The following is an excellent article from Active Rain, 9/30, Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty -):
Appraisals are an important part of the process in purchasing or selling a home. More than ever, the appraiser has the power to determine whether or not a sale goes to the closing table.
As if it were not difficult enough to value some homes in today's real estate environment where often there are no comparable sales in the last year or more, the government swoops in to 'correct' the abuses in the appraisal system, and the consequences of HVCC are that appraisers are traveling a long distance sometimes and are doing more work for less pay. Even if an appraiser has local knowledge, they may or may not do a thorough investigation of the comparable properties and they may choose to use Comparable Sales that are not ideal.
It is imperative that a real estate agent meet the appraiser when one of their listings has sold. This is not to try to influence the appraiser in any illegal way, but to give them the best information, so that the appraiser can value the property accurately. An added bonus is the information you will learn from the appraiser if you ask questions.
10 Ways to Get a Better Appraisal
1. Meet the appraiser at the house. Take the lockbox off the door after you get a contract so an appointment will have to be made.
2. Give the Appraiser as many Comparable Sales as you have for the subject property. If it's a property where there are few or no comparable sales, go out in a radius search until you find some. Go back as far as a year or even more if it's a special type property (waterfront, for example). Realize that the appraiser may deduct value if the sale is further than 3 months out.
3. Call the agents for the Comparable sales to get as much information as possible for the appraiser. The house that sold down the street that needed a new roof - they need to know that, but it's probably not in the MLS information.
4. Give a complete list of every upgrade and improvement that has been performed during the seller's ownership. Be sure to include maintenance items as well as cosmetic upgrades. There is a category for "condition" on appraisals and although it won't match dollar for dollar, it will be mentioned.
5. Be sure to note when flooring is "hardwood" instead of "wood" or "laminate." Be specific about other surfaces (granite vs. corian) and improvements. A glazed 42" raised panel cabinet with full coverage costs most than Level 1 42" cabinets. Thermador appliances are more valuable than GE Profile, for instance, and an appraiser's quick trip through the house may not take in such details.
6. Give them a copy of your Marketing materials, including the beautiful photos you have of the interior, exterior and grounds.
7. Be sure to note anything about the lot - the Preserve not only on the side but across the street, for instance. Note the size of our lot vs. any comparable sales (if it's to your advantage).
8. Local appraisers probably know the Community amenities, but it never hurts to also give a list of those as well.
9. If there are communities nearby that are not really good comparables, a map with some notes about the lack of amenities, production starter homes vs. your community with custom homes on estate lots, etc., can be very helpful to someone from out of the area.
10. Be gracious, not pushy. Even if the appraiser is from 100 miles away, respect and helpfulness will go much further than a condescending, "You drove all the way from there?" attitude.
If you make the effort to be sure the appraiser is well educated about your listing, you have a much better chance of the house appraising and the sale going through. Appraisers' work hasn't lessened but many times their fees have been cut in half or more. Anything we can do to help is in the Sellers', Buyers', ours, and the community's best interest.
Happy Selling!
Wednesday, September 30, 2009
Monday, August 24, 2009
Are Men and Women Different? You Betcha!
PARSIPPANY, N.J. (August 17, 2009) – It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.
The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.
“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”
Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on December 1, 2009.
Below are some key highlights from the Coldwell Banker Real Estate study:
Women may be inclined to make up their mind more quickly than men …
When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).
Women would rather live closer to their extended family than to their job …
55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.
A home’s security is a deal-breaker for both men and women …
64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).
Men and women agree on how they would use a spare room, for the most part …When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent
However, men really do want a “Man Cave”…
Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”
The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.
“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”
Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on December 1, 2009.
Below are some key highlights from the Coldwell Banker Real Estate study:
Women may be inclined to make up their mind more quickly than men …
When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).
Women would rather live closer to their extended family than to their job …
55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.
A home’s security is a deal-breaker for both men and women …
64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).
Men and women agree on how they would use a spare room, for the most part …When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent
However, men really do want a “Man Cave”…
Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”
Friday, July 31, 2009
Clients Seek VALUE From Their Agent
The following is an excerpt from a RISMEDIA article from July 31, 2009:
RISMEDIA, July 31, 2009-Extra services provided by real estate companies-such as inspections, appraisals and legal and moving company recommendations-have become increasingly important to home buyers and sellers, according to the J.D. Power and Associates 2009 Home Buyer/Seller Study.
The study, now in its second year, measures customer satisfaction of homebuyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (47%); office (28%); and package of additional services (25%). Four factors are examined for the home-selling experience: agent (34%); marketing (34%); office (17%); and package of additional services (15%).
For both buyers and sellers, the agent is still the most important driver of overall satisfaction. However, the importance of agents has declined substantially from 2008, while the importance of additional services has increased considerably-by 12 percentage points among buyers and 8 percentage points among sellers. In addition, actual usage of many of these services has decreased from 2008, likely due to cutbacks made by real estate companies in response to a depressed market.
“In a tight market, every aspect of service offered will be scrutinized very closely,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “For this reason, it is critical for real estate companies to promote the value that they bring to buyers and sellers, not only in any additional services they offer, but also in their agents and operations.”
The study finds that the proportion of first-time home buyers has increased considerably-to 56% in 2009 from 44% in 2008. Many of these first-time buyers may be attracted by improved home affordability and the perception of a strong buyer’s market. This presents both challenges and opportunities for real estate companies.
“The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators,” said Howland. “However, real estate companies and agents must carefully manage first-time buyer expectations. Although these buyers may believe otherwise, they must still overcome the traditional barriers to purchasing a home, such as being able to fund down payments, closing costs and monthly payments. Solid advice and service from agents may assuage these first-time buyers’ concerns and build customer loyalty.”
Additional noteworthy study findings include:-Home sellers report that, on average, 3.2 open houses were conducted for their property in 2009, compared with 4.5 in 2008.-Approximately 64% of home sellers used a website listing to market their home in 2009, up from 61% in 2008.-
The 2009 Home Buyer/Seller Study includes more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2007 and June 2008. The study was fielded between April and June 2009.Read more: http://rismedia.com/2009-07-30/real-estate-professionals-promote-your-value-now-more-than-ever/#ixzz0MqNFGxJV
RISMEDIA, July 31, 2009-Extra services provided by real estate companies-such as inspections, appraisals and legal and moving company recommendations-have become increasingly important to home buyers and sellers, according to the J.D. Power and Associates 2009 Home Buyer/Seller Study.
The study, now in its second year, measures customer satisfaction of homebuyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (47%); office (28%); and package of additional services (25%). Four factors are examined for the home-selling experience: agent (34%); marketing (34%); office (17%); and package of additional services (15%).
For both buyers and sellers, the agent is still the most important driver of overall satisfaction. However, the importance of agents has declined substantially from 2008, while the importance of additional services has increased considerably-by 12 percentage points among buyers and 8 percentage points among sellers. In addition, actual usage of many of these services has decreased from 2008, likely due to cutbacks made by real estate companies in response to a depressed market.
“In a tight market, every aspect of service offered will be scrutinized very closely,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “For this reason, it is critical for real estate companies to promote the value that they bring to buyers and sellers, not only in any additional services they offer, but also in their agents and operations.”
The study finds that the proportion of first-time home buyers has increased considerably-to 56% in 2009 from 44% in 2008. Many of these first-time buyers may be attracted by improved home affordability and the perception of a strong buyer’s market. This presents both challenges and opportunities for real estate companies.
“The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators,” said Howland. “However, real estate companies and agents must carefully manage first-time buyer expectations. Although these buyers may believe otherwise, they must still overcome the traditional barriers to purchasing a home, such as being able to fund down payments, closing costs and monthly payments. Solid advice and service from agents may assuage these first-time buyers’ concerns and build customer loyalty.”
Additional noteworthy study findings include:-Home sellers report that, on average, 3.2 open houses were conducted for their property in 2009, compared with 4.5 in 2008.-Approximately 64% of home sellers used a website listing to market their home in 2009, up from 61% in 2008.-
The 2009 Home Buyer/Seller Study includes more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2007 and June 2008. The study was fielded between April and June 2009.Read more: http://rismedia.com/2009-07-30/real-estate-professionals-promote-your-value-now-more-than-ever/#ixzz0MqNFGxJV
Thursday, July 23, 2009
There is No Such Thing as a SMALL SALE in Real Estate
With property values falling (locally 8-10%) I often hear agents complain about a small sale. The common thought is that you work twice as hard for half the money. The following is from Brian Block's blog on ActiveRain.com which addresses the importance of all sales regardless of the price.
From time to time I've had clients sincerely apologize to me for taking my time and causing me hassle for just "my small sale."
I always give them this same explanation:
There's No Such Thing as a "Small Sale" in Real Estate.
Sure, I've helped people purchase million dollar properties and I've helped people purchase a home for $79,000, and everywhere in between. However, if you're planning to spend $100,000 on your home or $800,000, that's a big purchase for YOU. The real estate process is the same on each property regardless of price, and you'll have the same questions whether purchasing that first condo or the dream estate on 2 acres with a pool.
It's important that you are treated equally. For a REALTOR, every sale is important and they all add up. Besides, my hope is to have clients for life, and I'd like to help you eventually sell your first home and buy your second and third ones. If I treated your sale as a small insignificant matter, would you want to work with me again when it was time for your third home?
Moreover, you may be purchasing a one bedroom condo, but perhaps you have friend, colleague, or fourth cousin twice removed that's ready to buy or sell that Wrightsville Beach mansion. You'll want to pass my name along, won't you?
Please don't apologize. Your sale is NOT small.
I want to help you whether you're searching high or low.
Get started today on your Southeastern N.C. home search in all price ranges.
Every sale should generate referrals for additional business, regardless of the price.
From time to time I've had clients sincerely apologize to me for taking my time and causing me hassle for just "my small sale."
I always give them this same explanation:
There's No Such Thing as a "Small Sale" in Real Estate.
Sure, I've helped people purchase million dollar properties and I've helped people purchase a home for $79,000, and everywhere in between. However, if you're planning to spend $100,000 on your home or $800,000, that's a big purchase for YOU. The real estate process is the same on each property regardless of price, and you'll have the same questions whether purchasing that first condo or the dream estate on 2 acres with a pool.
It's important that you are treated equally. For a REALTOR, every sale is important and they all add up. Besides, my hope is to have clients for life, and I'd like to help you eventually sell your first home and buy your second and third ones. If I treated your sale as a small insignificant matter, would you want to work with me again when it was time for your third home?
Moreover, you may be purchasing a one bedroom condo, but perhaps you have friend, colleague, or fourth cousin twice removed that's ready to buy or sell that Wrightsville Beach mansion. You'll want to pass my name along, won't you?
Please don't apologize. Your sale is NOT small.
I want to help you whether you're searching high or low.
Get started today on your Southeastern N.C. home search in all price ranges.
Every sale should generate referrals for additional business, regardless of the price.
Wednesday, July 1, 2009
Four Easy Ways to Cultivate First Time Homebuyers
By Chris Kaucnik / RISMEDIA
RISMEDIA, July 1, 2009-This article is about cultivating your first-time home-buying clientele after they are snuggled in nicely. The average home turnover is about 11 years, with a range of six to 16 years, depending upon your state. You definitely want to build relationships with your younger clients, knowing they could move again in just a few years.
Remember, generally, the first home is purchased to end renting and to build some equity. The desire for a second home usually begins when the family starts to grow. The third home is usually the dream home. If you like repeat business and referrals, targeted and consistent communication to this young group is key.
Since they average around 32 years of age, these clients will crave and need information about caring for their biggest investment. Here are some easy ways you can get started fulfilling their needs:
-Take note of what they focus on upgrading in the home. Send an e-mail or give them a call with a trusted vendor of yours for the project. Or, just send them vendors on a timely basis. A good example is HVAC vendors before heating and air-conditioning seasons.
-If you feel it’s appropriate, invite them to join you on your favorite social network. This is a great way to get to know them better and get referrals, too.
-E-mail them when a larger home in their neighborhood lists or has sold. They will be interested, and you may spark a discussion about moving up.
-Invite them to subscribe to your blog or news articles on your website, which discuss new homeownership, maintenance, remodeling or other related topics. Or, send them links to your articles or others that may be ofinterest.
We could come up with enough tactics to fill this magazine, but the point is for you to develop your own and adjust them as necessary. Keep meticulous notes on each family because the more you personalize your communications, the more effective they will be for you.
RISMEDIA, July 1, 2009-This article is about cultivating your first-time home-buying clientele after they are snuggled in nicely. The average home turnover is about 11 years, with a range of six to 16 years, depending upon your state. You definitely want to build relationships with your younger clients, knowing they could move again in just a few years.
Remember, generally, the first home is purchased to end renting and to build some equity. The desire for a second home usually begins when the family starts to grow. The third home is usually the dream home. If you like repeat business and referrals, targeted and consistent communication to this young group is key.
Since they average around 32 years of age, these clients will crave and need information about caring for their biggest investment. Here are some easy ways you can get started fulfilling their needs:
-Take note of what they focus on upgrading in the home. Send an e-mail or give them a call with a trusted vendor of yours for the project. Or, just send them vendors on a timely basis. A good example is HVAC vendors before heating and air-conditioning seasons.
-If you feel it’s appropriate, invite them to join you on your favorite social network. This is a great way to get to know them better and get referrals, too.
-E-mail them when a larger home in their neighborhood lists or has sold. They will be interested, and you may spark a discussion about moving up.
-Invite them to subscribe to your blog or news articles on your website, which discuss new homeownership, maintenance, remodeling or other related topics. Or, send them links to your articles or others that may be ofinterest.
We could come up with enough tactics to fill this magazine, but the point is for you to develop your own and adjust them as necessary. Keep meticulous notes on each family because the more you personalize your communications, the more effective they will be for you.
Friday, April 24, 2009
Great Spring Housing Market
The Spring housing market has proven to be even stronger than we had hoped. All of our offices are reporting contracts are up 30-60% over the same period last year, with no downturn in sight. This is welcome news for all of our agents who tightened their belts, sharpened their marketing and lead-generation skills, and basically worked very hard just to stay in this business. All of their hard work is beginning to pay off.
Not that it's a cake walk. There is a smaller pool of buyers that can qualify for loans, with a large percentage being first time home buyers - which requires a lot of patience on the agents's part. Investors are slowly getting back into the market by taking advantage of the many REO and short sale properties - which requires a lot of patience as well as an extra ton of paperwork on the agent's part. And working with sellers has been a challenge for listing agents faced with educating the owners about the reality of falling prices and more competition. Agents are really earning their commission.
But we are back to a fun, active market where our phones are ringing, our floor time has been excellent, open houses are well-attended, and contracts are being written. And activity creates more activity.
If you're looking for a real estate company where there is a lot of business, a lot of energy, and an upbeat positive atmosphere - check out Coldwell Banker Sea Coast Realty. It feels good to feel good again.
Not that it's a cake walk. There is a smaller pool of buyers that can qualify for loans, with a large percentage being first time home buyers - which requires a lot of patience on the agents's part. Investors are slowly getting back into the market by taking advantage of the many REO and short sale properties - which requires a lot of patience as well as an extra ton of paperwork on the agent's part. And working with sellers has been a challenge for listing agents faced with educating the owners about the reality of falling prices and more competition. Agents are really earning their commission.
But we are back to a fun, active market where our phones are ringing, our floor time has been excellent, open houses are well-attended, and contracts are being written. And activity creates more activity.
If you're looking for a real estate company where there is a lot of business, a lot of energy, and an upbeat positive atmosphere - check out Coldwell Banker Sea Coast Realty. It feels good to feel good again.
Monday, March 23, 2009
Study - N.C. 2nd Best State For Business
North Carolina is the second-best state in which to conduct business, according to Chief Executive magazine.The magazine evaluates states on natural resources, regulation, tax policies, quality of living, education and infrastructure, among others. North Carolina ranked No. 3 last year.The state’s best asset is its work force, the magazine says. Chief Executive ranked North Carolina’s work force as third-best in the country.Other areas of strength included access to capital (No. 10), business friendliness (No. 10), transportation (No. 15) and technology and innovation (No. 18).Texas maintained its ranking of first on the list, which was based on surveys of more than 500 chief executives. The magazine says states that perform well in the rankings tend to have lower taxes and little unionization.California and New York were ranked the worst and the second worst, respectively.
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