Putting Yourself In The  

Other Guys Shoes

Ahhh, the spring. Or what the calendar calls spring anyway. For those of you outside the Mid Atlantic, know that global warming seems to have forsaken us and we're freezing to death here - with no signs of spring in sight. Except, of course, that we are in the middle of the best, most frantic real estate market in 7 years. I wouldn't have time to get out my summer clothes even if I needed them.... 

Great news for sellers, of course - and for buyers too, who will be getting into homes just in time for appreciation to help them start building equity. Often we'll work with folks selling and buying, which can be tricky these days, sometimes requiring a House Of Choice Contingency for sellers who are understandably reluctant to sell with so few choices of where to go.

What I find most remarkable is how quickly each "side" forgets what it felt like to be in the others shoes - even in a double transaction. Heaven knows I believe in tough negotiation, but when things start to rock and roll, it helps to keep perspective. Here are some thoughts that might help 

• Everyone moves for a reason. Moving house is a huge endeavor, and even moves for the happiest of reasons come with enormous life challenges: Soon-to-be-married and newly wed couples are planning weddings and negotiating time with in-laws; job promotions often mean extra hours at the office; New babies speak for themselves - literally. Try to remember that the folks on the "other side" of your transaction are just as stressed out as you are.
• Where the sellers are going is none of our business. I know, everyone wants to be sure the sellers aren't moving because they hate their weird neighbors (almost never the reason) or they found a hidden nuclear storage facility in the back yard (they'd have to disclose that in writing) so trying to find out just distracts from the property. Whatever the reason, it's their reason - you might feel very differently about the late night nudist parties next door.
• Your home doesn't feel "homey" to a stranger. Worn furniture looks shabby and tired to someone who didn't cradle their first child in it; Your grandmother's recipe for fish stew doesn't remind a buyer of their childhood, it smells like low tide- for days; And that gentle hum in the background isn't white noise - it's Interstate 495 and the buyers can definitely hear it - even if you don't! We'll give you staging advice - or even do the staging ourselves - but you can also ask a friend for a frank opinion or check out some open houses and then take a serious look at your own place right afterward.
• Your house is only worth what it is worth today. No sellers, you don't get an extra $100,000 because the property will be worth more next year - further appreciation is one of the main reasons your buyer wants to own a home. And buyers, what the seller paid, what the county has assessed the property for, what the house would cost where you come from or the amount you like to have left over every month to put into savings have no bearing on market value.
• Keep the transactions separate. Nothing is worse than when really nice sellers get kicked around when it's their turn to buy, but it happens - and vice versa - all the time. Being terrific to work with is it's own reward and there's no guarantee it will come back to help you in the next round. Try hard to keep each transaction in separate perspective, refer to the first point and remember that karma doesn't always work quickly - but generally works eventually. Most important, don't let your feelings for the buyers/sellers on the other side of your transaction effect how you feel about your new home - fortunately, they don't convey!

Happy Spring everyone,

Tom, Barbara, Susan and Emily.

WASHINGTON (February 27, 2013) - Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.

The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.

Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.

"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.

Information Provided by National Association of Realtors®    

Regional
Sales Trends

Contracts Ratified Per Month

Montgomery County 
 

(information from GCAAR)  

Washington DC  

Our Listings

Under Contract 

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