Area home sales best in almost 2 years - CharlotteObserver.com
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Tuesday, August 11, 2009
Sunday, July 5, 2009
Thursday, July 2, 2009
Wednesday, July 1, 2009
5 Ways to Expedite a Sell on Your Home
Ways to Expedite a Sale Selling a home quickly remains a challenge in many markets across the country. Heidi Cole, an associate with the Corcoran Group in Palm Beach, Fla., offers this advice for anyone who wants to expedite a sale:
Cut the asking price to 10 percent to 15 percent below what comparable properties in the neighborhood are selling for.
Spruce up the outside. Update the landscaping.
Power-wash the exterior and paint the door.
Appeal to first-time buyers. Advertise on younger consumers' favorite Web sites, such as Facebook and Twitter.
Hire a photographer to shoot the house with a wide-angle lens so the rooms look bigger in online photos.
Price the house in the lower end of the range. A $299,000 house is in the high end of the $250,000 to $300,000 range but a $301,000 home is in the low-end of the $300,000 to $400,000 range.
Do what you can to make the deal close quickly.
Be ready to move, offer to pay part of the closing costs, and/or throw in a year’s worth of association fees.
Source: Money Magazine, Beth Braverman (06/30/2009)
Cut the asking price to 10 percent to 15 percent below what comparable properties in the neighborhood are selling for.
Spruce up the outside. Update the landscaping.
Power-wash the exterior and paint the door.
Appeal to first-time buyers. Advertise on younger consumers' favorite Web sites, such as Facebook and Twitter.
Hire a photographer to shoot the house with a wide-angle lens so the rooms look bigger in online photos.
Price the house in the lower end of the range. A $299,000 house is in the high end of the $250,000 to $300,000 range but a $301,000 home is in the low-end of the $300,000 to $400,000 range.
Do what you can to make the deal close quickly.
Be ready to move, offer to pay part of the closing costs, and/or throw in a year’s worth of association fees.
Source: Money Magazine, Beth Braverman (06/30/2009)
Monday, June 29, 2009
Friday, June 26, 2009
Why Is My House Not Selling?
Why is my house not selling?
I found this really great article and I wanted to post it on my Blog....
Information provided by :
Davis Farrell on: Tuesday, May 26, 2009, 12:40:43 AM davisfarrell
If you’ve been watching the news at all in the past year, you know that in most areas, the real estate market isn’t in great shape. To say that it’s a buyer’s market right now is like saying the Pacific Ocean has some water in it.
But what, exactly, is going on, and what does it mean to you & your house? I’m going to demystify this for the average home seller, so you know what you’re up against. Here’s a hint… it’s mostly about the banks.
We all know that getting a mortgage is very difficult these days, and what this means is that the only people who can buy right now are folks that banks consider to be virtually zero risk. On its face, this isn’t a terrible thing, considering how crazy things got a few years ago. But it means a whole lot of buyers have been eliminated. Let’s consider:
1) Real estate investors, or anyone who owns rental property.At first, you might be thinking, “this doesn’t apply to me — my house isn’t in an area with a lot of rentals.” But realize that if investors can’t buy, that means that a lot of the “deals” out there aren’t being snapped up, and regular buyers are going for them (i.e. foreclosures, short sales, etc). That leaves many conventional sellers on the outs, waiting for the “deals” to go away. With no banks lending to investors, there’s nobody to buy them.
On top of that, regular people who happen to own a rental property or two are out in the cold. Why? Because these days, banks aren’t “counting” rental income towards the bottom line, and so if there’s a mortgage on any of the rental properties, the banks are counting it against the person’s debt/income ratio without counting the income! That makes it difficult (or impossible) for those buyers to get a mortgage, even if they have good credit/income/assets.
2) “Move up” buyersBuyers who already own a home can no longer get the type of “bridge” financing they used to be able to get, and further, if they decide to lease their current house so they can buy another, see above … the banks won’t count the rental income! That leaves them stuck.
So if you own a house in the “move-up” market (typically $300-500k), this is killing you right now. Potential buyers are hamstrung because they themselves have a house they can’t sell.
So, who’s left? Basically the only person who can get financing these days is a conventional buyer who has no existing mortgage. This means they either own their current home outright, or are renting. By and large, this means first-time home buyers.
First-time home buyers are normally timid, but even doubly so these days. Even though in many areas, this is the best buyer’s market we’ve seen in a long time, first-timers are worried about potentially losing their job, or buying before the market hits bottom. So many are sitting on the sidelines, or out looking, but being extremely picky.
If you’re selling right now, you might have noticed that buyers are nitpicking virtually everything. Here is why. Buyers have so many homes to choose from (partially because there’s no competition from investors right now) so they figure they can wait until they find the Taj Majal for $99k.
If you’ve read this far, you’re probably pretty depressed. It’s indeed very ugly out there right now, and unless you have a flawless property at a great price, it’s challenging to sell in this climate. But don’t despair… things will get better, and possibly sooner than later.
Banks have to start lending eventually. Right now, banks are making all their money on refinances… one after another. Demand is high and risk is low. But eventually rates will rise or demand will slow (or both). And then they are in a pickle. And somewhere, some smart banker will realize that there is massive investor demand and slowly the spigot will open for responsible, creditworthy investors.
When this happens, competition will become fierce for the “deals,” and conventional buyers will have fewer homes to choose from. At that point, more of the “first-time” market will start to turn, and eventually the “move-up” market. And once other banks start seeing their competition making money on responsible investor loans, it’ll snowball.
So in a sense, this is a cautionary tale for buyers … don’t wait too long. And if you’re a seller with a good house at a reasonable price, you will sell.
Angela Abbatiello
Owner / Broker / Realtor
Southern Carolina Realty Inc.
704-888-6699
www.southerncarolinarealty.com
www.mylocust.com
www.mylocusthomes.com
www.commercialbuildernetwork.com
Tuesday, January 27, 2009
BANK FORECLOSURES
LOOK FOR THE MARKET TO CHANGE-- MORE FORECLOSURES COMING
Congress to break up REO "Listing Agent" Monopoly
From national correspondent: Ms.Catarina Huntington
That's the headline Realtors can only hope for at this point in time. A more proportioned assignment of REO (bank foreclosures) listings would dramatically enhance the financial landscape for the struggling Realtor industry. However, as of January 2009, less than 1/3 of 1% of Realtors continue to maintain a stranglehold on REO markets, while the rest of the industry sinks in despair. For now, the "80-20 Rule" (20% of Realtors accounting for 80% of business) is a distant memory. "It seems like the new rule should be changed to the "80-1 Rule", where less than 1% of the agents are closing 80% of the deals" says Julie Tveit a real estate Broker for LaRue Realty in Minnesota.
An investigation into the facts surrounding the REO listing market is interesting....
2 million foreclosures up for grabs
Nationwide the “private club” (as they're called) of REO Agents currently monopolizes about 1.7 million active REO listings. In 2009, 2.0 million more properties will foreclose and according to a recent report by "Credit Suisse" the US market will be averaging 2 + million foreclosures over each of the next 4 years.
Estimates are that 150,000 Realtors nationwide, provided the pertinent education, would be very qualified listing agents of REO properties. There are no specific prerequisites to become an REO Agent. Qualified Realtors simply need to possess a willingness to enter the REO arena and be thoroughly educated on the unique aspects of listing bank owned foreclosures.
Hence, there are 150,000 active full time Realtors in the United States with 2 million foreclosure listings "up for grabs". If divided equally each Realtor would close 13 REO listings per year for the next 4 years.
REO Agents Dominate Market
Instead roughly 5800 Realtors Nationwide sold 1.6 million REO homes in 2008. That translates into an average of 22 closed listings per REO Agent per month. That certainly doesn't sound like a “spread the wealth” philosophy does it? My research indicates that the REO industry's current model provides for a single beneficiary: REO Listing Agents,
and unfortunately this model comes at the expense of the lenders themselves, frustrated buyers and the tens of thousands of agents left out to dry.
The vast majority of REO Agents are overwhelmed with inventory and under staffed. Realtors “in the field” showing REO properties tell me that they understand this all to well. "I am to the point now, in working with buyers, that I have to pre-screen listing agents that have REO listings. If I know that the listing agent is going to be difficult to work with, on any level, then I pass that information along to my buyers. There are too many properties on the market to waste time with difficult transactions" say Ms. Tviet.
The systemic problem within the REO Agent "underground" appears to have a multitude of negative consequences which result in longer market times and lower sale prices, say numerous industry sources. Ms. Tviet, "It's just common sense, if your marketing is poor, your correspondence with other Realtors is marginal and you have a reputation as difficult to work with, it inevitably effects the lenders bottom line".
Private enterprise is fixed on changing the dynamic
In a brief telephone interview I conducted with Ms. Simona Miu a spokeswoman for the ForeclosureU.com a private educational institute established in 2005, Miu stated:
“ForeclosureU is committed to changing all of that in 2009. Stating that ForeclosureU.com is going “at the establishment head on”. Miu says that ForeclosureU is launching a national advertising campaign in various targeted media outlets promoting the importance of their “Certified Foreclosure Specialist Designation and Training for Realtors”.….“In 2009 our sole focus will be dedicated to educating and arming 25000 Realtors to earn their fair share and rights to the REO pie……Graduates of the “CFS” Training will receive everything required to meet their career goals and seize these emerging markets”.
Miu went on to provide some of the ways ForeclosureU intends on accomplishing that challenging feat:
“CFS” graduates are provided unprecedented (a) training on listing REO property but it doesn't stop there (b) “CFS” graduates are entered into the National Database of “CFS” agents (c) which will be facilitated by an aggressive print/electronic and Internet marketing campaign (promoting its “CFS” agents) targeting the entire default (REO) industry (d) In addition a proprietary list of “REO asset managers” and their direct contact information will be made available to all “CFS” graduates.”
Miu stated that ForeclosureU is filling the gapping holes left by local, state and national educational platforms that have failed Realtors miserably in providing current educational requirements.
Conclusion
If ForeclosureU and companies like them truly step up and provide Realtors the tools they need there is little doubt that, at least in this columnists opinion, Realtors can surely change the course of their careers and maybe even the course of the foreclosure debacle as a whole.
On a personal note, I am pulling for ForeclosureU and any innovative new business that has the capacity to help this beleaguered economy. Small business and product/service innovation is the only viable macro solution to this countries economic downward spiral. Realtors are a part of that solution. Getting our political leaders to understand this is a whole other conundrum.
Keep a check on all the market is doing in your area. Please contact us with any questions you might have.
SOUTHERN CAROLINA REALTY INC. www.southerncarolinarealty.com
704-888-6699
Statistical data and additional content provided thanks to: Real Estate Trac, City Data Co, U.S. Association of Real Estate Agents, Foreclosure University, LaRue Realty, Zillow Blog
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