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Real Estate - Selling your house

Selling your home is a business venture, and as such, is subject to all of the different things that impact any business. Supply and demand, the economy in general, and of course, interest rates.

The difference between operating a business, and real estate as a business, is that sellers or buyers of the real estate product can secure a trained professional to assist them in the selling or buying of a home or property. Century 21 sales professionals are uniquely positioned because of Century 21s dedication to continuing education, and the highest of professional and ethical standards.

Today's discussion focuses on supply and demand of a product, and as far as the business of real estate goes, a home is a product. With this in mind, sellers need to think in the present time frame, not a year ago, or two or three years past. Let's be realistic, let's assume you have secured the services of a real estate professional. He or She has visited your home or property, taken notes, and pictures. Your real estate professional will now put together a "CMA" or comparative market analysis. Your real estate professional has access to comprehensive data on homes that are available at this time, homes that have been sold recently, and other data to determine a suitable range of pricing for you to consider. It may, or may not be what you expect, but it will be a snapshot of the current market conditions at this time in the business of real estate. At the present time there is more supply than demand. We then have to do our very best to present the finest product available, and market it correctly. That takes teamwork. Let's follow a few simple business practice rules.

(A) We need to price the product (home or property) at a competitive price, to create initial interest and exposure. This is extremely important. The first few weeks on the market get the most visits and inquiries.

(B) We need to present the product (home or property) in the best possible way. Spruce it up, fix it, paint it. Don't be afraid to invest a few dollars up front. Put excessive furniture, personal belongings, pictures, etc. away, or in storage if necessary. Clutter impedes sales. Your real estate professional can help you, or can recommend a professional "stager", a person who, for a fee, can present your property in it's very best light.

(C) Market your product (home or property). Your Century 21 real estate professional will present you with a marketing package and presentation which will explain the numerous and cutting edge technologies that we use to market your home, including the most important, HARD WORK. We will work tirelessly to make you a happy and satisfied customer.

(D) Don't be stubborn. If an offer is presented from a qualified buyer, and it is within the scope of what you expect, consider it, even if it is lower than the "asking price". The old Amish saying "a bird in the hand is worth two in the bush" is especially true in slow markets. Many a seller wants to "kick themselves" for not taking that offer 2 months ago.

(E) Routinely discuss any activity such as open houses, showings, etc. of your property with your real estate professional. As a team, the seller, and the real estate professional must make the time to discuss these things. Don't be afraid to ask questions, It's our job and obligation, to get you the answers.

In closing, Real Estate as a Business, has unique aspects and considerations but, the bottom line is, IT IS A BUSINESS. You are selling a product, and basic business principles apply to all products (homes and properties) being offered for sale.

Real Estate - Buying a house

Buying a home is a business venture, and as such, is subject to all of the different things that impact any business. Supply and demand, the economy in general, interest rates, and of course, your buying power.

The difference between operating a business, and real estate as a business, is that sellers or buyers of the real estate product can secure a trained professional to assist them in the selling or buying of a home or property. Century 21 sales professionals are uniquely positioned because of Century 21s dedication to continuing education, and the highest of professional and ethical standards.

Our discussion focuses on how to be in the best buying position when buying a home. As far as the business of real estate goes, a home is a product. With this in mind, buyers need to put themselves in a position of strength when making an offer on a home. Let's assume you have secured the services of a real estate professional. He or She has met with you, explained the difference between a buyer’s agent a seller’s agent and what a dual agent is. Your real estate professional will now put together a portfolio of available homes in your price range and towns you are interested in. Your real estate professional has access to comprehensive data on homes that are available at this time, homes that have been sold recently, and other data to determine a suitable range of pricing for you to consider. It may, or may not be what you expect, but it will be a snapshot of the current market conditions at this time in the business of real estate. Your real estate professional will ask you if you are pre-qualified for a mortgage, if you have a home to sell, and what kind of down payment you may have. Your real estate professional is not being nosey, but is determining your buying power. Let’s say for instance you are looking around and are thinking about moving. If you need to sell your home in order to buy the new home, it is important that your home at least be on the market for sale. The reason is that aseller in most cases will not even consider an offer from someone who is not in a position to buy when the offer is being presented. Let’s put it in perspective.

Buyers willing to make an offer on a home, listed from best position to worst:

(A) You have cash. Make that offer and negotiate as needed, you are at the top of the class.

(B) You are a renter who is in a month to month lease or who’s lease is about to expire, have a suitable down payment and are pre-qualified for a mortgage amount equal to the property desired.

(C) Your home is listed for sale, has an offer that you have accepted and is under contract waiting to close. If the new home will cost more than the proceeds from your present home make sure you are pre-qualified for the mortgage that is needed for the difference.

(D) Your home is listed for sale, has no offers but you are pre-qualified for a mortgage if the new home will cost more than the proceeds from the home you are selling.

(E) Your home is not listed yet but you think it will sell right away because it is so nice. You need the proceeds from your present home to buy a new home. The reality is, your offer will probably be considered last if at all. My advice is, look around at a few potential homes and decide if this is something you really want to do. If so, have a century 21 professional give you a free comparative market analysis to see what you can expect from the sale of your home and put your home on the market for sale. It may seem scary but this is what you need to do.

Finally , if your offer is accepted you will want an attorney to represent you and a home inspection. Your century 21 professional will help you all along the way. We will work hard to provide all of the information you will need, and to answer any questions you might have. We want you to find the home of your dreams.