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© 2010 CB Blog Estate
Darrin Friedman is an employee of NRT, LLC inc however, all comments made on this site are his opinions and his alone and not a reflection on the company.
HUD has amended several regulations as part of the Real Estate Settlement and Procedure Act (RESPA). Essentially, HUD is requiring more timely and effective disclosures related to mortgage settlement costs. The changes are designed to protect consumers from unnecessarily high settlement costs and to make it easier for consumers to compare loans.
On January 1, 2010, all lenders are required to use a new standardized Good Faith Estimate (GFE) form for all loan applications. Additionally, closing agents must use a new HUD-1 Settlement Statement when the new GFE is used.
As these revisions impact the way your buyers proceed through the home loan process, it is important that you be aware of the changes. Fortunately, our partners at Coldwell Banker Home Loans are fully committed to providing you with the information you need to be fully informed in this transition. They are well versed in all elements of the new GFE and HUD-1 Settlement Statement and are fully prepared to answer your questions and lead you through the transition.
Like I mentioned in the last blog…the cool thing about being a part of a company like mine, is that there are people associated with it who have experiences I, and others, do not have. They help enrich the rest of us, and through their knowledge and success, make the rest of us better. Jane Fairweather is one of these people. She is one of Coldwell Banker’s nationally recognized premier agents and last month she shared some of her thoughts and tips with those associated in our in our local Washington DC Coldwell Banker company. She has given me permission to share them with you. This lesson is based on how listings drive business.
I hope you find this as useful as I do…
So, here is the lesson…regardless of what market you are in, regardless of geographical consideration (or any other issue may have devised for yourself) listings drive your business. If you can learn how to effectively market yourself as such and create a listing inventory for yourself then there is no limit on what you can do.
To find out more on how to do this please feel free to contact me anytime.
The cool thing about being a part of a company like mine, is that there are people associated with it who have experiences I, and others, do not have. They help enrich the rest of us, and through their knowledge and success, make the rest of us better. Jane Fairweather is one of these people. She is one of Coldwell Banker’s nationally recognized premier agents and last month she shared some of her thoughts and tips with those associated in our in our local Washington DC Coldwell Banker company.
She has given me permission to share them with you.
I hope you find this as useful as I do…
How many times have you heard someone say that are doing the best they can but that because of the economy or the month of year, their results had fallen short. The truth is that part of life is falling short of what we hope for – it’s part of human nature. In many cases, what drives us all is how we bounce back from the failures of our past; after all, it is how we learn. Excuses however, are never going to help anyone, and I believe strongly that there is nothing more debilitating than “E” word. Having said that, I wanted to take this time to share with you some inspired performers, who could have made excuses and never did, and performed above and beyond regardless of market, statistics or plain excuses. These people represent some of the best of what we do…I hope you can learn from them as I have.
Sherman McDaniel:
As an agent in my office, Sherman is someone I have gotten to know very well over the last three years. She has always been a top producer and an amazing talent in regards to how she takes care of her clients and takes care of people even when they are years away from a purchase. But in 2009 Sherman’s world was rocked by circumstances beyond the best of us can handle. You see, Sherman’s grown daughter is a cancer survivor, and the cancer has returned. It is relentless and terrifying for her and her family. Now Sherman isn’t the first to have to deal with family tragedy and illness. But it is remarkable to me that in 2009 she had more transactions than she did in 2008 (and oh, by the way, she was my office’s agent of the year in 2008). The fact is Sherman McDaniel performed professionally in a way that exceeded her own expectations because what drives her is not excuses but perseverance. And it is that spirit that makes her story special.
My RE BarCamp Peeps:
Nothing more profoundly impacted my business in 2009 then that of the phenomenon of RE BarCamp. I have now been to five of them and I have become a serious addict. I have become so because the people I meet at these things inspire me to the best at what I do the way they are the best at what they do! Here a couple of examples:
Jeff Turner: I have told Jeff before that I think he is the smartest person I have ever met. I have joked it’s because he has made the whole shaved head thing work so well. The fact is my introduction to Barcamp was a breakfast where I sat at a table with several people and Jeff was leading a discussion on Social Media and the Real Estate Industry. Now, I do not remember a single thing he said that day. All I remember is I was blown away. And for the record…I’m never blown away! REgardless of market conditions, or excuses, it is people like Jeff Turner who have a created opportunity for us all by creating and innovating ways of how we do what we do. Thank you Jeff! You inspire me.
Jeff Corbett: Another smartie pants! Jeff is a quiet guy but who has so much to share and when I listen to him I always come away with learning something I didn’t know before. His understanding of both social networking his foundation of how traditional business is run makes him a very legitimate resource in the industry. Good timing since he just started a consulting business 
http://www.facebook.com/respres
Ines Hegedus-Garcia: Ines was at Breakfast that morning with Jeff Turner. She is an absolute goddess of marketing genius and I am always blown away about how she uses social media to help her clients and build a business. @Ines is my marketing social media maharaja and I am proud to be her padawan.
Kim Woods: If there were an award for the sweetest, most accepting, Real Estate queen who uses online whuffie to propel others before anyone else, then Kim would be so crowned. I just plain love Kim Wood. She is everything our industry should be about and so seldom can be. The fact fact is she is special and it amazes me that without Barcamps I never would have met her. And the fact she is the ultimate NO EXCUSES person in the history of the world puts her on list easily.
Derek Massey: There are few people I have met in business that I have liked more than Derek. I say this as a disclaimer. He’s just a great guy. I mean seriously, you just want to squeeze him and say ya’ love him. But the fact is he is one of the smartest people I know. Everything I learned this year in regards to how to propel my business through social media is through him. He introduced me to barcamps…he introduced me to Twitter in a way that finally makes sense…he introduced me to people nationally that I never would have met that have helped open a world to me that I thought I already knew but didn’t. The fact is, my 2009 growth is due greatly to Derek. In 2010, I hope you all find someone like him.
http://posterous.com/people/kemjIBBW5b
What we can learn…
What it all comes down to is this, 2010 is what you make it…surround yourself with amazing people, who you can learn from and this year will be the kind of year that will make excuses irrelevant. Why? Because the most successful of us never use them!
In Washington D.C. proper, the housing market continued to indicate what the tea leaves have been telling us, inventory is down, contracts and sales numbers are up and the end of 2009 is finishing on solid footing.
In November 2008 there were a total of 1809 active listings in the Washington D.C. single family home market. In 2009 there are 1381 for a 23.7% difference! New listings reflected the same kind of trend…there were 388 NEW listings this November compared to 458 last November. What’s all this mean? SUPPLY IS DOWN! Which as we all learned in the 7th grade social studies is a good thing for economic growth.
That’s not the only indicator the statistics are continuing to show us that the Washington D.C. housing market is finishing the year strong…of the new contracts ratified this November, there was a dramatic improvement of 41.9%!!! That’s right – sales increased from 229 last November to 325 this November! Look Below…
In terms of price ranges, the houses that are moving seem to be reflective of common sense, where the more affordable housing is the largest segment of the overall market.
But, perhaps, there is no more dramatic a number in all the statistics than those reflected in the settlements category! In 2008 only 172 single family homes closed. Now this is the same time that caused the world to shutter, but numbers are numbers. In November 2009 309 single family homes settled. That is an improvement of 79.7%.
In any event, the indicators based on these statistics look like the single family home market in Washington D.C. is recovering well for and heading us into the new year.
Blogs soon to come:
November 2009 Washington DC Housing Statistics – Condo/Coops
November 2009 Montgomery County MD Housing Statistics – Single Family Homes
November 2009 Montgomery County MD Housing Statistics – Condo/Coops
Data Source: Metropolitan Regional Information Systems, Inc. (MRIS)
Statistical Graphics: Greater Capital Association of Realtors
