QUIT GETTING COMFORTABLE ( By Lee Cohan, Ph. D.)

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Comfort certainly has its advantages—our comfy chair in the living room, a  comfortable routine at work, a comfortable relationship. With all the advantages of comfort, here are some things you should know about the comfort zone before you explore the edge.

The comfort zone is where most of life is played. It is certainly where most of sports is played. Consider a football field: 90 percent of the game is played between the 20-yard lines. That’s why they call anything outside that area the “red zone”—it’s where  the difference in the game is made. It’s okay to feel good and play well inside the comfort zone before you explore the edge and go for the score.

But staying in the comfort zone too long can get boring. We get soft and unfocused; we don’t have to be as sharp. If we make our comfort zone as big as our life, we not only lose our edge, we can even lose sight of the edge. We must ignite our own sense of adventure if we want to see what the world has to offer us and what we have to  offer the world.

It’s pretty safe in the comfort zone. We know the boundaries, the landscape, and the other comfortable players in the comfort zone. There is little or no risk; a misstep   here or there is not very costly. But like the football team that’s trapped between the 20-yard lines, we cannot win in the comfort zone.

Because the risk is small, so is the reward. Learning and growth occur when we are uncomfortable. Think of the defining moments of learning and growth in your life. Were you hanging out in your comfort zone? No, you were hanging over the edge.

So, in case you’re hesitating to explore the edge, here are four comforting questions to help you move forward.

1. Who else has done it? You may think you’re in unexplored territory, but it’s  unlikely that you’re trying something no one else has ever tried. Look around to find others  who have explored the same edge that you might be anxious about.

Whether your comfort zone ends at the edge of learning a new skill, speaking in   public, making a financial investment, expressing your feelings, or quitting a bad habit, someone else has been at that very same edge. That person can help support you, prepare you, and encourage you to win.

2.  Can I dip my toe in first? No one says you have to hurl yourself headlong into every new endeavor. Try it out first. Start small. When you reflect on the first time you tried anything new (leading, speaking, rock climbing, painting, playing a musical instrument), you probably remember how uncomfortable you felt. But you stepped out and did it, and you soon discovered that it wasn’t as hard as you had expected, right? After awhile, what was once the edge became your comfort zone as you built your competence—and competence builds confidence.

3.  How bad can it be? Often, the fear in your mind paints a darker picture of things outside your comfort zone than is really the case. Remember, the victory is in the exploration itself more than the success of your attempt. Thomas Edison said,  “Genius “? Nothing! Sticking to it is the genius. I’ve failed my way to success.

4.  How great can it be? Your dreams are usually bigger than your comfort zone. You must be so passionate about your dream that, instead of feeling that you have to leave your comfort zone, you are magnetically drawn to the edge.

So, quit getting comfortable and explore the edge!

Four Reasons Why Hire an Expert Advisor For Your Home Search Is a MUST

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Navigating through the home buying process may seem easy enough if you’re relying on the Internet for information, seeking homes from a distance and getting your feet wet in the real estate marketplace. But once things start getting serious, it dawns on many buyers that they need help from an expert.

The key word here is expert.

Expertise comes from working on many, many transactions and seeing countless situations as well as their outcomes. That experience translates directly to you in that when something doesn’t feel right – we’re right there to point it out, especially when you may not recognize it. So here are the four reasons to always, always seek the assistance of a full-time professional real estate agent with a lot of transactions under his or her belt.

Recognizing Market Pitfalls

This is an important factor that a lot of homebuyers neglect to realize. What may seem like a fairly solid home and an equally solid transaction could easily have hidden problems with it that only a professional might notice before it’s too late. Whether it’s overpaying for a property, or complex deed and title issues – an experienced advisor will know and advise.

Accessibility to Hidden Inventory

There are a lot of homes that are available that might not be properly marketed. What that means to you as a buyer is that you may not be getting access to what very well might be your dream home. Your expert advisor will be able to connect you with hidden inventory such as foreclosures that have not hit the market yet, For Sale By Owners that are not being advertised openly, off-market properties, builder closeouts and more.

More Experience = No Mistakes in the Process

During the last several years as our nation endured what had been one of the most difficult times in the housing industry, many agents turned to other careers. As a result, this industry has many Realtors® that devote only part of their time to the profession. And we all know that less practice would mean more mistakes. A full-time, career devoted Realtor® and expert advisor will benefit you with a smooth transaction and no room for errors.

Professional Services Don’t Cost Buyers Anything

Finally, so many buyers do not realize that the cost of having a real estate agent is nothing for them. The seller is responsible for all commissions. This makes it even more critical that you properly interview prospective agents before hiring one. Your goal, like theirs, should be to get the best home at the best price, with the best terms and as hassle-free as possible.
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We are confident that we have all these characteristics and more. We invite you to meet with us to learn what we offer and just how much experience we have to support our claim of being your real estate expert advisor! Call us today!

Making the Decision To Sell For a Better Price Vs. a Faster Sale

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PRICE YOUR HOME REALISTICALLY. 
The single biggest mistake sellers make during a soft market is to price their home too high.  Working with me we will investigate market trends in the immediate vicinity of your home.  In this link you will find information regarding a CMA (Comparative Market Analysis). As always I am happy to supply you with a personal CMA to gain an in-depth look at what other sellers are selling like kind homes for in your area, average Days-On-Market statistics, housing values and more.  

SHOW OFF THE HOUSE.  
Very surprisingly, a significant number of sellers have no idea that they should prepare the house for sale by highlighting its attributes.  Beginning with curb appeal, then the entrance of the home and finally throughout the rest of the space – any and all noteworthy features should be highlighted.  The home should be attractive; everything in working order and it should be set up in a way that potential buyers can imagine themselves living in the home.

RESOLVE ANY ISSUES.  
Taking care of any outstanding concerns with the home, whether functionally or aesthetically, is a sure-fire way to get a better price.  Start with the major issues and then work your way down.  Unless you are willing to accommodate the price of repairs on a major problem such as a leaky roof, ineffective plumbing or an old furnace – resolve these issues. Remove all clutter that is in plain sight and “depersonalize” the space so that buyers can imagine their own things in the home.  A fresh coat of paint and replaced carpeting in neutral colors can go a long way as an effective selling tool.  Remember, the less a seller has to do once they move in, the better price you will achieve.

Selling Your Home Faster 

MARKET YOUR HOME EFFECTIVELY.  
Anyone can put a house up for sale – but not everyone can get the word out and market it as effectively as needed to sell it fast.  One of the traits of a successful Realtor is going above and beyond the traditional methods of marketing real estate and actually selling the home.  Working outside the box will have a huge impact on your success – and it goes without saying that the more people know about your listing, the more likely it is to sell.  

BE WILLING TO GET CREATIVE.  
One of the best advantages you can have over other sellers is to realize that it is a buyers market at the moment.  If there are issues that you cannot resolve, be prepared to offer a rebate for the amount of repairs. Be wiling to contribute to closing costs – a feature of FHA loans – financing that many homebuyers are tapping into these days, home warranties are also helpful.  If you have anassumable loan, communicate it to the prospective buyer as this is an excellent tool to help sell quickly.  Provide as many amenities as possible so that the home is move-in ready; leave appliances that are already hooked up and include as many appliances in the deal as possible.  Some sellers even offer to pay the first year’s homeowners’ insurance.

REMAIN FLEXIBLE IN YOUR EXPECTATIONS. 
If your primary goal is to sell your home as fast as possible, one possibility is auctions.  Though not the best way to yield the best financial return on the sale, auctions definitely provide the peace of mind that your home is sold almost instantly.  There are some disadvantages to auctioning a home – and other than price they are mostly restrictive to the potential buyer.  You must be very clear on your contract that the sale is “as is” since there will likely be no time for inspections.  Maintaining buyers’ expectations can be difficult in an auction but on the other hand you can present your home and expect an answer almost immediately.
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Not sure which approach you want to take?  Now that you have some tools and techniques – making the decision based on your needs should be an easier one.  Keep in mind you can also try to accomplish both, of course.  Regardless of the choice you make, it is essential to have a solid team backing you and one such pivotal member of your team will be your Realtor.  Be sure to choose a Realtor with whom you can feel comfortable, trust to take on the approach you feel is best for you – and one that will not be afraid to be honest with you in all ways to ensure the most success.

Mecklenburg, Union Counties – November Market Status Update

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Right now, as we come off the presidential election period and settle back into our daily lives, things on the real estate front remain active. Many people have opted to wait the election out to see whether there will be any special outcomes as a result. But truth be told, much of the marketplace is as it was just a month ago. Here is a look Mecklenburg and Union Counties as of October:

Mecklenburg County Click here for a complete report >>

INVENTORY LEVELS

Right now we are reporting a total of 3,645 available homes on the market, with the largest inventory in the $100,000 to $200,000 price range. The number of homes on the market in this price bracket is coming in at 1,096. The average list price for all the properties in the market as of this time period is $372,027.

CONTRACTS CLOSED

Over the last six months we have had 5,508 contracts closed and the average sold price is reported at $248,853. The highest number of sold listings appeared in the $100,000 to $200,000 price point. On the other hand, 3,145 listings have not sold during the last six months, most likely due to non-aggressive marketing, the condition of the home or a pricing strategy that failed to work. We saw the most off-market listings (987 listings) in the $100,000 to $200,000 range.

DAYS ON MARKET

The higher the number of Days On Market, the stronger a buyers market it is and in Mecklenburg County the current average DOM is 125 days. The average DOM over the last 6 months is 98 days with the fastest selling homes during this time frame in the $0 to $100,000 price range. The average sold price for the past 6 months is $248,853. The average sold price for the last 30 days was $232,983 with a DOM average of 98 days.

ABSORPTION RATE

In terms of the number of months inventory on hand, we have 4 months as per the last six months of sales, pointing to a seller-centric real estate environment given the fewer available homes and increased demand.

Union County Click here for a complete report >>

INVENTORY LEVELS

We are reporting a total of 1,237 homes for sale in Union County with a reasonably large number of available homes in the $150,000 to $200,000 price range, with 222 listings in this group. The average listing price for the homes in this market is $327,751.

CONTRACTS CLOSED

Over the last six months there have been 1,494 contracts that have closed and the average sold price was $259,548. As seems consistent with our present market statistics, the highest number of closed contracts appeared in the $100,000 to $150,000 price range. Looking at homes that did not sell, we have 981 listings still on the market, most of which come under the $150,000 to $200,000 price bracket with 183 unsold listings in that price range.

DAYS ON MARKET

Our active listings are averaging 145 Days On Market in Union County and the number for the past six months is a relatively lower 99 days, with an average sold price of $259,548. Interesting to note is that the fastest selling properties fall in the $0 to $50,000 price point.  The average DOM for the past 30 days is 90 days and the average sold price comes in lower at $226,571.

ABSORPTION RATE

As inventory continues to dwindle down, we keep moving toward a seller-centric market. Right now we are holding 5 months of inventory according to the last 6 months of sales, steadily moving downward. What this means is that assuming market conditions remain the same it would take 5 months to sell all the homes in our current inventory. 

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Please feel free to get in touch to discuss your real estate needs – I’d be happy to look over your home, guide you through the process and help achieve your real estate goals. 

PERSISTENCE AND PROCRASTINATION (By Jim Stoval)

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Down the street from my office is a very large media complex containing a TV station, several radio stations, and a large conference center.  At one corner of the massive building, there is a large fenced area where several radio and TV broadcast towers soar hundreds of feet into the air. Thousands of people drive by this complex every day and have seen the towers so many times they don’t even notice them any more.

Several months ago, a troubled young man—for reasons of his own—decided to scale the fence and begin climbing one of the towers. By the time anyone noticed this young man perched on a precarious ladder hundreds of feet in the air, it was too late to stop him. Police, ambulances, and   emergency rescue workers were called to the scene and began efforts to persuade the young man to climb down from the tower.

The young man either ignored them or periodically threatened to jump. As will happen with any large gathering, the media was soon on  the  scene.  TV, radio, and newspaper reporters began around the clock reporting of the ongoing activities of the young man who became known as The Tower Guy.

This went on for days and, somehow, the reporters found things to talk about.  The young man became dehydrated, sunburned, and appeared to be disoriented.  Finally, one heroic rescue worker was able to communicate with the young man and talk him into coming down. The final media reports described how persistent The Tower Guy was in remaining on his perch for many days.  It’s important that we don’t confuse persistence with procrastination.

It is easy to think that persistence is doing something repeatedly or constantly while procrastination might be thought of as doing nothing at all.  In reality, too many of us are like The Tower Guy in that we persist in doing nothing of importance which, in reality, is procrastination as  it relates to the things in life we know we should be doing.

Practice does not make perfect, in spite of the old adage.  Practice makes consistent. Only perfect practice will make something perfect. Persistence is only a virtue if we are persisting at doing things that  matter to us and make the world a better place.

Most people perform activities today because they performed the same activities yesterday and will do it all over again tomorrow.  Before you do anything as a regimented part of a routine, make sure you know why you are doing it, what it will accomplish, and when you will be done. As you go through your day today, make sure you’re investing every moment wisely and not just repeating mindless activities because that’s what you’ve always done.

Today’s the day!

How Do Credit Reporting Companies Determine My FICO Credit Score?

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Creditors determine your credit score based on a formula by which they calculate the score of each individual. It’s designed to give them an objective (mostly) method to predict how likely it is that you’ll repay a new loan.

Often, a credit score is referred to as a “FICO” score. Where did this term come from?

From two men named Fair and Isaac! In the mid-1950s, they founded a company called, Fair Isaac Corporation. Over the ensuing years, the name got shortened to “FICO.”

Fair, Isaac is a for-profit company, traded on the New York Stock Exchange (NYSE: FI). Their exact formula for calculating credit scores is termed “proprietary;” that is, it’s secret.

Each of the major American credit reporting agencies (CRAs) has a relationship with Fair Isaac. The “Big Three” CRAs are: Experian,Equifax, and Transunion. You can find them easily on the Internet.

In a common-sense world, each CRA would have the same credit score for each person. So, why don’t they? Because they each have different formulas for determining your credit score! That means your score may vary from one CRA to the other!

Each CRA formula is based on experience with millions of consumers. With each credit rating company, the higher your score, the better your credit is rated.

Now, above, I said that the credit formulas are secret. And they are, but we can sketch the general elements of those formulas. 

So, for example, we know that FICO models analyze these items in your history:

* Past delinquencies
* Derogatory payment behavior
* Current debt level
* Length of credit history
* Types of credit
* Number of inquiries by lenders and others into credit history.

Although the models vary as I stated earlier, the general formula looks like this:

* 35 percent on a borrower's payment history.
* 30 percent on debt.
* 15 percent on how long the applicant has had credit.
* 10 percent on new credit
* Another 10 percent on types of credit.

What Is the Range of FICO Scores?

Keep in mind that the following ranges sometimes change or vary with a particular source.

In general, however, the higher the score, the better your credit rating is, as stated earlier.

At the top end of the range is the perfect score of 850. As you can guess, very few, very rich people achieve this kind of perfection(only 1% of the U.S. population)! They get the lowest and best interest rates and get their loans fast. And why not? From a lender’s point of view, they’re an extremely low risk!

Eleven percent (11%) of the American population has a score of 800. That means they’ll also get lower interest rates and have their loans closed within days (just not as fast as the “perfect people” above).

So, what’s the score of the average American? 720! The interest rate for these individuals will be higher than the two categories above, and it might take days or weeks to close the loan, depending on the market.

It’s when your FICO score gets below approximately the 620mark, that you’re going to have to work harder to get mortgage money from a lender.

Here’s why: With that score, they calculate that borrowers will default on that loan better than half the time! From their viewpoint, it doesn’t make very good business sense to lend money in such situations.

However if they do loan the money, it will carry a higher interest rate to cover the added risk. Of course, in these situations, lenders look very closely at a borrower’s financial history in order to determine whether or not there are any “red flags;” that is, missed payments, late payments, unpaid debts, bankruptcies, etc.

So, there you have it! Now you know how your credit score is calculated. I hope I’ve taken the mystery out of the whole process. If not, contact me today!

Ten Questions Every Homeowner Should Ask an Agent

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As you embark upon what will be one of the most important transactions of your life – whether buying or selling a home – you should be absolutely certain that you are happy with the real estate agent you have hired to help you manage it. 

To help you with this all-important hiring process, here are ten important questions to ask an agent before you decide on whether or not to hire them:

Question #1

How Close Do You Get in Sale Price Related to Asking Price?

It is important to ask for this information as it relates to the past 60 days.  Given that many agents are not that active in the market, you would be best served to obtain the most recent information possible.  As a seller, your agent’s ability to come close to the asking price is a strong attribute and can mean a difference of thousands of dollars in your transaction.

Question #2

How Many Days on Average Does It Take You To Sell a Home?

What’s the average number of days on the market for properties listed by your prospective agent? Since this statistic can reach as high as six to nine months and in some cases and as much as a year, it is important to ask how your prospective agent ranks on the scale.

Question #3

What is the Rate of Homes Sold on a Monthly Basis?

Knowing the absorption rate of homes similar to yours that are on the market allows valuable insight as to how the market is performing for your particular needs.  Not only does it give sellers a glimpse into the system and how it would translate to their own sale but it also presents a broader view of the entire market in general.

Question #4

What Do You Do Differently To Get Homes Sold?

Especially with the current trying economic times, many agents have been faced with adversities trying to sell the homes on their list.  One of the best ways to learn whether your agent is a self-starter is to find out what they have done in the past when they were unable to successfully sell homes.  Ask why the agent feels the home(s) did not sell and then find out what they are doing differently to get them sold.

Question #5

What Percentage of Deals Do You Represent the Buyer Versus Seller? 

Some agents work primarily with sellers while others work mostly with buyers and still others are experienced with dual-agency deals.  Depending on your needs, you will benefit from an agent that specializes in one of the two.  It is important to ask which side of the fence your prospective agent tends to represent. 

Questions #6

How Many Homes Did You Sell Last Year?

Nothing speaks louder than numbers.  A very important statistic, ask what the total number of homes sold last year was and if possible try to get a more long-term picture of the agent’s performance in this regard. You can also ask for a month-to-month breakdown to see if there are certain stronger months.

Questions #7

Can You Provide a List of the Ten Most Current Clients You Have Worked With?

Rather than rely on the given list of referrals that many agents have handpicked, it’s a good idea to obtain a list of clients that are currently working with this Realtor.  It will provide a much-needed glimpse into the agent’s performance on various stages of real estate transactions.

Question #8

How Much of Your Work Day Do You Dedicate to the Real Estate Industry?

You want an agent that is 100% committed to their  job and if they are focusing more on a day job with real estate being a secondary thing, you run the risk of inaccessibility, lack of knowledge and experience plus lackluster motivation.  Find out how they feel about the real estate industry and whether they are passionate about their work.

Question #9

What is Your Style of Marketing – Proactive or Reactive?

What is your potential agent’s style of working?  Does he or she speak to a large number of people each day? Are they proactive or reactive in nature when it comes to marketing? See how this lines up with your real estate needs.  Are you in a hurry to buy or sell?  Does a laid back agent hinder your efforts? Or does slow and steady work better for you?

Question #10

What Does Your Daily Schedule Look Like?

The typical schedule of a real estate professional can be very telling.  By asking for a copy or general idea of how they conduct their day in terms of their work, you can get a good idea of how much time is devoted to the profession and what kind of business they are running.

Mecklenburg, Union Counties – October Market Status Update

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Mecklenburg County Click here for a complete report >>

INVENTORY LEVELS

Right now we are reporting a total of 4,041 available homes on the market, with the largest inventory in the $100,000 to $200,000 price range. The number of homes on the market in this price bracket is coming in at 1,262. The average list price for all the properties in the market as of this time period is $369,638.

CONTRACTS CLOSED

Over the last six months we have had 5,419 contracts closed and the average sold price is reported at $250,115. The highest number of sold listings appeared in the $100,000 to $200,000 price point. On the other hand, 3,073 listings have not sold during the last six months, most likely due to non-aggressive marketing, the condition of the home or a pricing strategy that failed to work. We saw the most off-market listings (951 listings) in the $100,000 to $200,000 range.

DAYS ON MARKET

The higher the number of Days On Market, the stronger a buyers market it is and in Mecklenburg County the current average DOM is 127 days. The average DOM over the last 6 months is 99 days with the fastest selling homes during this time frame in the $0 to $100,000 price range. The average sold price for the last 30 days was $246,210 with a DOM average of 101 days.

ABSORPTION RATE

In terms of the number of months inventory on hand, we have 4.5 months as per the last six months of sales, pointing to a seller-centric real estate environment given the fewer available homes and increased demand.

Union County Click here for a complete report >>

INVENTORY LEVELS

We are reporting a total of 1,358 homes for sale in Union County with a reasonably large number of available homes in the $150,000 to $200,000 price range, with 236 listings in this group. The average listing price for the homes in this market is $321,937.

CONTRACTS CLOSED

Over the last six months there have been 1,410 contracts that have closed and the average sold price was $263,980. As seems consistent with our present market statistics, the highest number of closed contracts appeared in the $100,000 to $150,000 price range. Looking at homes that did not sell, we have 937 listings still on the market, most of which come under the $150,000 to $200,000 price bracket with 171 unsold listings in that price range.

DAYS ON MARKET

Our active listings are averaging 144 Days On Market in Union County and the number for the past six months is a relatively lower 102 days, with an average sold price of $263,980. Interesting to note is that the fastest selling properties fall in the $0 to $50,000 price point.  The average DOM for the past 30 days mirrors our 6 month DOM stats but the average sold price comes in lower at $242,222.

ABSORPTION RATE

As inventory continues to dwindle down, we keep moving toward a seller-centric market. Right now we are holding 5.8 months of inventory according to the last 6 months of sales, indicating a fairly balanced market. What this means is that assuming market conditions remain the same it would take 5.8 months to sell all the homes in our current inventory. 

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Please feel free to get in touch to discuss your real estate needs – I’d be happy to look over your home, guide you through the process and help achieve your real estate goals. 

PESSIMIST AND OPTIMIST (A short inspirational story)

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A family had twin boys whose only resemblance to each other was their looks. If one felt it was too hot, the other thought it was too cold. If one said the TV was too loud, the other claimed the volume needed to be turned up. Opposite in every way, one was an eternal optimist, the other a doom & gloom pessimist.

Just to see what would happen, on the twins’ birthday their father loaded the pessimist’s room with every imaginable toy and game. The optimist’s room he loaded with horse manure.

That night the father passed by the pessimist’s room and found him sitting amid his new gifts crying bitterly.
“Why are you crying?” the father asked.

“Because my friends will be jealous, I’ll have to read all these instructions before I can do anything with this stuff, I’ll constantly need batteries, and my toys will eventually get broken,” answered the pessimist twin.
Passing the optimist twin’s room, the father found him dancing for joy in the pile of manure. “What are you so happy about?” he asked.

To which his optimist twin replied, “There’s got to be a pony in here somewhere!”

Getting More Bang for Your Buck in Today's Market

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Are you an existing homeowner?  Have you been silently waiting and watching for the best time to buy up and get something better for your money?  After waiting nearly fives years after the big real estate meltdown in 2007, now seems to be the best time yet to get in on the action.  Though many buyers are still wary of getting their feet wet with a mortgage during these still uncertain times, the very reason there are fewer buyers contributes to it being a soft market.  And before the market changes, now is the perfect time to seize this great opportunity that may not be around for too much longer.

It’s Not What It All Seems

One of the reasons many homeowners are reluctant to move into a new home and sell their existing home is that the false impression created by the national market statistics paints an obscure picture.  Contrary to what the media often portrays, foreclosures and short sales do not dominate the market in most areas.  While there are certain harder hit states like Florida, Michigan, California and Arizona – where there is a much larger number of distressed properties on the market, the truth is that many states have begin stabilizing.

More Bang For Your Buck

For homeowners that do take the plunge and sell their home despite it selling for a lower than ideal price, they end up walking away from the bargaining table with a far better home for the same monthly payment – and they are left with equity in their home.  Keep in mind that while you will have had to sell your home for a lower price, the home you are buying will also be sold for a lower price.  Factor in seller concessions, low down payment requirements and the unbelievably low interest rates – and you have got the deal of a lifetime!

Affordability That Allows More House

Many homeowners gauge whether or not they can afford a home based on the amount of payment they must make each month.  Given the historic low interest rates coupled with depressed housing values – the monthly payment for many homeowners that are buying up remains the same.  In essence, by taking advantage of the current market, you are able to live in a bigger and better home for the same monthly payment as before.

Who Knows How Long This Will Last

As we all witnessed in early 2007, anything can happen in real estate and it can be the most unsuspecting occurrence ever.  For those homeowners that are waiting around for interest rates to go even lower or housing values to drop even further – they may very well shoot themselves in the foot. Be careful not to wait too long.  Industry analysts are already reporting stabilization in many markets, leading to a forecast of steady incline of interest rates.  Housing values may drop a few more percent at best – but there is no way to tell when that point hits until they begin climbing again.

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Rather than finding yourself regretting not buying up when the opportunity was ripe – take the time to explore your options today.  You might be surprised.  Who knows – you may even find your dream home!

7 Key Business Principles To Make Sure Your Home Sells for the Most Amount of Money

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For most people, there are usually one or two transactions in a lifetime when it comes to buying and selling real estate. That’s why when many existing homeowners or first-time buyers find themselves ready to sell a home they may need a few pointers on how to get their home sold these days.

Here are seven very important aspects to successfully selling a home that will have a significant impact on how quickly you will sell and how much financial gain you can expect on the sale; concepts that are geared toward today’s fast-paced, virtual and digital real estate industry.

Expertise and Pricing Strategy

When considering selling your home, it is important to choose an agent to work with wisely. A key factor in success of your sale, is finding the right agent for you. Be sure you are working with a Realtor that not only demonstrates expertise by way of many successful past and present transactions, but also one that actively seeks to develop a strong pricing strategy with you.

Pricing strategy has a major impact on the success of a selling a property. Without the right price a home can and will sit on the market, literally exhausting its time on the market. Find an agent that will focus on what they will do to get you the best price, rather than one that is so eager to earn your business that they quote an inflated and unrealistic price just to make you happy.

Condition and Perceived Value

These days we are dealing with far more properties on the market than there are buyers. In this type of environment, it is critical that your property be in marketable condition, good enough to compel buyers’ interest toward your home and away from the competition. The goal should be to achieve maximum perceived value upon buyers seeing your property, making them feel that your property is the best value on the market.

Differentiation

Once again, in an effort to stand out from the crowd and ensure your home generates plenty of interest among buyers, make sure the agent you hire does everything they can to promote your property. The key is doing so in a unique way that grabs buyers’ attention and keeps them interested. Whether this means using an agent that utilizes virtual tours, has a wide network of in-house buyers and a highly tech-savvy agent that caters to today’s buyer – it is important that your Realtor works hard to differentiate your listing from the rest.

Exposure

A lot of real estate agents underestimate the power of the Internet and with the advent of smartphone technology, tablet devices and other real-time communication methods, now more than ever before it is essential that agents tap into all forms of exposure for their clients’ listings. It is critical that your home appear in a number of online venues where buyers typically go to obtain information. Strong marketing techniques also play a strong role in good exposure.

Execution

One of the most important components of a successful real estate transaction is the smoothness of handling that makes the process efficient and as seamless as possible. Working with a team of professionals provides the solid backing of a variety of expertise levels within the team, so that your agent can focus on what they do best – selling your home.

Being able to leave the back-end support aspects of your transaction to qualified, in-house team members is the way that top-producing agents across the globe manage to juggle everything. Anything from listing specialists, pricing experts, buyer agents, closing coordinators, virtual assistants, marketing professionals, listing managers and more – all contribute to a successful selling transaction.
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If you would like a customized consultation on how we can service your real estate needs, get your home listed and achieve top dollar in good time – contact us today! We look forward to serving you.

Mecklenburg and Union Counties – Sept. 2012 Market Update

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It’s time for the real estate market update again and as usual I’ve shared with you the latest numbers on homes sold, homes pending, average days on market and more. If you would like a customized consultation about your particular neighborhood, contact me today.

Mecklenburg County Click here for a complete report >>

LISTINGS ON THE MARKET

At the present time we are reporting 4,210 active listings.  With no pending sales on record for now we are not able to report any data on pending sales ratio.

The existing inventory on the market is falling largely in the $100,000-$200,000 price range, with 1,348 of the total listings in this price bracket. Mecklenburg County’s average list price for all price ranges is $358,803.

CONTRACTS CLOSED

The previous six months have shown a total of 5,326 closed contracts with an average sold price of $248,863 while 3,105 listings remain on the market and have remained so for the last six months for a multitude of reasons ranging from overpricing and inadequate marketing to properties shown in less-than-optimal condition.  The highest number of off-market listings at 972 properties falls within the $100,000-$200,000 price range.

DAYS ON MARKET

The higher the number of Days On Market, the stronger a buyers market it is and in Mecklenburg County the current average DOM is 123 days for active listings, again indicating a buyers’ market.  The average DOM over the last 6 months is 100 days with the fastest selling homes during this time frame in the $0-$100,000 price range and a six-month average sold price of $248,863. The average sold price for the last 30 days was $249,245 with a DOM average of 92 days.

ABSORPTION RATE

We currently have 4.7 months of inventory based on the last 6 months of sales.  Assuming that it would take this much time to sell all the current inventory if market conditions remained the same, this indicates a reasonably balanced market leaning toward buyers at the present time.

Union County    Click here for a complete report >>


LISTINGS ON THE MARKET

The total number of homes on the market in Union County is currently 1,385. As with Mecklenburg County, since there are no pending sales currently in the pipeline, we cannot report on a pending ratio. Similar to Mecklenburg County, the price range of $150,000-$200,000 is reporting a larger inventory of properties for sale at 237 listings.  The average list price for all price ranges in Union County is $323,633.

CONTRACTS CLOSED

The last six months have had 1,400 closed contracts with an average price of $263,448– with the highest number of sold listings in the $100,000-$150,000 price range.  Conversely, 944 listings remain unsold during the last six months for the same reasons afflicting unsold properties in Mecklenburg County.  The highest number of off-market listings at 177 properties are in the $150,000-$200,000 price range.

DAYS ON MARKET

The average number of Days On Market for property listings in Union County is 140 days, with the DOM during the last six months reported at 103 days.  The previous six months reveals an average sold price of $263,448 with the fastest selling properties in the $0-$50,000 price range.

The Union County average sold price during the last 30 days was $252,043 with an average DOM of 97 days.

ABSORPTION RATE

Right now we are looking at 5.9 months of inventory in Union County as per the last 6 month’s sold properties.  This would indicate a seemingly balanced market given that it would take that much time to sell all existing property listings on the market assuming conditions remain the same.
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If you would like to explore your options, study the market statistics above in greater details or would like an assessment of your current real estate situation – contact me and I will be glad to assist you with all your real estate endeavors!

Click here to download your full report >>

THE MIRACLE OF PERSONAL DEVELOPMENT (By Jim Rohn)

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One day my mentor Mr. Shoaff said, “Jim, if you want to be wealthy and happy, learn this lesson well: Learn to work harder on yourself than you do on your job.”

Since that time I’ve been working on my own personal development. And I must admit that this has been the most challenging assignment of all. This business of personal development lasts a lifetime.

You see, what you become is far more important than what you get. The important question to ask on the job is not, “What am I getting?” Instead, you should ask, “What am I becoming?” Getting and becoming are like Siamese twins: What you become directly influences what you get. Think of it this way: Most of what you have today you have attracted by becoming the person you are today.

I’ve also found that income rarely exceeds personal development. Sometimes income takes a lucky jump, but unless you learn to handle the responsibilities that come with it, it will usually shrink back to the amount you can handle.

If someone hands you a million dollars, you’d better hurry up and become a millionaire. A very rich man once said, “If you took all the money in the world and divided it equally among everybody, it would soon be back in the same pockets it was before.”

It is hard to keep that which has not been obtained through personal development.
So here’s the great axiom of life:

To have more than you’ve got, become more than you are.

This is where you should focus most of your attention. Otherwise, you just might have to contend with the axiom of not changing, which is:

Unless you change how you are, you’ll always have what you’ve got.

A Look at Buying Now vs. Buying Then; Why You Can’t Afford to Wait

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It is widely known around the world that real estate in the US is at the best point it has been in decades – especially from the standpoint of a buyer.  But when you look at how the numbers work out – it REALLY looks good and it is a great way to see just why buying now is the best it has been for the past five to ten years. 

Here are the facts.  We know that interest rates are so low that buyers are walking away with practically free mortgages.  We know that housing values have declined to a point that buying a home now is a surefire investment that will come back later and mature very nicely once the market bounces back.  We know that housing inventory is largely overstuffed because of the plethora of foreclosures on record the past few years plus other factors contributing to the fact as well.  But how does all this look when you plug in actual selling prices, interest rates, down payments and monthly payments? 

To help show you why buying now will yield the best ever deal quite possibly in your entire lifetime, we have put together a comparison of a home that was sold in 2002.  Considering the market environment in both 2006 and 2011, we see how the owners got very different results on each respective selling date.  The numbers are staggering! 

Home Bought in 2002

Price of home when originally bought in 2002: $285,000

Interest rate: 6.5%

Conventional loan 20% down payment amount: $57,000

Monthly payment: $1,441 (principal and interest)

Loan payout for the life of the loan: $575,803

Sold to Another Owner in 2006

Selling price: $580,000

Interest rate: 6.5%

Significant remodeling changes made to the home

Conventional loan 20% down payment amount: $116,000

Monthly payment: $2,932 (principal and interest)

Loan payout for the life of the loan: $1, 171,800

Sold Again in 2011

Selling price: $245,000

Interest rate: 5%

Conventional loan 20% down payment amount: $49,000

Monthly payment: $1, 052 (principal and interest)

Loan payout for the life of the loan: $427,782

The savings are astronomical when comparing market conditions then to now.

If you bought this house ten years ago, the savings add up to over $148,000!

And if you bought the house while it was at the top of the market, the savings are an unbelievable $750,000.  That’s three quarters of a million dollars in savings alone.

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This is the same home.  When you realize how much the prices, payments and payouts fluctuate – it makes you wonder why you haven’t gone out and grabbed the opportunity to buy now, doesn’t it? Either way you look at it, buying now will end up in a fantastic return on your investment.  What’s more is that there is no telling how long this phase in our real estate industry will last.  We are starting to see some upward changes in the housing market, with prices coming back up very slowly and the depreciation cycle beginning to level off.

6 Tips to Prepare Your Home for Market

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There are many things you can do to make sure that your home is prepared and in its most appealing state to buyers before you put it on the market.  Here are six of the most important things you as a seller can do to insure that when a potential buyer comes to your property, they feel at home.

Make a Great First Impression 

Home buyers decide whether they are interested in buying a home within the first 8 seconds of visiting the property, so making a great first impression is crucial.  In order to make that awesome first impression, you need to make sure the outside of your house is well manicured.  This includes mowing the grass, trimming bushes and shrubs, and mulching all beds.  By maintaining the exterior of your property, you help the buyer see that this home has been well cared for over the years.

Prep the Entry of Your Home

After you make a great first impression and set the bar high, it is now critical to continue to meet the buyer’s expectations.   This means that you must make sure your entry is in prime shape.  The steps and door must be cleaned and all mold work should be freshly painted.  You need to not only make sure that any buyers feel welcome coming into your home, but that they feel like all of their family and friends would be welcome in that home in the future.

Appeal to the Senses

By having music playing or a pleasant scent filling your home, you are able to give away positive vibes right when a potential buyer opens the door.  You want to make sure that the buyer feels as if they just opened the door to their new home.

Get Help in Staging Your Home

Many real estate services offer a professional staging consultant for free as part of their service.  Having someone else come through your home will not only help you eliminate any clutter and personal items, but will also show that every room in the house has a purpose.

Have Your Home Pre-Inspected

Repairs and repair negotiations are the number one deal killer when it comes to real estate transactions.  By having your home pre-inspected and any repairs fixed prior to putting your home on market, you eliminate any thought in the buyers mind that the home may have any maintenance issues.  You are going to save money in the long run by fixing any repairs before putting the house on market by getting a higher price when you sell your home.

Have a Pricing Strategy 

Discuss with your real estate expert all potential scenarios when it comes to selling your home. If you have an awesome pricing strategy, you will be prepared for all outcomes before you start the process of selling your home.