A Buyer's Guide to a Successful Open House

When a home goes on the market, an open house is often considered an important first step to debut the property once updates have been made, clutter is cleared and staging furniture is selected to appeal to the widest possible audience.

An open house can be an equally crucial part of the homebuying process for buyers – not just to view and potentially find a next home, but to become acquainted with homes on the market, scope out competing buyers and strategize for putting in an offer.

But an open house is also where a lot of buyers can make mistakes, says Dana Bull, a real estate agent for Harborside Sotheby's International Realty in Boston. She says popular house-hunting TV shows make many homebuyers think it's typical to voice opinions during an open house.

"They'll say, 'Not enough closet space,' or even, 'The kids are going to love it.' It's not in your best interest to say much of anything," Bull says.

Regardless of your thoughts on the home, it's best to remain mum until you're out of earshot of the listing agent and possibly competing buyers, as that gives you the strongest possible negotiating position.

"Buyers might be quick in a colloquial or kind of chatty way to disclose information about their own financials, about their own timeline, what they may or may not be looking for and, even further, maybe voicing their interest in a whole new way that may make it difficult to negotiate strongly for them down the line," says Ian Katz, principal real estate broker for the Ian K. Katz Group, based in New York City and Westchester, New York.

Bull and Katz both prefer to attend open houses with their clients whenever possible, not only to help keep negotiation strategies in mind, but also to treat the open house as a learning opportunity for buyers, especially if they're not sure what to expect from the market.

Bull often works with millennials and first-time homebuyers, and she says open houses are a good tool during the early stages of house hunting to set expectations for what various price points can afford in the area. "For each house we go to it's about creating a case study about value," Bull says.

Here are eight things you can do to maximize your next open house visit.

• Check out the area.
• Put on your poker face.
• Feel free to tell the agent you're just browsing.
• Bring your agent, when possible.
• Have your agent do the serious talking. 
• Focus on the home's big-ticket features.
• Try for a private showing as well.
• Time your offer strategically.
  
  Rick Kurtz is CEO of Resource Dynamics a real estate success training company. You can read Rick Kurtz Reviews on his website.
  
  Source: http://realestate.usnews.com/real-estate/articles/a-buyers-guide-to-a-successful-open-house

US New Home Sales Surge to seven-month High in February

New U.S. single-family home sales jumped to a seven-month high in February, suggesting the housing market recovery continued to gain momentum despite the challenges of high prices and tight inventories.

The Commerce Department said on Thursday new home sales increased 6.1 percent to a seasonally adjusted annual rate of 592,000 units last month, the highest level since July 2016.

January's sales pace was revised up to 558,000 units from the previously reported 555,000 units. New home sales have now recouped a sharp drop suffered in December.

Economists polled by Reuters had forecast new home sales, which account for about 9.7 percent of overall home sales, gaining 0.7 percent to a rate of 565,000 units last month.

New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions. Sales were up 12.8 percent compared to February 2016, showing the housing market's resilience.

Sales last month were likely partially buoyed by unseasonably warm weather.

Most economists see a limited impact on housing from higher mortgage rates because a tightening labor market is improving employment opportunities for young adults. The market for new houses is benefiting from a shortage of properties for sale.

A report on Wednesday showed a 3.7 percent drop in sales of existing homes in February amid tight inventories and rising house prices. The 30-year fixed mortgage rate is currently around 4.30 percent.

Last month, new single-family homes sales slumped 21.4 percent in the Northeast region. Sales surged 30.9 percent to their highest level since November 2007 in the Midwest and increased 3.6 percent in the South.

They jumped 7.5 percent in the West. The inventory of new homes on the market increased 1.5 percent to 266,000 units last month, still less than half of what it was at its peak during the housing boom in 2006.

At February's sales pace it would take 5.4 months to clear the supply of houses on the market, down from 5.6 months in January.

A six-month supply is viewed as a healthy balance between supply and demand. The median price for a new home fell 4.9 percent to $296,200 in February from a year ago. 

Rick Kurtz is CEO of Resource Dynamics a real estate success training company. You can read Rick Kurtz reviews on his website.

Source: http://www.cnbc.com/2017/03/23/us-new-home-sales-hit-592000-units-in-february-vs-estimate-of-565000.html

Free Workshop Helps Real Estate Agents Attract Clients and Boost Sales

In 1986, training industry executive Rick Kurtz founded Resource Dynamics, a successful North American training and seminar company. Building on Rick Kurtz's history as a real estate agent, the company provides focused training solutions to real estate professionals. Today, to put agents on the road to success, the company offers a free on-site workshop called The Solution. Through its The Solution course, the company gives agents strategies to attract qualified sellers right away.

In addition, the course covers online and social media tactics to boost lead generation. Other topics include utilizing a customer relationship management (CRM) system to manage and convert prospects, while cultivating a referral-based business and a loyal customer base. With a course curriculum developed by top-performing agents, The Solution can jump-start any agent’s real estate business. Resource Dynamics brings the course directly to real estate offices and provides agents with tools to boost sales and increase income.

Rick Kurtz is based out of Orange County, California, where he lives with his wife and three children.