listings: Housing Inventory Improving in Prince William County VA - 03/19/19 06:23 AM
As the 2019 Spring market gets underway, there is less than a two-month supply of available listings for an increasing number of buyers in Prince William County VA. For more specifics in your neighborhood, let us know how we may be of assistance.
 
Highland Realty, Inc.
5317 Lee Highway, Arlington, VA  22207
703-517-2748
       Dave Rosenmarkle                                             Erika Echegaray
                        Broker/Owner                           … (0 comments)

listings: Fairfax County VA Needs More Listings - March 2019 - 03/19/19 06:04 AM
 
As the 2019 Spring market gets underway, there is less than a one-month supply of available listings for an increasing number of buyers in Fairfax County Virginia. For more specifics in your neighborhood, let us know how we may be of assistance.
 
 
Highland Realty, Inc.
5317 Lee Highway, Arlington, VA  22207
703-517-2748
Dave Rosenmarkle                                             Erika Echegaray
                        Broker/Owner                                   … (0 comments)

listings: Price Reductions Occurring in Listed Homes - 03/19/10 10:44 PM
Trulia reports price changes on listed homes. Of 50 large city markets tracked by Trulia 19% of listings showed price reductions as of March 1 with the average reduction at 11% of list price.
Milwaukee had the highest percent of listed homes with price reductions at 33%, while Fresno and San Jose, CA had the lowest number of price-reduced listings at 12%. The biggest month-to-month drop in price reductions was experienced in Charlotte, NC, where in January 29% of homes had price drops and in February 21% experienced reductions.
Home price reductions are expected to surge again with the approach of … (3 comments)

listings: Agent feedback calls: Nuisance or Necessary? - 04/30/08 12:22 PM
 
 
Over the years, I have found the quantity and quality of calls requesting feedback to wax and wane inversely with the level of activity in the market. From 2000 to 2005, I could count on one hand the number of requests for feedback calls I received per month. Now, I’m getting called before I get my seatbelt fastened to move on to the next property.
 
Do you make or respond to requests for feedback on listings? What do you consider effective strategies in seeking feedback? Do you return calls asking for feedback? What situations really annoy you?
 
Some of … (3 comments)

listings: Short Sale Contract Language Challenging not just to Foreign-Born Agents - 04/28/08 07:53 AM
 
 
If you are a Office Broker, manager or team leader and you have foreign born (English as a 2nd language) agents working short sales or foreclosures, I hope you are working with them carefully as the nightmare addendums and paperwork comes through the office.
I consider myself fortunate to have several really capable native Spanish and Vietnamese Realtors working with me, who are quite fluent with English, but are no match for the addendum language being generated by foreclosing and short-sale lenders of record who are “sort of” trying to divest themselves of a growing and unwanted inventory of properties. … (0 comments)

listings: Divorcing: who gets the mortgage? - 12/01/07 02:30 AM
With many areas around the country still experiencing property values in a downward direction, a new problem is emerging: who gets the mortgage when a couple is divorcing? A must-read article appeared in today's Washington Post discussing this growing problem with not a lot of solutions in sight. It's actually causing some couples to re-think their divorce plans! What many others are finding is that with values going down and rates going up, where two had qualified before, the remaining soon-to-be-ex-spouse is not able to qualify to carry the note alone. Most mortgage companies are refusing to remove or release liability … (5 comments)

listings: “Plowing” the competition underground - 10/23/07 05:48 AM
If you are a “farmer”, do you get annoyed when an outsider lists a home in a subdivision or area you would like to consider your turf? You’ve been sending out CMA’s and area sales data for months and then, they go and list their home with someone you know is considered the village idiot by peers and, who hasn’t sold a listing for two years. As we have all experienced, sometimes you just can’t get them all. So what do you do? I think you should use the competitor’s new listing as a prospecting tool and take away any advantage … (7 comments)

listings: Condo Market Continues to Tank - 07/27/07 10:26 PM
Just two years ago, 53,000 new condo's were scheduled to be built and delivered in the Washington DC Metro area. As we have all continued to experience, the condo market continues to worsen as developers go head-to-head with recent purchasers in trying to get out from under a thoroughly glutted market. Currently, there are more than 15,000 re-sale condo’s on the market, 20,217 brand new units and another 18,867 to be delivered over the next three years. The real war is in the developments where the builders have not finished. They are offering incentives that current owners cannot approach, like “no condo … (11 comments)

listings: When Sellers and Buyers Talk.......Too much! - 07/19/07 10:46 AM
This past week, I had a closing that really went quite smoothly, but with other clients, it could have been a total disaster. There are many good reasons buyers and sellers should not interact substantially until sitting across from each other at the closing table. Here's reason #58:
The sellers will be renting back for a month, so on the day of closing, we wanted to complete a benchmark walk-through to determine that the agreed to repairs had been completed and the home was essentially in the same condition as when we went under contract. The sellers are in the property while … (7 comments)

listings: Should you have a business partner? - 07/14/07 01:27 PM
I've tried it twice. Once, when I was a new agent and wanted to work with a "seasoned" and experienced agent. That lasted 6 months. A few years later, I partnered with my former Admin Assistant for nine years. Both ended over the lack of mutual effort in getting the overall business accomplished,i.e., I was doing 65% to 70% of the effort in growing the business, but only receiving 50% of the net revenue.
Unless you partner with a spouse, significant other or close relative, I think it can be very difficult to make it work over the long haul. Over the … (3 comments)

listings: Is your 1031 Exchange Client getting ready to jump? - 06/29/07 08:39 AM

Before you “help” a prospect or client enter into a contract to participate in a 1031 Exchange, be certain both of you understand what you are about to do.
Taxpayers use Internal Revenue Code (IRC) §1031 tax deferred exchanges to defer paying capital gain taxes. Frequently, a taxpayer may consider exchanging out of or into property held for investment in a vacation or resort area. Many tax and legal advisors believe it is possible to perform an exchange on a vacation property that is held for investment purposes, provided the personal use is incidental (generally less than 14 days a … (4 comments)

listings: How Agressive Should You be in Seeking Back-up Offers? - 05/03/07 10:44 PM
Alaska’s highest court has considered whether a listing broker improperly marketed a property in the MLS as “active” even though the property was still under contract. In 1998, Craig Lightle (“Salesperson”) of Realty Executives Alaska (“Brokerage”) listed a home for sale. On April 17th, the Williamses (“Buyers”) made an offer to purchase the property and the sellers accepted the offer. However, prior to the scheduled closing date of June 12th, the Salesperson learned that the Buyers’ loan application had been denied. Based on this information, the Salesperson decided to re-list the property in the multiple listing service as an active listing. … (5 comments)

listings: Do you have $40,000 to give away??? Agent Negligence Suit in Process - 11/30/06 02:50 AM
 
How far does a fiduciary duty or responsibility extend? As a listing agent, it can go pretty far. As this lawsuit amply displays, we are more than "marketers" and have significant responsibilities in working for and with our listing clients. We need to be constantly assessing and evaluating our actions and responsibilities to all of our clients or, we may find ourselves scrutinizing our E&O policy to see what's next.
Negligence Lawsuit over Gas Shutdown Reinstated An Ohio appellate court has considered whether a real estate broker breached his fiduciary duty by failing to notify an absent owner that the gas … (17 comments)

listings: New Math on the Old Commission? - 11/17/06 12:03 AM
As recently reported in the Washington Post, with the ever increasing public access to housing and other MLS data, it’s not surprising that more sellers are asking more questions about the services provided by prospective listing agents. More often than not, savvy homeowners are dumping loyalty to their former selling agent, the residential “farmers” who bring a pumpkin in the fall, a calendar in December and flower seeds in the spring. Property owners are more regularly starting to ask tough questions about service levels for how much fee.
It seems like more than a few Realtors are changing their strategies as … (17 comments)

listings: Only volunteer what you know - 11/06/06 11:31 PM
It doesn’t seem to vary much with experience levels, but there are just too many agents out there trying to be something they are not. Being a chronic service volunteer for more than 35 years, I know about wanting to help others and, I have also learned when not to help.
At least monthly, you can pick any number of real estate industry journals, flip to the legal section and, see that some, usually - but not always, well-intentioned agent being successfully sued by a financially injured buyer or seller for warranting something they had absolutely no definitive knowledge about. In … (1 comments)

listings: How much are you willing to gamble over permits? - 10/28/06 12:59 PM
As consumers continue to have more access to more property data over state, county and city Internet sites, an increasing number of transactions in process are getting extra scrutiny over the matter of building permits. People will go on an MLS access site and notice that the property of interest has four bedrooms and three baths. Then they pull up the county tax record to see how much is paid in annual taxes to discover that the county thinks this is - and taxes it as - a three-bedroom, two-bath home. Is there a potential problem? You betcha’.
At the moment, … (15 comments)

listings: When to pass on a listing - 10/25/06 01:28 PM
Every listing can be a new adventure. It can add to your production and, it has the potential to drive you straight up a tree, financially and otherwise. We are still in a transition market in Northern VA and, many neighborhood prices have not yet finished adjusting to reflect a more competitive list price. Some of the sellers truly amaze me with the amount of time and effort they have spent on Zillow and related sites until they find, what they feel is the “perfect” comp to support the ridiculous price they want to start at. Half the time the comp … (0 comments)

listings: Sometimes we talk too much.... - 10/17/06 12:08 AM
In working with newer agents, I find a consistent propensity to want to say too much and not let the opportunity or issue speak for itself.  In an earlier post, I talked about the “Parking Lot Bailout” which occurs when agents spend too much time talking about everything except helping the prospective purchaser prepare to and make a decision on the properties seen that day. Sometimes, it’s a lot more effective to ask a question and then sit in silence, waiting for a considered response. Way too often, we become uncomfortable with the silence which we have interpreted (right or wrong) … (17 comments)

listings: Guess who’s looking over & 2nd guessing your listing comments??? - 10/14/06 12:32 PM
Web Sites Gather Home Ratings from All Corners
If you have access to the Washington Post, today might be a good day to take a look at the real estate section. There is a huge article on one of the latest trends in consumer participation in the real estate market. On www.ZipRealy.com and www.Reply.com, consumers now have the opportunity to comment on and critique your listings! A charming 1-Bedroom condo in DC now becomes “Smells like cats”. A home in Joppa, Md is highlighted by the listing agent as having “cathedral ceilings and over-sized windows”. The consumer comment notes that it … (3 comments)

listings: Are you inadvertently helping owners break the law? - 10/13/06 11:16 AM

In many residential suburbs, there is a thriving industry of high density sleeping accommodations for employers and/or property owners who wish to house 20 to 30 people at the same location. If you are admitted to see inside one of the properties, you may see rooms filled with mattresses from wall to wall. In order to avoid detection and limit nosey neighbors, the workers are brought in after dark and, typically, are back on the road before sun rise.
In our area, the local ordinances allow no more than four unrelated persons to live in the same dwelling. The uniform … (1 comments)