The above line has been told to a great many Real Estate agents across the country. It actually makes a lot of sense. If I know I am going to buy a new condo in a building; and I know exactly what I want - why would I need a Realtor? Especially if they said; "Instead of paying your agent commission, we will give you a 'deal'!"
Well then I sure wouldn't want a Realtor if I thought the builder would give me a "Deal".
Let me now tell you a couple of REAL LIFE examples; that have happened just in the past couple of months:
A represented a couple buying a condo in a new building. I negotiated the deal down just over $23,000 and got them a free storage unit. How? Well I knew from networking with other agents; what deals the developer was willing to make. Knowing some inside info - was a huge help. The developer was also banking that I would bring back more buyers looking for a deal.
Another current client; I just helped get out of a builders contract so she could actually buy a place and move! 18 months ago she didn't think she needed an agent. She let the developer give her the basic "builders" contract; which offered her little protection. Not understanding the fine print; and the developer not telling her; she gave the developer $18,000 - in deposits. She was to move into her unit over a year ago. Construction is STILL not complete. The fine print; allowed the builder to delay construction for over a year. She is now out of the contract - got all her money back and off to purchase a home she can actually move into!
If you think you are getting a better deal; or don't need an agent to help you with new construction; you are probably mistaken. They may offer you better deals; but more than likely - they are making more profit on you without a Realtor - and you may not be protected from bad appraisals, financing issues or delays in construction.
Hire a Buyer's Agent - They will explain everything to you and point out all the "fine print". Your agent will also save you money and protect your purchase.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Here is the breakdown as of September 8th, 2009
The number of properties on the market continues to drop. Sales and inventory tend to be at one of it's lowest points in the month of August. We should see things pick up again over the next few weeks..
Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.
Washington DC
Single Family: Actives: 1596 (Down 43 from last week) Expired: 65 Under Contract: 646 (Up 16)
Condos: Actives: 1188 (Down 17 from last week) Expired: 45 Under Contract: 470 (Down 5)
Arlington County
Single Family: Actives: 416 (Down 15 from last week) Expired: 13 Under Contract: 169 (Up 1)
Condos: Actives: 483 (Down 1 from last week) Expired: 15 Under Contract: 193 (Up 23)
Prince Georges County
Single Family: Actives: 4857 (Down 163 from last week) Expired: 179 Under Contract: 2278 (Up 178)
Condos: Actives: 819 (Up 34 from last week) Expired: 29 Under Contract: 156 (Up 6)
Montgomery County
Single Family: Actives: 2870 (Down 7 from last week) Expired: 57 Under Contract: 1917 (Up 10)
Condos: Actives: 1145 (Down 9 from last week) Expired: 27 Under Contract: 518 (Down 1)
It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Even in a large city like Washington DC, with so many Real Estate Agents; we in the industry all quickly learn who the good guys are and the bad guys.
Just this week I received a call from someone who was going to list with us; but had not done so officially - he had not signed on the dotted line because he had been traveling on business.
Another agent who works heavily in his condo complex calls his and says; "I have an out of town buyer who would like to see your unit this weekend. Do you have it listed yet?"
The future client said he had chosen another agent to represent him.
The other agent says; "Well can you show me a copy of the contract? So I can show the unit."
OK - so when I heard I this I knew exactly what was going on. The future client calls in a panic. "I haven't signed anything yet. Can I send it signed to you right now?"
(Well there is 1 way to get a listing agreement signed quickly; have some agent the guy hates call him).
Long story short; I get the signed listing agreement and then call the other agent.
"Mr. "X" says you have an out of town client who wants to see the unit this weekend? I have the listing and the sales price is "x" and the buyers agent commission is "y%". It will be in the MLS this weekend; but if you want to show it; that will be fine."
The other agent; "Well, er, thanks. I will see if I have a client who wants to see it this weekend and let you know."
"Don't you have a client coming from out of town?", I ask.
"Yes, but just not sure what he wants to see and his timing"; the unscrupulous agent says.
...Sure; I know his game. This isn't the first time I have heard him doing such things. In fact we have another client who fired this agent for doing other
things which were unethical. But thats a different story.
Bottom line; use an agent you feel good about. Not just someone who calls and says; "I have (or may have) a buyer for your home". Heck; every Real Estate agent has a buyer for your house (it just may take them 90 days to get them!).
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
This weekend is the traditional end of summer. Even though most schools have started back up; Labor Day weekend often signals that summer is over and
it's time to get back into the grind of day to day life.
The Real Estate Market is also affected by the end of summer. While homes sell every day, every month; August, especially in the DC area; is pretty slow. With so many people working with the Federal Government; August is a big vacation time. Congress is on recess (when do they actually work anyway?); their staffs take vacation and many folks who work in supportive government roles, also head for the beach, mountains, someplace away from the city.
Once summer ends and the temperature starts to cool off; the Real Estate Market starts to heat up. I have several buyers who have been looking for homes all summer; but with so little in the inventory; they are unable to find anything exciting. Fall should change all that; as sellers and their agents start to put new listings on the market in hopes of selling before the Holiday Season.
So if you are looking to buy; but have not been able to find that perfect home; keep an eye out now - many more properties should be coming on to the market.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
If you don't live in Washington DC; you may not know that the METRO is the name given to our mass-transit system; most notably our subway. While tourists from across the country find the Metro easy to use, clean and carefree - most of them do not experience the day to day poor operation and lousy planning that we DC
Residents have to deal with on an on-going basis.
It seems that everyday there is some kind of delay or breakdown; mostly on the very busy and oldest of the lines; the Red Line. Then there was the terrible accident where several people lost their lives. They are still sorting that out. One thing that sticks out is that it took them days before the move the unsafe train cars around to make the Metro system safer.
Now in the news; is the story that Metro will close down a few stations to and around National Airport. Close down the airport station during a Holiday travel weekend? Hmm - yeah that's good planning. Great idea. Thanks Metro - another job done poorly.
Metro officials say there will be a shuttle bus service; but travelers should add 45 minutes to your travel time. So lets say you are taking the US Air shuttle to New York for the weekend. Thats a 45 minute flight; plus 45 minutes to get to the airport via Metro. Yeah - thanks - I'll take a cab.
Read the NEWS Story HERE On the NBC poll of this story; 68% of readers are "Furious". As if anyone at Metro will care!?!
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
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