Additional Statistics You Should Know . . . - 05/31/11 07:41 AM
Additional Statistics You Should Know . . .
Now that you are the statistics and market expert (and, you are one of the few) it's time to add some additional knowledge.
In addition to the neighborhood statistics - add the following to your repertoire of information.
Key Features of each competitive listing Prices and time on the market for each competitive listing The "Pros and Cons of each competitive listing How does this help?  When you get to the pricing issue, you will have first hand knowledge to compare their home with all of the competition.
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Increasing Your Market Knowledge . . . - 05/24/11 12:13 PM
Increasing Your Market Knowledge . . .
Now that you have the area statistics and knowledge, you are ready for your next step which is ...
Find the same statistics and knowledge for the specific neighborhoods that you are working. This one will take a little work and research, but it's well worth the time.  Imagine going to a listing presentation and knowing all of those previous statistics but for that specific hoe and that specific neighborhood.  While most agents will pull up the MLS information an hour prior to their appointment - you will have a MAJOR advantage to use … (0 comments)

Look Past The Headlines - 05/23/11 03:53 PM
Earlier this week, Trulia and RealtyTrac issued a press release regarding a survey completed for the two companies by Harris Interactive. The press release, American Expectations for Housing Market Recovery Falters , reported:
"As more cities across the nation experience double dips in home prices, more than half (54%) of U.S. adults believe recovery in the housing market will not happen until 2014 or later, according to the survey released today."
And both organizations that commissioned the survey addressed the reasons Americans may feel this way:
Rick Sharga, SVP of RealtyTrac
"Our survey reflects a growing perception among potential homebuyers that … (0 comments)

National Housing Survey: What America Thinks - 05/23/11 03:19 PM
Each quarter, Fannie Mae releases their National Housing Survey. They survey the American public on a multitude of questions concerning today's housing market. We like to pull out some of the findings we deem most interesting each time it is released. Here they are for the most recent report:
The Most Important Reasons to Buy a Home
When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. However, the study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, … (1 comments)

Should I pay off my mortgage? - 05/19/11 02:09 PM
  
 
When there was easy money to be made in real estate and stocks, mortgage debt seemed like nothing to fear. Now an increasing number of homeowners are wondering if it makes sense to hasten the day they can say goodbye to a big monthly expense while earning the equivalent of a decent, guaranteed return."I'm hearing this question more now that clients aren't feeling as comfortable about the market," says Los Angeles area financial planner Eileen Freiburger.Maybe you're part of a young family, and whittling down your loan balance seems like a sound strategy. Or maybe you're counting down to … (1 comments)

More about Market Knowledge . . . - 05/17/11 08:24 AM

Let me ask a question - "Where do you find this information?"
Numbers of homes that well each month? The average selling prices? The sale price to listing price ratio? The average days on market? The absorption rate? And the number of homes listed each month? In most areas this information is readily available from the MLS, the Local Realtor Magazine or even in our office information center.  Your next step is to find those charts and statistics and internalize that information.  Simply by increasing your market knowledge - you will increase your confidence!
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What Homeownership Truly Means - 05/13/11 11:28 AM
Last week, my son and I were flying home after spending a week at The LeadingRE Conference in Las Vegas. He said he couldn't wait to sleep ‘in my own house' again. That made me think of this blog post I wrote last year. - Steve
My Son, His New Home, and What It Means
Every week we try to help you put an accurate value on housing in today's real estate market. We give you all the charts, report on all the surveys, and quote every housing expert willing to talk on the subject. And we are still not 100% sure … (2 comments)

It may not be the way, but sometimes you must - 05/12/11 12:16 PM

Basic Guide for Cold Calling 
 
If you have read our previous articles on this topic, you will get the impression that we do not think highly of "cold calling." Sales people actually ignore previous and present customers as sources of additional business while they spend their time focusing upon cold calling for new business. We spend much time and resources bringing in this business and our easiest source of additional business is our existing relationships. Yet, bookstores are filled with works teaching us how to become effective cold callers through advanced techniques.
 
In fact there are some situations … (2 comments)

Let's Talk About Market Knowledge . . . - 05/10/11 10:12 AM

Start by taking a walk around your office and ask different agents some of the following questions:
What are the numbers of homes that sell each month? What is the average selling price? What is the sale price to listing price ratio? Do you know the average days on market? Do you know how many months of inventory are on the market - known as the absorption rate? What are the number of homes listed each month? Do you know what?  First, you'll be amazed at how many agents don't know these statistics.  Second, you could market these questions to … (1 comments)

Shedding a Little Light on Shadow Inventory - 05/09/11 12:04 PM
Last week, we posted a blog titled: The Impact of Distressed Properties on Neighboring Values. In the article, we said there would be more distressed properties coming to market in the next six months and that these properties would put added downward pressure on prices of other homes in the area. Some questioned our assumption that foreclosures were about to increase and others questioned our assertion that they would have a negative impact on values. We want to qualify both of our statements today.
Distressed properties are about to increase
We have been in the ‘eye of the storm' regarding the shadow … (0 comments)

The Fed's New Dilemma - 05/05/11 08:16 AM
The Fed's New Dilemma  
Each time the Federal Reserve Board has met in the past few years, the questions have been the same. How do we overcome a huge recession and the hangover caused by this recession? The real estate market was a mess. Unemployment was soaring. Confidence was waning. The response by the Fed was comprehensive and massive, including super low rates, purchase of mortgage and Treasury securities and providing liquidity to banks and other financial institutions. The end of the recession did not bring a pause in the Fed's work. The tepid recovery was fragile and required more … (1 comments)

Shortage of Homes Coming? - 05/04/11 09:51 AM
Shortage of Homes Coming?   
"In 35 years I've never seen a shortage of new construction like the one I'm seeing today," declares Mike Cast leman. "America needs to build a lot more houses. And in most markets the price of new homes is fixin' to rise, not fall." Castleman is in a unique position to know. As the founder and CEO of a company called Metrostudy, he's spent more than three decades tracking data on the country's inventory of new homes.The key figures that Metrostudy collects are the number of homes that are vacant and for sale in each city, … (2 comments)

Affordability Soaring - 05/04/11 09:20 AM
Affordability Soaring    
A new report from Deutsche Bank notes that housing affordability is presently at an all-time high. DB's proclamation is based on figures compiled by the National Association of Realtors. Bank analysts note that the acceleration in affordability is "unprecedented" and it should help stabilize both housing starts and residential construction.DB believes the chief reason why housing activity has stalled is lending standards. "This is the one area where senior loan officers are still tightening, unlike what they have done for consumer and commercial/industrial loans," the bank said. Its analysts believe when banks and lenders "become willing to … (0 comments)

Do You Know the 2 CRUCIAL Skills That Set You Apart From Your Competition? - 05/03/11 06:41 PM
Do You Know the 2 CRUCIAL Skills That Set You Apart From Your Competition?
1. Customer Service.
This may be the one piece that you either Have or Don't!!!  Why?  Because, it's all about caring!  You either care about your prospects, clients and customers enough to give exemplary customer service or you don't.  You will have your own standards and expectations and you will either live up to them or not.  It is your choice and your responsibility.
2. Market Knowledge.
Do you have above average Market Knowledge?  It has always amazed me how many agents really don't.  Quite frankly - … (0 comments)