Prof. Michael Bordo interviewed by MarketWatch reporter, Greg Robb:
Did your eyes glaze over in the middle? Or at the end where Professor Bordo says he fears the Fed will wait too long to let rates increase?
Watch it again. You have time.
How does this relate to home sales in Cary, or elsewhere for that matter? I think it ties back to my post of October 28, 2011, “Creating Urgency? Or, Raise Interest Rates to Sell more Houses?” where I mentioned the point made by a client that the Fed has removed all urgency from the real estate market with prolonged artificially low interest rates.
Real estate agents who are working their tales off to “create buyer urgency” may be surprised to realize how hard the Fed is working against them by holding rates low for another year.
I was looking at visitor statistics on my No Hassle Home Search
this morning, and one detail jumped out at me.
With over 20,000 page views so far this month, 25%, over 5,000 of those views were in Photo Galleries. I.e., consumers routinely look at the property photos when surfing the internet to search for homes. And I am sure that other agents generate more traffic than I do.
It is not unusual for potential buyers to email me and inquire if more photos are available for someone else’s listing they have found on my IDX. Then I have to explain the nature of IDX services. And, sometimes I find that the Listing agent has used the tax rolls photo, which is NEVER complimentary to the property. Ouch! for that Home Seller.
Which do you think presents that home better to Buyers and Buyer Agents? I’m picking the top one, the one I shot. And when you multiply those page views I see by the number of agent IDX sites and scraper sites, the impact of poor real estate photos is exponentially increased. Like having a bad product and going international to purposefully gain more bad press on it. Why? Poor photography going viral to diminish property interest? How is that good for home sellers? Lack of photos, poor photos, etc, actually can be one of the worst marketing investments home sellers can make.
Listing Agents should encourage de-cluttering of storage areas to impress buyers and buyers agents.
Cary NC Real Estate Talk
Selling Your Home? De-Clutter Your Attic!
Many home sellers in Cary have embraced some degree of staging their home for sale. Listing agents are seeing more interest in home staging, de-cluttering, and generally making the home show better.
And then we get to the attic, basement, or garage. Those areas are all too often overlooked in the staging process. Large spaces show well when they are open, and the home buyer and their buyers agent are impressed with spaciousness in storage.
My advice? De-Clutter the auxiliary spaces and storage areas for better showings!
Buyers need to know when they will receive keys to the house. Typically, that is after Closing.
Settlement vs. Closing in Cary NC Real Estate
Folks buying or selling a home in Cary need to plan well for activities around Settlement and Closing. And they should be able to expect some guidance from their Listing Agent and Buyers Agent.
And, many home buyers in Cary do not know the difference between Settlement and Closing in a North Carolina Real Estate transaction. When using the NC Association of REALTORS® Standard Offer to Purchase and Contract, the two terms have significantly different meanings. "Settlement" is the signing of documents related to conveyance of the property. "Closing" is when the Closing Attorney actually records the Deed at the Wake County Courthouse. Buyers are still Buyers until the Deed is recorded. After Recording, i.e., "Closing," Buyers become "Owners."
This mortgage calculator, from the good folks at CalcMoolator can be a big help to you in planning your finances, and knowing what it will take to buy that Cary home. As a Buyers Agent, I see many real estate buyers who haven’t yet talked to a lender, and have no idea how affordable their home payment may be. Please note, your Wake County Property Tax and Homeowners’ Insurance premium included in the total estimated mortgage payment will vary depending on your property value and which Wake County town you are in.
Also, I expect to offer several more specialized real estate calculators on this page, so check back to see what’s new.
Prelisting inspections can help a Seller over some hurdles on the way to closing.
Prelisting Home Inspections
Home Inspections Prior to Selling
It is becoming more common for Sellers in Cary to have a home inspection prior to listing the house for sale. I think that is a great trend, and a great marketing tool, particularly when all repairs are already made too. This method allows the Seller to perform repairs with chosen contractors, and without the rush of a closing deadline.
When the Listing Agent can advertise as much, and the Buyers Agent can tell their client that the home has been inspected and repaired, it is a HUGE confidence builder for the Buyer. The Buyers inspections will yield fewer findings, and the home should be easier to accept.
Open houses work, but only if the listing agent REALTOR® works them!
Open Houses, in 60 Seconds
Open House? Sure!
Some Cary listing agents often differ strongly on whether Open Houses "work." Well, I say, Open Houses don't work. Listing Agents work, and using an Open House as one means to market a property can be very productive.
A short market report video, and how to sell a home in this market.
60 Seconds in Real Estate
Selling a Home in Cary NC
When you hear someone say, "Nothing is selling in this market. No one is buying homes," they are mistaken.
Yes, you CAN sell a home in Cary, under the current economic circumstances.
*Price it right. *Present it well. Clean. Decluttered. Staged. Repaired. Fresh!
*Promote it. Don't keep it a secret that your home is for sale. This is where a great REALTOR® as your listing agent, with excellent marketing skills comes in.
My thoughts in 60 Seconds in Real Estate, Cary NC version:
A few high points on Buyers Agency Agreements, and what they mean in Cary, NC.
Buyers Agency Agreement
Buyers Agency Agreements? Do you need one in North Carolina?
Yes, if you are going to work with a REALTOR® or licensed agent to represent you.
It is the law. An agent cannot represent you in a real estate transaction without a written agreement.
The North Carolina Association of REALTORS® provides members with a form that describes the relationship and establishes expectations for the parties.
Absent a formal agreement, the default assumption is that the agent is working for the Seller, not for the Buyer.
The Buyer agency agreement serves a valuable purpose for the Buyer. The Buyer becomes a “Client,” rather than a “Customer.” When the Buyer is a Customer, the Agent’s loyalty is with the Seller, and the benefits of advocacy remain with the Seller. We sell to Customers. We consult with Clients, and the legal responsibilities are more detailed in that relationship.
Some folks are hesitant to formally engage an agent for a variety of reasons:
Sometimes they are afraid they will be tied down to the agent, even if the relationship is just not working. I always give the client, and myself, a “Get Out Of Jail, Free” card. All my Buyer Agency agreements include the provision, “Either party may terminate this agreement at any time prior to location of a suitable property.” I want people to be at ease as we work together, and in the client/agent relationship of their free will.
Some folks do not understand how agents are paid, and that makes them nervous to sign a document. To make it worse, some agents are uncomfortable or inarticulate when it comes to discussing compensation. Agent compensation is dealt with in the agency agreement, but should always be open to conversation. We are fortunate in the Triangle MLS, as Buyer agents typically have no problem collecting co-brokerage fees from listing agents, and this simplifies the compensation conversation.
Some people just don’t like paperwork, and will sacrifice security for convenience. But, for sure, there will be tons more required documentation before a home is bought. Meetings where we are writing offers, discussing purchase terms, and exploring property values are much easier if we don’t have to spend valuable time going over a Buyers Agency Agreement that should have been reviewed days or weeks prior.
And I did a 60 Seconds in Real Estate video touching on some of these topics: