Monthly Archives: September 2010

Realtors® take Stranger-Danger seriously

gunmanYou may have heard in the news that two northeast Ohio real estate agents were murdered last week, and a third one was held at gun point and robbed – all separate incidents. All were in the process of showing homes to supposed buyers in the cities in which they worked.

It was ironic since September is deemed to be Realtor® Safety Month. Our various associations have chosen that month to remind us of the steps we need to take to be safe on the job. One might not think that being a Realtor® could be a hazardous job, but we’re easy prey because we often are showing homes to people we barely know. The welcome screen on our MLS system alerts us to suspicious behavior or crimes so we can be on the look-out.

In the years I’ve been in the business, I’ve noticed agents have been changing the way they do business.

  • Fewer open houses are being held. With most Internet sites allowing us to post many photos and the use of video tours, there is less need to subject a seller’s possessions to potential theft. Serious buyers can get a good idea of the interior of the home and if interested, can set up a showing with their agent. Agents are also less willing to expose themselves to the personal risk of holding an open house where total strangers are coming through the door. If you drive around Delaware County on a Sunday afternoon, have you noticed how few open house signs are on the corners of intersections (other than builders’ models)? A few years ago, those signs sprouted like spring dandelions but not anymore.
  • Don’t expect an agent to be a “pop-tart”. Pop-tart is the name we give to agents who will rush to show a home to a buyer with a mere phone call. It happens when a buyer calls to say they want to see a particular home “right now” or in an hour or two. The eager (desperate) agent pops-up to go show the home without even knowing whether the buyer is qualified to purchase it. Most agents just aren’t doing this anymore as it’s too risky and can be wasted effort if the buyer hasn’t even talked to a lender yet.
  • Expect to be asked to CITO. When a buyer first contacts an agent about buying a home, the professional agent will require the buyer to Come-Into-The-Office for a preliminary meeting. The agent will gather all key info from the buyer, discuss their criteria and goals, inform them of the buying process and set-up for them to meet with a lender so they know what price of home the buyer is apt to be approved to buy.
  • You may be asked to drive your own car. Fewer agents are loading buyers into their own car to view homes. They ask the buyer to follow them in the buyer’s car. There are several reasons for this, one of which is the agent’s safety. There are two other economic reasons for agents. One is that it can reduce the amount of car insurance and the liability if there is an accident. The other is that it doesn’t require the agent to buy an over-sized car in order to carry additional people.

If you’re a buyer, you may notice a change in the way the agents work now versus years ago unless you personally know the agent. Please don’t take offense with it and certainly don’t take it personally. The agent is doing what they think is necessary to protect their life. You would do the same.

Read more “Safety” articles

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

A creative solution to planting around tree roots

Norway spruce trees, Delaware OH 43015

A number of years ago I planted five 8-ft Norway spruces in my backyard to provide a pleasant screen. Well, they’ve more than doubled in size and some of the perennials I had planted in front of them have died as the lower branches extended out on the ground. I would like to add some new plants for color against the dark green of the spruces, but their roots have extended out so far that digging in the soil is difficult. Plus, the birds and the “attack rabbits” use the soil as dusting stations which compacts the soil even more so.

I think I may have found a solution. I just watched a video from Ashton Ritchie’s blog (the Scotts guru) that shows how he solved this root problem under his birch tree. He dug big holes, then inserted permanent potting containers. Then he uses slightly smaller containers inserted into the big containers and puts the plants into the smaller containers. Pretty creative way to deal with tree roots. Watch Ash’s video on his blog to see the process.

BTW, in case you’re wondering what that orange “thing” is under the tree to the right, that’s The Murph’s tail in upright “flag” position because he was chasing the Attack Rabbit who lives under the trees. Since his earlier spat with the Attack Rabbit, he’s only brave enough to give chase when I’m outside with him.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Now or Later?

The real estate market isn’t out of its doldrums yet. We keep asking ourselves if this is the new “normal”.  At a recent meeting, the speaker mentioned that the number of homes being sold now, is very similar to the number that sold in the 90′s. It only feels different now because we’re coming off the unsustainable highs of the early 2000′s.

What should home buyers do?

While it sounds very trite, it really is the best time to buy that we’ve in many years. The reason is the historically low interest rates. If your credit rating and debt/income ratio is good, you’ll likely qualify for a rate around 4.5% or lower. I’ve been receiving inventory emails from builders who are offering specials with some rates below 4%.  There is also an ample supply of homes available in all price ranges and styles. Most of the homes are priced very competitively and some are priced near or below what the owners initially paid for them. If you’re currently renting, there’s a good chance that your mortgage payment may be the same or lower than your rent, plus you might get the extra property tax and mortgage interest deductions on your IRS taxes.

What should home sellers do?

It’s a little tougher to answer this question and it depends on whether the homeowner is willing to be realistic on their price. Since there is competing inventory, it’s not the time to overprice the home, plus, the home must be in tip-top shape to show its best. If the home meets that criteria, then now would be a good time to put it on the market since the interest rates are so low.

I recently had a seller ask me if it would be better to wait until next year. I can’t answer that – I’m not that smart. There are too many unknowns with the government right now that could seriously impact next year’s market. Aside from the upcoming November elections and how those results will influence the market, I’m most concerned with watching what is done with the so-called “Bush Tax Credits”. Based on the details my CPA provided to his clients, if these tax credits are allowed to expire, we will all see tax increases and lower deductions on our IRS forms regardless of income.  We could also see more damage to the jobs market if the tax increases create havoc for small businesses. Higher unemployment and less disposable income would certainly not benefit the real estate market. We’ll just have to see how this all shakes out.

Talk to your favorite Realtor®

The best advice I can give, for both buyers and sellers, is to talk with your favorite Realtor® and a lender, if you’re going to buy. The agent can do a comparative market analysis to estimate a selling price on your current home. Then by also meeting with a lender, you’ll have an idea on the price of home you qualify for based on your down payment. If you don’t already have a favorite Realtor®, I’m available to help you. Just call me.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Home ownership vs real estate investing

Do we need an attitude adjustment? In recent years, the media has spoken of “the real estate market” as if it were the stock market. It’s only similar for those people who buy/sell land for the potential to turn it at a profit, i.e. investors.

The majority of people buy a home to live in, to enjoy weekends in, to raise the kids in, and to create their own family memories. These people know they’re not buying a stock or mutual fund to add to their portfolio. They’re fulfilling the bottom rung of Maslow’s Hierarchy of Needs for shelter. So should they buy based the expected ROI they may receive when they sell?

Let’s consider other purchases we make. Next to the home mortgage, our largest purchase is probably our cars. Does anyone purchase a car with the expectation that it will be worth more than what we paid at the time we sell it? Of course, not. We know that the moment we drive it off the lot, it is no longer valued at the purchase price. Does that fact alone stop people from buying cars? No. They’re just more conscientious with their loan amount, to ensure they keep the car long enough to owe less than the car is worth when it comes time to sell. How many times have you heard someone say they’re going to “drive it until the wheels fall off”?

Another big purchase may be your or your child’s college education. The timing to get that money back via higher income potential was likely a lot shorter years ago than it is today when it’s so hard to find a decent paying job. Yet, we still believe that having a college degree is a valuable asset in the long term so people continue to spend their money on the education.

There are many other purchases that we make year in and year out, where the goods lose value as we use or enjoy the product during its lifetime. Our homes are the ONE item we purchase that has the potential to increase in value while we own it. Even if the value increase is modest, we still have benefited from the IRS deductions for interest and property taxes. But more importantly, our homes – unlike our stock portfolio – become an integral part of our daily lives and our memories.

Buy a home for the shelter it provides, for the schoolmates your child will befriend, for the yard your kids or pets will enjoy, for the good times it gives at holidays, and for the enjoyment of the summer BBQ’s with friends. Stop buying as if it were an inanimate oil or technology stock.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

OMG, why cant U spel? RU stoopid or jus lazee?

dictionaryWhat is your opinion of a person who consistently misspells words? Especially in today’s world where spellcheck is so readily available.

Realtors® seem to be spelling-challenged. Whether it’s in the MLS descriptions of their listing, on Twitter, Facebook or their blogs. They misuse your when they mean you’re. Many have trouble with there, their and they’re. Of course, spellcheck doesn’t help with those words, since they need a grammar check.

Sometimes we may have trouble with commonly used words that use two of the same letters. I personally have to be careful with necessary to remember that it’s two s’s not two c’s. One word that I never have trouble with – thanks to a high school teacher – is occasion. She told us that there is no ass in occasion. I’ve never forgotten that advice since at that time, it was unusual to have a teacher use such language.

It bothers me when I see Realtors® misspell words because it reflects badly on us since we are responsible for adding critical language to the Purchase Contract. If someone is going to be writing a Contract for me, I’d like to be comfortable that they know how to compose a proper sentence, use appropriate punctuation and spell all the words correctly. I’ve seen some agent’s blogs that are just awful.

No doubt, our use of texting and Twitter is encouraging bad behavior. We type quickly and perhaps we have “fat thumbs” issues. However, my Blackberry even has a spellcheck, so there’s no excuse.

So, does it bother you to see people misuse words or punctuation?

Riverside Hospital … a good place to stay if you have to.

Health care has obviously been in the news a LOT in the past year. This past week, I was able to see first-hand how much different it is now. I’ve been blessed with a very healthy life so haven’t been in a hospital since 1972 when my last child was born. I spent three days at Riverside Hospital this week, and was amazed at the difference.

Riverside Hospital, Columbus Ohio

Photo taken with my Blackberry

Riverside is one of the main hospitals in Columbus, achieving international recognition. What struck me most were the built-in efficiencies from the color-coded parking lots & buildings to the UPC codes on our wristbands which were scanned every time someone did something to us. Each room had a computer and anytime anything was done to us, it was noted on the computer. Certainly is better than misinterpreting handwriting or dealing with paper charts.

While on the surface, the procedures seem a little like being on an assembly line, the procedures actually make it easier for the patient. You go here to do this … go there to do that. The monster machines whir and click as they peer into your innermost parts.  The staff wears little pager-sized gizmos that records their whereabouts when they pass by a sensor as they enter a room. Then if they are needed, they are paged. Much quieter than the old days of “paging Dr Shoemaker“.

Of course, two things haven’t changed … they still wake you up in the middle of the night … and they haven’t solved that darn hospital gown exposure thing.

Columbus is home to other great hospitals as well.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.