Last week, I was told by a client that he feels I am taking too long to return his phone calls when he has questions.  We have been working together since February, and after a long search he found a property that he wants to purchase - a commercial building he would like to make his primary residence.  Of course, banks do not want to lend on this, so as a result, our closing date has been pushed back multiple times and we have not yet gone to settlement. 

In the four months that we have been working together, we have shared 350 email communications.  In the past month, I have had approximately 25 or 30 phone conversations with either him or his girlfriend and countless text messages.  If I receive a phone call, email, or text from either of them and I cannot answer right away, I make SURE the business day does not come to a close before I respond to them.  In spite of this, many times, I will receive a phone call from my client and when I cannot pick up, I will within a couple of minutes receive 1 or 2 more additional phone calls from his girlfriend, plus a text message telling me to call ASAP, and when I do, I discover it is a completely non urgent matter.  I have even received phone calls from them on my cell phone as late as 9:30 or 10 PM. 

My client pointed out last week that it took me 2 hours to return his phone call on that particular day, and on occasion (namely while my mother was having major surgery recently) it has taken me up to 4 or 5 hours to return his calls.  He did not find this satisfactory.  In the four months we have been working together, not a day has gone by without me communicating with them by phone, email, or text - sometimes all of the above. 

I explained to them that when running my business, I have to block off time for each of my clients and activities in order to manage all of them, and I block off time for returning calls and emails as well.  I have to control my time so that I am able to accomplish everything I need to, and in order to do that, I cannot be reactionary - that is interrupting what I am in the middle of (client meetings, buyer orientations, showings, working on advertising, phone calls, listing appointments, paperwork, processing contracts/rental applications, meetings/calls with inspectors, appraisers, banks) to answer every phone call and email right that second.  I also explained that each of their questions is important, which is why I set aside time to return calls when I have plenty of time to focus on them and their needs and put the thought into it that they deserve.  Also, at times, I wait to return calls until I have researched the answers to their questions, so that I am prepared when I call back.  Not to mention, I have family priorities and set aside time just for them.  I cannot possibly work 24 hours a day, 7 days a week.

Please give me input: what constitutes a responsive agent?  Do you expect instant gratification or is a response by the end of the day reasonable?

MAY 2009 SALES

A bill was introduced to the Senate on June 10th by Georgian Republican Johnny Isakson and co-sponsored by Senate Banking Committe Chairman and Democrat Chris Dodd which would raise the current federal first time homebuyer tax credit from $8,000 to $15,000.  It would also eliminate many of the current restrictions.  It would eliminate the income caps of $75,000 for single purchasers and $150,000 for couples, would apply to ALL purchasers (even if they had owned a home within the past 3 years), and would extend the purchase deadline from December 1 of 2009 to a year from the date the bill passes into law.  Additionally, it would allow purchasers to split the credit between two tax years if so desired.  It would also extend to multi-family residences, provided they are the primary residence of the borrower.  This additional credit would not be retroactive to purchases made before the bill becomes law.  This bill has received bi-partisan support from lawmakers, as well as The National Association of Realtors and The Business Roundtable.

This is great news for potential buyers who are not QUITE ready to purchase yet - perhaps you are saving up your down payment, cleaning up your credit, or trying to increase your income - but are hoping that the great incentives don't pass you by in the meantime.

This is a great article illustrating the projected economic growth expected in the Washington DC Metro area over the next few years thanks to the federal government when other major cites are seeing a decline:

http://news.yahoo.com/s/bw/20090220/bs_bw/feb2009db20090219655989

NEW YORK (Reuters) - Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted the appeal of fixed-rate investments, Freddie Mac said on Thursday.

The average fixed 30-year mortgage rate declined to 5.04 percent in the week ending Thursday, from 5.16 percent in the previous period, Freddie Mac said in a statement. That was close to the 4.96 percent reached in mid-January, which was the lowest rate since Freddie Mac began its survey in 1971.

Yields on benchmark 10-year U.S. Treasury notes, which influence rates lenders offer to consumers, dropped as low as 2.65 percent this week from 2.99 percent in early February after bearish economic reports. Forecasts from the Federal Reserve for slower growth added to the negative tone, Frank Nothaft, Freddie Mac's chief economist, said in the statement.

"Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," Nothaft said.

Applications for U.S. home mortgages soared last week, nearing the levels last seen as rates dropped in early January, the Mortgage Bankers Association said on Wednesday. The 30-year rate as measured by the MBA fell to 4.99 percent in the week ending February 13.

Mortgage rates averaged the lowest in the northeastern U.S., at 4.92 percent, according to Freddie Mac's survey. Rates averaged the highest in the southwest, at 5.14 percent, it said.

All rates in the survey are based on up-front payments of about 0.7 percentage point of loan principal to the lenders

Our mortgage parnter, Prosperity Mortgage, is now offering 100% financing for veteran's up to $625,500!!!! For sales prices over $625,500 the downpayment is 25% of the amount over $625,500. Provide us with a certificate of eligibility from the Department of Veterans Affairs for this fantastic loan program! Call me today for all of the details.

Mortgage rates hit 4 1/2 year low.

Freddie says 30-year mortgage rates dropped to 5.47% this week, continuing to fall since the Nov. 25 Fed decision to buy $500B in mortgage-backed securities.

I wanted to let you know that I am rolling out a brand new, innovative service for my friends, family, and clients called Voice Pad.  It is a FREE service available to you anytime - 24 hours a day, 7 days a week, and it allows you to instantly obtain information on any property on the market.  It works like this: should you be out driving around and see a home - ANY HOME - for sale and want to know more about it, Voice Pad allows you to call ONE number, enter the address, and immediately access the property's sales price, bedrooms, bathrooms, square footage, features, estimated mortgage payments, etc.  

This service is available to you as part of my Client Appreciation Program, whether you are in the market to purchase a home now, or you are just curious about a new listing in your own neighborhood.  If you are driving past a condo building and want to know whether there are any units for sale in the building and the price (many buildings do not allow the posting of FOR SALE signs), you can call this service, enter the street address, and find out what is available in that building immediately.  If you want further information, you can be connected to me by pressing one key.  Voice Pad also follows up by sending you an email with information on any listing that you call on, so that you have a written record of the properties that caught your eye. 

If you would be interested in having perpetual access to this service, please send me an email at shari.walker@longandfoster.com with your cellular phone number(s) and your email address.  I will register you and send you the phone number you would call.  You can keep this number stored in your cell or in your car, and call it whenever you are curious about a property listed with any brokerage in the DC metro area (including MD and VA).

I hope this is a useful benefit to you, and I look forward to adding you to it!  Have a wonderful day! 

Warm Regards,

Shari Walker

The Nov. 25 announcement of a Federal Reserve commitment to purchase $600 billion of mortgage-related debt from Fannie Mae, Freddie Mac and the Federal Home Loan Banks put immediate downward pressure on U.S. mortgage rates. Bankrate Inc. reports that average interest on 30-year fixed loans dropped to about 5.5 percent on the news, falling from 6.38 percent at the start of the day. According to Bankrate's Holden Lewis, the slide represented the biggest one-day decline in at least seven years. The lower borrowing costs will especially benefit homeowners who still have enough equity to refinance, said Quicken Loans chief economist Bob Walters, who noted that, "I've been trading mortgages for 20 years and you don't see many days when one thing moves rates like this. You'll see a pickup in demand for housing."