Your REALTOR® and Their Value To You
Posted on August 6, 2016 in Selling Tips.
Value. How often do we hear this word in a Real Estate transaction? Most of the time it is being used in the discussion of a property of interest or after an appraisal of your home. But, have you considered the Value your REALTOR® holds in the transaction of buying or selling property? If not you should!
There are some folks who still do not have a thorough understanding of what we do day in and day out and what our Fiduciary Duty involves when representing you. It has taken several decades of hard and diligent work by the National Association of REALTORS®, your State Association of REALTORS® and your Local Association of REALTORS® in keeping the public and their best interest informed when dealing in the ever changing dynamics of Real Estate.
The term REALTOR® stands for fairness, professional business relations with moral conduct, the highest competency levels we can achieve, and the highest integrity in our business and personal relations. No inducement of profit and no immoral instruction from others will ever justify the departure from this ideal we hold true to ourselves.
There are countless excellent reasons to work with a REALTOR®.
- Ethics: We are held to a higher standard as we adhere to a strict Code of Ethics and Professionalism to protect your best interest. It is part of our Mantra and we live by it! (Our very own Tim Cafferty whom I took my first Ethics course from years ago was an Ethics teacher )
- Experience: The average American may only purchase or sell a few homes in their lifetime – we have handled hundreds of transactions over the course of our career and continue to gain knowledge every day with the ever changing regulations and laws governing the sale of property.
- Searching the Web: While some consumers think they hold everything in their fingertips, a good percentage of what you find on Zillow or Trulia or any major online source has an incredible amounts of flaws with improper information and horribly incorrect property values. Most large online companies looking for profit in advertising take REALTORS® MLS information and misconstrue the numbers by incorrect Algorithms and broad online distribution. REALTORS hold the most accurate information and apples to apples property comparisons as we are the source of all MLS sales and local knowledge.
- Guided Instruction: Are you aware of the amount of Legal Forms and Mandated State and Federal Disclosures required in a real estate transaction? They are also increasing very year. We study these requirements – we protect you best interest in buying and selling by guiding you on what you need to fill out and how to do so to protect yourselves.
- The Tactics of Negotiations: Let’s talk numbers. You want the most for your money but only want to pay the fair market value correct…maybe less if the situation allows. We study real comparable properties and tell you the realistic numbers. Our job is to get you the best price in selling your property or the best price in purchasing your property with the BEST possible terms allowed. We work for you! We do this daily and study tactful negotiations for buyers and sellers. We see these markets daily and we cannot say it enough- Real Estate is Local based – so deal with a local.
- Emotions: Buying or selling a home is one of the most stressful times in your life…fact. Why would you not want to have someone on your side helping you make the process smooth and having an outside Objective opinion keeping you grounded and in line to close the trans action smoothly. I have personally made good friends with a large majority of my client base. Not because I feel like I need to – but for the reason that we go through so much together and become connected. At the end of the day you want a REALTOR® that keeps you professionally and emotionally grounded during and after the transaction.
If you are in the market to buy or sell and are not running to your REALTOR® after reading this…you should be. We do not get paid unless we get your home closed and make you satisfied. If you are thinking of buying or selling you should reach out to your REALTOR® of choice and let them help guide you in one of the most important financial decisions of your lifetime!
For more information on all things Real Estate or any questions on the Outer Banks, feel free to contact Shane Collins directly with the OBX Island Guys of Outer Banks Blue Realty Services. (252) 202-1193 or email at shane@outerbanksblue.com.
Outer Banks Beach House: Time to Buy or Sell?
Posted on February 2, 2016 in Selling Tips.
Before I jump right in with a resounding “yes” I hope to answer more than the question of whether it is time to buy or sell an Outer Banks beach house. I want you to see the positive outlook for both buyers and sellers alike. I would like to think that anyone will do well from either side of the [negotiating] table as prices have not skyrocketed like the early-to-middle years of the previous decade. Given the current economic conditions and financial policies in place we should not see a bubble like that again in our lifetime, hopefully. Either way, the year-over-year gains is a confidence booster for all parties.
According to the Outer Banks Association, or REALTOR MLS, single family homes have seen modest gains in prices (~1.4% annually) over the past 5 years as well as shorter average time on market (~5.9% less time) and decreasing discounts off asking prices (less than 5% off, versus a little over 6%). These are some of the favorable market attributes from the sellers’ perspective. What’s in it for the buyers? Five years of gains (remember I said modest) instills confidence in the market. The gains aren’t enough to have buyers feeling “priced out” and, 5 years of gains shows that the tide has most likely turned for the next upcycle. To offset the small increase in cost of ownership, due to price appreciation, the interest rates are down about 1 full percentage point in that same time period; according to Freddie Mac. I even saw a 3.75% rate for a 30-year loan with no origination points on a lender’s rate sheet last week!! Since recordkeeping of mortgage rates has been tabulated by Freddie Mac in the early 1970s, this is the 2nd lowest average rate year we’ve seen. The lowest was in 2012. There is a lot of chatter out there in the markets saying that the rates could possibly go even lower.
When the conditions are right, it’s always a great time to buy or sell a home. Currently, we are in a favorable market for either side. If you are buying or selling a vacation rental home, now is one of the best times of year to get in the market, or get your home on the market for sale. The main rental season starts at the end of May. There is a strong demand to purchase rental homes and to time the closing to where the rental income begins flowing immediately, or shortly after closing. In many cases, rental deposits have already been taken and would be an instant bonus at closing for the buyers. The bonus for the sellers is that the discount (off of asking price) is at its lowest on the closings occurring between April and July, which translates to contract signing occurring between February and May.
For a complimentary professional consultation for buying and/or selling Outer Banks real estate, feel free to call or email me anytime. I look forward to hearing from you soon.
Adam Burkhimer
(252) 256-0086
adamburkhimer@gmail.com
**All statistics and real estate statistical references are sourced from OBAR MLS 01/01/2011 – 12/31/2015
REALTOR® Designations and You
Posted on October 7, 2015 in Selling Tips.
As you know from reading REALTORS® e-mails, websites, bios and such there is an alphabet soup that we REALTORS® love to share with other clients and the public. These letters correspond with certain “designations and certifications” offered by the National Association of REALTORS® in order to expand our knowledge base and continue our education. The following is a description of each REALTOR® Designation and what it may do for you or someone you know:
ABR: Accredited Buyer’s Representative: The ABR is designed for the real estate buyer agent that may want to FOCUS on working directly with BUYER-CLIENTS at every stage of the home buying process. Just because your listing agent has the designation just means that they are well versed in working with either buyers or sellers as the case may be.
CRS: Certified Residential Specialists: This designation is the highest credential awarded to a residential sales agent, a manager, or a broker.
GREEN: This allows the real estate professional to successfully seek out, understand, and market properties with GREEN features.
GRI: Graduate, REALTOR Institute: REALTORS® with their GRI’s have in-depth training in legal and regulatory issues, technology, professional standards, and the sales process.
SRS: Seller Representative Specialist: This is the premiere credential in seller representation. It was designed to elevate the professional standards and enhance personal performance.
SRES: Seniors Real Estate Specialist: This program educates REALTORS® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate; clients 50+.
RSPS: Resort and Second Home Property Specialist: This is for the REALTORS® who facilitate the buying and selling, or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination.
SFR: Short Sales and Foreclosure Resource: This certification teaches real estate agents to work with distressed sellers and the finance, tax and legal professionals who can help them in the process and qualify the sellers for short sales, develop strategies to market the homes, negotiate with lenders and protect buyers.
Each of these and the other certifications and designation programs that are not listed here all require the respective agent to attend core courses, elective courses, have already worked with and have a working knowledge and base with these types of clients, complete final tests and then continue their learning with practical experiences.
While there are additional designations, the above are the ones held by one or more members of the Outer Banks Blue Realty Sales Team. We are proud of our REALTORS® and their continued efforts to expand their knowledge base for you our clients.
If you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at kim@outerbanksblue.com.
Outer Banks Real Estate Hot Markets
Posted on July 11, 2015 in Selling Tips.
According to a recent article in Money Magazine (May 2015) for more than a decade the housing market has been in flux, in between that “just right” rate of growth that offers opportunities for both buyers and sellers, but by certain standards we may be getting closer. According to National Association of REALTORS® home prices nationwide are expected to rise 4.9% on average this year. At the same time inventory is expected to loosen up with 1.9M units on the market this year vs the market saturated 4M we saw in the late 2000’s.
Being in a resort and second home market we do see these trends hit our beaches last, as no one needs a vacation/second/rental home, although the investors still want them, and are always in search of a deal. The following are the details for the First Quarter Sales for the Outer Banks:
Outer Banks Real Estate Hot Markets:
Corolla SOLD 48 units – 38 on the Ocean side and 10 on the west side of Hwy 12. The average list price was $609,304 – the average SOLD price was $569,753 – capturing 93.50% of asking price.
Duck SOLD 21 units – 19 on the ocean side and 2 on the west side of Duck Road. The average list price was $453,537 – the average SOLD price was $418,409 – capturing 92.25% of asking price.
Southern Shores SOLD 18 units – 1 on the ocean side and 17 on the west side of Ocean Trail. The average list price was $383,694 – the average SOLD price was $360,322 – capturing 93.90% of asking price.
Kitty Hawk SOLD 20 units – 1 on the oceanfront, 5 in between the highways and 14 on the west side of the bypass. The average list price was $335,105 – the average SOLD price was $315,450 – capturing 94.13% of asking price.
Kill Devil Hills SOLD 58 units – 4 on the Oceanside, 16 between the highways and 37 on the west side. The average list price was $264,042 – the average SOLD price was $252,311 – capturing 95.55% of asking price.
Colington Island SOLD 15 units – 10 in the Harbor and 5 on the island. The average list price was $269,866 – the average SOLD price was $258,166 – capturing 95.66% of asking price.
Nags Head SOLD 37 units – 30 in Nags Head – 9 Oceanside, 12 Between the highways and 9 on the west side of the bypass and 7 in South Nags Head – 6 on the Oceanside and 1 on the west side of Old Oregon Inlet – the average list price was $505,894 – the average SOLD price of $472,839 – capturing 93.46% of asking price.
So as you can see, the vacation market of Corolla is the hot one in regards to numbers although the year round market and smaller home rentals of Colington and Kill Devil Hills are hot in the percent of list to sell.
Outer Banks Blue Real Estate Sales’ Stats
1872 Active Residential Listings as of 7/1/15
272 Pending Residential Listing as of 7/1/15
167 SOLD between 06/01 – 06/30/15
If you desire any specifics as to your home or neighborhood please contact Kim Endre. Just call us at (252) 255-0482 x316 or email her at kim@outerbanksblue.com.
