Christmas

I’m sending Christmas greetings your way and wishing you a joyous and blessed holiday with people you love.

I wish you and your family a day overflowing with love, mercy and hope.
Blessings,

Robin Moon

Excite Realty.com

903-880-5351

www.robinmoon.com

Realty Speaking! Multiple Listing Service!

Even before the sign is up and the brochures are ready, your agent should list your property with the local MLS (Multiple Listing Service). The MLS is a database of all the properties listed by the local real estate agents who are members of the service, which is practically all of the local agents.

Important information about your property is listed here, from general data such as square footage and number of rooms, to such details as whether you have central air conditioning or hardwood flooring. There should also be photos, and a short verbal description of what makes your property "special".

Agents search the database for properties that fit the price range and needs of their clients. They pay special attention to properties that have been recently placed on the market, which is one reason you get a lot of attenton when your property is first listed.

The main point about having your property listed in the MLS is that you expand your sales force by the number of local MLS members/ Instead of having just one agent working for you, now you have approximately 185 to help you sell your property. Some offices use the Dallas MLS also to increase the exposure of your property to many more.

One of the listing agent's main priorities is to make sure that the other MLS members know about your property. This is accomplished through listing your property in the Multiple Listing Service, broker previews and advertising targeted toward other agents, not homebuyers.

Realty Speaking! Which Realtor?

If you're like many people, you pick the Realtor that says they can get the most for your house. This is an agent who seems willing to listen to your input and work with you. Thgis is an agent that cares about putting the most money in your pocket. This is an agent that is willing to start out at your price and if you need to drop the price later, you can do that easily, right? After all, everybody else does it!

The truth is that you may have just met an agent engaging in a questionable sales practice called "buying a listing". He bought the listing by suggesting you might be able to get a higher sales price than the other agents quoted. Most likely, he is quite doubtful that your home will actually sell at that price. The intention is to eventually get you to lower the price.

Why do agents buy the listings? There are basically 2 reasons. A well meaning and hard working agent can feel pressure from a homeowner who has an inflated perception of his homes worth. On the other hand, there are some agents who engage in this sales practice routinely.

Whichever the case, if you start out too high a price on your home, you may have just added to your stress level. If you and your agent have overpriced, fewer agents will show your home. After all, they are Realtors, and it is their job to know the local market. If your home is too overpriced, why waste their time showing it? Their time is better spent showing homes that re priced realistically. Later, when you drop your price, your house is "old news".

Realty Speaking! Dropping Your Price, Too Late!

If you and your agent have over priced, fewer agents will show your property. After all, the are Realtors, and it is their job to know local market conditions and property values. If your property is dramatically above market, why waste time? Their time is better spent showing properties that are listed realistically. Later, when you drop your price, your property is "old news". You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your property could take longer to sell. Even if you do successfully sell at an above market price, your buyer will need a mortgage. The mortgage lender requires an appraisal. If comparable sales for the last 6 months and current market conditions do not support your sales price, the property won't appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen. Your property could go back on the market. Once your property has fallen out of escrow or sits on the market for a while, it is harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers. By overpricing your property in the beginning, you could actually end up settling for a lower price than you would have originally been offered.

Realty Speaking! What to Offer?

The first step in determining the price you are willing to offer for your next "Dream Home" is to look at the recent sales of similar homes. These "comparable sales" are recent sales of homes that compare closely to the one you are looking to purchase. You want to compare prices of homes that are similar in square footage, number of bedrooms and bathrooms, lot size, type of construction and maybe lake frontage or view.

The most accessible source of information on comparable sales is the public record. When someone buys a home, the property is deeded from the seller to the buyer and the deed is recorded at the local county recorder's office. Accessing the data is another matter, at least for the general public. Realtors can generally look up this information through www.TaxNetUSA.com, an online service that most Real Estate offices subscribe to.

The next source is the Multiple Listing Service (MLS). Most of the public is aware that the MLS is a private resource where Realtors list properties available for sale. Once a listed property is sold and closed the selling price is posted to the MLS. Over time, it has become a huge database on past sales, containing much more information on individual homes than can be gleaned from the public record. This information is only available to agents who are members of the local MLS.

Your agent will provide you with this data to help determine your offer price. Although your agent may provide advice and guidance, you are the one who makes the decision. The price you put in the offer is totally up to you.