This week's Property Of the Week this newly listed, beautiful home in Huntington Park. Call me for prequalification at 562.646.7320 or email me at hamendola@goalterra.com to get prequalified.
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Fine Estates & Investments Realty : 1800 W. Beverly Blvd. Ste. 102 - Montebello CA 90640 : 323-887-8463 |
In gearing up to put my business plan together for 2012, I found the following statistics are from the NAR website and show the trend amongst those who bought homes in 2010. On average, homebuyers are viewing up to 15 homes before they find theirs. First Time Homebuyers make up 50% of current homebuyers and have a median age of 30 years old. 65% of homebuyer say they would use the same agent. From online results, 45% of potential home buyers actually walk through a home viewed online, 20% find an agent through home viewed online and 21% drove by a home viewed online. All of these statistics are eye opening. But none is most eye opening than this:
Information sources used in home search:
As we move in to 2012, we have take all of these statistics to heart if we want to move at the pace of our buyers. For example, if 50% of home buyers are first timers and buying at the median age of 30 years old, then the fact that 74% of home buyers use the internet in home search is right in line with that reasoning. Think about that, 74% of buyers are searching on the internet - that's more than the amount that used a Real Estate Agent (69%). As a Loan Officer, I myself have buyers looking for homes who have yet to commit to a Realtor and are looking for homes online instead.
What it all means?
An online presence is a must in today's market. 29% of potential home buyers found their agent online so a buyer's agent should make themselves seen. 74% of home shoppers look for homes online while only 12% do so looking at open houses yet I'd bet the numbers are reversed when you compare how most Listing Agents are marketing their properties. Looking to the future is essential in changing times and in this case, that means a Single Property Website is a MUST. The use of smartphones should also be mentioned. Does your site have a mobile friendly site, QR code capability and SMS text responses? If 65% of home buyers are using the same agent again, are you making sure you keep in touch with those previous buyers?
As an advocate of Social Media and Internet marketing for my Realtor partners, I take time to show my partners that there are tools for them to use to make navigating through all this just that much easier. How do we utilize Cragislist, Redfin, Trulia, MLS, Single Family Websites and our blogs to bring everything together could be daunting. Having a system that helps is essential and we provide one to our partners at no cost.
If you would like to learn how you can get free single property websites and an abundance of tools for your listings, contact me. We can set up an appointment and meet so you can see how it all works. There's no catch on the price. It's aboslutely free. We gain by making more relationships with the Real Estate Agents in our communities and diligently taking care of whatever referals you might be able to send us. If I'm not in your area, I'll help you find someone who can help you with these tools. Our goal is to help our partners be better equipped for the Real Estate Market in 2012 and beyond.
So you've got that listing. Now what?
You'll likely start by listing it on the MLS and maybe a couple of other sites. Twitter and Facebook are utilized just as much now as free advertising. You call the company that posts those signs in front of your listing and you get that sign out there. That should do it. MLS takes care of compliance and the sign should net some potential buyers as they drive by right?
Maybe you're right. Then again, you could go days without getting a single call. You could have buyers breathing down your back asking why you haven't given any feedback. Here's a list of 10 more things you should be doing with that listing.
1. Get a Single Property Website - These are hidden treasures. If you can direct people to a full viewing of your property without having to actually show it, you're already in the lead. To top it off, it's online so they can show all their friends and family. A big plus for you as it creates positive reinforcements amongst their sphere of influence.
2. Plog - Property blogs are becoming more and more popular now days. Moreover, if we could teach you how to make your property rank #1 on Google, would that interest you? Of course it does. Why not learn how.
3. Post a Virtual Tour - Virtual Tours are just what you need to make sure your property is viewed. There are a bunch of standard sales and short sales that are only viewable by appointment. If an agent is showing properties on a particular day and your property is not viewable, that could cost you a sale. Make sure you're taking advantage of these virtual tours to at leat keep the property in the back of their mind.
4. Obtain an SMS Rider - As I've mentioned in previous posts. An SMS Rider is a must in today's Real Estate World. There's agents out there selling a home just you like yours. You need an advantage. If you have an SMS rider allowing passerbys to view your property on their 5am jog or their midnight drive home without having to call you. But you still get their info, so you're one step ahead of everyone else.
5. Use QR codes - I haven't seen too many posts on results yet for QR codes but it can't hurt. It works the same way as the SMS rider. It will give potential buyers opportunities to view properties without giving you a call. This increases interest in your listing because it brings in those prospects who don't want to be hassled by agents. It's a good starting point.
6. Provide a voiceover to your Single Property Website - make sure you're pointing out everything your pictures don't show. The neighborhood, property features and close by landmarks are a big deal to potential home buyers.
7. Make sure your Google Street View is on the website - Another must to show off the neighborhood. Many buyers are making the single biggest investment of their lives. Don't miss out on selling the entire house - including the neighborhood, to your buyers. it could make the biggest difference.
8. Post on Craigslist - Generation Y loves Craigslist. Have you ever posted anything on Craigslist? If you do, you know just how powerful this is. Why not post your property where people are looking?
9. Set Up some Open House Dates - While many people start their search for a new home online, that's not where their search ends. Most searches end at the homes, as they should. Setting open house dates could make a huge difference for buyers still on the fence about you or about the property. It could be a way to meet someone or just to take a look and cancel out the curiosity. Either way, it should net more results for you.
10. Let the neighbors know - The neighbors could be your best selling partners. They know the area and would love to see their friends and family move in. If you market your property, and yourself, to your buyers, it should make a big difference. Hand out flyers that include the website, QR codes and SMS text numbers.
We offer our So Cal agents the opportunity to get all of these tools for free. It's simple, just visit www.socalrealestatehuddle.com for more information on how to market and better yet, how to get more results! It's also an amazing tool for listing presentations!
I still receive a lot of calls from clients who think that just having a good fico and some money in the bank means they'll easily qualify for a home loan. The truth is, the most important thing now days is income. That's probably because during the "housing boom" between 2004-2007, income was probably the least important thing. We all know where that got us. While most lenders do use tax returns and pay stubs to preapprove their clients now days, here's a few things they should discover before issuing a preapproval.
1. 2106 expenses and unreimbursed expenses. One of the most talked about changes when one discusses the current deficit in the US is the tax code. It's been called dated and has a lot of loopholes. Tax agents seem to know all about this. I've even prequalified clients who, unknowingly, had unreimbursed expenses. Loan Officers are missing these. Newsflash: Underwriters don't miss these unreimbursed expenses. If you miss it, you might be putting your borrower in a tough situation where they can't close their transaction. Make sure you're Loan Officer is checking this.
2. Rental income for property being vacated and equity. Another change that has occured in recent years is that buyers who currently have a home theya re vacating and renting MUST have a certain amount of equity. The numbers are usualy 25% for FHA loans and 30% for conventional loans. This is another point that a lot of Loan Officers don't use. While the rent can be used as a compensating factor, you need to make sure your buyer qualifies without using that rental income. That means they qualify for both payments and any other debt. We also have to make sure taxes and insurance is being considered for any homes already owned by borrowers. This can kill your Debt To Income ratio so it's important.
3. Spouse's debt must be considered: FHA loans in California require we run the spouse's income regardless of whether or not they are included in the loan. Even if you're separated, it will be required. Some people really find this to be an annoying condition. Especially those who have been separated for many years. However, from a bank's point of view, we have to remember that we really do share debt here and that debt will have to be paid. We have to make sure that's being considered.
4. Overtime income must be consistent: Overtime income can't be used if it hasn't been consistent for at least two years and if your employer doesn't consider it "likely to continue." A lot of Loan Officers just average the income. That can be dangerous, especially in a recovering economy, because employers that haven't offered overtime in the last two years may be offering it this year.
As a service to some of my reagular Realtors, I do some cross approvals. They keep me busy and this post was inspired by some really bad preapprovals. They lacked a lot of information.
Hector Amendola - Alterra Home Loans
Follow me on Facebook or visit my outside blog at www.mortgagehuddle.com
Anyone out there attending the Southern California Home Buyer's Fair this weekend. I will be attending with a team from Dreamwork Realty on behalf of NAHREP-Los Angeles this Saturday between 1:15p - 5:15p. Come on out and join us!
2010 HOME BUYER'S FAIR
Whether you're a first-time home buyer, or hoping to invest in foreclosures, the Southern California Home Buyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day primer on the home-buying process. This must-attend event is packed with more than 50 educational "how-to" seminars and a large exhibit hall, designed to help you navigate today's real estate market with confidence and peace of mind.
My team and I are proud to serve and cover the area of Whittier, La Mirada, La Habra, Brea, Downey, Montebello and surrounding communities.
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