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Interview w/ A Splash of India: Nila Patel’s Tips for Home Buyers and Sellers

Published On: February 18, 2010

In the present economy, is it  good time to be a buyer in the Bay area?

It is always a good time to buy Real Estate. If you look around, the richest people on the planet are real estate investors because the land value never depreciates like stocks. It is especially a GREAT TIME to buy now as the home prices and interest rates are still at a historical low combined with $8000 tax credit incentive which expires April 30, 2010.

My advice to New Home Buyers is:  make sure what you want, where you want, how much you can afford and BE REALIST. Make sure you have a steady job. Get pre-qualified before you start looking. Also, look for a Realtor who you can trust, who is honest, genuine, hard working who would try and get you best deal possible. A Realtor who would actually guide you in searching for the right home for you.

Many people have purchased houses in the highs and now are stuck with the mortgages and the house. Can you suggest any pointers to follow that would help sellers to get out of this situation, with out affecting their credit or future  home buying power?

It always breaks my heart to see people lose their homes. To get out of this situation, lot of people have tried to do loan modification program that the government introduced early last year. Some people were successful but lot of them either do not qualify for the program or they were unsuccessful due to sheer length of time it takes to re-modify. I am excited to let you know that we recently introduced a Principal Reduction program (it is not a loan modification) that allows owners to reduce their principal and keep their homes

Is it safe to do short sale?

In my opinion, Short sales are the last resort you want to take. Short sales are very lengthy process in general. The asking price generally does not represent the actual market price and is adjusted by the lenders in the process causing buyers to back out of the offer. Also, sometimes the owners, out of frustration of losing their home, tend not to care for their homes anymore and resort to damaging their homes. Buyers generally tend to lose money out on short sale deals.

What is in your opinion most critical when buying a house?

In Real Estate, the mantra is Location…Location…Location… Of course the home is going to cost you more initially for the location but the appreciation will be much higher as well. Know what you want in a home and stick to your needs rather than your wants.

Many out of state buyers do look for opportunities to buy in the bay area. Do you have specific relocation packages to send out to buyers?

Yes, Century 21 is a global company and we do offer relocation packages along with a name of a great agent who would be able to serve the buyers’ needs.

We have many willing sellers in the market now. What are your recommendations for sellers in the Bay area?

Today’s sellers should be realistic in pricing their homes well. Pricing high will only cause their neighbors’ home to sell. Also, buyers in bay area are different in the sense that they are looking for homes that are well maintained and staged or shows well or are vacant.

Could you suggest top three things that sellers in the bay area, should consider, to make their house more marketable?

1. Show your home well. 2. Price it right. 3. Find a Realtor who offers an aggressive marketing plan for your home. (don’t look at the commission rate but look at what he/she has to offer you for your money). Selling it quickly means less mortgage payments, moving to your new place sooner and no headaches keeping the house spotless for months at end.

    

What impact will foreclosures have on the market here in Bay Area and in California?
According to analysts, we will see more foreclosures for next two years or so even though the present foreclosure inventory has decreased significantly as more buyers and especially investors are zapping up these properties for quick resale profits. With the economic recovery on a slow pace, we are going to see home prices increasing but it will be a gradual increase.

How did you get interested in real estate business? Why did you choose to work for Century 21?

My background is in Pharmacy but after staying home with my kids for a while, I thought of starting a business and work on my own terms. I always love helping others and put a smile on their face and I thought what could be a better business than Real Estate. In real estate,  people make one of the biggest financial decisions of their lives and they need an honest professional who could educate and guide them well so they can make an educated decision.

Century 21 Real Estate is the franchiser of the world’s largest residential real estate sales organization. It provides comprehensive training and marketing support for its agents. It is always good to know that I have a backing of a large company and can pass that confidence to my clients. In addition to that, as I mentioned earlier being a global company it/we offer relocation packages which are being very helpful to serve clients in need of relocation.

What would you say is the biggest misconception that people have about Realtors?

I have heard that Realtors are perceived as car salesman and not as professionals whose advice and guidance are very important and should be trusted. People are making the biggest investment of their lives so they should NOT be compared by the commission they offer but rather how professional and knowledgeable they are at their work, their ability to negotiate and their enthusiasm to help you.

You have many years of experience in this field. For you its a passion than a job. What advice would you give a young and upcoming Realtor on how to be successful and what pitfalls to look for and avoid?

 Advice to anyone seeking this field..

1. First and foremost be ready to work very very hard. This is not an easy job nor an easy money.

2. Stay true to yourself and be genuine.

3. Be passionate in helping people as it is very rewarding (it does not always have to be a monetarily gain).

4. Always keep yourself abreast of the latest Real Estate News, trends, laws, developments etc.

Pitfalls to avoid..

1. Do not work for anyone at the cost of your professional and personal integrity . 2. Always set aside time for yourself and your family.3. Set your work hours and stick to it.2. Do not agree anything presented verbally, always have all agreements in writing 4. Only work with buyers who are serious and who are committed to you.

In your experience, what is the best philosophy you have found to live by?

Life is beautiful and precious So make the most out of it. Treat others as you wanted to be treated by others and DEFINITELY stay true to yourself.

Check out A Slash of India at http://www.asplashofindia.com/