Her 4 and 1 of my own...Constants in Real Estate

Ilyce Glink, who writes a syndicated column, ‘Real Estate Matters’ (distributed by Tribune Media Services, Inc.), wrote about some constants in the ever changing real estate market. (http://www.thinkglink.com/article/2009/06/26/the-more-things-change-the-more-things-stay-the-same-location-location-location)
The article is so good I've decided to quote her here and to add come comments of my own.


Her 1st unchanging concept is “Real Estate Agents are still a Good deal for home buyers”. She goes on to describe that knowledge of the neighborhoods, shopping, schools, government, etc., plus experience is some of what a real estate agent brings to the table. And she stresses the benefit of “finding a smart, highly qualified real estate agent to assist you in your purchase…”, even when buying from a builder in a new home community.
I add here that ‘highly qualified’ is important and even though we all had to start somewhere, don’t entrust the purchase or sale of your property to you friend or relative just because they’ll cut you a deal, to an agent working outside their home territory, or to a brand new licensee unless they are working under strict supervision.

For #2, Ilyce Glink says “You’ll get the best loan if you shop around”. She advices that buyers should talk with at least 3 or 4 different types of lenders when looking for a mortgage and stresses the need for an explicit breakdown of all costs associated with the loan to better understand what you’re getting into. And, she briefly mentions that getting preapproved for a loan is far better than just being prequalified.
My additional thoughts are that you should work with someone you can see, meet, and is trusted and recommended by others. One of the biggest hurdles in every sale, outside of price negotiations with the seller, is working with the mortgage lender who is responsive and approachable. If they are only a voice on the phone or an email presence, rethink your choice, no matter how attractive their rates and terms might be.

Ilyce’s # 3 constant is “Home prices may rise and fall, but maintaining a home isn’t cheap”. She then emphasizes the need for a professional home inspection and warns buyers to be mindful of repair and general maintenance costs when making purchase offers. BRAVO, Ilyce!
In my experience I’ve found that some buyers develop an emotional attachment to a property without consideration for the time, energy and money it will take to maintain and/or restore it. In my July newsletter (http://realtytimes.com/c/BonitaBellCoulson ) I wrote about the absolute need for inspections of all types and the benefits to buyers when using the FAR-BAR “As-Is Contract for Sale and Purchase”.

Ms. Glink’s 4th and last concept in the article is that the cliché is true and “It’s still all about location….There’s nothing you can’t change about a house, except its location. So be sure you get to know it before you make an offer”.
I’d like to add here that locations can change, too. I built my home in 1996 in a small community on a cul de sac lot that backed up to acres and acres of fragrant grapefruit groves. It was tranquil and private for 10 years. And then one day the grove was sold to a developer, the trees were ripped out by the roots and a new subdivision was platted. I now have a view over the fence of a road, a lake and acres of sodded lawns. The first house is being built as I write this. I mourn the loss of those peaceful groves, the sweet smelling blossoms and privacy buffer they gave me. My house is now nearly 13 years old and has lost its true ambiance.

And concept #5 from my point of view alone is something I learned from a fantastic Realtor and Instructor from St. Augustine, Marcus Wally. The concept is SWSWSWN. It stands for: Some Will. Some Won’t. So What? Next! It was meant to provide inspiration for Realtors when sellers don’t hire us or when buyers don’t buy anything after months of looking. But it can be inspiring to buyers and seller’s too. Some deals come together and some don’t. The last great real estate deal hasn’t happened. Something else will come along. If it’s meant to be it will be. And don’t take it personally. I have it on a sign in my office…SWSWSWN!