During this course, we will explore how construction details are depicted in blueprints. This is exceedingly significant if you are selling a property that has yet to be constructed as if it were finished.
According to U.S. Census Bureau in the Department of Housing and Urban Development:
Housing Starts
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent (±14.8 percent) above the revised April estimate of 1,340,000 and is 5.7 percent (±10.8 percent)* above the May 2022 rate of 1,543,000. Single‐family housing starts in May were at a rate of 997,000; this is 18.5 percent (±14.1 percent) above the revised April figure of 841,000. The May rate for units in buildings with five units or more was 624,000.
Housing Completions
Privately‐owned housing completions in May were at a seasonally adjusted annual rate of 1,518,000. This is 9.5 percent (±12.3 percent)* above the revised April estimate of 1,386,000 and is 5.0 percent (±13.0 percent)* above the May 2022 rate of 1,446,000. Single‐family housing completions in May were at a rate of 1,009,000; this is 3.9 percent (±13.9 percent)* above the revised April rate of 971,000. The May rate for units in buildings with five units or more was 493,000.
Of these houses, many of them were sold in either a partially completed state or from the plans. If you as a Realtor do not have the ability to read plans, you can’t effectively market and sell properties that exist only in the conceptual stage. Once the blueprints, specifications, and building permits are in place, you have a product to sell, but only if you can effectively interpret the blueprints and share that information with a prospective buyer, otherwise you are relying on the builders’ representations.
As you probably know, one of the most common complaints against real estate sales professionals, including judicial and quasi judicial complaints, is misrepresentation. If you are selling a property that is under construction or subject to proposed construction and you can’t interpret the building plans effectively, you may be exposing yourself to a tremendous amount of liability.
The following 2-hour course will make you a much better real estate sales professional.
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