Platinum Club! Here is what we discussed…
· Agents are concerned about appraisals – again. Recently we had an appraiser come from Annapolis to do an appraisal in Leesburg – over 1.5 hours away – stay tuned about how it will turn out. In another instance, an appraiser did an appraisal in Centreville who came from Frederick Maryland – at least a 1.25 hour drive away and it came in low to kill the deal. Agents need to personalize themselves to the appraiser and build rapport with the appraiser as they do with any other client or business situation. Suggestions were to take off lockbox and meet the appraiser to build the relationship. Also, by taking off the lockbox you can say that you were inundated with showings and contracts and the sellers wanted it to stop to build excitement about your property. Also, ask if they need help – don’t tell them what they need to know.
· Banks are doing strategic loan modifications to well qualified borrowers to get their loan mod numbers up to the government so they can foreclose on others…very sneaky!
· Sales continue to be brisk under $350,000 when the houses are priced right and are in top condition…it seems we say this every month!!
· It has been an investors market for several months now and will continue to be so for the next few years going forward because of jobs being created here, the strong rental market, low interest rates, affordable house prices and demand from those who have sold their houses through short sales or foreclosure needing a place to live.
· Fannie foreclosure assignments are rolling in but not many other foreclosures are not being released onto the market…of the Fannie listings, only about 25% are able to be placed on the market due to repairs, evictions or improper foreclosure. Currently there are only 468 foreclosures on the market in Northern Virginia. Our total distressed market only makes up 22.5% of our market – it is just over 30% in the rest of the country.
· Speaking of distressed properties, sellers are getting HAFA notices after short sales are in process and are requesting to switch to the program. They are doing this because of the moving assistance credit of $3,000. Many are doing this even after getting approval for the short sale and then they are getting foreclosure notices and completely screwing up the sales in the process. People’s greed will never cease to amaze us!!
· It appears to be somewhat of a quirky market in a lot of cases…houses that are gorgeous and priced right that the agents thought would sell quickly are sitting on the market and those they thought would never sell because of price, condition, location, etc are flying off the shelves – you never know what’s gonna happen.
· Quick pieces of advice – market to your sphere, talk to your sphere, stop by and see your sphere, and additionally, grow your sphere. Network with others, know your numbers, know the trends, be a provider of valuable information and be a great communicator.
The networking with these other top notch professionals is an opportunity that should never be missed when invited to attend. The jokes, camaraderie and discussions make you feel great and truly pump you up on the business. Plus it is an opportunity to convey to clients what other top producing agents are saying about the market in an invitation only – exclusive environment. Don’t miss it again. Get it? Got it? Good!
Now, go sell something!