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On a weekly basis we bring up to date current information about the real estate market in Medford, Eagle Point, Pheonix and the surrounding areas of Jackson County and Josephine County Oregon.!
Tag Archives: Real estate broker
Who Pays Real Estate Agents? Many people do not realize how real estate agents get paid. If you are a home buyer it is likely that the home owner has negotiated the real estates compensation in the listing agreement. Many home sellers do not realize that real estate commissions are negotiable. Real estate agents get paid out of the sale proceeds. The commission is added to the purchase price of the agreement. The seller has a seller’s agent and the buyers usually have their own agent. There will be an agreement between the two agents brokerages to determine how the commission will be split before you actually see the property. Real estate agents are not able to work independently. Every real estate agent works for a broker. They receive their checks directly from their broker. Brokers decide the commissions they charge for properties marketed and sold through that brokerage. The commission .is always negotiable, the national average ranges between 4 – 8 percent. The commission is split between the broker and the agent based on an agreement that has been negotiated between the broker and the agent. A seller signs a listing agreement for a specific length of time. The agreement states that the broker will receive a certain amount of commission upon the sale of the house. The buyer’s agent or sometimes called a selling agent actually procures the sale by attracting the buyer for the property. Although the commission is split between two sides of the transaction it is not always an equal split. Sometimes it is 50-50 but it could be 60-40 or 70-30. There are no set standards. If the same brokerage represents both the buyer and the seller than the brokerage will receive full commission. Are you confused yet? Here is an example. If a home is sold for $200,000 and the commission is 7% and if the commissions are split 60% for listing broker and 40% for selling broker than the listing broker will receive $8,400 and the selling broker would receive $5,600. Each of those figures would be split between the respective agents as agreed upon prior to the sale of the property. However, the commission is not paid until the home is sold. If you are interested in learning more about sell your home or buying a home I would be available to answer any of your questions. Related articles Real estate agents: The good, bad & ugly of this commission-only career How To Find A Real Estate Agent Who Has Your Best Interests At Heart A Career In Real Estate: Is It For You? (Part One)
Features Buyers Are Willing to Pay Extra For What would you as a home buyer, be willing to pay extra for? Most people would answer new kitchen appliances and the comfort of central heat and air conditioning, according to the 2013 Home Features Survey by the National Association of REALTORS(R). Buyers who purchased a home without new kitchen appliances said they would be willing to pay up to $1,840 extra to home a home with new appliances. Those that purchaeed a home without central heat and airconditioning said they would be willing to pay an average of $2,250 more to have it. This table shows other items buyers are willing to pay more for: Feature Amount Buyers Willing to Pay Extra For Home less than five years old $5,020.00 Waterfront property $5,420.00 Laundry room $1,590.00 Den or study or home office $1,920.00 Basement $3,200.00 In-law suite $2,920.00 Keep in mind that this was a national survey and all real estate local. I would be happy to discuss with you what your local neighbor real estate market would bare in marketing of your home. However, these are things to consider as a home buyer as well as a home seller. When negotiating your home for sale or in the purchase of a home, consider all the terms and conditions of the agreement, including how much value extra features such as new appliances really do offer.
A Short Sale For First Time Home Buyers When first time home buyers purchase a short sale it can be very challenging. There is nothing I enjoy more than helping a client find a home. Buying a home for the first time can be scary and challenging. Making a final decision is not easy. Recently we had an opportunity to help these buyers find their first home in Medford Oregon. Our first home buying experience was a wild ride; luckily we had the right help to get us through this new experience and made it as memorable and fun as we were hoping for. We ended up putting an offer in on a short sale house shortly after we began looking at homes in the Medford area. Vic started by showing us houses that were in our price range with the features that we were looking for without pressure to jump on any one. Of course once we found the one we wanted it became a little nerve racking making that big decision to buy it. We decided on a two bedroom, one bath house that was built in the 1950’s. It was our perfect starter house. Overall the process was as smooth as we could have hoped for with a short sale and with Vic on our side we ended up coming in under budget and closing earlier than we expected. Now we are loving everyday in our new home and are very excited to begin adding our own little touches. If you are looking for a home or know someone who is searching for a home in the Medford Oregon tell them about the Alba Group or better yet give us a call and we promise we will follow up and treat your referrals like royalty. Related articles Do you know What exactly is a short sale in real estate? Need to know how to Handle a Short Sale of your home? Want to Buy after Short Sale or Foreclosure?
The real estate market activity has increased since last month’s real estate market report. Sales have increased and there are a few more choices for home buyers in the Jackson County and Josephine County area of Oregon. Real Estate Market Report May 2013 # of Sold For Sale Average Sale Median Sale vs List % Avg DOM Jackson County and Up to $100,000 22 46 94.6% 68 $100,001 – $200,000 106 175 97.6% 62 $200,001 – $300,000 83 257 98.7% 61 $300,001 – $500,000 52 284 97.4% 104 Above $500,000 18 285 98.7% 45 TOTALS 281 1,047 $249,300 $214,500 97.7% 69 Josephine County Up to $100,000 12 28 95.8% 123 $100,001 – $200,000 43 147 97.2% 53 $200,001 – $300,000 25 146 97.0% 75 $300,001 – $500,000 18 136 96.4% 189 Above $500,000 3 80 99.2% 863 TOTALS 101 537 $228,700 $189,000 96.9% 115 Related articles House prices on the rise again, in the U.S. Navigating The Real Estate Market
Why Isn’t My Home Being Shown? Medford Oregon home sellers ask “Why isn’t my home being shown?” when the home is either a) priced too high, b) needs to be de-cluttered and staged properly c) location is inconvenient or not the best or d) the home is in poor condition. Most people who have had any experience selling a home in Medford Oregon, already know the answer to the question. The problem may be just finding a Realtor willing to be honest with you and is not afraid to hurt your feelings. Be Honest It is not that anyone wants to hurt your feelings. It is just important to work with a realtor who is willing to be honest with you and tell you the truth, not necessarily what you want to hear. Home sellers also have to be honest with themselves. If you home is listed, sit down with your real estate agent an audit these conditions or review what is on the market yourself. Home Photos Market Your Property Beyond those four conditions you may also look at a few others. For instance, lets take a look at the pictures of your property being used to market your home. The pictures should be of high quality that exhibits your home in the best light. Dark or blurry photos are unacceptable. Wrong Property Information Many times when I search for homes for buyers the square footage, bedroom numbers or bathroom information is not entered into the multiple listing service correctly. Be sure to review the information listed on line about your property. I know everyone makes a mistake every now and then. Poor Description of Your Home There is a limited number of characters which your real estate agent can use to describe your property in the Medford multiple listing service. Using this space in the most efficient way could make the difference whether your home is shown. Make sure THE most important features of your home are not left out of the description. Not Enough Visuals It is just natural if there are 20 homes on the market in Medford Oregon that meet a particular home buyers needs and 15 of them have 20 pictures and video tours and 5 only have one picture than they will most likely choose to see the 15 properties which they know more about instead of the five they have only seen the front outside of. Can Not Be Shown Make sure your house key works and your home is available to be shown to potential home buyers. I have had plenty of times where home buyers have come out of town and either the wrong house key or there is no house key in the lock box. We move on to another property and sometimes we never make it back to that property because the home buyers found another home to buy. This may have been the case even if we were able to get into the property but do not let this happen to you. It is a simple solution. Have your agent check on the listing and the house key regularly. Solution to Your Home Sale Instead of asking “Why isn’t my home being shown?”, just call The Alba Group when it is time to sell your home. Your home will be featured with as many photos as possible with adequate amount of verbiage and exposed on several different sites online. We make it a priority to check up on our listings regularly and follow up with every showing. Our goal is to get your home sold in the fastest amount of time, with the least amount of inconvenience to you and with the highest amount of money in your pocket. Related articles Happy Home Buyers of Medford Oregon 6 Reasons Your Home Isn’t Selling Choosing a Real Estate Agent….