Persistence

I was asked recently what the one skill is that a REALTOR® needs in order to be successful. That was a tough question. The one skill … I thought about it over and over. There are so many skills Agents need to be successful. We have to have good presentation skills, marketing skills, negotiating skills, objection handling skills, technology skills. Then it hit me. All those skills pale in contrast to this one: Persistence. It is the one skill that will make up for our deficiencies in all the other areas. It will allow us to win in life no matter what obstacles are placed in front of us.

Calvin Coolidge, our 30th President, said it very well, “Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Geniuses will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.”

It truly is a noble skill to have the ability to move forward when everything around you is collapsing and meeting the challenge head on and grinding through the competition. We are all professionals, or we aspire to be a professional. The definition of a professional is someone who does something, even when he doesn’t feel like doing it. Many of us know what we need to do; yet we don’t do it. We spend our time looking for the one step that will change our life, rather than using the path of persistence to win. We look around for the magic answer that will solve all our problems. Do you realize that over 80% of the late night infomercials are centered on “get rich quick or lose weight instantly”? We live in a liposuction society where we want abundance-yesterday. We don’t want to do the diligent, persistent work to achieve success. My friend Zig Ziglar has a great line: “Life is like a cafeteria. First you pay, then you get to eat.” It’s not a restaurant where you sit down, get served, and get your fill. When you are full and satisfied, then the bill arrives. You have to pay before you receive the reward.

Persistence is crucial to ultimate success in life. To learn the skill of persistence, you must first learn to persist in the little things. The first step for mastery of persistence is the ability to decide and have the clarity of decision that you will do it or else. Start with persistence in your eating habits or workout habits. You could even just select one thing or task you need to do today. Then make sure you complete it before the end of the day. Don’t ever end your day before you get it done.

We often select too many things or set the bar too high too early. This will cause us to fall short, and the negative self-talk will begin. The journey to run a marathon begins with a walk around the block. Start with the walk around the block and, in a few days, go twice around. Then in a week, you can do four times around. By the end of the month, you will be able to walk a mile. The process in business is the same. Start with calling a few past clients or sphere of influence. Call five people a day. You don’t need to do four hours of prospecting. That’s like running a marathon without training. If you managed to actually do it, which would be rare, you would be so sore and tired and spent. You would be worthless for a week. Build the skill of persistence.

The best technique to learn persistence is to just start. The truth is it’s the start that stops most people. Just beginning is the biggest barrier for everyone. Getting your sneakers on and stepping on the treadmill or picking up the phone the first time is never as bad as our mind makes it out to be. Once you begin, you pick up momentum and that positive self-talk of accomplishment. My father taught me a saying many years ago. It is a saying about persistence. It’s a saying that exemplifies his life.

“Once a task has begun, Never leave until it’s done. Though the task be great or small, Do it well or not at all. “

Persistence is, by far and away, the skill that we need to master. It is the one skill that guarantees success in both your personal and professional life. There is no substitute. Remember, it is the start that stops most people.

Author Unknown

5 Reasons to Buy a Home in Idaho this Year

Many people are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
Ask for price reductions, improvements, closing costs — whatever — and the seller, desperate to get a contract, is likely to work with you, said Jay Papasan, one of the authors of the book, “Your First Home.” but when the market starts improving, your negotiating power will start to diminish, he added. “People can get a lot of what they need and almost all of what they want today,” Papasan said. “Once a few people get off the fence, there’s safety in numbers and you lose your leverage.” If you’re qualified to buy a home now, and the purchase makes sense for your situation, and you’re prepared to live in that home for at least five years, there are five reasons you may be headed for a great deal:

1. Affordability is better than ever.
According to the National Association of Realtors’ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The NAR’s affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.
John and Julie Chilman, for example, recently have been able to stretch their dollars in the Las Vegas area. The listing price for the five-bedroom home they’re buying was $265,000; they offered $250,000.
“Our Realtor was like ‘Yeah, pipe dream. Like they’re going to take that,’ ” John Chilman said. “And all they did was counter $255,000 . . . and they’re paying all closing costs.” The home had lingered on the market, and was listed for $310,000 just six months ago, he said. In Las Vegas, prices have fallen 50.7% from their peak and are now where they were in the second quarter of 2002, according to data from Clear Capital, a real-estate valuation and data provider for banks and investment firms.  A report from Moody’s Economy.com, released the first week of February, predicted that house prices will stabilize by the end of this year, even though the Case-Shiller house price index will fall another 11% from the fourth quarter of 2008. By the end of the real-estate downturn, prices will have fallen by double digits, from peak to trough, in almost 62% of the nation’s 381 metro areas, according to the report. In 10% of the areas, declines will be more than 30%.  Not all markets have experienced huge drops, however, so it’s wise to take a look at how far prices have fallen in your area. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help.

2. You have a large inventory to choose from.
In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures. There was a 12.9-month supply of inventory in December given that month’s sales pace, according to NAR.  A large selection gives buyers more choices and drives down prices. And home sellers have gotten the picture.
It’s fair to say that home sellers have become “increasingly desperate,” Papasan said. “People who have had for-sale signs in the yard for six months are starting to become in tune with the reality of the situation,” he said. Buyers can take advantage.  But if you put off a purchase until inventory shrinks substantially, you might not get as good a price, said Eddie Fadel, author of the book, “Don’t Rent, Buy!” And be forewarned: It’s nearly impossible to time the exact bottom of the housing market, and even if you do, there’s no guarantee you’ll make a killing.
“You buy for quality of life . . . don’t buy on speculation,” said Duane Andrews, chief executive officer of Clear Capital. “I wouldn’t buy a home expecting the housing market to rebound quickly in the next 10 years,” he said, adding that he expects moderate gains in values when the turnaround does happen.  Historically, real estate appreciates about 5% a year over the long term, said Nancy Flint-Budde, a Salem, N.Y.,-based certified financial planner. But as the country crawls out of a recession, many markets probably won’t see huge home-price gains any time soon.

3. Builders are offering big discounts.
Home builders are getting even more aggressive with their pricing.  In fact, Fadel recommends looking at completed new homes first because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said.  “[Builders] want to save their credit, save their brand, save their reputation and clear out inventory,” he said. “They can go buy cheap land today with that cash.”  His advice: Walk in with a pre-approval for a mortgage, make an offer, then walk away without making a deal if you have to. Chances are, a builder will call back and reconsider that offer rather than let a potential buyer get away.

4. Mortgage rates are historically low.
It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans, those that can be purchased by mortgage agencies Fannie Mae and Freddie Mac. (The current limit is $417,000, although that can rise as high as $625,500 in high-cost markets.)  Earlier this year, rates on the popular 30-year fixed-rate mortgage hit a level not seen in decades, and rates have stayed relatively near that low for weeks. The first week of February, the 30-year fixed-rate mortgage averaged 5.25%, according to Freddie Mac’s weekly mortgage survey.  More mortgage help could also be on the way. Last week, President Obama said that his new economic plan would help lower the cost of mortgages for home buyers, although he did not give specifics.  But low rates don’t mean lenders are handing out mortgages easily. You’ll need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates — if you can qualify at all.

5. You can get a federal tax credit.
There’s currently a federal credit of up to $7,500 – which needs to be paid back within 15 years — for homebuyers who haven’t owned a home in at least three years. However, the economic stimulus plan recently signed by Obama has raised that to $8,000 for homes bought between Jan. 1 and Nov. 30 of this year. That money would not have to be paid back if the home is not resold for at least three years.  That extra cash will come in handy: The average first-time homebuyer spends about $6,000 in the first six months of owning a home, said Flint-Budde.
However, the new tax credit might sap a buyer’s negotiating power, as more people get back into the market and competition returns, Fadel said.  “The more Washington gives, demand will increase,” he said.

By MarketWatch

Stimulus Plan Benefits

Economic Stimulus Plan Benefits the Housing and Mortgage Industries just signed and sealed…a $787 Billion Stimulus Plan made up of tax cuts and spending programs aims at reviving the US economy. Although the package
was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II.

Homeowners and potential homebuyers stand to gain from key provisions in this stimulus plan. Here is what we know as of today…

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different
than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction, which only reduces your taxable income. The tax credit starts phasing out for couples with incomes above $150,000
and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs – This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation. Landmark Energy Savings – This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills. Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing-This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance-This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate
foreclosed, vacant properties.

More Help for Homeowners in the Future Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.  According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster. While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will most likely stabilize home prices.

Information provided by First Mortgage Co., Marc Mitchell