1. Price it Right From the Start
It is crucially important that we try our best to price our listings correctly right out of the gate. We know it is difficult in today's volatile market to place the correct price on any property. However, the consequences to the seller if we don't do this can be severe for two reasons. First, in a market where prices continue to decline, any additional time taken to sell the home only means a lower selling price. The other reason: research has shown that properties that have experienced price adjustments wind up taking longer to sell and sell for less money no matter what the current market conditions are.
(For more on this second point, read Harmful Effects from Changing the Listing Price).
2. Window of Opportunity
While the banks are trying to correct and substantiate their foreclosure paperwork, large inventories of distressed properties coming to market have been delayed. That gives our current listing inventory a 'window of opportunity' to sell before the additional downward pressure of these distressed properties is felt.
(For all KCM Crew Members - those that are full Keeping Current Matters subscribers - this issue is covered in great detail in the July edition of KCM. We give you quotes, graphs and charts to make it easier for you to explain this crucial issue to your sellers. Login and get them today).
3. Conforming Loan Limits
It will take an act of Congress to keep loan limits from falling on government backed jumbo loans in many of the higher priced regions in the country this October. This will result in consumers paying as much as ½ to ¾ of a point more on the rate of their 30 year mortgage.
(For a map of the regions possibly impacted and a schedule of the new loan limits, click here.)
4. August is a Great Time for Education
The two best months for real estate professionals to take education are August and December. These months rank 11th and 12th in regard to transaction counts in most markets. That means that the time invested in taking a class in either of these months is less expensive when factoring in possible lost business. You may decide to take a single class, take classes toward a designation or increase a skill set such as photography or enhancing your social media presence. August is a great time for investing time to make yourself more proficient in a certain aspect of real estate.
(If you are not yet a KCM Crew Member, may we humbly suggest you try a subscription to Keeping Current Matters for the next few months. It is only $19.95/month and carries a full 100% Money-Back Guarantee. Click here for more information.)
5. Remember, it's up to YOU
Let's keep it simple. Your success is determined by one and only one thing: your commitment to it. Don't just want success - BE COMMITTED TO IT!