A major financial overhaul is scheduled to take place very soon which will affect business in many ways.
It is proposed that the FED take oversight responsibility for Wall Street trading which, by all accounts, will monitor the risks associated with trading. This will contribute to the mitigation of volatility of the nation's financial market and could be good and welcomed news to the housing market.
This move could envoke confidence among investors, thus sparking economic stimulus and the trickle down effect could be more buyers in the marketplace.
Keep an eye on these changes - they WILL affect you!
Monday, March 31, 2008
Friday, March 28, 2008
Did you make the bed......
So, your house is on the market and you're hoping to sell quickly.
Your agent calls you in the middle of the workday and says she'd like to show your home around 1pm. You don't get off of work until 5pm and you can't remember if you made the bed. OH NO!
It's not the worst thing in the world, and probably won't be a deal-breaker to a serious buyer interested in your property. But let's talk briefly about keeping your home "show ready".
I understand that a family still has to live in a home while it's on the market. And if you have children, it's not always possible to keep your home model perfect. I suggest you keep a checklist on the refrigerator that you glance at each morning before you leave. Some of the items to include on the list would be:
-beds made
-floors clear of "debris"
-kitchen counters un-cluttered
-bathrooms neat
-jewelry/valuable hidden or put out of sight
Because your home is on the market doesn't mean that you have to Spring clean every day, but you should leave the house each morning with the notion that a stranger could be looking at your home today and could be interested in buying it. Put your home's best foot forward as much as possible.
A few moments of inconvenience could pay off!
Have a great weekend.
Your agent calls you in the middle of the workday and says she'd like to show your home around 1pm. You don't get off of work until 5pm and you can't remember if you made the bed. OH NO!
It's not the worst thing in the world, and probably won't be a deal-breaker to a serious buyer interested in your property. But let's talk briefly about keeping your home "show ready".
I understand that a family still has to live in a home while it's on the market. And if you have children, it's not always possible to keep your home model perfect. I suggest you keep a checklist on the refrigerator that you glance at each morning before you leave. Some of the items to include on the list would be:
-beds made
-floors clear of "debris"
-kitchen counters un-cluttered
-bathrooms neat
-jewelry/valuable hidden or put out of sight
Because your home is on the market doesn't mean that you have to Spring clean every day, but you should leave the house each morning with the notion that a stranger could be looking at your home today and could be interested in buying it. Put your home's best foot forward as much as possible.
A few moments of inconvenience could pay off!
Have a great weekend.
Tuesday, March 25, 2008
Demand catching up with supply.....
The National Association of Realtors (NAR) reported a decrease in the number of homes currently on the market which indicates that supply and demand are slowly reaching equality.
We are coming out of the buyer's market and sliding into normalcy. This would indicate that list prices won't go much lower; if anything they will being to increase again. The bargains available today won't last much longer.
New home construction has slowed over the past year since the inventory of homes available for sale had grown to a 10.2 month supply last summer. The resale market is going to get hot again and new construction will follow to keep up with the demand.
How many times to buyers need to be told this is the time to buy? How many parties will you attend next year and hear the same stories - "I could have bought that waterfront home at a steal and I just waited too long. Now it's $100,000 more!"
Interest rates have been lowered again. Call your mortgage professional today, find out what your rate will be and get pre-approved. Make an offer as soon as possible.
Go on! Get going!!
We are coming out of the buyer's market and sliding into normalcy. This would indicate that list prices won't go much lower; if anything they will being to increase again. The bargains available today won't last much longer.
New home construction has slowed over the past year since the inventory of homes available for sale had grown to a 10.2 month supply last summer. The resale market is going to get hot again and new construction will follow to keep up with the demand.
How many times to buyers need to be told this is the time to buy? How many parties will you attend next year and hear the same stories - "I could have bought that waterfront home at a steal and I just waited too long. Now it's $100,000 more!"
Interest rates have been lowered again. Call your mortgage professional today, find out what your rate will be and get pre-approved. Make an offer as soon as possible.
Go on! Get going!!
Monday, March 24, 2008
Here It Comes.....
I had occasion this weekend to be in the company of several Hillsborough County Realtors and from all accounts, the market there is booming again. As I listened to stories of multiple deals with multiple offers, I thought of the old saying "As Hillsborough County real estate goes, so goes Pinellas County". OK. I just made that up. But it has to be true.
Many of these agents felt the bottom has definitely been reached - that we cannot possibly go any lower. I agreed with them as we compared the bargain list prices of prime properties.
What else does the buying community need? I'm going to say it again; IT'S TIME TO BUY OR YOU'LL BE SORRY LATER THIS YEAR!
I'm here to help when you're ready.
Many of these agents felt the bottom has definitely been reached - that we cannot possibly go any lower. I agreed with them as we compared the bargain list prices of prime properties.
What else does the buying community need? I'm going to say it again; IT'S TIME TO BUY OR YOU'LL BE SORRY LATER THIS YEAR!
I'm here to help when you're ready.
Thursday, March 20, 2008
So You Want To Be A Landlord.....
When you decide to buy a piece of real estate in order to pursue a business as a landlord, you are making an exciting and potentially financially-freeing decision. After all, simply owning real estate is an excellent investment. In addition, taking this real estate and turning it into an apartment or other form of rental property can provide for a steady flow of income. Nonetheless, there are several things you should know before you buy that first piece of real estate and enter into the world of renting.
Consider the Maintenance
One of the first considerations you need to make when you buy real estate and decide to become a landlord is the cost of maintenance and upkeep. Remember, you still own the real estate and--as the landlord--you are responsible for maintaining the property. If you are not a handy person or if you simply do not have the time it takes to complete repairs and perform maintenance on the real estate you buy, you will need to hire someone to do this for you. This might mean hiring a property manager, which will cost you about 5% of the gross income you earn from your rentals.
Learn the Law
The laws affecting real estate and rentals will vary from state to state. Therefore, you need to make sure you are aware of the laws affecting you in your state. Although there are some variances in these laws, the basics are essentially the same; your tenant has all of the same rights of ownership except for the right to sell the real estate. In addition, as long as the tenant pays rent, he or she has the right to live on the property. At the same time, they do not have the right to damage the property in any way.
The law requires that you keep the real estate in a "habitable condition." Although there is a bit of gray where this is concerned, the law is understood to mean that the real estate must have working locks on its doors and windows, the heat must work, and the roof cannot leak.
Consider the Maintenance
One of the first considerations you need to make when you buy real estate and decide to become a landlord is the cost of maintenance and upkeep. Remember, you still own the real estate and--as the landlord--you are responsible for maintaining the property. If you are not a handy person or if you simply do not have the time it takes to complete repairs and perform maintenance on the real estate you buy, you will need to hire someone to do this for you. This might mean hiring a property manager, which will cost you about 5% of the gross income you earn from your rentals.
Learn the Law
The laws affecting real estate and rentals will vary from state to state. Therefore, you need to make sure you are aware of the laws affecting you in your state. Although there are some variances in these laws, the basics are essentially the same; your tenant has all of the same rights of ownership except for the right to sell the real estate. In addition, as long as the tenant pays rent, he or she has the right to live on the property. At the same time, they do not have the right to damage the property in any way.
The law requires that you keep the real estate in a "habitable condition." Although there is a bit of gray where this is concerned, the law is understood to mean that the real estate must have working locks on its doors and windows, the heat must work, and the roof cannot leak.
Know How to Find Tenants
Before you sink your money into a piece of real estate that you plan to rent out, make sure you have a good idea as to how you will get tenants. In addition, be sure you are clear on the laws when it comes to interviewing and screening tenants. There are several discrimination laws in place that limit the types of questions you can ask a potential renter.
Before you purchase that real estate, set your standards so you know what you will and will not accept from a tenant and make sure your standards are all legal. Some areas to consider include:
-The price of rent
-Whether or not you will accept pets
-The number of allowable occupants
-The amount of your security deposit
-Whether or not utilities are included in the rent
-Any minimum income requirements you expect from your tenants
-Whether or not you will accept HUD Section 9 participants
Make sure your standards are clear to all potential tenants before you even begin the interview process.
By carefully considering each of these factors before you make a real estate purchase, you will be better able to determine whether or not being a landlord is the right step for you.
Monday, March 17, 2008
Happy St. Patrick's Day.....
And happy anniversary to Landmark Real Estate Specialists!
I want to thank all of you who have supported and encouraged us. We wouldn't be where we are now without you.
Now what?
I want to thank all of you who have supported and encouraged us. We wouldn't be where we are now without you.
Now what?
Friday, March 7, 2008
Do me a favor.....
The next time you meet someone, and they tell you they are a real estate agent, don't let your first comment be "I'm sorry!" or "You must be hurting right about now!".
Those of us still in the business have a commitment to succeed and believe in what we do. Those who have left the industry are the ones who believed they were "hurting".
We're happy doing what we do.
Why don't you ask our opinion of the market instead of thinking we're all suffering?
Have a great Friday.
Those of us still in the business have a commitment to succeed and believe in what we do. Those who have left the industry are the ones who believed they were "hurting".
We're happy doing what we do.
Why don't you ask our opinion of the market instead of thinking we're all suffering?
Have a great Friday.
Thursday, March 6, 2008
No Wolf at the Door......
Here we go again. The news media is back and playing its old game of pummeling the airwaves with predictions of doom for the real estate industry. "The Big Crash Is Coming," "Disaster Ahead," "The Bubble Is About To Burst." Blah, blah, blah.
And it's working. People are scared. You can't go to a supermarket or coffee shop without overhearing a conversation about how bad the market is. Whenever you hear a piece of information pounded at you from different sources, naturally it's going to sink in.
But it's up to you to think. Don't just blindly believe a newsreader just because they are on television. True, numbers have been falling. Nobody can deny that. But, the "end of the world" hype is just not supported by any evidence. You must always remember that news media love predictions of disaster because it scares people into watching the news—even if it never happens.
This phenomenon of modern news is on display every time a storm brews in the ocean. Suddenly, the Final Days of Earth are upon us—then the storm turns to a little rain and it's all over. News people love reporting about imminent air disasters, L.A. car chases, and Wall Street's ups and downs.
The problem is that the facts don't support the wild claims.
When a market crashes, there must be a catalyst for that crash. There isn't one. There are only fluctuations. Today's fluctuations may be swinging downward more than last year, but it's by no means a crash. There has been no event—like the stock market crash of 1929 or other disaster—large enough to cause a crash.
Further, I'll go on to say that we are in one of the best times in real estate history. No, I'm not kidding. I'm very serious here. While agents are panicking all across the country and thinking about getting back into the corporate world, I say this is the best time to be a real estate agent.
The news media would laugh at me, but they're not in the trenches every day with me and they don't see what I see. What do I see?
A strong economy.
This is a key factor in any analysis of the real estate market. The current economic viability of the United States ensures that no matter how wild the real estate market fluctuations may be, there are still people with money. And people with money will always want new property.
Job growth.
Similarly, so long as new jobs are being created, there will always be a demand for housing. Companies open up new facilities and their employees who move there need places to live.
A moving population.
Americans move more than ever before. The average time people spend in a home has dropped dramatically over the past 30 years. They buy, sell, move again, buy summer homes, buy winter homes, buy investment property, and buy homes for their parents.
So what's all the hype about, right? How can I possibly make these apparently outlandish statements while the news media is saying the exact opposite?
Well, the market HAS cooled a little bit. No, I take back the word "cooled." That just feeds the media's "crash" frenzy. The numbers have slightly declined, but they've declined in a market that was in the midst of the biggest boom in history. That fact must be taken into consideration for any accurate analysis.
Remember, the past ten years have been spectacular—in fact, abnormally high. Numbers may be dropping a bit, but they're dropping to a level that is still above average.
Let's put things into a numbers' perspective. If our market in 2005 had increased by 25%, then "cooled" 4% in 2006, then we're still 21% up! This is not a "crash." This isn't even "cooling," but according to the news media the real estate market as we know it is about to explode. I don't think so.
Okay, let's play their game and we'll say the market crashes tomorrow. According to the media, this would mean that there is no more real estate activity or reason for anyone to buy. What they do not take into account is the fact that no matter what happens in the real estate market, the necessities of life guarantee real estate transactions. Even if interest rates went up to 18%, there would still be a lot of real estate activity.
Remember 20 years ago when interest rates went into double digits? Were real estate agents not working? No. Were people not selling? No.
The market also takes care of itself in up-and down-turns because when interest rates rise, prices drop. There is always a balance effect. Not to mention there are scores of people who come out of the woodwork to take advantage of a "down" market by buying at lower prices—people who would not buy in an "up" market, because prices were too high.
Different market, different clients.
So, stop fearing the crash! First of all, there isn't one.
And it's working. People are scared. You can't go to a supermarket or coffee shop without overhearing a conversation about how bad the market is. Whenever you hear a piece of information pounded at you from different sources, naturally it's going to sink in.
But it's up to you to think. Don't just blindly believe a newsreader just because they are on television. True, numbers have been falling. Nobody can deny that. But, the "end of the world" hype is just not supported by any evidence. You must always remember that news media love predictions of disaster because it scares people into watching the news—even if it never happens.
This phenomenon of modern news is on display every time a storm brews in the ocean. Suddenly, the Final Days of Earth are upon us—then the storm turns to a little rain and it's all over. News people love reporting about imminent air disasters, L.A. car chases, and Wall Street's ups and downs.
The problem is that the facts don't support the wild claims.
When a market crashes, there must be a catalyst for that crash. There isn't one. There are only fluctuations. Today's fluctuations may be swinging downward more than last year, but it's by no means a crash. There has been no event—like the stock market crash of 1929 or other disaster—large enough to cause a crash.
Further, I'll go on to say that we are in one of the best times in real estate history. No, I'm not kidding. I'm very serious here. While agents are panicking all across the country and thinking about getting back into the corporate world, I say this is the best time to be a real estate agent.
The news media would laugh at me, but they're not in the trenches every day with me and they don't see what I see. What do I see?
A strong economy.
This is a key factor in any analysis of the real estate market. The current economic viability of the United States ensures that no matter how wild the real estate market fluctuations may be, there are still people with money. And people with money will always want new property.
Job growth.
Similarly, so long as new jobs are being created, there will always be a demand for housing. Companies open up new facilities and their employees who move there need places to live.
A moving population.
Americans move more than ever before. The average time people spend in a home has dropped dramatically over the past 30 years. They buy, sell, move again, buy summer homes, buy winter homes, buy investment property, and buy homes for their parents.
So what's all the hype about, right? How can I possibly make these apparently outlandish statements while the news media is saying the exact opposite?
Well, the market HAS cooled a little bit. No, I take back the word "cooled." That just feeds the media's "crash" frenzy. The numbers have slightly declined, but they've declined in a market that was in the midst of the biggest boom in history. That fact must be taken into consideration for any accurate analysis.
Remember, the past ten years have been spectacular—in fact, abnormally high. Numbers may be dropping a bit, but they're dropping to a level that is still above average.
Let's put things into a numbers' perspective. If our market in 2005 had increased by 25%, then "cooled" 4% in 2006, then we're still 21% up! This is not a "crash." This isn't even "cooling," but according to the news media the real estate market as we know it is about to explode. I don't think so.
Okay, let's play their game and we'll say the market crashes tomorrow. According to the media, this would mean that there is no more real estate activity or reason for anyone to buy. What they do not take into account is the fact that no matter what happens in the real estate market, the necessities of life guarantee real estate transactions. Even if interest rates went up to 18%, there would still be a lot of real estate activity.
Remember 20 years ago when interest rates went into double digits? Were real estate agents not working? No. Were people not selling? No.
The market also takes care of itself in up-and down-turns because when interest rates rise, prices drop. There is always a balance effect. Not to mention there are scores of people who come out of the woodwork to take advantage of a "down" market by buying at lower prices—people who would not buy in an "up" market, because prices were too high.
Different market, different clients.
So, stop fearing the crash! First of all, there isn't one.
Tuesday, March 4, 2008
March madness.....
March marks the period when people who have school-aged children and are thinking of moving begin to search for new homes, or think about selling their current homes.
Most families would like to be in their new homes immediately following the end of the school year. Or, they'd like to have moved and be settled by the beginning of the new school year in the fall.
I expect an even bigger surge in activity in the coming weeks. It seems as though some of the media has caught on and they are reporting that the market isn't as bad as previously thought. There are some news outlets still talking about a "bubble", but I say to them "catch up!".
Have a happy Tuesday!
Most families would like to be in their new homes immediately following the end of the school year. Or, they'd like to have moved and be settled by the beginning of the new school year in the fall.
I expect an even bigger surge in activity in the coming weeks. It seems as though some of the media has caught on and they are reporting that the market isn't as bad as previously thought. There are some news outlets still talking about a "bubble", but I say to them "catch up!".
Have a happy Tuesday!
Subscribe to:
Posts (Atom)
Landmark Real Estate Specialists
Make a LANDMARK decision!
