Our impact on our communities

So it’s been an exhausting couple of weeks for me on the real estate front here in Hampton Roads. I’ve had several poignant moments that have stopped me in my tracks. I thought I might share a few.

One of the most joyful parts of my job is helping my client (buyer or seller) accomplish their goals and/or dreams. It hit me a few days ago, what an incredible affect what we do as Agents and Real Estate Specialists has on our community and in the lives of so many. Some are starting a new life, while others are closing a chapter in theirs.

We often assist buyers in re-locations from different parts of the country and the world. In addition to coming to a community they are not familiar with, they are often faced with the reality that Hampton Roads housing market is priced above thier current market. I’ve seen this with re-locations from Texas, Georgia and a few other states. So, basically the buyer is getting less house than they currently have or had for more money. This can often make finding a home rather difficult and in some cases disappointing for the prospective purchaser. I try to keep my client’s spirits up, their expectations in order and help them find the best property that meets their housing needs at  the best price possible. It’s so rewarding to close the transaction and the buyer’s are delighted with their new home, although it’s not as big or grand, they are finally settling into their new life.

Another recent appointment was with a distressed property owner. I really can’t express how it burdens my heart to have to tell sellers their home is not worth what they paid for it, especially when the market value  is extremely lower than what they owe the bank. I find it even harder when they break down and fall apart. I will admit I have sat and cried with sellers more than a few times. As Real Estate Specialists, what we do and say has great impact on the lives of our clients. I find too often in this economy that compassion is lost and cynicism is rampant. Sit down and listen to your client’s needs.  Explain how foreclosure and short sale work, most don’t really know, as they never imagined they might face this terrifying possibility.

A highlight to our job is the excitement of the first time home buyer. Normally, they enter the process with fear and hesitation not to mention a long list of horror stories offered up by friends and family. We educate them about the buying process, their rights, get them pre-approved for a loan and hit the road. That’s when the “real adventure” begins! We find the home that evokes what I like to  call “perma-grin”, yep that smile that seems to be permanently affixed to the buyers face. When they talk about the property, they smile, when the re-visit the property, they smile. This is a tel-tale sign we’ve found “the one”. So we navigate the offer, negotiations, inspections, appraisals, etc and proceed to closing. After the ink of the last signature has dried, they receive the keys to their new home and the title “First Time Homeowner”. Of course the perma-grin is back!

I have to confess, real estate can be a roller coaster, but I have always loved roller coasters and I do love this job that I have been so blessed with. Thank you to my instructors, brokers, fellow agents, contractors, vendors, neighbors,  friends, family, clients and past clients you make my job as a Real Estate Specialist, worth it! I can honestly say I believe I am doing what I was called to do.

Handling the Stress of an Unaffordable Mortgage Payment

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me.  It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

Slow market got you down?

Don’t buy into the doom and gloom you hear on the news, you can get your house sold. All you need are a few tips from the pros.

Give your property a makeover. Have a home stager or interior decorator come out and give an “unbiased opinion” and make recommended changes. Staging can be as easy as a fresh coat of paint, new cabinet hardware and strategically-placed lighting. That doesn’t mean you need to run out and install granite tops or knock out a wall. Hardwood floors are currently considered desirable by most, so consider replacing the carpet with hardwoods. Seek professional guidance. DON’T over improve the property.

Walk your home with the critical eye of a buyer and fixed those items in need of repair. Don’t wait for the buyer to find issues, address the issues upfront which will keep them from backing out of a deal down the road. Get a home inspectionbefore hitting the market. Also, you might want to come up with a comprehensive home-selling strategy. Don’t put an ad on Craigslist, stick a sign in the ground and call it a day. Employ the services of a Real Estate Specialist, selling your residence in a buyer’s market requires a well thought-out marketing plan which reflects accurate pricing, targeted improvements and focused marketing and exposure.

In today’s world your best bet is to hire an aggressive, well-connected property agent. Find an expert agent with a good track record. In this market, name recognition is crucial, so find the go-to person in your community. Often times a lender or loan officer can connect you with a professional. Expect to offer incentives that put money in the buyer’s pocket, such as buying down the interest rate, paying closing cost assistance or offering seller financing, when possible.

Consider renting or offering a lease option with a first right of refusal. Minimize the impact of two mortgages by renting your house out until you find a buyer. Or offer a lease, with a first right of refusal versus an option to buy to a motivated buyer who doesn’t have sufficient cash to buy a home outright. Have the house move-in ready. Add in the items of furniture, flat-screen TV, washer/dryer, appliances, etc. The less cash a buyer will have to shell out to furnish the home, the higher the perceived value, the faster you’ll move the house.

Representation isn’t pricey, it’s priceless…

A professional Real Estate Specialist isn’t “pricey but priceless” to most consumers if they’ve had the opportunity to work with a “true professional”.

Key Characteristics to Look For:

Problem solving – Daily we are faced with situations or objections, in which we must find a creative solution or remedy to. We look at the situation, step back and evaluate the options. One skill is the ability to solve problems, and create solutions that are satisfactory to our clients and their real estate goals.

“Most people spend more time and energy going around problems than in trying to solve them.” – Henry Ford

Honesty– This is so very important. Do you want a “yes” man/woman or do you want a Real Estate Specialist who will be honest to a fault? Don’t you want an agent who will give you both the good and bad news? Your agent should be transparent in their actions. The agent should ALWAYS put your interests above their own.

Communication – Since I started in the real estate business our means of communication have changed significantly. It’s so important these days for your real estate professional to ask you what means of communication you prefer, so that you receive the level of communication you’re most comfortable with. It’s also good to set expectations up front. How often do you expect to communicate with your agent?

Organization – Have you ever seen someone with a folder stuffed full of papers turned every which way with no rhyme or reason. Now, how efficient are they at locating a document in a timely fashion. Let’s really put this in perspective, buying or selling a home is one of the largest financial transactions you will make. Do you want your personal financial documents secured and safely filed in an organized fashion?

Tech Savvy – Is this person up on what’s new and emerging on the real estate front? What sites will your homes listing be syndicated to? Who is the target market and how do you identify that market? Do they spend time giving me updates and feedback on showings and online activity?

“In today’s market you need a progressive, aggressive, knowledgeable and experienced agent to get the job done. ”

November 2010 – Real Estate Sales Statistics

ACTIVE LISTINGS

NUMBER OF ACTIVE UNITS FOR SALE

NORFOLK  1900

VIRGINIA BEACH  3508

CHESAPEAKE  1985

PORTSMOUTH  986

SUFFOLK  983

UNDER CONTRACT OR PENDING SALES

Pending sales in Portsmouth and Chesapeake experienced the largest growth at 18.3% and 14.2% gains. Virginia Beach, James City County, and York County all showed positive results.

NUMBER OF UNITS UNDER CONTRACT IN NOVEMBER

NORFOLK  132

VIRGINIA BEACH  383

CHESAPEAKE  201

PORTSMOUTH  84

SUFFOLK  80

SALES

Residential settled sales dropped 34.4% in November when compared to the same month in 2009.

NUMBER OF UNITS CLOSED IN NOVEMBER

NORFOLK  139

VIRGINIA BEACH  402

CHESAPEAKE  211

PORTSMOUTH  81

SUFFOLK  75

CURRENT MONTHS SUPPLY OF INVENTORY

NORFOLK  11.7

VIRGINIA BEACH  8.07

CHESAPEAKE  8.69

PORTSMOUTH  11.81

SUFFOLK  11.01

PLEASE NOTE: REIN is the source and author of all statistics included herein.