A Real Estate CMA or comparative market analysis of a property’s market price, generated for a home owner or potential buyer by a real estate professional. CMAs are typically created solely from multiple listing service data, but can include data from public records as well. They’re convenient reports that help homeowners clearly see what their […]
Another tool for valuing property in recent years is the Realtor Property Resource (RPR). This is a product developed by the National Association of Realtors, and it delivers an automated valuation of properties by pulling data from the MLS. This tool is available to many Realtors nationwide, but not all, as it requires each MLS […]
There are of course reasons why most home owners use the services of an agent. There are a number of problems with selling your home by owner, which we will touch upon briefly here. To begin, if you’re like most homeowners, you already have a day job. At best, you’ll only be able to work […]
Although it’s not so important what you actually ask the agents you interview, it won’t hurt to have a few handy questions to ask your real estate agent, to get the ball rolling and see how they respond. We suggest asking questions that are a little out-of-the-box, and open-ended, so that it gets them talking, […]
Did you know that in most states, it takes about 10 times as much course work to get a beautician’s license as compared to a real estate license? And that about 80% of people who get into the real estate sales business are out of it within 5 years? Would it surprise you to learn […]
I think they expanded the digit count because the MLS is growing, it won’t just be the five counties around here (Santa Cruz, Santa Clara, San Mateo, Monterey, and San Benito) but will expand to include the Greater San Francisco Bay Area. Another thing that’s happened release with “Release 3.8” of MLSListings.com is that you can now search for bank-owned REO properties. … The thing is, of course, that the agent has to manually set that flag, and agents are not the most detail-oriented people in the world – especially busy REO agents, who often put no comments or pictures on their REO listings. We’ll see how well that works out – but no matter, because I have my own weekly Santa Cruz REO and Short Sale list that I send out, which I find by manually reviewing all the listings that come on the market each week and send the list out to subscribers.
The seller had actually already signed the documents she needed to, all that was left for the buyers to go to their friendly neighborhood First American Title Company office and do their signatures, and then we’d just sit around and wait for those fat commission checks to come rolling in.
…It seems that the buyers had gone ballistic, had threatened to file a lawsuit, to sue us for misrepresentation or fraud or something…but that the buyer’s agent had calmed them down to the point where all they wanted was a discount of $15,000.
…I shipped that off to my client the seller, and in a few hours I had it back, and forwarded it on to the buyer’s agent, saying, “OK, here’s the cancellation of contract.
…In the end, the buyer’s agent chipped in $2,500 of her commission, and we had to chip in $2,500 of our commission – except that our client, bless her heart, signed a separate agreement and wrote my brokerage a check after the close of escrow, giving us the $2,500 back.
That’s a good sign, I think – there’s a different class of buyer out there now, the kind of folks who were sitting on the sidelines in ’04 and ’05, who thought the market was too high and that the values couldn’t be sustained, and they should wait a bit.
…Now, you’d think that in a market like this, where there’s so much competition in the low-end of the market, that the listing agent would pull out all the stops to get potential buyers in to sell the homes, right?
…Now, I can appreciate that many of these homes are not exactly beauties – but a lot of buyers aren’t expecting them to be, when they’re looking at the bottom of the market.
…It does seem reasonable to me, though, that if you want to sell a property in today’s market, that you at least put up a picture and some remarks that would make a buyer at least want to drive by.