Real Esate Buyers "Mistakes"

You may think you know, but you may not know!

Let's be clear, in Real Estate it is a binding contract.  Yes, contract!  Do you know the rules? Do you know where you are living?  Do you have your financing?  Why don't you trust your Real Estate Professional?

Pre-Approval

I get approached all the time by buyers who think they can afford to purchase a property, but have not seen a Mortgage Professional.  Because you have done the calculator on line to figure out what a payment would be, on let's say, $200,000, doesn't mean you can afford it.  I'm no expert, don't claim to be, I let the Mortgage Professionals tell me what the buyer can afford.

You see, Banks have rules about lending, and if you are not "pre-approved" everyone is wasting time.  Meet up with your Mortgage Professional before calling me, or allow me to referr one to you.  Put yourself in position to purchase.  Being able to make a payment isn't the same as what the bank thinks you can afford.  Banks often like to see you only spend up to 30-35% of your income, and that amount most likely will be less than what you think you can afford.  That is why we need you to get a "pre-approval", so everyone knows upfront what the buyer can afford.

What do you think of this area?

I talked about this before, it's called Steering, and I can't tell you about neighborhoods.  You have to discover it on your own.  This is an old practice used to before the Fair Housing Act of 1968.  Steering was often used to 'Steer' White buyers into the "right" area, minority buyers into their "right" area.  It is a Federal Law  and unlawful for any Real Estate Professional to speak to any neighborhoods.  So to be blunt, don't ask, do your homework.

Why Don't You Trust Your Trusted Realtor

Often I hear buyers tell us they know the market, and then they make these statements that are not consistent with Real Estate practices.  Like taking a sold property from more than six months ago as a comp.  Sorry folks, the market changes daily, hourly, or by the minute!  Basic Real Estate practice is not to use a 'Sold' property that is more than six months old.  Why?  Six months is the MAX most appraisers will go back to appraise a home.  In rare cases, mostly investment properties or ccommercial properties, they can go back farther, but only because there would be less 'Sold' to compare. 

Most often buyers are looking at third party sites, Zillow or Trulia, that don't have the most up to date info.  Follow The Leaders and allow your Real Estate Professional to guide you.  It is our job to know the market, contracts, and everything needed to make a smooth transaction.  90% of what we do for you the buyer is done behind closed doors, but all to make a smooth transaction for you the client.


Follow me on Twitter @EdinaRealty and share your thoughts...  www.JasonMooreMN.com

Follow The Leader - Real Estate Leaders and Followers

Leaders make good Real Estate...


Ok, I see it, the question in your eyes!  What does he mean by 'follow the leaders'?

As a Realtor you can't be a weak leader, you must have thick skin, you must have a strong personality, you have to be able to stand up to, in front of, some times confront, and follow your clients.  Moreover, your clients have to trust your expertise to follow you.  However, you have to lead without fear, without regret, and with conviction.  One thing I run into from time to time is clients who are on a different agenda, but don't inform you of that agenda.  This is where I mean 'follow the leaders', because we are the experts in our field.

Often when I speak to potential clients, they seem to think they know more about the market then I do.  I don't pretend to know much about anything that I don't do first hand.  In other words, I'm not going to speak on fixing cars, because I don't don't fix cars.  However, everyone seems to know the Real Estate market.  You hear the news, but unless you live it everyday, like fixing cars, it's hard to out expert the expert. 

Realtors follow the clients lead in their search, but when it comes to what the market is doing, where it is going, what to offer, what not to offer, and the strategies to use...trust us, the experts.

Follow me on Twitter @EdinaRealty and check me out at www.JasonMooreMN.com.

They Like Me, They Really Like Me!

Buyers Dream....

Sellers have the edge in the market, low inventory, with rising prices, coupled with low mortgage rates...perfect storm.  How do you become the buyers dream house?  Here are 5 things you can do to boost your buyer appeal:

1.  Increase you Curb Appeal:  How you look from the street will determine if the buyers feel welcome to come in.  Clean up your yard!

2.  Freshen up your entryway.  That first step in the house could make or break the deal.  Make sure it is clean, free of clutter, and there is room to move.

3.  Eliminate Odors.  You may not notice the odors in your home, you are there everyday, but prospective buyer may.

4.  Fresh Caulking.  Bathroom caulking gets old, dirty.  Right before listing your home, re-caulk all your bathrooms.  Gives a fresh look, and a cleaner feel. (even if it isn't that clean...)

5.  Clean, Paint Unfinished Basements.  When you have a unfinished basement, paint the floor, paint the walls.  All of a sudden you have a fresh clean space and it shows care in your property.  It is cheap, time consuming, and forces you to clean/organize the space.


These are just some basic things to help move your 'For Sale' to 'SOLD!'


Follow me on Twitter @EdinaRealy.

2013 With a BANG!

OMG!  If I hear 'Fiscal Cliff' one more time....

However, there was a lot going on with that, so much more then I think we will ever know.  What this country needs is new voices in the House and Senate, and in both parties.  Too bad it won't happen until folks are voted out or retire.  I heard an interesting side note the other day, something like 75% of the House and Senate members are in bulletproof districts.  Meaning the liklihood of getting voted out are slim to none.  So as a country we are fighting for 25% of the voices in Government?  Sad.

2013 Real Estate

Reduced inventory has spurred a bit of a sellers market.  There is no better time then the present to list and sell your home.  Why you ask? 

Few factors:

1.  Prices are still lower than the peak of 2006-07 and are only going up over the next 12+ months.

2.  Rates remain low.  As of today the 30 year fixed rate is 3.375% with a APR of 3.549%

3.  Rents continue to rise, as lack of rental inventory has pushed rents up.


Look for a strong start to the housing market, as consumer confidence is higher now for the sector then in the years past.  With the rising cost of Assisted Care Living, I see less "grandma" houses on the market and more move up buyers in the future.  All the buyers from the Tax Credit buying frenzy are looking to exchange those first time buyer houses to their family home.

Also, look for a big rebound in the high end market, $500k and more, as rates stay down and more of that inventory will be available.

Follow me on Twitter @EdinaRealty.

If they say it is so, is it?

The word is out, the housing recovery is on. Many folks are saying credit is loosing up, prices are still down, and the interest rate is low. Should we think real estate is going to surge? (click here) What I can say in my market, in my opinion, the rush is on! Folks are feeling more confident, the job market is recovering, and more activity is going on now then in the last two years! Buyers are moving fast, reducing the number of houses shown before a purchase agreetment from 50 to maybe 15. That is a strong indicator that buyers are seeing value, and making a move. Short sales have increased slightly, but the banks are working hard to get them done. I couldn't say that two years ago, but recently I have closed three in good order. I will continue to follow that trend as the year goes on. Foreclosures are down, slowing down and recently the goverment is close to making a deal with the major banks on the robo signing cases, and the banks agreed to some conssions I didn't think they would. Some write downs, possable returning some lost funds to homeowners who were wrongly foreclosed on. (click here) I think the season will start off with a bang! Lets see where we go from here, but in an election year everyone is all ways a little more upbeat! I feel good, don't you? I'm revamping my website in the next few weeks, you can always follow my thoughts on Twitter, find me on Facebook, and follow me on Foresqure. Click on my BioBlast to see a snap shot of who I am.

Market Advantages, But To Who?

The market shifts everyday, and one of the trends I follow is the renal market. Why? As rents increase, and inventory shrinks it is providing a verity of opportunities. The kind of opportunities out there include condo rentals, or increased sold listings under $175k. With condo rentals, those renters turn to buyers some day. But more and more those long term renters are becoming buyers and buying those houses under $200k. That is great for the market.

What about a seller? Traditional sellers have a tough road to tow, short sales and foreclosures dragging them down. This trend is easing, but will not stop for some years. However, the opportunities are listing your home for sale right now. I know what you are saying, "I'm losing too much money to sell my house", but are you?

We need to get sellers out of the mode of loss of equity as a cash they already had in their pocket, but as monies that was on paper not realized. Now, if you have put $60k in your house on a project, that is actual funds lost should you not get it back in your sale. However, loss of equity is not cash out of pocket, you never held it, or saw it.

The sellers advantage now, is listing your house. Listing are down 18.7% over this time last year, that is OPPORTUNITY. Good house, priced correctly, less competition, equals higher sales price. How about that formula?

Follow my thoughts on Twitter and Facebook at www.FindTheOneMN.com.

Scattered Recovery

Five years ago today, August 29, 2005, hurricane Katrina struck the Gulf Coast. As we have learned Katrina was the one of the worst disasters ever in the United States, and displaced hundreds and thousands of people. At the time I was working property management and recall receiving requests from the government to assist in housing displaced people. We help as many as we could providing affordable housing, but yesterday I learned that most people who left the Gulf Coast didn't return. Our city, like most, absorb them into our communities.

As I watch news programs, documentaries, and read stories on Katrina, I'm reminded that it is a area that is still in recovery. Some area's have come back to life, the french quarter, but other area's have not, the 9th Ward. Government has messed this up from the beginning, but there is plenty of blame to go around. Forgotten in gas prices, oil spills, and Super Bowls is the fact that more still needs to happen to restore part the area.

On this, my daughters 6th birthday, I'm reminded of the hope of youth. However, these reflections also reminds me of I have not done enough to participate in the recovery.

You can follow my thoughts at www.FindTheOneMN.com and take time to look at www.katrina.com and do your own reflections.