Columbia SC Real Estate Blog

Columbia, SC Real Estate- The fact that we live in a free country gives us many options. We can live where we want to live, and can build a house to look like we want it to look as long as we comply with building codes. That sense of freedom coupled with money and architects can give us tremendous latitude to “Do Our Own Thing”. That sounds great!. Is there a downsize to having this latitude.? Well,—————Could be.

One problem that can evolve with unique and very expensive homes is the upkeep. Sometimes style does not lend itself to practicality. Expenses such as taxes, utilities, and maintenance may be higher as well as functionality. Too many windows could create some challenges from the sun and rain. Too many stairs and angles can prevent some later annoyances regarding cleaning and accessibility. Funky rooms for some become undesirable for others.

Unless you have an unlimited source of funds, the real problem comes about when you are ready to sell. Not everybody shares your vision of the unique house being the house they desire. Couple that with a high price, you have the recipe for a meal for a place sitting of one. You may have a Columbia Real Estate house that is next to impossible to sell. What if you have to move for health, family or business reasons? Taxes go on, insurance is higher, and expenses go on. Now the nightmare of the dream house begins. If you have a mortgage, you may not qualify for another one in these times without selling your house. You are more subject to vandalism and squatters. Maintenance problems can get unnoticed if someone is not visiting the house weekly. You may not be able to rent the house for the cost of keeping it and the renters may not take very good care of it.

Think before you create a house, Columbia SC Real Estate is very competitive. There is something to be said for conforming and thinking in advance for resale and not just for your taste buds.

I have been in Real Estate as an agent and Broker full time for almost 20 years. There have been some notable changes brought about by technology. When I started out Newspapers and Magazines were the primary ways to advertise your listings or yourself.

Now the Newspaper Industry is hardly a force anymore. Their circulation is down as is the size of the Real Estate section. Color photos are almost non-existent and the classified section is getting smaller daily. They have admitted defeat by marketing to By Owners and Agents through their website. Magazines as well as Newspapers are decreasing in size and quantity.

The Internet offers real time ads, modifications, virtual tours, slide shows, maps, and extensive demographic data at your fingertips 24/7 for a fraction of the cost. It offers extensive web marketing of homes on numerous sites. Showing a home has changed. Most agents use to show their own listings or have lockboxes that required a combination. Now electronic lockboxes provide more security by knowing who has entered the home, and at what time. Feedback is available via the Internet to the listing agent of every showing. You can now give your seller more accurate data of how many showings are taking place. The computer gives agents the platform to see days on the market of other homes, selling prices, closing prices, change prices, and modifications. It is easy to establish per square foot comparisons. Tax records can be observed, as well as important school and neighborhood information.

This has made it easier for the agent and buyer to research important variables for their home search. Closing information can be easily transmitted to Lawyers, Mortgage Brokers, and everyone else involved in the transaction to facilitate the process. Cell phones not only allow better communication in the field, but the Internet is also available on the phone with data relevant to the buyer. Portable computers make it easy to show photos of homes to the buyer as you drive them around to determine interior features desirability.

It is a different world in Real Estate, and more changes will be coming! Broker Bob Mandel, Real Estate Advocates Network Your Agent of Change Where Our Principles Come Before Our Profits.

In this day of decreasing prices and fewer buyers in the Columbia SC Real Estate Market many people are looking to save money anyway they can. Unfortunately, millions of people trying to sell cannot afford to pay the traditional 6% commission. Doing so would result in their coming out of pocket with money they don’t have. What are their alternatives? One is going it on his or her own without an agent. The options to market are limited by doing so. A sign in the yard statistically sells more homes that either newspapers or For Sale By owner Internet sites if the location is one that attracts drive by traffic.  As we all know, the days of thriving newspapers and large Real Estate sections are history. I can remember on a Sunday seeing multiple photos of color pictures of homes and numerous classified ads marketing homes by both agents and homeowners. These have dwindled.  Newspapers are now driving traffic to a website and selling space on the site. Specialized newspapers advertising these homes By Owner are also on the decline. Unfortunately, people still pay rather large sums in bigger markets to advertise Columbia Homes For Sale By Owner with little success. Some of these periodicals are affiliated with discount Real Estate agents and can save the consumer money vs. the traditional approach.

A further word about For Sale By Owner sites. They can brag about much traffic that when further analyzed is not so much compared to other websites affiliated with Realtors. Some of the biggest sites in Real Estate like Realtor.com, Real Estate.com, Zillow, Trulia, Move .com, HomeGain, and others attract millions of potential buyers because of the size of homes offered. In my city there are over 5000 homes on the local MLS compared to several hundred on the top By Owner sites. Many of the homes on these sites are already sold, rented, or listed with a Realtor.  No local MLS Board or Real Estate Commission is policing these sites to stay current. The sites promise a lot and don’t deliver in most cases. They charge too much for what they do in my opinion. They admit defeat and state, oh by the way; the best way to sell your home is to go into the local MLS. That is a truthful statement. They will refer you to a local flat fee Broker and take the lion’s share of the commission. They can sell you products that you can’t use if you list. It is more prudent to list directly with a Flat Fee company to avoid delays and unnecessary expense.

Broker Bob Mandel, Real Estate Advocates Network

Our Principles Come Before Our Profits

It is a challenge in most areas of the country to sell a home. On the lower end the stimulus tax bill did result in many more sales. Who wouldn’t want $8000 to buy a home? Now we are back to the flat real(estate)world. Many Columbia Real Estate sellers have little equity in their homes. Paying 6% or 7% commissions would result in a negative dollar closing for the seller. Some sellers do not have the money to pay the difference and be able to move. The alternatives are few. The seller can try to go it alone, which may take longer to sell and result in seller mistakes, or go with a flat fee company. If the seller is not in a rush, I suggest going with a flat fee company. Why you say to go in this direction? Let’s do a top ten list using an example of a $150,000 home.

1. If the seller is fortunate enough to get a buyer they will save over $8000 in commissions.
2. Minimally they will save over $4000 by listing with a flat fee company.
3. They will be able to go into the same MLS’s as a full service company, the same local Real Estate Companies sites, and all the National sites affiliated with the local MLS. This results in 75% of today’s sales.
4. The seller can advertise on By Owner websites for free or a minimal cost.
5. The seller can advertise in the newspaper or do open houses and if they secure a buyer will owe no agent commission.
6. The seller in some markets can have a By Owner sign on the property or an agent 800# info-line with their number giving another chance to save on commissions.
7. With the savings they can accurately price the home using an appraiser who won’t inflate prices to get a listing.
8. With the savings they can get an inspection of their home to correct any cosmetic or other problems noted.
9. They can offer closing costs to make a deal and have more room to negotiate price.

10.   To get traffic they can offer agent bonuses for a closing attracting more showings.

Broker Bob Mandel, Real Estate Advocates Network

Our Principles Come Before Our Profits