Wednesday, February 28, 2007 - Crime Mapping

In digging around in the www.GoPrinceGeorgesCounty.com website, I clicked on the Liveable Communities tab, which took me to maps, which took me to another page...you get the idea. This was buried pretty deep.

But...it's neat stuff.  The Crime Map is set up so you can put in a property address, select the type of crime you're interested in and see the impact on the neighborhood. It's a little tricky -- once you put in the address and select the type of crime, the map just seems to sit there. It took me a while to realize that I had to zoom in and then pan around the map to see what was what.

Fortunately, not much has happened around my house in the last three months. No homicides (well, none of those as far back as I can remember!) or anything serious. I know that there have been a few car thefts and some items stolen from cars, but nothing earth-shattering. But still, it's a neat tool for anyone who has ever asked a real estate agent "How safe is the neighborhood?". Now you can see what types of calls the police are responding to around any specific property.

When buyers call the police department to ask about crime, I have always recommended asking "what types of calls do you respond to" instead of the more subjective "is this a safe neighborhood?" The first will get you an answer that is verifiable and the second will get you a biased opinion that may or may not be valid.

Here's a tool with no bias -- it just is. Be sure to read the explanation on the first page. I skipped it the first time through and I think that's why I was somewhat stymied once I got to the site.

(C) Susan Pruden.

Sunday, February 25, 2007 - On Being a Packrat, Redux

Almost a year ago to the day, I wrote about my grandfather and the amazing packrat that he was. In the final packing and moving of his belongings, I found a wallet with a rubber-banded collection of folded receipts, with a typed note on top. I finally found the note:

When I see this note, I think that perhaps my mother was right -- she always said that since I'm an only child and I have no children of my own, the madness will stop with me! I think I'll follow my mom's example and put this over my desk. Maybe it will help.

(C) Susan Pruden.

Saturday, February 24, 2007 - Drama in Real Estate

There are some agents who feel they must create drama in order to prove to their clients that they are working hard on the client's behalf. These are the worst transactions to be involved in as just about everyone leaves it feeling battered and bruised.

I've been involved in a couple of these recently. 

In the first one that comes to mind, the listing agent worked seller into a frenzy so that she became convinced that my client was trying to cheat her. She then refused to cooperate with us on anything, even refused to comply with repairs that she had agreed to in the contract. I would have chalked this up to the seller just being unreasonable until I heard through the grapevine that this is typical of this listing agent's transactions. Virtually every agent I've spoken to has had a similar story about selling this agent's listings. My client is very happy with his new home, but he certainly has a bad taste in his mouth from the way we were treated by the other agent.

In another recent sale, the buyers' agent took every problem and made each one into a federal case, threatening that her clients were going to cancel the contract if my client didn't cooperate. The truth is, as is often the case, that neither side got everything it wanted. The buyers didn't get all the repairs they wanted, nor did they get all new carpeting and other cosmetic items that they requested after the home inspection.  The seller ended up spending considerably more money on repairs - may of them cosmetic) than she expected in order to get to settlement. I am ashamed to say I completely lost my cool on this one, but never with my client. Thinking back, I was successful in getting both of us to laugh over how unreasonable the repairs were. By keeping the end result in mind (selling the house and getting out from under the mortgage payment), I was able to help my client move past the problems.

I think that there is enough drama inherent in purchasing or selling a home without creating more. I can think of nothing better than a trouble-free transaction. This doesn't mean that there aren't problems -- they come with the territory. But when the agent on the other side is calm and professional, we can work through the issues with a mimimum of fuss.  It's such a relief when I have to call an agent with a request or problem and the other agent simply says "thanks for the call, I'll discuss it with my client". 

No drama. No fuss. Just professional behavior that serves both sides well. Sometimes buyers and sellers can be unreasonable. But that doesn't mean that we agents have to buy into it. I think we serve our clients best when we stay objective and don't get personal in our reaction to whatever the problem is. Buyers and sellers can find family and friends to fuel outrage.  They don't need us to pile on. Take it seriously, yes. Work towards resolving whatever it is in our client's best interests, absolutely. But not take it on as a personal affront. That doesn't serve anyone well.

(C) Susan Pruden.

Wednesday, February 21, 2007 - Update on Heavy Handed Lender

An update on the lender who got too involved in the property condition -- my hour and a half of talking to the lender paid off. The home inspector explained several items on the report and the lender came back with a much better list of required repairs.

Not only did the list get smaller, the underwriter even explained how the seller could prove the work was actually done. Some the buyer could certify in a letter, some items required receipts for supplies and 2 items had to be done by licensed contractors.

A much better list and, best of all, we go to settlement in two days! It's just a shame that it took three weeks to get the lender to be reasonable in its requirements. 

(C) Susan Pruden.

Monday, February 19, 2007 - The Power of Pricing

If this doesn't indicate the importance of pricing your home correctly, nothing will.

I'm working with several groups of buyers right now, all well qualified. They are looking in Prince George's, Howard and Montgomery Counties. They're looking for condos, townhomes and detached homes. Their needs are quite diverse. None of them is in a huge hurry to find something, but if the right property comes along, they're ready to write an offer. They are all approved for their financing. In other words, they are the type of buyers any seller would love to have.

So we've been out in the snow and ice, biting wind and yucky slush, looking at lots of properties. Most are priced too high for their condition or for the current market. One had a different pastel color painted on every wall -- all the buyers saw was a lot of painting ahead of them. There was nothing compelling about the property that made them want to make an offer, even a low one. The majority of the houses out there are over-priced.

But then we've found those properties that are priced correctly. Not perfect condition, not perfect location. Just priced right for both condition and location. And in each case, there have been mulitple offers (3 or more) and the seller has ended up with a higher price than he asked for.  Who would guess that 4 out of my last 5 contracts would end up in a multiple offer situation? In February, no less!  And this in a market that everyone is saying is awful.

It sure isn't awful for those sellers. They're moving on with their lives.

So the moral is: Price is king. Price your home correctly. Those others will still be out there, at a price they will never get.

(C) Susan Pruden.