home buying tips: But I have bought a home before...
- 06/02/14 11:08 PM
While meeting with a buyer last week - he said; don't worry this isn't my first home purchase. I bought a home 10 years ago and understand the process. Well I have been in selling real estate for 10 years too and I can tell you - it is not the same as it was then. Sure some of the basics are the same; and actually multiple offers and escalations are common once again; but it's the way we do business that has changed. Lending - has most certainly changed. Ten years ago my dog could have been approved for a mortgage if … (1 comments)
home buying tips: NO, the housing market isn't terrible in DC
- 02/22/11 10:24 PM
Every morning I read some of the On-line news highlights over my 1st 2 or 3 cups of coffee. Often there is some news about how bad the housing market is or some dire prediction. What so many consumers fail to see - and the media gets a big "F" to educate people - is that Real Estate is LOCAL. Very local in fact. The article this morning spoke of how home prices were terrible in places like Detroit and Vegas and was going to worse before it gets better. Yes; we know - we have been hearing that for years … (5 comments)
home buying tips: I know EXACTLY what I want...
- 11/14/10 11:46 PM
I recently had a client who had a long list of "MUST HAVES". Now as it goes; the more "must haves" in a home; the fewer choices there are out in the marketplace. This client stuck by their guns and while price and neighborhood were on the "must have" list; they became a bit flexible. However many of the things did not. Well in today's market there are many choices; even in the Metro DC area; where prices are steady (ever so slightly rising) and inventory isn't huge. Of course the farther out you go from the city; the more choices; … (10 comments)
home buying tips: Don't hire me if you don't want the truth...
- 09/25/10 07:04 AM
Real Estate is a crazy business and the Real Estate market is ever-changing and complicated. The one thing that a Realtor and Client need to have is some level of trust and some open and honest communication. I have had many clients say things like; "Do you think I can get 20 or 30k off this price?". So I tell them my honest to goodness professional opinion along with guidance of what I think the next steps should be. Sometimes it's "I think so - let's go in for the kill" ; other times it's "I think thats a waste of … (2 comments)
home buying tips: Selling My House PT 1
- 09/14/10 02:33 AM
So I decided to move. Being in this business I see homes all the time. Then 1 day months ago; I saw a place I loved. But I wasn't motivated enough to do anything about it. I knew it would be a great place; but know all to well the hasssles of buying; selling and moving. Summer was approaching and I was busy with work; a new business partnership and a great vacation to Europe planned. Selling my house was the least of the things I wanted to venture to do. So I did nothing. The super place I loved; drop … (3 comments)
home buying tips: City Living vs. The Burbs ...
- 06/20/10 07:37 AM
So many home buyers often struggle with this same question: Do I want to live IN the City - or IN the Burbs? Most people in our area equate this question to meaning living IN the District (Washington DC) vs. living in places such as Arlington VA, or Bethesda MD. Now there are parts of Northern Virginia and parts of Montgomery and Prince Georges Counties; that sure feel like 'IN the city'; but living "Downtown" is a whole different feel with different bonues and different negitives.
Here are some of things Buyers Should consider:
- Not every neighborhood … (3 comments)
home buying tips: Cash Buyers Can sometimes get a GREAT Deal...
- 06/20/10 07:14 AM
Cash Buyers : Not something we run into everyday. But some folks save and save and save; others have sold a home and are down-sizing - and buying with cash. While Home Sellers always want to maximize their return and get their places sold for TOP DOLLAR; they also want to minimize the hassle. Not only the hassle; but with so many mortgage rules and hoops that buyers have to jump through - the possibility that a home buyer may not qualify for the mortgage at the very last minute - does in fact exsist. Now just because a buyer has … (2 comments)
home buying tips: Rushing into a decision....
- 06/16/10 03:36 PM
Last week we had the opportunity to work with some great clients. They were "going to buy this weekend!". Well we showed them property; they found something and wanted to "sleep on it". At 5pm Friday the Listing agent informs us there is another offer coming in and if we want it; we need to write the offer tonight. OK; so we swing into action. A favorite lender gets a phone call at 6pm on a Friday night; he finishes pulling credit and reviewing financials at 9pm. The last papers signed and faxed by 10pm. The next morning we get the … (3 comments)
Square footage used to always be entered by the agents when adding the listing into the Multiple Listing Service. The problem; most agents don't want to take responsilbility for an error.
Real Estate professionals have been sued because they have said 1 thing and when someone bought the house; they found out it was something else.
Now however; our MLS "pulls" the square footage data directly from the tax records and displays it. Good Idea or Bad?
I have Buyers who have now lost 2 great properties in a week; both times due to Multiple Offers. (4 Each Time).
This is happening all over the DC Metro area. Now don’t for a second think that every property is seeing multiple offers. That is just silly. But many of the good ones are moving fast.
One very hot area I am working in is Ashburn and Sterling VA. It seems every townhome is going under contract within 7 days. I have shown 12 … (2 comments)
home buying tips: In a HOT Market; you have to be able to Pull the Trigger Fast !
- 04/02/10 02:43 AM
Multiple offers and sales within a few days have returned to many areas of the Metro Washington DC region. Prices have dropped; interest rates are low; inventory is also low and people are ready to buy. That being said; many properties are seeing multiple offers and are going under contract within a few days. It is always about 3 main points: - Location (some agree #2 and #3 are also location) - Price - Property Condition. The good homes in the good areas that are priced right are selling - FAST. Buyers need to be prepared to Move fast once … (2 comments)
home buying tips: It's just a small condo - I don't need a Home Inspection...
- 01/16/10 04:56 AM
There are a great many buyers who decide that they do not want to pay for a home inspection for a small condo purchase. After-all; the place isn't that big, the roof and basement are not part of my condo unit, its brand new, etc, etc, etc. If there is one thing I have learned over the years; it's that it doesn't matter how big or small, or how new or old a home or condo is; you should have an inspection. Now maybe your Uncle Larry is a licensed contractor and is going to inspect or you just don't want to … (2 comments)
home buying tips: Condo & HOA Documents: Always read the fine print.
- 12/16/09 12:03 PM
When purchasing in a condo, or a home in a Home Owners Association; the buyer received a huge package of documents to read. It’s a pretty huge book ( or several .pdf files) of really boring stuff. All the rules and regulations of the condo or HOA; which includes things like what color you ca paint your front door or the open hours of the swimming pool. It also includes what the current fees are, the budget and operating expenses and if there are any lawsuits pending. I, as do (hopefully) all agents, tell their clients – you have (in … (32 comments)
home buying tips: If you don't level with your agent - they can't help you.
- 11/17/09 12:13 PM
Recently I had a client who was buying a home. They came ready with a pre-approval letter and the willingness to buy a home seemingly within their price range. Once we found a home - we went through the offer; negotiated and formalized the contract. When I asked to make sure everything was all set with the lender (because the lender wasn't returning MY calls); I was told - yes; but I think we want to switch into an FHA loan. OK? NO - actually it's NOT OK. We have a contract for conventional financing and we need to ask the … (2 comments)
home buying tips: Senators Talk about extending the 1st Time Home Buyer Tax Credit...
- 10/04/09 02:54 AM
Well it's a long ways from really happening - but today; Two Senators, Chuck Schumer (D-NY) and John Cornyn (R-TX) -both agreed the Home Buyer Tax credit is a good plan which should be extended to help lower the Home for Sale Inventory. What - both sides of the Aisle agree with something? Amazing! Of course; as with all Politics - I am sure there will be much arguing and debate over this credit. Will it be extended? Maybe. But you can never really trust any Politician to do exactly as planned - or hoped. Time will tell weather or not the … (3 comments)
home buying tips: You rejected our offer completely? Really?!?
- 09/25/09 01:25 AM
Now there are always those times when buyers make an offer so low - that sellers can't stop laughing. Or - worse yet; the sellers are so mad they want to run over the buyer in their car. So my buyer makes an offer on this property. It was a string offer; by a well-qualified buyer. A quick close; with a short time for an inspection. Nothing crazy. Of course we disagreed on price. As what often happens; it was hard to find a comparable sale which justified this sales price. We looked at comps from the past 90 days and … (7 comments)
home buying tips: Appraisers have us by the... Numbers.
- 06/27/09 04:33 AM
If you read my last post; you are seeing a trend. Well it is not just a trend in what is on my mind this week, but a trend on what is happening in the Real Estate market in general. Appraisers determine how much the home is worth and how much of a loan the bank will give. Well in much of the DC Metro area; we are moving away from the crazy buyers market and homes are in fact selling. Well; they are going under contract. The "selling" part is what is the problem. Low Appraisals are killing deals all … (3 comments)
From Wikipedia: Fair market value is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay ti a knowledgeable, willing, and unpressured seller in the real estate market.
The amount of money a knowledgeable, willing, and unpressured buyer would pay.... Well I can assure you; most buyers are willing, knowledgeable and unpressured in THIS type of Real Estate market! From Business school to real-world use, I have always looked at the Fair Market of a … (0 comments)
home buying tips: Making offers on Foreclosures in DC. A realistic approach.
- 04/29/09 10:39 PM
Foreclosures: They are everywhere and Washington DC is no exception. While the District itself has not been hard hit; some parts of the city have a good number of foreclosed homes and some of the Maryland and Virginia Suburbs have a good supply. On one of my previous posts about Bank Addendums...a pain I wrote about what to look out for in the Bank's contract addendum when buying a Foreclosed Home. Here I want to talk about something most important. Asking Price. Just as with normal Sellers; there are always a couple of different pricing strategies when setting a price to sell your home. - Just … (3 comments)
home buying tips: Bank Addendums .... a Pain...
- 04/21/09 11:49 AM
Every day, more and more Realtors are learning that the dreaded "Bank Addendum" - is a big mess! When a buyer goes to buy a home; Realtors write the purchase agreement on a Standard Purchase Contract. This contract is written by; and updated often; by hoards of Lawyers. These forms vary by state or jurisdiction; just as the laws for those states vary. A contract in Washington DC, is different from one in Virginia. The State of Maryland; has different addendums and laws than those of it's two adjoining jurisdictions. These contracts are written to protect the Buyer AND the Seller; … (7 comments)
While meeting with a buyer last week - he said; don't worry this isn't my first home purchase. I bought a home 10 years ago and understand the process.
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