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About Realtors

The Grass is Greener in the Columbus Real Estate Market

April 29th, 2008 categories: About Realtors, Columbus, Real Estate News, Real Estate Professionals

No, I am not talking about the long green grass we all have been mowing twice a week lately! I am talking about the Columbus Housing Market and some of the positives which seem to be repeatedly overlooked by the media bent on highlighting the negatives of our industry’s downturn.

Recently, The Columbus Board of Realtors, The Columbus Housing Partnership, and The Building Industry of Central Ohio have united to get the word out to the public about all the good things happening in the Columbus housing market. Through “The Grass is Greener Here” Campaign these organizations aim to inform the public about the reality of our current market through the following core points:

The Columbus, Ohio housing market is healthy and stable
It is a great time to buy
Low interest rates are helping to keep the market strong
There are many reasons to be optimistic
Waiting too long to get a good deal could cost Homebuyers in the end
Buyers and Sellers should talk to market experts and not allow the media to direct their housing plans
Homeownership is still a great investment

Check out The Grass is Greener Here to get detailed information on each of these points and gain some insight into the Central Ohio Housing Market.

I will agree that the market has been tougher than in some of the glory days of the past, but homes are selling and Buyers are buying. The national media can not be all wrong, but it is critical to remember that real estate is very much a local business. There are always areas experiencing declines while others are seeing strong markets. Making generalizations on a national scale can be dangerous and serve to further erode confidence.

If Buying or Selling a home in the Columbus area may be in your future, get the facts, get a good real estate professional and get moving!

Authored by Eric | Discussion: 2 Comments »

What is Your Home Worth in Today’s Market?

November 5th, 2007 categories: About Realtors, Columbus, Local Communities, Real Estate Professionals

Whatever the market conditions at a given time in a certain area, Home Sellers (or those considering selling) always have to address the age old question of how to price their home.

Realtors, friends and neighbors, family and maybe even the mailman weigh in on what the right price is to affect a sale. I have a secret for you……None of these people determine the selling price for your home, it is always determined by a ready, willing and able Buyer.

Below are a few factors Sellers often consider which have little or no bearing on the ultimate sale price.

What they paid for their home
The cost to rebuild their home today
What they would like to net from the sale of their home
What they need to be able to afford their new home
What they need to recover the cost of renovations and improvements
What their friend, neighbor or co-worker says their home is worth

KW signs 002

When we as Realtors assist Sellers with pricing a home we rely on data generated through a Comparative Market Analysis(CMA). A CMA uses recent sales, homes currently for sale, homes in contract or pending sale, and homes which were on the market but failed to sell. Especially during a shifting market, it is critical that the most recent data available is used to establish a pricing strategy.

In my opinion, a Realtor’s job is to properly educate Sellers such that they can price their home properly given current market conditions. We as Real Estate Professionals help analyze the data and pinpoint trends and strategies. Choosing the price is up to the Seller.

Never choose a Realtor based on the list price they suggest as they have little control over the final sale price. A good Realtor will always decline an overpriced listing knowing it is in no one’s best interest to waste time and money chasing unrealistic expectations. Choose a Realtor with experience, a system for getting your home sold, and an approach and personality you feel will best represent your objectives.

A few pitfalls to avoid include:

Pricing with “room for negotiation”
Setting the price high because “we can always come down”
Ignoring deferred maintenance or needed upgrades which impact sale price

It is normal that we are proud of our homes, have a financial and emotional investment in them, and see them as desirable. It is important, however, when selling that we take a step back and really look at the situation objectively through a Buyer’s eyes.

Especially in today’s market:

Get input from a professional on pricing strategies
Make sure your home is in top showing condition
Get moving!

Related must reads: Photos to Sell Your Home, Do You Really Want to Sell?

Authored by Eric | Discussion: 3 Comments »

A Picture is Worth a Thousand Words (but how many thousands of dollars?)

September 17th, 2007 categories: About Realtors, Local Communities, Real Estate Professionals

Deck (1)

Now isn’t the setting above the kind of place you would like to put your feet up and call home. To me, this is a great photo, capturing the wonderful outdoor living space that makes this home special.

Every home has something special to offer, though it may be harder to capture in some than others.

Over the past few years, the quality of photos used in real estate marketing has become increasingly important. Our job as Real Estate Professionals is to showcase each property we market in the absolute best light.

When I meet with sellers, I always emphasize the investment in equipment and professional approach to photography we provide to ensure a quality visual presentation. This includes:

High quality SLR camera with wide angle lens
Photographer carries step ladder and additional lighting
If the day is cloudy, rainy or overcast, we will re-schedule
Lots of photos taken – 200 or more per house!
We will move items and replace if necessary to get good photos
Detailed review of photos as well as image enhancement to ensure best shots for marketing use

Bradhurst kitchen

Perhaps the above seem like the least you would expect from a “professional”. In truth, some of the photos seen online are horrible and can make the best home in the neighborhood look like the worst! Some of the common “less than desirable” practices include:

Photos taken at dusk or later
Photos taken on rainy days
“Out of season photos” left on the MLS (think snow in June!)
Out of focus photos
Use of Auditor’s photo (sometimes several years old)
No photo

Today’s Buyers use the internet, and most of the time, their impression is formed by what they see visually. No matter how nice the home sounds in the remarks, if the pictures do not do it justice, they will not want to see it. It happens over and over that Buyers rule out a property I have suggested just because the pictures are bad.

Shame on any Realtor who can not provide decent quality photography in this day and age. To get a feel of the kind of photography that is out there check out:

Bad MLS Photo of the Day
Unbelievably Bad Real Estate Photos Hall of Fame
MLS Trash Can (my favorite…I love the comments!)

If you are a Seller in today’s market, you know it is tougher than in the past. The good news is that homes are selling. Be sure yours is represented as it should be. Review the photos being used and make sure they showcase all your home has to offer.

Good Photos = Good Selling!

Authored by Eric | Discussion: 11 Comments »

Real Estate Laundry Hits the Beach!

July 29th, 2007 categories: About Realtors, Real Estate News, Real Estate Professionals, Recreation

House

This is it! For the next week, 20 of us will call this home. Sand, sun, pool, ocean and food will be the staples.

We will try to post some video later in the week to give you a feel for the activities.

I apologize for not posting every day, but I have a tan to work on!

Have a great week!

Authored by Eric | Discussion: No Comments »

What to do if you really want to Sell your home

July 24th, 2007 categories: About Realtors, Columbus, Local Communities, Real Estate News, Real Estate Professionals

We all hear so much about the real estate market and how tough it is these days. Sure, there are markets susceptible to huge price swings and financially devastating market shifts, but folks Columbus, Ohio is not one of them.

In fact, things are pretty good here. It is true the wonderful Sellers’ market of recent years is not here, but the adjustment has been far more subtle than the media may portray.

Here are a few facts from the Columbus Board of Realtors comparing January-May 2007 to January-May 2006:

The total number of listings sold decreased by 5%
The number of new listings added to the market decreased by 4.9%
The average sale price decreased by .5%
The average days on market increased from 98 to 112

Clearly, these are manageable adjustments in any market and to be expected as real estate in any area is cyclical in nature. The biggest take away, however, lies in the change in days on market. It is taking significantly longer to sell homes in the Columbus area than it was a year ago, but homes are selling!

If you are considering selling your home there are some things you can do to help ensure your success. Here are a few tips:

Enlist the help of a Real Estate Professional – You need guidance, experience and market knowledge

Do not hire a Realtor based on suggested list price – Only a Buyer can determine the ultimate sale price of a home. Today, more than ever, you need the facts from an agent who knows the market and is not afraid to speak the truth. A timely sale may not yield the return it once did, but an attractive price may make all the difference. Your Realtor should give you the facts you need to make an informed decision about pricing.

Prepare your home for the market – The days of sticking a sign in the yard and selling easily for your desired price are gone. The market is competitive and you need to put your best foot forward. This may mean spending some money for paint, landscaping, flooring, repairs and other upgrades. Don’t put a sign in the yard until you are really ready to go, even if it takes a bit longer than you hoped. You only have one chance to make a first impression.

Know your true motivation level (and share it with your Realtor!) – This is probably not the best time to sell if you are just curious about the prospect. Be committed to the process and understand you may have to be a bit more aggressive on pricing and concessions. The good news is you stand to see better values on the Home Buying side if you are staying in the Columbus area.

The bottom line here is that Columbus, Ohio is a great place to live and people know it. The market is always in flux and it is a bit stingier today than in the past. Do not believe, however, that now is a bad time to consider a move. Get a good Realtor, get the facts, and get moving!

Authored by Eric | Discussion: 4 Comments »

Rollin’, Rollin’, Rollin, - Blog Tour USA visits Columbus

July 13th, 2007 categories: About Realtors, Columbus, Local Communities, Real Estate News, Real Estate Professionals, Worthington

Thanks to Rudy and Joe from Sellsius for taking the time to visit Columbus, Ohio.

Rudy-Joe

Rudy and Joe sharing some insight on Real Estate Blogging.

A very special thanks also to Maureen McCabe for coordinating and playing host to this great event.

Being newer to the blogosphere I wasn’t quite sure what to expect. I met some great people (and 1 dog), and enjoyed hearing a bit about other folks’ perspective on blogging. I am glad to put a face with the blog, so to speak, for:

Crowd

The Crowd listens intently as Rudy and Joe present their carefully scripted presentation.

The guys from Sellsius have been rambling across the country in an RV meeting bloggers and sharing some great insights, while making new friends and seeing new places. Blog Tour USA will complete the journey with an arrival at Bloggers Connect taking place from 7/31–8/1 in San Francisco.

Nik-E

Eric and Nikki showcasing the Blog Tour “Rig”

Kudos to Rudy and Joe for coming up with such a creative venture. This should challenge us all to think outside the box.

Thanks again for the visit and enjoy the Graeter’s ice cream!

Authored by Eric | Discussion: 3 Comments »

Tougher Mortgage Regulations - A Good Thing!

July 2nd, 2007 categories: About Realtors, Financing, Local Communities, Real Estate News, Real Estate Professionals

Many in the Real Estate and Mortgage industries may be groaning as they realize fewer Homebuyers will be qualifying for loans in the near future. In reality, the loose restrictions and lenient loan programs dominating the industry for several years have created some real problems for the Real Estate industry and many Homebuyers.

These problems include:

Unprecedented foreclosure rates nationwide with Ohio ranking near the top
Artificially inflated sales prices due to financing costs built in to the price of a home
Significant financial problems brought on by Homebuyers over-leveraging themselves through the available mortgage programs

The net effect of these issues has surely been a contributor to the sluggish real estate market with many Sellers needing far more than they can sell their home for just to break even.

In the recent past, Buyers choosing adjustable rate mortgages (arm) would be qualified using the initial rate. For instance if a Buyer could afford a home at a starting rate of 5%, no consideration was given to the fact that the loan might adjust to 7% three years down the road making the payments out of reach for the Homeowner. This scenario in no small way added to the number of foreclosures as Homeowners struggled to keep pace with upward adjusting rates.

754511_money_4

Going forward, Buyers will need to qualify at the higher rate. Though this will keep a lot of people from getting in to a financial bind, it may be a disappointment as loan amounts offered may be significantly lower.

As a Real Estate Professional I have always been careful to educate Buyers about the ins and outs of their financing decisions. It is critical that Homebuyers understand the worst case scenario as it relates to taxes, interest rates, etc. Unfortunately, many Homebuyers have been tempted by the “get it all and get it now” mentality promoted by the lending industry and in many cases they are paying the price now.

If you are considering a home purchase, be sure to do your homework. Here are a few tips:

Ask lots of questions. There is no stupid question when it comes to your financial well being.
Research on your own. The internet has a wealth of pertinent information.
Borrow based on your comfort level. Often a Lender will offer far more than you are comfortable borrowing. Purchase a home that fits YOUR budget.
Get the help of a capable Real Estate Professional. Statistics show you do not save money by “going it on your own”.

Tags: mortgage, real+estate

Authored by Eric | Discussion: 2 Comments »

Realtor - Not a 24/7 job!

May 24th, 2007 categories: About Realtors, Real Estate News, Real Estate Professionals

Somewhere along the line Realtors have become known as working round the clock. Always available, never asleep, and ready to spring into action like a firefighter to the fire pole.

Unfortunately, this characterization is one which glosses over the true professionalism required for a Realtor to represent his or her clients as a trusted advisor and fiduciary.

Do you think you would be able to reach your attorney or medical professional by phone at 10 PM?

Probably not.

And to tell you the truth, this is best.

No one can work around the clock and be effective. We all need rest and we all need balance. I will take the well rounded physician who spends time with family, enjoys recreation and travel, is active in the community and runs a successful business any day over the burned out 90 hour a week doc who has no time for life itself.

Busy phones

“Call me anytime 24/7! I am here for you.”

The Columbus Real Estate Community has many, many agents who illustrate the possibilities of enjoying a vibrant family and personal life while providing phenomenal services as a real estate professional.

The following are reasonable expectations for any Realtor’s performance:

Communication – Clients should know where things stand at all times
Timeliness – Deadlines are important and need to be adhered to
Systems – The only way to truly manage the myriad of details in a real estate transaction
Professional Network – One person can not do it all
Honesty – Set expectations and deliver on them

Believe me, if these standards are met you will not need to reach your Realtor at all times of the day or night. Using technology and strong systems, today’s real estate professionals can manage large volumes of business while providing exceptional, personalized service.

A typical agent today might employ Top Producer for contact and transaction management, Zipforms for contracts and negotiations and Centralized Showing Services for scheduling and feedback. All of these applications streamline the transaction process while providing excellent methods of contact and communication between Realtor and Buyer/Seller.

These and other applications have helped usher out the days where an agent is so bogged down with details he or she barely has the time to return calls. Be sure to ask your prospective Realtor how he or she is taking advantage of available technology and what benefits will be provided to you.

Most importantly, think about how you will interact with your agent on a personal level.

Do your personalities fit well together?

Does his or her communication style fit yours?

Do you feel they are trustworthy?

Buying or Selling a home is a business decision, but it brings with it personal and emotional implications. There is nothing worse than working through the potential pitfalls of a real estate transaction with someone you don’t “click” with.

All the technology in the world will not take the personal aspect out of Buying or Selling a home. To ensure a successful experience, be sure to look at the whole picture beyond the mechanics of the transaction.