How Much Do I Offer To Get The House?

A lot of buyers especially the first time buyers have no clue when it comes to what to offer. Often times, they will make such a lower offer that the sellers would think that they are low balling. It will make other offers look good to the sellers and in the end not getting the house.
So how do you determine how much to offer?
A simple rule of thumb is this. Determine how much you like the house from a scale of 1 to 10. If the house is a 10 for you, then offer full price. You wanted to be sure that you get the house. If the house is a 9, then offer 1% less that the full price, if the house is an 8, offer 2% less, if it is a 7, offer 3% less etc. But if the house is a 5 or below, then it might not be the house for you, move on. It is pointless to offer the house 10% to 15% below asking, you are not going to get the house, unless there is something seriously wrong with the house or it is priced wrongly.
So, now you know!

I Don't Qualify For Mortgage, Now What ....

In the current financial climate, it's getting more difficult for buyers to obtain mortgages. The lending requirements is such that if you don't have close to a perfect credit score and no debt, you can forget about getting a conventional mortgage. What can you do? Go to a hard money lender and pay through the nose? Rent forever? Pay an ever increasing rental rate? All the money you pay towards rent is gone forever. No tax deductions, no equity building, no wealth building, nothing.

A possible solution for some buyers and sellers will be seller financing. Provide a mortgage note for potential buyers using the property as collateral. Charge a minimal interest and a lot more potential buyers will become homeowners. If we adopt this on a major scale, maybe we can entice more potential buyers to start looking for homes and help stabilize the real estate market.

Limited credit, no credit, no problem, if you work you can buy a home should be the new slogan!

Act Now Or Else ...

Sometimes buyers are too timid when it comes to pulling the trigger. They are so scared of overpaying to the point that they slow to act or sometimes stop acting altogether.
It is not until the house is snatched from right under them do they realize that there are other buyers out there looking to buy the same house.
If you like the house, go for it! Think long-term, the extra $10,000 or $15,000 you are trying to save is not going to mean that much 10, 15 years down the road. Think of it as a long term investment. Is it worth all the heartache of losing your dream home because you are looking for the best bargain?

How important is networking in real estate?

What is the most important criteria to be a successful agent? Knowledge? Money? Negotiation Skill? Personality? Marketing?

I think it is who you know. The more people you know, the bigger you SOI is, the more resources that you are going have on your fingertips.

Make knowing the top players in the industry a priority and you will be more successful than you can think.

 

 

Who do you know?

 

How important is it for you to dress nice for you client?

Sure you can sell real estate in T-shirts and flip-flops but do you want to? If I were a buyer and you show up in your beat up T-shirt and torn jeans, it makes me think you are a bum. How can I trust my biggest purchase to a bum? On the other hand, I can know next to nothing, but if I show up in a nice dress shirt and nice clean car, Mr.buyer might think differently about buying from me. You shouldn't judge a book by its cover, but then again, you only have one chance to make a first impression.

 

   I'll buy from this guy.                                                                                                                                                                                                                                                                                                                                                                                                                 Maybe not.

Crappy Condition Vs Move In Condition

A lot of buyers are looking to buy something already done, ready to move in. Most of them are in for a surprise that the prices are high for these homes. On the other hand, houses that are not so pretty can be had at a substantial discount and in most cases, it is a better deal. You spend some money to renovate the house to your own taste and it may even come in cheaper that a house that is already done. The only problem is that many buyers have a difficult time seeing the potential of the house and picturing the finished product. Good agents should be a good artist and paint the picture for their clients.

 



 

 

Quiet Day In The Office

Not much was going on until the last couple of minutes of my floor time. Had a chance to talk to a new buyer prospect. The day was not a total lost.

Going swimming tomorrow in this great weather we are having in NY.

 

Million Dollar Listings

These guys are unbelievable. Listing 13 million dollar house is just another day in the office.

 



 

 

Welcome To My Blog

Hello all,

Welcome to my blog. I will use this opportunity to share my thoughts, trials and tribulations as a licensed realtor in Queens.

What's hot, what's not, what's selling and what's not. Anything from $200,000 condo to $1,000,000 homes.

You will also get an inside look into a life a real estate agent.