Wednesday, October 17, 2012
What's New at the OAR Convention?
As you may imagine all real estate professionals could use a shot in the arm to help uplift their spirits "and their business" in this economy. Well as I am attending the Oklahoma Association of Realtors for my second year as a real estate pro here in Oklahoma I am looking forward to hearing what is new and what works!
VIDEO, VIDEO, and more VIDEO- I just finished class with a very dynamic speaker regarding real estate professionals using video to do FAQ's for clients, Biography and Certifications, Listings, Buyer informational and other videos to target your audience or to use as a library to send to your clients.
What a wonderful and fast way to communicate! Check out by searching for videos about real estate and watch a few- you'll see some of what NOT to do as well as some excellent examples.
You can bet that I will be adding videos to my arsenal of selling tools!
Tuesday, May 1, 2012
Fielding a Lowball Purchase Offer on Your Home
Original Article By: Marcie Geffner
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.
Check your emotions
A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.
Counter the purchase offer
Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits.
A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.
Consider the terms
Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.
Review your comps
Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.
Consider the buyer’s comps
Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.
If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.
Get the agents together
If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.
Don’t signal desperation
Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.
If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.
Friday, March 30, 2012
Moving to Florida? Check this out!
A new aquaintance of mine sent me a link to his blog and real estate page. If you would like to explore Sarasota Florida, check out his site at: http://www.realestaterag.com/ or http://www.luxurysarasotarealestate.com/ Thanks and happy home shopping!
Wednesday, March 28, 2012
Baby Boomers Keep on Truckin'
In the past 12 months, baby boomers have attended a professional sporting event (36 percent), attended live theater (22 percent), visited an art museum (14 percent), attended a rock concert (12 percent) and gone to the symphony or opera (9 percent). The group is also 11 percent more likely than all American adults to have eaten at a seafood restaurant or steakhouse in the past 30 days.
Baby boomers are also 9 percent more likely than all U.S. adults to have traveled domestically for business or vacation purposes in the past year and 3 percent more likely to have engaged in foreign travel for business or vacation purposes in the past three years. Nine percent of baby boomers have visited Europe in the past three years and 12 percent vacationed in the Caribbean in the same time frame. Their enthusiasm for travel also keeps them feeling lucky – 9 percent of baby boomers have visited Las Vegas in the past year and 34 percent visited any casino in the same time frame.
Baby boomers are also spending money to make their home lives more entertaining as well. Nearly half (45 percent) of baby boomers live in a household with a digital video recorder and 30 percent live in a household with a video game system. Baby boomers are 21 percent more likely than all American adults to live in a household with a pool, hot tub or spa and 7 percent of baby boomers live in a household with a motorcycle. Baby boomers also take great pride in the appearance of their homes as 27 percent have had landscaping done in the past year and they are 21 percent more likely than all American adults to have spent $10,000 or more on home improvements in the past year.
Baby boomers can be found reading national news (28 percent), making travel reservations (23 percent) and gaining medical services and information online (14 percent). On the radio, baby boomers listen to Adult Contemporary (30 percent), News and Talk (28 percent), and Classic Hits (25 percent). The kinds of television shows boomers typically watch are Movies (57 percent), Local Evening News (53 percent), Comedies (47 percent), and Local Morning News (44 percent).
Baby boomers are 22 percent more likely than all American adults to be employed full-time and are 32 percent more likely to own a home valued at $500,000 or more. They are 23 percent more likely than all American adults to have an annual household income of $100,000 or more and are 9 percent more likely to hold at least a college degree.
The biggest spenders of the baby boom generation are the High-Earning Baby Boomers (HEBBs), defined by Scarborough as baby boomers who live in households that have an annual income of $100,000 or more. HEBBs account for 9 percent of the American adult population and are more than twice as likely as all American adults to own a second home or other real estate property for investment.
They were nearly two and a half times more likely than all Americans to have spent $10,000 or more in the past year on remodeling their homes. HEBBs live in households that are 82 percent more likely than all American households to have a 401K plan, and more than twice as likely to have a college savings plan.
HEBBs can be found in large cities where earning potential is reportedly higher. Among the top local markets for HEBBs are: Washington, D.C. (18 percent of all adults); San Francisco (16 percent); New York (14 percent) and Boston (14 percent).
Sudden Money: 8 Ways to Handle an Unexpected Windfall
By Barbara Pronin, RISMedia Columnist
Whether you’ve inherited a large sum, sold an asset for cash, or won a lottery prize, coming into money is exhilarating. But the thrill of the windfall may not last long unless you plan ahead to make the most of it.
Before you go on a spending spree, say financial consultants at Consumer Reports, take a deep breath and consider these eight steps to maximize your sudden wealth:
1. Park the cash – Do nothing immediately but put it into an FDIC-insured money market account. (If over $250,000, divide into two accounts.) Or put it in a three-month CD with a penalty for early withdrawal. 2. Consult a financial advisor – Find a fee-only financial planner who makes no commission from your investments. A certified planner can help you devise a plan to help you meet your financial goals and pay you an allowance if that is what you want.
3. Cut debt – High interest loans like credit card debt should be paid off first. Then build a safety net of cash, enough to cover six to 12 months of living expenses. Then consider paying off some or all of your mortgage, depending upon the return you might expect to get by putting the money elsewhere.
4. Boost your savings – If you are not already contributing the maximum to your retirement account, start doing so now.
5. Keep your job – A windfall will propel you into a different standard of living only if it's a vast sum of money, say several million dollars. In most cases, you shouldn't quit or retire early or you may blow through your bequest.
6. Learn to say no – Think twice before giving money to friends or family members—and especially to the salespeople who will almost certainly find you.
7. Allow for fees and taxes - If you inherit assets other than cash, the amount you receive may be less than you expect. For example, if you inherit a house or stocks, you'll likely pay a real-estate or brokerage commission when you sell.
8. Indulge yourself a bit – Once you’ve accomplished the first seven steps, use no more than 10 percent of the windfall to take a vacation or buy yourself something nice.
Whether you’ve inherited a large sum, sold an asset for cash, or won a lottery prize, coming into money is exhilarating. But the thrill of the windfall may not last long unless you plan ahead to make the most of it.
Before you go on a spending spree, say financial consultants at Consumer Reports, take a deep breath and consider these eight steps to maximize your sudden wealth:
1. Park the cash – Do nothing immediately but put it into an FDIC-insured money market account. (If over $250,000, divide into two accounts.) Or put it in a three-month CD with a penalty for early withdrawal. 2. Consult a financial advisor – Find a fee-only financial planner who makes no commission from your investments. A certified planner can help you devise a plan to help you meet your financial goals and pay you an allowance if that is what you want.
3. Cut debt – High interest loans like credit card debt should be paid off first. Then build a safety net of cash, enough to cover six to 12 months of living expenses. Then consider paying off some or all of your mortgage, depending upon the return you might expect to get by putting the money elsewhere.
4. Boost your savings – If you are not already contributing the maximum to your retirement account, start doing so now.
5. Keep your job – A windfall will propel you into a different standard of living only if it's a vast sum of money, say several million dollars. In most cases, you shouldn't quit or retire early or you may blow through your bequest.
6. Learn to say no – Think twice before giving money to friends or family members—and especially to the salespeople who will almost certainly find you.
7. Allow for fees and taxes - If you inherit assets other than cash, the amount you receive may be less than you expect. For example, if you inherit a house or stocks, you'll likely pay a real-estate or brokerage commission when you sell.
8. Indulge yourself a bit – Once you’ve accomplished the first seven steps, use no more than 10 percent of the windfall to take a vacation or buy yourself something nice.
Friday, March 9, 2012
Tips to Manage Your Performance Review
| By Diane Stafford |
| RISMEDIA, Wednesday, March 07, 2012— (MCT)—The annual performance review strikes fear and loathing in the hearts of most workers, even those who believe they’ve worked well and hard. There’s usually some disconnect between what we see in ourselves and what others see in us, even if both worker and manager have a reasonably good working relationship. The good news is that workers can minimize some disagreements. Writing in the March newsletter of The Five O’Clock Club, a career advice organization, counselor Cecelia Burokas offers tips to influence an upcoming evaluation. To paraphrase Burokas: -Understand the review form, the process and the timing so you know what’s being measured and when. -Keep track of your accomplishments over the review period and share them in writing before your manager writes the review. -In your note, include benefits to the organization. Remember: Your job isn’t all about you. It’s about the value you bring to the company. -If you know there was a disappointment, share facts that explain it and include ways your performance improved since the problem. -Share your own goals. It speaks well to your attitude and desire to be a valued contributor. -In your face-to-face review, hold your tongue and temper. Listen to each point before you jump to respond. -Make sure you understood your manager. Paraphrase: “What I heard you say is…” in order to know if you got what the reviewer intended. -Ask questions. If your review said you were rude in meetings, get specifics so you know what problems or misperceptions you need to correct. -If you believe something was unfair or wrong, be calm and factual to refute it. You might counter with praise from others on the topic. -If your emotions rage, admit that you’re angry or very sad and ask for time to absorb the feedback before completing the review meeting. -End on a “team” note by asking how you can help your manager or work unit be better. Diane Stafford is the workplace and careers columnist at The Kansas City Star. |
Friday, February 24, 2012
Survey Reveals Rental Market Outlook
According to a new survey from Apartments.com, an increasing number of consumers continue to look toward renting as a viable option in today’s market, considering it to be an affordable, flexible lifestyle choice. This higher demand for apartment housing means increased renting costs across the nation. In response to this news, Apartments.com conducted a national survey to more than 3,000 of its January website visitors to find out about their 2012 moving plans, including reasons they are moving, why they are opting to rent versus own property, when they plan to move and which tools they value most during their apartment search.
Supporting a growing trend, 33.6 percent of respondents looking for an apartment this year said they are previous homeowners (up from 20.5 percent in 2011). From the survey respondents who said they are homeowners looking to rent in 2012, 26.3 percent are doing so because they believe renting is a more affordable option and 21.2 percent prefer the flexibility renting offers in choosing where to live.
Apartments.com provides the five most popular responses why their website visitors are choosing to rent versus own in 2012:
- Renting is a more affordable option: (26.3 percent)
- Flexibility to live where I choose: (21.2 percent)
- To relocate for employment: (20.5 percent)
- Cannot afford to keep up with homeownership expenses: (10.5 percent)
- Lost home due to foreclosure and change in marital status: (less than 4 percent each)
More than 35 percent of respondents indicated they are moving out on their own – whether for the first time or back into their own place – which may be a sign of an improving economy and job market, especially in the rental demographic. Reinforcing that idea is the fact that 23 percent of renters surveyed reported they are relocating for employment opportunities – making that the number one reason for moving in 2012, as it was in 2011. However, the desire to have more space, to save money and to live in a more desirable neighborhood also topped the list. Apartments.com provides the five most popular responses why their website visitors are moving in 2012:
- Relocating for employment opportunities: (23 percent)
- Looking for a bigger apartment: (11.9 percent)
- Shopping for a less expensive apartment: (11.3 percent)
- Wanting to live in a more desirable neighborhood: (10.6 percent)
- Change in marital status: (8.8 percent)
Most importantly to those who are thinking about purchasing rental properties, the price is low, interest rates are low and rental property is going to continue to be in demand! Contact me for more information on affordable income properties today!
Supporting a growing trend, 33.6 percent of respondents looking for an apartment this year said they are previous homeowners (up from 20.5 percent in 2011). From the survey respondents who said they are homeowners looking to rent in 2012, 26.3 percent are doing so because they believe renting is a more affordable option and 21.2 percent prefer the flexibility renting offers in choosing where to live.
Apartments.com provides the five most popular responses why their website visitors are choosing to rent versus own in 2012:
- Renting is a more affordable option: (26.3 percent)
- Flexibility to live where I choose: (21.2 percent)
- To relocate for employment: (20.5 percent)
- Cannot afford to keep up with homeownership expenses: (10.5 percent)
- Lost home due to foreclosure and change in marital status: (less than 4 percent each)
More than 35 percent of respondents indicated they are moving out on their own – whether for the first time or back into their own place – which may be a sign of an improving economy and job market, especially in the rental demographic. Reinforcing that idea is the fact that 23 percent of renters surveyed reported they are relocating for employment opportunities – making that the number one reason for moving in 2012, as it was in 2011. However, the desire to have more space, to save money and to live in a more desirable neighborhood also topped the list. Apartments.com provides the five most popular responses why their website visitors are moving in 2012:
- Relocating for employment opportunities: (23 percent)
- Looking for a bigger apartment: (11.9 percent)
- Shopping for a less expensive apartment: (11.3 percent)
- Wanting to live in a more desirable neighborhood: (10.6 percent)
- Change in marital status: (8.8 percent)
Most importantly to those who are thinking about purchasing rental properties, the price is low, interest rates are low and rental property is going to continue to be in demand! Contact me for more information on affordable income properties today!
Thursday, February 23, 2012
VA Loans Provide Veterans an Added Advantage in Today's Volatile Market
By Keith Loria
RISMEDIA, Friday, February 10, 2012—In today’s volatile market, getting the financing you need to purchase a home is often a confusing and time-consuming process, however, it’s crucial that prospective buyers do their homework before picking the loan that’s right for them. VA loans, which are often overlooked, are a great option for past and current military personnel looking for financing in today’s more stringent mortgage environment.
Established in 1944 as part of the Servicemen’s Readjustment Act, VA loans are available for any individual who has served in active duty in any branch of the U.S. military for a minimum of 90 days.
“The beauty of this loan is that it allows financing without requiring a down payment,” said Eric Kandell, founder of lowvarates.com. “It also doesn’t allow the mortgage lender to charge the veteran private mortgage insurance.”
A VA loan does require the borrower to pay a one-time funding fee on their purchase, however, which can be paid up front or financed into the total cost of the loan. The funding fee for regular military members is 2.15 percent of the loan while Reservists pay a fee of 2.40 percent.
In addition to servicemen and servicewoman, non-active duty personnel, such as individuals in the Army Reserves or National Guard, may apply for a VA-backed mortgage provided they have completed six years of service. The spouses of deceased or missing military members are also eligible if they have not remarried.
“I’ve closed more VA loans in the past two years than in the past decade,” said Steve Thorne, area manager for First Financial Services, Inc. in Raleigh, N.C. “It really is a great benefit to the veteran in the ‘New Mortgage World.’ The key to getting more veterans to take advantage of this benefit is simply an awareness of the benefit.”
Statistics provided by the Department of Veteran’s Affairs show that there are approximately 25 million homeowners currently eligible for a VA loan. However, only 10-15 percent of those who are eligible have taken advantage of the VA loan program when buying or refinancing.
One reason for the low numbers is that for many years leading up to the mortgage crisis, there were numerous conventional mortgage products that were easier or more economical to the veteran than the VA loan.
“In the wild, wild west of mortgage lending from the early 2000s to 2008, 100 percent financing was commonplace,” Thorne said. “So why pay the VA funding fee just to have 100 percent financing? Not to mention the VA control of the appraisal process, understanding residual income and all the additional disclosures. It was a more cumbersome process than the ‘come on down, everybody gets a loan’ of the conventional arena.”
Many veterans, especially those not so recently discharged, don’t fully understand the benefits of a VA loan, and many aren’t even aware that they’re entitled to one. With a VA loan, veterans can literally buy a home with little to no money out of pocket.
“In the past, veterans were told about other financing on the market and people were more inclined out of ignorance to use non-VA loan financing,” Kandell said. “It’s a great loan and you are going to see a massive shift in numbers going forward, as these same real estate agents will be begging you to go VA now.”
Those interested in learning more about VA loans should talk with a mortgage representative to discover their options for getting the best use of these funds.
Borrowers who received a dishonorable discharge from any military branch are not eligible.
RISMEDIA, Friday, February 10, 2012—In today’s volatile market, getting the financing you need to purchase a home is often a confusing and time-consuming process, however, it’s crucial that prospective buyers do their homework before picking the loan that’s right for them. VA loans, which are often overlooked, are a great option for past and current military personnel looking for financing in today’s more stringent mortgage environment.
Established in 1944 as part of the Servicemen’s Readjustment Act, VA loans are available for any individual who has served in active duty in any branch of the U.S. military for a minimum of 90 days.
“The beauty of this loan is that it allows financing without requiring a down payment,” said Eric Kandell, founder of lowvarates.com. “It also doesn’t allow the mortgage lender to charge the veteran private mortgage insurance.”
A VA loan does require the borrower to pay a one-time funding fee on their purchase, however, which can be paid up front or financed into the total cost of the loan. The funding fee for regular military members is 2.15 percent of the loan while Reservists pay a fee of 2.40 percent.
In addition to servicemen and servicewoman, non-active duty personnel, such as individuals in the Army Reserves or National Guard, may apply for a VA-backed mortgage provided they have completed six years of service. The spouses of deceased or missing military members are also eligible if they have not remarried.
“I’ve closed more VA loans in the past two years than in the past decade,” said Steve Thorne, area manager for First Financial Services, Inc. in Raleigh, N.C. “It really is a great benefit to the veteran in the ‘New Mortgage World.’ The key to getting more veterans to take advantage of this benefit is simply an awareness of the benefit.”
Statistics provided by the Department of Veteran’s Affairs show that there are approximately 25 million homeowners currently eligible for a VA loan. However, only 10-15 percent of those who are eligible have taken advantage of the VA loan program when buying or refinancing.
One reason for the low numbers is that for many years leading up to the mortgage crisis, there were numerous conventional mortgage products that were easier or more economical to the veteran than the VA loan.
“In the wild, wild west of mortgage lending from the early 2000s to 2008, 100 percent financing was commonplace,” Thorne said. “So why pay the VA funding fee just to have 100 percent financing? Not to mention the VA control of the appraisal process, understanding residual income and all the additional disclosures. It was a more cumbersome process than the ‘come on down, everybody gets a loan’ of the conventional arena.”
Many veterans, especially those not so recently discharged, don’t fully understand the benefits of a VA loan, and many aren’t even aware that they’re entitled to one. With a VA loan, veterans can literally buy a home with little to no money out of pocket.
“In the past, veterans were told about other financing on the market and people were more inclined out of ignorance to use non-VA loan financing,” Kandell said. “It’s a great loan and you are going to see a massive shift in numbers going forward, as these same real estate agents will be begging you to go VA now.”
Those interested in learning more about VA loans should talk with a mortgage representative to discover their options for getting the best use of these funds.
Borrowers who received a dishonorable discharge from any military branch are not eligible.
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