Marilyn Katz - ABR, e-PRO - WestportCTProperties.com

I don't know about you, but my real estate market is centered right in my own back yard. It includes Westport and the immediately surrounding towns. It does not include communities on the other side of the country, throughout the south, across the Midwest or even in the neighboring states. So please, stop sending me emails with your listing flyers.

In my market, I know the locations of the schools, the train stations, the major highways and shopping areas. I know or can find out the price of comparable properties. I can look up listing histories and tax records. In other words, I have the knowledge and the tools to represent my buyers.

When you send me an out-of-state listing, I have to believe that your goal is to build your real estate network. I'm impressed that your builder is now offering a 5% buyer commission, but when you tell me that I can't pass up this opportunity to bring my buyers, guess what? Showing a listing 1500 miles away is not an opportunity.

You can't possibly believe that I'm going to show your new condo in Las Vegas or your fabulous home, on the Intercoastal, in Florida.

If I have a client who is moving out of state, I am happy to give a referral. However, I am not going to choose an agent because they loaded my e-mail with spam.

Yes, that's how I view your e-mailed listings. They are junk mail, filling up my inbox. I put them in the same category as the offers I receive to build a better website, improve my SEO to gain first page ranking (thank you, I'm already there), learn how to list REO's or FSBO's or Expireds., Like those other non-solicited offers, your e-mail is promptly deleted.

If you're trying to create a referral business, there are better ways to do it. If you're part of a large company, attend their networking events. Take CE courses in towns, other than your own. Of course, if you've found me online, blogging is an obvious method. Write about yourself, your community and your real estate practice. Comment on other people's blogs. Through ActiveRain, I've gotten to know agents in whom I would have confidence referring my clients.

So please, when you send out your next listing flyer, take me off your list.

Copyright © 2008 Marilyn Katz, WestportCTProperties, All Rights Reserved... How Big is Your Market: 5 States, 15 States, 50 States?

Simultaneously, buying and selling a home can be a tricky proposition, especially in the current "Buyer's Market."

Kinda like "Which came first, the chicken or the egg?" Do you find the home you want to buy and then put your home up for sale or do you put your home on the market before you start looking?

Let's assume you don't have to move, You just want a bigger, smaller, more expensive, less expensive home, or a different location. First you want to make sure that the home you desire is out there. So, you decide to start with a home search. Amazing - there it is - the home of your dreams...but...you haven't even taken the first step to listing your house and you need to sell it, in order to buy.

Okay, maybe the way to go is to make sure you can sell your house, before you start thinking about your new dream home. But what if a buyer appears the first week and you haven't even begun to identify the home you want to buy?

You get the picture. Making both sides work together can present an interesting balancing act.

You don't want to miss buying the great listing, that just came on, but you also don't want to sell your house and have no where to go. What you want is both transactions to happen together.

In the not too distant past, buyers were falling over each other to outbid the competition and purchase everything that came up for sale. Ah, the good old days - a red hot "Seller's Market." But, times have changed. Listings are now taking 80, 90 100 days or more, to come up with an offer. Prices are being reduced once, twice, maybe three times before they become enticing enough to get buyers to "pull the trigger."

So, what's the solution? It may be time to dust off the old Hubbbard Clause. Exactly what is a Hubbard Clause?

A "Hubbard" is a contingency, added to the offer to purchase. If the seller agrees to it, it will be added as a property sale contingency or addendum to the sales contract. The contingency states that the purchase is contingent on the Buyer selling his/her property (typically, their current home.) There will be a stated time period in which the sale must take place. While the Hubbard is in effect, the Sellers can continue to market their home and should they come up with a legitimate offer, the Buyer is given the option of removing the contingency (usually within 1-3 days) and proceeding with the purchase.

During the "Hot" market, many sellers would not accept a Hubbard. In effect, they felt it was taking their home off the market. Often, agents would not show a Hubbard property or discouraged their buyer clients from making an offer on a Hubbard, citing that it would only be used to up the ante on the first buyer.

In the current environment, the Hubbard Clause may serve to facilitate the sale of both properties. The sellers know that the buyers want to make the purchase and therefore, have the incentive to be more negotiable in the sale of their present home. Sellers also have a better opportunity for receiving subsequent offers. An astute agent will advise his or her buyer clients that, although the first buyers will be given the option to remove the contingency, if they do not have offers on their home, they may not be in a position to do so. Thus, giving the second buyers a reasonable shot at making the deal.

Copyright © 2008 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Get the Hubbard out of the Cupboard - buying and selling in a "Buyer's Market

Remember practicing for those dreaded SAT analogy questions?   You know, the ones where they give you a set of words and ask you to pick out a pair that have a similar relationship.  Teaching us to find the correct answer was not only meant to help us score better on standardized tests, but was also meant to sharpen our thinking skills.  Here's an example:  (note: I cheated a bit and used phrases as well as single words)

Choose a lettered pair that best matches the relationship of the original pair.

JOB APPLICATION : EMPLOYER

a) real estate agent : homeowner
b) listing : buyer
c) house for sale : sales price
d) buyer : real estate ad

The correct answer is b. When you fill out and submit a job application, you are hoping the prospective employer will select it, giving you a chance to compete for the job.  Similarly, when a listing is presented to a prospective buyer, you are hoping they will consider your home, as one they might purchase. 

Taking it to the next step, perhaps the skill set employed in the job interview, can also be applied to getting your listing sold.  There are three basic steps recommended in most job interview guides. 

First, do your homework.  This includes finding out everything about the company and its competitors, thinking of questions that may be asked and knowing the answers, and checking the salary ranges for similar jobs, in the same city.

Second, do the paperwork.  Prepare a complete and professional looking resume.  If applicable, compile a portfolio of your work, as an example of why you are the best candidate for the job.

Third, make a great first impression.  Put your best foot forward by presenting a neat appearance and dressing for success.  Don't do all the talking.  Listen before you respond.  Be prepared to emphasize your assets and turn negatives into positives. 

NOW, LET"S APPLY THESE STEPS TO SELLING YOUR LISTING.

First, do your homework. Start with a trip to town hall to review all the physical and financial information, concerning the property.  You do not want to be surprised when a prospective buyer mentions there are current liens, on the property.  You want to know, ahead of time, if a potential offer price would put the property in a short-sale situation.  (In some locations, the initial search may be started online.)  Think about questions, buyers may have, and be prepared with the answers.  Does the property have wetlands?  What are the zoning regulations for setbacks?  Prepare a competitive market analysis (CMA), not only to establish the correct selling price, but also to familiarize you with prices at which similar properties have sold or are currently listed.

Second, do the paperwork.  Have copies of the listing, as well as signed property disclosures, available  for buyers to review.  Prepare a listing booklet, with pictures, lists of property features and improvements, and town and local school information. Where available, have marketing materials for local amenities, such as theaters, library programs, continuing education curriculum and sporting events.

Third, make a great first impression.  Make sure the property is in "company condition" when preparing for showings.  Dirty dishes should be cleared away.  Laundry belongs in the hamper, not on the floor.  Have the hedges trimmed and the lawn mowed.  Turn the lights on BEFORE the buyers arrive.  If you are the one showing the house, don't do all the talking.  Take your lead from the buyers.  Be prepared to turn negatives around.  For instance, if the house is on a main road, point out that it's one of the few streets with sidewalks.

Just substitute the components.  The job application is your listing.  The employer is the buyer.  The prize is landing the job - closing the sale.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Selling Your Listing: Treat it like a job interview

Looking to buy a new construction home, in Westport, CT? Now may be a great time to play "Let's Make A Deal" with the local builders.

Westport's new construction homes currently make up a disproportionate segment of the market. Of the active listings, on the MLS, 92 are identified as some form of new construction. These listings include proposed, under construction and completed properties, as well as torndown and rebuilt homes. This represents 28% of total active listings. Looking at 2008 sold properties, year-to-date, 19% of Westport's single family home sales, were new construction. In 2007, new construction accounted for only 17%.

If we annualize the year-to-date sales, we can project a twenty (20) month inventory of new construction homes, currently active, on the market. This compares with a fourteen (14) month inventory, overall.

Within the new construction segment, some price points are faring better than others.

Westport, Connecticut
Single Family New Construction Homes
2008 Y-T-D

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING DECISION.

So far, this year, approximately one third (32%) of new construction homes had sale prices under $2 million, another third (34%) sold between $2 million and $3 million, with the final third (34%) represented by the over $3 million sales. Some downward pressure on price is evidenced by a shift in those segments to 36%, 35% and 29%, respectively, for active listings.

Further analysis suggests that many of the homes currently listed between $2,500,000 and $2,999,000, will require price reductions, to be sold. This price point has not performed well, this year. There are 19 active listings, in this group, with only 3 sales, so far, this year.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT - New Construction Homes

The other day, I received instructions for using the new voting system being
used in Connecticut, for this year's presidential election. It was described as "An instructional pocket guide to using the New Optical AccuVote-OS^TM Voting System." The title, itself, sounded daunting."

The mailer was a tri-fold. When opened up, it presented a wordy, five-step explanation of the process for casting your vote. The guide was sent from the Office of the Secretary of the State. The immediate knee-jerk reaction to anything requiring that amount of explanation, was that voting, this year, will be difficult.

In truth, the system is quite easy. For anyone checking it out online, The State of Connecticut Secretary of State posted a website, which offers a simple, single paragraph explanation of this year's voting process.

Voters will be given a paper ballot and a privacy folder. They will take both into a privacy booth, where they will fill in their choices. The ballot will then be fed into a scanner. Simple!

Unfortunately, the voters who are most likely to be put off by the printed voting guide, are the least likely to check out the instructions, online. Hopefully, the "helpful" guide won't scare off too many voters.

Is a new system being used in your state? How is it being presented to the voters?

Copyright © 2008 Marilyn Katz, All Rights Reserved, 2008 Voting Systems - Will Voters be Scared Off?