Understanding Agents
You may already know that you want an agent-but what's left is understanding how the relationship works. By definition, your agent is someone who will represent your interests. And a handful of laws governing agency relationships have been designed to help you feel safe with your decision. Just understand that these laws differ from state to state, and agency policies differ among real estate companies. Here are a few basics you should know:
When a real estate agent/broker represents a buyer or seller, the agent/broker owes the buyer or seller certain fiduciary duties, which means they're charged with requirements of confidentiality, obedience, fidelity, loyalty, accounting, and reasonable skill and care.
When a real estate agent/broker does not represent a buyer or seller, no fiduciary duties exist. However, even when there are no official duties, real estate professionals still have an obligation of honesty to all parties with whom they interact.
In many states, real estate agents may choose whether they practice single agency or dual agency. Here are the differences:
Single agency - representing either the buyer or the seller. Single agency agents must:
Be loyal and act in your best interests;
Obey your lawful instructions;
Protect your confidences;
Exercise reasonable skill and diligence when answering your questions;
Be accountable for handling funds and paperwork;
Present all offers in a timely fashion; and,
Execute other duties as outlined in your listing agreement or buyer's agency contract.
Dual agency - representing both the buyer and seller, with disclosure to both parties.Among other tasks, dual agents must:
Treat all parties to the transaction fairly;
Disclose any material defects in the property;
Facilitate the sale of the property following contract acceptance; and,
Disclose the party, whether seller or buyer, in whose interest she/he is working. This disclosure is usually made in writing via an "Agency Disclosure Form" and/or broker document.
October 22, 2007
October 15, 2007
Columbus Ranks 3rd !
Columbus is ranked 3rd behind Seattle and Pittsburgh by Forbes to have the most stable real estate market into 2008.
From the Forbes Magazine article:
Forbes ranked the country's 10 most stable markets. All are projected to have median home sale price increases next year, thanks to a combination of factors including lower-than-average inventory levels, little price volatility and high job growth. To arrive at our list, we teamed with Moody's Economy.com to develop three prediction models based on a range of factors that affect how prices move. These include, among other things, the state of local economies, new construction contracts, foreclosure rates, local credit markets, sales rates, affordability and inventory. Each of America's 40 biggest cities was ranked on all three models, with price appreciation counting one half and sales rates and credit models accounting for the other
half. Data were drawn from the U.S. Census Bureau, National Association of Realtors, Equifax, a
credit-market tracking firm and Moody's Economy.com.
Behind The Numbers
The first model looks at projected median existing home price growth from fourth-quarter 2007 to fourthquarter 2008. Factors influencing this data include the market's inventory of unsold homes and the amount of new construction underway, both of which have obvious effects on supply. Housing affordability and local construction costs also play a role, acting as indicators of the market's ability to accommodate first-time buyers and new construction. Next is job growth, which attracts people to the area and increases their ability to buy a home. Expensive markets like Seattle and San Francisco, which have low housing inventories and low construction
costs, do well by this measure. Most of the top performers, however, are affordable, high-job growth markets like Dallas and San Antonio. "It largely reflects that these markets never went through the boom and aren't going through the severe bust," says Mark Zandi, chief economist at Moody's Economy.com. "Price growth is not great, but [these markets] are not having house price declines. [All markets] are experiencing pricing problems, but in these markets it's less of a problem." Moody's second predictive model examined market activity by calculating sales rate, which measures how quickly unsold inventory is expected to sell, and turnover, which measures how much of the overall housing stock those sales represent. For example, the projected volume of home sales in San Francisco for the coming year represents a low 1.1% of the market's overall housing stock. In a market like Los Angeles, hamstrung by foreclosures and inventory glut, a 1% to 2% sales rate is potentially devastating--but given San Francisco's supply-side fundamentals and low foreclosure rates, prices are expected to modestly climb.
From the Forbes Magazine article:
Forbes ranked the country's 10 most stable markets. All are projected to have median home sale price increases next year, thanks to a combination of factors including lower-than-average inventory levels, little price volatility and high job growth. To arrive at our list, we teamed with Moody's Economy.com to develop three prediction models based on a range of factors that affect how prices move. These include, among other things, the state of local economies, new construction contracts, foreclosure rates, local credit markets, sales rates, affordability and inventory. Each of America's 40 biggest cities was ranked on all three models, with price appreciation counting one half and sales rates and credit models accounting for the other
half. Data were drawn from the U.S. Census Bureau, National Association of Realtors, Equifax, a
credit-market tracking firm and Moody's Economy.com.
Behind The Numbers
The first model looks at projected median existing home price growth from fourth-quarter 2007 to fourthquarter 2008. Factors influencing this data include the market's inventory of unsold homes and the amount of new construction underway, both of which have obvious effects on supply. Housing affordability and local construction costs also play a role, acting as indicators of the market's ability to accommodate first-time buyers and new construction. Next is job growth, which attracts people to the area and increases their ability to buy a home. Expensive markets like Seattle and San Francisco, which have low housing inventories and low construction
costs, do well by this measure. Most of the top performers, however, are affordable, high-job growth markets like Dallas and San Antonio. "It largely reflects that these markets never went through the boom and aren't going through the severe bust," says Mark Zandi, chief economist at Moody's Economy.com. "Price growth is not great, but [these markets] are not having house price declines. [All markets] are experiencing pricing problems, but in these markets it's less of a problem." Moody's second predictive model examined market activity by calculating sales rate, which measures how quickly unsold inventory is expected to sell, and turnover, which measures how much of the overall housing stock those sales represent. For example, the projected volume of home sales in San Francisco for the coming year represents a low 1.1% of the market's overall housing stock. In a market like Los Angeles, hamstrung by foreclosures and inventory glut, a 1% to 2% sales rate is potentially devastating--but given San Francisco's supply-side fundamentals and low foreclosure rates, prices are expected to modestly climb.
October 4, 2007
Dublin home on Parnell Ct
I have a new listing on Parnell Ct in Dublin near Dublin Coffman High School and it is one of those houses that is a real surprise when you go inside. The house looks nice on the outside and has been very well maintained but you would expect a typical floor plan with living room, dining room and family room and this one is pleasantly different. It has a nice 2 story foyer that opens into a formal dining room on the front of the house. The back of the house is comprised of the kitchen, a large eating area with french doors to the deck and a large family room with vaulted ceiling, woodburning fireplace, wetbar, and another set of french doors to the deck. It is a very nice layout and is all neutral decor and shows extremely well. Upstairs has a nice master suite and master bath with a garden tub and shower, plus two other nice bedrooms and a shared bathroom. The lower level has a nice sized finished room used as a den/office. There is ample storage in the unfinished part of the basement in addition to the crawl space. All in all, it is a great house and should sell quickly.
October 2, 2007
Curb Appeal
It is important for your house to have the absolute best curb appeal possible. That will be the determining factor many times on whether a prospective buyer will ever see the inside of your house. Stand back with a critical eye and look at your landscaping. Are your trees and bushes overgrown? Are they making it difficult to see the house well. Are there weeds present? Is the grass mowed and trimmed neatly? Are the sidewalks edged? Are there flowers or would the addition of some add color and improve the appearance? Is your front door clean or have a nice appearance or does it need to be repainted? Would the addition of a tasteful wreath on the door help? Are the drapes or other window coverings uniform in appearance and open during the day? What about the condition of the driveway? Are you keeping your garage door closed whenever possible? These are some of the questions you should ask yourself when trying to market your home. I would always be willing to help you and be your critical eye....just give me a call!
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