How Does The Multiple Listings Service (MLS) Help The Real Estate Market?

Real estate brokers can use the Multiple Listing Services (MLS) to share information about property listings. The idea is an old one and goes back to the late 1800s when local brokers got together to talk about available properties. Commissions were provided as incentives for assistance in finalizing particular sales. While in this instance, the hand means the property, the arrangement between real estate brokers became the outgrowth of that old saying about “one hand washing the other”.

“Unilateral offers of compensation” are a sign of cooperation between brokers, as the rate of commission becomes a known detail through the MLS. A commission rate can still be negotiated between the listing broker and the buyer’s broker even though the rate of commission is thought to be a contractual obligation.

A myriad of benefits are exclusively awarded to those brokers who take part in MLS systems. Because it is in everyone’s best interests (including the public) to update all included data, the system is therefore, by its very nature, accurately maintained. MLS data about available homes for sale is freely obtained by any and all subscribing brokers. MLS data fields are fully detailed regarding facts about all listed properties unlike public real estate websites that feature only restricted facts about properties for sale.

Although MLS is criticized for its limited elements, things are gradually opening up as more and more Internet sites are allowing homebuyers access to certain sections of MLS listings. It is still not a unrestricted access by any means, as only those real estate agents who are compensated proportionately to the value of the sale have limitless access to the MLS database.

The economic belief of supply and demand in addition to the significance of establishing a stable market are considerations for the debate concerning whether real estate listings should be accessible to all. Public websites are vindicated in their complaints that they are held back in their ability to assess comparable properties by the fact that they cannot access past sales and monthly statistics.

Which Real Estate Strategy Is For You?: 5 Options

When, a homeowner, decides, it is time, for him, to sell his existing home, it may be, for any number, of possible reasons! Some are obvious, such as financial challenges, job relocation, changing personal needs, priorities, etc, while, other motivations, may be, more – personal, etc! Regardless, however, in my, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have learned, and strongly, believe, a primary, initial decision, which, often, has significant impacts, is the initial, listing price, when the house, originally, is, put – on – the – market, to sell. Basically, there are 5 basic strategies, for pricing, your home, for – sale. With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, what these are, and, why, it matters.

1. High – end of range: Especially, in these times, where, we see, a combination of limited, available inventory, near – record – low mortgage interest rates, and a sellers – market, many homeowners, seem, to prefer, pricing their houses, at the higher end, of the range! In, some cases, this strategy, achieves its objectives, but, often, risks, houses, which don’t end – up, selling, Using this strategy, should, only, be considered, when the seller, is willing to take some risks (hoping for greater rewards), and isn’t under, time – pressure!

2. Middle, of the range: In most cases, the smartest approach, is, to price a house, in the middle of the range, suggested, by preparing, a professionally, designed/ created, Competitive Market Analysis (usually, referred to, as a, CMA). This, usually, creates, a strong – demand, by, qualified, potential buyers!

3. Lower third of range: There may be, several reasons, for this approach, to listing price! Usually, it creates, a significant demand, from qualified buyers, and, helping, to sell the house, for the best – price, in the shortest – period, with a minimum of hassle!

4. Pricing above the high point: During certain, real estate markets, such as the one, we have witnessed, for several months, currently, we often, witness, listing prices, set, above the higher – end, of the indicated range! When, prices, are rising, quickly, this may help getting more money, for one’s house, but, since most buyers, use a mortgage loan, to help finance/ pay – for, the home, doing this, risks, home appraisals, which don’t, perhaps, justify, the size of the desired loan!

5. Below lowest point: Setting an initial, listing price, below, market – levels, may be indicated, under certain circumstances/ conditions. This approach may be effective, when a seller wishes for a speedier sale, and, believes, creating, a so – called, bidding – war, may, make sense! It may also be a good approach, for marketing houses, with some, unusual circumstances, needs, goals, and priorities!

Whichever strategy/ approach, used, it is important to realize, there is a significant different, between, listing, and selling, prices! Will you be an educated, informed, smarter home – seller?

3 Tips for Buying Commercial Real Estate Short Sales

Commercial short sales, which work in much the same way as foreclosures, used to be a fairly unattractive prospect. While you could pick up a property fairly cheap, you would often then have to find somebody to help you fix it up and turn it into a commercial premises that could actually be used, which pushed the cost up.

However, the current property market has created a climate whereby banks and lenders are much more willing to work with potential buyers in an effort to get non-performing loans off their books and back in the hands of people who will be able to start paying them again. As such, with the proper research you should be able to pick up the property at less than the asking price at a short sale, assuming you follow these tips.

Know The Property

Don’t go into a short sale with no idea about what the property you’re interested in is all about. In many cases the bank won’t want to tell you exactly how much a property is worth, so look into its history and work with a professional who is able to identify the positives and negatives before giving you a figure for what they think it should be sold for.

Keep this figure in mind when trying to purchase the property and use the results of your research as a bargaining tool. You will find that lenders are much more willing to sell quickly if you make a reasonable offer that takes the issues the property has into account, plus you don’t place yourself at risk of offering too much in the first instance.

Have The Budget

It is important to remember that the lender that is trying to sell the commercial property has already been burnt at least once before by a previous owner, so they will be looking for somebody who is able to demonstrate that they can back up what they say. As such, you should have more than enough money in your account to show that you will be able to handle initial costs and the loan repayments for a substantial period of time.

Print off bank statements and make sure that the right people see them. Furthermore, try to offer the largest initial sum that you can. This will help you stand out against other buyers who are interested in the property, in addition to increasing the confidence levels that a lender has in you.

Patience Is Key

Don’t get frustrated if your initial efforts end up fruitless. Some lenders may be a little stubborn and won’t be willing to let properties for a price that you deem fair, instead preferring to see if they can find a better offer. Don’t be suckered into making that better offer yourself.

Instead, simply wait and see what happens and always keep your budget in mind. In many cases you will find that nobody else has offered to purchase the property, which makes it much easier to negotiate prices once you show your interest the second time around.

Sarasota Real Estate – Home Sales Figures For January 2008

Sarasota is a city in Southwestern Florida that is famous for having a wonderful year-round vacation and leisure atmosphere. The mid-sized metropolis is known for having wonderful arts and culture facilities, shopping districts, and world-famous white sand beaches in its barrier islands, called Keys.

The city also has a wonderful array of real estate options to choose from, ranging from townhomes, apartments, condo, single-family homes and waterfront estates. However, with the US housing crisis still hovering around, many buyers are exercising caution, and are waiting in the sidelines, and are hoping for the market indicators to return to normal levels

January Saw A Drop In Overall Property Sales

According to figures taken from the Sarasota MLS system, the month of January 2008 saw a drop in overall property sales in the local market.

One of the major factors for the lull was pending state vote on a property tax reform amendment on Jan. 29, which may have contributed to the sentiment of buyers waiting in the sidelines and seeing what happens next. However, with the passage of the property tax reforms, most housing industry observers forecast a rebound in property sales in the city and across the state as well, in the coming months.

As a matter of fact, the pending sales levels in the first month of 2008 were at its highest level since June of 2007. Property sales also had considerably recovered in December 2007,and performed better than the previous month, with sales of more than 22 percent. This showed that the buyer’s market began to gain strength with the arrival of the seasonal population.

However, with January sales, which generally show some weakness because of the holiday slowdown in home shopping and closings, were considerably lower than December, and much lower than the same period last 2007. For single family homes, there were 329 overall property sales in January 2008, which represented 221 single family homes, and 108 condominiums. This shows a 19 percent drop from the levels last year, with total sales of 407. The drop was more than 20 percent below the total of 426 closed transactions recorded in the Sarasota MLS in December.

For the Florida market as a whole, single family home sales were down 28 percent, as compared to January 2007, and condo sales also slid by30 percent. The figures however indicate that in a dropping property market, Sarasota and its neighboring areas are still faring much better than other areas in the state.

What Promising Signs Were Seen For The Early Months Of 2008

According to local property market watchers, probably one of the brightest spots in the January housing findings, was the strength in pending sales, which stood at 516, and represents the highest level in the past six months.

446 in October 2007 saw pending sales of 446, November had 489, and December had 374, and analysts say that breaking the 500 threshold barrier is a positive sign for future transactions. Home inventory levels also saw a moderate slide in January, as compared to the previous month last year

According to the Sarasota Association of Realtors, there was obviously some hesitation from buyers during the month of January, in light of the pending property tax amendment vote. Now that the issue has already been settled, the SAR notes that we should be seeing prospective buyers taking advantage of the historically low interest rates, the incredible property selection, and all of the factors that always make the city a wonderful location to buy a home and live.” – Sarasota Housing

Long Beach Homes for Sale – Four Things You Will Love About Long Beach, California

More and more individuals especially those who are planning to find their homes are now starting to recognize the pleasing qualities of Long Beach both as a business and pleasure haven. This interesting city seems to be the perfect example of a place where bikinis and business suits combine harmoniously as elegant buildings where businesses and trade is a common scenario stands mightily next to the Pacific Ocean. This pleasing mystery is one of the driving factors that drive many home seekers to delve into Long Beach homes for sale and Long Beach real estate listings.

Indeed, investing in Long Beach houses for sale is a worthy undertaking – whether you plan to live in it for a long time or rent it out for holiday takers. There is a lot of things to like about owning homes in this pleasant community.

1. Convenient Transportation Means

5 ½ miles of mesmerizing coastline with an airport serving national flights easily accessed by a light rail system known as the Blue Line MetroRail taking commuters to Staples Center and downtown Los Angeles and from there be able to connect to Pasadena and Hollywood are just few out of the many reasons that attracts not only tourists but also aspiring residents to invest in Long Beach real estate.

There are also plenty of buses that can take individuals to any place downtown and nearby places like the Ocean Boulevard wherein neatly painted and prearranged residences and commercial establishments constructed many decades ago are located.

This means that even if you do not have your own car, you can easily report to your work and go back home without much difficulty since transportation methods are offered in variation.

2. Diverse and Pleasing Recreational Attractions

Just like the old adage goes, “All work and no play make Jack a dull boy”. Well, this would not happen if you are living here. It is definitely one of the most wonderful cities in the nation wherein there is more than just beach to enjoy. Going downtown you will gain pleasure from the plenty of trendy shops, dining places and other attractions that offer fun and entertainment for individuals of all ages.

Shoreline Village offers great shops and dining locations wherein you can see the splendid skyline. The 5th largest city of California is also home to many nice parks, and other recreational areas wherein golf, skateboarding and lawn bowling are just few out of the numerous sports activities that you can engage in during your free hours.

3. Charming Beaches

As you browse around Long Beach MLS for sure you would come across with descriptions that define the beaches in this part of California. The beautiful city offers some sandy beaches and equally charming coastline close to the downtown area. There are also choices of beaches near Naples and Long Beach Peninsula wherein you can just sit and frolic on the sand with your kids as a breather from a busy week at work. For those who love quiet times, you can just sit there with your loved one as you watch the skyline and the sun for a romantic but serene quality time.

4. But more than anything else, the booming and continually sprouting economy of the place is the top reason why many are rushing to invest in homes for sale in this part of California.

It is then pretty easy to understand why investing in Long Beach homes for sale can benefit you financially if you choose to rent it out. At the same time, it can also provide you much pleasure in terms of experience if you decide to exclusively use it with your family.