What is a Buyers Rep?

Today I was chatting with a nice young lady about purchasing her first home.

After the intial focusing on what she was looking for, where she would like to live, what her finances were and was she actively looking into finding a mortgage that was right for her, it occurred to me that she was waiting for me to tell her what my fee was.

Now this does not always occur to me because "I do not charge a fee"

Here is what goes on. First let me say that besides being a Broker, I am an Acredited Buyers Rep. This means that if you are looking for a house, I can assist you in not only finding it, but advise you of best places to go for a mortgage, give you helpful ideas about which mortgages are right for you, why you need the house inspected and places that you can call, how to make an offer that will be accepted or at least countered. I can give you loads of options, because this is my profession. If you have a question I will give you the answer. Now, why would I not charge for all this? Some Buyer Agents do charge in different areas of the U.S., and some right here in the Ocean State, but I do not. The reason is, most of the buyers' I work with are first time home buyers and they do not always have the finances to come up with a separate fee for a Buyer Agent.

Of course I need to make a living just like everyone else. Upon closing, I receive a fee for my services from the seller of the house. So there is no need to worry about paying a Buyer Agent! I actually thought, until my conversation today, that people simply knew this, but apparently it is not common knowledge. What I do is have a buyer sign a contract saying they will work exclusively with me for a prearranged amount of time. This way I know a buyer is committed to finding a house. If, after the prearranged amount of time, I have not found the right home, then we go our separate ways. There is no charge for my time for this either. The reason for this is I am pretty confident in my abilities to find what a Buyer is looking for! I feel that if I can't find it, it's not out there!

I hope this clears up any concerns for Buyers that would like to work with a Realtor, but do not think they can afford it.

Rhode Island Real Estate 2008

Sigh! This picture is a definite portrayal of how I feel after the Holidays! Now its January 2008 and as a Realtor, I am expected to start the new year with a rush! The stats for 2007, especially in Rhode Island, were not good, as you all know. Rhode Island was second to Michigan in losing population. We were 8th in foreclosures. The mortgage industry has realigned and unless you have impeccable credit and a good work history, you can plan on paying much more in interest rates for a home. We are reading doom and gloom everywhere about the Real Estate Industry. I have been working with REO's, which is Real Estate Owned property. This means that the bank has bought back their interest in a foreclosed home. These homes are actually still selling due to the fact that they are cheaper then the regular market. However, there are so many of them, that the prices are actually driving down prices of what we call market value homes! This is a tough pill for Sellers to swallow. Many sellers viewed the equity in their homes as actual money! Real estate is very much like the Stock market. It is not actual money until it is in your pocket!

I was interviewed for a piece in Rhode Island Monthly last month. The advice I gave and still give is: If you do not have to sell your home now, don't! If you do have to sell it, make it pretty and price it well. There is a lot of competition out there, but this does not mean you have to give it away. Check with a Realtor and find out just what prices are doing right now and then price yours accordingly. Do not try to price it by what you paid for it, or what you refinanced it for. Picture yourself as the buyer and view your home with a keen eye. Would you be impressed when you first walked in? Is there any odor from animals? Is it clean? Why would someone want your house as opposed to the 4000 others out there? Remember, location is important, but price rules!!! If your home stays on the market for more than three months, even after you have lowered your price, it starts becoming stigmatized and even a good buyer will pass on it, thinking there is something wrong with it.

Now on the other side. If you are a Buyer looking for a deal and are qualified for a good loan, then I would suggest you also contact a Realtor and get your ducks in a row. The market will go down within this next year, but no so much that you can afford to wait forever. It will also start rising again, my guess, around mid 2009! Take a look around and figure out where you can get the most for your money. History dictates that prices will rise again, so do not miss out by trying to play the market!

Research is key to making qualified decisions. I spend many hours researching the housing market and while I do not have a Crystal Ball (actually I do have one:), my predictions are based on everyday knowledge. This is my career! Be careful who you listen to when you are anticipating one of the largest deals in your life!

Holiday Greetings

I belong to an art class where once a week we all get together, chit chat and paint. With music playing in the background and in a small cottage right on the water, the inspiration to paint comes easily. Some are using watercolors, some oils and some acrylics. I have tried them all through the years. I was fortunate enough to major in Fine Arts in college, and also to have studied under Herman Itchavitch (deceased) during my lifetime. There is no better feeling than painting, to me. All my problems disappear as I concentrate on my canvas. Sometimes the paintings don't come out the way I wanted them to. (more often than not:) and these go into a bag. The bag is stuffed to overflowing right now. Other times, a painting will just click and even I am amazed at how it turned out! Those go on my walls at home. Years ago I used to sell them, but I actually found myself missing my own paintings and started re painting some of the scenes I had done. My point is that I am using the photo on the left for my Holiday Greeting because I painted it. It's not one of my best, but for those of you who received cards from me, you know that this was my Holiday Card!

For those of you who may not have received a card, this is it!

Happy Holidays, peace and health to all of you!

Holiday Stress

Are you feeling stressed out? Working or not, the Holidays can be a stressful time for many. Searching for that perfect gift and trying to not break the bank while you're doing it. Wrapping presents, planning feasts, visiting family and friends, cleaning your home, all contribute to the stress factor. All this while you are trying to live your daily (and probably already stressful) life!

Don't feel alone! You are not. Most people do get stressed during the holiday season. Add to this the New England cold weather and we are all dreaming of warmer shores.

There are no easy ways to completely alleviate stress, but there are some things you can do to make it somewhat less trying.

Make lists! This is important. Make lists of everyone you are buying a gift for. Then decide on the amount you will spend on each one. Then write down several possible gifts for each one that might fall in that price range. Start your shopping early. Theres no better feeling than having bought all your presents (and having them wrapped too) the week before Christmas.

If you are hosting the Family party, make lists for that also. Lists of who is attending, drinks, foods. Then plan your time accordingly. When you will shop, when you will cook, when you will call the bakery.

As you go through your lists of things to do, be sure to cross them off as they are done. Make the lists as long as you like and make each thing to do small. This way, you will have a feeling of accomplishment as you see so many items crossed off.

Lastly, and just as important. You have heard that you need to take time for yourself and you say, yeah, right! The truth is, you "can" take at least ten minutes a couple of times a day. In the morning and in the evening. Try to be somewhere alone and clear your mind. Do not think about anything at all. If you find this hard to do, then focus on something that brings you pleasure, a vacation that you took, or would like to take. The important thing here, in this ten minutes, is to NOT think about all you have to do!

Remember, there's only a couple of weeks left and you will have your Holiday memories!

Peace to all my friends and family during this Holiday Season!

Where do you Rank?

I read an article in the Providence Journal yesterday regarding MLS agents in Rhode Island and the measurement of their sales. A side is considered each end of a transaction, ie, Listing side and buying side. If you listed and sold the same property you have two sides.

This article breaks down by percentages how many sides are completed by each agent. The article was mostly referring to the difference between new agents (this year) and more experienced agents, however it gives a good synopis of probability of sales.

•36.24 percent had no sides
•38.51 percent had 1 to 4 sides
•16.4 percent had 5 to 10 sides
•8.85 percent had 11 or more sides

Keep in mind that these are Rhode Island statistics and may vary in other states, yet will give you an idea where you rank in sales.

From these statistics, we can narrow down to 75% 4 sides or under and 25% 5 sides and over.






Image from Beacon Learning Center. Article from Projo.com

Rhode Island Buyers Christmas

Yes, Virginia, it is now Christmas for Buyers'.

The rates are low, the homes are priced lower. If you haven't been paying attention, it's time to do your Christmas shopping for a new home.

Time to Buy

It really is starting to be the "Time to Buy" here in Rhode Island. Mortgage rates are lower and sellers are actually realizing that they need to lower their prices if they want to sell their homes.

If you are in the market for a home, get yourself to a good Lender and get pre approved. There are numerous homes on the market and you can negotiate a pretty reasonable price, especially as we go into the winter months.

So, if you are looking for a deal in Rhode Island Real Estate, you may just find one now.

Waterfront properties and surrounding areas have also reduced drastically. A home that you could barely look at a couple of years ago, is now in your price range. Yes, there are still some overpriced homes out there, but they will still be there next year and probably a lot cheaper.

Pay attention to this market, it won't last forever. Markets are cyclical, the prices will rise again. Have your Realtor keep you up to date on the homes that you are interested in and get the best deal for you, the Buyer!

The American Dream is still obtainable! Especially right now and in the next 1 or 2 years.