Charlene's Gold Key Gab

The Importance of Choosing a Reputable Lender

Charlene Fairman (Keller Williams Capital Partners) — Mon, 24 Mar 2008 11:29:54 -0700

By now everyone has heard of the subprime fallout and the effect it's having on our economy. In a nutshell, some lenders made loans to people without requiring a down payment or even verification of income, and once interest rates went up, some owners have found it easier to walk away than to try to keep up their payments. Which is why I'm writing this month about the importance of choosing a reputable lender when shopping for a mortgage...

How important is a reputable lender? Well, considering that for most people their home purchase is the largest transaction they'll have in their lifetime, it's very important. Your most valuable financial asset must be in the hands of someone you completely trust, can make the difference between a smooth transaction and a difficult one, and, of course, can save you thousands of dollars in the end.

Also keep in mind, because of the high default rate, sellers and their real estate agents have become increasingly skeptical of pre-approval letters from mortgage brokers they don't recognize. A pre-approval letter from a known, reputable lender will put you in a stronger bargaining position, particularly if you find yourself in a multiple offer situation with other buyers.

So, where do you start? First, start by asking around - nothing beats first-hand information! Friends, relatives, neighbors, anyone who has recently bought a home will tell you if their lender was good or not. And, of course, your realtor, who deals with mortgage brokers and banks every day, knows who the reputable, trustworthy lenders are - after all, who more than your realtor is going to want you to get the best, most efficient lender around?

Once you have a list, you should start calling and asking for quotes. Be sure to compare apples to apples with these quotes. The rate is not the entire story, closing costs can make a big difference in your final costs. Try to make the calls within the same few days and to ask the same questions (for comparison purposes) so you can be sure that there are no big changes in the home mortgage market.

Just a quick note about online lenders: You probably see many ads on television and the Internet about low mortgage rates, and you may want to go online and see if there are more competitive rates there. Remember that with online lenders sometimes the rates published are often for loans which have very tightly defined criteria that few borrowers meet. Online lenders generally cannot provide the knowledge and feedback that might help you make the best choice among the wide range of mortgage options. Like having a local real estate agent, it's usually best to have a local lender who is more familiar with the market.

Ask yourself these questions. Is your prospective lender available when you give him a call? Does he get back to you promptly? Is he accommodating when responding to your inquiries? Does he seem to understand his business? Is he well-versed with the refinance home mortgage industry?

If the answer to these questions is yes, you can bet you've found a lender you can trust. Finally, just listen to your own instinct when it comes to choosing a lender. If you feel uncomfortable for any reason, it's best to continue looking for someone else.

I will certainly be happy to help you find the right person for the job - Happy March!

Charlene

P.S. Don't forget to use the calculators on the Gold Key website to start your search - figure out how much you can afford before talking to a lender!

The Importance of Choosing a Reputable Lender

Charlene Fairman (Keller Williams Capital Partners) — Mon, 24 Mar 2008 11:28:54 -0700

I will certainly be happy to help you find the right person for the job - Happy March!

Charlene

P.S. Don't forget to use the calculators on the Gold Key website to start your search - figure out how much you can afford before talking to a lender!

It feels like spring is just around the corner

Charlene Fairman (Keller Williams Capital Partners) — Mon, 03 Mar 2008 09:12:06 -0800

As I prepare this morning for my buyers today, I am excited to get outside and show homes. I wont have to put on three layers of clothing, get out my snow boots and fear breaking my nose again (another long story). It is sunny and bright outside. What a boost for our disposition.

This is certainly a great time to be working with buyers. Interest rates are very good and homes are priced aggressively for the most part. Our attitudes as realtors should be so upbeat. I am really tired of the negativity and have no time for it on our team. We are encouraging our buyers to get out there and look at the inventory of homes.

So go wash your car, put a smile on your face and find your buyers a great new home.

House Hunting Should be Fun!

Charlene Fairman (Keller Williams Capital Partners) — Wed, 06 Feb 2008 13:02:28 -0800

You've decided it's finally time to shop for your first home or a new home. GREAT!!

Now before you get into your car and start driving around through neighborhoods, do yourself a HUGE favor, call your local realtor. Your realtor is a pro who searches the market every day for homes that are a good value. Their job is to look out for their clients to make sure they don't overpay for a home and to be sure the house compares favorably to the local values. Their expertise allows them to sort properties for you and show you the ones that really fit the bill for your needs.

I can tell you from personal experience that looking for a new home is really fun the first time out looking. When you are spending your fifth day off in a row looking at houses, it is not fun. With gasoline at $3 plus per gallon and your time off priceless, this should be a concern you address up front.

I pride myself on really listening to my clients when we sit down to discuss their home search prior to getting in the car. When selecting a realtor, make sure they don't just put you in their car and start driving around. It is in your best interest to take an hour and sit and talk with them about your new home BEFORE you look. Your time is too valuable to waste looking at 50 houses...by the 20th one they all look alike anyway...

Realtors save you money and time, minimize drama, and make the experience an exciting, fun, and rewarding one.

Happy house hunting!!!

Trading Up - A reason to love this real estate market...

Charlene Fairman (Keller Williams Capital Partners) — Fri, 25 Jan 2008 10:56:28 -0800

Many people are looking at the current real estate market as a terrible thing. Our team on the other hand is seeing the silver lining for our clients. Several years ago, the market offered us very good interest rates, but at that time, we were in the depths of a seller's market and home prices were in the "top dollar" range. Today, we have a buyer's market with rates that are nothing short of phenomenal. Whether you are a first time buyer or a homeowner with a growing budget, this market is offering us the "perfect storm". The clouds are full of savings, showering down on you.

Silver Lining #1: First-Time Buyer. It really is a phenomenal time for first-time buyers to buy a home. The rates are super duper....

Silver Lining #2: The Trade-Up. If you are thinking about going from your starter home to a family home, or from your family home to an estate, this is a great time to buy. Why? Two words: Instant Equity. Consider:

Let's say (for simplicity's sake) that the market is 10% off last year's prices across the board. Well, if your current home is worth $200,000, that means you would sell it for $180,000 (10% off $200k) in today's market. That doesn't feel very good. BUT, let's say you're upgrading to a $350,000 home. You would be able to buy that home for $315,000 (10% off). So you lose $20k on the sale, but you gain $35k in equity on the buy side. I look at this as the win/win for my clients. The result of our "perfect storm".

We are currently working with several of our clients to accomplish this exact scenario. If you are a first time buyer, give this a lot of thought. Renting is like tossing cash out the window. The rates are really good...call me for more info...For our current homeowner clients, if you have been thinking about moving, you can be in before the flowers bloom..

Happy January.

Charlene

The window of opportunity won't open itself

Charlene Fairman (Keller Williams Capital Partners) — Wed, 28 Nov 2007 10:15:13 -0800

We are hearing every day now that the housing market is in a huge crisis. The more it is said, the worse it gets. As realtors, it is becoming frustrating that the buyers now think they know everything about the market because of the news media. We are working with many buyers right now that are waiting to buy because they know the prices will go lower. I am asking myself, self how do these buyers know what the future holds? I certainly don't know, I asked other agents in my office, they don't know. The people who seem to have more knowledge are the buyers and the news media. How have they gotten this information? Someone has taught them to look into the future! I want to know how to do that! If you are one of these lucky people, could you please email me and tell me how you found out!

When I started my real estate business, early on, I received a fortune in a chinese fortune cookie that read "the window of opportunity won't open itself". I think about that now with the housing market. It is difficult to catch the bottom. It will be gone when you finally realize it. There are opportunities every day to get great homes for very good prices. Time is a precious commodity, you can't go back and get more. Why spend so much energy and time trying to guess at something. If you are in the market for a home, find one that you ove, buy it and spend your precious time enjoying it...

Just a thought

Who do you listen to about the housing market?

Charlene Fairman (Keller Williams Capital Partners) — Thu, 01 Nov 2007 09:26:10 -0700

With the housing market being center stage right now on the news, it is hard to get through a day without hearing someone who claims to be an expert, or who knows what is going to happen with the national market regardless of where they live. I am hoping that you will listen to just one more commentary, from me.

My credentials are local; I sell real estate in about a one hundred mile radius in and around Columbus. Our team will sell over one hundred homes this year and we are extremely active in the market. I peruse daily the new listings, the in contracts and the sold homes. I consider myself an expert of the local real estate market.

It is imperative to be located in the city which you are discussing. Real estate markets are local, they are not national. Although the national market is down overall, there are pockets in the US that are very strong. If you are going to listen to someone about the market, please choose a local expert, not an expert from say, New York.

Most of the people talking about the market right now really are not educated about the subject. They do not study the listings and the sold properties. They are not writing contracts and negotiating between buyers and sellers. What they do is get opinions from many sources. And opinions are not in short supply. That is why it is tough right now to know who to listen to, everyone has become an expert.

Buying a new home and working with a realtor require trust. They are going to be assisting you in the largest purchase you have made in your life. They are not your buddy, they are a professional who studies the market and who can show you the properties that best fit your needs. It is important to have a realtor that you can and will listen to. If you feel you know more than the realtor, discuss it.

Many buyers right now feel that they are very knowledgeable about the market. In some cases, buyers feel that they can make any offer, but don't have the facts to back up what they say. This is a common problem right now. As professionals, we are happy to address these issues with our clients.

That is why this question is so important; the listening question. My advice on who you listen to is your trusted local real estate professional. They don't make up an answer and they don't give an opinion without doing the research. They look at facts, cold hard facts. They then take those facts and apply their experience and their knowledge of the market. It is not easy to be a realtor right now, it is normally hard work, and currently it is more than challenging.

Most realtors are happy to provide help to buyers, so if you have a question about the market, or a house in particular, ask your local realtor. They are the experts!

Regards,

Charlene

What to look for in a realtor?

Charlene Fairman (Keller Williams Capital Partners) — Fri, 12 Oct 2007 13:46:52 -0700

This is a question that many people wonder about when looking for a home. There are many articles written that speak to reasons such as negotiating, providing you comparables, helping the client to understand the process and preparing the paperwork.

Being the rebel that I am, I decided to forego the articles to answer this question and headed straight to the experts for feedback, our clients.

The things that they think are important in a realtor and that helped them to make a great decision in buying their home or condo is the things that our team tries to excel in everyday. We have melded their thoughts along with our team thoughts to come up with the following:

People should use a realtor who is knowledgeable about the market. To be knowledgeable requires more than just selling fifty houses a year. It requires looking at new listings every day, keeping abreast of the news, taking seminars and classes often, and continually checking on market conditions. This helps when you, the buyer, finds the house of your dreams. You know that you have someone who can inform you with facts and research.

A realtor should be professional in looks and actions. By professional, we mean courteous, respectful, informed, prompt to appointments and have attention to detail. Our team also feels it is very important to look professional, we think our clients appreciate that as well.

Our clients also want to have things explained to them upfront, so that surprises don't arise mid contract. They want someone to willingly answer their questions and have the patience to explain about a process of home buying since many are first time buyers.

Another important item that our clients really like is our availability. Having a team allows us to have a licensed realtor on call seven days a week. That means if one of our clients needs to look at a home or someone wants to see one of our listings, there is someone to help them out. Whomever you choose, should make time available when you are available, most good realtors work evenings and weekends.

As usual, I am saving the things I think are most important until last. I think it sets a great realtor apart from a good realtor. Are you ready, it will sound very simple and it in truth is not easy at all. It is the ability to listen to your client's wish list for a home, to ask the right questions, to listen to the answers and to deliver the right type of homes for them to view. This to me is the single most important thing I can do that will make the largest difference for clients and it is always the nicest compliment I get. To have a realtor who is tuned in to your needs, your budget, and your wants is the best. If you have someone like that in your corner, you should be very well taken care of.

The five counter offer

Charlene Fairman (Keller Williams Capital Partners) — Wed, 10 Oct 2007 10:53:49 -0700

When someone asks me what the market is like right now, this has become the answer. There are so many homes for buyers to choose from and the tendency is for the initial offers to be quite low, so hence we counter, they counter, we counter....well, you get the picture.... A few years ago, there was no opportunity for the buyers to counter, it was give your best offer and maybe there won't be another offer come in prior to getting the one counter offer you were hoping for. If you were lucky enough to get it, then in most cases you took it and were forever grateful.

How times change. Most sellers right now are extremely happy to get offers and then, of course, the counters begin. How many counters does it take? Actually, my record this year is eight...and the deal still didn't come together. The reason to write about this is to not tell you something you already knew, we all know that it is a buyer's market. The moral of this story is that there are buyers out there looking for homes. They do have an enormous number of homes to look at and they are looking for good value. But, if you have a home to sell and genuinely want to sell, it will sell. If you want to buy a home, this is a wonderful market to do so.

No one will know where the bottom of the market is until it is here and gone. If you are waiting for the bottom, unless you have a crystal ball, you will miss it. There are many good buys already on the market just waiting to be snapped up by the right buyers. So my advice to you as a realtor who has experienced both markets is to take advantage of the great interest rates and the abillity to get a great buy, because we never know what tomorrow will bring...

Sunday open Houses

Charlene Fairman (Keller Williams Capital Partners) — Sun, 18 Mar 2007 23:06:39 -0700

I have been trying to start my blogging...so here goes...

Today, I was going to meet clients at a listing of mine and walked into a situation that is making me rethink some of my recent views on open houses...This was a second showing on the listing and yesterday I had shown these clients several other condos in the same price range and with the same space and amenities...I was sure they were going to write an offer on this condo this afternoon...Well I walk in with them and they had been visiting open houses in the area and doing that totally changed their minds about what they were going to buy...A total surprise...either I had not asked the right questions or they had just done a 180...well, we sat down and talked about it and they said that seeing this open house just totally wowed them and they thought the extra space would be nice, not necessary but nice..So I went back to the condo with them and saw exactly what "wowed" them. Once they saw it, the 40k price difference above what they wanted to spend didnt matter and we wrote an offer this evening...my point in all of this, is that I have really been down on open houses this spring and unless my sellers really want one, I shy away from doing them. Today opened my eyes a little and I am going to rethink my views on this..I realize the coincidence of this today and know that open houses usually dont sell houses...but...in this market, we need all the exposure we can get for listings. In the past year, my thinking has been to lead generate in other ways..not open houses...but maybe my thinking is not valid....

Can anyone give their thoughts about the Sunday Open House....is it working for others lately...to generate leads....