The MD Suburbs of DC

In Honor of Veteran's Day -- 2009

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 11 Nov 2009 06:51:56 -0600

Just a short blog post today to remember and honor all the men and women in our Armed Forces. These men and women voluntarily sacrifice time away from their family and friends to defend our country. All too often they are put into harm’s way and are wounded or killed. The recent tragedy at Ft. Hood, TX is but one reminder that danger is not reserved to foreign lands. My heart and thoughts go out to all the families of the fallen and wounded. My gratitude goes out to those who serve now or have committed their service and reti

Do You Really Want To Sell Your House? -- By Appointment Only

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Mon, 09 Nov 2009 06:21:50 -0600

OK. For whatever reason you decided you want to put your house on the market. If someone comes along with the right price and the planets are in alignment, you'll accept the offer. In the meantime, people who may want to take a look at your house can do so "by appointment only" with no lockbox.

This means:

you need to be home when anyone comes by and
hardly anyone will want to come by

Yeah, I know. There used to be a time when there were no lock boxes and agents had to jump through all kinds of hoops to show homes to their buyer clients. Those days are gone, though.

The old saw about location, location, location is really only partially true. You can have the best location in the world and if no one can see the inside of your house, live and in person, it probably won't sell. Yeah, the Internet photos are great for getting people interested to visit your house but -- trust me on this -- they won't buy it unless they can actually step foot in it.

Just sayin'

9327 Limestone Place, College Park, MD 20740

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Fri, 06 Nov 2009 16:55:39 -0600

This home has a ton of appeal and a ton of potential. This house has what we, in real estate, call "good bones". Yes, it needs some cosmetic fix up here and there. However, it could be the perfect home to the right buyer who sees the potential and gets the right mortgage -- a FHA 203 (k) would be perfect.

9327 Limestone Pl
College Park, MD 20740
College Park Home for Sale Close to U of MD

Ken Montville

Office:	240-295-6000
Mobile:	240-417-9100
Website:	Visit Website

Price	:	$314,999
Bedrooms	:	5
Bathrooms	:	3
Lot Size	:	9,147
County	:	Prince Georges
Property Type	:	Detached
Year Built	:	1965
MLS Number	:	PG7196792

click for more information and pictures

Property Description

Have you ever wondered what it would be like to own your own home in a great community close to shopping, transportation, parks, a community pool and schools? This home has some blemishes and, for the right person, this could be a dream home. Great hardwood floors, two fireplaces, a finished basement, backyard deck, a driveway big enough for two cars, tons of storage space. The price is right and with the right mortgage - FHA 203(k) would be perfect - you could turn this home into the showpiece of the neighborhood.

Features List

Basement	Central AC	Gas heat
Asphalt roofing	Brick/siding	Hardwood floors
Dining room	1 full bath	2 half baths
1 bed/bath below lvl	Fireplace	W/D
DW	Refrigerator	Disposal
Stove/Oven

Equal Housing Opportunity.

RE/MAX Advantage Realty : 8171 Maple Lawn Blvd. Ste 150 - Fulton MD 20759 : 240-295-6000

Is the New and Improved Home Buyer Tax Credit a Good Thing?

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Fri, 06 Nov 2009 07:18:38 -0600

I guess with all the "Calls to Action" initiated by the National Association of Realtors, National Association of Home Builders and everyone else interested in selling real estate and all the peripheral products and service really worked. Today, President Obama is expected to sign the extension and expansion of the tax credit into law.

Is this a good thing?

Maybe.

My take on this is that humans work toward a deadline. It's in their nature. That's why we've seen the uptick in pending home sales and existing homes sales (as opposed to new home sales) in recent months. First time home buyers who have been "on the fence" -- really just procrastinating -- got real busy to meet the deadline to grab that $8,000 Uncle Sam is giving away. Every title person or loan person I talked to says that November is "crazy busy" because of all the home sales in the pipeline to settle by November 30th.

Why is this important to know? Well, winter is the normal slow period for real estate. People are hunkered down for the holidays -- Thanksgiving and all the stuff that happens in December. It's cold (at least in the MD Suburbs of DC). It gets dark earlier. The money they would normally use for a down payment is now going to holiday gifts. Well, maybe not this year. Still.

So my guess is that come February we'll start to see a flurry of activity centered around the next deadline. This one, though, is a "soft" one. Under contract by April 30th and settled by July 1st.

Now people have some breathing room. All the people who stopped looking in mid-October will wait until after the first of the year and then maybe -- maybe -- get back on the Internet to look for a house. Maybe some of the current home owners that have been thinking about moving up will get going. My guess with the current home owners, though, are that the people moving for job relocation, divorces, deaths, and the like (i.e., people who would be moving anyway) are the ones who are going to benefit from the $6,500 credit.

The Cost of an Open House - Theft

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Tue, 06 Oct 2009 14:40:53 -0500

I was writing a blog post on my Outside Blog about an article in today's Washington Post about a "father/son" team that went to a bunch of Open Houses and pilfered the home owner's jewelry and took it to local pawn shops to unload it.

Due to some good police work and getting the word out within the local Realtor community, the Open House thieves have been caught. The Alexandria (VA) police are still seeking additional victims of the Open House thefts in order to wrap this case up. You can find the phone number of the Detective on the case here.

This really brings to mind the dangers of Open Houses in the Internet Age. Most people can find all the information they want about a house on numerous websites complete with Virtual Tours. On top of that, a good buyer's agent can provide you with your very own, personal tour of any house at your convenience. You don't have to wait until Sunday to go.

Honestly, I've never quite figured out why people want to advertise to the world "I'm not home. The door is open. Come on in!" Jewelry isn't the only thing. Prescription drugs, crystal, sentimental keepsakes. All of it is available for the taking.

In my book, if you want to let your neighbors know you're selling your house and you would like them to take a look at it, throw a party. Heck, I may even throw it for you. Just make sure you're there, too...and your valuables are in a safe place.

Mr. Seller...Let the Buyer's Agent Sell Your House

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sun, 04 Oct 2009 18:43:52 -0500

Scenario: Mr. Seller is very eager to sell his house. He just "happens to be home" when a lot of the buyers and their agents pop by for a visit. Mt. Seller likes to be the tour guide highlighting all the parts of the house he [the Seller] likes about his house. Mr. Seller also likes to talk money.

Yes, that's right. Stuff like "I can do this with closing help or I can do that with less closing help or....." Get the point?

So I get the call from the agent with a low ball offer. I present to the Seller. The Seller tells me, "I told Ms. Agent what I could do and not do and yadda, yadda, yadda. I thought she was on board." Or I get feedback about how awkward the agent felt or that the buyer really didn't like the main feature of the house the Seller was so proud of.

No matter how may times I ask Seller clients to take a walk around the block or go to a movie or hide in the basement, there are those that insist they can sell their house just fine, thank you very much.

I don't get it. If they really didn't want the help, why'd they ask (and agree, in writing, to pay my fee)?

Please...to all you Mr. and Ms. Sellers everywhere: you may get more than you thought, in less time than you thought, with less stress than you thought...if you let your Realtor do their job. Sit back. Relax. We'll get it done.

Focus..Focus..Focus

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 02 Sep 2009 07:45:10 -0500

I guess I really shouldn't be surprised but I am always caught off guard when my buyer clients start out saying they want one thing and within a couple of visits make a complete 180 and want something different.

Now, before my fellow real estate professional tell me I should have a thorough and complete buyer consultation at the outset of a home search -- I do. No, not 100% of the time. I do like to get a good fix on what my buyers want, though, so I don't spend a whole lot of time riding around, burning gas, putting wear and tear on my car and filling out feedback forms for listing agents.

Here's an example: new buyer clients say they're interested in a certain area because they want their kids to go to a certain school. They've already done the research and this school is the school. Great! Narrows down the geographic area (or does it?). They also tell me they want a certain number of bedrooms and baths, single family home, etc. etc. They have it pretty well narrowed down (or do they?). Oh yeah. Foreclosures. They want to look at foreclosures because they've heard they're a "deal". (or are they?)

This sounds great, I think to myself. We'll look at the 10 homes that match their criteria. They'll pick one and we'll go happily to settlement in a month or two.

Well.....almost.

After the first outing, they've decided that maybe foreclosed homes aren't such a great deal. They're all trashed and/or gutted and/or have water damage. They've decided that the "plain vanilla" sales (where the Seller have some equity and doesn't need that pesky "third party approval") are just too plain. Now they want to expand the geographic ares (wait. what about the school?) and they even want to look at new construction (whoa. that's a change from foreclosures!), they want to look at a new price range, too. Hmmmm.

All this is OK. They're financially qualified and, hey, they can live where they want, right? It's just that it always amazes me that people start out with one idea of what they want and then completely change course. It's as if they never had that initial consultation about what they wanted and why.

If I were a cynical person, I might suspect that home buyers tell their Realtor consultants what they think we want to hear or, maybe, what they think their friends told them would be a good deal. Or, maybe, they just don't know themselves. That's possible and that's why we Realtors try to get our buyer clients to focus.

Sure, sometimes it's fun just to go out to look at different houses to see what's out there or to get decorating tips or maybe see what $400,000 gets you in the MD Suburbs of DC vs Bismark, ND. Most of the time, though, maybe even the vast majority of the time, it is the wiser path to know what you want and go after it (within your financial ability).

Knowing what you want goes a long way to actaully getting what you want.

Revenge of the Appraisers

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Mon, 31 Aug 2009 22:11:44 -0500

I'm not an appraiser and I don't play on on TV but I feel fairly confident of my ability to value property pretty fairly. Granted, sometimes the Seller wants a little more and over prices the listing. If they don't I usually feel we'll make it past any appraisal.

It seems, though, that appraisers are really reveling in their new found independence. I also hear that a lot of appraisers are getting the short shrift, money wise, from all these third party clearing houses that lenders have to go through to order an appraisal. So, I can see where appraisers may feel a tad resentful and also feeling their wild oats a bit.

Recently, I was listing a home in a neighborhood that could reasonably be called "moderately priced". There was a mixture of short sales, foreclosures and "plain vanilla" sales in the area so I had to really think about it but I came up with what I thought was a reasonable value. The Seller want $10K more. So be it.

Amazingly (to me), the house had 27 showings and 4 offers in 2 days. The Seller was sure we she had under priced her house and was having all kinds of second thoughts. However, she moved forward with one of the offers which was both reasonable and realistic.

Fast forward to the appraisal.

The appraiser calls and says she wants to come by that day. OK, I'm thinking to myself. I have the key and it was the same key 27 Realtors used to show the house. I set the appointment to meet the appraiser. Lo and behold, the Seller had locked a top lock to which I had no key. I couldn't get in. The appraiser couldn't get in. She was a little miffed. She said she would call "when she was coming back to the area." OK. Works for me.

Now, it turns out the appraiser isn't coming back (VA, by the way) and she isn't stepping foot inside the house. She's sending her appraisal to the lender and the buyer's agent called me to tell me it might come in low. The buyer's agent doesn't know how much lower than the contract price, what comps were used or anything.

So, I wait. An irritated appraiser who could care less if the seller, buyer or lender are affected one way or the other. An appraiser that won't put the fact of multiple offers into the equation. A VA appraisal that, for all the appraiser knows, may or may not have conditions that need to be addressed. An appraiser who comes from God knows where into a neighborhood she may or may not know anything about.

I sent comps to the buyer's agent but I suspect the buyer's agent probably doesn't care how low the appraisal comes in.

Hey, if it was easy, anyone could do it, huh?

Second Guessing the Price

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sun, 16 Aug 2009 07:12:31 -0500

Every now and then I'll encounter a home seller that when they say "I want to sell this house." they really mean it. They listen to my rationale for recommending a price. They look at the comparable sales. They make a decision to price the home so it will attract the largest number of potential buyers through the front door and provide an offer that will end with the sale of the house.

A lot of the time, I encounter home sellers who will say "I want to sell this house." and what they really mean (but don't say out loud) is "I'd like to sell this house if I can get the type of money I need to [fill in the blank]." Usually the fill-in-the-blank has nothing to do with true market value, comparable sales or much of anything else other than something the home seller would like to accomplish outside of selling the house.

It could be they need a certain amount of money to buy the next house or pay for a retirement living arrangement. A lot of the time it's really about wanting some money to have fun or feeling that it's due to them for making whatever improvement they have made to the house over the years they've lived in it.

Sometimes, a home seller will price the house aggressively and when a good offer comes in sooner rather than later, they begin second guessing the pricing strategy. "Hey, if everybody's house is sitting on the market for 6 months, how come I got an offer in one week?" (as if this was a bad thing). Or, "This is a full price offer. It must have been priced too low." What I like best is, "People (i.e., all my friends and co-workers who are not real estate professionals) tell me 'Realtors just want to sell the house'".

Yes, as you can tell, I have a little bias here. When I hear the "Realtors just want to sell the house." I would like to ask, "What do you want to do? Just let it sit on the market and have total strangers continue to walk through your home at random moments?" Of course, the implication is that Realtors are most interested in setting the price as low as possible to sell it as fast as possible to pick up that big commission check.

The flip side, of course, is that when the house is priced too high and it sits on the market too long the Realtor is suggesting the high price so they can get a bigger commission check.

Luckily, I don't run into too many clients that like to second guess the selling strategy. When I do, though, it drives me crazy! I like to think I can tell who just wants to test the waters and who is really serious about selling their home to move onto the next chapter in their lives. Sometimes, I get that part wrong. When I do, it's a doozy. Having to listen to regrets and sellers remorse and the greed starting to kick in makes me want to run screaming from the room.

But, hey, if it was easy anyone could do it.

Is Social Media A Fad?

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Fri, 14 Aug 2009 15:50:08 -0500

I saw the URL to this video on Twitter (where else, huh?). It's just boggles the mind how quickly social media has taken off and how far reaching it is. You should really toggle this to full screen to get the full effect...and it's only a tad over 4 minutes.

If you've been thinking if all this Active Rain, Facebook, Twitter, etc. stuff is a waste of time (you know who you are!) you may change your thinking after the next 4 minutes....

13412 Parkland Drive, Rockville, MD 20853

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 12 Aug 2009 06:23:00 -0500

Here is a nice, single family home ideally located within minutes of parks, great shopping, schools and two METRO stops (Glenmont and Wheaton). It is nestled along a quiet, tree-lined street with an attached one-car garage and a spectacular back yard perfect for playing around or entertaining guests.

13412 Parkland Dr
Rockville, MD 20853
Split-level on Parkland Dr in Wheaton Woods

Ken Montville

Office:	240-295-6000
Mobile:	240-417-9100
Website:	Visit Website

Price	:	$249,900
Bedrooms	:	3
Bathrooms	:	1
Square Foot	:	1,146
Lot Size	:	8,015
County	:	Montgomery County
Property Type	:	Detached
Year Built	:	1955
MLS Number	:	MC7131764

click for more information and pictures

Property Description

This home is in "move-in" condtion and ready for your personal touch. Very spacious top level master bedroom. Lots of storage space. Nice hardwood floors and large main level living room, dining room, kitchen area. HUGE fenced backyard. Attached one car garage. Great gardening spaces. You won't want to miss this one!

Equal Housing Opportunity.

RE/MAX Advantage Realty : 8171 Maple Lawn Blvd. Ste 150 - Fulton MD 20759 : 240-295-6000

Buying a house costs MONEY?? Really?

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 05 Aug 2009 05:20:07 -0500

During the recent downturn in the real estate market it became commonplace - at least in my little part of the world - for Sellers to kick some money toward the Buyer's closing costs. So, as it turns out, if the Buyer could scrape together the 3.5% for a down payment (assuming an FHA mortgage), the other costs like State and County transfer and recordation fees, lender fees, title company fees, hazard insurance premiums, prepaids like interest and the like would be paid for out of the Seller's proceeds at settlement.

This is wonderful news for the Buyers because it means that they really have very little in the way of out-of-pocket expenses and, if the qualify for a VA mortgage (zero down payment) it's possible they could buy the house for close to zero out-of-pocket money. However, no matter how hard I try, I can never get the home buying experience to equal absolute zero for the buyer.

A recent example comes to mind: a VA qualified buyer found a home they wanted to purchase, we negotiated price and all the other financial terms, including a wonderful chunk of Seller money for Buyer closing costs. It looked like it was going to be almost zero out-of-pocket expense for the buyer. This was a good thing because the buyer didn't have a whole lot of ready cash. The keyword here is almost.

There are certain expenses that most lenders do not include in their good faith estimate and, if they do, the lenders like to collect it up front. The appraisal fee is one such expense. The home inspection is another. No matter what the Good Faith Estimate says, most lenders I know want to grab that appraisal fee up front because if the deal falls apart they still have to pay the appraiser.

The home inspection is another place the buyer actually has to have real money. The inspector usually likes to get paid on the spot. You see, they know the deal might fall apart, too. In fact, it is well known that many inspectors kill the deal by pointing out defects in the house that worry the potential buyer just enough to want to back away from the purchase. So, Buyers need to have a check or credit card ready and available at the time of the home inspection or the inspector may just pack up his or her gear and go home.

This is the "bottom line". Buying a house, under the right circumstances, can almost be done without much cash but you really need some money. This is at it should be. Consider if your were renting an apartment or house instead of buying. There would be the first month's rent and the security deposit and the pet deposit.

There should be some "investment" (another term I hate and will probably write about in the future) into the purchase of the house on the Buyer's part. Buying a house is a big deal and the decision shold not be made lightly. Buyers should expect to have some cash lined up for the purchase. There is no such thing as a free lunch.

Managing Expectations

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sat, 01 Aug 2009 14:56:26 -0500

In the last couple of days there have been rumblings about "the bottom" and even a cover story in Newsweek entitled The Recession is Over * (note: the asterisk). If you watch CNBC at all and you happen to catch a little of it before you tuned in Oprah on Friday you would have heard all manner of people getting all giddy about the stock market rally, and, most notably, about the fact that the economy didn't shrink as much as expected.

That bears repeating -- the economy did not shrink as much as expected. It did not grow/expand. It just was less shrinkage?

Whooooooa, Nelly. Hold the bus!

Just because things are not getting as bad as rapidly as they have been during the past year does not mean things are good! In fact, President Obama tried to manage expectations by admonishing Newsweek for putting out false hopes to which Newsweek had to reply in another article with the sub-title: Obama Rips Newsweek's Cover. We Rip Back.

Here's the deal: Yes. Everyone would like this "Great Recession" to be over and for the recovery to start rolling. Those of us on Active Rain would really like the housing market to start rolling again. Heck, I see all this "happy talk" all the time about this or that Realtor experiencing multiple offers (subliminal message to buyers: "hurry up and get back in or you'll end up in bidding war hell just like the early 2000s"). I also hear and read the data that most of the buying are first-timers and that they're after the foreclosures with the rock bottom prices. Joe and Jane Homeowner with equity and a nice house aren't getting multiple offers. If, and this is a big if, they price their home aggressively, they'll get that one offer they need to sell the house.

If we start talking up and buying into "the recession is over" giddiness in the absence of solid data and a good strong trend we are doing our clients -- both sellers and buyers -- a grave disservice. There is nothing worse than seller thinking it will be OK to price their home high "because the recession is over" or for buyers who have been on the fence to fall back over onto the rental side of the fence because they have just pulled enough money together for that 3.5% FHA down payment and now won't be able to afford higher priced home.

The economy is finally starting to show signs of life only because of mass government intervention. What happens when the $8,000 First Time Home Buyer Tax Credit expires on December 1st? What happens if mortgage rates start to rise? Credit guidelines have not and do not show any signs of loosening up.

As real estate professionals, we need to be able to manage the expectations of our clients. It's bad enough that most of them will listen to Aunt Harriet or Uncle Jeb who was in real estate for a couple of years back in the 80s. We need to be to voice of reason. I don't want to hear "Newsweek said the recession's over so I want to pretend it's 2004 again." It ain't gonna happen.

Managing expectations may be one of the most important things we do in the coming months. We need to tell out clients, Sellers especially, that pricing their home is still the key to selling it.

Greenbelt Condo in Immaculate Condition

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 15 Jul 2009 14:33:34 -0500

6620 Lake Park Dr #203
Greenbelt, MD 20770
Immaculate Condo in a Perfect Location

Ken Montville

Office:	240-295-6000
Mobile:	240-417-9100
Website:	Visit Website

Price	:	$244,999
Bedrooms	:	2
Bathrooms	:	2
Square Foot	:	900
Community	:	Greenbelt Lake
County	:	Prince George's
Property Type	:	Condo or Townhouse
Year Built	:	1998
MLS Number	:	PG7019550

click for more information and pictures

Property Description

This is an immaculate condo with plenty of space. There is a large family room perfect for the big screen TV, a large master bedroom with a spacious walk-in closet with plenty of room for all your clothes and shoes.There is a whirlpool tub in the master bath for that nice, soothing soak, a sunroom to relax with your morning coffee, a screened balcony for lazy evenings with your favorite book and beverage. Close to the swimming pool and community building with tons of amenities. Close to METRO, shopping and parks. You'll love it!

Features List

Handicap features	Garden style home	Community pool
Natural gas heat	Forced air heat	Central AC electric
Brick & siding e	Breakfast bar	W/D,DW,DS,MV,R
Gas range-oven	Ice maker	Walk-in closet
Whirlpool	W-W carpeting	Community party rm
Ind elec & gas m	Screened porch	Assigned pkg
Close to Metro	Close to shopping	Close to parks

Equal Housing Opportunity.

RE/MAX Advantage Realty : 8171 Maple Lawn Blvd. Ste 150 - Fulton MD 20759 : 240-295-6000

How Low Will Mortgage Interest Rate Go?

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Thu, 09 Jul 2009 13:37:40 -0500

Alan is a heck of a mortgage professional and always has his finger on the pulse of what's going on in the mortgage industry. Herewith, an interesting post....

Via Alan Gross (National City Mortgage):

How Low Will Mortgage Interest Rates Go?

In early December 2008 the Treasury Department "leaked" a plan that it was considering to lower mortgage interest rates. On December 16th the Federal Reserve (FED) dropped its target for the Federal Funds Rate from 1% to between 0 and 0.25%. In addition the FED pledged to use "all available tools" to fight the current downturn in the economy. Based in it's statements the FED plans to keep interest rates at "exceptionally low levels: for some time to come.

The effect of these actions was to move mortgage interest rates lower. They bottomed in mid January before rising a little bit through the end of February. Interest rates then started moving down again and by mid March they reached a low point which held relatively stable through May 27th. Despite predictions that interest rates would move lower, on May 27th the market panicked and rates shot up peaking on June 10th. Since that time the trend in interest rates has been moving down.

So where are we headed? The other day Mark Zandi, chief economist with Moody's Economy.com, changed his forecast slightly. He had been leaning towards an interest rate of 4.5 percent by the end of the summer. Now, "4.5% seems increasingly less likely," Zandi acknowledged. "I'm hoping rates move back to below 5 percent in the next few weeks."

As we have seen in the past predicting the movement in mortgage interest rates can be a tricky business. For those who are considering buying a new home or refinancing their current mortgage it appears this summer will a good time to accomplish either.

Call me with any questions you have concerning the current market.

To keep up with the trends in interest rates you can visit my Daily Market Report at www.mtg-info.net/DailyMarketReport.

I am always available to answer any questions you have concerning interest rates or mortgage loans.

Whether your looking to buy or refinance, call me today. I'm here to help. The best place to reach me is at my home office 301.353.9360. You can also email me at mtginfo@aol.com

Alan Gross
Home Office: 301.353.9360
Email: mtginfo@aol.com
Web: www.mtg-info.net

The Paradox of SEO Marketing Companies

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 08 Jul 2009 14:47:18 -0500

Maybe I'm a little slow and maybe I don't quite understand this whole SEO marketing thing. I'm really not a big super geek or anything and I'll grant that there are a lot of people who know a whole lot more about this than I do. Maybe someone can help me out with a marketing approach from some SEO marketing companies:

I have this neat-o website

and on this neat-o website I have a little form for people to fill out if they want me to get back in touch with them about anything that's on their mind

Now, here's the part I don't understand -- a SEO marketing guy finds my website and fills out the form and in the "comments" section he tells me about how he can put me on Google's first page search results, yadda, yadda, yadda.

OK, great. How did you find my website, Mr. SEO Marketer? What keywords did you put into the search field to a) find my website and b) fill out my little form? It seems to me that if this guy is looking for Realtors in an area that he can sell his marketing magic to it might be a little self defeating to find my website out of hundreds? thousands? of others that might match my keywords.

Who knows? Maybe he goes to the last page first. The point, in my mind, is that he found me...and, if he can find me, so can anyone else that's looking.

Am I missing something?

A Home Where OWNING is truly Cheaper than Renting

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Mon, 06 Jul 2009 06:16:38 -0500

Many time you will see ads that say something like "Own for the same amount you're paying for rent".

In the case of this beautiful, single family home in the Marlton section of Upper Marlboro, MD that would be completely true!

Assuming that you have good credit and qualify for a 5.125% interest rate and an FHA mortgage, your monthly payments would be approximately $1500.00. Compare that against many 3 bedroom, 2 full bath apartment homes (or any other home, for that matter) and you can see that owning can be just as inexpensive as renting. If you factor in the $8,000 first-time home buyer tax credit and the mortgage interest tax deduction you really come out way ahead.

Check it out! You will be pleasantly surprised how easy it is to say "good-bye" to the landlord.

Turning the Phone Off...

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 01 Jul 2009 18:57:40 -0500

When I first came into real estate as a full timer, I was trained to think that real estate was a 24/7/365 type of job. This was my business and if I wanted to develop it and make some money, I had to make myself available to people who normally work 9-5, M-F.

As time went by, I started going to workshops and seminars that talked about balance and boundaries and setting expectations. After all, the teaching went, doctors and lawyers and accountants are not available 24/7/365 (well, maybe some lawyers). I was told that I need time for my family and for "recovery" or "relaxation" -- a time to "recharge". Heck, I thought this was a fine idea until I tried to reach a couple of agents that didn't work on Sundays or, nowadays, REO listing agents that work M-F, 9-5.

Recently, though, I've made the mistake of leaving my iPhone on and I started getting calls from other agents at 8:30pm or 9:30pm with questions that, quite frankly, could have waited until the morning. Yeah, I know. I didn't have to answer the call. I'm just one of those people who get real edgy when the phone rings and I have to answer it. Just have to.

Anyway, answering the phone late in the evening for things that could have easily waited until the next day has really gotten me thinking about the whole boundaries and "time off" thing. It's one thing to be able to sit down with my client and let them know that I will be available for them a lot of the time but after 7:00pm is not a good time or Tuesdays may be off limits. It's another thing to be "on call' for other agents who get the notion to call any old time. Heck, their up and thinking about me. I should be thinking about them, too.

The thing, for me personally, is that I'm more of a morning person. There have been many a time I wish I could have called someone at 6:00am or 7:00am to get a status update, ask a question or whatever. Unfortunately, I realize I have to wait.

So. What do you think about boundaries and what might be reasonable working hours and working days?

Inquiring Minds Want To Know!

The Social Media Addiciton

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sat, 27 Jun 2009 21:25:25 -0500

There was a time I would spend hours (it seems) on Active Rain blogging, reading, commenting. Then I went to a couple of REBAR camps. First one in Fredericksburg, VA and then one in Philly. I got introduced to Twitter, which I didn't like at first. Facebook took up some time. I have my "Outside Blog" and now I have a Photo Blog.

Of course, I still have a real estate business to tend to. Buyers still need attention and Sellers still need killer marketing. I guess I just need to figure out a time to get all this stuff done. More importantly, I need to remember not to get sucked into the computer the way some people get sucked into TV. I'll need an intervention and 12 step group.

I'm OK. I can stop anytime I want....really.

No...really.

Yard Sign Marketing

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sun, 14 Jun 2009 06:36:17 -0500

Every now and then I get a client who tells me they don't want a yard sign. It seems they don't want the neighbors to know they are selling their home. Maybe breaking up with the neighbors is too hard. Maybe they just don't want to answer a lot of questions about why they're moving or where they're going and, oh by the way, how much are you asking?

Who knows? I've never really figured it out.

What I do know is that homes without yard signs seem to sell equally as fast as home with yard signs, all else being equal - price, condition, location. I also have come to experience that most people who call me from my phone number on the yard sign fall into one of two categories:

neighbors being curious (how much is it? where are they going? can we see it [because we just want to look]?)
people riding around aimlessly in their cars day dreaming about a home and being clueless about what it means to be able to buy a home

Usually, I can get rid of the neighbor curiosity factor by having an Open House the first or second weekend the house is on the market. Just mail out a 100 postcards to the 100 nearest addresses and bring some cookies.

It's the second group of people who perplex me. They're out riding around and happen to see your yard sign. They call the number of the sign and ask the same questions:

how much?
How many bedrooms and baths?
Is there a finished basement?
Is the price negotiable?
Can I see it...right now!?... or tomorrow morning, at the latest.

These folks have usually done zero preparation and have zero understanding of what it takes to buy a home. It is these folks I'm supposed to have the patience to "convert" into my buyer clients. In reality, these folks are typically unqualified, financially, to buy a Big Mac on credit and even if they could get a mortgage it's for an amount way under the price of the neighborhood they're cruising.

Now, I may be doing it wrong because I haven't memorized all the scripts and have long since tired of making appointments that yard sign shoppers never keep but I would just as soon have these yard sign shoppers call another Realtor to act as their buyer agent. You see, I have no problem splitting my commission with a competent buyer's agent who has a motivated client who is well prepared to make the purchase.

In fact, if it wasn't for the fact that yard signs make good location markers for agents that don't know the area and happen to be working the nieghborhood because their license says they can, I wouldn't use yard signs at all.

Yeah, I know. If I have enough of them scattered around the neighborhood, I become the "neighborhood expert". People will think I'm the Big Kahuna of the 10 block subdivision. Well, maybe. The fact is that my farming efforts (i.e., monthly direct mail into a subdivision) and the Internet have done far more for my business than a bunch of yard signs in the neighborhood.

So, I've become a little ambivalent about yard signs. Do they work....or are they just one more holdover from a real estate past that we are holding onto...just because?

Too Cheap to Get a REAL Virtual Tour

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Thu, 11 Jun 2009 20:43:37 -0500

OK. I'm not selling anything here. No virtual tour companies. No DIY virtual tour companies.

I've been noticing this trend, fed by the SEO industry, of Realtors becoming videographer wannabes. Now, this isn't so bad, if you're standing in front of a camera talking about the neighborhood or subdivision and there's a nice park or a subdivision sign behind you. It's not so bad when you're at your desk and talking about this or that. I'm good with that. What I'm starting to see and getting disturbed about are th DIY listing shows.

That's right. Shaky, blurry, terrrible videos with terrible audio of people's homes Realtors want to sell. Worse are the still photos that Realtors take. I mean, I understand the Internet Empowered Consumer wants to see photos but ---

toilets with the lid up (and hard water stains)
half made beds with a white sheet tossed over them to "neaten them up"
kitchens with sinks full of dishes
decks with tons of clutter
closets with all the stuff you tried to hide
more, more, more

Hey, I understand. We're all trying to cut costs in this awful housing market. But, really. Are you really doing your Seller client a favor by showing all the (literally) dirty laundry?

In my view, it's time for Realtors to:

Tell there Seller clients to clean up the mess or you can't take any photos which means fewer people will visit the house
Get a professional who can take a good photo with a good camera and then take it back to the office to make it look pretty with nice captioning and maybe some pleasant music.

I don't care what the SEO gurus say. Do you really care about SEO if your client's home looks like a war zone on steroids?

I've always thought it was the Realtor's job to market the house to create the most excitement possible so that a potential buyer will actually walk through the front door to fall in love with the real, live, three dimensional house. A lot of what I'm seeing now shouts, "I don't care if you like this house or not!".

If I was a Seller and saw some of these videos and still photos I'd ask for a release. Hey, but that's just me.

Just sayin'

HAP Update - A Lifeline to Homeowners in the Military

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Wed, 10 Jun 2009 05:50:53 -0500

Thanks to a heads up from my clients (an Army pediatrician and DOD contractor) I realized that the Army Corps of Engineers has a program designed to help military families feeling the pinch of having to sell their homes in order to move from one station to another through no fault of their own. They need to go where the military sends them and, in this housing market, that's not always a good thing for selling a home they may have purchased not too long ago.

Enter: the Military Maven of all Realtors (at least in this area) - Cindy Jones of Woodbridge, VA. Cindy's input and insight have been invaluable. Her experience working with military clients over the years and he selfless assistance led me to the HAP website and then to a phone call to a HAP counselor in Savannah, GA.

Here's the bottom line: There is some assistance coming for military families on the move. It is a finite amount of money (about $55,000,000). It'll help a lot of folks avoid both the headache and stigma of short sales (not to mention the hurt it would put on someone's security clearance).

The not-so-good news is that final regulations for administering the program have not be written and handed down yet and they aren't expected anytime soon unless you consider August soon. Once final regulations are in place, the Army Corps of Engineers will start the processing. Add another 90-120 days.

All said though, it could be a shorter process than a lot of short sales and have a happier outcome for the military seller, the buyer and the Realtor.

Bottom line: don't hold your breath and don't hold out false hope. This ain't gonna be quick and when the final regulations come down, it'll be important to read all the fine print and follow the regs to the letter.

HAP may not be short for HAPPY

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Sat, 06 Jun 2009 06:57:14 -0500

I recently started working with a couple who have been long time clients and great referrers of other clients. In fact, of my entire list of clients I have helped over the past 10 years these folks get the #1 spot for number of times they have used me personally combined with the number of people they have referred to me that actually bought a home and gotten to settlement.

These are the types of clients I live for!

They're in the military. At least, the wife is. Now they need to move, again, because she's being deployed to another duty station on her way to a post in Afghanistan. Unfortunately, the home they bought about 3 years ago has lost some value and they can't really sell it without bringing more money that they have to the closing table.

Fortunately, Uncle Sam is actually trying to do something right by our vets. They have a program called the Homeowner Assistance Program (HAP) that will subsidize the difference in what the house was bought for and what it can be sold for. A good deal. The not so HAPpy part is that the program has not been fully approved yet and the applications are piling up. So that when the program does get the final green light it'll take some time (6-8 months) for applications to work through the process.

So it is very much like a "short sale". Hurry up and wait...and wait...and wait.

However, for vets, this may be a good way to sell your home if you're being moved somewhere and it isn't exactly your choice! Check out.

1320 Swingingdale Drive, Silver Spring, MD 20905

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Thu, 04 Jun 2009 14:32:37 -0500

If you ever wanted to live in a great community at the end of a private cul-de-sac (think: no traffic!) than this might be the perfect home for you.

The spacious deck, above ground pool and huge back yard make this house stand out...and that's just the outside! Inside this lovingly cared for home is a roomy kitchen with new, stainless steel appliances and a family room with a warm and romantic wood burning fireplace. The basement is fully decked out as an entertainment center for friends and family. The master bedroom goes on forever with plenty of closet space for all your clothes and shoes.

It's a great home in a great community!

Sometimes You Just Have To Tell Them NOT To Sell

Ken Montville -- the MD Suburbs of DC (RE/MAX Advantage Realty) — Mon, 01 Jun 2009 15:13:32 -0500

It seems that in February of 2007 I was asked to come over to present a CMA and talk about how wonderful I am to a potential Seller. This particular Seller was in a subdivision I market to all the time and I've actually sold quite a few homes. I may not be "The King" yet but I do pretty well. I went full out. I took lots of pre-listing appointment photos and prepared a nice pre-listing package. I was ready...or so I thought.

The guy in this house had been living in it for decades and it looked like he never got rid of a single piece of paper. There were literally paths to walk through to get from one room to the next. It was quite and experience. There were a ton of other challenges as well but, hey, you get the idea. Back in those days, though, homes were still selling pretty quickly in this part of town and for a pretty penny, too. I thought, if we priced it right, someone would come along and snatch it up because they were afraid to miss the gravy train (looking back at this time period is an education in itself. Who knew I was living at the very end of a huge Seller's market?)

The guy didn't do anything, though, an time passed. Fast forward to today. The wife he had been recently separated from in 2007 was making his life miserable in a divorce that was really forcing his hand about selling the house. However, not much has changed about the physical condition of the house. Still wall-to-wall, floor-to-ceiling stuff.

After smacking him in the face with the fact that values have plummeted close to 50% in this particular subdivion (all real estate is local and as crazy high as prices went they are now going crazy low) I suggested he might really have a "Come to Jesus" talk with his divorce lawyer and a good reverse mortgage specialist. I showed him prices combined with Days on Market and suggested that if there was anyway that he could manage to work out some type of arrangement with the soon to be ex that he'd be better off.

It's kind of a sad story. Who knows if the wife is justified in trying to force a sale? Maybe. Maybe not. All I know, it that sometimes it's better to tell people to hold on and try to ride it out.