Rental property can be tough. I post all my rentals on Craigslist. If the prospect contacts me at least 2 times to make an appointment, they are serious. Otherwise, I do not meet them. Too many that just like to shop or are looking for the “perfect” property, which is usually above their affordability!
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Buyers are still in a basement bargain mentality despite what the comp’s and area stat’s reflect.
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What happened to talking? Seems everyone communicates by email and text. From my perspective, it breaks down the ability to provide excellent service and communicate in a way that fosters trust and understanding. What do you think?
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To help my clients find great investments, I subscribe to Realty Trac. The site has wonderful tools including a valuation guide. You can join for a seven day free trial or let me know and I can help you in your search.
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I am finding that most of the homes I have shown are overpriced. The average days on market is trending up because of this issue. What happens? Sellers are exhausted from many for showings but no offers. Buyers are frustrated because they think the Sellers are not realistic. Using sold listings to assist a Seller in pricing is the only way to help everyone stay in line with a quickly changing market.
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Home Bends:
The “big boys” are winning! Last year all 18 of my condo short sales were financed by an independent mortgage Broker. Because this broker was able to use funds from an off-shore bank, the lending requirements on condo’s were not as stringent. Now our government has passed a new law that requires independent brokers to disclose their “spread”(profit). Additionally , that “spread” has to be paid in cash by the borrower. The “reason” is that the Broker is not the “real lender”, so (theoretically) there is a disclosure issue. Large institutions, such as Bank of America, do not have to disclose since they are the “lender” .Personally, I have not seen the lowest interest rates coming from the major institutions. Again , the small businessman gets smashed by the Wal-Marts of the world!
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What makes some Realtors more successful than others? As an “insider” , we evaluate our peers based on integrity. We know which Realtors are professionals and run their business with true integrity. Integrity ,in real estate, means giving your Client an honest appraisal of their home’s condition and pricing. One of the many ways of evaluating an agents integrity is to compare the original list price to the final sales price on the Realtors listing transactions. As an agent , it is hard not to fall into the trap of just “getting the listing” and then keep recommending price reductions. I have seen this countless times. What ever the market conditions, use an agent that has a strong reputation with his/her peers and price the home realistically is the most important element in getting a home sold.
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Home Trends…
If fashion is a reflection of society then does it follow that home styles and colors also reflect what we are feeling? In the last 10 years, we have seen a prevelance of the English Country style. Dominant interior and exterior finishes are stone and wood. Colors went from the bright white of the nineties to darker , muted tones. This feeling influenced all new construction. Did this foretell of a darker time in our country? Or a reconnection with our European roots? Are the harder surfaces a reflection of our wanting to incorporate more natural elements into our living spaces or a mere show of wealth? Or, from a very simplistic perspective, do we just like that style?
Selling tip: as fashion changes so do housing colors. Before selling, the least expensive “makeup” is repainting!
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To find our way back home? Or, are we already cooked? As the stock market rises, will home prices follow? Historically, this has been a predictor. What has changed? Homes have become a commodity due to the amount of inventory and constant downward pressure on prices. In Atlanta, our most stable area is inside the perimeter. Even in these neighborhoods, prices are at a 18-25% discount since 2007. One thought is that if the lenders/appraisers were allowed to omit foreclosures in neighborhood comparables, it would help stabalize prices. Until this and other rules are changed, I think we are in for a long, slow roast!
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There is huge value in being organized, persistence and using good manners. Banks are understaffed, and bombarded with paperwork. Tips: Put the short sale package together (including all your financial verifications) and submit all the paperwork at the outset. Follow up immediately by email to verify receipt. Take note of the person that confirmed receipt. If you have a Realtor, give the agent the authorization to work on your behalf.
I found SunTrust called me twice as many times as they did my client.
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