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Article 1 - Frequently Asked Questions
Article 2 -What's Happening at the Resale Home Sales market?
Article 3 - Today's Home Buyers and Sellers
Article 4 - Selling Your Home by Yourself (For Sale By Owner)
Article 1 - FREQUENTLY ASKED QUESTIONS Organised real estate brokerage business has been around for over one hundred years. Data in the the trillions, helps separate facts from myths. In my experience of over two decades as a Professional Realtor I have come across about a dozen questions that are asked most frequently. Think about the following carefully:
- What is the true market value of my home / the home I am going to buy?
- What can I do to enhance the selling price / reduce the buying price?
- What type of mortgage is best for me - fixed / variable / combo, open / closed, 6 mo's /1yr /3yrs /5yrs /longer?
- For mortgage should I go to a bank / mortgage broker / insurance company / my in-laws?
- Should I wait till the prices come down / till I have a large down payment?
- Who pays the realtors professional fees / is the Realtor working for me or for the other side?
- For my protection what conditions / clauses in the offer to buy /sell / lease should be included / modified /deleted ?
- How will they be fulfilled / what if there are deficiencies / work orders / leaks / appliances breakdown / grow-ops?
- How long will my house stay on the market before it gets sold / how many homes should we see before we get in to our own?
- When buyers come to see our home shouldn't we be the ones showing them around since we know our home best / when we go to see homes shouldn't we get chatty with the owners / tenants and ask them about all the good things and faults! Besides, may be the owners will get so happy they will reduce the price substantially? (Just a note: many Sellers have been so offended by aggressive buyers, that they have expressed extreme distaste - and much more!).
All these questions/comments are valid in their own way. And,
There's possibility of huge losses if these and other issues are not addressed correctly at the beginning.
This is just the tip of the ice-berg. It gets much bigger and more complex. Many a good sales have been blown away when sellers/ buyers felt uncomfortable/ insulted by the other party.
I will help you with suggestions/solutions on these concerns / questions. Some have been addressed in the form of articles, do's and don'ts, or table formats.
Article 2 - What's Happening at the Resale Home market?
Call me for an up-to-date account.
Author's note: Just think - in the past several decades (and longer) home prices have risen everywhere in the world. Despite economic uncertainties, land value is rising, materials cost more, labour is more expensive, population is increasing and getting urbanised !! Which way do you think home prices would be heading? My estimate made from TREB stats shows an increase of 77% over the last 11 years. That's over 7% per year!! Is the housing market suddenly going to cool down??
Today's Home Buyers and SellersThe homebuyers and sellers use information sources such as the Internet and real estate professionals. The 2004 National Association of Realtors?report provides some insight on consumer behavior and the interaction between consumers and real estate professionals. Though the consumers are now collecting information from many sources, they continue to rely on professionals to assist with majority of the tasks.
BUYERS
40% of homebuyers were purchasing for the first time.
Average age of the buyers was 39 years.
21% of buyers purchased a new home.
Median price of homes was $175,000
SEARCHING
First-time buyers searched for 9 weeks and saw 9 homes.
Repeat buyer searched for 7 weeks and walked through 10 homes before finding right the home.
90% of buyers used a real estate agent during their search.
53% of buyers used the Internet frequently as part of the home search.
Internet searchers were more likely to use a real estate agent than those who did not use the internet.
38% of homebuyers first found out about the home they purchased through an agent.
HOME BUYERS AND REAL ESTATE PROFESSIONALS
77% found their home with the assistance of an agent.
84% of buyers would probably or definitely use their real estate agent again or recommend the agent.
HOME SELLERS
82 % of home sellers sold a detached, single-family home
The typical home seller owned their home for 6 years.
83 % of sellers sold their homes with the assistance of an agent.
More than 80 % of sellers reported that real estate professionals performed their tasks well.
HOME SELLERS AND REAL ESTATE PROFESSIONALS
73%contacted only one agent before listing their home.
54% thought an agent’s reputation was the most important factor
63% of home sellers reported that they would definitely use the same agent again or would recommend.
24% for-sale-by-owner (FSBO) sellers thought that getting the price right was the most difficult task when selling their home.
24% indicated that fixing up the home for sale was the most difficult task.
FOR SALE BY OWNERS - Selling for 16% Less - Is it really smart?
Adapted from National Association of REALTORS?
Tom Stevens, President of National Association of REALTORS? recently wrote (Jan 2006) to New York Times, "using a real estate professional (for selling your home) more than makes up for the cost (as against 'for sale by owner' -FSBO), not to mention the savings in time, effort and hassle."
He adds that the average FSBO home sold for an average 16% less than those sold with the help of a professional.
"It’s no wonder that the percentage of homes sold by owners actually declined last year despite the real estate boom in most areas of the country," he concludes.
FULL ARTICLE There are numerous other factors/guides in trying to sell your home by yourself that you should consider first. My complete article is currently being re-formatted for insertion in this page and will be available shortly.
When It comes To Selling Your Home . .
My goal is to get your home SOLD
For the MOST money in your pocket. Negotiate the BEST deal relentlessly.
In the SHORTEST time, and,
With LEAST hassle or inconvenience
May I respectfully list a few of ALL the things I do to achieve the above goal. .
- List the features of your home and the benefits ( only from a buyers’ point of view).
- Prepare a list of mortgage, lot survey and easements, if any, all improvements.
- List those chattels, fixtures, appliances, drapes, etc., which are included in the sale. Excluded and or Rented items will also be noted.
- Price the property at approximately 1-3% above current fair market value using rational comparisons with similar homes in the immediate area.
- Be prepared to promote the price based on today’s sophisticated and mobile homeseekers who carefully compare relative values.
- Be conscious of the security factor, or your family members special needs, i.e., elderly relatives or very young children, or a late shift worker, at all showings and, if in doubt, refuse/ reschedule.
- Save your time (and theirs too) by pre-screening prospect’s ability to purchase and make the payments. Do they have to sell their own house first?
- Adopt a low-key attitude at all showings. Not appear anxious or over-eager, since this encourages bargain-oriented types or reactions or suspicion.
- An Agreement of Purchase and Sale is essentially a legal and binding contract. The time factors of acceptance, possession and conditions imposed are all critical.
- Hold deposits "in trust" so that your interests are fully protected.
- When advertising be factual, avoid over statements/ exaggerations.
- Selling a home requires patience and tact. Listen to objections or criticism with an open mind … and offer buyers peace of mind.
- Today homes are bought by comparison. To sell yours, I show Buyers other homes that may be comparable.
- I have first-hand knowledge of competitive current home values (and not guesses!!).
- I am trained and experienced in writing a contract that is certain to be valid and binding and protect your interests. I have been doing that for over two decades.
- You don’t have to stay at home for showings. I arrange everything.
- I help the Buyer with his financing if necessary.
- I am an expert on the current home loan market.
- I am able to negotiate price with a Buyer (without losing my cool).
- I am in a position to follow-up tactfully a genuine would-be Purchaser if he shows interest.
- You don’t have to be going to make needless outlays to improve your property for selling. I will suggest only those that will substantially improve the salability.
- I am able to separate genuine, qualified and eager buyers from lookers and tire-kickers.
- We don’t have to show your home to a large number of would-be Buyers.
- I am knowledgeable enough to not accept an insincere offer, thus avoiding weeks or months in litigation. In all the past years I have had zero court case.
- Most Buyers seek the services of a reputable real estate firm. I keep in contact with the active agents in the area through associations and promotions.
- I market your home on web sites receiving 1 - 3 million hits per month.
- I draw on a network of 12,000 of our own agents coast to coast.
- I know this business. I know the actual selling prices of comparable homes (your competition). I can advise you as to the best methods of enhancing certain features of your house to make it more attractive to prospective Buyers.
- I have Buyers! Currently, I have many buyers in the database, whom I have met through many marketing activities, past clients, social and business networks.
- I know how to negotiate. An experienced third party, familiar with all aspects of Real Estate, is best qualified to negotiate a contract and to act as mediator between Seller and Buyer.
- I know how to expedite. My knowledge of mortgage enables me to speed up arrangements for financing. We have our own in-house financing connections.
- I work full time. When you employ me to sell your house, I will be on the job 24 hours a day, 7 days a week, you don’t have to worry about staying home for fear that you might miss a call.
- I guarantee my work. When your house is sold for the price and on the terms and conditions agreed upon by you and when you have received your cheque for the proceeds from the sale, then, and only then, do I get paid. If at any time up until the point of sale you are unhappy with my service, you can ask my manager to assign another salesperson.
- I have the technology available to market your home to an ever-expanding global base of purchasers. www.royallepage.ca is Canada’s leading real estate portal. I have other websites, i.e., www.RealtorCummer.com, www.HomesbyCummer.com, We receive 1-3 million hits per month with an average visit time of 23 minutes
- We have the people, the systems, the technology, the name and reputation, plus I guarantee our service, in writing.
There’s far more to selling your home than just a sign on the lawn and waiting for the phone to ring or tire kickers and nosey neighbours marauding in . . . CALL ME for more details
Quote of Experience: A Solicitor who counsels for himself has a fool for a client.
CUMMER Chowdhury, M.Sc.,(Geo), REALTOR®
Sales Representative,
Royal LePage Real Estate services, Ltd., Brokerage,
905-275-9400; direct 416-509-8746
Here's what I offer:
-
Protect YOU from hundreds of things that could cost you*
(*applicable to my clients only)
ARE YOU READY FOR SOME HUMOUR?
From an article in a real estate magazine written by a lawyer……..
“A recent case shows that real estate agents must be careful in the sale of property that may be ordered in court as a trust for others” (Cummers comment: imagine a judge ordering a property in a court!!)
Heard in the courtroom:
Lawyer “Who was killed in the accident, you or your brother?” (Cummer's comment: imagine the dead brother in courtroom!!)
Lawyer “Do you recognize the person in this picture?”
Witness “That’s me”
Lawyer “Were you present when the picture was taken?”
(Cummer's comment: imagine the ghost in the picture!)
By Defendant's Attorney: I think we all realize that as we get older, we're not going to marry the perfect person.
By Plaintiff's Attorney: My wife did.
By Defendant: Judge, I want you to appoint me another lawyer.
By the Court: And why is that?
Defendant: Because the Public Defender isn't interested in my case.
The Court (addressing the public denfender): Do you have any comments on the defendant's motion?
By the Public Defender: I'm sorry, Your Honor. I wasn't listening.
(Cummer's comment: imagine the attorney counting all his money!!)
By Attorney: This Myasthenia Gavis, does it affect your memory at all?
By Witness: Yes.
Attorney: And in what ways does it affect your memory?
Witness: I forget things.
Attorney: You forget things? Can you give us an example of something you've forgotten?
(Cummer's comment: imagine the millions of things that YOU forgot!!)
By Attorney: What was the first thing your husband said to you when he woke that morning?
By Witness: He said, "Where am I Cheryl?"
Attorney: And why did that upset you?
Witness: My name is Kathy.
(Cummer's comment: imagine the consternation of Cheryl!!)
By Attorney: Can you describe the individual?
By Witness: He was about medium height and had a beard.
Attorney: Was this a male or a female?
(Cummer's comment: imagine the person being a trans!!)
By Attorney: And where was the location of the accident?
By Witness: Approximately milepost 499.
Attorney: And where is milepost 499?
Witness: Probably between milepost 498 and 500.
(Cummer's comment: imagine the attorney counting out loud right up to 500!!)
By Attorney: Sir, what is your IQ?
By Witness: Well, I think I can see pretty good
(Cummer's comment: imagine the attorney's IQ!!)
By Attorney: Did you blow your horn or anything?
By Witness: After the accident?
Attorney: Before the accident.
Witness: Sure, I played for ten years. I even went to school for it.
(Cummer's comment: imagine the attorney blowing his horn in courtroom!!)
By Attorney: Are you qualified to give a urine sample?
By Witness: Yes, I have been since early childhood.
By Attorney: What is your date of birth sir.
By Witness: July 13th.
Attorney: What year?
Witness: Every year.
By Attorney: So, you are unconscious, and they pulled you from the bucket. What happened then?
By Witness: Mr. Stewart gave me artifical insemination -- you know, mouth-to-mouth.
By Attorney: Doctor, as a result of your examination of the plaintiff, is the young lady pregnant?
By Witness: The young lady is pregnant -- but not as a result of my examination.
By Attorney: What is the meaning of sperm being present?
By Witness: It indicates intercourse.
Attorney: Male sperm?
Witness: That's the only kind I know of. (Cummers comment: imagine what might happen when technology advances further!!)
Leave Applications
Thanks to Internet humorists
Infosys, Bangalore: An employee applied for leave as follows:
'Since I have to go to my village to sell my land along with my wife, please sanction me one-week leave.'
This is from Oracle Bangalore: from an employee who was performing the 'mundan' ceremony of his 10 year old son:
'As I want to shave my son's head, please leave me for two days..'
Another gem from CDAC. Leave-letter from an employee who was performing his daughter's wedding:
'as I am marrying my daughter, please grant a week's leave..'
From H.A.L. Administration Dept:
'As my mother-in-law has expired and I am only one responsible for it, please grant me 10 days leave.'
Another employee applied for half day leave as follows:
'Since I've to go to the cremation ground at 10 o-clock and I may not return, please grant me half day casual leave'
An incident of a leave letter:
'I am suffering from fever, please declare one-day holiday.'
A leave letter to the headmaster:
'As I am studying in this school I am suffering from headache. I request you to leave me today'
Another leave letter written to the headmaster:
'As my headache is paining, please grant me leave for the day.'
Covering note:
'I am enclosed herewith...'
Another one:
'Dear Sir: with reference to the above, please refer to my below...'
Actual letter written for application of leave:
'My wife is suffering from sickness and as I am her only husband at home I may be granted leave'.
Letter writing: -
'I am well here and hope you are also in the same well.'
A candidate's job application:
'This has reference to your advertisement calling for a ' Typist and an Accountant - Male or Female'... As I am both (!!) for the past several years and I can handle both with good experience, I am applying for the post.
On a different note …….. (from Cummer Chowdhury)
An Apple-a-day . .
'A doctor’s wife was having an affair with another man. Her biggest fear was - what if the doctor showed up unexpectedly?
So, the woman thought up a great plan. She said, “Dear, bring me an apple everyday ..”
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