I absolutely hate taking an overpriced listing and simply would not do it. It seems like one big waste of time to me since the market has been declining for the last 4 years. It is like going to work and not receiving a paycheck.
If a seller is overpriced from day one then they will really be overpriced 3-6-9 months down the road. However, the market is looking more positive as inventories are declining and unit sales are up. It appears that we are in or coming close to a bottom.
So should you start building your listing inventory even if the sellers are overpriced? If you ask some of the largest producers in your market they will probably say yes.
I’m always looking to learn in this business so I like to observe the biggest producers. Most of them take a lot of listings. There is definitely a direct correlation between being a huge listing agent and selling a lot of real estate. If you look closely at some these large producers you will notice that they don’t always take a listing at an aggressive price.
In fact, many of their listings are over priced. However, in time they manage to get the seller to see the light and eventually many of them sell. Start observing the larger producers in your market and I think you will see the same patterns.
I read recently that a seller accepting the realities of the market is similar to the stages of the grieving process.
Stage 1 – Denial
During this stage the seller does not believe that the value of their home has fallen that much. They read stories and hear the news about the horrible real estate market but somehow their home and neighborhood are different. Those things apply to everyone else.
Stage 2 – Anger
When reality begins to set in the home seller will likely get angry. “How can my home be worth this little? After all I bought it before the housing boom. I am not going to give my house away!”
Stage 3 – Bargaining
When the seller gets past the anger stage they will often look for ways to bargain. Reality has not totally set in. There is a search for ways to get most of the “perceived value” that they had in their heads. This might come in the form of listing with that one Realtor who gave us the price we liked (1st listing agent).
Stage 4 – Depression
When it finally becomes clear that the bargaining is not working the home seller may face a period of depression. They see no working solutions and cannot accept the fact that their home is worth much less than they thought.
Stage 5 – Acceptance
The final stage is acceptance. They realize that the perceived value in their head was wrong and the market dictates the value of their home. They are not happy about it but atleast they can now move on to the next chapter in their lives. This is where they might be on to the 2nd or 3rd listing agent. As a listing agent these are the sellers you want to find.
If the market is flattening out and you have the time and patience to hold the hand of a seller during the grieving process this may be a great time for you to start taking those overpriced listings. If you get a number of them chances are good that the seller will eventually see the light and accept the market realities. When that happens your overpriced listing can quickly become a very attractive, aggressively priced one.
By: Marc Rasmussen
The Mike Webb Team: http://www.northernvirginiahouses.com/
Wednesday, December 9, 2009
Tuesday, December 8, 2009
Ever Buried Someone in Your Backyard?
Are you having trouble selling your home in today's down market? Do you enjoy new fads? Do you believe in good luck charms? One desperate home-seller in Brooklyn, NY sought the help of St. Joseph; the Catholic saint long believed to help with home related matters.
According to lore now spreading on the internet burying St. Jospeh in the yard of a home for sale promises a prompt bid.
After she and her husband held five open houses, even baking cookies for one of them, she ordered a St. Joseph “real estate kit” online and buried the three-inch white statue in her yard.
These statues are flying off the shelves and website pages as skeptics and non-Catholics seek some sort of leg-up in these troubled times.
You can read the entire article on the RealEstateJournal website.
Update: Her house has sold! Congrats to her and apparently burying St. Joseph in her yard helped.
David Cowgill Real Estate Blog
The Mike Webb Team: www.NorthernVirginiaHouses.com
According to lore now spreading on the internet burying St. Jospeh in the yard of a home for sale promises a prompt bid.
After she and her husband held five open houses, even baking cookies for one of them, she ordered a St. Joseph “real estate kit” online and buried the three-inch white statue in her yard.
These statues are flying off the shelves and website pages as skeptics and non-Catholics seek some sort of leg-up in these troubled times.
You can read the entire article on the RealEstateJournal website.
Update: Her house has sold! Congrats to her and apparently burying St. Joseph in her yard helped.
David Cowgill Real Estate Blog
The Mike Webb Team: www.NorthernVirginiaHouses.com
Monday, December 7, 2009
Group of Death
The draw for the 2010 FIFA World Cup in South Africa took place on Friday, December 4th in Cape Town. The purpose of the draw was to find out which countries will face each other in the group stage of the tournament.
Qualification for the World Cup finals began in September 2006, right after the World Cup in Germany. After four years the nations involved have been widdled down to just 32 (see "2010 FIFA World Cup" blog) which were placed into eight groups of four teams. Each team will play one game against the other three in the group in order to determine which two countries, based on highest point total, will move on to the knock-out stages. Teams get three points for a win, one for a tie, and zero for a loss. In the event of a tie in total points the tie-breaker is goal difference, then goals scored.
Teams were seeded into four pots of eight teams for the draw. The teams in group one were chosen based on the FIFA World Rankings from October 2009 and also includes the host nation. The remaining groups were based on FIFA confederations. Group two was from Asia, North America and Oceania, group three from Africa and South America, group four was from Europe.
As it happened, with the help of special guests including actress Charlize Theron and footballer David Beckham, the groups were chosen as follows:
Group A: South Africa, Mexico, Uruguay, France. Group B: Argentina, Nigeria, Korea Republic, Greece. Group C: England, United States, Algeria, Slovenia. Group D: Germany, Australia, Serbia, Ghana. Group E: Netherlands, Denmark, Japan, Cameroon. Group F: Italy, Paraguay, New Zealand, Slovakia. Group G (aka Group of Death): Brazil, Korea DPR, Cote d'Ivoire, Portugal. Group H: Spain, Switzerland, Honduras, Chile.
Get ready to cheer for your team this summer.
Qualification for the World Cup finals began in September 2006, right after the World Cup in Germany. After four years the nations involved have been widdled down to just 32 (see "2010 FIFA World Cup" blog) which were placed into eight groups of four teams. Each team will play one game against the other three in the group in order to determine which two countries, based on highest point total, will move on to the knock-out stages. Teams get three points for a win, one for a tie, and zero for a loss. In the event of a tie in total points the tie-breaker is goal difference, then goals scored.
Teams were seeded into four pots of eight teams for the draw. The teams in group one were chosen based on the FIFA World Rankings from October 2009 and also includes the host nation. The remaining groups were based on FIFA confederations. Group two was from Asia, North America and Oceania, group three from Africa and South America, group four was from Europe.
As it happened, with the help of special guests including actress Charlize Theron and footballer David Beckham, the groups were chosen as follows:
Group A: South Africa, Mexico, Uruguay, France. Group B: Argentina, Nigeria, Korea Republic, Greece. Group C: England, United States, Algeria, Slovenia. Group D: Germany, Australia, Serbia, Ghana. Group E: Netherlands, Denmark, Japan, Cameroon. Group F: Italy, Paraguay, New Zealand, Slovakia. Group G (aka Group of Death): Brazil, Korea DPR, Cote d'Ivoire, Portugal. Group H: Spain, Switzerland, Honduras, Chile.
Get ready to cheer for your team this summer.
Friday, December 4, 2009
WorldFace - What if World Politics was Social Networking?
Have you ever wanted to tell People's Republic of China to "Free Tibet" or Brazil to "shut up and play soccer"? Now you can!
A friend of mine recently introduced me to a social media site from England called WorldFace. It was set up by the group Team Fishcake. The premise was inspired by a conversation between friends on msn. What came out of it was a Facebook-type website involving nations.
"What if world politics was social networking? This site shows you what's going on in the world today using a format that the kids of today might be a little more familiar with." It's also "an interactive, which means you can add your own bitingly satirical statuses and comments." Though "any inapproapriate, offensive, or just plain rubbish suggestions will be immediately rejected."
A few of my personal favorites:
Hugary: Is going to have Turkey cooked in Greece.
United Nations: Is very, very, very angry with North Korea, and is in the middle of debating a very strongly worded letter stating how angry it is.
South Africa: Can't wait for the World Cup draw. How did we get seeded? Spain: You get seeded because you're paying for the competition as hosts. We are going to win it though. Brazil: @ Spain - try to make it out of the first round for once.
http://www.teamfishcake.co.uk/worldface/index.php
By: David
The Mike Webb Team: www.NorthernVirginiaHouses.com
A friend of mine recently introduced me to a social media site from England called WorldFace. It was set up by the group Team Fishcake. The premise was inspired by a conversation between friends on msn. What came out of it was a Facebook-type website involving nations.
"What if world politics was social networking? This site shows you what's going on in the world today using a format that the kids of today might be a little more familiar with." It's also "an interactive, which means you can add your own bitingly satirical statuses and comments." Though "any inapproapriate, offensive, or just plain rubbish suggestions will be immediately rejected."
A few of my personal favorites:
Hugary: Is going to have Turkey cooked in Greece.
United Nations: Is very, very, very angry with North Korea, and is in the middle of debating a very strongly worded letter stating how angry it is.
South Africa: Can't wait for the World Cup draw. How did we get seeded? Spain: You get seeded because you're paying for the competition as hosts. We are going to win it though. Brazil: @ Spain - try to make it out of the first round for once.
http://www.teamfishcake.co.uk/worldface/index.php
By: David
The Mike Webb Team: www.NorthernVirginiaHouses.com
Thursday, December 3, 2009
Green Energy Wind Farms Don't Affect Property Value
DENVER - Wind farms have no measurable effect on nearby property values, according to a government report published Wednesday.
In the latest study, researchers at the U.S. Department of Energy's Lawrence Berkeley National Laboratory spent three years examining nearly 7,500 sales of homes in 10 communities near two dozen wind farms in nine states.
The findings, however, are unlikely to cool the debate over the placement of massive wind turbines which to some represent progress, but to others an intrusion.
Questions about the integrity of the $500,000 Berkeley study were aired even before the report was released.
New energy infrastructure almost always runs into opposition, and in many cases for good reason.
There is a lot of research showing that nearby coal-fired power plants, transmission lines or other permanent fixtures can suck the value out of a home.
The Berkeley study, however, is not the first to show that wind turbines might be different, and previous studies have not tamped down opposition.
About 150 miles south of Denver in the tiny town of La Veta, many believe a proposed 7,000 acre wind farm would forever alter the postcard view of the Sangre de Cristo Mountains.
Two other projects have been proposed as well.
Mayor Mickey Schmidt is aware of previous studies, but says he still believes it's just common sense that wind turbines will hurt property values when it is the mountain vistas that bring many people to La Veta.
Researchers at the Berkeley National Laboratory looked at homes 800 feet to five miles from wind farms. About 1,000 sales involved homes that had views of the turbines, including sight lines through trees or just blade tips.
Researchers say the took into account the recession and other characteristics such as the number of bedrooms in a home or location of schools, said Ryan Wiser, a study co-author and project manager for the Berkeley Lab.
"That's not to say there are not individual homes or small groups of homes that have been impacted by the presence of wind projects," Wiser said.
If there is an impact, Wiser said, the frequency was to small to measure statistically.
Conflicts will likely become more frequent in coming years. About 1,649 megawatts of capacity from wind farms was added from July through September — enough to power 480,000 average households. That is about 18 percent more than the same period last year and more projects are coming on line next year.
Texas dwarfs any other state as far as wind power goes. Not far from Big Spring, about 300 miles west of Dallas, hundreds of turbines churn out power at one of the biggest wind farms in the country, without much effect on home prices, said real estate agent Sherri Key.
Some potential buyers say turbines are too noisy, while others say "they're so gorgeous," said Key.
Associated Press
The Mike Webb Team: www.NorthernVirginiaHouses.com
In the latest study, researchers at the U.S. Department of Energy's Lawrence Berkeley National Laboratory spent three years examining nearly 7,500 sales of homes in 10 communities near two dozen wind farms in nine states.
The findings, however, are unlikely to cool the debate over the placement of massive wind turbines which to some represent progress, but to others an intrusion.
Questions about the integrity of the $500,000 Berkeley study were aired even before the report was released.
New energy infrastructure almost always runs into opposition, and in many cases for good reason.
There is a lot of research showing that nearby coal-fired power plants, transmission lines or other permanent fixtures can suck the value out of a home.
The Berkeley study, however, is not the first to show that wind turbines might be different, and previous studies have not tamped down opposition.
About 150 miles south of Denver in the tiny town of La Veta, many believe a proposed 7,000 acre wind farm would forever alter the postcard view of the Sangre de Cristo Mountains.
Two other projects have been proposed as well.
Mayor Mickey Schmidt is aware of previous studies, but says he still believes it's just common sense that wind turbines will hurt property values when it is the mountain vistas that bring many people to La Veta.
Researchers at the Berkeley National Laboratory looked at homes 800 feet to five miles from wind farms. About 1,000 sales involved homes that had views of the turbines, including sight lines through trees or just blade tips.
Researchers say the took into account the recession and other characteristics such as the number of bedrooms in a home or location of schools, said Ryan Wiser, a study co-author and project manager for the Berkeley Lab.
"That's not to say there are not individual homes or small groups of homes that have been impacted by the presence of wind projects," Wiser said.
If there is an impact, Wiser said, the frequency was to small to measure statistically.
Conflicts will likely become more frequent in coming years. About 1,649 megawatts of capacity from wind farms was added from July through September — enough to power 480,000 average households. That is about 18 percent more than the same period last year and more projects are coming on line next year.
Texas dwarfs any other state as far as wind power goes. Not far from Big Spring, about 300 miles west of Dallas, hundreds of turbines churn out power at one of the biggest wind farms in the country, without much effect on home prices, said real estate agent Sherri Key.
Some potential buyers say turbines are too noisy, while others say "they're so gorgeous," said Key.
Associated Press
The Mike Webb Team: www.NorthernVirginiaHouses.com
Wednesday, December 2, 2009
Ovi Out Again
Washington Capitols superstar Alexander Ovechkin has been suspended by the NHL for a knee-on-knee collision with Carolina Hurricane Tim Gleason that left the two time Hart Memorial Trophy winner limping off the ice Monday night. He was given a five minute major penalty for kneeing and a game misconduct by the referees.
Ovechkin, the Capitols goals and points leader, will miss the next two games against the Florida Panthers on Thursday night and the Philadelphia Flyers on Saturday night. He is listed as day to day with a knee injury but is expected to be back for the December 7th game versus the Tampa Bay Lightning.
While this is the first suspension of his career it's Ovechkin's second game misconduct in the last three games. He recieved a five minute major and was ejected from last weeks game against the Buffalo Sabres for a boarding call on Patrick Kaleta. He also missed six games earlier this season with an upper body strain. In his first four seasons he had only missed two games due to injury.
Ovechkin has stated that there was no malicious intent behind the hit and that he's glad Gleason was not hurt too badly. However, controversy visited him during the playoffs last year following a knee-on-knee collision with Pittsburgh Penguins defenseman Sergei Gonchar for which he suspiciously recieved no supplemental discipline by the league.
Capitols coach, Bruce Boudreau, concerned about the players health, has said "He plays pretty reckless...I don't want to see him getting hurt. Maybe he has to pick his spots a little bit better. It's something that will have to be addressed by us, I guess." Ovechkin has stated that he will not change the way he plays.
The Mike Webb Team: www.NorthernVirginiaHouses.com
Ovechkin, the Capitols goals and points leader, will miss the next two games against the Florida Panthers on Thursday night and the Philadelphia Flyers on Saturday night. He is listed as day to day with a knee injury but is expected to be back for the December 7th game versus the Tampa Bay Lightning.
While this is the first suspension of his career it's Ovechkin's second game misconduct in the last three games. He recieved a five minute major and was ejected from last weeks game against the Buffalo Sabres for a boarding call on Patrick Kaleta. He also missed six games earlier this season with an upper body strain. In his first four seasons he had only missed two games due to injury.
Ovechkin has stated that there was no malicious intent behind the hit and that he's glad Gleason was not hurt too badly. However, controversy visited him during the playoffs last year following a knee-on-knee collision with Pittsburgh Penguins defenseman Sergei Gonchar for which he suspiciously recieved no supplemental discipline by the league.
Capitols coach, Bruce Boudreau, concerned about the players health, has said "He plays pretty reckless...I don't want to see him getting hurt. Maybe he has to pick his spots a little bit better. It's something that will have to be addressed by us, I guess." Ovechkin has stated that he will not change the way he plays.
The Mike Webb Team: www.NorthernVirginiaHouses.com
Tuesday, December 1, 2009
Things I Learned While on Vacation
I travelled to Buffalo for Thanksgiving last week to see my family and friends in the place where I grew up and here are a few things I learned:
1) D.C. transportation is great.
I took a cab to the Ballston Metro, the Metro to Union Station, the MARC train to Baltimore, a shuttle to the airport, and a plane to Buffalo. I didn't need to drive to the airport and park my car in long term parking which was nice. It took some time (3 hours, I think) but I didn't mind. I didn't have any problems and made it with plenty of time to spare. And I got away relatively cheaply (under $20 excluding the flight).
2) As soon as you move out of your parents house, you no longer have a room at your parents house.
I learned this several years ago when I went away to college. I didn't have a room after I graduated so I rented an apartment in the city. And now that I have moved away from Buffalo it hasn't changed when I come home for the holidays either. Even with the many rooms in my folks' house, there are even more relatives that come visit (it truly is great to see everyone, and who can blame them after enjoying the delicious feast we had). So the couch is my kingdom for now (and I secretly enjoy passing out on it anyways).
3) There is no such thing as vacation if you visit after closing.
My brother closed on a house a few weeks before my visit. So I spent most of the week painting and cleaning to get it ready to move in because my brother/father/mother were at work all week. I'm hoping it will pay off in the form of an available bed come Christmas.
4) It's a lot easier to elude the designation of D.D. when you don't have a car.
My car was left at my apartment in Arlington, obviously. So while going out with old friends (the night before Thanksgiving is annually the biggest party night of the year) I was not stuck as the designated driver. But, as always, I made sure I had a safe way home.
5) There's no place like home.
It was great to go back home and see my family, friends, and old stomping grounds (I think local food is always the thing you miss the most while away). Catching up, reminiscing about old memories, and creating new ones is something to cherish. On my return, however, I was pleasantly surprised. I haven't been in Arlington for very long, but I got the same feelings as I touched down last night. It felt great to be "home". It's a long process but I'm slowly getting acclimated to my new surroundings, making new friends, and I am learning everyday. I'm slowly becoming an Arlingtonian.
By: David
The Mike Webb Team: www.northernvirginiahouses.com
1) D.C. transportation is great.
I took a cab to the Ballston Metro, the Metro to Union Station, the MARC train to Baltimore, a shuttle to the airport, and a plane to Buffalo. I didn't need to drive to the airport and park my car in long term parking which was nice. It took some time (3 hours, I think) but I didn't mind. I didn't have any problems and made it with plenty of time to spare. And I got away relatively cheaply (under $20 excluding the flight).
2) As soon as you move out of your parents house, you no longer have a room at your parents house.
I learned this several years ago when I went away to college. I didn't have a room after I graduated so I rented an apartment in the city. And now that I have moved away from Buffalo it hasn't changed when I come home for the holidays either. Even with the many rooms in my folks' house, there are even more relatives that come visit (it truly is great to see everyone, and who can blame them after enjoying the delicious feast we had). So the couch is my kingdom for now (and I secretly enjoy passing out on it anyways).
3) There is no such thing as vacation if you visit after closing.
My brother closed on a house a few weeks before my visit. So I spent most of the week painting and cleaning to get it ready to move in because my brother/father/mother were at work all week. I'm hoping it will pay off in the form of an available bed come Christmas.
4) It's a lot easier to elude the designation of D.D. when you don't have a car.
My car was left at my apartment in Arlington, obviously. So while going out with old friends (the night before Thanksgiving is annually the biggest party night of the year) I was not stuck as the designated driver. But, as always, I made sure I had a safe way home.
5) There's no place like home.
It was great to go back home and see my family, friends, and old stomping grounds (I think local food is always the thing you miss the most while away). Catching up, reminiscing about old memories, and creating new ones is something to cherish. On my return, however, I was pleasantly surprised. I haven't been in Arlington for very long, but I got the same feelings as I touched down last night. It felt great to be "home". It's a long process but I'm slowly getting acclimated to my new surroundings, making new friends, and I am learning everyday. I'm slowly becoming an Arlingtonian.
By: David
The Mike Webb Team: www.northernvirginiahouses.com
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