Ellicott City Realtor Catonsville Realtor

Whose Time Are You Wasting?

This is a story I hear all the time - a Homeowner wants to move, but they don't think they can because of what they've heard about ‘this market'.  When I ask the Homeowner why they think that, I usually get answers about what they've heard on the news about the tough real estate market, or the lagging economy, or about foreclosures and short sales driving down prices.

In this situation, I always offer to take some time and sit down with them to help them really evaluate if moving is an option, and I often get this answer - ‘I don't want to waste your time.'

Wait - what?  Whose time?  My time?  That's awfully considerate, and I appreciate it - I really do. But I wonder if these Homeowners have ever thought about their own time wasted - time wasted unhappy in their current situation, time wasted wishing they could move, time wasted thinking they can't move based on what they hear on the news.

The fact is, everyone's situation is different.  Each person in this situation has a different motivation, different beliefs about why they need to move, and different end goals.  For me as a Realtor, it's so important that I understand the motivations and goals.  Because the real estate market is only going allow what it's going to allow.  The numbers are what they are.  Motivations and goals make the picture complete.

If you'd like to move, but aren't sure if it's a possibility for you, I can take a few minutes over the phone to get an idea of a situation.  Knowing just a little bit about your neighborhood, community, and home, considering current market conditions, and the mortgage balance owed (assuming equity is needed to move up), I can give a conservative estimate - a simple ‘yea' or ‘nay' as to whether a move is realistic, based on what it is you want to accomplish.

I'm not suggesting that this is the best way for me as a Realtor to evaluate your situation.  Ideally, we would spend some time evaluating your goals in order to come up with a plan for your move.  But yes, if you are worried about wasting my time, I can do an initial consult over the phone.

Quite frankly, however, I wish Homeowners would be as considerate of their own time as they are about mine.

You've Heard It Through the Grapevine.....Maryland Real Estate is Selling.  So you've heard the real estate market here in Maryland might be getting better for Sellers.  Maybe a friend told you their home sold much more quickly than they expected, or you saw your neighbor's For Sale sign go up and down in record time.  Well, I can tell you from what I'm seeing here in the Greater Baltimore area, you've heard correctly.  Sellers that are educated about the competition in their area, and that are realistic with their expectations, are seeing their homes sell.  Often quickly, and sometimes with multiple offers.

You've been thinking about moving, but you're not sure if you can afford it, and you're not sure where to start.  Do you talk to a Realtor first?  Or do you talk to a Lender first?  You don't know how much you will net from your home, so you don't know what you can afford to buy, which means you don't know how much of a loan you will need.

Fortunately for you, I deal with this every day.  And I am here to tell you that the course of action I recommend for my clients in this situation is to speak with a Realtor first.  A Realtor will be able to let you know about how much you might be able to net.  A Realtor will also be able to help you figure out how much homes in your target area are selling for.  Answering two of your three questions in one shot.

It also very important in this situation that the Realtor and Lender work closely together to help identify what matters to you in order to help you reach your goals.  You can ask your Lender for a Realtor referral, or you can ask your Realtor for a Lender referral, but either way, getting a Realtor/Lender Team in place is the first step in the process.

Facebook friends, to see the complete post, click here.

It is evident that we are in one of the toughest Real Estate markets in several decades.    But, if you really think about it, it's the best time to sell your home.    The reality is that home values have fallen significantly over the past 24 months.    This creates a tremendous buying opportunity for those that are looking to purchase a new home.    If, like most Americans, you are interested in buying up to a larger home, this means you are in the perfect situation.    Any mathematician will tell you that the percentage of a larger number is greater than the percentage of a smaller number.    This holds true in Real Estate as well.

For example, you may be selling your current 2000 square foot home that would have sold for $250,000 a year ago and buying a 3000 square foot home that would have sold for $500,000 a year ago.    According to the April 2009 S&P/Case Shiller home price index, home prices have declined 18.1% nationally vs. a year ago.    Based on these numbers, our homeowner would sell his current home for $45,250 less than one year ago and pay $90,500 less for the new home.    This is a savings of $45,250 compared to the same upgrade in housing a year ago:

This is why it is a great time to sell.    Homes that are currently listed at a price that is realistic for today's market and not "what they could have got a year or two ago", are selling quickly.    Too many sellers think they need to net more out of the sale of their home to move on, when actually they  don't.    We will always see fluctuation in Real Estate values, like any other investment.    The good news is that it's all relative if you are selling and buying another home.

So don't sit on the sidelines waiting for the "bottom".    Don't let the market or the media dictate when to sell your home.    Do it when it's right for you, because after all it's your financial future.    Take advantage of the opportunities of a difficult market.

This article was written by one of the Mortgage Bankers I work with:  Robert Reilley of Vision Mortgage.  He shared it with me and I couldn't help but to get his permission to share it with you.  He goes beyond the headlines of a "down market" to show that things are not always what you hear.

Robert has always been known to go the extra mile, taking a look at their entire financial picture to determine which mortgage is best for them.

Robert has been my trusted partner for many years, always having honesty, integrity and getting the job done.  To reach him directly, visit Vision Mortgage Capital.

Visit my website at www.timsellshomes.com.