Ok. So I'm known to be blunt. Can't help it. It's just me. I'm as sweet as pie but I do make it my point to tell it like it is.
I've been trying to write this post since July but I've been trying to find a way to "put it lightly"
But I can't.... so I'll just say it.............
STOP PLAYING WITH THE MARKEEEEEEEEEEEEETTTTTTTTTTTTTTTTTTT!!!!
Whew! I'm glad I got that out. Now I can speak a little better. I'm a girl. I get emotional sometimes. Sue me,lol
Why am I in this mood you ask? Because I love what I do. I have a passion for it. It's part of me. I get upset when I see that is not as healthy as I know it can be.
In the last few months, I have been having buyers interested in moving to the Northeast section of Philadelphia. Now, while I'm happy that I didn't have to have the conversation with these buyers that they just can't afford to live there like I would've had a few years ago because this a place where everybody wants to live but can't afford to, the pickings are slim in the quality department. It's like shopping at one of those places where you get name brand prices for less. You have to search through the piles before you find that name brand outfit that you'd actually wear. I had to pep talk my buyers before going in. There are currently over 1300 homes for sale and I am ashamed to show a huge portion of them. I know, I know...short sales.....no! Short sales aren't dominating that area. There are some but they're not bullying the area. Yet, the decline in price has the sellers reluctant to do any updates and while I do understand their dilemma, I wish they would wait until the market stabilizes to decide to sell if they aren't in an immediate need at this time. It's a buyer's market. What they DON'T want is:
What they DO want is:
Bottom line, they want to feel like they're not buying a money pit. Most of my buyers don't mind putting work into a property BUT they won't put TOO much work into it. And guess what else, when they are looking for updates, they aren't looking for HGTV updates, they just want to know that when they move in, they will be comfortable. They want a kitchen that they can feel comfortable cooking in. They don't mind if you don't give them tons of recessed lighting and beautiful custom cabinets that kiss the ceiling. They want a bathroom to compliment their potpourri. And guess what else, if you're not going to give them these things, they wouldn't mind it if you didn't price your property at top market price. They just want to feel like they're getting what they paid for.
As a REALTOR, and a homeowner, I DO understand reasoning for not updating your home at this time BUT if you're not going to price it according to the way it shows and you're selling because you want to and not because you have to, please withdraw your listing. I promise you, you will thank me when home values skyrocket because there isn't an overflow of inventory on the market. SUPPLY AND DEMAND! SUPPLY AND DEMAND! If you're home is priced at top market price and is not delivering top market quality, what you're supplying isn't in demand and the current market condition will linger....
SELLER'S IF YOU'RE READING THIS, PLEASE DON'T GET OFFENDED. I AM GIVING YOU FEEDBACK FROM THE PEOPLE WHO WON'T BUYER YOUR PROPERTY IN THE CONDITION YOU'RE TRYING TO SELL IT TO THEM IN FOR THE PRICE YOU'RE ASKING...
OH! One more little list. If you're listed and you've been sitting there for a while do two things, ask your REALTOR (you ARE using a REALTOR right?) for the recent solds, chances are you're priced too high. Also, take a look at your listing if:
Chances are you're going to be sitting on the market a little while longer. Buyer's can't 'use their vision' on a cluttered home with unflattering photography. Make sure your REALTOR gets you some quality pictures on that listing. You want to get them in the door. I've seen some pictures that don't do the actual home justice. A picture can't be worth thousands of dollars in or out of your pocket.
Trust me on this one guys. This is my baby I'm talking about here. Just a few little changes in your strategy can make a world of difference.
Disclaimer: My remarks are to heal, not to hurt. If you have any questions or need any pointers, ask away. I promise we'll have a wonderful conversation.
I wonder, do you have "THE TALK" with your buyers? If so, what are you saying?
I recently referred a buyer out to my partner. She has been calling me for about a year. I would hear from her every couple of months when she would have a question on real estate. She was back and forth with her decision to buy a home and decided a couple of months ago to take the dive. I was happy for her that she had finally made her choice. BUT, my plate was full. I was working with quite a few buyers at the time she called me and I knew I wouldn't be able to give her the attention and care she needed so I decided to refer her to my right hand man in real estate because I knew he would take good care of her.
My partner would call me on updates on what they were doing and I'd check in with her from time to time to see how she was doing. Her road has been an emotional one. She found a home pretty quickly, submitted an offer, and it was accepted. Problem: the listing was a short sale and shortly after the agreement was signed, the seller decided she wanted to keep her home and her bank granted her a loan modification.
A few days passed by and she found another home, an offer was submitted and rejected because the seller accepted a higher offer.
After a couple more disappointments, she calls me and tells me how discouraged she was getting with this process and how it was so emotionally draining. Then I had an "Ah haaaaaa" moment. I referred out but hadn't had "THE TALK" with her.
*I make sure to have "THE TALK" with all of my buyers.*
I told her that since we hadn't gone out together, I hadn't had the chance to have "THE TALK" with her like I have with all of my other client's on our first outing. She says to me, "Well what's that?" Then I began to give her the talk:
"Ok, I'm just going to give it to you real here. This is not meant to scare you but to prepare you. This process can be a bitch at times and at times it can be your best friend. I tell this to everyone so when these ups and downs come, you're well prepared and you're expecting it. This search can get on your nerves. What you're going through is typical and honey, you ain't seen NOTHIN' yet. I've seen worse. I sometimes like to liken this process to labor. It can suck and take you through all types of pain and the best part about it is the birth at the closing table. You get anxious. You get emotional. No matter how thorough and proactive we are, a wrench can come from any direction and knock you off your square. You can have your eyes set on a house and your offer can get rejected. You can have your eyes set on a house and be in contract and then the inspection comes and unveils a bunch of issues that you never expected. And while we can simply ask the seller to make repairs, they can and sometimes will give us hell about them. There can be issues with the title. And let's not talk about the bank who can wait until the last minute to drop a bomb that that you may or may not be able to recover from which is why I always give the advice to always have more money than is expected for closing costs for those little "just in case moments". Now once, again, I don't mean to scare you but I need to make sure to prepare you."
Her reply, "Wow, I never knew. So what I am going through is typical?" "Yes ma'am," I said to her.
A couple weeks later when she started to get discouraged because she hadn't found anything else to her liking yet, she called me and thanked me for "THE TALK" because had she hadn't heard my brutally honest talk, she would've thrown in the towel in her search.
What I find is that my talk, though brutal, is effective. Every time a buyer faces a challenge, I get the same response, "You told me to be prepared for these things. I'm glad you did."
So, back to my original question, do you have "THE TALK" with your buyers?
Buying a home, especially your first home can be a crazy thing. You're like a fish out of water. You turn to real estate professionals to guide you through your process and lead you to the promise land safely with no scars and a smile on your face. Your family and friends get wind of what you're doing and you've got information coming from all angles and you really don't know who to turn to for answers. What do you do? 
Well, you ask somebody. I will tell you that when you're buying a home, the only people from whom you should seek advice are those who are trained in the area you have questions in. Now, everyone knows someone who has gone through the process and will be more than delighted to share their "friend's" experiences with you to help you out but everyone's experience is unique and my rule of thumb is if they haven't been trained and they don't do it everyday, chances are, their answer isn't gonna be the right or best one. With that being said, there are a few key people that you will want to direct your questions to during your process, and they are:
1. Your REALTOR: This person owes you the fiduciary responsibility of acting in your best interest, educating you as much as possible on the real estate market and area you wish to live in, giving you advice within his/her scope of expertise on the aspects of your search and transaction, working with your lender to gather any information and documents they need in order make sure you make it safely and securely to the closing table, and working as hard as they can to relieve some of the stress that comes along with buying a home, being your seeing eye on the market and protecting you from making costly mistakes during your purchase, and a host of other services which may or may not include coaching you through breathing exercises in the event you may start to hyperventilate when you have finally found *THE ONE* or if you have found *THE ONE* and the news has to be broken to you that it is "currently under contract" despite the fact that it was listed as active.
2. Your loan officer: This person is the glue that holds it all together, the light at the end of the tunnel, the baconator who holds the key to your heart, he would without him, you would be stuck in the pit of rent. This person my lovelies, has the wonderful task of guiding you to the money, and educating you ‘til your eyes are blue about the finance portion of your transaction. To make your life easier and your lender a little happier, please be prepared to provide your loan officer with: the last 2 years w2's and tax filings, last 2 month's pay stubs, and the last 3 month's bank statements. It would really please the bank AND your REALTOR, if you refrained from making any large deposits that cannot be explained or linked to a closing gift, spending your reserves and closing costs, maxing out your credit cards, submitting credit applications, and becoming delinquent in any bills during the life your transaction as this would give them the daunting task of delivering the news to you that your once approved mortgage is now denied.
3. Your home inspector: This person is the guy OR gal who has been trained to open your eyes to the not so pretty attributes of your new home that the current seller will hopefully, with the help of your REALTOR's negotiation skills make them all pretty again. He/she will come to the home and dig deep into the cracks and crevices to ensure you're not purchasing a money pit. They will inspect the interior and exterior of your home to uncover any issues your property may have i.e. roofing, structural issues, building code violations, heating, plumbing, and electrical. They will take pictures and provide you with a detailed report (some including cost estimations and some not) explaining their findings and what they "recommend" to be repaired and what is "required to be repaired.
There are others who will be key in your transaction such as:
Note: It is imperative that you let each of the people do their own job. Your loan officer is not a REALTOR so I wouldn't suggest relying on him/her for real estate related questions. Your REALTOR is not a loan officer and though it is a wise choice for your REALTOR to be well versed in the loan process, it is much better if you go directly to the source for this information. Neither your REALTOR or your loan officer are inspectors so any questions related to these issues should be directed to your inspector. Yes, your REALTOR will most likely advise you on some things regarding your house as we are required to disclose any known defects but the rule of thumb is to ask your inspector. Hey, you're not paying him/her pennies so make sure you get your monies worth. Remember, as Realtors, we come across a lot in our profession as most issues are repetitive but it is better to let everyone involved stick to their position and things will run much smoother.
Happy buying...........Oh and one more thing: DO YOUR OWN HOMEWORK!!!
FOR IMMEDIATE RELEASE January 15, 2008
CONTACT: April Ward Marie Bontiago
Business Development Director Owner & REALTOR®
EXIT REALTY "The Waterfront Group" EXIT REALTY "The Waterfront Group"
(O): 215-425-2200 ext. 106 (O): 215-425-2200 ext. 102
(M): 609-221-8332 (M): 609-841-9282
exit_bizdevelopment@hotmail.com exitcommercial@aol.com
A local Real Estate Company, EXIT REALTY "The Waterfront Group"
Gives A Deserving Family A Home
(Philadelphia, PA) January 15, 2008 - EXIT REALTY “The Waterfront Group” will be giving a deserving family in the Philadelphia area a home.
Owner & REALTOR®, Marie Bontigao created the “Tabula Rasa Project” to promote homeownership and to give a deserving family, a place to call home. The term Tabula Rasa is a Latin phrase for “A Clean Slate.” EXIT REALTY “The Waterfront Group” is giving a family a chance for a “New Beginning” and to own their own home. The “Tabula Rasa Project” was launched on Friday, December 21, 2007, on-air with 105.3 WDAS FM radio, Philadelphia City Paper ads, Internet and E-mail campaigns.
The “Tabula Rasa Project” will announce the chosen family on February 14th 2008. Our goal is to give away a home two times this year.
EXIT REALTY “The Waterfront Group”, independently owned and operated by Marie Bontigao, is committed to serving the community. In addition to addressing your real estate needs, “The Waterfront Group” provides free real estate seminars and workshops open to the public such as First time homebuyer, Investor’s seminar, Finance and Credit Counseling Workshops, Networking and Career Night and so much more. They are conveniently located at 1080 N. Delaware Avenue, Suite 200 Philadelphia, PA 19125.
For more information on the “Tabula Rasa Project” and EXIT REALTY “The Waterfront Group”, please call (215) 425-2200 or visit www.exitwaterfrontgroup.com or email: Events@exitwaterfrontgroup.com
 |
|
|
You're EXIT Strategy Starts With Dee
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
