Archive for the 'Selling' Category
Greater Hartford Real Estate Market Statistics- July 2008
The lazy days of summer are here. But at the Greater Hartford Real Estate Blog, we’re not lazy, we’re market focused! So just what the heck happened out there in July? Let’s look at the lastest real estate statistics, straight from the CT Multiple Listing Service…
My takeaways…
1. If you’re a buyer and looking for a deal, you might want to concentrate on the markets with their inventory numbers highlighted yellow. Those are all Buyer’s markets right now, based on the last 3 months of sales data.
2. If you’re a seller in Newington or West Hartford (inventory highlighted green), you’re most likely in a good position right now, Seller’s market. Homes are moving fairly quickly in these two towns, and depending on the amount of inventory in your price range, you should be able to get close to your asking price, if you’re priced correctly. Buyers in these two towns should be very aware of what’s available in their price range and be able to react quickly and with reasonable offers if they see something they like. Because if you don’t move on it, someone else will.
3. If you’re a buyer or seller in any of the towns with inventory shaded white, you’re in a Neutral market. Look closely at the competition when submitting offers and pricing your home for sale.
4. Many towns saw substantial Percentage Changes in the number of closings between July of 2008 and July of 2007. Make sure you look at the actual # Sold though. Many of the numbers are small, so small changes of a few closings sometimes translates to large Percentage Changes. Ah, the wonder of statistics. Remember this when you’re reading newspaper articles about the housing market, as they often only speak in percentage terms and not actual # of Sold properties.
I Want to Fire My Agent
Occassionally I’ll get a phone call or email from a seller that is not happy with the real estate agent currently representing them. They ask if I can help them because they want to fire their agent. This is very touchy ground because real estate agents are not allowed to interfere with the relationships between other agents and their clients.
The advice I always give is this: if you are not happy with your current agent, have a conversation with them about why you are not happy. See if you can get them to change their attitude, marketing plan, whatever it is about the situation that is not working for you. The agent might not even know you’re displeased. If you don’t see a noticeable change after your discussion, contact their broker and express your concerns. They may try to assign you to a different agent in the office. In some cases, they may let you terminate your contract. It all depends on the situation.
Real estate is just like any other business. There are excellent performers, average performers, and low level performers. When you sign a contract with a real estate agency and a specific agent, you have the right to expect a certain level of service. Voicing your concerns to your agent and their broker is the first step in getting the issue resolved.
Weighing the Competition
Tomorrow I’m being interviewed for a new listing. I know there are at least 3 other agents also interviewing for this listing opportunity. Despite the possibility of it working against me, I think it’s worthwhile for sellers to speak with a few agents. Particularly if the sellers do not have a working relationship with an agent that they trust to sell their house (which is different than an agent who is just a friend or family member). Here’s why…
1. Pricing Opinions: Are the agents in the same range? (They should be, even if it doesn’t agree with what you think your house is worth) How thorough was their pricing analysis? What types of factors did they consider?
2. Marketing Philosophy: What are the agents going to do differently to sell your home? How comprehensive are their marketing plans?
3. Negotiation Skills: Can these agents negotiate effectively? How do they negotiate? What’s their track record?
4. Communication Skills: Can the agents carry on an intelligent conversation? Do they speak in generalities or specifics?
5. Rapport: Do you feel a connection with the agents? Will you feel comfortable having extended conversations with a specific agent?
6. Production History: How much business are they doing? Are they actively listing and selling properties? Are they a full time agent?
When interviewing several agents, a seller can get a good feeling for the competence level of each individual and what they bring to the table. Often times sellers will still make their decision on emotion and the “connection” they had with the agent they choose. By speaking to multiple agents, they’ve at least gathered various opinions and should feel comfortable that the person they’re choosing will do an adequate job.