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It's About Time

Real estate is about time It's about time. And it's about timing.

The clock ticks off the seconds. You watch 60 go by and you've got a minute. Minutes become hours, and hours turn into a day. Such is the passing of time.

Over thousands of years, man's measurement of time has become ever more precise. From sunrises and sunsets to hourglasses to complicated gear systems in Swiss watches and atomic clocks, our activities are more governed by the tick of the second hand or an electronic digital signal than ever before.

Victories in the Olympics are garnered by hundredths of a second.

Timing in real estate Science and computer technology enables researchers to measure events and reactions in the span of micro and nanoseconds.

Real estate time is not this precise.

However, one thing remains true: IN REAL ESTATE, TIME IS OF THE ESSENCE.

In Virginia, as in most states, the real estate contract itself makes this point exceedingly clear.

Paragraph 14 of the Virginia Jurisdictional Addendum proclaims in bold capitalized print:

"TIME IS OF THE ESSENCE AS TO ALL TERMS OF THIS CONTRACT."

These are just a few ways that Father Time plays a large role in real estate:

Location, location, location. Yes, but what about timing as a key element? This year's market is not last year's market. Today's real estate market may not even be the same as yesterday's. Prices change. Sales volume changes. Buyer preferences change. Interest rates change. Homes selling for $500,000 a year ago may only be selling for $425,000 today. Time is a huge factor.
Time on the market. As a buyer or seller, a key indicator is how long a particular home has been on the market for sale. A longer time period often indicates an opportunity for negotiation. Sellers will have to re-evaluate their pricing after their homes have been on the market for a certain amount of time without a buyer.
Time for making an offer. Although many homes spend significantly more time on the market today than they did a few years ago, the good ones that are priced well are still selling. While increased inventory allows buyers to spend more time looking for the right home, when one is found, a decision often needs to be made quickly to ensure a purchase. Whether a home has been on the market a week or 11 months, there's always the possibility that others will jump on the chance to purchase it. Real estate requires thorough research, but quick decisions.
Deadlines. The real estate transaction presents many deadlines upon the participants. There are deadlines for inspections. Deadlines for appraisals. Deadlines for counter-offers. Deadlines for contingencies. Deadlines for settlement. A professional real estate agent will track all of these deadlines and make sure that you don't miss any deadlines which could cost you the transaction and void the deal.

Real Estate is about Time.

Time is Money.

Isn't it about time you had a professional, experienced REALTOR on your side?

START YOUR HOME SEARCH IN NORTHERN VIRGINIA OR D.C.

CLICK HERE TO FIND OUT HOW MUCH YOUR HOME IS WORTH

Don't let time slip away!

Brian Block RE/MAX Allegiance 703-626-0715

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Posted by Brian Block -- Northern Virginia & D.C. Real Estate on 01/30/2008 08:13 AM

Comments (34)

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This post has been included in Virginia Information

34 Comments on It's About Time

JAN

2008

The most precious thing anyone has to give is their time because once used it is lost forever. Thanks for the post.

Wow, Brian. You just never cease to come up with amazing posts. How can anyone take a simple thing like "time", create four powerful bullet point like this, and close with "Isn't it about time..." You're the best!

Morning Brian, Nicely written post ! I'm sure the premise of your post will be lost on many agents ! Good selling to you !

A great post about a rarely written about, yet critical topic. That is what keeps us coming back to your posts.

Great post, and essential to all we do! I am not starting to think many buyers and other agents do not have watches!

Well done! Too many buyers, sellers and even agents are blase about the time constraints built into contracts.

Brian, nice post! It's really all about time, and it's one area where we all get a little sloppy in how we deal with it. This applies to contract deadlines especially - even I have been known to miss a couple!

Hi Brian,
A dynamite post! An element of contracts that we need to be more aware of protective of.

You have made some great points here Brian.

One thing I found out (the hard way) - is Time is of the essence is something that some 'Out-of-Town' lenders don't get! "Why do you need the Appraisal so quick?"

The other piece is YES - the good homes DO sell. I don't care how long it takes a client to find the perfect home - but once it's found - You need to move quickly.

Brian, It is about time and the time is now. Very well written.

Bill Roberts

You are just getting better and better to lay it all on the line. Simply put but to the "points"... You are on my list for sure!

Brian - Speaking of time being of the essence I find it amazing how some people do not wear a watch and are not concerned about time, getting there on time, leaving on time, your time, my time, even their own time. It would seem that there is a relationship between higher education and less regard for your time when it comes to appointments with you or you with them.

I am finding more and more that timing and deadlines are largely ignored in many transactions.

I find that if I assume that my deadline is always immediately, things generally work out, and I sleep better at night. I also don't have to remember as much stuff, because I have already done it.

Hi Brian, timing is the key to many issues in transactions. getting offers accepted, pricing correctly, advertising put these options to work at the right time and offers happen. Nice post Brian.

I hate it when people steal what I was going to say, and Margaret did! Time is money, and when you are dealing with real estate, it can mean really BIG money!

Nice post. It makes people think that your time is valuable.

JAN

2008

JOEY: So true. My wife and I keep reminding each other of this. Time is our most precious commodity.

Brian- What a wonderful post. Really makes you think just how each moment in your life is a precious one.

MARGARET: Thanks for your wonderful comment. I'm very flattered.

BILL: Thanks for your comment and compliment.

RANDY: Thanks for the compliment. I'm glad you keep coming back.

JIM: A watch is no longer an excuse. Every agent I know has a cellphone and the time is right there on their phone. And I think clocks come standard in cars these days, don't they?

LISA: Deadlines are very crucial in this business and I'm constantly checking to make sure that everyone is on the same page in the transaction when it comes to the timeline.

PATRICIA: Thanks for your comment. I certainly look forward to the time when we meet together at a settlement table.

CYNTHIA: Thanks for your comments and compliment.

JAMES: Thanks for your comment. You are so correct on the point with out of town lenders. I had that experience two years ago when an appraisal still was not completed 3 days prior to settlement (they had an entire month from contract to settlement). Finally after some Alka Seltzer and two hours of conference calls between me, the lender, and my client, they put a rush on it and got it done that day!

BILL: Thanks for your comment and compliment. The time is now. You are right.

SALLY: Thanks for the compliment. I really appreciate it.

KATHY: In my first appointment with clients, I make it extremely clear how important it is to be on time for appointment. Both for me and for them. A bit of traffic is understandable, especially in our area, but people should have the courtesy to at least call in a timely fashion to alert others that they are going to be late.

KEVIN: There's no time like the present for getting things done. Thanks for your insightful comment.

GARY: Thanks for your comments. There are so many ways in which time plays an important role in business and in life. I am grateful to my father for purchasing me two beautiful timepieces that help me count the hours and run on time for appointments.

GINGER: Thanks for your compliment. Time really is money, especially in real estate.

TINA: Everyone's time is valuable. People sometimes lose sight of that since REALTORS don't typically charge by the hour like attorneys and some other professions do.

MAREY: Thanks for your comment. Time certainly is precious.

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