And Now, The Good News

Consumer Reports recently published a survey, and the results indicate that there is, in fact, some good news in the real estate industry! While foreclosures and other economic factors still exert some negative impact, those buyers and sellers who have worked with real estate professionals expressed a high degree of satisfaction, both with their representatives and with their bottom line.

Nearly 10,000 consumers were surveyed, and nearly three-quarters of those buyers and sellers reported that they were very or completely satisfied with their agent. More good news: 86 percent of sellers who listed with a professional made the sale! (Many of the remaining percentage still had their homes on the market at the time of the survey.)

Other results showed what all agents already know, because over four-fifths of consumers who listed through a broker netted an average of only $5,000 less than their asking price. On the flip side, two-thirds of buyers who used a representative paid about $5,000 less than their purchase's original listing price. (The remaining third, who negotiated on their own, ended up paying very close to the asking price.)

So what do all these statistics mean to you? Regardless of your market’s conditions, when you face the need to buy or sell your home, you'll get the best results when you seek the representation of a qualified real estate professional!

An Empowering Relationship!

Sports agent. Talent agent. Insurance agent. Real estate agent. What significance does the label "agent" hold, and why is it important when buying or selling a home?

Webster's dictionary defines an agent as "a person, firm, etc. empowered to act for another." For an "agency" relationship to exist, there must be a "principal" and an "agent." The principal is the person who empowers another to act as his representative, while the agent is the person empowered to act.

In real estate, an agency relationship is created when a seller signs a "listing agreement." The seller gives the broker authority to act on his behalf to locate a purchaser. The agent must be loyal to his principal, exercise competence, and when negotiating a sale, the agent must protect the principal's financial interests. The agent must also treat all third parties honestly and fairly.

It is also possible for an agency relationship to exist between a buyer and a broker. When this occurs, the broker's fiduciary loyalty is to the buyer, and all sellers must be treated honestly and fairly. In that case, the agent attempts to secure the lowest price and most favorable terms for the buyer, his principal.

Whether buying or selling, it is critical to understand which parties make up the agency relationships. If in doubt, ask the real estate agent for a clarification.

Three Possible Choices

There are many factors that affect how you'll price your home when you're ready to sell. In spite of market conditions, interest rates, and so on, every transaction is unique. So you should seek the assistance of an agent and prepare yourself and your home well in advance of placing the For Sale sign out front.

Sometimes a home will have three different possible prices: the price the sellers want to net, the price the buyers would like to offer, and the final sales price agreed upon by both parties. Your home's ultimate value is determined by other local sale prices, which are often a product of supply and demand.

The asking price or the offered price are not the whole story, however. While an offer of $200,000 doesn't seem to appear as good as an offer of $210,000, pay close attention to the terms attached to that higher offer. If the buyers also want you to offset closing costs and deduct for a decorating allowance, the "clean" offer of $200,000 might actually put more money in your pocket.

It's wise to seek representation and assistance with pricing, marketing, negotiation and closing. Put a real estate agent with local experience to work for you. Once armed with the facts relating to terms and conditions of local sales, you can move forward with confidence in your listing.

Ready To Open Up?

There's been discussion among professionals in the real estate business for years now regarding the value of holding open houses. The National Association of REALTORS® conducted a survey last year that revealed 80 percent of buyers used the Internet for property searches, but only 42 percent visited open houses. What gives, and are open houses a waste of everyone's time?

The answer varies according to whom you ask, and there are good arguments on both sides. Some agents feel that truly serious buyers do their searching well in advance, and choose to make appointments to see the homes that really excite them.

Other agents have learned that buyers enjoy the freedom of seeing properties without an appointment and without the company of a representative when they visit. Sellers, on the other hand, sometimes expect agents to host open houses to show that they're working hard for their compensation.

Real estate agents often begin developing relationships with buyers through open houses. By learning the needs of particular buyers at an open house, the agent may be able to direct those buyers to another home that's better suited to their needs – perhaps yours!

In a nutshell, both sides can be equally argued, but the sale of your home is as unique as you are. Discuss the potential benefits and deterrents of an open house with your agent.

Michael Jewett Joins Cora Bett Thomas Realty & Associates

SAVANNAH, Ga. – D. Michael Jewett, a real estate professional who specializes in the listing and sale of luxury residential property, recently joined Cora Bett Thomas Realty & Associates as a sales associate. In his new position, Michael represents clients in buying and selling distinctive property throughout the South Carolina Lowcountry area.

An exclusive affiliate of Christie’s Great Estates, Cora Bett Thomas Realty & Associates is considered by many to be the pre-eminent real estate marketing firm serving coastal Georgia and South Carolina. The firm was recently the recipient of a Leading Real Estate Companies of the World® Member Achievement Award as well as two first place awards in the Leading Real Estate Companies of the World® Marketing Contest with a 1st Place - Company Brand Advertising category and another 1st Place - Property Advertising category.

“We warmly welcome Michael to our team of accomplished sales professionals,” said Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates. “Our firm and our clients will truly benefit from his extensive experience and knowledge.”

Click here for more on Michael Jewett

A Brighter Note for Housing

While the Grinch may have had his way with housing this past year, better days are ahead. NAR Chief Economist Lawrence Yun tells us that the economy and housing will easily escape recession, but foreclosure rates will continue to rise in 2008. Some markets will do better than others, however on the whole, the national home sales and price situation will be very similar in 2008 to 2007.

Click here for full article.



"Copyright National Association of REALTORS®, Reprinted with permission."

Real Estate Professionals -- Still the No. 1 Choice by Home Sellers

In a soft housing market, home sellers need help. And real estate professionals are there to provide it. While the Internet and other tools are indeed useful for those looking to buy a home, home sellers still rely on the expertise and knowledge of their real estate agents. Our Market Intelligence feature this month looks at what those sellers most want from their real estate professionals.

Click here for full article.



"Copyright National Association of REALTORS®, Reprinted with permission."

Rubbing Elbows!

At some point in your life you're likely to find yourself either buying or selling a home. When that time comes, you might want to ask yourself some questions.

Can I figure like an accountant? Can I measure like a surveyor? Do I understand "legalese" like an attorney? Can I spot defects like an inspector? Can I speak like an auctioneer? Do I understand zoning, building codes and taxes like a city or county employee? Do I understand human motivation like a psychologist?

Chances are you'll be hard pressed to answer all those questions with a "Yes," unless you're a real estate professional. Why, you ask, would an agent be different? It has to do with "rubbing elbows."

The daily routine of an active, highly committed real estate broker or agent is an exhausting one. During any 24 hour period, such a professional will likely have contact with loan officers, lawyers, tax collectors, land surveyors, insurance company representatives, mortgage lending officers, accountants, auctioneers, courthouse personnel, local businessmen and - most importantly - buyers and sellers.

Working at least six days a week, can you imagine how many individual contacts would be made in a year's time? Such an active individual can mean the difference between winning or losing at real estate. After all, it's who you know, and now you know the benefits of representation.