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May 28, 2005
Making Your Home Safer
Great article from Realty Times called, New Home Safety Technology Without Computers, by Broderick Perkins. Broderick discusses some of this years new product Home Safety Award winners- from simple solutions that make it easier to change batteries in smoke detectors, to electric candles and shatter proof doors.
This article kind of reminds me of Sid's three part blog he wrote about new home solutions a few months back. If you missed it, it will be in the archives.
The Realty Times article can be found at:
http://realtytimes.com/rtcpages/20050527_hometechnology.htm
The Home Safety Council is at:
http://www.homesafetycouncil.org/index.aspx
Posted by at 11:49 PM
May 24, 2005
Finding a Home on the Internet
Saw an interesting real estate news story from Inman News this week. It quoted a realestate.com survey of new homeowners- 40% of which said they started their home search on the internet and 27% of which said they found their agent on-line as well.
If you're reading this, of course, this might not be news to you as you're on a real estate website which means you are probably looking for a home on-line.
Although the Inman article was full of stats and examples of what today’s home buyers are doing differently from buyers a few years ago, what the article didn't talk about is what the real estate agents are doing to actually make it easier for on-line buyers to find and evaluate homes.
One of the biggest problems in searching for a home on-line is actually finding the home listings you are looking for- and finding them before the home is actually sold! Most local websites only list a few homes and national sites like Realtor.com can take weeks to post new home listings.
This brings me to our website, www.stlagent.com. We’ve incorporated an MLS (stands for Multiple Listings Service) search option that lets you search the database real estate agents use. It includes virtually every home listing in the St. Louis, MO area regardless of agent or listing office. Unlike the national websites, our MLS feed is updated daily.
We also have an advanced search engine, called the Scouting Report, which gives you a secure, password protected website where you can set up search criteria specific to what you are looking for. The Scouting Report will then send you a daily e-mail of the new homes from the MLS that meet your criteria. If you see a home you like, you can log in and save it. That way if anything changes- the home sells, there is a price change, or even new photos are added- you will know immediately.
More important, we’ve spent a lot of time researching the internet looking for ways we can improve the home search process. As such, below is a press release for our Streaming Internet Video Home Tours. If you haven’t seen one of our videos yet, read on. Also, we have low bandwidth versions of our videos for those of you on dial up connections.
Local Agent Brings Internet Real Estate Video Tours to St. Louis
--------------------------------------------------------------------------------
For Immediate Release
CHESTERFIELD , Missouri ?May 24, 2005?Kimberly Cameron, with Prudential Alliance REALTORS in Chesterfield, is now offering streaming internet video home tours on her website, www.stlagent.com. Cameron and her real estate team, The St Louis Agent Team, are the first real estate agents in St. Louis to offer on-line home tours as a standard listing feature.
“It’s something agents on the coasts started using a few years ago to help sell luxury homes,” said Cameron, “but we have yet to find anyone who is offering it as a standard service on all the properties they sell.”
The on-line videos are two to five minute tours of featured homes that are listed with Cameron and her real estate team. The videos, which are embedded in a standard web page, play using the Microsoft Windows Media Player which is available for both Windows and Macintosh computers. Because the videos are “streaming,” users don’t have to wait for the entire file to download before they begin to play.
“The internet has changed the way people are starting their search for a new home,” said Cameron. “Today, we’re finding that more people are starting their home searches on-line instead of with the local newspaper or open houses. Unfortunately the real estate industry has been slow to embrace the internet. It's not uncommon for local agents to still not even have a website; and the majority that have a website are just publish static information and photos that mimic a newspaper ads.”
“We believe the on-line video tours will give a prospective buyer a better sense of what the home and neighborhood is like,” Cameron continued. “This is especially important for out-of-town buyers who want to feel like they are there.”
To see samples of the on-line tours, please visit:
http://www.stlagent.com/video/7127glades_media.html
A video home tour of 7127 Glades Ave in Richmond Heights, MO.
http://www.stlagent.com/video/new_listings.html
A video home tour of five new and upcoming St Louis area home listings.
Thanks
Darin “Sid” Cameron
Director of Marketing
The St Louis Agent Team
Kimberly Cameron
Team Leader
The St Louis Agent Team
Posted by at 11:55 PM
May 20, 2005
Update on New Listings and Internet Video Home Tours
Sorry for the long delays between blog entries. Sid is working on an upgrade to the blog software that will give us more features (but it's been time consuming). At the same time, I've been busy with all of our new listings- which is a good thing!
We've just posted a Streaming Internet Video of the new listings. Check it out! It is located on our main page (www.stlagent.com).
It includes information on:
A Charming Brick Home in Overland at: 9418 Theodosia Avenue right off of Woodson Drive near I-170.
A Condo in the highly sought after Brentwood Forest Community at: 1418 Thrush Place
A great two-story home located in the Sugar Creek Country Club neighborhood of High Ridge at: 119 Greenway Court
A ranch in Eureka that will be updated top to bottom by the time it lists at: 514 Forest Run Drive
A MUST SEE 100 Year Old Historic St. Louis West End Home within walking distance to the University City Delmar Loop at: 5933 West Cabanne Place
In April we listed a great little home in Richmond Heights that has had a LOT of updates at:
7127 Glades Avenue. Note: This home has it's own full internet video tour which you can find on it's listing.
Also, we just had a price reduction on a great home in Webster Groves at: 410 Lee Avenue. Note: The full internet video tour for this home is currently being remade, but it should be on-line within a few days.
Our internet video tours are one of the many marketing solutions our team offer to set ourselves apart from other agents. If you are thinking of selling your home, please contact us for a consultation on how we can market your home.
Thanks
Kimberly Cameron
314-267-2691
Posted by at 05:55 PM
May 11, 2005
House Bill 174 and Discount Real Estate Brokers, Part 2
Yesterday I mentioned the Missouri senate passed a bill that specifies services that real estate brokers must perform (House Bill 174).
As I've been surfing the internet, I've seen several postings from agents who work for discount brokers claiming that they are being unfairly punished by "traditional" real estate brokerages who want nothing more than to keep real estate commissions high.
Here is my perspective...
Let me start by saying that I am not anti-discount brokerage. I believe there is a place for all types of brokerages in the real estate industry and I believe sellers deserve options- including the option to sell their home without a broker or agent at all.
I also believe that the biggest problem the real estate industry has isn't discount brokers who offer reduced services for reduced rates. In my opinion, the biggest problem the industry has is the mass horde of people masquerading as "full-service" agents that know little about the industry, provide less service than the discount brokers, and ruin the industry's reputation by over-promising and under-performing.
However as the concept of discount brokerages has caught on, there have been brokers that have popped up that basically removed ALL services from their portfolio. (Except for separating the seller from a transactional fee of course...) Generally the only service these new-age brokerages have been providing is to place the seller's home into the Multiple Listings Service (MLS) database that buyer's agents use to find homes. From there they let the seller handle the rest.
The problem with these "no service" brokerages has been two fold. First off, it places the burden of reviewing and negotiating contracts on the seller who usually has little to no experience in doing so. Second, this in turn increases the burden placed on the buyer's real estate agent who ultimately ends up working directly with both parties in the transaction.
Opponents of this legislation suggest that this all boils down to the buyer's real estate agent trying to do as little work as possible for their commission check. However, there really is more to it than that.
When a home buyer signs an agreement with a real estate agent to represent them, the agent is placed in a binding contract with the buyer to represent their best interest in the transaction. This is basically the same relationship you would have if you were working with an attorney or if you were a sports star signing with a sports agent.
When the agent is placed in a position where they are working with both the buyer and seller (a practice called "Dual Agency"), their ability to represent the best interest of only the one party becomes questionable. That's why buyers and sellers must sign a release form that basically waves their rights to representation before an agent can legally create a dual agency relationship.
But in the case of the "no service" brokerages, no dual agency contract can be signed since the seller does in fact have a representative (just one who isn't present during negotiations). Regardless of how the transaction actually develops, it opens up the buyer's agent to potential litigation should the buyer have second thoughts on the property after the sale.
Even worse, this scenario places the seller in a position where they may think they are being fairly represented by the buyer's agent even though they are not. This is particularly troublesome when the seller is elderly or has some sort of limited mental capacity.
It's easy to imagine the elderly widowed woman living on a fixed income giving the "nice agent" every home credit and price discount they ask for. Unfortunately, the "unscrupulous" agent in this scenario is simply performing their job as required by law.
And this is where politicians get involved...
There's an old saying that says, "There is no product or service on earth that some person can't strip value from in order to reduce its cost- and the person who only buys based on price is that person's victim." (Author Unknown)
That saying is pretty dead-on here. What we've seen is that at some point the presences of an agent doing nothing can cause more problems than having no agent involved at all. Heck, one has to question why a seller would pay some of these agencies when they could just try to sell the home as a For Sale By Owner (FSBO).
That's why the task the Missouri politicians have attempted to tackle with this bill is the question of, "What are the minimum responsibilities of a real estate broker or agent to justify them even being in the loop."
I don't believe this taxes or limits legitimate discount brokerages in any way. Reputable discount brokerages who deliver a service of some kind have nothing to worry about. The goal here is to simply keep unscrupulous brokers or agents from preying on unsuspecting homeowners who don't know better.
I applaud this bill.
Sid Cameron
Posted by at 11:54 PM
May 10, 2005
House Bill 174 and Discount Real Estate Brokers, Part 1
On May 5th the Missouri senate passed a bill that among other things specifies services that real estate brokers must perform. This is similar to a law passed in Illinois and several other states.
The bill reads:
Missouri: House Bill 174
"All exclusive brokerage agreements shall specify that the broker, through the broker or through one or more affiliated licensees, shall provide, at a minimum, the following services: Accepting delivery of and presenting to the client or customer offers and counteroffers to buy, sell, or lease the client's or customer's property or the property the client or customer seeks to purchase or lease; assisting the client or customer in developing, communicating, negotiating, and presenting offers, counteroffers, and notices that relate to the offers and the counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived; and answering the client's or customer's questions relating to the offers, counteroffers, notices, and contingencies. Nothing contained in this section shall prohibit the public from entering into written contracts with any broker which contain duties, obligations, or responsibilities which are in addition to those specified in this section."
As I've been surfing the internet, I've seen several postings from agents who work for discount brokers claiming that they are being unfairly punished by "traditional" real estate brokerages who want nothing more than to keep real estate commissions high.
As such, tomorrow I will give my perspective on the bill.
Thanks
Sid Cameron
History:
March 14 – House passed 156-0
May 5 – Senate passed 33-0
For a full version of the bill, go to:
http://www.house.state.mo.us/bills051/biltxt/truly/HB0174T.HTM
Posted by at 11:45 PM
May 08, 2005
Buying a Home for a College Student vs Paying Room and Board
Happy Mother's Day everyone!
If you're a mom (or dad) with a child about to head off to college, I just stumbled on this interesting article from Realty Times discussing the pros and cons of buying a home/rental property in the college town for your child to live in verses paying room and board to the college.
The idea can be a solid one (I had a friend who did just this actually). Instead of paying thousands of dollars to the college for housing, you take your money and put it into a mortgage on a home or condo. When your child leaves school, you have the ability to get some of your money back on the sale of the property. Plus, if you bring in additional renters, you might even offset some (or all) of the costs of college. The article is titled, "College Housing Investing: Room And Board Is A Terrible Thing to Waste," by M. Anthony Carr. It can be found at: http://realtytimes.com/rtcpages/20050506_roomandboard.htm
Overall, I think it's a great article, but the one point I think the author forgot is that buying a property for your child might be a better decision on the 2nd or 3rd year instead of the 1st. Although you “loose” a year’s housing expenses and the home equity you might have built, college students are more prone to drop out or transfer early on in their career. It could be a real worse case scenario to buy a home “Junior” only lives in for one semester and then you are forced to deal with a remote rental property.
Let me know if you find this information useful.
Sid Cameron
Posted by at 11:56 PM
May 06, 2005
Interest Rate Update
For the fifth straight week, long-term mortgage interest rates were flat if not down again.
Bankrate.com estimates the 30-year fixed-rate average remained stagnant from last week at 5.31 percent, and the 15-year fixed-rate also saw no move to stay at 4.9 percent. Freddie Mac estimates the 30 year average to have actually dropped .03 points to 5.75 percent.
This is an interesting trend because experts have been predicting that rates would rise significantly for over a year now and in March it appeared the bubble had burst when rates finally began to creep upwards (even though they then reversed course and declined again). Although it's tempting to just ignore the "experts" who keep making these predictions, rates have been at or near a 50 year low for quite some time now. Even though today's rates are actually BELOW rates from a year ago, it's probably only a matter of time before they eventually begin inching upwards because, after all, they really can't get a lot lower.
The question is, what does this mean to you?
Let me over simplify this a bit. When you go to apply for a home loan the amount you are able to borrow to buy a house is based on how much the bank determines you can afford to pay back each month. The monthly payment is then broken down into how much you are paying the bank in interest and how much is actually being applied to paying for the home. If interest rates go up, the amount you can borrow decreases because interest takes up more of your monthly payment.
As a result, if you've been thinking about buying a home or upgrading to a newer or larger home and haven't yet, you probably want to watch those rates because you might eventually find yourself priced out of that home you want (when/if rates begin to edge upward). It also means if you've been thinking about refinancing but just haven't gotten around to it, you might want to use this latest repreive to begin the process.
Although this isn't my area of expertise, I am happy to refer you to some lenders that we trust if you want to shop around for a rate or just ask some questions. Send us an e-mail and we'd be happy to help.
Thanks
Sid Cameron
sid@stlagent.com
On the Web:
www.bankrate.com
www.freddiemac.com
(Side Note: I just realized this is the first time I've had a chance to blog before 11:30pm in over a month. It's kind of wierd doing this while the sun is actually up!!!) Happy Friday everyone!!!
Posted by at 03:13 PM
May 04, 2005
NEW Streaming Internet Home Video Tours
We are proud to announce that as of today STLagent.com is the FIRST St. Louis real estate website to offer streaming internet video home tours of our home listings. You can see our first video listing on our front page at http://www.stlagent.com. There will be more internet video tours added throughout the week.
Streaming Internet Video Tours are just another in a long list of marketing solutions we offer home sellers that the average real estate agent doesn't offer. If you are thinking about selling your home, just give us a call at (800) 573-5276 x82 and we will schedule a time to explain to you how The St Louis Agent Team will do more to sell your home.
Sid Cameron
Posted by at 11:49 PM
May 03, 2005
Runaway Termites More Threatening than Runaway Brides
Maybe it's not as interesting as the runaway bride story and how the national media was ready to tar and feather the fiance until she suddenly turned up hiding out in the wild west with a blanket over her head, but this story from stltoday.com on termite damage is probably more relevant to the vast majority of Missourian who aren't looking for tips on how to run out on their spouses.
The article is, "Termite damage threatens to eat into home equity," by Dian Hymer of Inman News. It can be found on www.stltoday.com at:
http://www.stltoday.com/stltoday/realestate/columnists.nsf/dianhymer/story/A017D08E8BA3914386256FF6002F9BD4?OpenDocument
It's an interesting read, and should make any home owner cringe.
Sid Cameron
The St Louis Agent Team
Posted by at 11:58 PM
May 02, 2005
Five New Listings Coming Soon
In the next 30 days we will have five new listings coming on the market. Here are a few of the preliminaries on the five locations. If you have any interest in these properties, contact me directly at (314) 267-2691 or by e-mail at kimberly@stlagent.com.
To start with we have a condo in Brentwood Forest coming on the market in the next couple of weeks located at 1418 Thrush Place. It's a 2 bedroom, 1 bathroom with an updated kitchen, all appliances included, fresh paint, and priced around $159,000.
Second, we have a great brick starter home in Overland at 9418 Theodosia. It's a 2 bedroom, 1 bath home for $109,000. It will be on the market on May 10th. This home features hardwood floors, a finished basement with a possible 3rd bedroom, updated kitchen, and a fenced back yard.
After that we have three homes that will be under contract soon, including:
A great ranch in Eureka with lots of updates, three bedrooms, and priced under $200,000.
A terrific two story, 12 year-old Ballwin house built by Flower Homes coming in May for under $400,000. It features hardwood floors, two fireplaces, and vaulted ceiling on a cul-de-sac backing to woods and common ground.
Last but definitely not least, a historic brick St. Louis West End home within walking distance to the Delmar Loop. It features seven bedrooms, 3 1/2 baths, six fireplaces, 4,400 square feet of space, on an acre lot (and an incredible wall of stained glass windows in the stairwell).
Thanks
Kimberly Cameron
314-267-2691
kimberly@stlagent.com
Posted by at 11:49 PM
