Real Estate Blog

It is human nature to want more than you have today? The desire for more isn’t a problem, but the habit of going full-tilt is, when it means extending yourself beyond your current means.

Sounds simple, right? If it’s so simple, then how come there aren’t many good examples to turn to? Look at our national debt and credit card craze. Even Hollywood stars who have had the cash have spent beyond their means. A close call on the Neverland Ranch earlier this year is proof in the pudding. Meanwhile, some stars haven’t been as lucky.

Enter Kathie Anderson, a Connect2Agent member and real estate agent in Libertyville Illinois, who has worked in the real estate industry for 33 years. Anderson recognized a change in the tide of real estate two years ago. Not only a real estate agent, but a homeowner, she decided to sell her house while she could still profit from it. She did just that and purchased a townhouse.

Anderson downsized her house to save her lifestyle.

Looking back, Anderson has no regrets about her decision. Real estate certainly took the tumble that she had anticipated and as a result, many real estate agents selling in the Libertyville Illinois real estate market left the business.

Many people just didn’t have the financial means to weather a slower real estate market.

Currently, there is eight months’ worth of inventory on the real estate market in Libertyville Illinois. Anderson advises homeowners in her local market not to sell unless they really need to. She tells them, “Let’s just wait and see what happens.” Homeowners who do have to sell need to have their house in the best condition it can be, at the lowest price it can be.

They will be competing against REO and short sale properties.

Why the abundance of REO and short sale properties? Because of that supersized lifestyle–the lifestyle that allowed consumers to refinance and take out the equity in their houses, and then use that money to buy things like cars and boats, which lost value on the day of purchase. The lifestyle that allowed people to get interest-only loans to purchase houses they couldn’t otherwise afford.

Sometimes our appetites are bigger than our wallets.

Does that mean people shouldn’t buy real estate right now? Anderson doesn’t think so. She informed me the time is right for a buyer who has saved for a downpayment and has worked on their credit. You won’t be able to get 100 percent financing, but you can get an FHA loan with a 3 percent downpayment.

Any there any rewards for being especially dollar-savvy? Anderson says if you have saved 20 percent down, the Libertyville real estate market is your oyster, with literally hundreds of choices to accommodate your needs and desired lifestyle.

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The funny thing with real estate these days is you just never know when you might turn the corner and find a diamond in the rough–a really good story about a market that is actually showing steady growth and appreciation; a market where the banks are not the majority of real estate sellers.

I found such a gem during my interview with Connect2Agent members and Tulsa Oklahoma real estate agents Dave and Sharon Wilkinson. Speaking to them felt like being connected to an oxygen tank. Refreshed and giddy from the rush of pure positive air to my lungs, I eagerly inquired about what’s happening in Tulsa real estate and rejoiced and delighted in each response they gave.

It’s not an easy task to sell real estate these days. Open information on the Internet–accurate or not–and advice from non-professionals–warranted or not–run rampant.

What happens when you combine a truckload of experience with a willingness to engage in new practices? If you are lucky enough to find that winning combination, you end up with a real estate professional who has true market mojo.

Marie White, Connect2Agent member and real estate agent in Knoxville Tennessee, oozed sincerity in my recent interview with her. Everything about our conversation–from real estate in Knoxville to sage advice for newer agents–was as transparent as it gets. Father Time might have moved the clocks into warp drive, but Marie’s old school values make her one ‘Cuil’ persona in a Web 2.0 real estate world.

Rebecca Levinson: How long have you been in the real estate business and what keeps you in it?

Marie White: I’ve been working in the real estate industry since 1984. I have a book of friends that would blow your mind; these are ongoing relationships that I have developed through selling houses. I tell my clients, “Your smile at closing is the icing on my check.”

What happens when you combine a truckload of experience with a willingness to engage in new practices? If you are lucky enough to find that winning combination, you end up with a real estate professional who has true market mojo.

Marie White, Connect2Agent member and real estate agent in Knoxville Tennessee, oozed sincerity in my recent interview with her. Everything about our conversation–from real estate in Knoxville to sage advice for newer agents–was as transparent as it gets. Father Time might have moved the clocks into warp drive, but Marie’s old school values make her one Cuil persona in a Web 2.0 real estate world.

Rebecca Levinson: How long have you been in the real estate business and what keeps you in it?

Marie White: I’ve been working in the real estate industry since 1984. I have a book of friends that would blow your mind; these are ongoing relationships that I have developed through selling houses. I tell my clients, “Your smile at closing is the icing on my check.”

What happens when you combine a truckload of experience with a willingness to engage in new practices? If you are lucky enough to find that winning combination, you end up with a real estate professional who has true market mojo.

Marie White, Connect2Agent member and real estate agent in Knoxville Tennessee, oozed sincerity in my recent interview with her. Everything about our conversation–from real estate in Knoxville to sage advice for newer agents–was as transparent as it gets. Father Time might have moved the clocks into warp drive, but Marie’s old school values make her one Cuil persona in a Web 2.0 real estate world.

Rebecca Levinson: How long have you been in the real estate business and what keeps you in it?

Marie White: I’ve been working in the real estate industry since 1984. I have a book of friends that would blow your mind; these are ongoing relationships that I have developed through selling houses. I tell my clients, “Your smile at closing is the icing on my check.”

What happens when you combine a truckload of experience with a willingness to engage in new practices? If you are lucky enough to find that winning combination, you end up with a real estate professional who has true market mojo.

Marie White, Connect2Agent member and real estate agent in Knoxville Tennessee, oozed sincerity in my recent interview with her. Everything about our conversation–from real estate in Knoxville to sage advice for newer agents–was as transparent as it gets. Father Time might have moved the clocks into warp drive, but Marie’s old school values make her one Cuil persona in a Web 2.0 real estate world.

Rebecca Levinson: How long have you been in the real estate business and what keeps you in it?

Marie White: I’ve been working in the real estate industry since 1984. I have a book of friends that would blow your mind; these are ongoing relationships that I have developed through selling houses. I tell my clients, “Your smile at closing is the icing on my check.”

What happens when you combine a truckload of experience with a willingness to engage in new practices? If you are lucky enough to find that winning combination, you end up with a real estate professional who has true market mojo.

Marie White, Connect2Agent member and real estate agent in Knoxville Tennessee, oozed sincerity in my recent interview with her. Everything about our conversation–from real estate in Knoxville to sage advice for newer agents–was as transparent as it gets. Father Time might have moved the clocks into warp drive, but Marie’s old school values make her one Cuil persona in a Web 2.0 real estate world.

Rebecca Levinson: How long have you been in the real estate business and what keeps you in it?

Marie White: I’ve been working in the real estate industry since 1984. I have a book of friends that would blow your mind; these are ongoing relationships that I have developed through selling houses. I tell my clients, “Your smile at closing is the icing on my check.”

Pardon my blunt tone, but honestly, do hardworking American citizens need more debt on their shoulders? Congress, the Senate and now President Bush apparently think so.

The signing by President Bush of the new housing bill is supposed to help keep 400,000 homeowners from foreclosure by refinancing them into lower-interest FHA loans, backed by $300 billion in federal aid. This funding may be funded federally, but it will be coming from taxpayers’ pockets.

My beef? I did not gamble on an adjustable rate, low interest/no interest loan. I did not choose to purchase a house that was hundreds of thousands of dollars beyond my means. I certainly did not choose for my children to be saddled with more national debt and for my family to take a hit in taxes.

Are you shopping for a second home or ready to hang your hat year-round in a warm climate? Mamma Mia! Real estate deals abound in Delray Beach. Rachel Hecker, a Connect2Agent member and real estate agent who services Palm Beach, West Palm Beach and Broward County, shared her view of the local real estate landscape in Part I of this post. In Part II, Hecker delves even further into the opportunities that exist for consumers looking to buy a house in Delray Beach Florida.

Rebecca Levinson: Can you give me a street view of your local real estate market?

Rachel Hecker: West Boca Raton encompasses communities like Century Village and High Point. Many of the condos in these communities were owned by the 55-and-older demographic. These condos were built in 1968 to 1972. The majority were never updated cosmetically–you’ll find harvest gold color appliances and foil wallpaper. Despite the outdated cosmetic appearance of these units, they were well-maintained. The price for a 1-bedroom is around $59,000 and a 2-bedroom that’s been updated is around $110,000 to $120,000.

East Delray consists of housing in the 800,000 to 1.5 million-dollar price range. They are all brand new and all have been updated.

Rebecca Levinson: So what happened in your market to get it to the short sale state it is in now?

Rachel Hecker: The over-55 communities are not the ones with the short sales. Those were cash buyers who saved their money and purchased the units.

You don’t have to look far to hear news of yet another house falling into the foreclosure black hole. Many real estate markets across the country have been affected by REO (Real Estate Owned/Bank Owned) properties. The severity of the effect all depends on the location.

Talking with Gloria Scheer-MacNeil, a Connect2Agent member and real estate agent in Loudoun, Prince William and the surrounding counties of Washington D.C., you get a sense that a clear head is the difference between success and failure in the current real estate market.

Real estate is a people business. During the past decade, it has morphed into an Internet business. But just like any professional industry, taking information out of context and without professional guidance can turn a sure thing into a crapshoot.

This is the second of a two-part post from an interview I conducted with Lynne Eliopolous, a Connect2Agent member and real estate agent in Boston (Metrowest). In Part I, Eliopolous shared with me her views on real estate and its constant, cyclical nature.

She also shared some not-to-be-missed tips for real estate buyers who are looking to interview a real estate agent.

In Part II, Eliopolous shared with me some tips to help homeowners and real estate sellers succeed in the (Metrowest) Boston real estate market.

Rebecca Levinson: Lynne, can you please define the area that is considered the (Metrowest) Boston real estate market?

Lynne Eliopolous: The area from Boston Massachussets to Worcester Massachussets.

RL: What would you say to homeowners who are considering selling their house in the (Metrowest) Boston real estate market?

LE: You need to price your house well to get it sold. Homeowners who purchased their house between 2002 to 2005 and need to sell it now may get less money than what they paid for their house. If your house hasn’t sold 90 to 120 days after you have made an offer, something is wrong. The price is directly related to the number of days your house sits on the real estate market.

This is the second of a two-part post from an interview I conducted with Lynne Eliopolous, a Connect2Agent member and real estate agent in Boston (Metrowest). In Part I, Eliopolous shared with me her views on real estate and its constant, cyclical nature.

She also shared some not-to-be-missed tips for real estate buyers who are looking to interview a real estate agent.

In Part II, Eliopolous shared with me some tips to help homeowners and real estate sellers succeed in the (Metrowest) Boston real estate market.

Rebecca Levinson: Lynne, can you please define the area that is considered the (Metrowest) Boston real estate market?

Lynne Eliopolous: The area from Boston Massachussets to Worcester Massachussets.

RL: What would you say to homeowners who are considering selling their house in the (Metrowest) Boston real estate market?

LE: You need to price your house well to get it sold. Homeowners who purchased their house between 2002 to 2005 and need to sell it now may get less money than what they paid for their house. If your house hasn’t sold 90 to 120 days after you have made an offer, something is wrong. The price is directly related to the number of days your house sits on the real estate market.