Have you seen the movie musical The King and I? There’s a charming scene where the King, as played by Yul Brynner, defends his kingly tradition of having many wives by singing a short and sweet song to Anna, as played by Deborah Kerr.

 

To fly from blossom to blossom
A honey bee must be free,
But blossom must not ever fly
From bee to bee to bee.

 

Lyrics from The King and I

 

 

 

 

 

This is how certain homebuyers search for homes, as if they’re blossoms flying from bee to bee to bee. Instead of contacting one real estate agent, they contact the listing agent of every house they wish to tour, meet with the agents individually, and if they happen to like any one agent’s listing, make an offer.

 

At best, these independent-minded buyers have turned home buying into an unnecessarily difficult process. At worst, they might ultimately complicate the purchase in ways they never anticipated and unnecessarly do themselves a disservice.

 

This is how independent buyers work ~~

• Either they know someone in the industry so they can tap into the local MLS, or they rely on Realtor®.com and similar websites to locate houses of interest.
• They call the listing agents of each house and arrange multiple appointments.
• They meet with each agent individually, either at their offices or at each house.
  
• When they find the perfect house, they will use the listing agent to finalize the purchase.

In Florida unlike many other states, it’s perfectly legitimate for the listing agent to also bring the buyer by acting as a transaction broker rather than a dual agent. Still, I perceive many problems with buyers going this independent route.

1. Unnecessary work for buyers - By contacting agent after agent after agent to arrange separate showing appointments, independent buyers are putting in a whole lot of effort that a single agent, whom they like and trust, would ordinarily do on their behalf.
2. Extra time and hassle for buyers - If the agent is diligent, he or she will ask independent buyers come into the office, which expands the amount of time needed to see the property but is a necessary step for the listing agent, who wants to make certain the buyers are serious.
3. Wasted effort for agent - Whether or not the buyers come into the office or meet the agent at the house, the agent will try to establish a some sort of relationship, even if it  will last for all of one showing appointment. The agent will necessarily attempt to financially qualify the buyers, offer to e-mail free listings directly from the MLS, and give out information, pamphlets, and a bunch of smiles. Trying to develop rapport or trust with buyers on the part of the agent doesn’t always work since the buyers are only interested in access. 
4. Time doubled or tripled for each showing - In each case, independent buyers must explain their preference for working alone and briefly outline their needs while explaining repeatedly why they choose to search for a home on their own and not work with any one agent.
5. Distrust on both sides - Even while the agent is trying to diligently establish a working relationship, however fleeting, independent buyers usually stand their ground. 
6. Good business relationship? NOT - It soon becomes clear to the agent and the buyers that the situation cannot foster a strong business relationship since it initially begins with distrust. In the end, aren’t independent buyers really saying they don’t trust an agent to represent their best interests?
   
7. Missing out on agent’s strong suit - A good agent can intuit what their buyers are looking for, even when the buyers don’t verbally express their underlying desires. Buyers, for instance, might say, "4 bedrooms, 3 baths," but they’re also looking for privacy, openness, accessibility, calling distance between family members, and safety. Sometimes, just by putting together comments and body language, a perceptive agent can read their buyers. However, this can’t happen with one brief meeting, and the buyers will never know what they’ve missed out on. 
8. Luck of the draw - When the independent buyer finds the house they wish to purchase, it’s very possible they might not gel with the listing agent and won’t want to work him or her. It’s only human nature for buyers and agents not to establish  affinity or a place of trust. Establishing that rapport ought to happen before buyers are ready to make the biggest financial transaction they have ever made. But now they’ve backed themselves into a corner, and they could very well be stuck with an agent they don’t feel right about. Of course, they could dump the listing agent and go back to one of the other agents they met previously, in which case the listing agent won’t be particularly pleased, and the new selling agent will be placed in an awkward position. 

In the final analysis, independent homebuyers who practice real estate without a license aren’t looking out for the best interests of their 'clients' and ought to resign in favor of someone who can.

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Proudly selling real estate in Oviedo, Winter Springs, East Orlando, City of Orlando & Winter Park 

 

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in Winter Springs - Tuscawilla and many others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs, Lake Nona and many others

Neighborhoods in City of Orlando - Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park, Baldwin Park, Lake Nona and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

 

 

JUDY CHAPMAN

Florida Licensed Realtor® and Sales Associate

Certified Negotiation Specialist (CNS)

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

 

Specializing in Short Sale Solutions for Homeowners Facing Foreclosure

 

 

 

To put your home on the market, please feel free to reach me at (407) 227-7763. Questions about the Orlando real estate market always welcome.

 

The Just Ducky Homes Team enjoyed the culmination of a great buying experience this week when one of our clients closed on his new home.

Helping first-time homebuyers realize their dream of home ownership is one of my favorite things. They're almost always excited, sincere, a little scared and very grateful to have someone on their side during the process. It makes me feel good to provide counsel and guidance to someone just starting out and to look out for their interests in locating the right property and negotiating the purchase.

That said, my most recent buyer client was a standout among standouts. We first met when he called with a request to look at a house that ultimately didn't meet his needs.  So we had a detailed chat about what he really wanted in a new home, including specific locations to minimize his commute, the style of construction he preferred and the price range in which he was comfortable.

He took advice seriously, obtained his pre-approval for a conventional loan in a snap (he had amassed a nice downpayment amount) and without kissing too many housing frogs, we found just the right place.

Playing his negotiating cards close to the vest and remaining unemotional about the outcome, we went in low -- but not insultingly so -- on the target house and lightening struck:  His offer caught the seller's high motivation at the right arc and a deal was done without a counter.

Inspections were clean, his loan committment came through just fine and when we closed this week on his lovely open-floor-plan ranch I told him how happy I was to have met such a focused and responsible young guy. He's modest and not the type to take praise very well, but I meant every word. Great job!

No two deals are alike, but if you're in the market for a new home of your own, give me a call, text or e-mail.  Having the right kind of communication at the beginning of a buyer/Realtor relationship can make all the difference in creating a happy outcome just like this for you.

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About the Author: Nancy Milton, GRI, is a Realtor with the Just Ducky Homes team at Coldwell Banker Brown Realtors in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs of Madison and St. Clair counties with special emphasis on real estate in the communities of Edwardsville, Glen Carbon, Maryville, Collinsville and Troy. For more information, visit their web site at http://www.JustDuckyHomes.com or e-mail Nancy@JustDuckyHomes.com.

 

How's the market, Nancy?  Like all Realtors, I get that question everywhere I go. 

Our region, primarily in Madison and St. Clair counties in Southwestern Illinois, didn't experience the extreme rise in home prices that affected so many places across the country.

That means the market drop in our part of the nation has not been as precipitous. Remember that all real estate is local. If you're listening to CNN's anchors talk about Florida or California, it has no bearing on Edwardsville, Glen Carbon or Maryville, Illinois. So don't let them scare you.

From January 1 through the end of March 2009, 1,107 resale homes have closed in our area, down 16 percent from the number sold during the same three month period in 2008.

About 29 percent of those sales have been priced at $49,999 and under and more than 53 percent of the homes sold in January, February and March were priced at less than $100,000.

New construction is a different story. Year to date through the end of March 2009, 94 new construction homes have sold, down 44 percent from 2008.

Three-bedroom homes were still king (or queen) in our region, outpacing the sale of both smaller and larger homes by more than two to one in the first quarter of 2009.

Forty-six percent of homebuyers here in Southwestern Illinois are closing with conventional loans. FHA loans account for 24.4 percent of home loans and cash sales accounted for 18 percent of home sales in January, February and March.

What does this research tell our customers who need to buy or sell in Madison and St. Clair counties?

Homes are selling. They may not sell as quickly as they did in boom years, but they are selling. More telling will be sales figures for the traditionally busier time of year from May through August. I will continue to update the figures on this blog.

Investors appear to have come back into the market, picking off homes priced at less than $50,000. Anecdotally, I have noticed that my investor clients who don't act quickly on the properties they identify are losing them to other buyers.

For sellers, correct pricing the day your home comes on the market is critical. Your property needs to be the best value in its price category or you need to drop the price into a range where it is the best value. Know your competition and take a hard look at what your home offers in a head-to-head comparison. Check the net sheet your Realtor has provided you and think about your bottom line. If you didn't get a net sheet calculating your expected proceeds from the sale, ask for one right now.

Buyers, the market is screaming at you. It's yelling, "What are you waiting for?"  I've covered this in more detail in other posts, but the combo of low mortgage interest rates, choice of available homes, and lower prices should be all the incentive you need. And, if you're a first-time homebuyer, don't forget the $8000 federal tax credit. Call a Realtor, talk to her about your home ownership goals, get your loan pre-approval and then pick out your new place. It really is almost that easy if you have a good real estate consultant by your side.

If you're thinking about relocating your family to St. Louis' Illinois suburbs in Madison County, you may be interested in learning more about the area's public school districts.

This is the first in a series of posts that will link you to the Illinois school report cards for the county's districts. Today's topic: Edwardsville District 7.

The Edwardsville school district is large at approximately 185 square miles, encompassing the city of Edwardsville, the village of Glen Carbon, and more rural areas including Prairietown, Dorsey, Hamel, Worden, the Holiday Shores lakeside community and Midway.

In addition to Edwardsville High School and two middle schools -- Lincoln and Liberty -- the district includes 10 elementary schools, three of which were opened in fall 2008. The elementary schools are divided into Pre-K/K through 2nd grade and 3rd grade through 5th grade. Grades 6, 7 and 8 attend Middle School. 

An impressive sports complex offers fields for football, baseball, softball, track and more, plus tennis courts and a soon-to-open wrestling center. A swimming and diving facility is on the books for future development.

The district's theater, music and fine arts programs also are highly regarded with band, orchestra, AP art studio and portfolio courses and a publicly acclaimed series of student plays and musicals performed in the high school's theater.

According to District 7, their schools consistently score well above the state average in all subject areas. Click here to link to the Edwardsville School District's profile.

Click here to see the Illinois State School Report Card for the Edwardsville District 7 schools.

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About the Author: Nancy Milton, GRI, is a Realtor with the Just Ducky Homes team at Coldwell Banker Brown Realtors in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs of Madison and St. Clair counties with special emphasis on real estate in the communities of Edwardsville, Glen Carbon, Maryville, Collinsville and Troy. For more information, visit their web site at http://www.JustDuckyHomes.com or e-mail Nancy@JustDuckyHomes.com.