EdBailey
Oct 20, 2006, 05:56 AM
Several decades of experience, coupled with considerable research, has given professional realtors® some insights and knowledge that is not shared by the typical buyer or seller. Such as:
1. Overpriced properties (above market value) take longer to sell and usually sell at a lower price than similar properties that were priced at market value to begin with. At any one time approximately half the homes on the market are priced above market value.
2. Buyers who call real estate agents in response to a newspaper ad usually don’t buy the home they called about, but are more likely to buy a higher priced home.
3. Properties listed at a commission rate lower than the customary 6 percent, take longer to sell and sell at a lower average percentage of the original asking price. The difference is typically five to six times the savings on the cut rate commission.
4. Properties sold by owner sell at a lower average selling price than similar properties sold through a broker. The average difference is about twice the customary real estate commission.
5. Professional investors buy most of their properties from “For Sale by Owner” (FSBO) ads, yet they almost always do their selling through a realtor®.
6. Sellers are likely to get a higher price and buyers are likely to get a lower price when served by local agents who know the market where the property is located.
7. More than 80% of home buyers do some research on the internet before contacting a real estate agent.
8. Multiple Listing Services are the most effective, least expensive tools available for marketing real estate.
9. The agent who lists your property is not likely to be the selling agent. Hundreds of agents in the Multiple Listing Services will be competing to sell your property.
10. Most buyers can qualify for a larger loan than they think they can. Most Mortgage companies will pre-qualify you and help you determine what you can afford for free.
11. A home seller is required by law to make about two dozen specific disclosures and disclose any other information that will have a material effect on the value of the property.
Note: This is a preview from the December, 2006 issue of the newsletter, "Yosemite Gateway Properties and Lifestyles," published monthly at: www.EdBaileyRealtor.com/news.html (http://www.EdBaileyRealtor.com/news.html)
1. Overpriced properties (above market value) take longer to sell and usually sell at a lower price than similar properties that were priced at market value to begin with. At any one time approximately half the homes on the market are priced above market value.
2. Buyers who call real estate agents in response to a newspaper ad usually don’t buy the home they called about, but are more likely to buy a higher priced home.
3. Properties listed at a commission rate lower than the customary 6 percent, take longer to sell and sell at a lower average percentage of the original asking price. The difference is typically five to six times the savings on the cut rate commission.
4. Properties sold by owner sell at a lower average selling price than similar properties sold through a broker. The average difference is about twice the customary real estate commission.
5. Professional investors buy most of their properties from “For Sale by Owner” (FSBO) ads, yet they almost always do their selling through a realtor®.
6. Sellers are likely to get a higher price and buyers are likely to get a lower price when served by local agents who know the market where the property is located.
7. More than 80% of home buyers do some research on the internet before contacting a real estate agent.
8. Multiple Listing Services are the most effective, least expensive tools available for marketing real estate.
9. The agent who lists your property is not likely to be the selling agent. Hundreds of agents in the Multiple Listing Services will be competing to sell your property.
10. Most buyers can qualify for a larger loan than they think they can. Most Mortgage companies will pre-qualify you and help you determine what you can afford for free.
11. A home seller is required by law to make about two dozen specific disclosures and disclose any other information that will have a material effect on the value of the property.
Note: This is a preview from the December, 2006 issue of the newsletter, "Yosemite Gateway Properties and Lifestyles," published monthly at: www.EdBaileyRealtor.com/news.html (http://www.EdBaileyRealtor.com/news.html)