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Full service brokers ARE worth the money!

4/27/2015

 
Maybe you’ve read about brokers who offer to cut their commission, or promise to refund money after closing. Limited Service Brokers may make those promises, but the truth is that some lenders won't close on a transaction where a broker is returning money to the buyer, and (worse!) many sellers won't reduce the list price of their home because they know that buyers represented by a Limited Services Broker might get money back after closing. Either way you look at it, it’s a lose-lose situation for buyers looking to buy a home. 
But, wait, there’s more:

•   Buyers represented by Limited Service Brokers pay 101.80% of list price (on average)

•   While Buyers represented by Coldwell Banker Bain Brokers only pay 99.10% of list price (on average)

So, on a final sales price of $500,000, a Coldwell Banker Bain Broker obtains (on average) a final sales price that is $10,000 less than a Limited Service Broker.

Wow!  Not sure about you but that seems like a pretty big number to me. A Limited Services Broker may promise to give you ½ of his commission (1.5%) after closing, but on a $500,000 final sales price, that’s only $7,500, which means that you’re still underwater on the transaction, having paid much more than you should’ve, all other things being equal.
For some ideas on why some Limited Services Brokers do so poorly for their clients, it might be helpful to look at things from their perspective:

•   What if I asked you to do your job for half of what you are being paid right now?

•   Would you still be doing it? 

•   And, if you decided for some strange and unexplained reason that you would work for ½ of your wages would you do it with as much enthusiasm or professionalism? 

I’ll bet that you answered, “no,” to each of these questions.  

Real Estate Brokers work on commission, which means that if we don't close we don't get paid. I’m glad that I’m a Full Service Broker, because I like spending time with my clients, getting to know them and their needs, which I couldn’t do if I was a Limited Services Broker. 
Some of my clients find the right home and close their transaction in a month, while others take longer; it’s all part of the job. But the biggest part of what I do for my clients involves my expertise in negotiations, time management, and dedication to making my clients happy, all of which are necessary to get to a successful closing.
Whether its banking, financing, computer tech, construction or any other business that you can think of, "Project Managers," the professionals who are responsible for implementation and coordination of all these important projects, again you know, the ones that usually command extremely high salaries. Well if you really think about it this is exactly what we do as Real Estate brokers. We earn our commissions with negotiations, overcoming transaction problems and coordinating all the service providers required to get our clients to the closing table. 
We know all the Federal, state and local disclosures and requirements. They can be different for every deal we go through, and getting through them can be as tricky as walking through a minefield. But guess what, we hold your hand and walk you straight through, because we have the map!
How about all of those financing and inspection contingencies, who pays for this and who pays for that? Are there penalties? What happens if appraisal comes back less than expected? Again, just one more of the challenges that we are there to help guide you though.
Title services, escrow, attorneys, movers, stagers, photographers and all the other services involved, who takes care of all these?  We coordinate all of these services; knowing when, who, where and why, and holding everyone accountable to help make sure everything is done on time!

Seattle among the top overpriced cities in the US.

4/21/2015

 
Anyone living in Seattle knows that the cost of living is rather high in comparison to many other cities. It officially ranks 16th in the latest Forbes annual study.
The cities median income is pretty high coming in at close to $90,000 but after taking a look at some of the numbers; Housing is only affordable for slightly over 50% of families. While residents of Seattle enjoy paying about 5% less on average for utilities, residents are paying much more for just about everything else! 
No surprise Honolulu, Hawaii toped the list once again.
Source: http://www.bizjournals.com/seattle/morning_call/2015/04/the-most-overpriced-cities-seattle-is-near-the-top.html?iana=ind_rre

2015 Moving Season!

4/14/2015

 
Available inventory is to real estate much like capacity is to the moving industry!  If you don't have inventory, you can't sell it.

Last year was the first time in the last 20+,  where local moving in the Puget Sound area had major capacity issues May thru September.  Local moving in 2015 will have, at minimum, the same issues.  Some of the movers already have days blocked out toward the end April.

How can a broker help their clients? - Referring clients to moving companies like moving link and by giving them a few helpful hints:
1.  Having them start to find a mover early.  Even before the residence is listed!  This also helps with their budgeting decision & activating their staging plans.
2.  The client should target having a commitment with a mover in place 30 days before they want to move.  It is much easier to move service dates than trying get on a mover's already crowded calendar.
3.  Try to stay away from moving during the last week of the month - as much as 30% higher rates!  It is supply and demand.
4.  Be flexible with move dates - "Can you move on Thursday rather than Friday? or on a Saturday at regular rates?"

As always, please fell free to contact me with any questions or needs,  Im here to help!

Interest Rates.

4/3/2015

 
Interest rates have remained low despite a strong stock market and positive economic news! Rates are up slightly this morning due to the better than expected economic report.  Unemployment fell again and factory orders came in higher as durable goods and non-durable goods orders are up.

 What does this mean for interest rates?

Here is a breakdown of some rates today.
30 year fixed- 4.125% up to a loan amount of $417K
30 year fixed- 4.25% up to a loan amount of $517,500
15 year fixed- 3.125% up to a loan amount of $417,500
FHA 30 year fixed- 3.50% up to a loan amount of $417,500; loan amount up to $517,500 rate is still 3.50%
Jumbo 30 year fixed- 4.00%

 All of the above rates assume a credit score over 700. 

    Author

    Jason Moon Real Estate Broker with ColdWell Banker Bain. Seattle, WA

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     Jason Moon, Licensed with Coldwell Banker Bain, 1200 Westlake Ave N, Suite 406, Seattle WA 98109
Some photos provided by RL5 
photography.