Posted by admin on February 27th, 2006
Real estate commission eliminates limited service model
As expected, the real estate commission in New Mexico has effectively eliminated the rights of consumers in that state to purchase real estate services "a la carte". Deeming the citizens of New Mexico just too dull witted to understand and comprehend the the real estate services that they might want to purchase, the N.M Real Estate commission voted to approve a measure banning any real estate brokerage model that doesn’t provide a bundle of services and props up the traditional real estate commission model.
Opposed by the United States Department of Justice as anti-competitive and restricting to consumer choice, the rule change will go into effect in the next 30 days (apparently a real estate emergency is at hand). John R. Read, chief of the Justice Department’s Litigation III section, said, "Our view is consumers should have choices. For example, if you’re a (for-sale-by-owner) and would like to get listed on the MLS, you ought to be able to buy that service without having to buy everything else that goes along with it." Read also said, "We have found no filed complaints regarding fee-for-service brokers."
No longer will New Mexican home owners be able to sell their homes using a flat fee MLS listing service. The new rule requires that anyone who purchases services from a real estate agent also be required to purchase contract negotiation and presentation services and transaction follow-up as well.
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Posted by admin on February 25th, 2006
Residents of NM express concerns over minimum service rules
The New Mexico Real Estate Commissions appears poised to impose new regulations that would limit the ability of consumers in that state to choose the real estate services they want. One choice that would go away with the commissions ruling is the ability for consumers to purchase a listing on the MLS for a flat fee. Commissioner Tom Keesing admitted that, "Sometimes we have to make rules for the benefit of the public that limit us to some degree." Commission President David Steinborn said, "I will vote in favor of the wording as it’s proposed."
In opposition to the commissioners is the United States Justice Department along with informed consumers. Bill Jones with the United States DOJ said, "We want to preserve a maximum amount of choice for consumers." "This is for the benefit of the big boys of real estate," said Las Cruces resident Mel Barlow.
"This rule will take away my right as a consumer to hire, to pay with my money, a real estate licensee to do for me what I want done, as I want it done." Las Cruces resident Randy Gomez said he understands the commission’s concerns, but he still wants to have the choice to work without a real estate agent, yet have access to the MLS. "One of the things that would help me is to market it on the MLS," he said. "I understand what the pitfalls are… if I feel that I’d like to sell the property myself and I’d like to have access to the MLS and I understand by way of disclosure of the person who’s going to put it on MLS for me that it is very limited as to what their liabilities are going to be, and I sign off on that and I’m educated about that, I think I should have the right to do that."
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- Real Estate Commission to Vote on Rules
The New Mexico Real Estate Commission is set to vote today on proposed changes that would set minimum services that licensed real estate agents would have to provide to clients.
Posted by admin on February 23rd, 2006
How to sell your home when prices start to level off
Reports abound that the real estate market is heading for a slowdown. Depending upon the recent runup in your area, the landing could be hard or soft. Here are some strategies for selling in a level or declining market:
Find a good discount broker - Internet companies now provide services for home sellers that weren’t available just a few years ago. Flat fee MLS listing is now a good option that allows you to keep more of your home equity. Instead of paying a listing commission for inclusion of your property in the Realtor MLS and on Realtor.com, you can pay a flat fee of somewhere between $400 and $500 and get the same exposure as Realtor listed properties.
Get proper pricing assistance - correctly valuing your property is ALWAYS priority #1 when selling your home. Lots of online services provide access to property sales data. You can also get this information yourself with a trip to the local property assessor’s office. If you have a unique or unusual property or have made major upgrades, your best route is a professional appraisal. Although this is a bit more expensive than other alternatives, it truly provides the most accurate valuation. 2 truisms apply: 1) You get what you pay for 2) appraisal isn’t an exact science
Posted by admin on February 22nd, 2006
Wall Street Journal says Richmond offers lower cost of living
A recent article in the Wall Street Journal’s Real Estate Journal today stated that Richmond, VA market is giving the D.C.- New York corridor a run for its money. "The area’s relatively affordable housing and lower cost of living has helped attract companies like packaging giant MeadWestvaco Corp., which recently announced plans to relocate its headquarters to the area from Connecticut, bringing an estimated 400 new jobs and giving the Virginia capital bragging rights to a seventh Fortune 500 company headquarters."
According to the article, Richmond’s third quarter median home price was $214,000, a bargain compared with Washington, D.C. where median home price was $441,400 for the third quarter of 2005.
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Posted by admin on February 20th, 2006
Limited service brokerages under fire again
Another state real estate commission has succumbed, at least temporarily, to pressure from the Department of Justice and Federal Trade Commission’s warnings against the imposition of minimum service regulations for real estate brokers. The effect of such regulations is to limit consumer choice regarding real estate services.
State officials have scheduled a meeting in Las Cruces, N.M. at the real estate brokerage office of David Steinborn, who also just happens to be the president of the New Mexico Real Estate Commission. Local flat fee brokers claim that the meeting is being held some 230 miles away from the real estate commissions office in order to make it difficult for opponents of the measures to attend the meeting.
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Posted by admin on February 19th, 2006
National MLS Coverage Expanded
Flat fee mls services are now available in additional states through nationwide discount brokerage services website www.MLSLion.com. After a recent article in Inman News, more flat fee brokers around the country registered for membership with this fast growing portal for home sellers seeking to obtain the exposure of the Realtor MLS for their home sales without giving up thousands of dollars in real estate commissions. MLSLion now offers flat fee listing to consumers in approximately 40 states including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington, D.C., Florida, Georgia, Illinois, Kansas, Kentucky, Louisianna, Massachusetts, Maryland, Michigan, Maryland, Minnesota, Mississippi, Missouri, North Carolina, New Jersey, Nevada, New York, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia Washington, Wisconsin.
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