Advice to new real estate agents

WELCOME TO THE DANCE!

I encourage all new agents to bring your enthusiasm and new ideas to the world of real estate, while you learn some of the basic steps. As we all know too well, real estate licensing classes don't really provide the day to day "how to's" that mean the difference between success and failure in this business. So here are a few practical suggestions from an old pro:



1. Preview, preview, preview. Any day that you don't have a live warm-bodied client to work with, preview properties on the market. This will help you develop a comfort level with what's available at what price. It also helps you find your way around your marketplace, as you go from one listing to another (good idea to try out that new GPS system before you have clients in the car). And knowing the inventory will give you something to talk about in social and business situations. Previewing is to real estate success, what crawling is to walking.

2. Practice using a lockbox. You laugh. Well, let's pretend you were the lucky agent on duty in your office when a homebuyer came in and wanted to look at homes. He didn't know you were new, and he was very impressed with your professionalism. You made appointments to show him homes, and off you went. "This is going great!", you thought to yourself. But you couldn't figure out how to open the lockbox when you got to the first listing... Why don't real estate managers teach new agents how to work their lockboxes?!?!?!

3. Practice your presentations. Now that you have graduated from licensing school, you are expected to share your wisdom with consumers... to come across as knowledgeable about real estate, while being enthusiastic and natural. Believe me, there is nothing "natural" about it - that takes practice!

Assuming you already have a listing presentation (purchased, corporate, or one that you created yourself), sit down at your dining table and turn the pages (or power point presentation on your laptop) in the direction of an imaginary home seller across the table, and go through your presentation OUT LOUD. You must be able to look at it upside down, and know what your script is for that page. Same thing with contracts: Turn a contract towards an imaginary buyer on the other side of the table, and summarize each and every paragraph OUT LOUD without peeking. My children did grow up to be normal healthy adults, in spite of sitting through many practice presentations over the years before I took them to the pool.

4. Reach out and touch someone. Many someones. Personally speak to at least 5 people a day about real estate - it can be purely conversational, such as "I saw the most beautiful home today..." - but it has to be about real estate! When you run out of friends and family, go to the grocery store and talk to the person in front of you and behind you... and the clerk. Go to the gym and talk to the person on the treadmill next to you. 15 seconds and a business card. It works. Do it every day for a week, and you will probably get an appointment with a live warm-bodied buyer or seller - especially if you've been previewing and have some houses to talk about.

5. Read, read, read. Your clients and prospects are reading the newspaper (or news online), and they are watching/listening to news reports in the broadcast media. They are very interested in learning about interest rates, market trends, and local political decisions that may impact their home value. If you want to carry on an intelligent conversation which convinces others that you know more than they do about real estate (you're not just another real estate licensee), you have to read, listen to and talk about anything you can find that has to do with real estate.




One of the things I love about being a REALTOR is the community of agents, lenders, and other professionals that I interact with every day. Not to mention the clients who have become friends, and the friends who have become clients. It doesn't matter what age, ethnicity, or years of experience - we can all enjoy the real estate dance. Hopefully some of this advice from an old pro will help make it more fun for you a lot sooner than learning from the school of hard knocks.

Hey, old pros, if you're still reading this, please share YOUR advice to new agents in the comments.

http://www.margaretwoda.com/

mwoda@remax.net

Copyright 2007. All rights reserved. Margaret Woda

Are home sellers in denial?

Now that is a very good question, and everyone has an opinion. I'll bet you've already framed an answer in your own mind, and now you're waiting to hear what I have to say. Well, here's my answer:

Yes, I think that's true. I've talked to a number of sellers, and even agents, who are convinced that their home is worth 10% higher than it's likely to get in today's market. In fact, even the experts are making that same observation. Just today, I was reading an article in MarketWatch by Rex Nutting, and he quoted the Chief Economist for Naroff Advisors as saying that "we still seem to be in the sellers'denial phase of the market and we haven't even hit the buyer's denial portion of the market, when people don't realize that prices are no longer dropping." What's your opinion?

Many REALTORS are true experts who study real estate, the economy, market trends, the home building industry, and local real estate sales statistics because that is what it takes to be "the real estate experts" in our area. These agents really do know more about real estate than most home sellers, buyers and many agents, and THAT is why we bring value to consumers' real estate transactions. It's why we earn the "big bucks!" (And it's the reason we're more valuable than mere real estate licensees who don't do these things.)

When consumers ask a REALTOR a question - even a casual one like "Are home sellers in denial?" -they'll know the REALTOR is more than one of those "here today, gone tomorrow agents" when the REALTOR quotes statistics and the experts, in addition to sharing anecdotes from their own experience.

Use the links below, if you'd like to read the entire article that is the source of each quote.

Joel Naroff, Chief Economist for Naroff Advisors: "We still seem to be in the sellers' denial phase of the market and we haven't even hit the buyers' denial portion, when people don't realize that prices are no longer dropping." U.S. inventory of homes for sale in May rises to 15-year high

Rex Nutting, Washington Bureau Chief of MarketWatch: "Starts of new homes in the United States dropped by 2.1% to a seasonally adjusted annual pace of 1.47 million in May, the softest pace of groundbreaking since January, the Commerce Department estimated Tuesday." U.S. housing starts fall in May to 1.47 million pace, down 2.1%

Patrick McPherron, economist for Moddy's Economy.com: "The bottom of the housing market appears nowhere in sight." Home builders' confidence falls to 16-year low
Lawrence Yun, Senior Economist for NAR: "I think psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers." Existing-Home Sales Show Market is Under Performing.

Office of Federal Housing Enterprise Oversight: "U.S. home prices increased 0.5% in the first quarter, the slowest quarter-to-quarter price gain in 10 years." Home prices rise at slowest pace in 10 years

Mike Englund, Chief Economist for Action Economics: "Inventories of homes on the market rose by 5% to a record 4.43 million, representing an 8.9-month supply at the May sales pace." Dollar stalls after home sales data.

You can keep up with the experts through MarketWatch, as well as NAR press releases. You can even register to receive a MarketWatch Alert any time there is an article related to the Real Estate industry.

Contact Margaret in Maryland for real estate in the D.C.-Baltimore-Annapolis triangle. (Margaret Woda, RE/MAX Vision)

For more information:
http://www.margaretwoda.com/
mwoda@remax.net

Are home sellers in denial?

Copyright 2007. All rights reserved. Margaret Woda

Lesson learned (again) - Appaisals are not the last word!

Well, actually, that was lesson #3 learned from my listing at 1697 Walleye Dr.

1. The Internet IS a source of business. This listing came to me directly through an ActiveRain.com contact form. The property is located about 3 blocks from my office, in the heart of my target area in Crofton, MD.


2. Do not walk away from any listing, even if it is overpriced. I did at first, but had second thoughts as I drove down the street. The next morning I called the seller and said "If anyone can sell your property for more than $300,000, I can." Over the next few weeks, I had several sign calls on that property, ending up with at least one other listing and sale.


3. Appraisals are not the last word! We did get a full price offer of $333,000 about 30 days later. Concerned about the appraisal, I asked the seller to provide her receipts for renovations, which I then gave to the appraiser. In spite of documentation for more than $50,000 of renovations, the appraisal came in at $295,000, just $11,000 more than she paid for the property in October 2006.

The mortgage lender, new ActiveRainer Don Wilkins, immediately ordered a second appraisal. Again, I met the appraiser and gave him the package of receipts. This time, the appraisal came in at $306,000 - better, of course, but still $27,000 away from the contract price. Many agents and lenders would have let the appraiser have the last word and this sale would have died at this point.


But not me, not us... Super-heroine Margaret, along with super-hero co-op agent, informed our respective clients of the situation and asked how they felt about going forward (without mentioning our own doubts). My client said she would consider it, if the buyers could/would waive the closing help in the original contract. The buyers told their agent that they would waive the closing help in the original contract, if the seller would accept the sale price. Voila! They came together on their own, and they both feel they "won" because the solution was THEIR OWN IDEA.

The buyer and seller reached a fair compromise, facilitated by two experienced agents and a lender willing to seek a second appraisal. They, not the appraiser, got the last word. Settlement will be next week, and all are expected to live happily ever after!

Today's real estate trends, unofifcially speaking...

In the past, I've shared statistics with you from MRIS, the regional multiple listing service, so you would have a realistic picture of real estate activity in Maryland. There's nothing like real data, when it comes to dispelling rumors (and media reports, which tend to be rumors), so that is why I usually go with the facts. Yet there is also a place for informed opinions, and that's what I have to offer you today.

This change of direction was inspired by a phone call yesterday from Andre, one of my blog readers who is relocating from Georgia to Maryland. So here goes:

It is my opinion that home values are relatively safe, at least in my market. They have rarely gone down during my 30+ year career - certainly not in the big picture over any number of years. Home values have gone up pretty consistently, with only a few plateaus. In today's so-called "down" market, we're seeing more of a plateau than a drop in property values, at least in the D.C./Baltimore/Annapolis triangle - UNLESS the property was purchased at the height of the five-year price balloon we saw recently. In those cases, motivated sellers may have to sell their homes for less than they paid... and more than they owe.

Most people own a home for a number of years, however, and property values are likely to be on the rise again for the majority of "balloon" home buyers when they're ready to sell. BRAC is a factor that pretty much guarantees that for local homeowners.

For anyone who doesn't know, BRAC is the Base Realignment and Closing Report, which recommends the consolidation of some government and military services by closing some facilities and expanding others. Maryland is on the receiving end of new jobs in this round of BRAC, and the D.C./Baltimore/Annapolis area is short of housing by tens of thousands for anticipated newcomers. Given the impact of supply and demand on prices, I think that housing is still an excellent investment in this area. The rest of the country may have a very different experience, but Marylanders have good reason to be optimistic - especially those in Anne Arundel, Howard and Harford Counties.

Thanks, Andre, for your phone call yesterday. That report I promised you will be in your email tomorrow. If you have any questions, please don't hesitate to contact me.

Today's real estate trends, unofficially speaking...

Copyright 2007. Margaret Woda. All rights reserved.

Annapolis sales statistics - April 2007 vs. 2006

April was NOT good for home sellers in Annapolis (21401 and 21403). But it was GREAT NEWS FOR BUYERS! Let's take a look at the facts, comparing real estate statistics in April 2007 with April 2006:

21401 zipcode:

• Total Sold Dollar Volume: - 35.17 %
• Average Sold Price: - 12.02 %
• Median Sold Price: - 27.15 %
• Total Units Sold: - 26.32 %
• Average Days on Market: +28.17 %
• Average List Price for Solds: - 10.41 %
• Avg Sale Price as a percentage of Avg List Price: 94.38 % (2007), 96.10 % (2006)

21403 zipcode:

• Total Sold Dollar Volume: - 47.56 %
• Average Sold Price: - 32.14 %
• Median Sold Price: - 18.37 %
• Total Units Sold: - 22.73 %
• Average Days on Market: - 8.18 %
• Average List Price for Solds: - 36.62 %
• Avg Sale Price as a percentage of Avg List Price: 93.87 % (2007), 87.68 % (2006)

MRIS publishes market statistics monthly, and these are just the highlights. For information, contact me at mwoda@remax.net

Don't shoot the messenger!

Do your sellers shoot the messenger when they don’t like the message? In other words, do they list with someone else who does not tell them the truth about their house?

How do you handle it when you walk into a home and your reaction is something like this:

• I can't breathe... what is that odor?



• This house looks like an annex to the city dump!



• Has your bathtub ever been cleaned since you moved in (15 years ago)?



• The price you want is about 20% higher than other similar homes in this area.



• One, two, three, four, five, six, seven, eight, nine... how many cats do you have?

There really is no way to diplomatically handle situations like these. And I find that many sellers will acknowledge them without too much resistance, although they may not have any intention of correcting them. Frankly, if these sellers shoot the messenger – i.e. don’t list with you because of your candor – who cares? Any listing with extreme “issues” is going to be a tough sell anyway.

The truths I have trouble with are the ones that may offend very nice people who are very very proud of their homes. Handling these situations with kid gloves is important if I don’t want the seller to go searching for another agent who doesn’t tell them the truth. More important, I don't want to insult the homeowner who has a wonderful home for them. Yet I can't forget that the buyer won't be looking at the home through the seller's eyes. My message has to communicate the truth in a helpful way:

The truth: Yikes, this color reminds me of ___________!

Your message: Mr. and Mrs. Seller, this color is perfect with your things, but statistics prove that neutral homes sell more quickly and for more money. Let me give you the name and phone number of a painter who can help you neutralize your home before we put it on the market so buyers can imagine their own things in this home – and that’s our objective, right?

The truth: This furniture is way too big for this room.

Your message: Mr. and Mrs. Seller, that furniture will be perfect in your new home, but there’s too much of it for this home. Why don’t you move some of the pieces (be specific) to storage while your home is for sale so buyers can focus on how their own furniture might fit in this room. And the side benefit is that the room will look much larger to buyers with just one couch instead of two.

The truth: Pictures, pictures, pictures – not an inch of wall or furniture-top to spare.

Your message: Mr. and Mrs. Seller, you have a wonderful family. I’ll bet you really enjoy these pictures… why don’t you tell me about them. You know, I’m afraid that buyers will want to stop and look at your pictures when they walk through, and that may distract them from making a buying decision. Why don’t you get some neutral paint on these walls so the buyer can focus on the updates in your home.

Proud sellers want you to like their home and to realize that they've put a lot of time and effort into it. They need you to validate their choices in decorating, storage, landscaping,etc. Yet you can tell them the truth without it coming out of your mouth sounding like a personal opinion. These sellers are eager to please and eager to sell, and they will appreciate your telling them how buyers are likely to react. The buyer becomes the messenger...

Your sellers can’t afford to "shoot" any prospective buyers, so you’ll be safe. You will get the listing. And everyone will live happily ever after.

Feedback and Questions:

• mwoda@remax.net
• www.MargaretWoda.com

Related Articles:

• Home Staging Resources
• Staged Homes
• Preparing and Staging a House for Sale
• Staging your Home to Sell
• Dress Your House for Success

Don't shoot the messenger!

Copyright 2007. All rights reserved. Margaret Woda.

March Real Estate Sales Statistics

MRIS, the regional multiple listing service for 25 local Associations/Boards of Realtors in Maryland, Virginia, Pennsylvania, D.C. and West Virginia, has just released sales statistics for March 2007. It's not surprising to anyone working in Anne Arundel County, Maryland, to see that everything is down EXCEPT days on market, when compared with last year. What is surprising is the fact that it's barely down - the sales figures are really almost stable. I'm certain that agents in other markets around the country would be very pleased to have numbers like these:

• Total sold dollar volume is down 2.91% from March 2006 to $ 250,453,279
• Average sold price is down 1.08% from March 2006 to $ 395,037
• Median sold price is down 3.96% from March 2006 to $ 326,000
• Total units sold is down .94% from March 2006 to 634
• Average days on market are up 82.26% from March 2006 to 113

Here is some more information that some people will find interesting:

• New listings taken in March 2007: 1316
• New contracts taken in March 2007: 738, including 208 contingent contracts
• Sold/settled units in March 2007: 634

Of the 634 homes settled, the majority (246) had been on the market over 120 days, while 178 sold within the first 30 days of listing. 544 of buyers for the 634 homes settled used Conventional financing and only 35 used VA or FHA loans.

In my specific marketplace, Crofton (zipcode 21114), sales statistics differ slightly from the county-wide numbers:

• Total sold dollar volume is up 9.43% to $ 17,875,623
• Average sold price is up 1/2% to $ 364,809
• Median sold price is down 4.91% to $310,000
• Total units sold is up 8.89% to 49
• Average days on market are up 97.73% to 87

While average days on market in Crofton have increased since March of last year, they are exactly the same as February 2007 and down significantly from January (113). That's good news, in my opinion. Of the 49 homes that sold and settled, almost half (21) had been on the market less than 30 days, while 14 had been on the market for over 120 days.

Again, Conventional financing was the most popular, with 43 settlements, while only 2 buyers used VA or FHA loans. That is good news for home sellers, since sellers' closing costs tend to be lower for Conventional loans than any government loans. It's also somewhat surprising, given Crofton's proximity to Fort Meade, the U.S. Naval Academy and Andrews AFB.

Statistics are published monthly by the Metropolitan Regional Information Systems, Inc. (MRIS) at http://www.mris.com/reports/stats/ if anyone would like to check on another zipcode or obtain greater details. You don't have to be a MRIS member to access this information.

Are these homebuyers for real?

Your home is on the market. It’s 9 a.m. The phone rings with a warning that prospective buyers are coming between 10 and 12. You rush the kids through their cereal and send them to perform their assigned chores. Mary makes all the beds; Jerry loads the dishwasher, takes out the trash, and wipes down the kitchen; you quickly check all the bathrooms to make sure no one left yesterday’s clothes on the floor and grab the Windex to polish the faucets and sinks.

Your spouse closes the closet doors, pulls open the drapes and blinds, turns on all the lights, turns off the TV, and changes the radio station from talk radio to soft rock. There is barely enough time for everyone to grab their sweaters and get out the door by 10. Oh, don't forget to confine the pets. Whew! You can only hope this buyer is the one who will make an offer so you won't have to go through this drill any more.

Determining whether prospective homebuyers are “real” or “fraud” is up to the agents. You assume they wouldn’t waste their time or yours. That’s one of the reasons you listed your home with a real estate agent and agreed to pay those “big bucks”. You KNOW that a FSBO (For Sale By Owner) has to let every caller in to see the house – including the people looking for decorating ideas, the people who can’t afford your home, and even criminals who are “casing the joint”. So how do agents separate legitimate buyers from the pretenders?

1. Come into the office –

If a prospective buyer is not willing to come into the agent’s office, chances are they’re not serious buyers. I generally begin by asking buyers for photo identification and leaving it in my office before I get into a car with them. I figure that an axe-murderer, rapist or robber probably won’t be inclined to provide this identifying information. As far as I’m concerned, these folks will have to settle for open houses and FSBO properties – they’re not getting into a car with me! (P.S. – That’s one of the reasons I do not hold Open House.) Of course, I have a standard questionaire for all prospective buyers - Fair Housing Laws require that I treat each buyer the same, and this "standard procedure" is the best way for me to document that I do.

2. Loan pre-approval –

If a prospective buyer has a loan pre-approval from one of the lenders I recommend, the loan officer who I know and trust has verified to the extent possible that this individual is who they say they are by verifying employment, assets, and cash on hand. If someone walks into the office with a loan pre-approval in hand, as far as I’m concerned, they might as well not even have one. This prospective buyer may or may not be pre-approved (anyone can "fake" a loan pre-approval), and may or may not be who they say they are. They could be frauds! And, assuming they are who they say they are, the agent should show them only homes for which they qualify financially.

3. Match properties to buyers –

Having completed the first two steps – verifying the buyer’s identity and financial qualifications – the next step is to match the buyer's wants and needs to properties. Does this home purchase require something to happen before they can buy such as selling their current home, getting a new job, receiving an inheritance that is in probate? Is this move necessary, such as relocation for a new job, or optional, such as a move-up to a larger home? Do they want/need to settle in 30 days, a year, or somewhere in between? Does your home have the features they are looking for in a home? You rely upon agents to know these answers before they bring strangers into your home… don’t you agree?

While I can’t promise that all real estate agents take these same precautions before showing your home, many do. Frankly, these three steps are essential for any buyer’s agent for two reasons: 1) The safety of you, your family AND the agent; and 2) so you and the agent don’t waste time with prospective buyers who won’t or can’t buy your home.

Determining that homebuyers are real and not frauds BEFORE agents show your home is a reasonable expectation for you as a home seller when you list your home. You shouldn't have to ask yourself "Are these homebuyers for real?" Agents, if you’re reading this, take note.

More information:

www.MargaretWoda.com

mwoda@remax.net

Are these homebuyers for real?

Copyright 2007. Al rights reserved. Margaret Woda

Real estate is NOT like it used to be -

We’ve been reading a lot lately about today’s market, how different it is now from last year. I thought it might be fun to look back a lot further – to the 70’s, when I started in the business. Some of you might not have been alive yet, and others were too young to be home buyers or sellers then, so maybe you will find this interesting:

• A brand new 3 bedroom, 2 bath brick-front townhome was priced in the low $20’s. Today, that home in that community sells for about $300,000; and new townhomes sell for more than a half million dollars.
• A real estate sales contract was 2 pages long, hand-written on legal-sized paper. Today’s real estate contracts are commonly about 45 pages long, computer-generated on letter-size paper. The half-page listing contract has been replaced with a dozen or more pages.
• The multiple listing service was alive and well, but home information could only be found in a book published weekly. New listings usually did not have any photos – a black and white exterior photo appeared a week or two later. Today’s listings are published worldwide on the Internet within minutes of going on the market, often with a dozen or more color photos.
• Real estate agents could show other company’s listings, but they had to go to the other company’s office to get the key. Then they had to return it before they could show another house, in case another agent needed that key. Today’s agents just aim their cell phones at an electronic key lockbox to obtain the key for a property.
• Speaking of phones, when an agent was running late or got lost (no GPS systems in those days), he or she had to stop and find a pay phone to place a call. Today they can make a hands-free phone call from their car.
• Telephone tag was the norm, with buyers and sellers having to leave a message with a receptionist and then wait for an agent to call them back with information about a property or anything else. Today, we not only have voice mail, we have text messaging and email; instant communication is the norm rather than the exception.
• Real estate agents always represented the seller, even when they worked with the buyer… even if the buyer was a friend or relative. Today’s buyers have their own exclusive representation from a buyer’s agent who looks out for their best interests and has no fiduciary relationship with the seller.
• The interest rate was about 7%… shot as high as 17% during the Carter Administration… and remained double-digits for most of my career. Who ever thought we’d see five or six percent in our lifetime? Yet we did, and the rate has hovered in the 6’s for over a year.
• There were only three loan choices: VA, FHA and Conventional. All of them were 30-year fixed rate loans. If the buyer was not active duty military or a veteran , VA was not an option; the FHA loan limit was $33,000 so that was not an option for higher-priced properties; that left Conventional. Adjustable rate loans, buy-downs, wrap-around mortgages and other creative loans were the market’s answer to high double-digit interest rates… yes, 17%. And these programs remained available when rates went down.
• Most contracts were written subject to loan approval, which required verification from employers, creditors and banks via "snail mail" (i.e. U. S. Post Office) - this often took about two months. Loan processing then took a few more weeks, so settlements did not occur until about 90-120 days after contract, in many cases. By contrast, today's buyers usually obtain loan approval within 24 hours, and only then do they go home shopping. After their contract is accepted, only an appraisal of the subject property stands in the way of settlement - and settlement usually occurs within 30 days of contract.

As you consider how different this year’s market is to last year’s, perhaps this little stroll down memory lane will help you to realize that it’s not as dramatically different as the media would have you believe. Okay, prices are down and sales are slower - slightly. But this is a “normal” market adjustment, and nothing to be afraid of.

If you want to buy or sell a home this spring, find yourself an experienced agent who has “seen it all” and is not intimidated – one who knows what steps to take to maximize YOUR profits in today’s market because they’ve lived and worked through similar situations (and worse!) in the past.

Feedback and questions:

www.MargaretWoda.com

mwoda@remax.net

Real estate is NOT like it used to be -

Copyright 2007. All rights reserved. Margaret Woda

What I Won't Tell You

Why Agents Don't Answer Your Questions

This is the topic addressed in an article appearing on MSN’s homepage today, and I opened it with the expectation of reading yet another attack on professional real estate agents. As it turns out, the article gave a relatively fair and honest analysis:

“Fair-housing laws prevent agents from talking about neighborhood demographics, and they often don't want to discuss other details, such as crime stats. Luckily, the Web picks up where agents leave off.”

The fact is that your agent probably DOES know “who” lives in the neighborhood – the demographic mix, crime statistics, and the school’s reputation. Candidly answering the question, however, could get the agent and their broker in a lot of trouble, especially if the individual asking about these details happens to be a “tester” looking for fair housing violations. As the article indicates, agents are forbidden from giving information that could be interpreted as "steering," i.e. directing a client toward or away from a particular property in a discriminatory manner.

Ten years ago, I would have suggested to a customer or client that they return to the neighborhood after our appointment to talk with residents and visit local schools, shopping and recreation facilities. Today, with almost everyone having access to the Internet, I suggest they go online for answers to their questions.

If you visit my website at http://www.margaretwoda.com/, you will find over a hundred links to resources that include the Maryland Sex Offender Registry and School Matters, a snapshot of academic performance that allows you to compare your child’s current school with any prospective school. Other helpful links mentioned in the MSN article are:

• National Center for Education Statistics
• GreatSchools
• Family Watchdog
• EPA Community Search
• Pollution Scorecard
• Census Quick Facts

Before you buy real estate, it is important to be familiar and comfortable with the neighborhood and broader community, as well as the home itself. So don’t hesitate to ask questions because your real estate agent may suggest additional helpful websites. Yet it’s still not a bad idea to do it the old-fashioned way: make a personal visit to the neighborhood to become better acquainted with your prospective neighbors, schools, shopping, and recreation facilities BEFORE you buy a home.

And please understand that your real estate agent is not trying to be coy when they don’t give you a straightforward answer to your questions. They are trying to follow the law.

Related Sites:

• What REALTORS Won't Tell You
• Fair Housing and Equal Opportunity

What I Won't Tell You

Copyright 2007. All rights reserved. Margaret Woda

Loan pre-approvals falling through!

The following information was contained in an email I received this week from Chris Washburn, a branch manager for FNMC Mortgage. He was kind enough to give me permission to share it with you:


I've received a bunch of calls recently from REALTORS who heard or read alarming news concerning the sub-prime mortgage market troubles and how that might affect their business.

The sub-prime mortgage market generates approximately 15-20% of the real estate business done in the Washington Metropolitan Area. As you are probably aware, the sub-prime mortgage market has gone through drastic changes and overhauls over the past thirty days. How does this affect you?

Loans available 30 days ago for buyers may be gone now. Pre-approved customers who qualified for a sub-prime loan in December may not qualify today. Don't worry though, we have many in-house programs that can approve your buyers or bail you out of a bad situation. With our community reinvestment loans, FHA and other aggressive in-house underwritten mortgage programs, we are #1 in this area for a reason
.
Long term, the tightening of sub-prime mortgage rules is a good thing as some loans really put people in a bad situation. The future foreclosures that will happen because of this may put a drain on the economy as evidenced by the recent stock market jitters. The silver lining may be lower rates if the economy does slip as some suggest. Lower rates typically boost home sales….

In this fast changing mortgage world, stick with a lender who has everything in-house. We process, underwrite and close the loans here in my office. Your business is too important to let a rule change or uneducated underwriter kill your borrowers dreams. We understand the importance of each customer and don't take your business for granted.

Chris Washburn, FNMC Mortgage
301-220-1000

Related articles:
Sub-prime Market's Sinking Fortunes
Sub-prime Market Gets the Squeeze from Freddie Mac
A Subprime Market for Subprime Securities
What is a Sub-Prime Mortgage?
FHA Comes to the Rescue
A Full-Court Press on Bad Loans, But Who Will Referee?

Questions and comments:

www.MargaretWoda.com

mwoda@remax.net

Loan Pre-approvals Falling Through

Source: Chris Washburn

Annapolis Sales Statistics - January

If you did not read last week's article - Top 7 Habits of People With Great Credit Scores - be sure to scroll down and check it out. This is GREAT information!

Now is a GREAT time to buy a home in Annapolis, based upon this snapshot of the market for Annapolis (21401) zipcode during January 2007 (comparing it with January 2006):

• Total Sold Dollar Volume is down 26.27% to $16,035,510
• Average Sold Price is down 12% to $ 517,275
• Median Sold Price is down 6.59% to $425,000
• Total Units Sold is down 16.22% to 31
• Average Days on Market is up 80.33% to 110
• Average List Price for Sold Properties is down 10.34% to $559,300

As I've mentioned before, two statistics that always grab my eye are New Listings and New Sales. I like to see both numbers about the same. In January, however, there were 81 new listings in the 21401 zipcode of Annapolis and only 49 new sales. As inventory grows, supply and demand get further off balance and prices are more vulnerable - NOT good news for home sellers, but GREAT news for home buyers!

To obtain learn about real estate activity in YOUR neighborhood, click on Market Snapshot.

Larry and I are headed out to the RE/MAX International Convention in Atlanta, Georgia, where we expect to meet other RE/MAX pros from around the world and attend education sessions from dawn 'til dusk. In the coming weeks, I promise to share some of the new and innovative real estate solutions that we learn, so be sure to check back. I try to post a new article each weekend.

Feedback and questions:

• www.MargaretWoda.com
• mwoda@remax.net

Annapolis Sales Statistics - January

Source of Data: MRIS

Copyright 2007. All rights reserved. Margaret Woda

Top 7 Habits of People With Great Credit Scores

Eric Bramlett, of Austin, Texas, has some excellent suggestions regarding good credit habits that I want to share with my readers. The following article appeared in BrokerAgentNews on Feb. 24, 2007:

People with great credit scores have earned them for a reason - they have always borrowed money, and paid it back on time. There's really no trick to what they've done, and there is no one action that will help you get a great credit score. When someone asks me how to earn a good credit score, I tell them to look at the spending habits of those with great scores, and to develop the same habits. Here are the 7 habits of people with great credit scores.

1. Never Pay Cash

People with great credit scores want every purchase to count. And a purchase doesn't count unless the 3 bureaus know about it! The only way to make sure that the bureaus know how much money you're spending is to put everything on your card(s). Rather than deposit your paycheck and spend, think of your spending as a monetary cycle: Put your paycheck in the bank, spend with your credit cards, and pay off the cards with the funds you've already deposited. It's one extra step that pays off big with the added security and boost to your score that credit cards provide. Credit cards aren't just for larger purchases anymore. Using your credit cards for items like soft drinks and gum has become so common that credit card companies have given a name to them: "Micro-purchases."

2. Never Use a Debit Card

You won't find a debit card in the wallets of people with great credit scores. Debit cards provide you absolutely nothing that a credit card won't, and credit cards will build your credit score! Furthermore, if someone steals your credit card, you're protected against fraudulent purchases, while with a debit card, you're out of luck! People with great credit scores take every opportunity to build their credit - going to the grocery store, buying gas, or renting movies!

3. Pay Off Your Balance(s)

People with great credit scores don't typically carry high credit card balances. The easiest way to emulate this is to make sure that you don't carry ANY balances. You'll obtain the best credit score if you make sure that you're using the smallest portion of your potential limit - which means "Zero." People with great credit scores make sure to use their cards, but pay the balance off every month.

4. Put Yourself on a Bill Payment Schedule

In order for the credit bureaus to reward your good spending habits, you have to pay your bills on time. However, you have a little leeway. While it's not a good idea to pay your bills a few days late because your creditors will charge you late penalties, it won't affect your credit score negatively unless you pay them more than 30 days late. The easiest way to stay on top of your bills is to pick one day out of the month to take care of everything.

5. Consistently Request Higher Credit Card Limits

Because people with great credit scores habitually borrow money and immediately pay it off, the credit card companies are very comfortable consistently raising their spending limits. People with great credit scores consistently request higher limits because it allows them the freedom to borrow and keep a balance, if the need arises, without lowering their scores. You will have the best credit score if you keep the balances of your cards below roughly 35% of the spending limit of each card. People with great credit scores don't habitually spend over 35% of the limit of their cards. Furthermore, if you have high limits, you can take advantage of the promotional offers that the banks offer from time to time. A borrower I know with a great score recently transferred the second mortgage on his home to a 1.99% APR promotional rate on his credit card - the rate is good for the life of the loan!

6. Never Close a Credit Card Account

The credit bureaus take into account the age of your credit lines - and people with great credit scores know this, and exploit it. Many times, people with mediocre or low scores will pay off a card they've abused and close the account because they subconsciously think it was the card's fault they let the balance get as high as it did. This is NOT the correct thing to do in this situation. That card has a great history behind it! You've shown the bureaus that you're willing to borrow a large sum of money and then pay it down to zero. People with great credit scores NEVER close credit card accounts because they want to show that they have a long history of properly using credit.

7. Never Rent

Your home is probably the largest purchase you will ever make in your life, and is the one purchase that can make the biggest impact on your credit score. When you purchase a home, you're showing the bureaus that you can consistently budget yourself to pay a large portion of your income towards an account on a monthly basis. There are a number of reasons people with great credit scores refuse to rent, and the impact of paying a mortgage on their scores is one of them. When a first time homebuyer finally closes on their home and pays the mortgage on time for a few months, they will see their credit score jump around 50 points - and sometimes higher!
People with great credit scores haven't achieved anything too terribly difficult - they've merely adopted some fantastic spending habits. If you would like to earn a great credit score, borrow these habits and watch your score climb. Along with your score, your financial health should benefit, as well!

• www.EricBramlett.com
• www.FreddieMac.com
• http://www.fha-home-loans.com/fha_loan_credit_qualifications.htm

Feedback and Questions:

• www.MargaretWoda.com
• mwoda@remax.net

Top 7 Habits of People With Great Credit Scores

Choosing your real estate agent – online

Professional Knowledge, Business Accomplishments, Community Involvement, Industry Leadership, and Integrity - These are the criteria used by Realtors themselves for honoring one agent annually in their local, state and national associations. Aren't these the same qualities you want in the agent YOU choose?

I've always felt that a sixth category is important: Philosophy and personal qualities. It is my feeling that you and your agent should be “on the same page” and like each other. Today, in 2007, I would add a seventh quality to my criteria for choosing a real estate agent: Tech-savvy.

If you are tech-savvy in your work and life, don’t you want an agent who is, too? Frankly, not many are. It is easier than ever for you to evaluate a prospective agent by simply going online to check out the web presence of any agent you consider hiring. You can effectively interview dozens of real estate agents through viewing their websites, if you like, before you every even speak to one.

What does the website say about the agent’s ability to use today’s technology in helping you achieve your goals?

• Has the agent invested in today's technology to create a personal website? or...
• Does the agent at least have a personal page on the company website - including a photo, contact information, and testimonials or references?
• Is the agent's website or page static, or is does it appear to be updated periodically? (Look for a blog, news feed or other indication that information reflects current market conditions.)
• Are there technology tools on the website for YOU to use? (Look for a link to the MLS, to recent real estate sales statistics and other calculators or tools.)
• Is it easy to contact the agent or obtain personalized information with a simple “click”? (How about business address and phone number?)

What does the website say about the agent? Does it set this agent apart from average agents by communicating his or her qualifications, based upon the first six criteria?

• Professional knowledge (Helpful real estate advice and tools to help you with your home sale or purchase)
• Business accomplishments (Agent's resume indicating professional licenses or designations and awards earned)
• Community involvement (Emphasis on the area and communities)
• Industry leadership (Evidence of leadership roles in professional organizations)
• Integrity (References or testimonials)
• Philosophy and personal qualities (As reflected in the style and content of the agent’s website)

If the agent passes this scrutiny, contact him or her and ask more about his or her technology use in business. For example, if you communicate a lot using text messaging, is this something that he or she does also? Will he or she promptly receive inquiries on a PDA from prospective buyers for your house, or have to wait until returning to the office? Will your home be featured on his or her website as well as in the multiple listing service?

It is easier than ever for you to choose the "right" agent with the help of the Internet, but don't choose an agent based on website alone - be sure to look for those all-important first five criteria: Professional Knowledge, Business Accomplishments, Community Involvement, Industry Leadership and Integrity. They are the most important qualifications for choosing your real estate agent - online or in person.

More information:
Choosing your buyer’s agent
Choosing your listing agent

Questions and feedback:
mwoda@remax.net
www.MargaretWoda.com

Choosing your real estate agent – online

Copyright 2007. All rights reserved. Margaret Woda

On-line home searches

It's no secret that today's home buyers begin their home search online. But it's not just anecdotal -

According to the latest release from the Pew Internet & American Life Project, 51% of all Internet users had taken an online home tour as of August of 2006. This is an increase from 45% just two years ago, in November 2004. With growth like this, it's no wonder that real estate brokers and agents are going online to promote themselves and their listed properties.

Pew found that age, not income, is the best indicator of who will go online to search for a home: 27% of Internet users age 50-64 have looked at homes online, while 43% of users age 30-49, and 51% of users age 18-29. This suggests that perhaps brokers and agents should target their websites to tech-savvy young adults rather than more mature homebuyers - even though it may be more likely that mature homebuyers will have the resources to buy the expensive properties. (Perhaps I knew that instinctively, and that's why my new website - coming soon! - will have a flash slideshow, a do-it-yourself mortgage calculator and home search tools.)

Education is another indicator of likely online homesearchers: 46% of Internet users who are college graduates have looked at homes online; 38% of those who have some college, and just 34% of high school graduates. Online experience also factors into the decision to look online for a home: Those with 6 or more years of online experience are 50% more likely (45%) than those with 4-5 years experience (30%), and nearly double those with less than 3 years experience (23%).

There are many more facts and figures in the full Pew Report published earlier this month by Senior Research Fellow Deborah Fallows. But this is not the last, or only, word on this topic.

Market Research finds buying power is hiding in empty nests, according to an article released on December 6 in Houston by The Media Audit. Among other things, the article reports that the Internet, along with newspapers, dominates the media interest of this group. So perhaps there is an online target market for real estate brokers and agents, after all, for more mature Internet users. As Tim O'Keefe says, in his real estate marketing blog, it's a little like "eggs are bad, then they are good for you type of thing."

The National Association of Realtors surveyed actual home buyers in 2003, rather than Internet users in general (as Pew did), and found that 71% began their home searches online. Given the growth in Internet use over the past 3 years, one can reasonably surmise that the number would be greater in a similar study today.

The bottom line, of course, is that online home searches are here to stay. It is my goal to make the most of this phenomena by developing a truly effectivce real estate website. I'd be very interested in hearing YOUR input about what you'd like to see in a broker or agent's website, so that I can incorporate it into my new and revised website which is now in development.

Other links:

• Lisa Phillips - Senior Analyst
• Talk about Online Real Estate - eMarketer.com

Feedback or more information:

• Email: mwoda@remax.net
• Website: www.MargaretWoda.com
• Crofton Real Estate

On-line home searches

Copyright 2006. All rights reserved. Margaret Woda

December Update - New real estate newsletter

If it seems to you like all the real estate economists are forecasting doom for the market, take a look at REAL TRENDS - DEC. 2006, which I'm sharing with you today. It may help you separate fact from fiction; it will, at least, provide some interesting reading for anyone who may be interested in real estate, whether you are a real estate professional, homeowner, investor or potential buyer.

I had intended to piggyback on some of these articles and insert my own 2 cents, but it's fairly lengthy. Why don't you take a look, send me your comments, and I'll decide from there which elements of the report to expand upon in future blogs.

This update is published by the Metropolitan Regional Information System (MRIS), a regional multiple listing service owner by local associations of REALTORS in the Middle Atlantic states.

REAL TRENDS - DEC. 2006

For feedback or more information:

• mwoda@remax.net
• www.MargaretWoda.com
• Crofton Maryland Real Estate

December Update - New real estate newsletter

Feedback Regarding Real Estate Fees

Yes, I was one of many real estate professionals who responded to "Last Stand of the Six-Percenters", a posting (based upon a New York Times article with the same title) that appeared on brokeragentnews.com a few weeks ago.

A follow-up article appeared today, containing responses from many other real estate professionals who feel as strongly as I do about the value of my professional services, compared to a typical discount real estate agent or firm. (My response is not in the follow-up article, but I couldn't resist adding a few words to one agent's comments and additional comments are added after this article.)

Please note that this is NOT to say that I, my company, or anyone quoted in this article charges 6% or any specific fixed fee, because fees charged by real estate agents and companies are negotiable; real estate fees are not fixed by law, custom, or the policies of any organization. Reference to the 6% figure is ONLY to the article's title.

The principal under discussion is this: Quality real estate service at a higher price or minimal real estate service at a lower price. I think you would agree that you can buy a better quality shirt at Nordstroms for a higher price than you can for a lower price at Kmart or Target. Replies in the following article are a defense of high quality real estate services to the public in the face of competition from discounters that provide little service, if any.

Here's the article (and please feel free to provide your feedback regarding this topic):

Online Marketing: Agents Sound off About How to Combat Discounters
by Michael E. Parker
BrokerAgentNews.com

A recent article we wrote attracted more customer feedback than any other we have ever written. That article, "Last Stand of the Six Per-centers" - taken from an article of the same title in the New York Times - seemed to strike a chord with so many professionals that it seemed some of their excellent ideas for how to combat the tactics of discounters should be shared with everyone reading this column.

Before doing so, however, first, let me thank you all for taking the time to respond and for agreeing to share your good ideas with others. Comments received were overwhelmingly favorable (you can read that article by clicking here.

Although I'd like to publish everyone's comments, there isn't enough space available to do so. We received only two negative comments: one started out, "you are a fool" We won't be quoting that one! Another accused us of offering opinion without factual back up; it's like the writer did not believe in the practices of the discounters we cited. We sent that writer a reference to validate that we did not make it up. Here, then, (with some editing and rephrasing done by us) are points to ponder when resisting discounters:

The liability issue.
"I believe agents are also not emphasizing the value of their liability reduction strongly enough. These "fly-by-night" discounters are here today and gone tomorrow. It might not be a matter of "If you get sued" it's more like "When you get sued." If a seller happens to be hit with a lawsuit over the sale, that seller had better hope that the broker is still in business so that someone else is helping defend them. How can any discounter be on top of local disclosures, local codes, cc& r's, and how could any generic discounter who is not involved in the community protect the seller?" - Loren Prentice, a RE/MAX agent from Southern California.

Making the distinction between yourself and ordinary agents.
"Most agents are not working full time, nor are they good at what they do. The barriers to entry are minimal and there is no regulation of the industry: anyone can print up a card that says "real estate agent" and demand to be treated equivalently to a real professional. Your prospect needs to know that you are NOT barely hanging on by your fingernails, but that you are prospering, even in the hard times, as all true professionals manage to do. True professionals seem to have no problem generating enough business to make a healthy income. For those who cannot, that's the nature of competition." - Brian Short, a C21 Agent from Idaho.

Letting the prospect know the damage done to them by discounters.
"Heavy discounters often cut the co-broker commission. How many agents are going to emphasize a home with a __% commission when the market is flooded with homes at a higher commission rate? When this happens, often the home - unbeknownst to the seller - is doomed to have the listing expire unsold, or take forever to sell because other agents won't emphasize that property to their clients. It's one thing to negotiate a lower fee for yourself and agree to do the full job, but to think that the other side of the transaction will accept that is unrealistic." - An Independent realtor in Jacksonville, Florida

Create value in everything you do for the consumer.
"I manage a Coldwell Banker office in Ventura, CA and it's a constant struggle to maintain our fees in the marketplace. Commissions of __%, __% and even a flat fee are always available. I constantly remind my agents that they must create value in everything you do for the consumer. The consumer doesn't understand what we do and they cannot relate to the hard work encompassed in selling property, especially in a hard market. All they see is the large commission on the listing agreement. While it is true that some agents do not deserve a full fee for what they do, my agents know that if they are going to expect to earn a full fee that they must now their market better than competition, offewr outstanding service and creative marketing techniques and be skilled and savvy about the entire process, from marketing, to negotiating to closing escrow. That's what the consumer deserves, and if they got it more often, there would be no discounters." - Jeff Haring, a Coldwell Banker Branch Manager in Ventura, California

Remind the consumer that fees have not increased in 50 years! "Real estate commissions have always been __% in my area, whether the home sold for $15,000, $150,000 or $1.5 million. Sellers have traditionally seen the value in that because they know that a Professional real estate agent is ethically and morally giving them services that they can trust. Houses were not meant to be piggy banks; rather, they are your place to call home. As home prices have increased, so has the cost of living and the amount of commission that represents. Nonetheless, it's the same percentage as back when homes cost $15,000 and a good job was one that paid $10,000 a year. Virtually every professional service has increased proportionately to the rate of inflation and the decline in purchasing power of the dollar. What sellers need to consider is that it has become more difficult and expensive to market homes properly and to call attention to them just for viewing, because inventories have doubled - or even tripled - in some areas. Buyers need to be reminded that they get what they pay for, and that a __% commission is a good value when negotiating all that comes with buying or selling a home these days. Besides, how many sales generate the full commission to one party? The buyer should know that the commission is usually split FOUR ways, and that while the commissions can appear handsome, the work necessary to earn them requires professionalism (plus a hefty financial investment, extensive training, a strong support team and very long hours)." - Chris Weingert of Hanson Realty (additional comments added by me)

Point out that you are the consumer's partner in the transaction. "Our management services include much more than shuffling paper! Try managing a divorcing couple in a transaction without being there in front of them. It's almost impossible to do on line. Who is going to answer the phone at 10 p.m. to answer questions that keep the buyers awake at night? Who will save the deal when buyer's remorse sets in?

It's true that our services come at a cost, but experience and knowledge become invaluable whenever the doo doo hits the fan, and it hits the fan a lot more often than people may think. We put out fires before they become emotional, psychological and financial conflagrations. Paper factories can't and won't do that. Just wait until the banks are wining and dining us again because their REO's are again forcing them to open a special department just to deal with them. So, today, it seems to be discount services in exchange for a fast buck and volume.

Those of us who have been through the 80's and 90's have learned some valuable lessons, and among those lessons, none stands out more than this one: It takes a lot more than a paper shuffle to hold a transaction together when interest rates climb, when the market is flooded with properties that aren't selling: it takes a real professional realtor. It is only then that consumers seem to recognize that the value of our services is true and justified." - Clay Madisen, Leadingham realty

Take advantage of this tremendous opportunity for skill to work. "I remember talking with our of our office's veteran producers when she said "I just can't justify charging my customer six percent. Prices have gone up so much it just isn't fair!" 'Fact is, she was depressed. We talked and I reviewed the marketing plan for the property. I suggested a professional photographer, a virtual tour with music. I pulled comps, found that: 1) Nothing was moving in this area; 2) Everything else was __% to the selling office; 3) Most of the listings seemed to be overpriced, perhaps to make up for the slashed commissions. We applied the marketing, we lowered the price a little bit, and we raised the commission to __%. Two weeks later, the property was in escrow.

The moral to the story is that you are not only charging __ percent because you are worth it, you are doing so in order to get the listing to stand out to the buyer's agents! CAR says that a majority of the time, an agent brings the buyer. We have over 2800 listings, yet only 400 sold last month. It stands to reason that if you do not discount, and make the listing stand out to the buyer's agent, it will be looked at more and have a better chance to sell. It's money that motivates people to work, not discounts!" - Keith Sorem, KellerWilliams in Glendale, California

Use technology to make yourself stand out from the crowd. "Despite a dramatic fall-away in the market this past year (sales in the area down 1/3, and prices down about 15%), I have gone from $10m of sales in 2005 to $12m closed and $2.6m still scheduled to close in 2006. Median sale price of homes in my area is about $275k (though I achieve above that). I work on my own, no assistant or "team". I rely heavily on technology (I am also a member of the Allen Hainge Cyberstars), but keep the personal touch, and nearly all my business comes from referrals, repeat business, and my website.

I had one of those "weak" agents ask me a few weeks ago "how have you managed to do so much business with this market" and I simply replied "service and reputation". He said "nah, it's just because of your website". Well yes, that's all part of it. My website is part of the service (great marketing, virtual tours, Client Service Center [Settlement Room] ) and helps attract the new business, but it's the personal touch, experience and expertise that they all appreciate and retains them, brings them back, or encourages them to refer others." - Chris Laurence, RE/MAX Choice, Front Royal, Va.

Remember that for all the high tech, a big part of it still is about prospects finding you on the Internet and your having a presence there. "I listed and sold 32 listings in my area's most exclusive area last year. My buyer's agent had 90% of his buyers come off the Internet last year. One client from San Francisco found me through the Internet and drove up here and bought a home on the golf course and five acres of salt waterfront.

I am convinced that being able to show prospects my Internet presence and relate to them the tie-in to how many transactions start on the Internet is a big factor in closing listing transactions at full commission. Once people see that you spend the money to succeed, they want to have you working for them and they understand that the money paid in commission is spent, in part, on finding them a buyer." - An independent realtor in Seattle, WA.

So, there you have a small portion of the ideas that were floated by readers last week. I can't tell you how many people took the time to write and say something like this:

"The bottom line is that you get what you pay for. I am proud to be a Realtor and take my job very seriously. I am a professional who expects to work hard for my client and do a good job to take care of his/her needs in real estate. I earn my commission. It's too bad the public is constantly being fed a line that we are expendable and that what we do could be done by a clerk." - Diane Gomez Re/Max Austin Associates, Austin, Texas

I think there are probably a lot more ideas out there, but they all seem to be a variation on one thing: It's up to us to let our prospects and customers know how valuable what we do is to them when buying or selling a home. It's a little like the self esteem issue that so many face in adolescence: If we don't value ourselves highly, how can we expect anyone else to do so? It's my personal opinion that if discounting were the answer, no fortunes would have been made in real estate. As we've said before, oats have two prices: one before the horse eats them, and one after the horse eats them. Commissions are a quality issue. Prove yourself worthy, and they will come.
-------------------

Now I'm going to add my comments, and I hope you will feel free to add your own feedback.

I'm in the business of creating success stories for home buyers and sellers - not churning out computer data to them so they can approach one of the most important business transactions of their lives from a position of inexperience and ignorance.

Did you ever hear the expression "You have a champagne taste on a beer budget"? It refers to people who want the best but can't or won't pay for it. Yet, even among champagnes and beers, you will find variance in quality with accompanying variances in pricing. The bottom line, of course, is that you get what you pay for!

Real estate agents who invest in advanced training, state of the art technology services, strong support teams, attractive office environments in convenient locations, helpful brochures and up-to-date real estate forms, and personal service are worth more than licensees who operate out of their garage with little more than a web presence to offer consumers. Consumers usually pay more in the long run to use a discounter because they go into negotiations without the advantage of an experienced real estate professional to advise and advocate for them.
If in doubt, just read some of the client success stories on my website.

Okay, now you're read what real estate agents say about their value; would you like to comment?

-------------------------------------------------------
Additional articles on the topic:

Last Stand of the Six-Percenters. NY Times
Seller Unhappy with Discount Broker. Realty Times
What do Agents Really Bring to the Table? Realty Times
Study: 83% of Sellers Use a Full-Service Broker. REMAX.net
Are Full-Service Real Estate Agents Worth the Extra Money? Elizabeth Weintraub

For feedback or more information:

• mwoda@remax.net
• www.MargaretWoda.com

Feedback Regarding Real Estate Fees

Source: Broker-Agent News

Maryland - more than you ever wanted to know!

While collecting information for my new website (watch for my announcement around the end of December), I came across a lot of random information and links about all things Maryland to share with you.

For example, do you know how Maryland got its name? The charter that Lord Baltimore received from King Charles I of England specified a name for the new colony - It was to be called Maryland to honor King Charle's wife, Queen Henrietta Maria (Queen Mary).

I also learned that Maryland has more than one nickname:

The Old Line State
This nickname is a reference to the Maryland soldiers who fought courageously in the Revolutionary War, the Maryland Line. It is said that General George Washington referred to these soldiers as "The Old Line." Maryland was the only state that had regular troops "of the line" and these soldiers were ranked among the finest and best disciplined in the army.

This nickname is sometimes given another origin that goes back further in history. It is said that Maryland is referred to as "The Old Line State" because it was the dividing line between the land grants given to William Penn and Lord Baltimore.

The Free State
This nickname originated in an article written by Hamilton Owens, the editor or the Baltimore Sun. In 1923, a Georgia Congressman, William D. Upshaw, attacked Maryland as a traitor to the union because it never passed a State enforcement act supporting Prohibition. Hamilton Owens' article, "The Maryland Free State" was a mocking response to Mr. Upshaw, suggesting that Maryland should secede from the Union before acting to prohibit the sale of liquor. This article was never published but Mr. Owens referred to Maryland as "The Free State" in later editorials.

The Cockade State
This nickname, coined during the Revolutionary War, again refers to the Maryland soldiers. According to King's Handbook of the United States, 1891, the Maryland Old Line was made up of young men who "...wore brilliant cockades". Cockades are badge-like ornaments usually worn on hats. These decorations inspired Maryland's nickname, "The Cockade State."

The Monument State
In the early 17th century, Baltimore was given the nickname of "The Monumental City" and this nickname was transferred to the state over time.

"The Monumental City" was bestowed upon Baltimore by President John Quincy Adams, probably in reference to the monuments he saw on his visit to the city in 1827. The "Battle Monument" honoring Baltimore's defensive victory in the War of 1812 was standing on the site of the old court house. Construction was under way on the first major memorial to George Washington. President Adams was also taken to North Point to view the Aquila Randall Monument erected to honor a member of the First Mechanical Volunteers of the Fifth Regiment who was killed on September 12, 1814.

At a dinner engagement, Adams thanked the citizens of Baltimore for the kind reception he had been given during his visit and proposed a toast" "Baltimore, the Monumental City--may the days of her safety be as prosperous and happy as the days of her danger have been trying and triumphant!"

The Oyster State
This nickname refers to the large oyster fisheries in the state.

The Queen State
Probably because Maryland was named after Queen Henrietta Maria, Maryland has been referred to as "The Queen State."

Here are the Maryland State Symbols:
Bird: Baltimore Oriole (Icterus galbula), 1947
Boat: Skipjack, 1985
Cat: Calico Cat, 2001
Crustacean: Blue Crab (Callinectes sapidus Rathbun), 1989
Dinosaur: Astrodon Johnstoni Fact Sheet 12 from the Maryland Geological Survey, 1998
Dog: Chesapeake Bay Retriever, 1964
Drink: Milk, 1998
Fish: Rockfish or Striped Bass (Morone saxatilis), 1965
Flag: Find out more, 1904
Flower: Black-eyed Susan (Rudbeckia hirta), 1918
Folk Dance: Square Dancing, 1994
Fossil Shell: phora gardnerae gardnerae (Wilson) Fact Sheet 6 from the Maryland Geological Survey, 1994
Gem: Patuxent River Stone, 2004
Great Seal: Find out more, 1876
Horse: Thoroughbred Horse, 2003
Insect: Baltimore Checkerspot Butterfly (Euphydryas phaeton), 1973
Reptile: Diamondback Terapin (Malaclemys terrapin), 1994
Song: Maryland, My Maryland". 1939
Sport: Jousting (Maryland Jousting Tournament Association), 1962
Team Sport: Lacrosse, 2004
Tree: White Oak (Quercus alba), 1941

Many more links:

· Maryland – the official website
· Annapolis - the state capital (and “sailing capital of the world”)
· Maryland Area codes
· Maryland Climate
· Maryland Geography
· Maryland’s 10 Largest Cities
· Maryland Maps
· Maryland Motto
· Maryland News
· Maryland Topography Image
· Maryland Weather Conditions

Maryland Government
· Maryland Constitution.
· Maryland Counties
· Maryland General Assembly
· Maryland Judiciary
· The Maryland State House

Maryland Services
· Maryland Birth Certificates
· Maryland Board of Elections
· Maryland Death Certificates
· Maryland Driver Licensing Information
· Maryland Libraries
· Maryland State Lottery Agency
· Maryland Marriage Certificates
· Maryland Veterans Affairs
· Maryland Vital Statistics Administration

Maryland History:
· Maryland at a Glance: Historical Chronology
· America's Story: Maryland
· Maryland History
· Marylanders in History
· Maryland Government History
· Maryland Historical Society

Maryland Economy:

Agriculture: Livestock products comprise the bulk of Maryland's farm income. Broilers (5 to 12-week-old chickens) are Maryland's leading farm product, followed by milk. Other livestock products are beef cattle, eggs, hogs and turkeys. Most of the rest of Maryland's farm income is from greenhouse and nursery products (flowers, ornamental shrubs, young fruit trees). The state's leading field crops are corn, soybeans and wheat. Other field crops are barley, hay and tobacco. The most important vegetables are sweet corn and tomatoes. Apples are the biggest fruit crop. [Find out more]

Manufacturing: Computer and electronic products (communications equipment, surveillance and navigation instruments) are Maryland's most important manufactured products. Food processing (soft drinks, alcoholic beverages, poultry products, spices, bread) ranks second. Chemical production (soaps, other cleaners, pharmaceuticals, paint) ranks third.

Services: Community, business and personal services such as private health care (doctors offices, private hospitals) and support services for business/government (computer programming, consulting, data processing, janitorial, security) lead in the services sector. Finance, insurance and real estate ranks second. Baltimore is a leading financial center in the eastern United States. Government services (operation of public schools, hospitals, military activities) is Maryland's third-ranking service industry.

Mining: Crushed stone, used in the construction industry, is the most valuable mined product of Maryland. Other mined products are limestone, marble, sand and gravel, coal, natural gas, clay, peat and portland cement

Fishing: Maryland is a leading state in the production of blue crabs. Other products are Atlantic croakers, catfish, clams, crabs, menhaden, oysters, scallops, striped bass, flounder, white perch, swordfish and tuna.

· Fishing in Maryland
· Summaries of Maryland Fishing Rules
· Fishing Licenses In Maryland

Well, that’s about all the information I can handle for one day. If you’re planning a visit to Maryland, and want more travel information, I recommend http://www.mdisfun.org/ for information published by the Maryland Office of Tourism.

Sources:

• Shearer, Benjamin F. and Barbara S. State Names, Seals, Flags and Symbols Greenwood Press, Westport, Connecticut - 1994
• Shankle, George Earlie, Phd State Names, Flags, Seals, Songs, Birds, Flowers and Other Symbols H. H. Wilson Company, New York - 1938
• George, Christopher, John Quincy Admas and "The Monumental City," (http://www.baltimoremd.com/monuments/adams.html), October 21, 2002
• http://www.netstate.com/states/intro/md_intro.htm

For feedback or more information:

• mwoda@remax.net
• www.MargaretWoda.com

Maryland - more than you ever wanted to know!

Crofton Maryland Real Estate

Copyright 2006. All rights reserved. Margaret Woda