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Wednesday, August 09, 2006

MLS TOWN: A REALTOR’S PERSPECTIVE


While selling a property, everyone looks for the best deal possible. Even the realtors face the problem of loss of money, in case the property is not sold. The realtors are often thought of charging a high price as the higher the prices in which it is sold, the greater will be the money earned by the Realtors. But it is not true always because it is the market forces that decide the right price and not the realtor. The realtor can ask or be directed to ask any amount for a seller’s property, but it is the purchaser who decides whether the price asked is worth it or not.
A property which is priced higher than the price it deserves in the market would require better marketing, more time and better showcasing. Only when the property is priced right that the deal fetched the greatest profit. The realtor is required to conduct a comparative market analysis, which can detect the best prices for that property. A common way to detect the best price is by analyzing the market. If your property sells in less than thirty days, it is possibly priced to low. If it sells in more than four months, it is possibly priced too high or does not look like it's worth the asking price from the prospective purchaser's point of view.
One reason the realtors keep a higher price for the property they are selling is on the direction of the owner who wants to sell his property for the highest price. Second reason could be that the realtor wants to buy the entire listing i.e. the realtor does not want to lose the property to another realtor who is willing to sell the same at a higher price. Another reason could be that the realtor wants to leave room for negotiation .i.e. the purchaser will always be willing to negotiate down, but if the price it more than 5% above market value most buyers will just pass you by and never make an offer. Real Estate sales and marketing is extremely competitive. It needs careful analysis and examination of the market before taking any decision and that requires the skills of a realtor.

INTERNET - A RESOURCEFUL MEDIUM

Internet has greatly affected each and every part of our life. So is its effect on various industries. The real estate is not far behind with Internet proving its ingenuity in that field as well. Through the Internet, you can read articles on how to buy or sell your house, get a mortgage, etc. The best part of internet is that now you can even search for the house of your dreams, online.




The internet also provides you with a Virtual tour of the newly listed houses. Not to mention, the e-mail facility where you can send letters to the realtors asking for more details of a particular property. The property can be displayed with a photo on the listing. But the terms & conditions of the listing differ from one site to the other. So a viewer can find a property with no photo on one site while the other site displays one photo of the property. Yet another site might show multiple photos of the same property. So it becomes necessary to view the property on the listing of separate real estate sites, for a clear picture of the property.

Although there are many limitations to the display of property on the Internet like difference in the status of the listing where one site may show a listing to be ‘active’ while other may show it as a ‘new’ one. But regardless of these limitations, in the beginning stage of home hunt, the prospective buyers would find it enjoyable to search for the property of their liking on the internet independently. And when they find it tiresome, they can always seek for a mentor in the form of a Realtor, who will guide him/her through the purchase. But the independence offered to the buyers, by the Internet, in searching for the property is a commendable, indeed.

Tuesday, August 08, 2006

REAL ESTATE IN USA



Real Estate is a growing sector in USA. Lately the real estate market has been swinging in favor of the buyers lately. This is mainly due to the high inventory and low housing prices. The sale of homes in USA has shown a drastic fall by 1.34% as compared to last year. This has eventually led to a fall in prices in some areas of the country.

At the current pace, it would take around six months to sell a home in the market. The statistics show that at the end of June there were 3.72 million homes on the market. Compared to last year, that is a whopping increase of 39.2% when only 2.7 million homes were on the market. So basically there is a slowdown in the market.

It's not just the mega hot markets such as New York City, San Diego and Phoenix that are showing stress but this sluggishness is also reported in seller friendly markets such as Las Vegas, Detroit and Midwest college towns such as Madison, Wis.

A ‘to let’ house stays in the market for as long as four months and that is not an uncommon sight anymore. Although the business is slowing, it does not exactly create a buyer’s market. The buyers have become more cautious of buying houses. The interest rates have also been creeping up. The era of high sales, of the last eight years, have come to an end with the slow down of the markets.

























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