Posts tagged ‘home buying’

Top 10 Confessions That Realtors Wish They Could Tell Every Buyer

Here’s a somewhat secret list of the Top 10 pieces of advice Realtors want potential home buyers to know about in the current Metro Phoenix real estate market.

1. “Get Real!” – Most buyers come in with high expectations of getting the best looking house in town for the lowest possible price. Well, less money will get you less house – either a smaller home or a bigger home with lots of repairs to be done — but usually not one that is both gorgeous and move-in ready at a super-low price. The sooner buyers are in check with reality, the sooner they can actually purchase a home with which they will be happy.

2. “My Friend said….”
– Buyers hear interesting real estate stories from neighbors, friends and family. Most of them are only partially true. And because important details are missed, they’re not getting the whole story. Most of the time, the storyteller wants to either brag or scare the heck out of the buyer to alert or caution the buyer. But unless all the details of the real estate transaction are known, it cannot make for a good or true story. Example: My uncle said he got a “screaming deal” for that house down the street. After investigation, I found out that the house needs extensive repairs including $12,000 in roof repairs and $10,000 in pool plastering, which didn’t make for a “screaming deal” after all.

3. “My Time is Valuable, too.”
– Buyers need to know that Realtors have a life outside real estate, including family, community commitments, time for relaxation, and more. As much as Realtors respect clients’ time, clients should observe the same with Realtors. In Metro Phoenix, it is important to narrow your search to a particular area or community, instead of looking all over the Valley. The narrower your search, the sooner you can reach an understanding of what it is you really like.

4. “Price is NOT the Only Thing.”
– Price-driven buyers sometimes forget the value of the property. If price is the only thing that matters to you, be prepared to end up with a home that nobody likes or isn’t move-in ready or is in a bad location.

5. “Let’s Be Honest.” – Are you working with more than one Realtor? Why are you working with more than one Realtor? In all honesty, only one Realtor will get paid. I have worked X amount of hours counseling and showing you homes even on Sundays and it’s not my intent to work for free. Stick with one Realtor you find is providing you outstanding service and your loyalty will be rewarded with a great outcome.

6. “Don’t Bother to Make An Offer; You Won’t Get the House.” – You want to make an offer on a move-in ready home in a great location with a great price, but you are low-balling the offer by 10 percent and with a minimum down payment. Guess what? This is the type of desirable home that will have multiple offers, above-list-price offers, and cash buyers. Unless you step up your offer, it’s not going to happen. Better to make a fair offer on a house that you CAN get and afford.

7. “I Am Burned Out and Need a Break!” – I have shown you 30 (or more) homes, most of which you had objections to. We made an offer on a few but didn’t succeed on any of them. Let’s ake a break and come back to the drawing board with a different plan.

8.”Do You Want Me To Be Honest or Do You Want Me to Say Things You Want to Hear?“ – It is a seller’s market. Cash is king! The buyer with the highest down payment usually wins. So, if you are doing a VA loan with 0 down payment, we will have to come up with a unique plan to get your offer accepted.

9. “Are You Looking at New Construction Homes Without Telling Me?” Realtors can represent you when buying new construction homes. We get paid by the builder and if you come unrepresented, the commission towards the buyer’s agent does not go to you in any form of savings. Commissions are viewed by builders as a marketing fee and should not be transferable to buyers.

10. “You Won’t Get Everything You Want.” – Unless you increase your price significantly, you will have to make trade-offs on the features you desire in a home. Either driving farther, choosing a smaller-size home or smaller lot size, etc.

Communication and trust are important in every real estate transaction. It is the responsibility of both parties to maintain trust and have an open communication with each other. It will help make the transaction come to a successful close.

September 16, 2013 at 2:19 pm Leave a comment

WHEN IS IT A GOOD TIME TO SELL OR BUY?

by: Maria Hass –

I am often asked, “How do you make money in real estate?”

At the heart of it, the answer is pretty simple: “Go against public opinion.” In other words, BUY when NOBODY is buying. SELL when NOBODY is selling.

Investors who took the plunge in 2009, 2010, 2011 reaped big profits. This is the time when the market was down and NO one was buying. Now, we see the reverse. There is a 50 percent shortage of inventory because NO ONE is selling. Homeowners think that home values will continue to go up to the level they like. Just like they thought that the values would continue to go down when no one was buying.

Well, think again. When NO ONE is selling and everyone is buying, there is NO competition for sellers and prices go up tremendously — but only for a temporary period until more sellers come out to sell.

Home values will rise to a certain extent. I’m sure you’ve heard the saying, “What goes up, must come down.” This is exactly what real estate is about.

If you have more than one real estate investment including your primary residence, it is a good idea to build a relationship with a experienced, knowledgeable Realtor like me, who can keep an eye on the market for you and let you know when is the best time to sell your property.

January 22, 2013 at 10:21 am 4 comments

Is Calling the Listing Agent to Show the House a Good Idea?

I had a call from a buyer who would like to see a house that I have listed. After determining that the buyer was qualified for this house and was told that he did not have a Realtor, I arrange to meet him at the property. The buyer went around the house, we talked and then I found out he had a Realtor after all and he had made a previous offer with this Realtor on another home of which it failed to close.

Many buyers are not aware that calling a listing agent to show the house is not the best thing to do when shopping for houses. Why?

1. The listing agent is most likely NOT going to represent your interest. He/She made a contract with the seller to represent the seller’s interest. You need a buyer’s representation. Although, it is still possible to close on a home with just one agent. The agent becomes a DUAL AGENT. At this point, the agent represents both seller and buyer with their consent. The agent cease to be an advisor to any one party but acts as a messenger to communicate responses between parties. The agent takes on a higher liability in case any one party is not satisfied with the transaction.

When looking for a home, it is best to choose a Realtor first, before looking at houses. A good Realtor will educate their clients on the rules of real estate so clients avoid getting into sitcky situations and Realtors get compensated for their hard work. You only need ONE Realtor to represent you!

2. The listing agent should be fairly compensated as well for the time he/she spent with the buyer who is already represented. This issue usually is clarified between the listing agent and the buyer’s agent.

Rule of thumb – when you find a house you like to see, call your Realtor, If you don’t have one, you may call the listing agent with the knowledge that if you like the house, the listing agent may become a DUAL AGENT.

February 12, 2010 at 12:07 pm Leave a comment


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