Here is an article that was in US News & World Report on why everyone should use a real estate agent to sell or buy a home.
Selling your home is a daunting task full of potential blunders for a novice. Here’s why an agent is worth the commission.By Luke Mullins, U.S. News & World Report
Judy Moore of Re/Max Landmark Realtors in Lexington, Mass., says that today's topsy-turvy housing market is just too treacherous to go it alone. She offered five reasons why homeowners are better off selling their property with an agent:
1. Employ an expert: A typical property owner does not have anywhere near the home-selling experience of a real-estate agent. Agents can recommend relatively simple improvements — painting, repairing, decluttering — that can help a home sell faster and for a better price. "The Realtor is the neighborhood expert," Moore says. "We can walk through a property and see right away what needs to be done to [get the home sold]." Independent sellers might not be aware of these tricks of the trade.
2. Use better tools: Homeowners using agents can get their property listed on Realtor.com, "which has more far-reaching access to market that property — with over 3 million properties on it — than the for-sale-by-owner sites, which have tens of thousands," Moore says. Independent sellers do not have access to this service. (Realtor.com is an MSN Real Estate partner.)
3. Sidestep lawsuits: Agents can also protect sellers from potential litigation. "There are all kinds of liability issues that a seller could potentially face when ... dealing one-on-one with a buyer," Moore says. A homeowner could, for example, tell a potential buyer that hardwood floors extend to all corners of the house underneath the wall-to-wall carpeting. But if even one room has concrete flooring, the homeowner could be sued, Moore says. Agents, who have experience dealing with these liability issues, can help homeowners dodge such scenarios.
4. Duck the riffraff: Independent sellers might not have any idea whom they are letting into their homes during open houses. These potential buyers might not have the credit to make the purchase — and would therefore be wasting the homeowner's time — or could even "try to rob them later on," Moore says. "It's a very scary kind of thing." She says that homeowners working with agents will have qualified buyers visiting their properties.
5. Avoid hardball tactics: It's a buyer's market out there. And with all the information available online, today's well-informed buyers are tough negotiators. Real-estate agents have been through the home-selling process before and are trained in negotiating tactics, giving them a potential edge in hammering out a deal in the seller's best interest. "It's hard to do that with your own property, particularly if you are not a professional," Moore says.
Home Sales/Price Comparison to Last Year
I received this from another agent and he does a great job of showing the true numbers and how they compare from last year to this year. As you can see, the number of homes sold is down but prices have remained pretty steady compared to other markets.
Here are the sales of single family homes so far this year compared to the same time last year for the entire MLS and a few selected areas. First line for each area is from 1/1/07-7/8/07 while 2nd line is from 1/1/08-7/8/08 and the 3 line is percentage change from '07 period.
Area sales median sales price
All 5411 $222,575
MLS 3610 $212,000
-33.3% -4.8%
James 317 $292,500
Island 185 $274,000
-42% -6.3%
West 549 $247,500
Ashley 365 $249,911
-33.5% +1%
Mt. P. 687 $415,000
529 $398,000
-23% -4.1%
Summ/GC 2151 $192,879
1480 $175,000
-31.2% -9.3%
N. Chas 440 $157,000
321 $164,700
-27.1% +4.9%
Here are the sales of single family homes so far this year compared to the same time last year for the entire MLS and a few selected areas. First line for each area is from 1/1/07-7/8/07 while 2nd line is from 1/1/08-7/8/08 and the 3 line is percentage change from '07 period.
Area sales median sales price
All 5411 $222,575
MLS 3610 $212,000
-33.3% -4.8%
James 317 $292,500
Island 185 $274,000
-42% -6.3%
West 549 $247,500
Ashley 365 $249,911
-33.5% +1%
Mt. P. 687 $415,000
529 $398,000
-23% -4.1%
Summ/GC 2151 $192,879
1480 $175,000
-31.2% -9.3%
N. Chas 440 $157,000
321 $164,700
-27.1% +4.9%
Is it a Good Time to Buy?
This was a good article that was on the real estate site, Inman News, that I thought shows how it could be a great time to buy for one person but the wrong time to buy for another person.
It is hard to imagine or understand, but not everyone trusts real estate agents or Realtors. According to a Harris poll, 20 percent don't trust us at all and only 7 percent trust us completely.
As an industry we shoot ourselves in the foot when it comes to being trustworthy. Examples include the press releases and other information from the National Association of Realtors (NAR). NAR is a huge trade association and exists to promote our industry. As such, NAR likes to put a positive spin on buying real estate.
In the land of NAR it is always a great time to buy real estate. The truth is it isn't always a good time to buy real estate, not every market is the same, and not everyone who can buy real estate should be buying real estate. In recent months NAR has started telling consumers that real estate is local, which is true.
Some real estate companies and agents like to make general statements, which are misleading and breed distrust. One company had signs up all over town advising buyers not to miss out on this great buyer's market. It sounded like a kind of cheap salesman's trick -- they were saying, "Hurry and buy now before they are gone." They also give their agents seasonal marketing materials with messages for every season outlining why it is the best time to buy or sell real estate.
Instead of just publishing numbers and statistics, as an industry we like to put a special spin and paint a rosy picture of the housing market. The general public sees right through it. We are treating them like idiots when we take the numbers and weave them into a fairy tale that ends with: They bought real estate and lived happily ever after.
We should be saying that real estate has appreciated but past performance is no guarantee of future appreciation, and that there are tax advantages to home ownership, emotional advantages, and we all need a place to live. When I am asked if it is a good time to buy, my answer is and always has been the same: It depends.
For people like me, it is a good time to buy and sell real estate. Owning a home that is almost paid for has advantages. It could be sold quickly, because it could be priced for 2008, not 2005. The proceeds could be used to buy another home, and as a Realtor I know where the bargains are and how to negotiate a deal.
For my neighbors two doors down who bought a townhouse three years ago, it is a bad time to buy real estate. They would take a loss if they sold, as it is worth less now than when they bought it and townhouses are the hardest type of housing to sell in my market. I would advise them not to sell, and if they have to leave for some reason they should consider renting it out.
As an industry, when we make general statements to promote sales we are not promoting sales -- we are instead breeding distrust. Do we expect consumers to trust us when the foreclosure rate has gone through the ceiling and we are still telling buyers that now is a good time to buy? Apparently, for some who bought it the last couple of years it was not such a good time to buy, yet we still repeat the same old message. It might really be a good time to buy real estate, but it depends.
It is hard to imagine or understand, but not everyone trusts real estate agents or Realtors. According to a Harris poll, 20 percent don't trust us at all and only 7 percent trust us completely.
As an industry we shoot ourselves in the foot when it comes to being trustworthy. Examples include the press releases and other information from the National Association of Realtors (NAR). NAR is a huge trade association and exists to promote our industry. As such, NAR likes to put a positive spin on buying real estate.
In the land of NAR it is always a great time to buy real estate. The truth is it isn't always a good time to buy real estate, not every market is the same, and not everyone who can buy real estate should be buying real estate. In recent months NAR has started telling consumers that real estate is local, which is true.
Some real estate companies and agents like to make general statements, which are misleading and breed distrust. One company had signs up all over town advising buyers not to miss out on this great buyer's market. It sounded like a kind of cheap salesman's trick -- they were saying, "Hurry and buy now before they are gone." They also give their agents seasonal marketing materials with messages for every season outlining why it is the best time to buy or sell real estate.
Instead of just publishing numbers and statistics, as an industry we like to put a special spin and paint a rosy picture of the housing market. The general public sees right through it. We are treating them like idiots when we take the numbers and weave them into a fairy tale that ends with: They bought real estate and lived happily ever after.
We should be saying that real estate has appreciated but past performance is no guarantee of future appreciation, and that there are tax advantages to home ownership, emotional advantages, and we all need a place to live. When I am asked if it is a good time to buy, my answer is and always has been the same: It depends.
For people like me, it is a good time to buy and sell real estate. Owning a home that is almost paid for has advantages. It could be sold quickly, because it could be priced for 2008, not 2005. The proceeds could be used to buy another home, and as a Realtor I know where the bargains are and how to negotiate a deal.
For my neighbors two doors down who bought a townhouse three years ago, it is a bad time to buy real estate. They would take a loss if they sold, as it is worth less now than when they bought it and townhouses are the hardest type of housing to sell in my market. I would advise them not to sell, and if they have to leave for some reason they should consider renting it out.
As an industry, when we make general statements to promote sales we are not promoting sales -- we are instead breeding distrust. Do we expect consumers to trust us when the foreclosure rate has gone through the ceiling and we are still telling buyers that now is a good time to buy? Apparently, for some who bought it the last couple of years it was not such a good time to buy, yet we still repeat the same old message. It might really be a good time to buy real estate, but it depends.
Recent Testimonial
I was very pleased to receive the following note from one of my past clients:
Holly and I were both very pleased with the service that we got from you throughout the entire homebuying process. You listened very well, worked with our schedule, and stayed patient as we took our time looking at many houses. When we were making offers and negotiating, your imformation and knowledge of the area was very helpful. I also appreciate your willingness to fully inspect the home that we were interested in by crawling under the house and up in the attic with me. We will recomend you to any of our friends who are interested in buying a home. Thank you very much, Steve.
Holly and I were both very pleased with the service that we got from you throughout the entire homebuying process. You listened very well, worked with our schedule, and stayed patient as we took our time looking at many houses. When we were making offers and negotiating, your imformation and knowledge of the area was very helpful. I also appreciate your willingness to fully inspect the home that we were interested in by crawling under the house and up in the attic with me. We will recomend you to any of our friends who are interested in buying a home. Thank you very much, Steve.
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