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Housing Trends & Contract Failures

Friday, July 22, 2011
by Connie Erickson
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According to a recent report on National Housing Trends put out by the National Association of REALTORS (NAR), purchase contract cancellations caused the slip in residential home sales reported in June.　 Lawrence Yun, NAR chief economist, said, "Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market including an unusual spike in contract cancellations in the past month."　　 Yun further explained, it is unclear all the reasons why for the contract cancellations, but "problems including tight credit and low appraisals" are contributing factors.　 (REALTOR.org. Washington, DC, July 20, 2011).

While I agree with Mr. Yun, the other less apparent reason for purchase contract cancellations is the uneducated participants involved in the transaction.　 Now, more than ever, it is vital that you work with a REALTOR who is educated on the market in which they represent.　 The best way to find that REALTOR, is to look for the REALTOR with the highest sales volume.　 Experience goes along with high sales volume.　 Nationally, the average REALTOR sells only 7 properties per year.　

Here’s a thought for you………… If you’re told that you need surgery, would you choose a surgeon who has performed the surgery 7 times or one who has performed the surgery hundreds of times?　 I know that I’d choose the latter.

When you’re interviewing a REALTOR to represent you, ask how many properties they have sold in the last 5 years.　 Then ask them to show you the sales.　 I can almost guarantee you, by selecting the REALTOR with the largest sales volume, your transaction will make it to the closing table and it WILL close.

Lender Rules Are A Revolving Door

Monday, January 31, 2011
by Connie Erickson
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According to Lawrence Yun, Chief Economist for the National Association of REALTORS, real estate sales in the US in 2010 were equal to the number of sales in 2000, yet the US population dropped by 27,000,000 since 2000.  (2011, REALTOR magazine).  As I wrote in my January newsletter, the Door County MLS reported a 5% increase in the number of reported sales in 2010 over 2009, however both years maintained 26% of properties listed for sale actually sold.

After 27 years in the real estate business and selling 60 to 100 properties a year in Door County, I'd like to think that there is not too much the I haven't seen.  However, these last couple of years it has been hard to get a handle on lenders and their financing requirements.  This is a revolving door of rules and regulations.  If your credit score is 640 you might get a loan, but you are in a better position if your score is higher.  Now, more than ever, it is vital that you speak with a local lender before you move forward with looking at real estate, even if you have cash for a big down payment.  I recently had a well qualified buyer with cash to pay for a property he wanted to purchase.  However, he wanted to financing the purchase.  The offer was made, subject to financing (which we anticipated would happen fast due to his cash position), but on the last day, he was turned down!   Even if you're "golden", have cash, and good credit, I strongly recommend....see a local lender first.  When you're ready, call me first.  I work with local lenders daily and can help you through the process.

2009 Profile of Buyers and Sellers

Wednesday, March 24, 2010
by Connie Erickson
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2009 Profile of Buyers and Sellers

1. New home construction and sales were down significantly during the recession, and home buyers purchased a high share of previously owned homes than at any point during the past decade.
2. Nationally home buyers moved a median 12 miles from their previous residence. There are slight regional differences. Buyers in the South moved a median of 13 miles from their previous residence, while buyers in the Northeast and Midwest typically moved 10 miles.
3. The typical home purchased was built in 1991.
4. Home buyers typically spend 12 weeks searching for a home and looked at 12 homes before deciding on their purchase. Before contacting and agent, home buyers spent about two weeks gathering their own information on the homes.
5. Internet users spent twice as much time searches for a home and visit three times as many homes. Connie with an upfront consultation appointment can cut that time in half because of her knowledge of the market. That way you have more time to enjoy the arts, crafts and environmental activities in Door County.
6. 9 out of 10 home buyers use the internet as one of the information sources in their home search process. A real estate agent is the second most frequently sided information source. The third most frequently used source is a yard sign.
7. In 2009, 13% of home buyers had a purchased agreement that was cancelled, terminated, or fell through. 90% of the buyers in their home search process used the internet, up 30% during the past 6 years.
8. 79% of home buyers using the internet bought their home through an agent.
9. First time buyers are less likely to use REALTOR.com than repeat buyers.

How do buyers find a real estate agent:

1. 44% used a referral.
2. 10% use of an agent previously.
3. First time buyers tend to rely more on referrals (53%).
4. Repeat buyers are more likely to revisit and agent they have used before.
5. When choosing a real estate agent buyers rate honesty and trustworthiness as the two most important factors in selecting and agent.
6. 66% of home buyers indicated they would defiantly use the real estate agent again or recommend the agent.
7. An additional 22% said they would probably use the same agent or recommend the agent.

Source: National Association of REALTORS

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Connie Erickson
Door County Realty, Shorewest, REALTORS®
10580 Country Walk Dr., #12
Sister Bay WI 54234
920-868-3245
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