What is "Agency" Disclosure

The disclosure of “Agency” in real estate is currently a hot topic. The National Association of Realtors maintains guidelines regarding Broker Agency, but the oversight and enforcement of it is on a state-by-state basis. The Commonwealth is preparing to introduce revised legislation in 2012 that will outline and purportedly mandate specific guidelines as to how and when agency relationship must be disclosed. Not all of the details of this new legislation have been presented to Brokers and industry professionals, but I'm certain the entire process regarding agency disclosure in Virginia will either become crystal clear or expressly more confusing.

The concept of who a licensee represents in Virginia is currently not all that difficult to follow. For instance, did you know it is required that “Broker Agency” be disclosed to you as a real estate customer/client at the first substantive conversation you have with a REALTOR® about a particular property? Yet, according to the National Association of Realtors, only 31% of those surveyed in 2010-11 reported having this up-front conversation with an agent. 23% said it didn’t come up until they sat down to write a contract, and it seems the remaining folks were statistically uncertain about the subject of Agency.

In reality, the current disclosure of brokerage relationship in the Commonwealth is quite clear when expressly followed by those of us working in real estate. The problem arises when disclosure doesn’t take place at all. Many agents feel such a conversation early in a relationship will turn people off, sending them running the other way. However, if done properly with education and understanding, it is a great way to engage folks into learning more about the process of real estate sales and service. I have found these situations usually result in opportunities for those involved. The goal after all is to better assist and protect the real estate consumer and to remain the consummate professional they rely on when purchasing or selling a home.

Contact your most trusted real estate provider to learn more about this topic. Ann & John VanderSyde are Associate Brokers with Virginia Properties, A Long & Foster Company. They can be reached at (804) 282-7300 or at www.InSydeHomes.com

What do Real Estate Stats Say?

Have you seen any home statistics lately? Do you find this information to be invigorating or exhausting? Do these numbers excite you enough to think about buying or selling a home, or do they entice you to plug your ears and block out the market banter? There is an excess of information out there, so what should you believe, who should you listen to, and what should you do?

We as real estate professionals are in the business of evaluating real property every day. The overall message we receive is positive, and it is part of our job to relay this good information to you the consumer. I can point to dozens of stats and market analysis that should easily convince most people of the improving market conditions, as well as the unarguable fact that interest rates remain so low that this may be the best opportunity to own a home EVER. But listen to the national media and it doesn’t mean a thing if consumer confidence in the market is down.

Fortunately, Richmond Virginia fairs better than the national housing market. In general, we enjoy a good housing industry. While there are many homes that sit on the market, there are many more that sell immediately - and yes, some with multiple offers. We know these are challenging times for buyers and sellers because there is so much uncertainty about what is the best decision for each of us.

We can tell you that the housing market will continue to improve and that interest rates will go up; we wish we could be specific about exactly when to expect this to happen. In the mean time, we will advise you to listen to your personal needs, contact your trusted housing advisor, and have them discuss with you the current market trends as it relates to your specific situation. Well informed consumers are empowered to make smart decisions, and real estate is no exception.

Time to Sell or Simply Ad-on? — AnnandJohnVanderSyde.com

Time to Sell or Simply Ad-on? — AnnandJohnVanderSyde.com

Who are the Real Estate Experts?

These days with the unique nature of our housing market it sometimes feels presumptuous to proclaim to be an expert in anything related to real estate. Our business of buying and selling homes is so kinetic, with a fluidity that is constantly changing and evolving, that it requires vigilant, almost daily monitoring in order to truly be called REALTOR®.

Many people don’t realize that every licensed real estate agent cannot legally use the term “realtor” in order to identify themselves. Over the years that term has often been universally used to refer to any person selling real property. And while all licensees are required to take continuing education classes mandated by their state licensing board, Realtors are generally required to have additional training that extends to conduct, ethics and consumer protection, and who are members of the National Association of Realtors (NAR).

But the idea of being a real estate professional implies so much more than being educated and trained to transact property. There are certain traditions that are universal to people in sales, but in real estate, perhaps more than in most other sales positions, it is also the ability to communicate and maintain relationships that determines who the real experts are. Probably because of the very personal nature of our homes, real estate agents often become entrenched with the people they are entrusted to help find their next place to live, and grow, and love.

The true real estate experts are the ones you as the consumer trusts; the one who will listen to you, will put your needs first, is experienced and knowledgeable in your market, and who conducts themselves in an ethical manner. Don’t stop searching until you find the expert meeting your strict criteria.

Ann & John VanderSyde – Virginia Properties 2009 Sales Team of the Year. (804) 282-7300

Who Is Saying It is Time To Buy a Home? EVERYONE!

"Enough with the doom and gloom about homeownership." - WSJ 9/16/2010

WOW! If that quote was attributed to the National Association of Realtors or the National Association of Home Builders, it would have been quickly dismissed. However, it was the Wall Street Journal that was calling for the end of the ‘doom and gloom' talk surrounding real estate.

We are finally seeing a powerful backlash to all the recent claims that homeownership should never have been part of the American Dream. It is about time!
The WSJ has been posting on the financial advantages and the other non-financial benefits of homeownership for over a year. "We must admit that, at times, we felt very lonely. It now seems that we are part of an ever growing army of believers preaching the advantages and opportunities available in today's real estate market. Who have joined this cause? Let's name a few."

The Nation's Real Estate Pricing Expert

Karl E. Case is a professor emeritus of economics at Wellesley. Professor Case is also co-creator of Standard & Poor's Case-Shiller House Price Index and is recognized as the one of the foremost authorities on real estate today. In a New York Times op-ed piece earlier this month titled, A Dream House After All, he said:

"I have never quite understood what the American dream really means when it comes to housing. For some people, it means having a solid and fairly safe long-term investment that is coupled with the satisfaction of owning the house they live in. That dream is still alive."

"Others, however, think the American dream is owning property that appreciates by 30 percent a year, making a house into a vehicle for paying bills. But those kinds of dreams have become nightmares for the millions of foreclosed property owners who have found themselves sliding toward bankruptcy."

But for people with a more realistic version of the American dream, buying a house now can make a lot of sense.

The Wealthy

The only segments of the housing market that are showing sales growth are the price points over $1 million. That market is up 6.1 % in the second quarter of this year vs. the second quarter last year. A recent survey showed that over 30% affluent buyers are planning to either build/buy a new primary residence or a second/vacation home in the next twelve months. It appears the wealthy believe now is the time to buy!

Everybody Else

Fannie Mae just released their National Housing Survey. The survey reported:
• 82% of respondents consider homeownership important to the economy, up two points from January.
• 70% of respondents think it is a good time to buy a house (of which 36% think it is a very good time to buy), up six points from January. This is also four points higher than the 2003 survey - well before home prices peaked - when 66 % said it was a good time.

Bottom Line

Our iconic financial newspaper, our nation's real estate pricing expert, the wealthiest people in the country and 70% of everyone else think now is the time to buy a home. It probably makes sense to listen to them.

The Fall Harvest Applies to Housing too

Mark your Calendars! According to the U.S. Naval Observatory, autumn begins on September 22 at 11:09 PM EDT; it’s just about official, summer 2010 is over. The Autumnal equinox is coming, and you can feel it in the onset of that brisk autumn air, as well as with the number of home sales hitting the streets!

September marks the official kick-off of the fall real estate market, and in Richmond, Virginia we are beginning to see the signs of the new housing inventory offering purchasers and sellers a second chance to reap the benefits of the second gathering. Like the change of seasons influencing harvest time, these annual cycles also influence home sales. September, October and into November is the second hottest time of year to buy and sell following the robust and often frenzied spring housing market.

Historically, the Autumnal Equinox becomes synonymous with not only the completion of the harvest, but also the end of summer. The full moon associated with the fall equinox is known as the Harvest Moon and sometimes as the "Wine Moon" because this is also the time of year when grapes are harvested and the process of making wine begins. In past times, many farmers would harvest their crops by the full moon, using the light from the moon to extend their gathering time. This final gathering of the crops and the beginning of preparations for the long winter that lay ahead marked a time of thanksgiving for all that Nature has given her children and for the completion of another turn of the Great Wheel of life. Although the Autumnal Equinox falls in September and not November, the connection to the harvest and the fall highlight similarities to our modern Thanksgiving.

If is interesting to see how these seasonal cycles are often mirrored in our modern lives. The change of seasons that influence our life styles and purchasing trends today are somewhat similar to the way we all used to live when the change of seasons actually dictated how we live. It makes one wonder if the two are somehow linked?

For more info about the Autumnal Equinox: The time of year when night and day are of equal length in all parts of the Earth is known as the “equinox”. The word equinox comes from a Latin words meaning "equal night." Autumnal equinox is the beginning of autumn. It occurs on September 22nd or 23rd.

If you are interested in exploring more, here are some sites with more detailed explanations of the equinox:

http://scienceworld.wolfram.com/astronomy/AutumnalEquinox.html

http://earthsky.org/astronomy-essentials/everything-you-need-to-know-about-the-autumnal-equinox-of-2010

http://www.infoplease.com/spot/equinox1.html

Richmond’s Small Town Charm Offers Hope & Optimism

Ann and I just went over to the Libbie Market to grab a quick bite to take back to the office. The wonderful thing about Richmond is the fact that almost anywhere you go you are all but certain to run into someone you know. Well today is no exception. We ran into a friend of mine from college. She owns and manages a small placement firm that specializes in finding work for mostly mothers that have so much to contribute to the work force, but also wish to manage their families in addition to generating an income.

The almost unexpected thing came out of our conversation when I asked how her business has been. She, by the way, has adorable twin boys that you can imagine demand much of her attention. Regardless, she said business has been amazingly good. She continued to say that the number of people she places has been great, and, here is the really wonderful news, that the number of companies contacting her for help has also increased this summer.

After all the negativity and hesitance I get when asking “how’s business”, I was momentarily shocked by her response. Then delight and confidence seem to fill up inside me as if to say, “see, there are good things happening in the work force today; I wonder why we don’t hear more stories like this one from our media outlets?”

I like getting the good news and spreading the word about good fortune and hope. It makes me feel good, and I like feeling good. Hopefully this will inspire you have a great day and pass on your good news to others, increase your productivity, and improve your business. Who knows, this small town might just start a trend that proves a positive approach to living can jump-start our economy. I’m firmly committed to it, how about you?