Marathons and OC Real Estate: Kindred Spirits

Anyone who knows me knows that I am obsessed with running and real estate.  In many ways these two seemingly unrelated topics share much in common. 

Marathon training requires many months of building strength and endurance to run a 26.2 mile race. It is essential to be dedicated to your goal of crossing the Finish Line! 

Likewise, purchasing a home starts with laying the foundation.

• Creating a financial plan that starts with deciding on down payment amount and then securing financing with a direct lender
• Mapping out where you want to live and determining your wants, needs, and essentials in the home and neighborhood.

Next comes the weekly runs, or the home search.

• Historically low inventory means it may take multiple months to find a home. Fourth quarter 2009 sales pace would take only 3 months to sell all homes on market (norm is 6-9 months):  http://www.trendgraphix.com/CAR/charts/7GBL_F001_01_01_0135_1_38_Bed0111_FB0111_HB0111_YB0132_75_07_200912.htm
• Low inventory means it may take several offers (Yes, I know it may be hard to believe, but MANY Orange County homes receive multiple offers).

Lastly, the perils and pitfalls of Escrow require commitment and a positive attitude so you can make it to hear the words: "Escrow has closed!"

Negotiating a short-sale is much like training with an injury.  The race may not be finished, but you keep doing what is necessary with hopes that your body/the bank will cooperate. 

• Short-sale planning begins with a "seller's hardship package" and a buyer's offer that is submitted to the bank who holds the mortgage.
• The bank approval process can take 2-6 months. Similarly, it takes 3 -6 months to train for a marathon.

Like running with an injury, short-sales require patience and perseverance because you have no idea what obstacles may lay ahead. 

Plan your path and stay true to your goal, your race, and your real estate decisions. 

Run strong!

Comments

[TopBrokerOC]

Nice post, Carolynn! Being skilled in both running and real estate helps get you and your clients over the proverbial "hitting the wall" syndrome. Perseverance, knowledge, determination all play a part in success in both running a marathon and turning over the keys to a new happy homeowner!

[Amanda Wernick]

Carolynn,
You are to me the true definition of a Real Estate Professional! Creating a plan whether for your marathon or home purchase are critical and it's good to know that there are Professional's such as yourself that know how to navigate the waters and explain in laymen's terms, the process!

[OCRealtress]

Thank you for the input Bob and Amanda. Commitment is essential for success.

[Adrian Santina]

Carolynn,
This is a very clever and clear method to guide all of us neophytes through the mysterious home purchase process. Your knowledge and commitment (training)will help all of your clients get to the finsh line of home ownership without "hitting the wall" enroute.

[Mel Aclaro]

Hi Carolynn, I love the metaphor. And, so true. I'd also add the metaphor of a good realtor being like a "pace runner" for her client in a marathon. The client, like a race participant, is able to finish strong by taking her cues from her agent who, like a pacer, gives guidance on when it's time to speed up, slow down, take a bit of a break, regulate breathing, talk to them, etc.

[OCRealtress]

Mel,
I love the idea of a Realtor being a Pace Runner. Adrian and I run the Jeff Galloway program: Run/walk intervals. Proper pacing reduces injury and builds endurance both on the road and in the Real Estate market.