Steve Wong - Queens New York Real Estate

Dear Fellow Realtors,

I have just learnt about a cultural exchange program for American high school students looking to understand more about the Chinese culture. If accepted, the 2-week program is fully paid for.

* Respectable Oriental English College and local munipal government are hosting a 2-week cultural exchange program this summer (July 12-25) in its Shenzhen (southern city) campus.
* Program is paid for by the host (accommodation, meal, transportation and medical insurance).
* Enrollment is competitive
* Accepted students will pay for their own air fare and an application fee of $200 - no other costs required. * DEADLINE FOR APPLICATION IS MAY 5.
* Students will be supervised at all times
* Parents can accompany students on campus
* Shenzhen municipal government will issue certificate upon completion of the program
* Excellent opportunity for students to gain first-hand cultural experience in China

Since time is running out, please help me spread the words. Motivated students should send me an email at steveywong@gmail.com. I'll forward the program description and application form ASAP.

I know you think I am nuts.

Your real estate agent has been diligently sending you property information. She calls for you to make appointments. She shows you the properties. She takes you to open houses. She may even tells you that she can help you negotiate the price when you are ready to make an offer. How can she not be working for me?

Well, in New York, some real estate professionals do not always follow the rule (state law) that says a real estate agent must disclose to you who they really work for. The agent who shows you the houses do not necessarily work for you in a legal manner. If she is a "Seller Agent", she owes her loyalty to the seller, not you. Her job is to get the highest possible price for the seller. By working with you (as opposed to working for you), her obligation towards you is to be fair and honest. That's all.

"But she said she would help me negotiate the price..." you protest.

True, she really means to help you get a price break. You like each other on a personal level and you really feel that you have made a new friend with her. The problem is that many real estate agents do not understand their role as a "Seller Agent" because, on a day-to-day level, they work "with" the buyers, not the seller.

If you really want your real estate agent to do her job properly, you should sign a Buyer Agent agreement with her so that she can now legally help you negotiate. With a Buyer Agent agreement, what you are saying is that Ms. Real Estate Agent, you now work "for" me and you owe your loyalty to me. One of your jobs is to get me the lowerest possible price for the property I want.

"Wait a minute," you say, "If I hire the agent as a Buyer Agent, do I have to write her a commission check, on top of the big check for the purchase price?"

The answer is "not necessarily". Depending on the commission percentage, your Buyer Agent most likely will be able to share the commission that is paid by the seller, not you. Typically, a seller pays the commission to the listing agent who lists the property for sale. When the property is sold, the listing agent will then share the commission with the other agent who brings in the buyer. The agent who brings in the buyer (You) can be a Seller Agent, or a Buyer Agent.

So, you and your agent should take a pause and ask yourselves. Who does your agent (legally) work for?

The two-day cold front left us today here in NYC. It's 45 degrees, jumping from 15 degrees (or minus 5 with wind chill) in one day. I have no complaints about the return of springtime temperature, but the body does need to adapt very quickly. Anyway, today I am sharing some data analysis published on Trulia.com about the home prices in the Queens County, including my favorite city of Flushing.

Often times, my buyers and friends asked me about the toughness of the real estate market. Have you seen price coming down? Obviously, the media of every type has done a great job in publicizing the bad news of the economy and the housing market with prominent headlines:

"Foreclosures Expected to be up 100%!"

"Housing Slump Causes Economic Recession"

"XXX Housing Market down by 35%"

I don't deny that the major economic indicators such as new home sales, existing home sales and building permits, are all south-bound. The contraction of the credit market does lead to housing as well as economic difficulties. But the micro factors are not to be ignored either. Each state, city and neighborhood has their own demographic and economic conditions that underly the local housing market. For example, Flushing's home prices went down briefly and are on the way up again, faster than the rest of the Queens County. Why? One reason is that the Chinese and Korean immigrants continue to support the demand for housing here.

Okay, I am feeling a bit lazy today. I will do my own data analysis later. For now, please visit Trulia.com and see for yourself. The price graph (for median prices) tells the story:

http://www.trulia.com/real_estate/Flushing-Queens/5106/

The Chinese New Year parade took place today on Main Street, Flushing, NY, from 11am. It was drizzling but the rain didn't discourage the spectators. I was there a little late and didn't catch the first part of the parade, which featured the Chinese sponsors. These pictures were taken when the Korean floats were passing by.

I really like Flushing as it is truly a multi-cultural community. Of course, being a Chinese myself, I enjoy the variety of Chinese cuisines there.

If you didn't make it, I have some pictures to share.

You are the listing agent of a house. The house has been on the market for eight months.

The seller is an old Italian lady who insists on getting the listed price of $600K. She turned down offers of $580K before.

A young couple came to your open house. Over the next month, they visited the house for the third time and decided to make an offer for $520K, the maximum they could afford.

What are you going to do?

You told the young couple, who happens to be of Italian descent, that the seller had turned down an offer of $580K not too long ago. You would present the offer, but you also asked the young couple to come with you.

The old lady, owner of the house, and the young couple chatted away without talking about the offer.

After the meeting, the seller asked you whether they made an offer. You said yes. "How much?" "$520K."

The old lady looked disappointed. There was a moment of silence. You feel humiliated, not by your client, but by the fact that you were not able to secure an offer at the listed price in eight months. The house was over-priced but you couldn't get the old lady to accept a more realistic price.

"I will accept the offer," she said.

"What???.... I thought you......"

"I like the couples. When I bought this house with my husband fifty years ago, we were just like them, working hard for the family...... I like them, and I will sell the house to them."

This is a real story that happened to one of my fellow realtors. Cool...