RealEstateReality

New little guy in my life. . .

Just a few days ago I had the new little guy enter my life--Benjamin Bower Anderson.  He would be my first grandson.  Born with a head of black hair and all boy, Bower already has the nickname of Tomcat.  His big-girl sister seems to be adjusting well to his presence. What absolute pleasure to have both of them in my blessed life!

www.WebDestin.com

Your Local Real Estate Web Site

Here we are in the second decade of the 21^st century, and things have changed tremendously in this new century! 

Ten years ago the three top marketing methods were yard signs, newspaper ads, and open houses.  According to the National Association of Realtors (NAR), only 37% of the buyers went online to search for properties.

Fast forward to 2010—we now see 90% of buyers going to the web to search for properties.  The web has become a fast-track information highway.  What to know something?  Google it.  What to research real estate? Go to your favorite real estate site.

The real estate industry has evolved to meet these needs.  Realtor.com, the official web site for NAR, covers the entire country and attracts almost 12 million visits a month.  But real estate is local, and a local site provides the best vehicle for unearthing real estate gems.

For your local needs, visit my web site, www.WebDestin.com.  This is a powerful site that has all the local listings with lots of information, including multiple photos and mapping features.  The site is organized so that you can perform a search based on pricing or neighborhoods.  For condos, you can search per pricing or per condo complex.

Looking for a distressed property?  You will find separate categories for short sales, foreclosures, and REO (bank-owned) properties.  It makes your search so simple.  One click and you can view these properties in your preferred location.  Check it out!

I hope your new year is starting out in a positive direction.  As Andy Stanley says: “Direction, not intention, determines destination. "

Getting Back to Basics

Over the past three years we have seen a repricing of property values as well as an adjustment of attitudes.  Our new real estate reality is a reversion back to the past, to the basic fundamentals of acquiring real estate.  Do you remember these practiced principles?

 

    * Make a sizeable down payment.  Be prepared to make at least a 20% down payment. This will pay off in the up-cycle with higher equity, lower payments, and better interest rates. If you are purchasing a condo, be prepared to put 30% down.

 

    * Buy within your budget. Just because you're approved for a mortgage amount doesn't mean you can afford the home.  The three C's of mortgage lending are credit, capacity and collateral.  Also, a safe mortgage has traditionally been one where the mortgage was no more than three times the buyer’s annual family income. Dave Ramsey says it should be no more than a fourth of your monthly income.

 

  * Buy & Hold.  The industry still has some pain to endure, and now is not the time to think “fast buck.”  We still have a plethora of distressed properties to sell off, but prices are stabilizing. Your plan should be long-term.  If you have investment properties, don’t forget about 1031 Exchanges.

 

    * Know your market.  Real estate is truly local.  While it’s great to know national housing trends, these trends are not necessarily locally pertinent. Know your market's driving forces: comparative sales in specific neighborhoods, local job outlook, distressed properties sales, average percent reduction from list to sale price and price changes. These create a local story that needs to be understood.

 

    * Watch for signs in the next cycle.  From 2000 to 2005, U.S. property values increased by an average of 53%, with many markets far exceeding that, including California at 109%, Nevada at 94% and Florida at 90%.  That party ended abruptly, and the ripples are still being felt. Continued home-price run-ups year after year should raise a big, red flag.

 

The summer selling season is leading us into a fall season that looks to be promising.  I am here to be your go-to person in real estate.

 

Real Estate: The Buyer's Side

If I am working with a buyer, I have an arsenal of services that will definitely bring value to the transaction. Check it out:

• Orchestrate the Process. Buying property usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and settlement statements. My knowledge of the process will help avoid delays or costly mistakes.
• Ahead of the Curve. My expertise in real estate and knowledge of the market will ensure that you are comfortable and have the best options available. A proactive approach will make for a smooth transaction.
• Resource of Information. I will be your go-to person for local information as well as help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
• Behind the Scenes. A lot of the work I do is accomplished when I am not showing you properties: collecting pertinent data, running comps, getting answers to questions, ascertaining market trends, etc.
• Negotiating skills. My experience in presenting the offer and negotiating the deal is one of the most essential skills I bring to the table. We must consider many negotiating factors, including price, financing, terms, date of possession, repairs, furnishings, or equipment. This is a road I travel often and am successful in presenting our case.
• Voice of Experience. Most people buy real estate intermittently, with years between acquisitions. Laws and regulations change regularly.

Having an expert on your side is critical. When you are ready to buy, let me take the stress out!