Spring is on the horizon and the super bowl is over so now it is time to try to get a sense as to what our spring home market will be like.
Here are some of the pieces that I believe will fuel a healthy market this year:
1) Seattle market has low inventory. Their home values will begin to escalate before ours. They will reach a point that will encourage buyers to look west for more value for their dollar.
2) Kitsap prices though still falling in many categories are beginning to stabilize; waterfront - still settling, $200,000 to $325,000 - stabilizing and beginning to go up due to low inventory.
3) Interest rates continue to remain lower than we have seen in 50+ years. (this equates to buying power)
4) It appears more government programs are on the horizon to encourage banks to work out mortgage modification with financially challenged home owners....this may help to keep some of the REO properties off the market, which will help remove low sale price offsets and reduce inventory.
All in all, if you are going to be owning your next home for 4 or more years....now is a good time to buy.
Monday, February 06, 2012
Thursday, January 18, 2007
Who Owns Listing Information?
I just finished reading and responding to a discussion in the INMAN blog
http://www.inman.com/hstory.aspx?ID=61445
The reason I think this is an important issue is because it comes down to, who is responsible for the way your home is marketed?
In my opinion that should be your real estate professional.
Many websites are building traffic to their site by using other peoples information. The challenge with this is that information becomes dated or is entered on the third party site incorrectly or incompletely. By ensuring the chain of ownership and responsibility you can be sure your property is marketed in it's best light.
Here is my response or comment in that blog:
http://www.inman.com/hstory.aspx?ID=61445
The reason I think this is an important issue is because it comes down to, who is responsible for the way your home is marketed?
In my opinion that should be your real estate professional.
Many websites are building traffic to their site by using other peoples information. The challenge with this is that information becomes dated or is entered on the third party site incorrectly or incompletely. By ensuring the chain of ownership and responsibility you can be sure your property is marketed in it's best light.
Here is my response or comment in that blog:
To answer who owns the listing information you need only follow the chain of responsibility.
The real estate broker/agent enters into a contract with a seller, which allows the real estate broker/agent to offer and market the seller’s property for sale.
The real estate broker/agent is responsible for entering the information into their local MLS, print media as well as any internet marketing that is done. If the information is incorrect or incomplete the broker and agent are held responsible.
If it were not for the listing agreement the information would not be made available. The listing information provided is usually above and beyond what is public record through county records.
The photos added, the descriptions used and the pricing strategy are all services brought to bear by the real estate firm and its agents.
Since real estate agents can not practice real estate unless they are a broker or work for a brokerage firm, ownership of the listing, the data and the responsibility lands squarely at the broker’s feet.
Wednesday, November 22, 2006
Kitsap County Wa, Real Estate 2007
What is in store for
2007 will see much of the same. It appears interest rates will continue to be low or lower than the historical average. Home values should continue to appreciate between 4 and 7%. There will be an increase in new construction over the next few years. From a consumers stand point it will be important to be able to compare homes on their attributes and not just compare cost per square foot. We are seeing builders build smaller garages, use vinyl siding, employ manmade products for molding, countertops and flooring and use various grades of lighting, linoleum and carpets. Granted, these are all attempts to build an affordable home but just be sure you can compare one home to another from an informed prospective. It is also worth a moment of time to consider having your own real estate agent represent you as your “buyers agent” instead of settling with the agent who is on site and represents the builder.
Sunday, September 03, 2006
Information on becoming a real estate agent
There is a lot of information available about becoming a real estate agent. One of the best places to start the information hunt is at the web page of the department of licesning of the state you hope to practice in.
http://www.dol.wa.gov/business/realestate/
For links to other western states DOLs please visit this web page:
Thursday, July 06, 2006
Friday, December 16, 2005
Now that you have your real estate license.
You have your real estate license……..now what???
In the state of Washington a new licensee must place their license with a Broker in order to practice real estate. This can be a daunting decision. How do you choose a broker or company to work with, what do you look for, how do you choose?
Imagine you want to go swimming. You have found a group of indoor pools. You need to figure out which pool you want to jump into. You don’t want just any pool, you want one that is clean, warm, not too crowded, one that has dry towels and nice showers. Sounds easy right……now you have to choose by looking in the windows you can’t actually go in. If you are lucky you might be able to ask some of the swimmers who are leaving the pool. You ask questions to try to get an idea what its like at that pool. You know that once you make the decision you are going to be jumping into the deep end, so you want to make sure you make the right decision, the first time.
Trying to figure out an office to join can be the same way. If you take the time it can be a little easier in that you will want to interview the manager. You will want to talk with several agents who are working for that office. Talk with a couple of long time agents as well as a couple of new ones.
This is not a time for quick decisions, even though the broker may be pushing you to join. I’ve had agents ask me if it is hard to get a job once you have a license. The challenge is not getting a job offer (many brokers will hire you on the first meeting because they just want to put another license on their wall) the challenge is trying to decide why you might want to work for a broker that is so willing to hire you after only one brief meeting.
Click here for a list of books that I recommend to agents just starting the business.
In the state of Washington a new licensee must place their license with a Broker in order to practice real estate. This can be a daunting decision. How do you choose a broker or company to work with, what do you look for, how do you choose?
Imagine you want to go swimming. You have found a group of indoor pools. You need to figure out which pool you want to jump into. You don’t want just any pool, you want one that is clean, warm, not too crowded, one that has dry towels and nice showers. Sounds easy right……now you have to choose by looking in the windows you can’t actually go in. If you are lucky you might be able to ask some of the swimmers who are leaving the pool. You ask questions to try to get an idea what its like at that pool. You know that once you make the decision you are going to be jumping into the deep end, so you want to make sure you make the right decision, the first time.
Trying to figure out an office to join can be the same way. If you take the time it can be a little easier in that you will want to interview the manager. You will want to talk with several agents who are working for that office. Talk with a couple of long time agents as well as a couple of new ones.
This is not a time for quick decisions, even though the broker may be pushing you to join. I’ve had agents ask me if it is hard to get a job once you have a license. The challenge is not getting a job offer (many brokers will hire you on the first meeting because they just want to put another license on their wall) the challenge is trying to decide why you might want to work for a broker that is so willing to hire you after only one brief meeting.
Click here for a list of books that I recommend to agents just starting the business.
Monday, November 28, 2005
Before You List...Preperation is Everything!
Thinking about listing your home for sale? Do a walk through with your agent a week or two before the list date. We spend a lot of time talking about “Staging” your home for sale, but what about repairs?
Generate a list of things in your house that need fixed, repaired or replaced before you put it on the market, here’s why:
The goal is not to try to hide anything, rather to address items that are likely to be brought into question and may jeopardize a good offer or at least slow down the closing.
Regarding disclosure, you are typically better off to disclose any issues up front. Buyers will typically feel short changed or taken advantage of if they learn of a pre-existing problem late in the transaction. Most states have a property disclosure statement that needs to be provided by the seller. Filling one out fully and honestly will protect you as the seller by reducing legal issues down the road with the buyer. Talk with your agent or your real estate attorney for specifics in your area.
Generate a list of things in your house that need fixed, repaired or replaced before you put it on the market, here’s why:
- Potential buyers will guess high for the repair, usually 3 times higher than actual cost. They will then try to reduce the price by that inflated amount.
- When the home is inspected it will show up on the inspection report which here again calls into question cost of repair plus one more task that you as the seller may have to accomplish prior to closing.
- When the appraiser comes out the needed repair will only call for closer scrutiny. Example: moss on the roof. A perfectly good roof may be called into question only because the moss on it drew the appraiser’s attention to it, thus forcing him to call for an additional roof inspection.
The goal is not to try to hide anything, rather to address items that are likely to be brought into question and may jeopardize a good offer or at least slow down the closing.
Regarding disclosure, you are typically better off to disclose any issues up front. Buyers will typically feel short changed or taken advantage of if they learn of a pre-existing problem late in the transaction. Most states have a property disclosure statement that needs to be provided by the seller. Filling one out fully and honestly will protect you as the seller by reducing legal issues down the road with the buyer. Talk with your agent or your real estate attorney for specifics in your area.
Subscribe to:
Posts (Atom)