Listing Courtesy of LEWES REALTY INC
It’s true of any commercial offering: sometimes a perfectly saleable item doesn’t move off the shelves as rapidly as predicted. Real estate is no exception—not every Lewes home is sold as quickly as its owner and the property’s Realtor® wish. When that happens, and the term of the original listing expires, an important decision must be made: should the listing be renewed, or should another Lewes Realtor be enlisted to try a different approach?
If you have been dissatisfied with the amount of effort your current Lewes Realtor has demonstrated up to now, the decision will be easier than otherwise—especially if you have already communicated your impression and been less than overwhelmed by the response. You are right to expect that your Lewes Realtor will have posted attractive, accurate listing material for the MLS, has included your property in the advertising program that goes out to the community, and has been diligent and professional in showings and (if it was agreed upon) open house presentations. You should have been able to contact her or him within a reasonable amount of time when communications were called for, been satisfied by the punctuality of appointments when scheduled.
If performance in any of these basics has been unsatisfactory, it’s entirely reasonable to entertain a change in representation. On the other hand, if your Realtor has not disappointed in any dimension, you are left in a problematical situation—one which has no clear-cut solution. Whether or not your inclination is to stick with the team in place, to make the right decision you need more information. The best guidance is—get it!
· Before you decide whether or not to extend the relationship, ask your agent to review the days on market (DOM) for similar nearby Lewes properties. An analysis will show whether yours is the only slow-moving property, or whether it has simply hit a lull in neighborhood activity.
· Ask yourself whether you have paid attention to the suggestions offered by your current Realtor. If you have chosen to bypass any of them, this could be an appropriate point at which to reappraise.
· If you have had many showings with few offers forthcoming, it’s a pretty good sign that your asking price is higher than prospective buyers believe is justified. If that’s the case, changing Realtors alone isn’t likely to have the desired effect. You’ll need to fix whatever problems visitors are seeing…or else lower the price.
If a hard-headed analysis tells you that switching Lewes Realtors is warranted, don’t worry too much about the reaction you will get. Most Realtors are very professional; they know that clients do occasionally change representation for a number of reasons, and that hard feelings are simply not warranted. Be ready to interview several agents and to compare what they offer. Pay extra attention to how they propose to stimulate activity—you are well-positioned to appraise their ideas!
For my clients, in addition to an energetic marketing approach, I put a premium on keeping the highest quality communications flowing at all times. Give me a call whenever you have a Lewes real estate query! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
The way the media treated last week’s federal funds rate announcement by the Federal Reserve Board was a convincing demonstration of how much importance is placed on that singular piece of the financial puzzle. That rate may not be directly tied to Lewes mortgage interest rates, but since it determines lenders’ borrowing costs, its effect is considerable.
For many years now, Lewesmortgage interest rates have been comfortably nestled near the bottom of their historical range. Many Lewes homeowners have enjoyed the resulting low monthly payments on their mortgages. Lewes home sellers have likewise benefitted from home loan interest rates that make their properties more affordable than would otherwise be the case.
Real estate repercussions are a major part of the reason that the Fed’s announcement, which came midday last Thursday, had the national media holding its collective electronic breath. With ten minutes to go, one cable network talking head could add little illumination. “Wall Street will be watching the announcement very closely,” was her understatement. Channel flipping with five minutes to go, viewers found the streaming banner at the bottom of one network trumpeting BREAKING NEWS…BREAKING NEWS… before the fact. On CNBC, “the most highly anticipated announcement in years” was awaited by four commentators who had the unhappy challenge of predicting the decision mere seconds before the fact. Above the ever-moving streams of real-time data (oil was down, the stock markets up) panelists chattered about China (“it’s big and mysterious”), inflation targets (“missed again”), and optimism (“a rate hike won’t hurt the economy, it will help”). Only if the Fed “saw something down the road,” it was agreed, would they not raise rates. Then, just 5 seconds to go…then-
The Fed left rates unchanged.
Citing concerns over global this and financial that, the Fed said they were going to be monitoring them. The economy expanded at a moderate pace, and housing improved moderately, they said. But since global conditions might cause trouble...
The media’s excitement level flat-lined within minutes. “The markets are not panicking,” said a gentleman in a snappy suit. He looked irritated. “I blew it,” said another, who moments before had thrown in with the majority predicting a rate rise. “They cited uncertainty,” he frowned; then blurted, “The Fed is the biggest source of uncertainty!”
The stock markets didn’t react at all at first. Later, they closed mixed.
The next day, mortgage interest rates crept downward.
What seemed to be an excitement bust for the media was good news for many of the viewers. When the Fed funds rate continually hovers close to zero, there’s ample reason to suspect that Lewes mortgage interest rates might stay put for a while. TheStreet website later reported that they expected rates to rise a bit before year’s end. Given the recent record of expert predictions, it might be safer to stand behind one with a better chance of success: the next Fed announcement, I predict, will be the most anticipated announcement in years.
Meantime, if you have been mulling over whether to take advantage of the current balmy mortgage interest environment, I hope you’ll give me a Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.