Monthly Archives: September 2010

Politicians could take a lesson from Realtors®

politicianWhile watching the Sunday morning political pundits, I’ve decided that we would all be better off if politicians – both sides – would conduct their business the way Realtors® do.

  • Realtors® must adhere to a Code of Ethics or risk being fined or having our license suspended or revoked. Don’t we wish there was a Code of Ethics for politicians?
  • Since Realtors® are self-employed, we are all competitors, even if we work for the same brokerage. What is unique about our business is that we must work cooperatively and professionally for the good of our clients when they want to sell or buy homes. Don’t we wish the politicians would “reach across the aisle” for the good of the country rather than being so partisan?
  • Our Code of Ethics says that we must not speak ill or disparage another agent. Can you imagine a politician being told he/she should not be critical of their competitors?
  • As self-employed citizens, Realtors® have no employer-paid pensions, or employer-paid medical insurance or employer-paid FICA (we pay 15%, not 7.5%) and we’re not eligible for unemployment benefits if we go months without selling a home. I don’t know about you, but I’d like to see the politicians have the same type of “benefits” plan as I do rather than the cushy one they’ve voted for themselves.
  • In order to do our job well, we must know our market inside & out and know what our clients do or don’t want. It seems that once the politicians leave their homeland and venture inside the Beltway, they forget about the desires or needs of the people back home. They lose track of reality.
  • According to the Ohio Association of Realtors®, the average Ohio agent GROSSES around $35-37,000, with all fees, taxes and expenses paid out of that meager amount. Lots of people in middle America are in the same boat. It would be nice if the politicians understood that we don’t relate to TRILLIONS of dollars.
  • If we receive a purchase offer on a listing we’re expected to actually READ IT BEFORE discussing with our clients and making suggestions to them. Is it unreasonable to ask politicians to do the same before signing a bill into law?
  • A lot of Realtors® held corporate jobs prior to entering the real estate industry, thus, those of us with that background have a good understanding of how businesses operate or need to operate. Could we ask that one requirement for someone to run for political office be that they actually held a “REAL JOB”? (being a lawyer doesn’t count)

OK … stepping off my soapbox now. I really need to stop watching those Sunday morning shows!

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.

Central Ohio Summer Home Sales – Up or Down?

Home sales continue to show a decline for Jul-Aug 2010 vs 2009, however, the average prices of the homes sold has increased except for two of the school districts.

Number of Homes Sold during Jul-Aug

The actual number of homes sold experienced pretty large decreases in Jul-Aug versus the number that were sold last year. Last year the gov’t $8,000 Tax Credit for 1st Time Home Buyers was in effect. For 2010, that tax credit continued plus, a $6,000 credit was available for current homeowners. Those tax credits expired the end of April 2010 which served to move sales forward to the early part of the year. Therefore, we expected the sales to decline during the summer and that is what is happening.

# homes sold Jul-Aug in central Ohio

Click to enlarge

Average Price of Homes Sold during Jul-Aug

Although the number of homes sold in these areas was down, the average price of those homes increased for all the districts, except for Westerville and Delaware school districts. These price increases might be due to the low, low interest rates allowing buyers to “buy more house” for the same mortgage payment. In 2009, interest rates were around 5.25%-5.5%. This summer they’ve been running around 4.3%-4.5%. That difference can allow a buyer to buy a more expensive home while staying within their monthly budget.

Avg Home Prices Jul-Aug for central Ohio

Click to enlarge

Why did Westerville and Delaware decrease? I don’t have a definite answer, but these two districts generally have average prices below $200,000, so they offer good options for 1st time home buyers. Short sales and lender-owned homes may also be more prevalent, which can lower neighborhood prices. 

What’s this mean for Buyers and Sellers?

The low interest rates are very good for buyers, since they can either choose to move up in price while staying within their budget or they can lower their monthly payment and may actually save versus paying rent.

For sellers it can mean that IF their home is in tip-top condition AND it’s not over-priced, that they may get close to their list price. However, they must keep in mind that there is more inventory on the market due to the reduced number of homes being sold now, making it critical to have the home in good condition and well priced.

Having more inventory on the market allows buyers to have a greater selection of homes, but means more competition for sellers.

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.

Did Andrea really say that?

Buckeye nutsLast night was the first game of the OSU Buckeye season and they trounced Marshall 45-7. Since I don’t subscribe to cable, I rely on Twitter to keep me informed during the game. While there were a lot of tweets on the game, there were also some about a local news anchor who made somewhat of a “whoops” on the air. Lovely Andrea Cambern SHOULD have said “Buckeye Nuts“, but she left out the all important word ‘Buckeye’. I suspect it will be awhile before she lives down her ‘sweaty nuts’ comment.

The Murph found a video …

I should know better than to allow The Murph to use my laptop. He found this video on YouTube and insisted that I add it as a blog post. I suppose now he’ll want to take dancing lessons! Of course, he could probably be really good doing the Limbo.