with me and we'll get this done." And that all sounds good. But think about this. Is that the kind of agent tat you want to work with? The kind that told you when they listed their property that they would be loyal to your best interests and get you as much money as possible with the best possible terms.... and then they turn around and say this sort of thing to someone they just met??? I don't think so.</div><div><br /></div><div>So here is my suggestion. Find a Realtor who you connect with. Insist on them representing you. Actually you won't have to insist on it... they will already be geared up to do just that if they are worth their salt. They won't sell you you a house. they won't SELL you a house.</div><div><br /></div><div>They'll help you BUY a house. With good counsel and no other person's best interest even close to yours!</div><div><br /></div><div>Happy house hunting! I hope you are in your new home in 2011!!!</div>Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-45093100778536834682010-10-11T11:15:00.002-04:002010-10-11T11:19:18.617-04:00Sorry about that....It has been a while since I wrote in here. Actually my Dad reads this and he commented on that. I have been very involved with summer type stuff ranging from real estate to family to rock and roll to recreation! But A lot of stuff has been going on in real estate so I think I'll ramp it up soon and put my thoughts out there.<br /><br />In the meantime, think about mortgage rates right now... Do you think they'll get lower ? Really?<br /><br />And the economy.... can it get worse... better... where is it going.<br /><br />Let's talk!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-22832558963122820642010-07-30T11:46:00.004-04:002010-07-30T12:31:40.600-04:00Buy A House That's NOT for sale!So, you've looked and you've looked, and you've looked. Your agent is great. Stays in touch and keeps feeding you leads. But nothing seems to do the trick.<br /><br />If your agent hasn't already done it let's start thinking about buying a house that ISN'T for sale.<br /><br />That's right. ISN'T for sale.<br /><br />What is the harm with approaching the owners of a house that is not on the market and suggesting that if they ever gave any thought to selling their home maybe we have a buyer? I tell you I've done it. And more often than not I have gotten no response. And on occasion I've been more or less told to take a hike.<br /><br />That's probably why you don't want to "cold call" homeowners and it's also why you should put this project in the lap of your agent... But if you can I.D. a couple of houses that you think you might be interested, your agent can "go to work" !<br /><br />Your agent will know the way to put together a pitch that will illicit a response... say and explain the right things, so as to pique their interest, and hopefully describe your dilemma and situation to get you an opportunity.<br /><br />You know what's good about this? You aren't in competition with other buyers. It's a quiet and less stressful sequence of discussions and meetings.<br /><br />It will never be a "slam dunk". Who knows if it will work. But, hey.... you'll never know unless you try.Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-6039577782030934182010-07-27T13:38:00.006-04:002010-07-27T14:32:15.399-04:00What Do You Want ?What is it you REALLY want from your agent ? You want them to sell the house, right? Or find you the best deal there is around, as the case may be! Right?<br /><br />Now, if you think for one moment your agent is not all about that, then switch. But, who do you switch to? Let's face it, we all have good days and bad days! There are days when I feel like my clients have really gotten EVERYthing from me. And there are days when I maybe could've done more...<br /><br />So I'm not suggesting that your agent get fired because one day he or she didn't call you back in less than ten minutes.<br /><br />But, here is what I think you should expect. Your agent should use all the resources available to them. RealtyUSA agents have fantastic marketing department that can design and publish top notch pieces and campaigns. The Internet and web offer countless opportunities to get your property promoted, not to mention there is an incredible database of homes for you as a buyer! Automatic emailing should be the norm when you're looking for a home. How about single property websites... try this one: <a href="http://www.31keeler.info/">www.31keeler.info</a><br /><br />How about Facebook? How about Linkedin ? Is your agent utilizing all the servers such as Trulia, Yahoo!, MSN.com ,etc.<br /><br />Here's a sample of some work done by one of my agents here in Loudonville, New York :<br /><br /><a href="http://video214.com/play/DXUdHcf5wVChQnGaArIUdA/s/dark">http://video214.com/play/DXUdHcf5wVChQnGaArIUdA/s/dark</a><br /><br />He's putting this up in places like YouTube.. Facebook, Google, etc. Your agent can do this sort of thing, but the next step is understanding how to use keywords and methods that will garner the most views possible!<br /><br /><br />There are<em><strong> many</strong></em> services available to assist real estate agents in helping to promote their listings (read: YOUR house)... These opportunities also are there to help agents find properties for their clients!<br /><br />So what do you want from your agent? You want them to understand today's technology and resources... to increase your chances of a satisfactory outcome in your real estate endeavors.<br /><br />That's what you want! Demand it!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-77562922856837080432010-07-22T12:17:00.002-04:002010-07-22T12:21:01.626-04:00Didn't take advantage of the government's home buying credit? Might be GOOD NEWS!!!Believe it or not I'm being told that the persons who did not take advantage of the Home Buyer's Credit may actually fare better than those who did!<br /><br />On a 200,000 purchase the interest rate has dipped low enough that the difference may have save those who did NOT partake as much as $18,000 over the life of their 30 year mortgage!<br /><br />Who'd of thunk it!!!???Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-67015984648211670842010-06-17T12:48:00.004-04:002010-06-17T13:06:15.128-04:00Move the date!Aren't you glad you didn't hit the panic button? <br /><br />I'm talking to you folks who bought a house this spring before April 30th and were told you could get the government's tax credit AS LONG AS YOU CLOSED BEFORE JUNE 30th! So what did you do? You kinda rushed and thank God! You got an offer accepted by April 30th! <br /><br />Whew! But wait... a new stress thing! You need to close by June 30th! OK, sez you. But it wasn't really up to you was it? Your bank had to get their stuff done in order for you to close. Really almost had NOTHING to do with you at all. <br /><br />So you kept in touch with the bank.... "are we OK ?"... "did we get the committment yet?"... "are we 'cleared to close'?"... "hey that June 30th date is getting close! We are depending on that $8,000 credit you know!"...<br /><br />There were many out there who were sweating bullets! Yup, they didn't think the bank was going to get the file closed in time! Oh no!!!! In fact there were a few that were threatening to cancel ther contract because of this.<br /><br />What's going on ???? Well, any time a deadline is imposed, everyone and their brother is "pushing" toward that date! The banks were "overwhelmed"! So the powerful banking world lobbied our fearless leaders and asked for a NEW date.<br /><br />So guess what? Here's what your government is saying now, " As long as you really did have a contract by April 30th... we are going to extend the deadline... Your bank will have until September 30th!" <br /><br />Well, it's not totally OK yet... the House has to approve this measure... but the Senate already did... Keep your eyes and ears open! Your government is all over it!<br /><br />Good luck my friends!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-27661004755057259192010-04-29T11:58:00.002-04:002010-04-29T12:20:59.325-04:00Do you know what the BIGGEST stumbling block is?One word: Appraisal.<br /><br />Yup. That's the big stumbling block. We get a buyer that wants to buy. We have a seller that is agreeable to the price proposed by the buyer. We do all the inspections. We apply to the lending institution The bank sends out the appraiser. The appraiser reports that they can't "find any suitable comps". <br /><br />Now what? The bank sends a letter to the buyer and tells them that the mortgage application is denied because the house is not worth what the buyer and seller (and presumably two real estate agents) thought.<br /><br />Rules and regulations tightly monitor and restrict what the real estate agents can do with the appraiser in the lines of saving the transaction. One of the most frustrating factors is that the appraisers are told they can't go any further back than 3 months. In many areas this means they really DON'T have any similar sales to use. <br /><br />About the only solution is that the seller agrees to take the lower appraised price. If they can. Often they can't. Often they owe too much money. they'll end up upside down as they say in the business!<br /><br />This recent re-occurrence is pretty difficult to avoid and predict. <br /><br />So what can be done to safeguard against it ? My sources at 1stPriority Mortgage suggest that we avoid seller concessions whenever possible. Seller concessions as a general rule skew the actual fair market value, by adding thousands of dollars to the sale of the property.<br /><br />I am counseling my agents to "think like the banks/appraisers" when obtaining a listing. That means doing an appraisal when speaking with a potential home seller that is more like what we can expect when the house goes under contract. This procedure is referred to in our profession as a CMA... comparative or competitive market analysis.<br /><br />So, you as a home seller, need to make sure that the real estate agent who is pitching to get your listing is aware of these conditions. They need to be savvy and realistic in detailing their perception of where to list your property and what is the most likely sales price.<br /><br />Appraisals. A tough pill to swallow right now, but it's real and it's here... right now. Be advised!<br /><br />-Your friend in Real Estate... SteveSteve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-69713999887068617032010-03-24T13:40:00.003-04:002010-04-08T14:15:42.957-04:00The Value of Cleaning Up!Are you selling? Are you just going to have your Realtor "stick a sign in the ground"? Well hold on pardner... Ya gotta have heard that "'round these parts stagin' is the deal".<br /><br />Seriously if you are remotely familiar with real estate you've heard that buzzword: STAGING. And really what it means is clean it up! Freshen it up! Make it shine. Package it!<br /><br />As a full time professional Realtor, we see it all the time. We take buyers into a home and it's INCREDIBLE how sloppy, dark and dinghy the place is! Amzing turn off for any buyer!<br /><br /> Do you think Bloomingdale's would just throw the clothes on the window floor in downtown NYC to entice buyers to come in? Why do you think they pay the window dressers so much money to do what they do?<br /><br />You need to make your place shine! Most of what needs to be done is very inexpensive. And don't start thinking that your asking price is so low that it's not worth it! No matter the price, it should be cleaned up. <br /><br />Loose door handle? Fix it! Broken pane of glass? Fix it! Leaky faucet? Fix it! Drawer won't close all the way? Fix it! One of the carriage lights is out? Replace it! Carpet looks old and dirty? At least have it shampooed.<br /><br />We're coming into the busy real estate season... <br /><br />Clean up!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-66643440600633076722010-02-07T12:46:00.004-05:002010-02-17T12:22:55.659-05:00How Do I Get My First Time Home Buyer's Credit?It's getting that time of year where some of our clients... first time home buyers especially in this context... are doing their taxes and want to know about how to get the First time Home Buyer's Credit... Here's some stuff... <br /><br />Both first-time home buyers and long-time owners can qualify for a credit. A first-time home buyer for the purposes of the credit is someone who has not owned a home (or whose spouse who has not owned a home) during the three-year period that ends on the date of purchase of the new home. If you purchased on November 30, 2009 you must not have owned a home since December 1, 2006. The earliest date to qualify for this credit is January 1, 2009.<br /><br />To qualify for the credit given to long-time home owners, you must have owned your current home for any five five year period during the eight year period ending on the date of purchase of the new home. The earliest home purchase date to qualify for this credit is November 8, 2009.<br />For either credit, if your date of purchase is in May or June 2010, you will need to prove you entered into a contract to buy the house before May 2010. Read below to determine what documentation is necessary.<br /><br />Members of the military and the “intelligence community” have an extra year to purchase a house and qualify for the credit.<br /><br />Restrictions for qualifying for the credit<br /><br />Even if you qualify as a first-time home buyer or a long-time home owner and you have purchased a qualifying house within the permitted time frame, you might still not qualify for the credit. <br /><br />You will not qualify if:<br /><br />You purchased your house after November 6, 2009, the price of the house may not be more than $800,000; <br /><br />Your modified adjusted gross income is $95,000 ($170,000 if you are married filing jointly) or more and you purchased your house before November 7, 2009. A phase-out of the credit begins with a MAGI of $75,000 (or $150,000);<br /><br />Your modified adjusted gross income is $145,00 ($245,000 if you are married filing jointly) or more and your purchased your house after November 6, 2009. A phase-out of the credit begins with a MAGI of $125,000 (or $225,000);<br /><br />Someone else claims you as a dependent on their tax return;<br /><br />You purchased your house after November 6, 2009, and were under the age of 18 on the date of purchase;<br /><br />You are a nonresident alien;<br /><br />Your house is located outside the United States;<br /><br />You sell your home or it ceases to be your main residence before the end of the year in which you purchase it;<br /><br />You received the house as a gift or inheritance;<br /><br />You acquired your home from a relative or a related corporation or partnership;<br /><br />1. You need IRS form 5405 "First Time Homebuyer Credit and Repayment of The Credit. The form will guide you through the process, ensure you qualify for a credit, and determine the amount of your credit. <br /><br />2. Collect your required documentation. You will need the Form HUD-1 Settlement Statement or other settlement statement outlining the names and signatures of all parties to the sale, the property address, the price, and the date of purchase. If you do not have a settlement statement, as you might not if you purchase a newly-constructed home, attach your certificate of occupancy.<br /><br />If you are under contract but have not taken occupancy of the house by the time you file your taxes — and you still qualify under the date restrictions above — include pages from your signed contract including the signatures and names of all parties, the property price, the address, and the contract date.<br /><br />If you qualify as a long-time homeowner rather than a first-time home buyer, include Form 1098 (Mortgage Interest Statement), property tax records, or homeowners’ insurance records. The forms must cover a full consecutive five year period within the eight years ending on the date of the purchase. Be sure to send copies of these forms, not the originals.<br /><br />3. Complete your Form 1040. Include your bottom line on Form 5405 on the appropriate line on your income tax return. On the 2009 Form 1040 return, it's line 67. If you use the Short Form or Form 1040EZ you won't be able to do this.<br /><br />It may not be a bad idea to hire a professional to assist you with or to do your taxes if you are skittish about these sort of things... It is a considerable amount of money and you want to make sure you get it right! Otherwise rock on!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-23712393559972868782010-01-20T16:02:00.004-05:002010-01-20T16:36:41.603-05:00NEW improved FHA Policy Changes:Tougher to get a FHA loan.Here's the lowdown:<br /><br /><span style="color:#ff0000;">Mortgage Insurance Premium</span>... which you may see as <span style="color:#ff0000;"><span id="SPELLING_ERROR_0" class="blsp-spelling-error">MIP</span> is going from 1.75% to 2.25% !</span> I am of the understanding that this will go into affect in the spring.<br /><br /><span style="color:#ff0000;">Seller Concessions</span>... FHA has allowed up to 6%... This will be <span style="color:#ff0000;">reduced to 3%</span>. This change could happen in the early summer.<br /><br /><span style="color:#ff0000;">Credit scores</span>... Used to be the minimum credit score was 620... the change will be <span style="color:#ff0000;">580</span>. If the score is above 580 the applicant may qualify for the 3.5% down payment. If the applicant's credit score is below 580 they will be required to put at least 10% down. This change may take place in early summer of 2010.<br /><br />Those of you that have read my blog or know me personally know that I have had my own humble opinion of how mortgages in the past have been handled and even whom I felt should shoulder the blame. In my view the government's "involvement" and regulating, while well intended <em>(remember our parents' generation expression? "The road to Hell is paved with good intentions!" ?)</em> was the biggest contributing factor toward bad loans all across the fruited plain. Banks were encouraged/forced to extend credit to people that had no business buying a home on credit. I see here the advertisements and commercials: "No credit? No problem!" The government promoted home ownership as the "American Dream". And we, as a society, well how could we keep anyone from their dream?<br /><br />I'm sorry... I'm getting a little off track here. The bottom line here is that the federal government is going to change the way FHA gives out mortgages. I suspect that in the short run it will be somewhat painful. I hope in the long run it will keep us from running into trouble again. But you know what? Our politicians will fix that!<br /><br />Rock on my friends!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0tag:blogger.com,1999:blog-8780466164235626823.post-78471416120634485402010-01-19T16:41:00.005-05:002010-01-19T17:04:12.053-05:00I MIGHT be talking to you....This is a "stab in the dark". I am never real certain as to why people do or do not read a blog. But <span id="SPELLING_ERROR_0" class="blsp-spelling-error">nevermind</span>. You're reading this one so I'll get <span id="SPELLING_ERROR_1" class="blsp-spelling-corrected">right</span> to it.<br /><br />Today I want to throw an invitation out to someone... maybe you... who knows?<br /><br />The invitation is this: Call me and talk about a career in real estate.<br /><br />Here's the deal. I'm not going to tell you it's easy. I'm not even going to call it fun. I'm here to tell you that it's a great profession that like anything else in life has it's <span id="SPELLING_ERROR_2" class="blsp-spelling-corrected">pluses</span> and minuses. But I am also here to tell you that you can make a pretty nice living being a Realtor. I'm also here to tell you that it does not happen over night. So if you're the kind of dreamer that wants to get their license and immediately start raking in the dough... well, don't bother calling me. <br /><br />I'm on a new hunt. I want sincere enthusiasm. I want an agent that is going to be hurt, when they hear about a person who bought a house and had a horrible ordeal with their agent. I want people who don't like it when they hear <span id="SPELLING_ERROR_3" class="blsp-spelling-corrected">detrimental</span> things about their profession. I want agents who are going to take the job of representing clients seriously. I want agents who are looking at the big picture. I want people who are willing to work at improving our image. I want people with vocational pride.<br /><br />And if you're lazy... and prone to taking the easy way out... and <span id="SPELLING_ERROR_4" class="blsp-spelling-corrected">persuaded</span> to cut corners... don't bother. And I think people who are like that really know they are like that. So be real honest with yourself. In fact I would ask you, if you are like that, to not only skip contacting me to help you get started, but to stay out of our profession all together. We don't need that.<br /><br />If you want to make up your mind that you are going to treat it like a business... you are going to dedicate yourself to be the best you can possibly be... you are planning on putting in the time.... you are planning on making every day productive and gratifying, not only for you, but for your clients and everyone around you... then call me. I want to help you. I want to invest in you.<br /><br />But just remember... this real estate business is not for everyone. And as far as the people who can't or shouldn't be in... it doesn't mean they are bad people... I just happen to know, it takes a few special attributes to do this and do it right.<br /><br />Want to know more: email me a note: <a href="mailto:sstaples@realtyusa.com">sstaples@realtyusa.com</a> I'll shake it down straight for ya!Steve, The Real Estate Guyhttp://www.blogger.com/profile/15749281226699800791noreply@blogger.com0