One of my pet peeves and frustrations when working with buyers or searching for comps is the surprising number of listing agents who do not post photos of their listings. And I do mean NO photos. Sometimes I will see a property on the market for say, 42 days and still not even a single exterior photo. Do you think there may be a reason no one is coming to look at your listing? With all the properties on the market we need to make decisions every day, together with our clients, about what is worth hopping into the car to see and what's not.
The listing above, a 2 bedroom condo in Washington DC, has been on the market for over a week. It is one my clients and I decided NOT to see this weekend.
I saw one listing just the other day where the comments began "one of a kind" ... gee, a single picture might have been nice. Was it unique because its sooo ugly? or unique because it was designed by a fabulous new architect -- I will never know....
Sometimes, the home has been on the market for many months, its surrounded by dozens of other similar listings, and there is only one fuzzy exterior photo, nothing showing any of the interior features. This may may be understandable when its a "value is in the land" or "inside has been gutted" type of listing, but 99% of the time its not. REO and short sale properties seem to be listed this way most of the time, at least in my area which is MRIS (greater Washington DC area).
As a listing agent, your fiduciary duty is to your clients' interests. You are hired to do a job, which includes marketing a property to the best of your ability. You have signed a contract, and you are going to get paid when the listing sells. If I were Mr or Mrs Home Seller and saw my property on line "presented" in such a fashion, I would call the agent and their broker, and yank that listing so fast it would make their head spin. I would not offer a second chance to correct the problem. This is too much of a fundamental requirement of marketing to give an agent an opportunity to correct, that's how I would see it as a seller. Anyone who has read Freakonomics and other such books knows the lousy reputation that Realtors have with some -- and this would certainly contribute to the sense that Realtors don't do much to earn their commissions.
I went on a listing presentation recently, and when asked what are some of the things that make me different from other agents they might be consulting, I explained, among other things, how much effort I place into obtaining professional quality photos and putting up a premium virtual tour. The sellers raised their eye-brows and said "don't all agents do that?" Would it be unethical for me to take copies of other listings posted on our MLS with me on a listing presentation, to prove my point? Let me know what you think.
Of course, I understand the luxury home owner not wanting photos posted on line showing the Picasso hanging on the wall, or the collection of antique silver. But honestly, how many of our listings fall into that category.
My personal approach is to have the entire photo shoot done and virtual tour ready to go on Day 1 that the listing goes live. Otherwise I feel that if the property is already on the market a week before all the photos go live, its contributing to a "stale listing".
So while this may sound a little like a rant (that's because after a Saturday spent visiting properties in the cold rain, it IS a bit of a rant), I hope it will prompt just a few more agents to post just a few more pictures...
Dana Scanlon GRI, Keller Williams Metro Realty (Bethesda MD)
Mercredi le 14 octobre 2009 à 19 heures - North Bethesda
L'immobilier et Wall Street en crise. Les prix en baisse depuis 3 ans.
Si vous songez à faire un achat ou un investissement, venez à ce séminaire afin de comprendre:
•· l'historique du marché immobilier aux Etats-Unis et dans la région de DC
•· l'impact de la crise, et les mesures du gouvernement pour inciter les achats
•· Qu'est-ce qu'un « short sale » ? un « foreclosure » ? comment fonctionne une vente aux enchères ?
•· avantages et désavantages d'un achat
•· les secrets du « FICO credit score »
•· toutes les étapes à franchir.
Ouvert à tous, en français. Présentation faite par Dana Scanlon, Realtor®, agent immobilier franco-américaine.
Le mercredi 14 octobre 19 heures au bureau Keller Williams, 11333 Woodglen Dr, Rockville, Suite 100 - près du Metro White Flint, parking libre le soir.
Pour réserver votre place (RSVP) et pour toutes questions (ou une consultation privée)
At a recent "lunch and learn" session at the Keller Williams market center in North Bethesda, Settlement Attorney Robert Moses from Home Team Title, presented the assembled realtors with some useful knowledge on HUD-1 settlement sheets, title insurance costs and a host of other data important to informing our clients before getting to the settlement table... and protecting their interests once there.
Among the very useful data he presented, was a chart comparing settlement costs in the various jurisdictions that make up our market in the Greater Capital Area.
For the sake of the comparison, he chose Mongtomery County in MD, and Fairfax County in VA, to compare with Washington DC. With his, permission, I am reprinting his chart regarding state and county transfer and recordation taxes.
In this example the sales price is $400,000 and the loan amount $300,000. Numbers have been rounded to the nearest dollar.
Maryland
Maryland
Virginia
Virginia
District
District
Mont.Cty
Mont.Cty
FairfaxCty
FairfaxCty
Buyer
Seller
Buyer
Seller
Buyer
Seller
State Transfer Tax-Sales Price
$1,000
$1,000
$1,000
$5,800
State Transfer Tax - Loan
$750
First Time Homebuyer Credit
($1,000)
County Transfer Tax-Sales Price
$2,000
$2,000
$333
County Transfer Tax-Loan
$250
Recordation Tax
$1,380
$1,380
$5,800
Principal Residence Discount
($172)
($172)
Grantor Tax
$400
TOTAL TAXES
$3,207
$4,207
$2,333
$400
$5,800
$5,800
As you can see from the above, buyers and sellers of real estate pay the highest premium in transfer/recordation taxes in DC, followed by Montgomery County, with Fairfax VA being on the lower end.
If you need a great settlement attorney, who will ensure your clients understand every detail of what they are signing (attention, first time home buyers, this is really important!), and oversee the implementation of the contract, I can recommend Robert Moses and Home Team Title. Phone: (301) 468-0080.
For many of you, the answer to that question is a definite yes!
If you have just received your property tax assessment in the mail, and are surprised to see a high valuation, its probably time to appeal. There is no reason to pay more taxes than necessary. The tax assessor may be looking at values from two years ago and assuming a continuous rise in property values. So plan to make a written appeal, and if successful, that could save you some bucks.
To do so, you will need to prove that the market value of your property is significantly below the assessed value. I can help you in that process because I can access comparable property sales figures from the last few months which will show the current market value of your property, which is to say actual sales price of similar properties in the same neighborhood.
If you would like such data, in the form of a Comparable Market Analysis, I can provide this to you on a complimentary basis. For properties located in Bethesda, Chevy Chase, Kensington, Rockville or Silver Spring, or any part of Montgomery County, just send me an email, with your property address. Be sure to include a description of the home's condition, list improvements or upgrades you have made, etc, and I will email back with the CMA in a form that you can use for the appeal.
To obtain more information on the appeals process, check out the following web site:
Recently, some clients of mine arrived from France, with an interest in investing in USA real estate and possibly relocating here on a permanent basis. I put them in touch with a Washington DC attorney and friend of mine, who specializes in visa programs for foreign nationals wishing to resettle here.
No Realtor should give advice to a client about who qualifies for what US Visas, but it can be useful to have a basic knowledge of some of these programs. Details on some of these visa programs were also addressed at a recent CIPS class that I attended.
At the National Association of Realtors mid-year convention in Washington DC last month, a panel discussion took place on this topic, and was addressed by Stephen H. Davis, an immigration lawyer based in Florida, who has developed a specialty in these programs. He jokes that he is just "a country lawyer", because he devotes so much of his time with clients from other countries.
One of the programs that the US government (US Citizenship and Immigration Services) has revamped in recent years is a program intended to attract foreign investment capital into the US, for job creation, in specific zones known as Regional Centers. These visas are part of the Regional Center EB-5 Program, known as "the investment visa". Investors must have at least $500,000 to invest in a commercial enterprise, the specifics of which vary by geographic center.
For example the Washington DC Regional Center is composed as follows: Legal boundaries of the District of Columbia (Washington, DC) and the contiguous adjacent areas of Montgomery and Prince Georges Counties in Maryland, Arlington and Fairfax counties in Virginia, and the city of Alexandria, VA.
In the DC Center, projects must be in: mixed hotel, retail, office and residential space, a soccer stadium, conference center space and industrial space.
In exchange for participating in the program, the foreign national is allowed to own property anywhere in the US, travel in and out of the country, obtain green cards for themselves, their spouse, and unmarried children under 21.
Another visa that may appeal to some is the E-2 "treaty investor visa" which might apply if one is buying a franchise in the US. Over 70 nations have such treaties with the US, including France, Germany, the UK, Canada, Japan, Korea, Australia --just to name a few. The investor must own at least 50% of the business and the business cannot be the investor's sole source of revenue (ie, such as being a shop-keeper).
As with all investments, there is a risk, so potential applicants should review these programs carefully, do their due diligence, and consult with a specialized attorney before embarking on this journey to America.
While I cannot give an applicant investment or immigration advice, I have developed the resources to help put the whole package together, and can supply real estate services in the entire Washington DC Metropolitain area including Maryland and Virginia. I can refer clients to competent real estate professionals in other parts of the country as well.
Built in 1872, this "Mansard" style mansion in the quaint town of Montlignon, is just 19 km from the Place de l'Opéra and downtown Paris. Situated on over 43,000 square foot (4000 square meters) lot with tennis courts and grounds-keeper residence. Luxurious residence with grand foyer entrance and staircase leading to formal living room and dining room opening to terrace for entertaining in style. Second living room/bar with fireplace. Marble and oak floors, with over 13 foor ceilings on main level.
Upper level features a spacious master suite with separate sitting room/office, and walk in closet, with private master bath. Two additional bedrooms and 2 full baths.
The top floor features up to 5 bedrooms/guest rooms, a large recreation room, one full bath and a half bath. In all, this luxurious property features over 4,300 square feet of living space (405 sq meters) on three levels.
Renovated in 1992, and brought up to current standards. Local ordinances allow additional residence of more than 4000 square feet to be built on the lot.
Offered at 2,980,000 Euros
for more information on this international property offering, contact Dana Scanlon at 301-575-4915 or email Dana today.
4 BR 3.5 Bath home on a quiet street and corner lot.
The kitchen with travertine tile floor, granite counters, gourmet appliances (convection oven) and breakfast area will wow you. Great flow and open feel, drenched in sun light. Hardwoods on 2 levels. Family room with fireplace and basement media room have upgraded carpet, new bathrooms with spa/steam shower and designer fixtures. Private Master suite has spacious adjoining den, full bath and closets galore. 30-year roof shingles (2008), copper gutters with leaf covers and don't forget the home theater wiring in basement.
Walk to pool, tennis, hiking trails, elementary school and so much good living...
contact Dana today for a visit tomorrow... be in the community pool by Memorial Day!
One of the factors that contributes to the strength of a local real estate market is the quality of its public schools. Fair housing laws prohibit realtors from giving their opinions on matters such as this, but there are a multitude of studies available that we can let our clients know about, so they can be informed buyers. One such study was just published in Newsweek magazine.
Not only is the Washington DC metropolitain area a great place to live, but many of the area schools are rated tops in the nation by Newsweek. While such measurements of school performance are sometimes controversial, its one of many barometers buyers may want to be aware of.
Several international investor clients recently asked me for information on the current market in the Washington DC area. Here are some of my thoughts, as presented to them in a longer study on the rental market in the area.
1. WHY NOW? THE BEST BUYERS' MARKET IN 10 YEARS
•· Huge inventory of unsold homes, more sellers competing for fewer buyers. This means more negotiating power for buyer.
•· Many foreclosures (bank-owned) and short sales (when owner cannot sell property for as much as he owes the mortgage lender)
•· These distressed property sales are exerting a downward price pressure on the "normal" sellers
•· The "normal" sellers will be putting their properties on the market soon, during the usual "spring market", thus adding to the inventory, and adding to price pressures
•· Prices have already returned to levels not seen in years. According to the 12/21/2008 Washington Post, average sale price in Nov 2008 for the metropolitain area was $343,000 which is a return to March 2004 levels. In Northern Virginia, prices are back to October 2003 levels. In suburban Maryland prices are back to Feb. 2005 levels. In Washington DC proper prices are overall quite stable, though there are distressed properties for sale as well. The farther away from the center of the metropolitain area, the more prices have dropped (inside Beltway/close to Beltway versus far from Beltway)
•· Interest rates are at an historic low and the federal government is committed to keeping them low for the foreseeable future
•· Lists of selected foreclosure and short sale properties, as well as other good opportunities, are available upon request.
2. WHY THE WASHINGTON DC AREA? STRONG LABOR & RENTAL MARKETS
•· Despite the recession, the Washington DC job market remains stronger than the rest of the country, and major cities around the world. The area's unemployment rate rose to 4.4% at the end of 2008, which is still enough to make many world leaders jealous.
•· Lower-paying jobs in the area are being replaced by higher-paying jobs for more skilled labor in the DC Metro area, according to the Center for Regional Analysis (Wash Post 12/21/08)
•· While the new Federal Base Closing (BRAC) legislation is shutting down many military bases nationally, it will add over 50,000 new jobs in Maryland in the coming years, including 2,500 in Bethesda.
•· The influx of professionals seeking employment in and around the new Obama administration, as well as the creation of more jobs in the Treasury Department and other sectors involved in the federal government "bail out" efforts, will add to the strength of the rental market.
•· The people who have lost their homes to foreclosure still need someplace to live, and are turning to renting
•· "Rents will continue to rise" in the Washington DC area, according to the Aug 30 2008 Washington Post, after posting an increase of 3.1% in 2007.
•· As for future resale values, our crystal ball is a bit cloudy. But according to a Harvard University study, home prices in the USA have increased on average 6% per year over the last 30 year period. Sooner or later we will return to a normal market with price appreciation. But we will not know we've "hit the bottom of the market" until prices begin to climb up,,,
For more information and a confidential consultation regarding your needs, please contact me at 301-575-4915 or email today.
Serving the needs of the international community, first-time home buyers and sellers in the Washington DC area, providing international exposure for their properties. Au service des francophones qui s'installent dans la region de Washington, a Bethesda, pour acheter, vendre votre bien immobilier. Accueil et accompagnement par un agent immobilier bilingue franco-americaine
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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