I've noticed a distinct change in the market. When placing listings in the MRIS, I always put "call first" in the showing instructions. Usually the showing agent makes the courtesy call, we make some small talk, and I take the opportunity to discuss some of the properties highlights, and that is pretty much it.
But that has all changed. It seems that with most of the calls that I have gotten in the last few weeks start out with the same question. "Is it still available, and do you have any offers in on it?"
So, there is a lot of talk about the economy, about when we will see the bottom of the market, where rates will go, when the buyers will come out, and so forth and so on. I don't know what the answer is to that; I am not sure anyone really knows. But this question means something, and I think it must be that buyers are putting in offers and are losing out to other offers.
Either way, it seems there are some buyers out there, and they are writing some offers, and they are not always the only one putting an offer in.
"Selling Homes & Foreclosures In The Fredericksburg Virginia Area"
Some days it feels like the market is swinging like Tarzan on a vine as he chases Jane through the jungle. I have noticed some interesting patterns recently, but I can't say that I have an explanation for them.
Two weeks ago, it seemed as if every contract I saw was a full list, or more, and some had escalation clauses. Some were foreclosures, some were not.
Last week, I see lot of offers again, yet this time I see a rash of low-ball offers. Like $100,000 low on a $350,000 property. Someone has been watching too much TV.
Sometimes it feels as if buyers have a collective consciousness as they go about the process of finding their next home.
Bottom line though: There seems to be buyers out there, and we are seeing multiple offers on some properties.
Coldwell Banker Elite - Fredericksburg VA
"Selling Homes & Foreclosures In The Fredericksburg Virginia Area"
The Market Was Crowded Today - At Times I Felt Like I Was Vying For Front Row Seats At A Rock Concert.
I've got great clients. They show up on time, they make decisions, and they are realistic. I could not ask for more. We have written offers, fair offers, on three different properties. Beat out every time, but that is a story for another time.
Todays story is about traffic. There was a lot of it. We saw 13 houses in the Prince William & Stafford County areas. That may seem like a lot, but this client does not waste time, and we can move though them pretty quickly.
At the first couple of homes it was pretty quiet. But at home number 5, that all changed. We pulled up, and 2 different Realtors were there showing. Wow! When is the last time we saw that? House number 6 - another Realtor there showing. House number 8 - same story.
House number 13, the last one. 4 Realtors. 2 leaving when we got there, 1 showed up at the same time as us, and 1 showed up as we were leaving. We wrote on that one.
Wow! What a great sign. No, I don't have a lot of market statistics in this blog. Only observations; there seems to be buyers out there.
Then - I get back to my office and there are 3 offers on one of my listings. 3 offers!
In the price range of $250,000 and less, there seems to be a movement afoot.
"Homes & Foreclosures For Sale In The Fredericksburg Virginia Area"
Man, I love Real Estate. It has been great to me. Being my own boss is the best. Not being anyone else's boss is even better. Alas, all good things must come to an end. Business is good. Closings are stacking up. So is paperwork. Now, I am not the smartest guy around by any means, but do know enough to recognize when it is time to get help, and that time is now. But it brings with it so many other issues. Mainly - I DON"T WANT TO BE A BOSS AGAIN. Been there, done that. I have run companies with 75 employees. 75 different personalities.
So hire an assistant? What about this Virtual Assistant thing? What is the best way to go? Any and all ideas and suggestions are welcome.
"Selling Homes, Foreclosures, & Real Estate In The Fredericksburg Virginia Area"
The Bad News Media is hard at work every day. Economy stinks. Lenders are going under. Company earnings are in the toilet. Builders are in trouble. Homes are not selling. The list goes on and on.
Well, I don't know much, but I do know this. For a fact.
On the buyers side. I have a client. We wrote on a house. 3 other offers on it. We found another. 2 offers on it. We found a 3rd yesterday. Only 1 offer on it. We wrote fast.
On the sellers side. I looked at my history for the last 30 days. Of my listings that are under contract, 4 of them had multiple offers. One had 5 offers on it.
I don't know much, but I do know this. Somebody is buying.
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RE/MAX BRAVO - Selling Homes & Real Estate In The Fredericksburg, Stafford, and Spotsylvania Virginia Areas. Inexpensive Homes Available In All Areas ! www.fredva.com
RE/MAX BRAVO - The Agents Who Make The Difference
So, you're looking to buy a home?
Buying a home should not be like having a tooth pulled; rather it should be one of the most exciting adventures that you ever embark on. What more could you ask for? You have exploration as you seek out new homes and neighborhoods. You have excitement and anticipation as you narrow down the choices and compare the pros and cons of different properties. And most of all, you have that feeling of success and accomplishment when you find that special property.
Sounds great, right? But how do you get there? Where do you start?
Never fear. Help is at hand.
Step 1
Call your lender. Call our lender. Call any lender, but call a lender. This short 10 minute phone call is one of the most important calls you will ever make. The object of this call is to get you "pre-approved" for a loan. The Lender will ask you some very basic questions, and after quickly reviewing the information, will then tell you how much house you qualify for. This is very important. You don't want to waste your time looking at homes outside of your price range. Even more important, you don't want to skip looking at houses that might be great for you because they were priced at what you thought was out of reach, but in reality was not. At the completion of this call, the lender will usually give you what is called a "pre-approval" letter. This is a very important document. We'll talk more about that later.
Step 2
Call or email your Realtor. (Preferably us). Tell us a few things. Where do you want to live? What is important to you in a house? Large yard? Big kitchen? Basement? Close to shopping? Anything that will help us to find that perfect home for you.
Step 3
Your Realtor (again, and I can't stress this enough, we really do prefer that it be us) will send you listings that they think meet the criteria that you have provided. You review listings and provide feedback. A few emails back and forth, and you will usually find that you have very quickly narrowed down the list of homes that you want to see.
Step 4
Now the fun begins. We start touring homes. You notice I said we. At this point, I am assuming you took the hint from the prior paragraphs.
Step 5
After viewing a number of homes, you have decided on the home that is right for you. Now it is time to make an offer. We will provide you with all the market data and other information in order to come up with an offer amount, but the final decision will be yours.
There a couple of things you will need to have when we write up your offer. One of them is your checkbook; we'll talk about that in a minute. First, let's talk about this mysterious letter that your lender gave you. The easiest way to explain this is to ask you to put yourself in the seller's shoes for a moment. Your house is on the market, and you get an offer. The purchaser's letter from their lender gives you some level of comfort that this purchaser can in fact get a mortgage, and their offer is strong enough to warrant taking your house off of the market. I can't stress enough the importance of having lender letter in hand when you start looking at homes. This letter is an important part of any offer, and I can tell you quite a few stories of folks who find that perfect house, but did not have their lender letter in hand, and for one reason or another, the seller accepted another offer.
But why do you need a checkbook? For the same reasons that the seller wants to see that lender letter. A deposit gives the seller some level of security that the purchaser is actually serious about buying their house, and is willing to put up some amount of money to show their level of seriousness. There are also some contractual issues we will certainly discuss with you. You might ask "How much money do I need for a deposit?" There is no amount that is set in stone. Typically, in our market, the average amount seems to be around $1,000, but we have seen plenty of deals with more, and plenty with less.
Step 6
The contract/offer is written up and delivered to the sellers agent. The sellers agent presents the Offer to the Seller, who either accepts, rejects, or makes a counter offer. If accepted, and the seller has signed in all the appropriate places, and then delivered to you, you generally have what is called a "ratified" contract. This simply means that all parties have come to terms, and that an enforceable contract now exists.
If there is a counter-offer, you can accept their counter-offer, submit your own counter-offer, or simply walk away. In today's market, there is usually a certain amount of give and take when it comes to counter-offers. Again, once all parties agree, and all parties have signed in all the appropriate places, and the contract has been delivered, the contract is considered "ratified."
Step 7
Now comes the waiting. Most of what happens now goes on behind the scenes. We will deliver a copy of the Sales Contract to the Lender that you have chosen, as well as to the Title Company that you have chosen. The Title Company is the company that handles the "closing" which is the transaction in which the title changes hands.
A couple of quick points on the issue of lenders and title companies. By law, you have the right to use any lender or any title company that you like. Most realtors will offer you a few options, quite often companies that they are familiar working with, but in the end, you have a legal right to choose.
The Home Inspection, assuming you have requested one, will be scheduled. The time and date of the inspection will be coordinated with you so that you may attend if you so desire. Home Inspections generally take a couple of hours.
Closing will be scheduled. Typically, closing will generally take place 30-45 days from the date of ratification, but this to can be a negotiating point on any contract.
And before you know it, you will be moving in to you new home. RE/MAX BRAVO is committed to making this important transaction a smooth one. Contact us today and let us help you being the exciting adventure of finding your dream home.
**Please note that this is an abbreviated synopsis of the home buying process, and should not be substituted for the advice of a qualified professional or to contradict the actual contract process. All purchasers are encouraged and advised to seek the advice of qualified individuals, whether they are realtors, attorneys, accountants, or other real estate and legal professionals.
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.
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