Posts Tagged ‘Buyers’
Posted by tblefko on June 3, 2010
So you’re thinking about putting your home on the market and moving to that condo/farm/new build/quiet neighborhood/high-rise/bigger home/smaller home (select one). Even though prices on homes seem to be stagnant and you won’t be able to get as much for your home as you could just three years ago, the deals you can get as a buyer after you sell your home seem too good to pass up.
Your natural inclination is to save the commission and try to sell your home yourself which will leave extra cash to put toward your next home. Simple math says that if you don’t pay a REALTOR® a commission to sell your home, you’ll have more left over to buy your new home. You may want to reconsider your strategy.
In a recent article posted on FORBES.com, they make the case that going it alone has drawbacks that most potential ‘For Sale By Owners’ don’t even consider.
Here is the article posted in its entirety:
Five Reasons Why You Still Need a Real Estate Agent ¹
The proliferation of services that help homebuyers and sellers complete their own real estate transactions is relatively recent, and it may have you wondering whether using a real estate agent is becoming a relic of a bygone era. While doing the work yourself can save you the significant commission rates many real estate agents command, for many, flying solo may not be the way to go–and could end up being more costly than a realtor’s commission in the long run. Buying or selling a home is a major financial (and emotional) undertaking. Find out why you shouldn’t discard the notion of hiring an agent just yet.
1. Better Access/More Convenience
A real estate agent’s full-time job is to act as a liaison between buyers and sellers. This means that he or she will have easy access to all other properties listed by other agents. Both the buyer’s and seller’s agent work full time as real estate agents and they know what needs to be done to get a deal together. For example, if you are looking to buy a home, a real estate agent will track down homes that meet your criteria, get in touch with sellers’ agents and make appointments for you to view the homes. If you are buying on your own, you will have to play this telephone tag yourself. This may be especially difficult if you’re shopping for homes that are for sale by owner.
Similarly, if you are looking to sell your home yourself, you will have to solicit calls from interested parties, answer questions and make appointments. Keep in mind that potential buyers are likely to move on if you tend to be busy or don’t respond quickly enough. Alternatively, you may find yourself making an appointment and rushing home, only to find that no one shows up.
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Posted in Agents, Buyers, Sellers | Tagged: Buyers, Sellers, National Association of REALTORS, Web Sites, Agents, Negotiating, Real estate, FSBO, For Sale By Owner, Fiduciary, Commission | Leave a Comment »
Posted by tblefko on May 6, 2010
A national business website, Forbes.com, just named the Harrisburg/Carlisle metropolitan area as one of its ten most livable cities in America. The following is the entire news article that appeared on the front page of The Patriot News on May 4, 2010:
Guess Who Lives in America’s Fifth Most Livable City? You Do.
Forget the Big Apple, Boston and Seattle.
Harrisburg ranks fith in a Forbes.com list of America’s most livable cities. Pittsburgh is first.
“By and large, the cities on the list aren’t big tourist destinations, but they are places where costs are relatively low and quality of life is high,” said Francesca Levy at Forbes.com.
Levy said the list doesn’t intend to suggest one metro area is better than another.
“Rather, we developed a measure to judge one aspect of cities: livability.” And she siad Forbes.com defines that as “one where you can get through the day-to-day business of life witht he fewest obstacles.”
“That means, on average, having a good balance of job security and opportunity, safety, and a decent amount of stuff to do, and everyday costs aren’t out of control,” Levy said.
The ranking comes as good news for those who serve as the region’s cheerleaders.
“I think it speaks very well about our region, particularly when we’re in competition with metro areas of all sizes,” said David Black, president of the Harrisburg Regional Chamber.
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Posted in Buyers, Consumers, Harrisburg, Market Conditions, Sellers | Tagged: Bureau of Labor and Statistics, Buyers, Harrisburg, Harrisburg Regional Chamber, Kiplinger's Personal Finance, Media, Moody's Economy.com, Newspapers, PennLive.com, Sellers, Sperling's Best Places, Statistics, Street & Smith's Sports Business Journal | Leave a Comment »
Posted by tblefko on April 25, 2010
The average sized home in America is starting to shrink. No longer are homeowners demanding square footage and soaring open vaults in their living spaces. McMansions are OUT – - – efficiency and versatility are IN. MarketWatch’s Amy Hoak recently reported on this fast-evolving building trend.
Posted in Buyers, Construction, Consumers, Harrisburg, Market Conditions, Sellers | Tagged: Amy Hoak, Builder's Show, Buyers, MarketWatch, National Association of Home Builders, Real estate, Sellers, Statistics, U.S. Housing Market, Video | Leave a Comment »
Posted by tblefko on November 6, 2009
The Lancaster County Association of REALTORS® Government Affairs Department, headed up by Frank Christoffel, IV, passed this Q&A along regarding the latest information on the potential extension of the homebuyer tax credit which includes an existing homebuyer credit that was not part of the first bill.
The House of Representatives passed the extension yesterday by a vote of 403-12 after passing the Senate the previous night 98-0. The new provisions will take effect as soon as President Obama signs the bill.
Here are some of the specifics regarding eligibility requirements:
1. Existing homeowner credit: Must the new house cost more than the old house?
No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
2. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
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Posted in Agents, Buyers, Consumers, Financing, Legislation, Sellers | Tagged: Agents, Barack Obama, Buyers, FAQ, Financing, Lancaster County Association of REALTORS, National Association of REALTORS, Obama, Sellers, Tax credit, U.S. Housing Market, United States Senate | 2 Comments »
Posted by tblefko on October 31, 2009
Google unveiled its latest innovation for real estate this past week and they crushed a 3-2 pitch in the bottom of the ninth into the upper deck! Every time Google tinkers around with its website, real estate people get a shiver of anxiety and this latest innovation is likely to give many within the industry a full-blown case of hives.
Since Google announced the ability to see lots of real estate listings directly on Google Maps back in July of this year, they’ve been working hard to make it even easier to use. They’ve added things like brand new high-resolution Street View imagery and detailed map data. Now they’re making Google Maps an even more useful tool for online real estate searching. Here are a couple of things you can look out for next time you visit their website:
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Posted in Agents, Buyers, Consumers, Sellers, Technology | Tagged: Agents, Buyers, Google, Google Map, Google Streetview, Moving, Real estate, Search Engines, Web Sites | Leave a Comment »
Posted by tblefko on September 29, 2009
Another month – another positive sign! The Standard & Poor‘s/Case-Shiller home price index rose 1.2 percent from June to August which reflects a positive trend for the third month in a row.
Before we all go off the deep end and declare “happy days are here again”, we should probably temper our enthusiasm just a bit. David M. Blitzer, the committee chairman for the Case-Shiller index said, “We do need to be cautious in coming months to assess whether the housing market will weather the expiration of the federal first-time buyer’s tax credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.”
Stay tuned – - -
Posted in Agents, Buyers, Consumers, Market Conditions, Sellers | Tagged: Business, Buyers, Case-Shiller index, David M. Blitzer, Media, Property Values, Real estate, Reports, S&P/Case-Shiller Home Price Indices, Sellers, Standard & Poor, Statistics, Tax credit, U.S. Housing Market, Unemployment, Video | Leave a Comment »
Posted by tblefko on September 10, 2009
There are more and more positive signs that the fog is starting to clear in the residential real estate market. Gone are the dense, pea-soup like conditions from a couple of months ago that caused buyers and sellers to try and drive through it at 5 mph. It appears that they’ve put their collective feet on the accelerator and are now driving more confidently, albeit still with the headlights on.
Point2 Technologies, Inc., the largest independent provider of website and listing syndication solutions for the real estate industry, with users in over 100 countries on its platform, released its Real Estate Confidence Index (RECI) for August 2009 this past week. Over 3,000 real estate professionals covering every U.S. State, Puerto Rico and Guam contributed to this month’s report. Charts of their findings are shown below:
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Posted in Agents, Buyers, Consumers, Market Conditions, Sellers | Tagged: Buyers, Sellers, Statistics, Reports, Web Sites, Charts, Agents, U.S. Housing Market, Real estate, Saul Klein, Point2 Technologies, Real Estate Confidence Index (RECI) | Leave a Comment »
Posted by tblefko on September 4, 2009
The Central Penn Business Journal (CPBJ) just published its Fall “Construction & Real Estate” report. CPBJ claims it’s the beginning of the end after more than a year in recession for Central Pennsylvania. CPBJ focuses on why the construction and real estate industries are key economic indicators and what effect the federal government’s stimulus package has had on the mid-state. You’ll read about companies that got creative to weather the recession and the state of our region’s commercial, residential and rental real estate markets.
Lots of good ‘stuff.’
Posted in Construction, Consumers, Development, Lancaster, Market Conditions | Tagged: Agents, Buyers, Predictions, Property Values, Reports, Statistics | Leave a Comment »
Posted by tblefko on August 21, 2009
When was the last time you sat down with a customer or client and really listened to them? No – I mean really listened? Did you interact with them and delve deep into their inner thoughts and feelings or was it superficial? Worse yet, was it all ‘talk’ and no ‘listen’? Take a second and watch this video. Remind you of anyone?
A recent study conducted by Michigan State University researchers has identified what the sophisticated consumer is looking for in today’s competitive, challenging global economy. Essentially, they are looking for a “total experience.” Whether they are thinking about listing their property, talking with a financial consultant, shopping for a new dress or buying a cup of coffee, all consumers are looking for four major factors. They are, in order of importance:
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Posted in Agents, Buyers, Sellers | Tagged: Agents, Buyers, Competitive Advantage, Consumer, Listening, Michigan State University, Reports, Sellers, Video | Leave a Comment »
Posted by tblefko on July 12, 2009
Image courtesy of Flickr
The real estate industry has been operating under the new HVCC guidelines for a couple of weeks now and we are beginning to see the ugly results of this misguided set of government regulations. In a preliminary report issued this past week by the National Association of REALTORS® (NAR), it finds that the HVCC is having an adverse impact on housing markets.
Before I get into the actual results, let me spend a minute and tell you about what this new set of guidelines was supposed to do.
The HVCC was intended to promote independence in the appraisal process and, thus, help ensure that appraisers and the appraisal process may be relied upon as part of sound underwriting for financial institutions. What that actually means is that the loan officer who is working on your loan no longer orders the appraisal on your home. It is done through the lender who either has an in-house process for appraisal management issues or, more often, it is done through something called an Appraisal Management Company (AMC).
While this may not seem like a big change to you if you are buying a home, it can possibly be a much bigger change than you might think. Prior to May 1, loan officers, REALTORS® and appraisers all communicated as needed regarding your home and home financing and it wasn’t uncommon for everyone to be on the same conference call if needed. But now that the HVCC rules are in place, the only way the loan officer or REALTOR® will know who the appraiser is is if by chance the appraiser calls them. In other words, no one talks to anyone to clarify anything!
Now, on to the findings of NAR’s analysis:
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Posted in Agents, Buyers, Financing, Legislation, Sellers | Tagged: Agents, Appraisal, Appraiser, Buyers, Financing, HVCC, National Association of REALTORS, Property Values, Reports, Sellers, Statistics | Leave a Comment »
Posted by tblefko on July 10, 2009
The gap between the 2008 and 2009 real estate markets in Lancaster County is down to a razor’s edge. On Wednesday of this week, the front page of the Intelligencer Journal ran the following story:
Market Here For Housing Gets Better ¹
Numbers for pending home sales improve
The housing market in Lancaster County continued to rebound in May, creeping ever closer to 2008′s level, local Realtors reported Tuesday.
The number of pending home sales here was down only 2.5 percent from the May 2008 figure, the smallest gap so far this year, according to the Lancaster County Association of Realtors.
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Posted in Lancaster, Market Conditions | Tagged: Agents, Buyers, Financing, Intelligencer Journal, Lancaster County, Lancaster County Association of REALTORS, Mortgage, National Association of REALTORS, Newspapers, Property Values, Statistics, U.S. Housing Market | Leave a Comment »
Posted by tblefko on July 7, 2009
Image via CrunchBase
Google just upped the ante in the competitive field of real estate listing search engines. In a move that certainly had a few established players (i.e. REALTOR.com, Zillow, Tulia, et.al.) do a double take, Google Maps incorporated a new tool into its site that links buyers and renters to available properties. The feature was only launched in Australia and New Zealand yesterday, but I understand that selected metropolitan areas in the United States are already able to utilize the service.
The following is an instructional video on how to utilize the service:
So what’s the big deal?
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Posted in Agents, Buyers, Sellers | Tagged: Advertising, Agents, Buyers, Google, Google Maps, Media, Realtor.com, Sellers, Video, Web Sites, Zillow | Leave a Comment »
Posted by tblefko on June 9, 2009
Image courtesy of Flickr
I consider myself a ‘casual’ baseball fan. I watch a couple of games a year on TV and maybe take in a minor league game every once in awhile. While most guys attend games to watch balls fly out of the ballpark (“Chicks dig the long ball!”), I’m more cerebral and love a good pitcher’s duel. There is nothing like watching a pitcher that has total control over his pitches as he nibbles at the corners of the strike zone trying to get a batter to swing at a bad pitch, or if they make contact, will weakly dribble it into an infielder’s glove for an easy out at first base. However, there is a fine line between nibbling at the corners and just throwing a pitch away. It’s hard to define, but you know it when you see it. The same applies to submitting an offer on a listing. There are some offers that cause the seller to take a good hard look at (and occasionally take a swing at) while there are others that are real head-scratchers. As in baseball, the low-ball offer that is a waste of everyone’s time is hard to define, but I know it when I see it.
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Posted in Agents, Buyers, Market Conditions, Sellers | Tagged: Agents, Buyers, Negotiating, Offer, Property Values, Sellers | 1 Comment »
Posted by tblefko on June 5, 2009
Image courtesy of Flickr
I read two surveys within the last week that reconfirm my belief that newspaper advertising for real estate is now officially a thing of the past. No more will I listen to those pundits that extol the benefits of this flimsy periodical from a bygone era. If you’re a homeowner who needs to sell their property and is considering what forms of advertising to utilize – - – listen up. If you’re an agent who is looking for ammunition to try and convince a potential listing that newspaper advertising is not worth it – - – you’re about to hit the jackpot.
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Posted in Agents, Buyers, Sellers | Tagged: Advertising, Agents, Buyers, Charts, National Association of REALTORS, Newspapers, Sellers, Statistics | Leave a Comment »
Posted by tblefko on May 23, 2009
Over the last decade, the role of a REALTOR® has changed drastically. REALTORS® are no longer the gate-keepers of information because of the proliferation of real estate related web sites on the internet. Consumers today can compare mortgage rates of various lenders, read about ways to improve the marketability of their home and obtain comparable home data from the comfort of their home without any interaction from a real estate professional.
While a REALTORS® role may have changed, it doesn’t mean our importance as a trusted advisor has waned. In fact, our function today is more valuable than ever.
I read an article on REALTOR.org by Steve Harney that drives this point home. Steve specializes in negotiation and leadership training and has been in the industry for more than twenty years, first in sales and then as broker-owner of a 500-associate real estate company. He explains that the REALTOR® of today needs to be able to take all that information that is readily available to the consumer and interpret it for them. Here are four questions that Steve lists in his article that today’s real estate practitioner needs to be able to address. Notice that none of them has anything to do with providing a printout or a body of statistics but rather furnishes a valuable interpretation and opinion of why things are the way they are today.
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Posted in Agents, Buyers, Market Conditions | Tagged: Agents, Buyers, FAQ, Lancaster County, National Association of REALTORS, Statistics, Web Sites | Leave a Comment »
Posted by tblefko on May 4, 2009
Image courtesy of Flickr
Let’s start with a basic premise when it comes to the value of your home; “A home is only worth what someone is willing to pay for it.” Sounds simple, doesn’t it? Let me restate this premise a different way; “Your home’s value is not determined by a website, the assessment office, an appraiser, your Uncle Charlie (you know – the one that knows a little bit about everything), a neighbor, the gal that sits in the next cubicle at work, your REALTOR® or (now sit down and take a deep breath) YOU!”. If you don’t truly believe this basic premise than stop reading because the rest of this post will annoy you. Good – - – I’m glad you’re still with me.
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Posted in Agents, Buyers, Sellers | Tagged: Agents, Buyers, Property Values, Sellers | Leave a Comment »
Posted by tblefko on May 3, 2009
Image courtesy of Flickr
If you take a moment and peer up into the sky you will actually see that we are at the crossroads of a real estate buying opportunity like we haven’t seen in my lifetime. All the factors that go into making a real estate buying decision are perfectly configured. But like most perfect planetary alignments, clouds and precipitation sometime make it difficult to see this truly amazing sight and before you know it, the moment has passed. The four planets that I see aligning are as follows:
1. Mortgage Financing - If you’re like most people, you will need a mortgage to assist you in purchasing a home. Interest rates right now are the lowest that they have been in decades (see ‘Mortgage Info’ tab). When I first got into the real estate business over twenty-five years ago, the 30 year fixed rate was about 17% (this is not a misprint). To put that in easier terms to understand, a principal and interest payment on a $150,000 mortgage then was $2,138 – - – now $805. Hopefully, President Obama’s programs and endeavors will start to have some positive effects on the economic growth in this country. When that happens and consumer spending starts to pick up, what do you think will happen to interest rates? I was not an Economics major in college, but even I can figure out that rates will tick up because of inflationary fears. So if you have good credit, money to work with and an income that can be verified, there has never been a better time to get a mortgage.
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Posted in Buyers, Financing, Lancaster, Market Conditions, Sellers | Tagged: Buyers, FICO Score, Financing, Lancaster County, National Association of REALTORS, Obama, Property Values, Sellers, Statistics | Leave a Comment »
Posted by tblefko on April 6, 2009
Inman News, a leading source of independent real estate news, information and commentary, just published findings from an online survey* they conducted recently. The results indicate that three out of four respondents believe that the housing market in their area is improving or stabilizing and most say they have noticed the change within the last two months.
Of those that felt the market was improving, 70.6% cited ‘low interest rates’ as the number one reason for the improvement. Interest rates on conforming, conventional mortgages are at, or near, fifty year lows as shown on my Mortgage Info page. Following close behind this reason was ‘affordable prices’ at 67.8% and ‘good deals’ at 57.1%. (NOTE: Respondents were asked to cite all reasons that apply so totals add up to more than 100%.)
The survey also tried to gauge the attitudes of buyers and sellers. On the homebuyer side of the equation, agents are finding that 74.7% are still very ‘cautious’ when it comes to moving forward with purchasing a home. This percentage is extremely high and shows that purchasers are still in a wait and see mode when it comes to the market. More than likely, they are going to want to see some more positive news out of the financial markets and continued stabilization of interest rates for them to get off the fence.
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Posted in Agents, Buyers, Market Conditions, Sellers | Tagged: Agents, Buyers, Lancaster County, Property Values, Reports, Sellers, Statistics | 1 Comment »
Posted by tblefko on March 24, 2009
I’m starting to hear the distant drumbeat. Do you hear it? Not yet? Stay quiet for just a second longer. There!!! You had to have heard it that time. It’s the sound of the real estate market coming back to life. Over the last thirty days there have been tiny rays of sunshine peeking through the storm clouds. Here’s one of those rays – - -
Posted in Agents, Buyers, Market Conditions, Sellers | Tagged: Buyers, Interest Rates, National Association of REALTORS, Predictions, Property Values, Sellers, Video | Leave a Comment »
Posted by tblefko on March 19, 2009
The following article has been reproduced in it’s entirety from Lancaster City Living, a popular website promoting the benefits of living in Lancaster City. After you’re done reading the article, explore the website where you’ll find a brief history of the Red Rose City and the many attributes that set it apart from other cities in the Keystone State and the US.
- – - – - – - – - – -
CITY HOME PURCHASES GET BOOST OF $5K *
Buyers now eligible for federal help on closing costs, down payments.
Buying a first city home just got a little easier for low- to moderate-income residents.
First-time homebuyers in the city will now have access to a pool of $350,000 in assistance for down payment and closing costs through the Lancaster Housing Opportunity Partnership.
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Posted in Buyers, Financing, Lancaster | Tagged: Agents, Buyers, Financing, Lancaster City, Web Sites | Leave a Comment »
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