Phil's Real Estate Blog

Making Appointments with Customers

Philip — Thu, 05 Apr 2012 19:44:10 +0000

When scheduling appointments with customers, it would a good idea to make sure you allow enough time in between stops for travel as well for the customer checking out the property. Also, be on time to your appointments! Usually 5-7 minutes for showings works. Travel time will depend on how tight the routing of properties will be. Also, discussion will arise about some properties in between the showings, usually while driving between stops. When discussions do arise, find out what they like about the places they have seen and what they didn’t like. This should help you fine tune the likes and dislikes of the purchaser(s); getting you closer to what they really would prefer to buy. It is a good idea to give copies of each lising to be shown to the buyer; especially for taking notes, so the information will be there to look at later or another day. In the event a couple is looking to buy and only one of the two people go out to look, the copies will come in handy later on or the next day to be reviewed and discussed by the other individual. Sometimes you may think you have hit a home run, and you will; but most other times, I advise, do not get too excited until you are closing the deal and you get your commission check. Today, there are so many things that occur during a transaction, one never knows the end result.

How are sellers in todays Market

Philip — Thu, 05 Apr 2012 17:18:43 +0000

I have noticed that those sellers that are still overpricing their homes are not selling and are either being withdrawn or
released from the market; or expiring unsold. The realistic sellers are pricing more aggressively to sell their properties. Some higher priced properties have taken or are taking 1-2 years to sell. I am not sure we have hit the buttom just yet.
Because it is still a buyers market, sellers have to be as flexible as necessary, if they truly want to sell their properties. When it was a sellers market, sellers demanded high prices from the purchasers and did so until the market collapsed in 2008. Now the buyers have been in charge for the last number of years. One day the market will balance out again and negotiations will be more reasonable. Until then, the market turmoil will continue, things will sell over time and the economy will struggle to see the light at the end of the tunnel.

How will your landscape look this Spring

Philip — Fri, 16 Mar 2012 21:33:39 +0000

Are you the process of considering selling this Spring? Have you already taken the clutter out of the inside of your home?? Whatever you may not be taking with you either sell, give it away or throw it away!! Now, let’s look at the outside like a discerning purchaser. Is color and green lacking on the lawn and flower beds??? What could you do at a reasonable price to spruce it up? An application of a quality slow release fertilizer 32-5-10 (Nitrogen-Phosphorus-Potash) @ 5lbs per 1000 sq. ft. This will help green up your lawn over a 7-10 day period. Also, add some plant food to the landscape, Miracle Gro or any good fertilizer 10-10-10. Til & cultivate it into the soil. Contemplate what budget you have for adding plants to your landscape. Then, add a few flowering shrubs, everygreens etc by your walkway and front of your home. In the past the rule of thumb was for every $1.00 you spent on the outside of your property, you would get $5.00 back. I am not sure that is the situation today; but it will go along way in making your home stand out and curb appeal will be greatly enhanced. Also, make sure you make a well defined flowerbed and edge carefully. The nicer the look the better you can compete with all the other homes in your location or on the market. It will also give the positive impression, that you care about your property and take care of it.
It will be one less item on the buyers list to negotiate down the price!!
So beware, DON’T FORGET THE OUTSIDE OF YOUR HOME, DO SOMETHING…..

Human Greed in the housing market and why we have to reform our thinking & our System

Philip — Thu, 26 Jan 2012 00:25:23 +0000

I just had a thought! Since the dawn of time, I believe most humans have probably been very selfish and greedy and not thinking of anyone except their own personal well being! Well, nothing has really changed even today. All you have to do is just look around you. We have a world of debt in our country and around the globe. Very few countries no how to apportion their tax dollars in a fashion that benefits the masses. More important taxes keep rising and still without budgets that stay within a reasonable and comfortable range! Have governments around the globe gotten too large and bloated? The answer is yes, but we want more and more services but want to pay less and less for them. Would you take your garbage to the dump, let along have the time to do it? how about cleaning the street outside your home, ready and willing to clean it? Where would you get your clean water if it weren’t for our modern facilities? Where is the nearest body of clean water? Who has the time or wherewithal to manage and do all these things that we take for granted, that our federal and local governments provide?
Now, when it comes to housing we have to come to the realization, that there cannot be anymore handouts or simple no income check mortgages. They just do not work, not when some individuals and mortgage people changed figures, as was the case in the past, just to get a commitment for the purchasers, so a fee could be supposedly earned. This was during the hot market of the past! Banks were making fortunes, pushing money out the door to the masses with the blessing of the Federal Reserve and Wall St. Much money was made, but, look at what it has done to our system of free enterprise!! It is no longer a free enterprise capitalist system, but one that is controlled by a few at the top with money, who dictate what and how we should do things, who should or should not receive a mortgage. Many are just slaves to their jobs, just to make their mortgage and bills. But, at this point, I do not want everyone getting a mortgage that does not show the income, credit or debt/income ratios to warrant receiving a loan. Years ago we never had variable rate mortgages, only fixed. The industry got creative, just to get more people into the game and what a game it became!! They were throwing money to everyone on every corner, without worrying who could or would pay it back. Now we are at the opposite extreme, when the banks are looking at every little item on your credit, verifying income (no more stated income loans) and if your debt/income is more than 45%, you probably won’t earn that nod of approval by your bank. Lastly, if your credit is not close to 700, you may not get the loan, depending on your other variables, but you could pay more in interest if you are not in the top tier of credit worthy individuals. Yes, we have come a long way, but the greed is still here and our system needs tweaking and revamping to rid itself of the wasted dollars and unproductive individuals in our government. However, it has been a pork barrel for the last 335 years+ and I am fairly confident, that the Greed, smoke and mirrors will continue in the same fashion in the future. Do not blame Obama, since this has been happening way before he existed. The only difference, he took on many challenges and was told, “we have to spend our way out of a recession, as history had taught us. they accuse him of not spending enough; that is ridiculous to say the least.
I do not believe this is true any longer. Our debt is way past a comfortable safety zone. We need to reinvent ourselves, get re-educated, get back to basics, get off our butts and start doing something!!! Oh yeh, and lose some of our weight and get away from the TV, internet and go out and take a walk, move the body, exercise the body and brain, talk to your neighbor, get involved, fix things, invent something. Just Do It!!! (Sorry for the rant, but I was in the mood to do it!) Lastly, is the alternative of being a second or even a third world country in the cards; the future will be either the rebirth of our country or a rude awakening. What do you think? Appreciate your comments…..

HAPPY NEW YEAR

Philip — Sun, 01 Jan 2012 04:59:17 +0000

TO ALL OUR VALUED FRIENDS, BLOG READERS, AND EVERYONE ELSE; PHIL, HIS AGENTS & STAFF HOPE THAT YOU HAD A HEALTHY, HAPPY HOLIDAY SEASON AND THAT YOU WILL HAVE AN EVEN MORE PROSPEROUS NEW YEAR!

Don't be your own realtor

Philip — Sun, 16 Oct 2011 18:19:42 +0000

Many home sellers, especially when the market is hot, figure they can save money and avoid real estate commissions by selling their own home without the assistance of a licensed real estate professional.
Although this method may appear a cost-cutting measure on the surface, those who attempt to sell their home and don’t have the training and knowledge that a real estate professional has, may be opening themselves up to more frustration, disappointment and possible legal entanglements than they ever dreamed about.
Because of today’s complex laws, conducting a home selling transaction can be a legal maze, and if things aren’t handled properly, a disgruntled buyer may be able to get his revenge in court. Also, with the million and one problems that most agents work with, getting the sale closed and the buyer through the loan process in a timely fashion will be worth the price of the commission alone.

Setting Selling Price

Philip — Wed, 05 Oct 2011 18:41:59 +0000

How do you set the selling price of your home? Probably the most dangerous way is to do it yourself. The asking price is, by far, the most important part of the selling process. You need expert input.
At most agencies, they offer a comparative market analysis to help evaluate your property. In doing this market analysis, they walk through your house with you, often making suggestions about selling points that should be emphasized or minor changes that will compare your property with others similar in size and character that are currently on the market or that have been sold during the past year. In effect, the proper selling price will be determined by the local market – and you’ll probably be pleased with the suggested selling price.
This market analysis is an excellent way of rationally determining your asking price. Bear in mind, however, that it’s an estimate. You have no obligation to list your property at the suggested price.

Helping you sell

Philip — Sun, 25 Sep 2011 18:47:26 +0000

Happy Fourth of July

A “For Sale by Owner” sign may draw more curiosity seekers than prospective buyers. Unless you really know what you’re doing, you’ll get the best results by using a Realtor to help sell your home.
A Realtor should act as your personal broker. He or she will help you set an equitable price, advertise your property and expose you only to buyers who are really interested in, and able to buy, your home.
Your agent should act as your price negotiator, and help the prospect buyer find financing. All the paper work should be handled by the agent who will also assist your lawyer with legal matters. Most importantly, your Realtor should help structure the transaction to attain the best tax position for you.
Be frank and cooperative with your agent. Tell him or her the terms on which you’ll sell; condition of the house, special features and moving or possession deadlines.

Check Loan Chances First

Philip — Sun, 18 Sep 2011 18:50:32 +0000

Buying a home has never been an easy task and it’s not getting any easier. Home values continue to increase faster than the cost of living. We see would-be buyers who have searched for months to find a “dream home” only to find out they could not qualify for a loan for that price house.
Ironically, it’s a heartache most buyers can avoid simply by doing a bit of arithmetic and talking with their Realtor or Lender BEFORE they start hunting for a new home. If you know how much the bank will lend you PRIOR to your house hunting, you won’t waste time looking for a house you may not be able to afford.
At our office, we are familiar with most of the banks in our area and can recommend a loan officer to visit with. If you bring your financial numbers along (assets, debts, gross income, expenses, etc.), he or she can give you an estimate of how much the bank will lend you. Then you’ll have something solid to work with and can look for a home that fits your budget.

The Importance of Location

Philip — Sun, 11 Sep 2011 18:53:11 +0000

Any Realtor will tell you that the three most important factors concerning the value of your house are: “Location, Location, and Location.” Unfortunately, most home buyers ignore this important advice.
Location is especially vital when buying a house for maximum resale value. Statistics say that you will be reselling your home long before the final mortgage payment is in the mail. Therefore, take a long, hard look, not only at the present, but the further prospects for the community and immediate neighborhood.
Select a location where raw land and house values have an increasing price trend. Especially check into the zoning laws for any unfavorable change, which could cause a -depreciation in the value of the neighborhood and the resale price of your home in the near future.
Remember – you can remove, replace or remodel a house, but you can never change location. So choose carefully.