Helping the Consumer: Buyers and Sellers

How can real estate agents and brokers best help the consumers in this present difficult market? Both the buyers and sellers?

#1 Recommendation.

We can begin by diligently studying, monitoring and analyzing the real estate market's: both macro and micro markets. What is the present day "overall" market condition of a community versus a specific neighborhood in that same community?

How many homes have sold in the past 1,2,3 months? How many went under agreement in the same time period?. How many homes are now on the market community wide and then by neighborhood.

What is the status of the home rental market in a community and neighborhood? How many homes now for rent? What are the asking rental prices? How many homes have been rented in the past 30 to 60 days?

Don't get tricked,or fall into the trap of relying on mass media to help you. Most of the time they are generally clueless. ( And because then don't have the necessary research staff as they once did).

The first step is to BECOME a professional, armed with valid facts that are both demonstrable and verifiable. This takes considerable time, energy and effort.

Create a market reference book for the communities you specialize in and be sure to include both general and neighborhood studies. In short become a market EXERT.

#2. Recommendation.
Be Honest and know your FactsBe truthful with buyers and sellers at all times. If a seller wants to list a property that you KNOW is greatly overpriced tell the sellers. You also have the option of declining the listing. In this market if it's overpriced, even a little, it won't sell. You don't need deadwood to weigh you down.

Qualify potential buyers before you invest your time, effort and money. Do they have the ability and necessary down payment to close? Do you have a recent Pre Approval, Pre Qualification recent letter from local bank or institution?

Does the seller qualify for an FHA, FHA, or VA Loan?

There are two FHA types of residential home loans:The Federal Home Loan Administration and, The Farmers Home loan program ( for rural communities.) Are you familiar with these programs and know their guidelines?

Perhaps the buyer is a veteran and perhaps a veteran home-buyer would be wise to obtain a "guaranteed loan" from the US Veterans Administration? Again are you familiar with the VA home loan programs? Do you know their loan limits and down payment requirements?

Bill McInerney