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Hudson
Valley NY Real Estate Blog
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Thursday, June 21, 2007
What does baseball have to do with real estate? I'll explain.My last post underscored how a buyer can potentially make the wrong move by calling the listing agent to see a property. I wanted to go further to illustrate the importance of selecting a buyer broker to represent your interests and to be on your 'team'.I'll borrow a sports analogy to make my point about buyer representation. Let's say that you're part of a baseball team that has reached the championship game. It look a lot of effort and preparation to get to that point. You might have even had good instruction along the way that helped you acheive your goal. Now, let's say you are presented with the opportunity to pick the umpire from anyone present at that game. Who would be the last person that you would pick to be the umpire? Probably the last person you would pick would be the manager of the other team. Could that manager of the other team be an unbiased umpire for the championship game if his own team was competing? Not likely! Who is his allegiance to? His own team (the opposing team)! You could safely say that he would show favoritism towards his team and you'd be in for an uphill battle in trying to win the game. It would make it much harder to achieve your objective.It may sound silly, but buyers often make this very same mistake in their home purchase. Unsuspectingly, buyers have the opportunity to choose any real estate broker to represent their interests, but often they choose the opposing team. The listing agent wants the seller to 'win the game', even if it is at your expense. All agents are required to be fair and honest with all customers, but the listing agent's objective is to get the highest price and best terms for the seller. Don't make the same mistake! Pick a real estate broker who will be on your team during your negotiations. Every real estate agent in New York State is required to present you an Agency Disclosure which explains which 'team' they work for. Don't view a home without it and make sure you clearly consider the advantages of buyer agency or you might 'lose' the game.The next installment will review some of the specific tasks that buyer's agents can do to make your home purchase ideal.
Friday, June 15, 2007
Typically, buyers will tour a preferred neighborhood to see if they can spot real estate broker lawn signs in order to find potential homes to purchase. The For Sale sign that is planted on the property usually displays the listing broker's name and contact information. Buyers naturally call the listing broker to request more information about the property when they see one they like. Information is provided by this company and this buyer sets up an appointment with the listing agency to see the home. Seems innocent enough, right?You could be making a big mistake that will cost you money and put you in an unfavorable position!Who does that agent owe their loyalty to? The main misconception comes when the potential buyer meets with the listing agency to see the home. Many buyers think that because this agent is showing them the home, she is representing their (the buyer's) best interest. The opposite is normally true--the listing broker and listing agent have an obligation to work in the best interest of the seller. Anything that you discuss with this listing broker concerning your preferred price and terms will be shared with the seller--even and especially if the information will give the seller the upper hand. So, how can you assure that you get the proper information about the home and that your best interests are being represented without calling the number on the lawn sign? The next blog post will discuss what a buyer can do to enlist a real estate agent to work for them--usually without having to pay that agent for that vital service.
Data collected for May of 2007 yielded a 3.7% unemployment rate in Ulster County. The unemployment rate was 4.0% in May 2006. The local unemployment rate is always an important economic figure to examine and predict the sustainability of home price appreciation.
Tuesday, June 12, 2007
New data for May shows that the median price of sold homes in Ulster County increased to $256,900, a 4.9% increase from the same month in 2006. The number of units sold in the month of may was 112, which is one shy of the amount sold during May 2006.Overall, the data demonstrates that the Ulster County real estate market is healthy and still thriving. Ulster County has not experienced the fulfillment of 'impending doom' forecasts relating to the national real estate bubble bursting.
Wednesday, June 06, 2007
Despite all of the warnings in the press of a dramatic downturn in the housing industry, the Ulster County housing market remains healthy. Data published by the New York State Association of Realtors indicates that the number of units sold increased by 17.4% when comparing April 2006 to April 2007. There was also a 6.9% increase in number of units sold from March 2007 to April 2007.The median price of sold homes also jumped 15% from April '06 to April '07. However, the median price from March 2007 to April 2007 decreased by 5.5%.Overall, Ulster County seems to be bucking the trend of other Hudson Valley counties who have seen decreases in homes sold and median price.
Saturday, June 02, 2007
A poll completed by Harris Interactive for Careerbuilder named the profession of a Real Estate Agent as the dream job for 28% of the individuals questioned. The professions of policeman and firefighter took the top spots for a dream job.There's no doubt that there's a lot of fun and satisfaction in helping individuals achieve their homebuying and selling goals. This profession allows us to not only develop entrepreneurial skills and make a living, but it also allows us to connect with people who are undergoing important changes in their lives. You can't beat the feeling of walking out of a closing knowing that you were instrumental in helping clients acheive their dreams. Successful agents become so when they fail to treat their profession as a job and treat clients as friends. That's our goal and what we aim to do in helping buyers and sellers in the Ulster County area.
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