Learn How to be a Competitor - with James Grant

Hello, everyone. Welcome back to our video blog!

Today, I have my partner, James Grant, with us. He has been the number one buyer’s agent on our team for years. He is great at connecting with buyers and understanding the emotional process.

I asked James to join us today because I wanted him to tell us what a buyer can do to become a competitor in our market today. We have a shortage of inventory and a large pool of buyers, so when you are looking for a home you need to be prepared.

James Grant says,

"There are a number of things a buyer can do before they even engage with a realtor.  One of the most important steps is getting pre-approved. Without a pre-approval letter, we have no idea what homes to look at and a seller will not take you seriously without it.

After you have the pre-approval letter, find a productive agent to connect with. As Carlos mentioned, we are in a crazy market. Homes are selling within a week! You need an agent who can help negotiate for you, knows how to make the best offer and can get it done quickly.

The final bit of advice is the scariest for most. Be decisive. Buying a home is a huge decision; I understand that. I want to make sure, though, that you don’t take too long deciding and miss out."

We will have a part two of this video where I will explain how to become more decisive: what types of criteria to look at and how to evaluate your needs.

If you have any questions please call us, we’d be more than happy to help!

Bidding Wars

Welcome to our video blog! Thank you for joining us! We are the number one Keller Williams Team in the region; we sell in the DC/Virginia area.  We are a highly efficient team and we hope that you will consider us if you run into a bidding war as a buyer.

Bidding wars can really make you lose your appetite for buying. It can be discouraging and intimidating when you find out what it may take to win. So, when we discuss whether a buyer should participate in a bidding war, often times buyers want to know if they do offer higher, will they be foolish, and what will the market do?

This is a great question. While we don’t have a crystal ball, it is important to know what is going on in our current market. We have a lack of inventory now and I think many buyers want to know will there soon be an increase in inventory, making buying a home less competitive.

Theoretically, that is possible, but in the Washington DC area we are coming on the third year of experiencing drops in inventory. What I can tell you is if the supply and demand does start to balance out, it won’t happen over night.

If you do have any information on these topics, send us links; send us articles. We are looking at whether sellers are under water; we are wondering where these people are. As we approach peak pricing and pass it, we can anticipate more houses coming on the market.

There are also sellers who are perfectly well positioned to sell but don’t know the benefit of doing so right now!

Thank you so much for joining us! Just know, we will follow this issue very carefully!

Rising Market Rates

Hi everyone, thanks for coming back to our real estate video blog!

So, my head has been spinning a little from the recent changes in rates. There have been a lot of articles out about rising interest rates. On June 4th an article came out titled “Will Higher Mortgage Rates Kill the Housing Market? Maybe Not”

What the article says is there is a cyclical loop when it comes to interest rates. It can be hard to know what is actually going on.

Well, to simplify things, as the economy improves it becomes less important to make money cheap.  Interest rates then rise and those rising rates can scare us in the real estate market. However, if rates are rising, it means the economy is improving. While it seems our economy is improving, we do not know if our economy is out of the woods nationally, though.

It’s very interesting as we observe rate movement; things that would appear to put downward pressure on the market (rate movement up) are happening because other things could place upward movement on the market (an improving economy, improving job market and consumer confidence).

What I can tell you as a real estate investor is, if it becomes a little more expensive to buy a property because of rising interest rates, it means the economy is improving. There are many buyers who have the ability to purchase my property if I am a seller.

I’d also like to note that we were at an all-time low in interest rates. Even if rates do increase to 5%, it isn’t the end of the world! I know I probably haven’t answered all your questions about rising interests rates, but I want you to know as we learn more and have more numerical information, we will share it with you!

We are data-driven here and love to research the real estate market! Thank you so much for joining us and I promise to keep you updated on the rising rates. If you have any specific questions please give us a call at 202.290.1313

Thanks for watching! We really do appreciate it!

A Good Listing Agent

Hi everyone. I wanted to talk to you about the value of a good listing agent. Recently we talked about the importance of a good buyer's agent and what qualities that individual should possess. A good listing agent, though, needs some different expertise.

When I got into real estate sales, I had already been involved in real estate. I had been an investor for more than a decade. I loved real estate and I was sure that my background as a lawyer and my passion would make me a great listing agent. I have to admit, though, it didn’t.

A good listing agent is a marketing maven. The number one thing a successful listing agent does is market the heck out of your property. They need to know how to present your home beautifully, how to represent and project the best qualities of your property.

The second part of their job is to make sure that your home is exposed everywhere, that the information is widely distributed. If they aren’t doing this, they are not a good listing agent.

Here, we understand the importance of marketing. Our marketing budget is six figures every year, $10,000-$20,000 a month depending on what we are doing. We can be very intense geographically and demographically. We are also one of the leading agent teams in the country for Zillow, which is the most visited Real Estate website online!

Give us a call 202.290.1313 so we can list your home the best way possible!

Finding a Good Buyers’ Agent in the DMV Area

Welcome back to our real estate blog!

We are the top team for Keller Williams in the D.C. and Maryland area. We also sell in Virginia! Today, I wanted to talk about the significance of finding a good buyers’ agent.

These days, D.C. is a highly educated area; people are very serious about engaging a realtor. We often find ourselves competing for the role of buyers’ agent.

When we talk with a possible client, we tell them without a doubt it is important to have an honest agent with integrity and who is competent. But that should just be your baseline. You want a realtor who is also extremely knowledgeable about the market, an agent who is passionate and learns as much as they can because they want to, not because they have to. That’s what sets us apart!

You also want a good negotiator, someone who truly understands how to get you as much as possible. A good buyers’ agent is highly motivated to make a buyer happy.

A good realtor will be an ambassador for you; they will represent you and your interests. And that buyers’ agent will have many extensive and positive relationships with people in your real estate market: consumers, agents, developers, etc.

I have a reputation among other agents that is fair and communicative, but I am still a bulldog on behalf of my clients. I am going to fight for you but do it in a way that doesn’t burn bridges, in a way that is ethical and fair.

We are ranked 11^th nationally with Keller Williams which is the number one brand in the country!

Thank you for watching our video blog and give us a call at 202.290.1313 so we can get started and represent you in today’s market!

Peak Selling Prices and Low Interest Rates Mean a Great Market for Everyone

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In 2007, the U.S. stock market peaked before the economy headed into recession. Today, the stock market is at about the same level. But this time, experts say, it’s different. Most companies have more cash and are more profitable in 2013 than 2007.

I think there are parallels between the stock market and the real estate market. Home prices are right around 2007 levels, but the market is healthier because of low interest rates. Just like the stock market, you are getting a better product for the same price. You can get more home for less money than in 2007 with a big difference in your monthly mortgage payment.

That’s the advantage for sellers. For buyers, the low rates mean you can return to the market at a peak price that’s still a better deal to sellers because of interest rates.

With interest rates right around the 4 percent mark, about one-third of your mortgage goes toward principal. That’s amazing compared to the days when between 5-8 percent of each payment applied toward principal.

Peak pricing for sellers and record-low interest rates for buyers means it’s a great time for both to enter today’s real estate market.

D.C. Condo Market: Great Time to Buy & Sell!

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Real estate statistics in our marketplace confirm what we’ve suspected – condo sales are hot! There is a lack of supply and high demand for condominiums throughout the metro D.C., Maryland and Virginia areas.

Stats show that condo sales in the region are up by 10 percent in 2012 over 2011 figures. And 10 percent is significant because it coincidentally matches the rate of real estate appreciation year over year.

Condos are selling quickly, too. Condo units sold in an average of 59 days in 2012, down from 76 days in 2011. Often, they sell even quicker. We sold our last four condos in 2013 in an average of just 7.5 days. That should give you a sense of the quick pace in the metro’s condominium market.

We at Eng Garcia Properties are obsessed with this type of invaluable data that helps us translate what the market is doing into outstanding marketing strategies that help when you are buying or selling real estate.

Are you ready to take advantage of D.C.’s red-hot condo market? Give us a call or drop me a line to learn more.