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Revisit Short Sales, you may be surprised.

We recently received an email from a consumer stating that it was unethical to list a short sale without clearly writing “Short Sale” on the front yard sign. Upon review of the listing, everything was properly marked in the MLS indicating that yes, indeed, the subject property was a short sale and nothing sly or unethical had been done.

I’m less concerned about the accusations, and more about the consumers negativity towards short sales. How could the prospect of considering a short sale be so damaging to a buyer that it would be unethical for me not to put “I’m a Short Sale” in lights?

We market a lot of short sales in the Spokane area, many of which are great values for consumers. The main advantage being that a Short Sale is sold at or below actual market value without regard to what is owed on the property.

I’ll admit that short sales aren’t for the gotta-have-it-now buyer, but a buyer with some time (30-60 days minimum) to wait, can really score big buying a Short Sale.

Here’s what a short sale really means to a buyer:

Longer escrow period – we’ve all heard horror stories, but for the most part they are 60-12o days of escrow. Working with a buyer’s agent who is skilled and versed in short sale transactions is critical.
Paying over list price – although uncommon, many short sales are done backwards. Find an offer then get a price approved. In many cases to get an offer the price is slightly under where the bank will accept. Don’t be surprised on a well-priced short sale to have a bank request you to pay slightly over the MLS list price as in MANY cases the list price isn’t approved. With new HAFA transactions this is different, ask your qualified buyer’s agent to explain.
Doing some work for financing – Short Sellers are usually financially distraught. In fact, they have to show a negative monthly cash flow in many cases to qualify. They do not have extra funds to make minor repairs on the home, if financing issues arise, budget for a few hundred bucks to fix minor issues. If you have a great agent, you’re making it up in equity anyway.

Overall Short Sales can be a great way to buy a home. They do require prior planning and an agent who knows what they are doing. If you have questions, comment below or call us at (509) 990-7653.

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How has technology affected your life the last twenty years?

Now I’m not that old, but I do remember dot-matrix printers and flat bed scanners. This again was in the age where a new computer with 1.5 gigabytes of storage was adequate for the next five generations to come.

Tech Savvy Realtor Spokane

Skip ahead twenty years.

We now hold phones in our hands with more power than twenty of those Pentium II chips, more storage than we could ever imagine and the ability to create and share multimedia with astonishing speed. The way we live has changed.

The way REALTORS do business has changed.

Having a background in MIS and running tech companies, I’m often intrigued by the technological innovations happening in the Real Estate industry. High end customer databases allowing us to stay in touch with our consumers across multiple platforms (text, social media, email etc.). An ever demanding need for highly skilled technical marketing expertise to sell homes across many mediums

Twenty years ago, we had MLS books, fax machines and the NEWSPAPER. Today we have consumers browsing on their smart phones, hundreds of web platforms, tablets and more. Some demographics now do not even know what a phone booth is.

The world is changing fast. Exponentially related to the speed at which we can consume and share information.

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Understanding Selling Costs.

Calculating costs of selling a home is one of the biggest struggles I see homeowners having. One of the first consultative elements we have in our process is to help a potential home seller determine their net proceeds, and educate them on the costs of selling a home. Most people hear “costs of selling a home” and think…. commissions.

That’s only part of it.

Regardless of whether a seller uses a Real Estate agent or not, those of us in Spokane County we have a 1.78% excise tax. For all intents and purposes that’s pretty dang close to 2%. There’s now way around excise. Sellers also must pay for one-half of the Closing Agent fee (calculated based on the dollar amount of the transaction), and title insurance for the new buyer. You must also consider recording fees and possible utility holdbacks. All of this is before agent costs.

Knowing what you will net is highly important, and as Stephen Covey says “Begin with the end in mind.” in his book The Seven Habits of Highly Effective People, knowing this is crucial to negotiating on your home.

Do you know what your net proceeds will be? If you’d like us to help you calculate please contact us or call (509) 990-7653.

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On interviewing agents; Interview with purpose.

spokane-real-estate-agent Working with buyers and sellers all day is very rewarding work. Often when lamenting of the day with old friends, I’m asked:

“What is the single best piece of advice you can give me a bout Real Estate.”

It’s a great question… Where to start, right?

I think my single best piece of advice I can give someone intending on entering a relationship with an agent (specifically when selling a home), is to interview with purpose.

When you hire an employee you select the employee based on which one has the best set of skills necessary to complete the job description. Hiring an agent is no different. In this case, the “job,” is selling your property.

I’m confused when I talk to people who are interviewing agents who’s deciding factor is “I didn’t like his price [meaning the market value the agent put on the home].” Don’t get me wrong, if one agent is significantly off base, that’s one thing. But if two or three agents are in one range and another is much higher, someone’s got some ‘splainin’ to do.

Back to interviewing with purpose.

You’re interviewing to find the best agent for the job, if you keep interviewing until you hear what you want and need to hear (which you can do), you’re setting yourself, and that agent up failure.

After all, why hire a professional? I mean, if three doctors told you that you had cancer, would you keep interviewing until you found the least qualified, most un-knowledgeable doctor to tell you that, nope in fact you don’t have cancer?

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Should I wait until Spring to list?

Numbers don’t lie, but they can be interpreted incorrectly.

Many sellers believe that waiting until Spring is the best way to sell their home fast, however it may be too late. Recent studies show that many home buyers look for several months before purchasing a home. With more powerful home search systems on the internet, a home buyer can start looking up to nine months ahead for a home. Once serious, a home buyer actively previews homes for 30 to 90 days before signing on the dotted line.

Looking at the graph below (click to enlarge), you’ll notice that the market hits stride mid March. Most of those home buyers have begun looking for homes just shortly after the New Year through Valentines Day. If not sooner.

February is a great listing month. You’ll get some good marketing time, you’ll get favored by many home buyers actively looking waiting for the Spring to move and you’ll be on the market at two of the hottest times of the year to sell, Spring and Out of School (average days on market in Greater Spokane area is 212 days for SOLD properties.)

For more information on what we can do for you this Spring, fill out the form below!

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American Dream Still Includes Home Ownership

By Jolene Barrington, Buyer’s Broker

It is no wonder why today’s home buyers are more reluctant than ever to purchase a home. With the “collapse” of the real estate bubble and the current “state of the economy” there is plenty to be concerned by. However, a recent survey published by the real estate giant, Trulia, shows that 70% of Americans still consider home ownership an integral part of the “American Dream”.* Owning your own home still represents a certain pride that cannot be duplicated by renting or leasing. Regardless of the depressed market, our society still maintains the important affects owning a home has in a family environment. Home ownership provides a safe haven to raise families. For most, home ownership equals stability; something that is becoming more and more difficult to obtain.

Yes, home ownership is still viewed as most to be an invaluable part of the American Dream, but the American Dream is evolving as the economy changes. Home buyers are becoming more practical. Gone are the desires for expansive floor plans, a plethora of square footage and acres and acres of land. Today’s home buyers are more aware of their use of space, efficient designs, smaller footprints on the environment and close commute to town, work and schools.

With interest rates plummeting to history lows and good “deals” on nearly every residential block, it is still a good time to be a part of the American Dream.

*Trulia Resource

Photo Credit: Aroid.

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Working with A Buyer’s Agent

January 21, 2012

Tweet Believe it or not, one of the most common questions we get is “How do I buy a home?” In this video Aaron highlights some of the advantages to working with a buyer’s agent and how a new buyer can get started buying a home.

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Dollars and Cents, Are those compact florescent bulbs really worth it?

November 16, 2011

Tweet I recently had a light bulb burn out and curiosity got the best of me. When faced with the many options of light bulbs, various wattage, and styles of bulbs one can go crazy considering all the options. Do the savings on the compact florescent bulbs really save you money? Lets look at the [...]

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3 Garage Staging Tips

November 4, 2011

Tweet Because garages need love too. Garages can be tricky. This often overlooked catch all space can mean the difference between a sale and no sale. I’ve seen it happen. Garages, just like bedrooms need to be staged. A garage space used as a catch all space and full of clutter tells the buyer that [...]

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Cut down on winter heat bills

November 2, 2011

Tweet A few years ago, I took the Energy Hog Challenge. I followed most things in their checklist to a “T.” to my surprise, we had a fairly significant savings to the tune of $20 to $30 per month. Some of the tasks with the most impact (in my opinion and observation) were changing out [...]

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