Thank you Sheila and Gabe! So happy to have you in our real estate family!
Friday, March 12, 2010
One of the reasons I love my profession
Just in from the mailbox today and was pleasantly surprised by this sweet card from some clients. It is always nice to get something like this - and it's even more special when it is a surprise and comes from folks you really enjoy.
Thank you Sheila and Gabe! So happy to have you in our real estate family!
Thank you Sheila and Gabe! So happy to have you in our real estate family!
Wednesday, March 10, 2010
Monday, March 8, 2010
What's the difference between a client and a customer?
You know it's funny....there are so many "things" to consider about real estate. Lots of folks want to consider saving some money by "representing" themselves rather than paying a professional for service. I can't tell you how many people have called me on a listing of mine and said they were going to save some money and buy the house without an agent. There are a few things they don't understand:
1- my client, in this case the property owner, is benefiting from my professional services
2- all information the individual tells me can and will be used in the best interest of my client. Although I will not ask them direct questions about their situation, my silence often leads to them disclosing much more information than they should
3- the fees for selling the property have already been negotiated. Because the buyer agent fees are paid by the seller, the buyer is not really saving anything, and the advice they will get from a professional agent will more than outweigh the perceived "savings" from representing themselves. In many of my listings, there is a very small, if any, reduction in the cost to the seller if we're working with another agent who is receiving a commission or a buyer who is "representing themselves" in the transaction. Why? Well, that's a whole different post!
So here's the deal...clients (those who have entered into a written agreement for professional representation) receive great benefit. It is important to understand that a "fiduciary relationship" is only established with a representation agreement. If you don't have one, you're a customer. If you don't have one, there is nobody working in your best interest.
Check out this chart from the Real Estate Buyers Agent Council for a better understanding of a client vs. a customer:
Who do you know that needs professional representation right now? Please, put them in touch with us!
1- my client, in this case the property owner, is benefiting from my professional services
2- all information the individual tells me can and will be used in the best interest of my client. Although I will not ask them direct questions about their situation, my silence often leads to them disclosing much more information than they should
3- the fees for selling the property have already been negotiated. Because the buyer agent fees are paid by the seller, the buyer is not really saving anything, and the advice they will get from a professional agent will more than outweigh the perceived "savings" from representing themselves. In many of my listings, there is a very small, if any, reduction in the cost to the seller if we're working with another agent who is receiving a commission or a buyer who is "representing themselves" in the transaction. Why? Well, that's a whole different post!
So here's the deal...clients (those who have entered into a written agreement for professional representation) receive great benefit. It is important to understand that a "fiduciary relationship" is only established with a representation agreement. If you don't have one, you're a customer. If you don't have one, there is nobody working in your best interest.
Check out this chart from the Real Estate Buyers Agent Council for a better understanding of a client vs. a customer:
Who do you know that needs professional representation right now? Please, put them in touch with us!
Friday, March 5, 2010
Check out the latest edition of our Housing Trends newsletter
The latest edition of our Housing Trends newsletter is ready for you to view and share with people you care about.
Want to know more about what this information means to buyers and sellers in the Austin area? Be sure and give us a call so we can make sure you fully understand what is going on, and what it means to you!
Buyers Who Wait May Lose a Lot
Money Magazine say's it's so! Potential home buyers who delay have a lot to lose.
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
Monday, March 1, 2010
The March Newsletter is here!
The March Edition of our monthly newsletter is now available for download!Filled with lots of news and tips - plus some interesting Austin market information. Who do you know that needs our help right now, so they can take advantage of the tax credit, low interest rates, and amazing housing opportunities available right now? Let's help them out!
Thursday, February 25, 2010
Austin named one of Forbes' 10 best housing markets
Isn't it great when Austin is on the good lists. And the good thing is, we're pretty good at getting on those good lists. That's GOOD isn't it! ;)
ANYWAY.....
From Agent Genius Magazine:
Forbes.com released their list of Top 10 Best Housing Markets based primarily on the stability of each metro area as measured by affordability rankings and foreclosure rates as an indicator of a lack of excess inventory, making the top cities what they call the best opportunities for home shoppers. Lists are a dime a dozen, but Forbes is pretty reliable with their data analysis and take a big picture view of the market.
Here are the top ten best housing markets:
1. Pittsburgh, PA
2. Louisville, KY
3. Houston, TX
4. Minneapolis, MN
5. Indianapolis, IA
6. Memphis, TN
7. Columbus, OH
8. St. Louis, MO
9. Dallas/Ft. Worth, TX
10. Austin, TX
Who do you know that could use our help right now? Please, don't keep us a secret!
ANYWAY.....
From Agent Genius Magazine:
Forbes.com released their list of Top 10 Best Housing Markets based primarily on the stability of each metro area as measured by affordability rankings and foreclosure rates as an indicator of a lack of excess inventory, making the top cities what they call the best opportunities for home shoppers. Lists are a dime a dozen, but Forbes is pretty reliable with their data analysis and take a big picture view of the market.
Here are the top ten best housing markets:
1. Pittsburgh, PA
2. Louisville, KY
3. Houston, TX
4. Minneapolis, MN
5. Indianapolis, IA
6. Memphis, TN
7. Columbus, OH
8. St. Louis, MO
9. Dallas/Ft. Worth, TX
10. Austin, TX
Who do you know that could use our help right now? Please, don't keep us a secret!
Tuesday, February 2, 2010
February Housing Trends Newsletter
The February edition of our Housing Trends Newsletter is now available for viewing!
Lots of great information here. Who do you know that would like some free money? Remember the tax credit can be combined with some other programs to make the savings even bigger. How? Give us a call and we'll explore the options together.
Enjoy the report - and remember, please don't keep us a secret!
Monday, February 1, 2010
More about computers taking over.....
Installment #2 from my friend George Kahn's Blog...
Computers Run Amok, Part 2
Once the mortgage industry decided that anyone with a high credit score that was breathing deserved to buy a house, we should have known we were in trouble.
All bets were off, and we were in for a wild ride.
This fundamentally flawed concept was then multiplied by banks looking to rush in to this growing market to move more product (remember, in the upside-down world of bankers a loan is an asset and benefits the balance sheet.)
And then came the Quants:
A new breed of computer scientists and mathematicians, they were financial engineers that used super-powered computers and crazy-complex math formulas to pluck money from small discrepancies in the market and hand it to their investors. They worked for companies like “Process Driven Trading” and “Applied Quantitative Research”. They used “random walks” and “calibrated correlations”. They created CDO’s (Collateralized Debt Obligations) and CDS’s (Credit Default Swaps) and other “derivatives”, like side bets in a poker game, that were built to mitigate risk.
In reality, they just broke the risk up and made it so invisible that it began to permeate the system.
Once again the computer models, built by fallible humans, had some fatal flaws.
They were built on the “fact” that a sudden national collapse in American home prices would never happen.
They were built on the “fact” that the movement of the US housing market could not possibly trigger losses in stock portfolios that had nothing to do with housing; stock portfolios, say, of British stocks or banks based, say, in Iceland.
Oops.
For more information, I recommend two new books:
“Quants” by Scott Patterson (a writer for the Wall Street Journal) and
“I.O.U.: Why Everyone Owes Everyone and No One Can Pay” by John Lanchester (a British novelist who gives a bit of world view to this whole mess)
Computers Run Amok, Part 2
Once the mortgage industry decided that anyone with a high credit score that was breathing deserved to buy a house, we should have known we were in trouble.
All bets were off, and we were in for a wild ride.
This fundamentally flawed concept was then multiplied by banks looking to rush in to this growing market to move more product (remember, in the upside-down world of bankers a loan is an asset and benefits the balance sheet.)
And then came the Quants:
A new breed of computer scientists and mathematicians, they were financial engineers that used super-powered computers and crazy-complex math formulas to pluck money from small discrepancies in the market and hand it to their investors. They worked for companies like “Process Driven Trading” and “Applied Quantitative Research”. They used “random walks” and “calibrated correlations”. They created CDO’s (Collateralized Debt Obligations) and CDS’s (Credit Default Swaps) and other “derivatives”, like side bets in a poker game, that were built to mitigate risk.
In reality, they just broke the risk up and made it so invisible that it began to permeate the system.
Once again the computer models, built by fallible humans, had some fatal flaws.
They were built on the “fact” that a sudden national collapse in American home prices would never happen.
They were built on the “fact” that the movement of the US housing market could not possibly trigger losses in stock portfolios that had nothing to do with housing; stock portfolios, say, of British stocks or banks based, say, in Iceland.
Oops.
For more information, I recommend two new books:
“Quants” by Scott Patterson (a writer for the Wall Street Journal) and
“I.O.U.: Why Everyone Owes Everyone and No One Can Pay” by John Lanchester (a British novelist who gives a bit of world view to this whole mess)
Sunday, January 31, 2010
Our February Newsletter is now available for download
Happy February, friends! The newest edition of our monthly newsletter is now available for download.
If you or someone you know is responsible for the care of an elderly family member, the article on page five may be a good reminder that caregivers need to take care of themselves, as well.
Can something as simple as a wrapper make a difference in your candy consumption? Check out the article on page four for the story of wrapped vs. unwrapped candy.
Enjoy the newsletter! As always, if you have any friends or neighbors who are looking for a better way to buy or sell a home, think of me first and be sure to give me a call.
Subscribe to:
Posts (Atom)
Posts
