Lenn Harley, Broker, Homefinders.com in Maryland and Virginia

Hey, Hey, Make Your Day!! Turn That Listing Down!

2008-07-05T16:44:41Z

* * * * HARD CORE REAL ESTATE TALK * * * *

WHAT? YOU TURNED DOWN A $1,750,000 LISTING???

SOMETIMES YOU JUST HAVE TO SAY NO! It wasn't an easy decision but we turned down a listing for a $1,750,000 property this week. That was the suggested list price based on a careful analysis of like properties on the nearby market with the same amenities; waterfront, MLW, water access, lot size, finished square feet, unfinished square feet, landscaping, condition and finally similar properties sold in the past 6 months.

WHY, YOU ASK? One thing I learned many years ago was that there is a buyer for every home, if he price is right. However, some homes have such severe barriers to sale that they will be very difficult to sell no matter what the price. I do know many agents that would take this listing at any cost just to get he listing They would close their eyes to the investment needed to satisfy the seller and try to sell the house and just hope for the best. When I consult on a listing opportunity, I weigh the cost of marketing the listing based on the average number of buyers that it might take to sell the property. The formula is weighted by the price range, number of homes competing, comps, commission charged, etc. In this case, our fee was a healthy 7%, but, the numbers still didn't work.

IT'S ALL IN THE NUMBERS. The house has a serious defect that makes a more realistic list price in the $1,500,000 range and even then we are doubtful that the house would sell with the existing defect unless the buyer traffic were so heavy that we could attract a viable buyer. The problem is that the owners will not make the repair and insist on selling the property "as is". A seller who will not repair a defect to a house is no different than a buyer who thinks he can buy with credit defects. One way or another they, buyer or seller has to do what has to be done.

CAN WE SELL A HOME IN NEED OF REPAIRS OR UPGRADES? Sometimes. Depending on the price range of the house for sale, we can, with certain types of financing, credit the buyer with sufficient money to permit the buyer to make the repairs following settlement. There are, of course, FHA 203(k) loans whereby the buyer can finance the repairs. There are conventional "renovation" loans. However, they must be within reason. In the case of this particular property, the defect would require an out of pocket repair of about $100,000. The house has an incomplete addition that, IMO,

(1) would not appraise
(2) had no heat or air conditioning, defective installation, unworkmanlike finishing.

HOW MUCH WORK, TIME AND RESOURCES WOULD THIS LISTING REQUIRE? This is a question all agents must compute beforetaking a listing. Since the house had been listed for over a year, there was little change that a simple MLS listing would bring the number of buyers required to get offers. This house would require a significant investment in

(1) direct magazine advertising
(2) Realtor.com enhancement
(3) dedicated Internet site with established domain name with good SEO
(4) repeated blogging to advertise the property
(5) open house activities
(6) brochures, virtual tours, multiple photos
(7) intensive Internet SEO throughout the listing period.

HOW MANY BUYERS HAVE TO SEE A HOUSE WITH A SERIOUS DEFECT BEFORE ONE WOULD BUY?? That is the unknown and that is why we declined this seemingly attractive listing opportunity. One thing we know for sure, the seller will not make the repairs and the likelihood of this property selling "as is" is, not worth the risk of time and resources.

SAVE THE MONEY AND THE TIME FOR MORE PRODUCTIVE ACTIVITY. Think of the time and money and resources we'll have at our disposal. I never did like putting too many resources in one reluctant buyer or uncooperative seller. I would be spending many hours promoting the listing. My broker partner would be spending many hours on Open House and showing activities. We'd have to invest the time in extensive photography and listing strategies, and more. Don't forget, there is always the risk that the seller would become unpleasant and we'd end the listing after making considerable out of pocket cash and time. The nice thing about contingent fees is that the payment at settlement is very good. However, the agent/broker must be willing to invest the time and money to promote the listing or help the buyer find the right house. I've learned over the years to be cautious when a buyer has been looking with another agent for a long time and hasn't found a house or a seller has had a listing on the market for a year or two and no offers. If there was ever a cause for a red flag. . . . .

All things considered, I'd rather go fishing.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

"ALL REAL ESTATE IS LOCAL" HAS TAKEN ON A NEW MEANING

2008-07-04T08:35:44Z

* * * * HARD CORE REAL ESTATE TALK * * * *

"ALL REAL ESTATE IS LOCAL" has never been more true. There have been many posts recently by ActiveRain members recounting their success or lack of success, or should I say production, in our slow real estate markets. Whether or not you are closing real estate transactions may depend on the following:

Where is your real estate market located, State/County/City/Community? Fact is, there are many real estate markets in every state and many within each county and, yes, many markets even within each city.
What is the percentage of foreclosures in your local market? Fact is, foreclosures do cause downward pressure on prices since appraisers are including them in comparable sales valuations.
What is the percentage of new home units on the market in your local area? Fact is, many builders have the ability to reduce prices to continue building and selling. National builders with strong buying power and advertising dollars continue to sell in popular markets and they do cause a downward pressure on prices.
What is the percentage of broker/agent in the local population? Fact is, brokers and agents who have strong marketing programs in place will benefit from the name recognition and or advertising benefits of Internet placement. Agents just starting out will have some business from their family and friends but it takes some years to develop advertising strategies that work. Agents in areas with many licensees will have to work harder to garner a share of the shrinking buyer/seller market.

National statistics can be misleading. The national sales statistics published by the NAR, HUD or other sources are usually either meaningless to most real estate agents selling in a particular market place or misleading since these statistics are not often relevant to specific market areas. If the geographic area included in the national stats included diverse income and housing markets, they are worthless. Yet, since they have national media coverage, they influence consumer decisions.

WHAT A DIFFERENCE 12 MILES MAKE. Below are the SOLD stats for MAY 2008 compared to MAY 2007 Sold stats for Fairfax County, VA. This is fact. Sales $$ down 22.55%, and total units sold up 11.82%. Fact is, sales are up but only for homes that are priced right.

SOLD STATISTICS FOR FAIRFAX COUNTY, VIRGINIA. Prices are down and sales are up.

Average Sold Price:

2008 - $ 398,041

2007 - $ 513,949

- 22.55 %

Total Units Sold:

2008 - 511

2007 - 457

11.82 %

TOTOH, Prince George's County, in Maryland is still declining. Prices and sales are both still declining.

Average Sold Price:	2008 - $ 295,872	2007 - $ 330,178	- 10.39 %

Total Units Sold:	2008 - 386	2007 - 743	- 48.05 %

SOLD prices down 10.39% and units sold down 48.05%.

THE MEANINGLESS MEDIAN. So, these numbers tell me that agents selling in Fairfax County, VA are having a rebound in numbers sold, while agents in Prince George's County, MD are not. Since many national statistics cover Maryland/Virginia/DC as one market area, they will reach some "meaningless median" number that purports to report sales statistics for this particular market area. Don't be misled by national numbers.

CONSUMERS HAVE SELECTIVE READING. Consumers don't usually have the ability to interpret market statistics. If a consumer is considering buying a new home, they are going to "select" the stats that suit their goal of the lowest price for their location/style home of choice. However, depending on their search criteria of location/price, the statistics may mislead the consumer to have a completely unrealistic impression of the market.

Examples of the above are some consumers that I've spoken to in the past month.

Amature "investor" buyer: "I will only buy a property if I have at least 25% instant equity." This buyer is in the $300K market range in a popular area where prices increased 10% over the last year. She believes that she can buy a $400K property in top condition for $300K, hence - instant equity. If these "deals" were still out there, our market would be crawling with buyers. A review of the List-to-Sold prices shows that there is about 6-8% negotiation window, not 25%.

Highly "informed" new home buyer: "I will only pay 75% of the builders price." This buyer evidently believed that he could have his way with builders and made 75% offers to four builders. The builders countered his offers to about 92% of the build-out price. Builders will take home site and entire communities off market before they will subsidize buyers. Builders in MD/VA have reduced their base prices by as much as 25% over the past 2 years and are not inclined to go lower. They will negotiate incentives and closing, but rarely to a point where the base price is lowered. Major builders are very sensitive to appraisals and are loathe to begin to lower the overall market value of a community.

"I WANT THE DEAL OF THE CENTURY". Despite the inability of home buyers, investor buyers and new home buyers to make the fantastic deals they think they can make in the MD/VA/DC market place, they could make such deals in other geographic areas, i.e., some areas in Florida, California, etc. Consumers see national statistics and believe that the "deal of the century" is out there waiting for them everywhere. Not so.

Countesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

PURCELLVILLE VIRGINIA, SIDEWALK SHOPPING IN THE SUMMER SUNSHINE (LOCALISM FEATURED)

2008-07-04T02:32:46Z

PURCELLVILLE MERCHANTS ARE SMART. Purcellville merchants know that folks will be driving by. HOW TO ATTRACT SHOPPERS INSIDE? Sidewalk samples are a time tested attraction. With plenty of parking space near shops in Purcellville, the sidewalk samples are effective and get folks out of their cars.

HONEY, WHEN CAN WE BUY A RIDING MOWER? There are about 6 merchants in Purcellville that sell ride-on mowers. They are a necessity with most lots on the outskirts of town going 3 acres or more.

A popular small town in Western Loudoun County, Virginia, Purcellville attracts families with well priced homes, new and resale and shops for just about any need. Just 12 miles from down town Leesburg, Purcellville is popular for highly ranked public schools and a wonderful small town atmosphere. Purcellville neighbors are very friendly folk.

Just look at the eye candy for Purcellville shoppers. Up and down Main Street and Old Town Purcellville streets are Antique Shops, Nichols Hardware, Garden Accent Shops and a variety of clothing specialities and other shops that attract passers by and folks in their automotiles. Purcellville has a few small shopping centers with grocers, pharmacies, pizza and other restaurants that are busy throughout the week.

PATIO ACCENTS

PURCELLVILLE ANTIQUES

No small town in Loudoun County would be complete without an antique shop. Purcellville has several antique shops in Old Town. The one to the left is right on Main Street and always has come "eye candy" out for passers-by.

Driving down Main Street will bring passers-by to a wonderful shop known for unual and interesting garden accents.

Other charming and interesting garden accents availalbe at this shop are pots, urns, trellises, patio furniture, iron works and generally interesting unique items.

CLOTHING ASSORTMENTS FOR ADULTS AND CHILDREN are popular in this speciality shop in one of Purcellville's strip shopping center.

Parking is always availalbe and sidewalk shopping is fun with a variety of shops showing off their products.

YES, PURCELLVILLE HAS SHOPPING CENTERS. The shopping centers in Purcellville are anchored by Bloom and Giant. You can enjoy liesurely shopping with plenty of parking and very friendly service. The Giant Food Store has sidewalk shopping too. Beautiful lush plants, indoor and outdoor always decorate the entrances of this very popular store. With many home sites in Purcellville offering acreage, there are several shops selling the ever popular Ride-on Mowers. The first thing our buyers ask about is "Where do I buy a ride-on mower".

COME TO PURCELLVILLE. Drive around. You'll love this rural small town with friendly folks.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988 for Purcellville real estate help.

PURCELLVILLE NEW HOME, DISCOUNTED PRICE, CLOSING HELP AND REBATE.

2008-07-02T18:25:11Z

LOUDOUN COUNTY NEW HOMES. ALMOST FINISHED NEW HOME IN PURCELLVILLE, VIRGINIA. READY FOR DELIVERY IN OCTOBER 2008.

Price: $771,499
4,300 Square Feet Finished on Main and Upper Levels.
3 Acre Home Site
Stone Front
3 Car Side Car Garage

Yes, you read that correctly. This new home has been discounted about $80,000. The builder is also offering $10,000 towards your closing costs. Homefinders.com offers our buyers an $8,000 Cash REBATE.

Just Look!!! Gourmet Kitchen with Stainless Steel appliances, Granite Countertops, Stone Fireplace, Hardwood Floors in Foyer, Powder Room and Kitchen

Architechural enhancements include a Morning Room off kitchen with Eating Bar, extended Family Room.

UPDATE: July 5, 2008. Over the course of the past week, the siding has been applied to the left side of the house.

We'll keep you updated, but if you are in the market for a home in Purcellville at an exceptionally low price, contact me for a tour.

Lenn Harley, Broker, Homefinders.com.

800-711-7988.

The Kitchen, Sun Room, Breakfast Bar and Breakfast Area and Hardwood Floors are an example of the floor plan for this home under construction. It's a beauty and the new one will be too.

For more photos of the Builder's former model home which is the model under construction, see photos.

For more information, contact Lenn Harley, Broker, 800-711-7988.

Visit some shops and businesses in Purcellville.

HOW TO "STAKE YOURSELF OUT" AND WAIT FOR THE COPYRIGHT STAMPEDE

2008-07-02T12:28:02Z

IT'S COPYRIGHT TIME AGAIN.
This post inspired by Robert Lockhard, Bloggers beware! Copyright battle might be coming.

Fair Use? Or, an invitation to a Cease and Desist Notice and Demand for Damages?

From Title 17 of the U.S. Code: Section 107 contains a list of the various purposes for which the reproduction of a particular work may be considered "fair," such as criticism, comment, news reporting, teaching, scholarship, and research. Section 107 also sets out four factors to be considered in determining whether or not a particular use is fair:

the purpose and character of the use, including whether such use is of commercial nature or is for nonprofit educational purposes;
the nature of the copyrighted work;
amount and substantiality of the portion used in relation to the copyrighted work as a whole; and
the effect of the use upon the potential market for or value of the copyrighted work. More. . . .

"Don't stake yourself out" is one of my favorite warnings to folks who are performing acts that make
them vulnerable to law suits, loss of negotiating position, loss of money, loss of almost anything.

This phrase has been in my lexicon since reading the wonderful book Centennial by James Michener. This classic Michener chronicles Colorado for the past 135 million years from the era of the dinosaur to the time of publication about 1976. Goodness, was it that long ago. How time flies. However, this book is timeless and an adventure in good reading and writing. Michener is always a good read.

One chapter in the book writes about the Native Americans in the Colorado area before it was settled by whites from the East. The Plains area of Colorado were dominated by the huge Buffalo herds thundering along and trampling anything and everything in their way.

As was their custom, when a member of the tribe became too old to hunt and "kill Buffalo", they would
go some miles away from the village and "stake themselves out" in the open field and wait for the thundering herd of Buffalo stampede.

DON'T STAKE YOURSELF OUT in the context of copyright infringement is fair warning to ActiveRain members who believe that the copyright doctrine of "Fair Use", permits a person to use a photo that the find on the Internet and use in an ActiveRain post to their blog and add a "credit" such as "photo owned by Joe Blow".

I'm no expert, but my reading of the Copyright Law leads me to believe that Fair Use permits the use only of short "snippets", perhaps 20-50 words quoted from the content followed by a link to the original article. Fair Use is the doctrine by which critics or news publications can print short snippets of a book, article, and not violate the copyright of the author.

HOW DOES ONE PUBLISH A SNIPPET OF A PHOTOGRAPH??

ORPHAN WORKS. A better defense in the case of copyright violation litigation would be the Orphan Works doctrine. A photo or article whose ownership or authorship cannot be found could be a defense. However, the defendant would have to document a vigorous attempt to identify the owner of the copyright.

ActiveRain has published guidelines warning members about the use of content, images and photos that
you did not write, create or shoot. See: "A Picture is Worth a Thousand Words? How About a Thousand Dollars?" Community Guidelines Re-Visited by Rich Jacobson, our venerable ActiveRain Community Builder.

ACTIVERAIN MEMBERS BEWARE: Best to look for reasons to NOT use the works of others rather than look for excuses about how you CAN.

ADDENDUM. I just pulled a paragraph from the Complaint for Damages filed in U.S. District Court in MD last week.

HOW ARE THE LIMITED SERVICES REAL ESTATE BROKER MODELS DOING??

2008-07-02T08:06:05Z

One of the Darlings of the Limited Service Real Estate Broker models appears to be in trouble.

From Inman this morning, see: Iggys House CEO reports 'restructuring'

Listen to Lenn:

There have always been frings real estate companies.
There are fringe real estate ocmpanies.
There will always be fringe real estate compaies.

I suppose the lesson from the example of Iggy's House is that "Free doesn't always mean Profit"

If you don't subscribe to Inman, you can miss a lot.

THANKS TO ELEANOR THORN, JOE ADAMS AND JASON SARDI, WINNERS ALL!!

2008-07-01T13:18:38Z

CONGRATULATIONS TO:

Eleanor Thorn, Joe Adams and Jason Sardi for their thoughtful entries in the

"Ask the Loan Officer" challenge. Since we had only three entries, each will receive 2,000 points as soon as Rich Jacobson, our venerable Community Builder can make the transfer.

Each will be invited to contribute to a new page on Homefinders.com featuring loan officers in a Q & A format. As soon as the page is up, I'll be sending the questions every two weeks or so to each and their answers will be published on Homefinders.com along with their contact information, bio and photo.

Check these ActiveRain members out and everyone give them a big thanks for being good sports and exhibiting imagination and humor.

Eleanor Thorn - Rule Of Thumb Says 3 Times Income

Joe Adams - An early morning phone call

Jason Sardi - Ask The Loan Officer: Don't Be Mortgage Poor!

Eleanor Thorne, Cary Mortgage Loans
Cary, NC
More about me...
Meridian Residential

Joe Adams
Montrose, CO
More about me...
Major Mortgage USA/Branch Manager

Jason Sardi, Pennsylvania Mortgage Broker
Allentown, PA
More about me...
First Choice Equity Group Inc.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

MARYLAND HOME PRICES HAVE DECLINED. IT'S TIME TO BUY

2008-07-01T10:30:31Z

ATTENTION HOME BUYERS: It's time to buy. Prices are down and inventory is high. You have many homes from which to select and there are some exceptional opportunities in this buyer's market. Prices are down in most Maryland real estate market in 2008. Foreclosures, high inventory short sales and now home sale discounts have contributed to price declines.

Most counties in Maryland are showing a significant reduction in home prices sold. This presents a real opportunities for Maryland home buyers. All counties, Anne Arundel, Calvert, Carroll, Charles, Frederick, Howard, Montgomery, Prince George's and St. Mary's showed a price decline in SOLD prices for May 2008 over May 2007. Only Baltimore show a price increase.

Below are the posted list prices for single family homes sold in June 2008.

Anne Arundel County

267 Single Family Homes sold in Anne Arundel County in June 2008
The highest list price was $3,999,000.
The lowest list price was $142,200
The average list price sold was $537,450

Baltimore County

254 Single Family Homes sold in Baltimore County in June 2008
The highest list price was $3,490,000.
The lowest list price was $110,000
The average list price sold was $406,086

Calvert County

37 Single Family Homes sold in Calvert County in June 2008
The highest list price was $664,900.
The lowest list price was $160,000
The average list price sold was $393,813

Carroll County

79 Single Family Homes sold in Carroll County in June 2008
The highest list price was $999,999.
The lowest list price was $162,500
The average list price sold was $389,766

Charles County

65 Single Family Homes sold in Charles County in June 2008
The highest list price was $1,099,000.
The lowest list price was $170,000
The average list price sold was $361,866

Frederick County

101 Single Family Homes sold in Frederick County in June 2008
The highest list price was $775,000
The lowest list price was $129,900
The average list price sold was $381,678

Howard County

133 Single Family Homes sold in Howard County in June 2008
The highest list price was $1,500,000
The lowest list price was $194,900
The average list price sold was $552,548

Montgomery County

448 Single Family Homes sold in Montgomery County in June 2008
The highest list price was $4,950,000
The lowest list price was $220,000
The average list price sold was $735,635

Prince George's County

221 Single Family Homes sold in Prince George's County in June 2008
The highest list price was $629,900
The lowest list price was $134,900
The average list price sold was $327,404

St. Mary's County

56 Single Family Homes sold in St. Mary's County in June 2008
The highest list price was $774,900
The lowest list price was $107,900
The average list price sold was $353,711

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

MLS SYSTEM GETTING ON TOP OF SHORT SALE "MATTER".

2008-06-30T06:52:02Z

NEW GUIDELINES FOR MLS LISTINGS

The giant MLS system, the Metropolitan Regional Information System ("MRIS") covering Maryland, Northern Virginia and DC has promulgated new guidelines, definitions and rules for Short Sale listings. MRIS is the largest MLS in the country and covers about 22,000 square miles. This is welcomed news.

"SHORT SALE" IS MATERIAL INFORMATION. In the past, agents working with buyers have no assurance that a listing is not a potential Short Sale listing. It is presumptuous and thoughtless when a potential Short Sale property is not disclosed in the MLS. We have a number of relocating buyers, buyers with expiring leases, etc. that may not have an undetermined amount of time to wait for a Short Sale transaction to close. It's bad enough that lenders have a thoughtless contempt for the needs of home buyers. It's worse when listing agents do not disclose what this real estate broker always considered "material information", i.e. that the property listed for sale, if sold, will be a Short Sale. The knowledge that a listing is a potential Short Sale means that we can contact the listing agent and ask if there are already offers, inquire as to the status of the lender's approval of the owner/seller position as a potential Short Sale seller.

"CONTINGENCY" IS MATERIAL INFORMATION. One thing is for sure, "it isn't a short sale until the lender says it's a short sale". That fact is often not understood by listing agents. In their zeal to list properties, many inexperienced agents fail in their due diligence and, by not disclosing that a property is a potential Short Sale, may cause unnecessary financial harm to prospective home buyers and their agents. Many listing agents have their own policy of not disclosing the potential Short Sale status of a listing. They often fear that disclosure of this material infrormation would encourage low offers. By not disclosing that a seller may only accept a contract with a contingency (lender approval), the seller is misleading potential buyers and their agents.

WHY DISCLOSE THAT A PROPERTY IS A POTENTIAL SHORT SALE? Our market is slow. Home buyers' time is valuable. Buyers Agents' time is valuable. Our reputation is not helped by misleading the public and each other. It's an unfair practice to list a SECRET SHORT SALE.

SECRET SHORT SALES
MRIS has received many complaints from agent and broker members about listings that do not disclose "Short Sale" status. The status of "Short Sale" has been available as a single keystroke for listing input for about 6 months. Yet, many potential Short Sale listings do not show that listing status. Without a strict policy for Short Sale listings, there was little the MRIS could do. That all changes this week with the publication of guidelines for Short Sale listings.

Highlights of the MRIS Short Sale policy:

Definition of Short Sale. MRIS is adopting the definition of "short sale" established by NAR - "As used in MLS rules, short sales are defined as a transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies."

Definition of Potential Short Sale. A potential short sale describes a property that may reasonably be expected to become subject to a short sale. Going forward, MRIS new policy is that all Potential Short Sale listings must be disclosed. The potential for a short sale is considered a material fact.

Lender Approval. Seeking lender approval is part and parcel of the typical short sale transaction. The bottom line is, if lender approval is sought, then this fact must be disclosed to the potential buyer and buyer's agent - as any offer they write might be treated as a contingent contract subject to a third-party approval.

STATUS OF THE LISTING
This policy is one of the most important. Often we read listing that are totally silent as to (1) the listing is a potential Short Sale and, (2) there are 1, 2 or multiple offers on the property. Worse yet, often a fully "ACTIVE" listing does not disclose that there is an accepted contract on the property. It's isn't unreasonable that the actual status of a Short Sale listing should be disclosed in the MLS just as the actual status of any listing should be disclosed by use of the CNTG/KO or CNTG/NO KO keystroke option.

With disclosure that a property listing is a potential Short Sale, it may make a difference in the lender's letter, price offered, terms and conditions. We would, for instance, know to avoid "drop dead" contingencies. There is little need for a seller to receive an offer that requires acceptance or a counter offer within 24, 48, hours if the offer must be approved by the seller's lender. With the information that there is a contract accepted, home buyers and their agents can pursue contracts with properties that are fully available. What a concept.

The new guideline requirements are clear. When a potential Short Sale listing is under contract, with or without a KickOut, that too is material information and should be disclosed.

Appropriate Status. The status for any listing where a ratified contract is subject to a lender approval must be changed to CNTG/KO or CNTG/NO KO, indicating a third-party approval contingency. MRIS's perspective is that a listing broker, in such an instance, may continue to market the property and continue to accept back-up offers. The MRIS Rules and Regulations require that the listing's status be changed within 48 hours excluding weekends and holidays.

This policy for Short Sale listings is welcomed and will help listing agents and buyers agents conduct our business in a more orderly fashion and better serve our buyer and seller clients.

Chalk one up for "transparency in real estate transactions".

WARNING TO REAL ESTATE AGENTS AND BROKERS - DON'T LET THE MARKET INTIMIDATE YOU.

2008-06-27T18:39:38Z

                  * * * * WARNING: HARD CORE REAL ESTATE TALK * * * *

WHAT ARE YOU DOING TO GENERATE NEW BUSINESS?
        Are you answering your phone when possible?
        Are you returning phone messages as quickly as possible?
        Are you maintaining your mailing schedule to your farm area?
        Are you maintaining your mailing schedule to past clients?
        Are you maintaining the "freshness" of your web site(s) or blog(s)?
        Are you checking your e-mail several times a day and responding timely?
        Are you keeping your Continuing Education requirements current?

ONE OF THE NORMAL REACTIONS TO A SLOW MARKET IS FOR AGENTS
AND BROKERS TO LOOK INWARD RATHER THAN OUTWARD.
You may have observed some of the following:
        Brokers closing offices.
        Agents leaving the business for a salaried job.
        Buyers and Sellers demanding rebates or lower fees.
        Agents hanging around the office commiserating with each other.
        Residential agents working with investment, commercial or land buyers.
        New agents trying to work without NAR and MLS membership.
        A dramatic increase in rental calls.
        An increased interest from buyers in "Lease/Option".
        An increased interest in real estate auctions.

The above are all signs of a show real estate market. Well no news there. The market has been slowing since about mid 2005. Agents and brokers may or may not have taken steps to change their business or marketing plans in response to the depressed real estate market.

One of the lessons that agents learned in the 1989-1994 real estate market depression is that these
things take time to work out. No one has a magic wand. Any solution designed by one segment of
the vast real estate market will be detrimental to another segment of the market. So, there is no
consensus on actions to alleviate the financial damage of :
        Home owners losing their homes.
        Banks failing due to mortgage loan defaults.
        Hedge funds failing due to defaulting mortgage loans.
        Government departments paralyzed by inaction in the face of massive defaults.
        Secondary mortgage markets paralyzed by inaction due to administrative fraud.

So, as a real estate agent or broker, what are you doing to (1) survive the mortgage mess, (2) earn
enough in commissions to stay in business, (3) get prepared for the eventual upswing in the market?

KEEP UP THE GOOD WORK!
Look at the routine personal marketing you did up to 2005 and don't slow down for one minute.

Answer your phone. If you let your phone to go voice mail in the past, start to answer your phone. The
caller could easily be a buyer or seller inquiry. If you do not answer your phone, consumers have no
trouble finding an agent who will.

Return your phone message ASAP. If the caller was a prospective buyer or seller, they have little
patience for waiting more than 1/2 hours or so for a return call before they start to look for someone
with whom they can discuss their needs.

Keep up the mailings to your Farm Area.   Most areas receive mail from 3-10 agents weekly.
If your competition is "cutting back" on marketing, you need to add a couple of mailings to your
schedule. When someone in your farm area needs real estate services, they'll remember that
your mails didn't slow down or stop coming.

If you have a follow up system of contacts with past clients, keep it up. The last thing a past
client needs to think is that you're going out of business. They may not even call when they have a
home to sell or their brother wants to buy a home in their community. Keep your name right there
at their fingertips.

Keep your web site(s) and/or blog(s) current with fresh information. Add positive articles about
special promotions from builders, feature a good new listing or a good old listing, add some home
photos with good color. Optimize your web pages and blog sites for Google.

Check your e-mail more often. Don't make the public wait for the end of day or twice daily e-mail check.
Consumers have a plethora of agents from whom to seek help. Quick responses will gain buyer and
seller clients.

Use the slow time to bank some CE credits.   The best time to get CE hours is when business
is slow. The worst time is when your license is due for renewal and a relocating buyer family wants to
travel for a home purchase tour at the same time you're playing catch up with CE hours.

THE BEST WAY TO SURVIVE IN A SLOW MARKET IS TO DO WHAT YOU HAVE ALWAYS DONE -
BUT MORE AND BETTER.   YOU KNOW WHAT YOU HAVE TO DO. IF YOU'VE BEEN SUCCESSFUL
IN REAL ESTATE SALES IN THE PAST, YOU CAN BE NOW. THE ONLY DIFFERENCE IS THAT YOU
HAVE TO DO MORE OF WHAT YOU WERE DOING AND DO IT BETTER.

Rule #1. Get up and go to work in the morning. Don't sit around waiting for things to happen. Make things happen with your stepped up marketing plan.

Rule #2. Save your money. Stay away from the Malls. Eat at home. Who knows, a few changes in your routine and you could be in better financial condition when the market turns up than you were when it turned down.

Finally, when the market is back to busy, you'll be in better shape than ever.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

RESTON VIRGINIA HOMES FOR SALE. RESTON, A COMMUNITY THAT WAS PLANNED TO BE FABULOUS.

2008-06-26T17:01:39Z

RESTON VA HOMES FOR SALE, BEAUTIFUL LUXURY REAL ESTATE AND LOCATION

HOMES FOR SALE IN RESTON VIRGINIA, when the community is as wonderful as the homes. Just look at this fabulous Reston real estate . When you're ready to tour, contact Homefinders.com for a personal tour of the best homes in Reston, VA in your price range. Homefinders.com experinced agents and broker partners will help you with valuation, inspections and all the way to settlement.

Reston real estate is very special. Long known as a location for luxury real estate in Fairfax County, Reston home buyers have many choices for homes in wonderful quiet neighborhoods with convenient shopping, community amenities for children and adults, business location for local employment opportunities, acres and acres of wooded preservation in Reston.

Elementary: FOREST EDGE

Middle: HUGHES

High: SOUTH LAKES

Property Details for listing # FX6706108

Price: $1,325,000	City: RESTON
Bedrooms: 6	Bathrooms: 5 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2002	Lot Acreage: 0.22259
Subdivision: ONE CAMERON PLACE	County: FAIRFAX, VA
State, Zip: VA, 20194	Status: ACTIVE

Listing Office: Coldwell Banker Residential Brokerage

Elementary: FORESTVILLE

Middle: COOPER

High: LANGLEY

Property Details for listing # FX6748967

Price: $998,750	City: RESTON
Bedrooms: 5	Bathrooms: 4 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 1997	Lot Acreage: 0.998852
Subdivision: PINEY RUN MEADOW	County: FAIRFAX, VA
State, Zip: VA, 20194	Status: ACTIVE

Listing Office: RE/MAX Distinctive Real Estate, Inc.

Elementary: ALDRIN

Middle: HERNDON

High: HERNDON

Property Details for listing # FX6707881

Price: $875,000	City: RESTON
Bedrooms: 4	Bathrooms: 4 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 1999	Lot Acreage: 0.351561
Subdivision: RESTON	County: FAIRFAX, VA
State, Zip: VA, 20194	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.

TOUR HOMES WITH AN EXPRIENCED HOMEFINDERS AGENT, CALL LENN 800-711-7988.

Waterfront Properties on Lake Newport in Reston, Virginia


Elementary: ALDRIN	Middle: HERNDON	High: HERNDON

Property Details for listing # FX6755574 - 65 FEET OF WATER FRONTAGE ON LAKE NEWPORT

Price: $1,295,000	City: RESTON
Bedrooms: 5	Bathrooms: 4 full
Type of Home: Detached	Style: Contemporary
Year Built: 1995	Lot Acreage: 0.379247
Subdivision: RESTON	County: FAIRFAX, VA
State, Zip: VA, 20194	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.

CONTACT HOMEFINDERS, 800-711-7988. WE CAN HELP.

Homefinders' agent and broker partners are experienced in the neighborhood and community home values. We can help you understand comparable values and base your offers to the banks on recent sales, condition and location. We give our buyer clients the tools needed to understand these complex real estate markets in luxury communities like Reston VA.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Homefinders.com Network of Maryland and Virginia Buyers' Agents and Brokers Are Full Time REALTORS®. By working with buyer's agents who are REALTORS®, you can be sure that your agent is aware of the responsibilities of a real estate agent to represent the interests of their client whether it be a Potomac home buyer or seller. Homefinders broker partners adhere to the high standards of the REALTOR® Code of Ethics.

CONTACT HOMEFINDERS FOR A TOUR OF HOMES. We'll show you what your money will buy in Reston in Fairfax County VA. Homefinders full time agents and brokers have been selling luxury homes in Reston and Northern Virginia for over 20 years. Contact us. We can help.

BETHESDA MD HOMES FOR SALE, LUXURY REAL ESTATE COMMUNITY WITH LOCATION, LOCATION.

2008-06-26T16:24:05Z

BETHESDA MD HOMES FOR SALE, BEAUTIFUL LUXURY REAL ESTATE AND LOCATION

HOMES FOR SALE IN BETHESDA, MARYLAND, JUST WHAT YOU WERE LOOKING FOR? Just look at this fabulous Bethesda real estate . When you're ready to tour, contact Homefinders.com for a personal tour of the best homes in Bethesda, MD in your price range. Homefinders.com experinced agents and broker partners will help you with valuation, inspections and all the way to settlement.

Bethesda real estate is very special. Long known as a location for luxury real estate in Montgomery County, Bethesda home buyers have many choices for homes in wonderful quiet neighborhoods with convenient shopping, easy transportation to DC, Rockville, Dulles, Tyson's Corner, the Beltway, medical facilities and top ranked public schools.

Elementary: ASHBURTON

Middle: NORTH BETHESDA

High: WALTER JOHNSON

Property Details for listing # MC6781310

Price: $750,000	City: BETHESDA
Bedrooms: 5	Bathrooms: 3 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2006	Lot Acreage: 0.145569
Subdivision: GEORGETOWN VILLAGE	County: MONTGOMERY, MD
State, Zip: MD, 20817	Status: ACTIVE

Listing Office: Fairfax Realty, Inc.

Elementary: BANNOCKBURN

Middle: PYLE

High: WALT WHITMAN

Property Details for listing # MC6511702

Price: $1,299,900	City: BETHESDA
Bedrooms: 5	Bathrooms: 4 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2007	Lot Acreage: 0.215106
Subdivision: BANNOCKBURN	County: MONTGOMERY, MD
State, Zip: MD, 20817	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.

Elementary: SEVEN LOCKS

Middle: CABIN JOHN

High: WINSTON CHURCHILL

Property Details for listing # MC6662676

Price: $3,150,000	City: BETHESDA
Bedrooms: 6	Bathrooms: 6 full 3 half
Type of Home: Detached	Style: Craftsman
Year Built: 2008	Lot Acreage: 0.835124
Subdivision: POTOMAC OUTSIDE	County: MONTGOMERY, MD
State, Zip: MD, 20817	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.

TOUR HOMES WITH AN EXPRIENCED HOMEFINDERS AGENT, CALL LENN 800-711-7988.

METRO MAP
METRO Train has station on The Red Line that goes directly to
Downtown DC and to Rockville Metro Center.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Homefinders.com Network of Maryland and Virginia Buyers' Agents and Brokers Are Full Time REALTORS®. By working with buyer's agents who are REALTORS®, you can be sure that your agent is aware of the responsibilities of a real estate agent to represent the interests of their client whether it be a Bethesda home buyer or seller. Homefinders broker partners adhere to the high standards of the REALTOR® Code of Ethics.

CONTACT HOMEFINDERS FOR A TOUR OF HOMES. We'll show you what your money will buy in Montgomery County in Bethesda. Homefinders full time agents and brokers have been selling luxury homes in Maryland and Northern Virginia for over 20 years. Contact us. We can help.

MCLEAN VA NEW HOMES FOR SALE, NEW CONSTRUCTION IN MCLEAN READY IN 2008.

2008-06-26T12:19:03Z

MCLEAN VIRGINIA for NEW HOMES. Just look at the fabulous features available to new home buyers in McLean, Virginia. A search for for luxury homes in Fairfax County Virginia starts with McLean.

Homes in McLean are convenient, beautiful with shopping, a quick commute to Georgetown or downtown DC, and one of the locations of choice for luxury home buyers in Northern Virginia. Real estate in McLean is in a lovely area bordering the Potomac River offering newer luxury homes and older homes with mature trees, parks and conveniences. Tour the following pages and you'll be ready to take a personal tour of single family homes, town homes or condominium homes in McLean, Virginia. Contact us, we can help.

WORLD CLASS SHOPPING
TOP RANKED PUBLIC SCHOOLS
CONVENIENT TRANSPORTATION TO DC, PENTAGON
QUICK ACCESS TO DULLES INTERNATIONAL AIRPORT
LUXURY HOME COMMUNITIES
LUXURY NEW HOMES

McLean new homes offer buyers opportunities to buy real estate in all prices leaning toward the luxury end due to the excellent proximity to DC, Tysons Corner, METRO, established communities and popular public schools. New homes in McLean are a small percentage of all listings and offer an opportunity to own in a popular community with wonderful price stability.

NEW HOMES IN MCLEAN AVAILALBLE JUNE, 2008. Contact Lenn Harley for current listings, 800-711-7988. Tours arranged daily and our new home specialists will help you from search to settlement. Our home buyers services are FREE to you. New Home Builders pay our fee at settlement.

There are about 72 new homes for sale in McLean in the summer of 2008. Some are to-be-built, many are under construction and many are completed waiting for the first family.

HIGH LIST PRICE - $17,500,000
LOW LIST PRICE - $998,000
AVERAGE LIST PRICE - $2,932,467

Elementary: KENT GARDENS

Middle: LONGFELLOW

High: MCLEAN

Property Details for listing # FX6738544

Price: $1,595,000	City: MCLEAN
Bedrooms: 5	Bathrooms: 5 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2008	Lot Acreage: 0.284665
Subdivision: CHESTERBROOK GARDENS	County: FAIRFAX, VA
State, Zip: VA, 22101	Status: ACTIVE

Listing Office: Arlington Realty, Inc.

Elementary: CHURCHILL ROAD

Middle: COOPER

High: LANGLEY

Property Details for listing # FX6497351

Price: $1,995,000	City: MCLEAN
Bedrooms: 5	Bathrooms: 4 full 2 half
Type of Home: Detached	Style: Colonial
Year Built: 2007	Lot Acreage: 0.371786
Subdivision: MCLEAN	County: FAIRFAX, VA
State, Zip: VA, 22101	Status: ACTIVE

Listing Office: Coldwell Banker Residential Brokerage

Elementary: CHURCHILL ROAD

Middle: COOPER

High: LANGLEY

Property Details for listing # FX6567343

Price: $2,395,000	City: MCLEAN
Bedrooms: 5	Bathrooms: 5 full 2 half
Type of Home: Detached	Style: Colonial
Year Built: 2007	Lot Acreage: 0.410376
Subdivision: OLD DOMINION GARDENS	County: FAIRFAX, VA
State, Zip: VA, 22101	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.


Elementary: SPRING HILL	Middle: COOPER	High: LANGLEY

Property Details for listing # FX6377043

Price: $4,500,000	City: MCLEAN
Bedrooms: 6	Bathrooms: 5 full 3 half
Type of Home: Detached	Style: Colonial
Year Built: 2007	Lot Acreage: 1.157691
Subdivision: WOODSIDE ESTATES	County: FAIRFAX, VA
State, Zip: VA, 22102	Status: ACTIVE

Listing Office: RE/MAX Distinctive Real Estate, Inc.

ALL NEW HOMES SOLD BY HOMEFINDERS QUALIFY FOR THE HOMEFINDERS NEW HOMES REBATE.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Homefinders.com Network of Maryland and Virginia Buyers' Agents and Brokers Are Full Time REALTORS®. By working with buyer's agents who are REALTORS®, you can be sure that your agent is aware of the responsibilities of a real estate agent to represent the interests of their client whether it be a Virginia home buyer or seller. Homefinders broker partners adhere to the high standards of the REALTOR® Code of Ethics.

CONTACT HOMEFINDERS FOR A TOUR OF HOMES. We'll show you what your money will buy in Fairfax County new homes. Homefinders full time agents and brokers have been selling luxury homes in Northern Virginia for over 20 years. Contact us. We can help.

VIENNA VA NEW HOMES FOR SALE, NEW CONTRUCTION IN VIENNA READY IN 2008.

2008-06-26T10:22:37Z

VIENNA VIRGINIA for NEW HOMES. Just look at the fabulous features available to new home buyers in Vienna, Virginia.

METRO
TOP RANKED PUBLIC SCHOOLS
SHOPPING
QUICK ACCESS TO DC
QUICK ACCESS TO DULLES INTERNATIONAL AIRPORT
PARKS AND RECREATION

Vienna new homes offer buyers opportunities to buy real estate in all prices leaning toward the luxury end due to the excellent proximity to DC, Tysons Corner, METRO, established communities and popular public schools. New homes in Vienna are rare and offer an opportunity to own in a popular community with wonderful price stability.

NEW HOMES IN VIENNA AVAILALBLE JUNE, 2008. Contact Lenn Harley for current listings, 800-711-7988. Tours arranged daily and our new home specialists will help you from search to settlement. Our home buyers services are FREE to you. The builders of the homes pay our fee at settlement.

Property Details for listing # FX6767143

Price: $1,449,500	City: VIENNA
Bedrooms: 4	Bathrooms: 4 full 1 half
Type of Home: Detached	Style: Craftsman
Year Built: 2008	Lot Acreage: 0.730441
Subdivision: OAKTON GROVE	County: FAIRFAX, VA
State, Zip: VA, 22181	Status: ACTIVE

Listing Office: Keller Williams Realty

Property Details for listing # FX6773357

Price: $1,500,000	City: VIENNA
Bedrooms: 5	Bathrooms: 5 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2008	Lot Acreage: 0.346235
Subdivision: VIENNA WOODS	County: FAIRFAX, VA
State, Zip: VA, 22180	Status: ACTIVE

Listing Office: Nova Realty Consultants LLC

Property Details for listing # FX6757014

Price: $1,629,000	City: VIENNA
Bedrooms: 5	Bathrooms: 5 full 1 half
Type of Home: Detached	Style: Colonial
Year Built: 2008	Lot Acreage: 0.438476
Subdivision: VIENNA WOODS	County: FAIRFAX, VA
State, Zip: VA, 22180	Status: ACTIVE

Listing Office: Long & Foster Real Estate, Inc.

NEW HOMES	Low Price	High Price	Av. Price
VIENNA	$999,900	$4,299,000	$1,539,667

There are about 49 new homes for sale in Vienna. Some are offered "to-be-built", some under constructions and several are completed and ready for quick occupancy.

ALL NEW HOMES QUALIFY FOR THE HOMEFINDERS NEW HOMES REBATE.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Homefinders.com Network of Maryland and Virginia Buyers' Agents and Brokers Are Full Time REALTORS®. By working with buyer's agents who are REALTORS®, you can be sure that your agent is aware of the responsibilities of a real estate agent to represent the interests of their client whether it be a Virginia home buyer or seller. Homefinders broker partners adhere to the high standards of the REALTOR® Code of Ethics.