In a recent Realtor newsletter, the author of a story offered his criteria as to who was a "worthy buyer". His argument, essentially, was that the only real way to make money long term was with sellers..."list to live" as many have said. Buyers, he argued, can take alot of your time and should be carefully screened.
While I agree that it is important to ascertain whether or not someone is willing and able to buy a home, certainly they are not always completely ready when I first encounter them. Perhaps they need more information on the area , or need to feel comfortable about the schools. But if I followed the unspoken rules, I never would have sold homes to some of my most loyal customers.
* The couple from NJ who viewed 75 homes before buying the perfect one - with a phone call.
* The couple from Tennessee who called five realtors in town and were told "Call me when you get here". We worked with them to narrow down the search before they got here. When they did, they bought a house in two days.
* The young couple who were buying their first home and just felt they were being rushed into unfamiliar territory. After a few long conversations answering every question they had, they happily bought their home.
There was an old rule - show a buyer 5 homes and then ask them which one they want. In today's market, Buyers rule and have lots of options, so likely won't rush. But in any market, at this brokerage , Buyers are welcome. Whatever stage, whatever comfort level, whatever you need. Because sometimes all you need is someone to understand YOUR personal buying style - whatever that may be.
Sunday, April 29, 2007
Wednesday, April 25, 2007
Can you hear me now?
Did you ever feel like you knew something amazing and no one would listen to you???
You've heard the interest rates are low. You've heard the inventories are high. You've heard that buyers have more bargaining power than ever before. You've even heard this Blogger telling you that the leading edge people were already here, buying up everything they could get their hands on in this market. And the good news just keeps on coming.
Last week Sarasota was named by Money Magazine as one of the best places to retire. Inc. Magazine has now named Sarasota as one of the best places for entreprenuers to set up shop.
Not convinced yet?
In March, the Sarasota-Bradenton real estate market seemingly shook off the gloom and doom as sales rose 19%. Naysayers will say its a fluke. That it won't last. But maybe they don't know what I know.
Sarasota is beautiful. It's lifestyle is amazing. People are buying here even when they aren't anywhere else, mainly because at these prices, paradise is on sale. When people get here, living anyplace else seems unthinkable. We win award after award. Come on down and see for yourself!
You've heard the interest rates are low. You've heard the inventories are high. You've heard that buyers have more bargaining power than ever before. You've even heard this Blogger telling you that the leading edge people were already here, buying up everything they could get their hands on in this market. And the good news just keeps on coming.
Last week Sarasota was named by Money Magazine as one of the best places to retire. Inc. Magazine has now named Sarasota as one of the best places for entreprenuers to set up shop.
Not convinced yet?
In March, the Sarasota-Bradenton real estate market seemingly shook off the gloom and doom as sales rose 19%. Naysayers will say its a fluke. That it won't last. But maybe they don't know what I know.
Sarasota is beautiful. It's lifestyle is amazing. People are buying here even when they aren't anywhere else, mainly because at these prices, paradise is on sale. When people get here, living anyplace else seems unthinkable. We win award after award. Come on down and see for yourself!
Friday, April 20, 2007
Romancing Real Estate
I read an interesting article today that compared the decision to hold off on buying real estate to fear of commitment in relationships.
"This one is perfect - but what if I see something even better tomorrow?"
"My situation is not exactly what I want, but it is comfortable and at least I know what I have"
"It's a huge commitment, and so permanent - I am not sure if I am ready".
Any of those statements could, in reality, be applied to real estate, or real life. The reason being, either decision is highly emotional and carries long term ramifications. In actuality, they can be applied to any big decision, which can sometimes seem paralyzing. In the face of a significant change, human beings often opt for the safety of what we know. Its human nature.
The real estate process, however, should be looked at far more practically. If you are currently paying $1200 in rent, that money may be better served paying a mortgage instead - in effect, you are adding to your investment every time you make a payment. At the end of ten years, you either have paid ten years of rent, and you move out with only your personal possessions - or you have solid equity in your future. Although it is tough for sellers right now, the longer term investor will almost always be safe with a real estate purchase. The key is to not NEED to sell, but to be able to wait until it is favorable to sell. Which is exactly the situation of a person looking to buy a home in order to live here.
History has proven that in a slow market, buyers are waiting for someone else to buy first. In essence , it provides validation that it is "safe" to buy. Traditionally, it is the leading edge investors - the first ones back into the market - that get the deals. By the time the market is back in an upswing, many buyers realize they are now coping with rising prices, not falling ones.
Right now, "all of the good ones" are not taken. So get out there - you may be suprised at what you find.
"This one is perfect - but what if I see something even better tomorrow?"
"My situation is not exactly what I want, but it is comfortable and at least I know what I have"
"It's a huge commitment, and so permanent - I am not sure if I am ready".
Any of those statements could, in reality, be applied to real estate, or real life. The reason being, either decision is highly emotional and carries long term ramifications. In actuality, they can be applied to any big decision, which can sometimes seem paralyzing. In the face of a significant change, human beings often opt for the safety of what we know. Its human nature.
The real estate process, however, should be looked at far more practically. If you are currently paying $1200 in rent, that money may be better served paying a mortgage instead - in effect, you are adding to your investment every time you make a payment. At the end of ten years, you either have paid ten years of rent, and you move out with only your personal possessions - or you have solid equity in your future. Although it is tough for sellers right now, the longer term investor will almost always be safe with a real estate purchase. The key is to not NEED to sell, but to be able to wait until it is favorable to sell. Which is exactly the situation of a person looking to buy a home in order to live here.
History has proven that in a slow market, buyers are waiting for someone else to buy first. In essence , it provides validation that it is "safe" to buy. Traditionally, it is the leading edge investors - the first ones back into the market - that get the deals. By the time the market is back in an upswing, many buyers realize they are now coping with rising prices, not falling ones.
Right now, "all of the good ones" are not taken. So get out there - you may be suprised at what you find.
Saturday, April 07, 2007
Pretend You're A Tourist
One of the strangest phenomena, it seems to me, is that people who live in a certain town rarely take advantage of the towns many attractions. Oh, we know where they are, we can tell visiting friends and family about them, we might even have snuck into one or two. But overwhelmingly, I meet people who confess to rarely getting to the beach...or have never seen a show at the Van Wezel. After recently extolling the virtues of Towles Court to an artistically inclined client, they asked "have you been there?"
Wow. I knew so much about the place, the schedule of their art walks, even some of the artists. But had I been there? It was almost a startling realization that I had not! With resolve I decided to go to the Friday night art walk that very week - by coincidence, a friend was exhibiting at the Sonnet Gallery. On Friday, I surprised the kids with our plans (no need to hear whining until absolutely necessary ) and we were off.
As a lifelong art lover, I expected to be charmed. Wowed. Intrigued. And to totally fall in love with the open galleries, live music and softly lit walkways. I was not disappointed. What I didn't expect was the reaction of my children. My 7 year old son who couldn't get enough of talking about the "cool colors" of glass sculptures and asking me if we could try pastel painting. My 13 year old who was so intrigued with a photography gallery, that she asked to take a photography class and has begun filling her walls with her own shots. They made me visit every gallery, didn't miss a one. And as we strolled with our drinks (white wine for me, apple juice for them) and discussed art, I realized I was exposing them to a whole new world. And it had been in my own back yard all the time.
One of the best things about being in real estate is the exposure I have to all the neighborhoods, all the properties, and the varied personalities Sarasota offers. I was glad to be reminded what a fantastic, vibrant town this is - for those of you moving here, I would love to point out some of my favorite spots. But once you get here, don't forget to be a tourist in your own town - Sarasota is a great place to explore - no matter how long you've lived here. - Regina Brassil, REALTOR
Wow. I knew so much about the place, the schedule of their art walks, even some of the artists. But had I been there? It was almost a startling realization that I had not! With resolve I decided to go to the Friday night art walk that very week - by coincidence, a friend was exhibiting at the Sonnet Gallery. On Friday, I surprised the kids with our plans (no need to hear whining until absolutely necessary ) and we were off.
As a lifelong art lover, I expected to be charmed. Wowed. Intrigued. And to totally fall in love with the open galleries, live music and softly lit walkways. I was not disappointed. What I didn't expect was the reaction of my children. My 7 year old son who couldn't get enough of talking about the "cool colors" of glass sculptures and asking me if we could try pastel painting. My 13 year old who was so intrigued with a photography gallery, that she asked to take a photography class and has begun filling her walls with her own shots. They made me visit every gallery, didn't miss a one. And as we strolled with our drinks (white wine for me, apple juice for them) and discussed art, I realized I was exposing them to a whole new world. And it had been in my own back yard all the time.
One of the best things about being in real estate is the exposure I have to all the neighborhoods, all the properties, and the varied personalities Sarasota offers. I was glad to be reminded what a fantastic, vibrant town this is - for those of you moving here, I would love to point out some of my favorite spots. But once you get here, don't forget to be a tourist in your own town - Sarasota is a great place to explore - no matter how long you've lived here. - Regina Brassil, REALTOR
Monday, April 02, 2007
Should you invest in a Sarasota Condo?
I only had the previous post up for a few minutes when I received a call to clarify a point on condos - do the rules of investing hold true in the current condo market in Sarasota?
I will keep this short and to the point. If you are looking to purchase a condo as your primary residence, or for any personal use, it is actually a terrific time to buy. With such a glut of condos on the market, some still in pre-construction, you can scoop up a condo with great amenities for a really fantastic price.
If you are looking at condos as investments to re-sell within a few years, keep in mind that it is estimated that we may have as much as a 5 year inventory of condos in Sarasota County right now. Essentially, that means that for as many years, we will likely be experiencing a tough situation for sellers of condos. I would only consider a condo for a resale strategy if I were thinking very long term, at LEAST 5 years out. If investing is of interest to you, please read the post below as well. I hope you find it informative and helpful.
Regina Brassil, REALTOR
I will keep this short and to the point. If you are looking to purchase a condo as your primary residence, or for any personal use, it is actually a terrific time to buy. With such a glut of condos on the market, some still in pre-construction, you can scoop up a condo with great amenities for a really fantastic price.
If you are looking at condos as investments to re-sell within a few years, keep in mind that it is estimated that we may have as much as a 5 year inventory of condos in Sarasota County right now. Essentially, that means that for as many years, we will likely be experiencing a tough situation for sellers of condos. I would only consider a condo for a resale strategy if I were thinking very long term, at LEAST 5 years out. If investing is of interest to you, please read the post below as well. I hope you find it informative and helpful.
Regina Brassil, REALTOR
Real Estate Investing in Sarasota
Much has been made of the plight of the real estate investor in the last 12 months. Foreclosures, abandoned deposits, and unwanted multiple mortgages on properties they couldn't sell are scary facts. As with any investment, whether it be real estate or stocks, it is the short term thinker that often gets burned. When the risk pays off, its big money, and that was the allure of too many people investing over their heads. The risk, unfortunately, didn't pay off.
However, history is quite clear that real estate as a long term investment is reliable and profitable. As someone who has invested in real estate most of my adult life, I can vouch for the fact that over the long haul, real estate has been very good to me. And I encourage others to invest in real estate if possible. But do so with a level head and some basic rules -
1. Have long term view. If conditions are favorable in the short term and you want to sell, terrific! But if your plan is to hold the property for a set period of time, market fluctuations are not nearly as intimidating.
2. Fix your mortgage. Yes, the rates can be a bit higher, but there is comfort and safety in a set, known payment - especially in uncertain times. If your plan is to rent the property out, know the going rental rates and make sure you can afford the payment if the property does not rent out immediately.
3. Buy when no one else wants to. Right now, many people are afraid to invest, but leading edge investors are buying, and buying aggressively. An investor friend of mine says his only frustration is that he wishes he could buy up more. Prices are low, the boomers are coming over the next several years and many neighborhoods in Sarasota are enjoying a renaissance. Deals are out there for the asking.
4. Find a neighborhood with promise. In Sarasota, waterfront acreage is all but gone. But there are several communities that are undiscovered gems, still unbelievably priced for their proximity to the water. Sure, the homes are older but the neighborhoods are changing; renovation and rebuilding is occurring as we speak. And if you think I am talking in terms of "Sarasota affordability" think again - I know of a few homes under $250,000 in waterfront neighborhoods. Locations within walking distance to downtown, but in quiet neighborhoods, also have fantastic upside.
5. Be realistic. The days of "flipping" on the same day of closing and making $50,000 are gone now. But Sarasota is growing, boomers are retiring, and we live in a beautiful town. The market is returning to normal. Just don't expect double digit returns within weeks and you will be fine.
If real estate investment is of interest to you, give us a call. Don't wait until the market starts to rise again - as an investor, the time is now.
Regina Brassil, REALTOR
However, history is quite clear that real estate as a long term investment is reliable and profitable. As someone who has invested in real estate most of my adult life, I can vouch for the fact that over the long haul, real estate has been very good to me. And I encourage others to invest in real estate if possible. But do so with a level head and some basic rules -
1. Have long term view. If conditions are favorable in the short term and you want to sell, terrific! But if your plan is to hold the property for a set period of time, market fluctuations are not nearly as intimidating.
2. Fix your mortgage. Yes, the rates can be a bit higher, but there is comfort and safety in a set, known payment - especially in uncertain times. If your plan is to rent the property out, know the going rental rates and make sure you can afford the payment if the property does not rent out immediately.
3. Buy when no one else wants to. Right now, many people are afraid to invest, but leading edge investors are buying, and buying aggressively. An investor friend of mine says his only frustration is that he wishes he could buy up more. Prices are low, the boomers are coming over the next several years and many neighborhoods in Sarasota are enjoying a renaissance. Deals are out there for the asking.
4. Find a neighborhood with promise. In Sarasota, waterfront acreage is all but gone. But there are several communities that are undiscovered gems, still unbelievably priced for their proximity to the water. Sure, the homes are older but the neighborhoods are changing; renovation and rebuilding is occurring as we speak. And if you think I am talking in terms of "Sarasota affordability" think again - I know of a few homes under $250,000 in waterfront neighborhoods. Locations within walking distance to downtown, but in quiet neighborhoods, also have fantastic upside.
5. Be realistic. The days of "flipping" on the same day of closing and making $50,000 are gone now. But Sarasota is growing, boomers are retiring, and we live in a beautiful town. The market is returning to normal. Just don't expect double digit returns within weeks and you will be fine.
If real estate investment is of interest to you, give us a call. Don't wait until the market starts to rise again - as an investor, the time is now.
Regina Brassil, REALTOR
Subscribe to:
Posts (Atom)
Posts
