I was just reading money.CNN.com and there's an article about mortgages and negative equity. I read it and I don't understand the point. Take a moment and read it so we can relate on the same level. I purchased a home in June of 1990, by October of that year the value had dropped about 30%. In July of 1997 I sold the property for the same price that I purchased it. That's 7 years of tax deductions, 7 years of fixed living expenses, 7 years of my home being maintained to my standards AND I built equity. When I sold the property I was so convinced that it was the right thing to do that I purchased another one! Am I upside down? Am I underwater? Does it matter?
I'm now 12 years in my current home, it will be mine soon. I just put in a new boiler, it's running at twice the efficiency of my last one, actual numbers I've used 48% of the fuel this year as compared to the same time period last year. That has translated into a savings in my heating bill which will pay for the new boiler in 11 years. So, in 11 years I will be in a postive cash flow situation for having replaced my boiler. Oh did I mention that I put insulation in my attic last year.. reduced my heating bill by 21%. If I were renting, paying to heat someone else's building, someone who doesn't care how efficient their heating system is running?
Can I help you own a home? Own your own financial future?
Tuesday, November 24, 2009
11/6/2009
On January 1, 2010, a new regulation regarding the installation and maintenance of smoke detectors will become effective.
These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and multi-family homes built or most recently substantially altered prior to Jan. 1, 1975 and sold on or after January 1, 2010. Homes built or substantially altered on or after Jan. 1, 1975 are governed by the State Building Code, which already imposes the same requirements & restrictions.
The regulations currently require two different types of smoke detectors to be in place depending upon the location in the home. In zones within 20 feet of a kitchen or bathroom, smoke detectors using photo-electric only technology will be required. Outside of the 20-foot kitchen and bath zone(s), both ionization and photoelectric technology must be installed. The battery/hard-wire rules are not changing at the state level.
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms due to fumes given off from typical cooking or steam from a shower. Frequent false alarms often lead residents to disable smoke detectors by removing their batteries.
527 CMR 32.00: Approved Smoke Detectors
32.01: Purpose and Scope32.02: General Requirements 32.03 Installation of smoke detectors in the vicinity of a kitchen, bathroom or other areas
32.01: Purpose and ScopePursuant to the Board’s authority under M.G.L. c. 22D, s. 4 to develop a comprehensive fire safety code and under the general regulatory authority of M.G.L. c. 148, sections 10 and 28, the purpose of 527 CMR 32.00 is to enhance public safety by providing further technical qualification to the definitions of “Approved monitored battery power smoke detector” and “Approved primary power smoke detector”, as those words are used in M.G.L. c. 148, sections 26D, E and F.
This regulation shall be effective as of January 1, 2010, and shall be the applicable standard for sellers to comply with the provisions of M.G.L. c. 148, s. 26F upon sale and transfer of certain buildings or structures occupied in whole or in part for residential purposes.
31.02 General Requirements (1) Except for smoke detectors located in the vicinity of areas regulated by 527 CMR 32.03, an approved monitored battery power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
(2) Except for smoke detectors located in areas regulated by 527 CMR 32.03, an approved primary power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
32.03 Installation of Smoke Detectors In the Vicinity of a Kitchen, Bathroom or Other AreasNo smoke detector employing ionization technology shall be installed within 20 feet of an entryway to a kitchen, or bathroom containing a bathtub or shower. The 20-foot measurement shall include and extend into common areas of a multi-family dwelling, if applicable.
New State Smoke Detector Requirements
11/6/2009
On January 1, 2010, a new regulation regarding the installation and maintenance of smoke detectors will become effective.
These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and multi-family homes built or most recently substantially altered prior to Jan. 1, 1975 and sold on or after January 1, 2010. Homes built or substantially altered on or after Jan. 1, 1975 are governed by the State Building Code, which already imposes the same requirements & restrictions.
The regulations currently require two different types of smoke detectors to be in place depending upon the location in the home. In zones within 20 feet of a kitchen or bathroom, smoke detectors using photo-electric only technology will be required. Outside of the 20-foot kitchen and bath zone(s), both ionization and photoelectric technology must be installed. The battery/hard-wire rules are not changing at the state level.
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms due to fumes given off from typical cooking or steam from a shower. Frequent false alarms often lead residents to disable smoke detectors by removing their batteries.
527 CMR 32.00: Approved Smoke Detectors
32.01: Purpose and Scope32.02: General Requirements 32.03 Installation of smoke detectors in the vicinity of a kitchen, bathroom or other areas
32.01: Purpose and ScopePursuant to the Board’s authority under M.G.L. c. 22D, s. 4 to develop a comprehensive fire safety code and under the general regulatory authority of M.G.L. c. 148, sections 10 and 28, the purpose of 527 CMR 32.00 is to enhance public safety by providing further technical qualification to the definitions of “Approved monitored battery power smoke detector” and “Approved primary power smoke detector”, as those words are used in M.G.L. c. 148, sections 26D, E and F.
This regulation shall be effective as of January 1, 2010, and shall be the applicable standard for sellers to comply with the provisions of M.G.L. c. 148, s. 26F upon sale and transfer of certain buildings or structures occupied in whole or in part for residential purposes.
31.02 General Requirements (1) Except for smoke detectors located in the vicinity of areas regulated by 527 CMR 32.03, an approved monitored battery power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
(2) Except for smoke detectors located in areas regulated by 527 CMR 32.03, an approved primary power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
32.03 Installation of Smoke Detectors In the Vicinity of a Kitchen, Bathroom or Other AreasNo smoke detector employing ionization technology shall be installed within 20 feet of an entryway to a kitchen, or bathroom containing a bathtub or shower. The 20-foot measurement shall include and extend into common areas of a multi-family dwelling, if applicable.
On January 1, 2010, a new regulation regarding the installation and maintenance of smoke detectors will become effective.
These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and multi-family homes built or most recently substantially altered prior to Jan. 1, 1975 and sold on or after January 1, 2010. Homes built or substantially altered on or after Jan. 1, 1975 are governed by the State Building Code, which already imposes the same requirements & restrictions.
The regulations currently require two different types of smoke detectors to be in place depending upon the location in the home. In zones within 20 feet of a kitchen or bathroom, smoke detectors using photo-electric only technology will be required. Outside of the 20-foot kitchen and bath zone(s), both ionization and photoelectric technology must be installed. The battery/hard-wire rules are not changing at the state level.
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms due to fumes given off from typical cooking or steam from a shower. Frequent false alarms often lead residents to disable smoke detectors by removing their batteries.
527 CMR 32.00: Approved Smoke Detectors
32.01: Purpose and Scope32.02: General Requirements 32.03 Installation of smoke detectors in the vicinity of a kitchen, bathroom or other areas
32.01: Purpose and ScopePursuant to the Board’s authority under M.G.L. c. 22D, s. 4 to develop a comprehensive fire safety code and under the general regulatory authority of M.G.L. c. 148, sections 10 and 28, the purpose of 527 CMR 32.00 is to enhance public safety by providing further technical qualification to the definitions of “Approved monitored battery power smoke detector” and “Approved primary power smoke detector”, as those words are used in M.G.L. c. 148, sections 26D, E and F.
This regulation shall be effective as of January 1, 2010, and shall be the applicable standard for sellers to comply with the provisions of M.G.L. c. 148, s. 26F upon sale and transfer of certain buildings or structures occupied in whole or in part for residential purposes.
31.02 General Requirements (1) Except for smoke detectors located in the vicinity of areas regulated by 527 CMR 32.03, an approved monitored battery power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
(2) Except for smoke detectors located in areas regulated by 527 CMR 32.03, an approved primary power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
32.03 Installation of Smoke Detectors In the Vicinity of a Kitchen, Bathroom or Other AreasNo smoke detector employing ionization technology shall be installed within 20 feet of an entryway to a kitchen, or bathroom containing a bathtub or shower. The 20-foot measurement shall include and extend into common areas of a multi-family dwelling, if applicable.
New State Smoke Detector Requirements
11/6/2009
On January 1, 2010, a new regulation regarding the installation and maintenance of smoke detectors will become effective.
These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and multi-family homes built or most recently substantially altered prior to Jan. 1, 1975 and sold on or after January 1, 2010. Homes built or substantially altered on or after Jan. 1, 1975 are governed by the State Building Code, which already imposes the same requirements & restrictions.
The regulations currently require two different types of smoke detectors to be in place depending upon the location in the home. In zones within 20 feet of a kitchen or bathroom, smoke detectors using photo-electric only technology will be required. Outside of the 20-foot kitchen and bath zone(s), both ionization and photoelectric technology must be installed. The battery/hard-wire rules are not changing at the state level.
These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms due to fumes given off from typical cooking or steam from a shower. Frequent false alarms often lead residents to disable smoke detectors by removing their batteries.
527 CMR 32.00: Approved Smoke Detectors
32.01: Purpose and Scope32.02: General Requirements 32.03 Installation of smoke detectors in the vicinity of a kitchen, bathroom or other areas
32.01: Purpose and ScopePursuant to the Board’s authority under M.G.L. c. 22D, s. 4 to develop a comprehensive fire safety code and under the general regulatory authority of M.G.L. c. 148, sections 10 and 28, the purpose of 527 CMR 32.00 is to enhance public safety by providing further technical qualification to the definitions of “Approved monitored battery power smoke detector” and “Approved primary power smoke detector”, as those words are used in M.G.L. c. 148, sections 26D, E and F.
This regulation shall be effective as of January 1, 2010, and shall be the applicable standard for sellers to comply with the provisions of M.G.L. c. 148, s. 26F upon sale and transfer of certain buildings or structures occupied in whole or in part for residential purposes.
31.02 General Requirements (1) Except for smoke detectors located in the vicinity of areas regulated by 527 CMR 32.03, an approved monitored battery power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
(2) Except for smoke detectors located in areas regulated by 527 CMR 32.03, an approved primary power smoke detector, shall consist of a working device, as defined in M.GL.c148, s. 26D, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.
32.03 Installation of Smoke Detectors In the Vicinity of a Kitchen, Bathroom or Other AreasNo smoke detector employing ionization technology shall be installed within 20 feet of an entryway to a kitchen, or bathroom containing a bathtub or shower. The 20-foot measurement shall include and extend into common areas of a multi-family dwelling, if applicable.
Tuesday, November 10, 2009
Home Buyer Tax Credit 2009/2010
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Versus Tax Deduction
It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
------------------------
Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.
In addition, you may be able to benefit from additional housing related provisions, including the following:
------------------------
Tax Incentives to Spur Energy Savings and Green Jobs
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing
This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance
This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call or email me. I’ll be happy to sit down with you.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Tax Credit Versus Tax Deduction
It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.
------------------------
Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.
In addition, you may be able to benefit from additional housing related provisions, including the following:
------------------------
Tax Incentives to Spur Energy Savings and Green Jobs
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing
This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance
This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call or email me. I’ll be happy to sit down with you.
Friday, September 25, 2009
Networking Revised!
I left the corporate world of semiconductor manufacturing over 7 years ago and I've never looked back. Meeting people, getting different perspectives on life and philosophies is so much more enriching than the very routinized world of engineering. I am reminded of this yet again as I've recently become involved with a new form of networking.
I've been a BNI member and chapter president, I've held memberships in as many as 3 chambers of commerce at one time and served as an ambassador but I've never felt the 'givers gain philosophy' as strongly as experienced when I was introduced to Networked Events. Stephen Labuda owns his own business and has devoted much of his time to helping people network with other serious networkers. This is a volunteer effort that Stephen started with a group of business people who wanted to meet on a regular basis for low to no cost networking. A well known local (or is that loco?) business coach has encouraged Stephen to assist in bringing his philosophy and networking expertise to central Massachusetts. I was invited to attend the initial discussion meeting and participate in the decision to bring Networked Events to the greater Worcester area.
The result of the kick-off discussion was that all of the attendees of that meeting were invited to attend a Networked Event in Lexington so that we could experience the philosophy in action.
Very often when I go to a breakfast, business after hours etc. I come back to my desk with a handful of business cards of people that I've just met. I go through the cards and decide who I'd like to do some follow-up or add to my LinkedIn account. Typically there's one or two people that I feel comfortable with right off the bat, people who I'd be willing to have future discussions with and possibly refer to my clients.
I am at my desk doing my follow-up work from the Networked Event and there is only one card that I don't think is an appropriate fit for my network. That one card is for a mortgage lender who is clearly out of my service territory. All of the people that I met through Networked Events were people truly interested in meeting new contacts and building a network of outstanding referral sources. This was the most efficient use of my networking time that I have experienced to date.
BIG KUDOS for Networked Events and I am very excited to be part of the Central Mass kick-off taking place on October 13th at Worcester's Union Station.
I've been a BNI member and chapter president, I've held memberships in as many as 3 chambers of commerce at one time and served as an ambassador but I've never felt the 'givers gain philosophy' as strongly as experienced when I was introduced to Networked Events. Stephen Labuda owns his own business and has devoted much of his time to helping people network with other serious networkers. This is a volunteer effort that Stephen started with a group of business people who wanted to meet on a regular basis for low to no cost networking. A well known local (or is that loco?) business coach has encouraged Stephen to assist in bringing his philosophy and networking expertise to central Massachusetts. I was invited to attend the initial discussion meeting and participate in the decision to bring Networked Events to the greater Worcester area.
The result of the kick-off discussion was that all of the attendees of that meeting were invited to attend a Networked Event in Lexington so that we could experience the philosophy in action.
Very often when I go to a breakfast, business after hours etc. I come back to my desk with a handful of business cards of people that I've just met. I go through the cards and decide who I'd like to do some follow-up or add to my LinkedIn account. Typically there's one or two people that I feel comfortable with right off the bat, people who I'd be willing to have future discussions with and possibly refer to my clients.
I am at my desk doing my follow-up work from the Networked Event and there is only one card that I don't think is an appropriate fit for my network. That one card is for a mortgage lender who is clearly out of my service territory. All of the people that I met through Networked Events were people truly interested in meeting new contacts and building a network of outstanding referral sources. This was the most efficient use of my networking time that I have experienced to date.
BIG KUDOS for Networked Events and I am very excited to be part of the Central Mass kick-off taking place on October 13th at Worcester's Union Station.
Thursday, September 10, 2009
Miss the bottom?
I am an information hound, I search out news and information that helps me understand what is happening in my marketplace. Today I came across this report. Take a moment and read it over. Now I'm not Alan Greenspan or Ben Bernanke but this sounds like good news to me!
Do you know someone who was waiting for the market to hit bottom before buying a home? You maybe? From my interpretation of this report, they missed the bottom! If the next run- up starts now, there will never be a better time to purchase real estate than RIGHT NOW. Call me and I'll get you into a home before the price get too much higher!
Do you know someone who was waiting for the market to hit bottom before buying a home? You maybe? From my interpretation of this report, they missed the bottom! If the next run- up starts now, there will never be a better time to purchase real estate than RIGHT NOW. Call me and I'll get you into a home before the price get too much higher!
Monday, February 2, 2009
Business Plan ?
Let's talk about competition in Real Estate Brokerage. Who is the best? Someone who's name is on the side of a bus? Someone who advertises in the regions most expensive magazine? An agent who's name you see on most of the for sale signs in the region? Or an agent that can network and convince people that he/she is the best?
I saw a commercial on television once, many times actually, but only one commercial of the same caliber. Young children making statements about their vision of life and success and using phrases like: "I want to grow up to be a Yes Man" http://www.youtube.com/watch?v=rJB0CzlzSwY (let's see if dropping this link in here works). What kind of Realtor do I want to be? I'm not great at turning negative behavior into positive action statements, but I'm going to give it a go.
I want to be the kind of Realtor that is focused on helping my client.
One that returns calls to other Realtors even though I will have to split my commission.
One that returns calls to my clients because I know that the process of selling/buying a home is anxiety producing and I want to help manage that anxiety.
A Realtor that is taking additional training in the profession, one that values learning more about how to increase their level of customer service.
A Realtor that is more concerned with helping people find the right home than closing more deals that my competition.
A service professional that is that, a professional. Someone who takes pride in doing the very best job that they can and cutting no corners in the name of saving myself additional tasks.
My business plan? Full Service Real Estate Brokerage with the clients needs as my top priority.
Expectation of my client; make the same level of commitment to me that I'm making to you.
Do you think I can do it?
I do
I saw a commercial on television once, many times actually, but only one commercial of the same caliber. Young children making statements about their vision of life and success and using phrases like: "I want to grow up to be a Yes Man" http://www.youtube.com/watch?v=rJB0CzlzSwY (let's see if dropping this link in here works). What kind of Realtor do I want to be? I'm not great at turning negative behavior into positive action statements, but I'm going to give it a go.
I want to be the kind of Realtor that is focused on helping my client.
One that returns calls to other Realtors even though I will have to split my commission.
One that returns calls to my clients because I know that the process of selling/buying a home is anxiety producing and I want to help manage that anxiety.
A Realtor that is taking additional training in the profession, one that values learning more about how to increase their level of customer service.
A Realtor that is more concerned with helping people find the right home than closing more deals that my competition.
A service professional that is that, a professional. Someone who takes pride in doing the very best job that they can and cutting no corners in the name of saving myself additional tasks.
My business plan? Full Service Real Estate Brokerage with the clients needs as my top priority.
Expectation of my client; make the same level of commitment to me that I'm making to you.
Do you think I can do it?
I do
Monday, January 26, 2009
Recommendations and Referrals
The business of referring someone either for a job, or as a service provider or even as a client is tricky business. In my role as a Realtor I get asked very often to recommend service providers and trades people; electricians, plumbers, garage door specialists, mortgage lenders, appraisers etc. The issue that I see is that people are human PERIOD They have bad days, they have frustrations in their life and while they might be the very best at what they do, they aren't always performing at 100%. As it happens, I need a new boiler in my home. I have contacted at least five different people/companies who have all been recommended to me. I have received two written quotes, one e-mail with a rough estimate, one service provider who despite two or three reminders keeps forgetting to put the quote together and I'm still waiting on the last one. All of these people have been recommended by someone that I trust, am I putting out a 'vibe' that says that I'm impossible to work with? I know that I pay all of my bills either on time or early, I don't engage in a project for which I can't pay.
So, I am looking for recommendations for mortgage lenders that I might pass on to my clients. Each year in January I review my business card catalog and review all of the people who's cards I am carrying. I want three different options for each type of provider and this year I'm reviewing mortgage people. I'm a member of two different chambers of commerce and as such I meet a lot of people who are interested in building thier business. I started calling the people for whom I have cards, you know what? No return calls from some of them either. Has everyone given up on business? Plumbers? Mortage origionators?
Yes, we are in a time of change and economic contraction but if the people who want to stay in the business in which they are currently engaged don't respond to requests for service, who's left?
If you know of any mortgage businesses that are comitted to their profession, please have them get in touch with me!
So, I am looking for recommendations for mortgage lenders that I might pass on to my clients. Each year in January I review my business card catalog and review all of the people who's cards I am carrying. I want three different options for each type of provider and this year I'm reviewing mortgage people. I'm a member of two different chambers of commerce and as such I meet a lot of people who are interested in building thier business. I started calling the people for whom I have cards, you know what? No return calls from some of them either. Has everyone given up on business? Plumbers? Mortage origionators?
Yes, we are in a time of change and economic contraction but if the people who want to stay in the business in which they are currently engaged don't respond to requests for service, who's left?
If you know of any mortgage businesses that are comitted to their profession, please have them get in touch with me!
Friday, January 23, 2009
Searching for a home?
I talk with a lot of professionals involved in the Real Estate industry, lenders, attorneys, home inspectors, trades people and of course other Realtors. Today I spoke with a lender about the inventory of homes that are available in the area. In my humble opinion, they are all substandard. There seems to be nobody selling a home that isn't in a state of duress. As a very wise Realtor said to me a few years ago, the market that we are facing will be intertwined with either death, divorce or transfers. I am working with several buyers who would like to purchase a home but the options that they have are dismal! Most of the properties that we are looking at are either estates, short sales or the sellers are separating.
I also spoke with a homeowner today who would like to sell their home. They had spent all of 2008 on the market and the home didn't sell. I did a brief market analysis of the similar homes that did sell and their list price was about 15% over market value all year. Where was their agent? Yes, yes, hindsight is 20-20 but I feel that as a Real Estate professional that I have a responsibility to deliver a message that reflects accurate market conditions. I won't tell my clients that they will get a price that isn't realistic given the market. It's nice to have listings, but it's nicer to have clients who repsect your integrity and ability to get a job accomplished.
One more thought for my first post; I had a buyer contact me one afternoon and the expectation seemed to be that I drop what I was doing and take up some work for them. I let them know that I had no problem helping them with their request but I wanted them to make a committment to me via a contract. I didn't ask for a lifetime committment, or even a 3 month committment, but the expectation was that I would be what seemed like infinitely available to this particular consumer yet the consumer expected that they were free to take my 'work product' and go on thier way with it. I declined to be available without some form of committment, a 10 day contract perhaps, the consumer responded by letting me know that they would 'call the next agent on thier list.' I hope that the next agent doesn't sell them something that I will see as bank owned in the months to come.
I welcome comments and feedback, tell me if I'm off track. I can handle it!
I also spoke with a homeowner today who would like to sell their home. They had spent all of 2008 on the market and the home didn't sell. I did a brief market analysis of the similar homes that did sell and their list price was about 15% over market value all year. Where was their agent? Yes, yes, hindsight is 20-20 but I feel that as a Real Estate professional that I have a responsibility to deliver a message that reflects accurate market conditions. I won't tell my clients that they will get a price that isn't realistic given the market. It's nice to have listings, but it's nicer to have clients who repsect your integrity and ability to get a job accomplished.
One more thought for my first post; I had a buyer contact me one afternoon and the expectation seemed to be that I drop what I was doing and take up some work for them. I let them know that I had no problem helping them with their request but I wanted them to make a committment to me via a contract. I didn't ask for a lifetime committment, or even a 3 month committment, but the expectation was that I would be what seemed like infinitely available to this particular consumer yet the consumer expected that they were free to take my 'work product' and go on thier way with it. I declined to be available without some form of committment, a 10 day contract perhaps, the consumer responded by letting me know that they would 'call the next agent on thier list.' I hope that the next agent doesn't sell them something that I will see as bank owned in the months to come.
I welcome comments and feedback, tell me if I'm off track. I can handle it!
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