Technology Transactions
Roll back the clock two years on Silicon Valley"s housing market.
Building client loyalty has been the key to a long and successful career in real estate. We all know it. Some agents do this very well—are in constant contact with past and current clients and see a good consistency in their business. They lose a few transactions each year, but don’t really worry because they have so much going and are comfortable with their results. But, why not have it all? Let me give you some ways to surprise your clients.
You may be well intended about getting things done during your day at
If you are perfectly happy with your business as it is and you can’t wait to get to the office each day and you have plenty of time and energy to do what the job takes, you don’t need a coach.
While a reversal of the business environment is unfortunate for any company, some asset management companies and banks are allowing agents to bear the costs of change by not paying them on time for completed BPOs. But that"s not the only reason many companies are slow to pay BPOs.
In your first conversations with buyers, ask them: How much are you comfortable spending? As they pause before they answer, you promise them you will never bump them up in price, never show them properties listed for more than the price they give you, and never even send them information on properties listed for sale at a price higher than the number they are about to provide.
In exchange for the opportunity to get a listing on a property managed by a bank or an asset manager, brokers are often asked to render Broker Price Opinions (BPOs) at rates much lower than bank appraisals cost. But the risk is greater than putting out a lot of time, effort and sometimes expense to bet on the come - sometimes agents don"t get paid until months after the BPO was performed, or they don"t get paid at all.
There are plenty of "e"s that have appeared in the new world of electronic communication, and there are many new tools and systems that empower us to serve our clients and customers faster, easier and in real time.
In all areas of life, taking action is the key to success. Most people,
Not everyone who walks into your office is going to have pristine credit. So how do you serve those with less than perfect credit in a way that helps them while making good use of your time? Push for preapproval instead of prequalification.
I often hear from agents who want to hone their skills that they feel they need to get better at closing. Truth is most successful agents are naturally good at selling and take for granted their instincts are most often right about closing.
The best agents are the ones that know how and when to close. They work on mastering great closing techniques and can never have enough of them. As a matter of fact, they collect closes, so to speak.
Being successful seems to be everyone’s desire. We all want to achieve what our definition of what success is in life. Have you ever wondered how successful people got that way? Why they seem to go from one victory in life to another? There is one thing that separates the successful - they act on their thoughts.
The market is changing and I am asked all the time, how should I adapt? It’s really very simple and every trainer, successful agent and manager knows the answer, get back to basics! There have been many articles written about the market and online sales courses are much more frequented—agents want answers. They want to prepare for whatever lies ahead. Let me remind you what you need to do.
“And in our willingness to step into the unknown, the field of all possibilities, we surrender ourselves to the creative mind that orchestrates the dance of the universe.” Deepak Chopra, M.D.
Americans have a well-deserved reputation as a generous people. We support thousands of charitable organizations, and when disaster strikes, as it did on Sept. 11, 2001, our willingness to help others in need shines through.
Are you sick of watching deals fall through? Listing broker Mark Boyland is. What he"s learned may not surprise you - that where most deals take a wrong turn is in getting the buyer preapproved for a loan. And that is where he plans to lobby agents and lenders to screen buyers more carefully.
For years, the real estate professionals have summed up what our business is about with a single phrase: "Location, location, location." In this age of the Internet, many agents are depressed by the competition from Web-based realty services who stress lower fees over service.
We all encounter delays that keep us from doing what we planned to do. Life is often what happens to you along the way when you are planning otherwise.
Retro is definitely IN! We’ve seen it in many categories of
A negative attitude has a way of giving your face and body a whole new look. I call it “the hound dog effect.” Your eyes, mouth and overall posture begin to droop, and before long you start looking like a Bassett Hound. The next time you feel disappointed or discouraged, look in the mirror and you"ll probably see a touch of hound dog in your eyes. Fortunately, it"s a temporary condition for most people, and will disappear as new opportunities and experiences bring a new perspective.
For years, it"s been bandied about that 80 percent of real estate sales are accomplished by 20 percent of the top salespeople. Have you ever wondered if it"s true, and if it is, how do you get there?
[Note: To follow is an excerpt of an interview with Aric Krause, PhD, a graduate faculty member at Westminster College in Salt Lake City and strategic economic analysis consultant to national and multinational corporations, [www.realsource.net]. To listen to, or download the show archive MP3, go to IncomePropertyInvestmentTalk.com.]
Stop trying to impress prospects….the key these days is connecting! You’ve heard it said,"It"s not what you know, but who you know." The successful agent in the 21st Century has shifted their business from the numbers to the relationships.
As a help in recruiting the technology-adept assistant, let me share with you the ad I ran when I hired my most recent assistant. Keep in mind that I’d already been through several assistants who were basically incapable of using even basic technology and that it had hurt my business severely.
Is it time for you to get into action? Whether you need to blitz for a week or all month, committing to action will bring you business. It’s the planting of seeds for the future. Soon you’ll be complaining about not enough time to take care of the flood of business. That would be a good dilemma to create. Boost your business with a blitz!
Andersonville, Indiana high school freshman Lindsey Murphy is exploring careers and has some interest in selling real estate. Recently she wrote me the following e-mail:
A burgeoning grass roots effort to put a roof over the heads of hundreds of thousands left homeless by Hurricane Katrina, combined with official relocation efforts to shelter people in need, could have an unintended, but welcomed widespread ripple effect on the lives of those housed.
There"s no denying that leaders in the building community are recognizing the importance of "green" in their buildings and to their future business success. To help builders and developers who have taken the plunge, and still those considering it, identify the most cost-effective way to meet mandatory and voluntary energy-efficiency goals, the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) have produced a new report titled, "Strategies and Costs to Exceed ASHRAE 90.1-2004 Requirements in a Multifamily Apartment Building."
Over and over you will be telling people what your web site address is. Over the phone, in person, in passing... So you had better make it straightforward. You don"t want to have to repeat yourself. You don"t want people asking for clarification about any part of the name. You want to say it once, and hear them say, without hesitation: "Got it."
Your most valuable asset in the real estate business is your client list or database. We are talking about every single client that has purchased or sold a home with you regardless of whether they still live in your market area or not. We are talking about everyone you know who may buy or sell with you in the future. We are talking about all the people you met at your open house. These people will send you business!!! Don’t be like many agents I hear from who don’t want to be “pushy” by being in touch with these people all the time. That’s crazy! They like you. Talk with them and get a new listing.
There is light at the end of the tunnel. You are wondering how you are going to get everything done today and still present an offer and then a counter offer as well as open two of your listings for potential buyers, and answer the myriad of questions that seem to be endless in your pending sale transactions. Not to worry, you will get through it and still be home at a fairly decent hour. How? A little planning goes a long way.
In many parts of the country, square footage is becoming one of the most important home selection tools that a buyer can use, primarily because it can be quantified as a hard and fast number. But can it? Should agents help their clients by measuring square footage?
In previous issues of Realty Times, we"ve addressed how to create an effective and balanced business plan. Today we look at how to adjust your business plan when the market takes a serious down turn.
First-time buyer Teresa Aldana says her older home is turning into a money pit, and that she wasn"t treated fairly by her agent or the seller. Calling everyone she can think of from attorneys to the local TV station, she wants some financial help getting some repairs completed on her home which she claims were not disclosed by the seller. She didn"t get her own inspection done on the home and chose to accept the seller"s and agent"s word that the home was in good repair and that her new home warranty would cover any problems, she says.
If you are thinking about becoming a REALTOR® or you have recently acquired
Most agents begin their real estate career with the hope of gaining financial independence. They are attracted by the possibility of earning large sums of money. Even when agents make more than a six-figure income, the vast majority have not dramatically improved their financial balance sheet. After looking at hundreds of agents’ P&L statements and personal spending habits, I’ve determined that real estate agents are poorly prepared for financial independence. Why should real estate agents be any different from the American population in general?
We try so hard to make sure our buyer client is protected and that they are getting the home they deserve. However, there are times when we might be a little over zealous.
When you"re trying to build a business online, it pays to know the people who are already know how to get around on the Net. Many of these agents are also trainers, and these trainers are former agents, and they are happy to share their insights with you.
We all have "too much to do". As a professional speaker, I hear that all the time from my audiences. And that says a lot of good things about you, if you have "too much to do" because, obviously, a lot of people have entrusted many things to your care and have confidence in you.
Editorials don"t come with guarantees, but if you and your agents will follow the advice outlined by Arizona attorney and risk management consultant Robert Bass, you can significantly reduce your liability exposure.
Top Realtors track the transaction from beginning to end, knowing that the sharpest hairpins in the road are often found in the loan origination and loan follow-through. Those are the curves that can crash a transaction. You can do everything right, but if your timing is off with the buyer or you put your customer in the hands of the wrong mortgage broker with the wrong "paper" loans, you could lose control of the wheel.
The median price in the South was $167,200, down 7.1 percent from a year ago.
For years we have been taught as Realtors we must be there for our clients. I hear that all the time from agents across North America. "I want to be there for my clients," we say. But what does "be there" mean? Does "be there" mean we are available 24 hours 7 days a week for our clients? Does it mean that we sacrifice? Does it mean missing soccer games, tee ball games, and piano recitals?
How simple it was a year ago when low unemployment, low inflation, low interest rates, and high
In the last couple of years, many housing markets have improved to the point that homes offered for sale frequently have multiple offers, raising the final selling price equal to or above the listing price. Does that mean in hot seller"s markets that buyers overpay? What can be done to make sure that buyers are treated fairly and don"t become disillusioned in a multiple-offer situation?
The shoe"s on the other foot for Dr. Kenneth W. Edwards, author of Your Successful Real Estate Career, American Management Association. As the book review editor for The Real Estate Professional magazine, Edwards reads virtually every book written with regard to the real estate industry. Now it"s his turn to be reviewed as his real estate career primer hits the bookstore shelves in its third edition.
Imagine that you are one of the four out of five homebuyers fishing among listings online. An email alert arrives in your inbox that tells you that one of the homes you like has just had a price reduction.
With a pull that is purely emotional, nostalgia is hot! According to
When you sit a client down at your desk, you should be surrounded by accouterments that reinforce the professional message you want to convey. One of the most effective ways to do this is to have a credo posted nearby. Not only can it serve as a silent cheering squad when you need to get back in the game, it can also show your clients for that which you stand.
Helping associates and employees to become more productive means they are getting more done in less time and with less stress, burn out, and turnover. It also means recruiting and retention costs go down, enhancing the bottom line. (And, it" s not a bad way to run a business!) Over the years, I found these five suggestions as valuable principles to help employees to increase their daily productivity.
When should I hire an assistant? How should I train them? What should they do for me? These are questions I get asked every time I coach a new client or speak before a group of realtors. Assistants can be an important addition to a realtor’s business. Hiring an assistant can also be one of the most frustrating experiences and financially challenging times in business.
When we listen to professional athletes they often talk about "the zone." The zone is the place where they can"t miss the basket or all the putts just fall. I was reminded of this performance zone watching David Duvall shoot a 59 in the last round to win the Bob Hope tournament. He truly was in the zone. His longest putt that day was about 10 feet. His mind and body were working together in a masterful performance.
For almost two years, the national real estate market has gone from recovery to a record boom. Home sales across the nation are at record levels and more people, over 69.6 million in the first quarter of 1999, are homeowners than any other time in history. Brokers and agents are doing record numbers of transactions. Business is great. In fact, it"s so great, that many Realtors are burning the candles at both ends. Are you finding that you are working harder and enjoying it less? If you think you are close to burn out, read on.
When you listed the house, you knew it wouldn"t be the greatest home you ever
There is an old adage that we make three listing appointments for every one we
You know the look. The FSBO (For Sale By Owner) opens the door. You introduce yourself. And that look comes over his/her face. That tired, "you are nothing better than a thief here to steal all my hardearned equity and who needs you anyway" look.
The shake-up of Canada"s home improvement retailing industry continued last week with the announcement that Montreal-based Rona Inc. will purchase Revy Home Centres, a network of 50 hardware and building materials stores. The purchase price will be about $220-million when the deal closes in early July.
A dozen years ago, the Canadian retail landscape was pretty sleepy when it came to the home improvement sector. Small hardware stores and lumber yards served both rural and urban do-it-yourselfers and renovation contractors, while major department stores and specialty shops took care of the home decor market.
Many real estate firms and other businesses once saw disaster recovery plans as a waste of time and money. But now it"s time to dig out those plans, dust them off and update them for the new millennium.
The same software company that helps prevent kids from visiting "blue" Web sites has developed software that it says could help prevent
Summer in my area brings its share of fireworks. Not the stuff you see on July 4th, but massive collisions of hot and cold air masses that then create mammoth thunderstorms.
It has been intriguing in recent weeks to hear various pronouncements saying that the current housing downturn is done, finished and history. Forbes, as one example, flatly tells us that "the housing market is about to hit bottom." Not to be outdone, Treasury Secretary Henry Paulson told CNBC that the housing slide is "largely contained."
Deep in the heart of Arizona the state appraisal board believes that Zillow.com -- an online site which provides estimated home values -- is required to have an appraisal license under state law.
Fannie Mae and Freddie Mac have come up with a new idea that may cut consumer settlement costs by a billion dollars annually and maybe a lot more. This is good news for buyers and sellers, but in an odd way it"s likely to make some folks unhappy.
Is the brokerage community some sort of monolith, a group-think brotherhood where all march in unison?
When last we left off with the Kelo case, arguably the worst Supreme Court decision in decades, Congress and various local governments were promising to legislate a way around a ruling that would let government take your home for virtually no reason at all. But now something more remarkable has happened, the Ohio Supreme court has effectively challenged our nine top justices.
For a long time the biggest real estate rumble in Washington has concerned the question of whether or not banks should be allowed to offer real estate services.
Imagine if someone said, let"s raise $1.8 billion and use that money to create more affordable housing opportunities. That would be a hugely impressive project, a winner for everyone.
This one is hard to miss: Huge numbers of loans are being refinanced with larger mortgages. In the first quarter of 2006, Freddie Mac says that 88 percent of its loans that were refinanced were replaced with loans that were at least 5 percent larger. This is the highest rate of equity withdrawal in the past 15 years.
Recently, an internet search-engine executive, newly transplanted to Canada, described this country as the "webiest in the world" based on many measurements of online usage. Canadians reportedly stand number one, with an average usage of 41 hours online each month compared to an average of 30 hours a month for US users.
The care and concern that erupted after Hurricane Katrina is beginning to give way to a harsh reality: A city of 460,000 people has been largely demolished and now comes the unromantic matter of figuring out who owes what to whom.
Victims of Hurricane Katrina willing to rehabilitate damaged homes will be able to get an advance equal to 12 months of principal, interest, taxes and insurance under the just-announced FHA Mortgage Assistance Initiative.
Last week we discovered that the "flat" market reported in Denver by The New York Times was actually producing price gains.
It used to be that real estate regulation was an insider"s game, something that existed in large measure to protect brokers and salespeople from competition. To understand just how friendly the system was, consider these gems from the 1967 edition of the real estate laws in the District of Columbia:
The .25 percent rise in the Federal Reserve Board"s discount and federal funds rates are neither dramatic nor unexpected. Bright people, and even Wall Street analysts, have been expecting such increases for months.
The National Association of Home Builders reports the "condo market is showing initial signs of a revival in some markets across the country." This latest "uptick" is also helping the apartment rental market, according to multifamily housing developers who spoke at the trade association"s International Builders" Show in Orlando last month.
Today is recall day in California, an event which has provided sustained humor for the rest of the nation. But while political activities in the state have rightfully earned much public attention, legislation passed last month should interest all homeowners who worry about insurance costs and coverage.
Not terribly far from where these words are written one can find farms and fields tilled by the Amish, individuals who have largely avoided the advantages of modern living. No TVs, light bulbs or computers can be found in Amish households. They are, as the expression goes, "off the grid" -- a fate shared by many in the Northeast and Canada during the past few days.
Mortgage Rates Remain At Long-Time Lows
Mortgage Rates Tend Lower
One of the great puzzles of our time is the matter of productivity. We like to think that the electronic revolution has made us more fruitful, but where is the evidence when it comes to real estate brokerage?
Mortgage Rates Edge Upward In Late March
The idea of a real estate "bubble" is scary. Just the thought of a sudden, wholesale decline in housing prices nationwide is nearly enough to get your mind off
Mortgage Rates Remain Flat
On a typical weekday more than 55 million newspapers are bought, evidence of the enormous power, importance, and influence wielded by U.S. dailies. And yet, despite such vast circulation, the future of the American newspaper industry is unclear -- in part because real estate marketing patterns are in flux.
For a number of years Wall Street analysts, futurists, and astrologers have been extolling the wonders of the coming Internet era, and with good reason: The Internet surely has value.
If you were an investor in the 1990s would you have done better with stock or real estate?
Is it true we"ve reached bottom, that this is as bad as the economy will get for the next several years?
The news from Homestore.com was hardly unexpected: After months of falling share prices on Wall Street, ongoing broker complaints, and doubts regarding its business model, the online giant announced yesterday that an "organizational realignment and cost reduction plan" were underway.
If you believed the predictions of the past few years, by now Internet growth would have caused newspapers to close, malls to empty, computer terminals would have replaced college campuses, and the Postal Service would have gone the way of the Pony Express.
If you"re a commercial property investor looking toward 2010, where are the most promising real estate markets in the U.S.?
In a major legal case, the U.S. Supreme Court has ruled in a 5-4 decision that property owners may sue for compensation when environmental regulations reduce the value of their holdings.
Imagine for a moment that two real estate sites are battling for your business. You"re a broker and post listings on both. At the end of the day which site is more interesting?
Peter G. Miller
Peter G. Miller
When it comes to a home transaction, virtually everything is negotiable.
Peter G. Miller
Mia Burmeister-Laws says absorption rates in her area are on the increase, and sales exceeded new listings in March for almost all areas of Charleston, including the Historic Downtown District to Mt. Pleasant to the Outer Islands of Folly Beach, James Island, Kiawah, and Seabrook Islands, Johns Island and Wadmalaw.
There"s no doubt that homes are getting bigger, but should the laws require larger houses? For brokers and builders in the Wisconsin suburb of Franklin, just outside Milwaukee, the answer is "no."
Peter G. Miller
Peter G. Miller
Peter G. Miller
Peter G. Miller
Peter G. Miller
Question: I put down a pre-construction deposit (10 percent) on a Florida condo two years ago. The second 10 percent was due at ground breaking, but today -- more than 24 months later -- the developer has not broken ground. The good news is I"m not stuck in the broken bubble trying to unload a unit a miserable housing market. The bad news is I have no idea if or when this project will happen, and I want my deposit back. The contract has no explicit timeframe requirement for when the condo needs to be completed; however, it does use the language "time is of the essence." When can I ask for my money back?
Question: I have a piece of land that I bought two years ago, and the developer recently dumped his remaining lots at about 40 percent of the price I paid. Can he do this? If I want to refinance to get better terms for my loan, will a lender use my purchase price or will the current comps? I won"t be able to refinance on the basis of the property"s current value.
Question: At the end of 2006 we voluntarily gave our house back to the mortgage company. We had our house on the market for three months, received one offer but it was lower than what we could accept.
Question: As a first time new home buyer, my wife and I are interested in how you feel the mortgage debacle will impact buyers across the board.
Question: I made a cash purchase offer through my broker on a bank-owned property over a week ago. The bank has not replied except to ask if I would provide proof of funds, which I would. It has now been seven business days since the offer was submitted. This property has been on the market over a year. Is there a traditional, standard or usual timeframe to respond to purchase offers?
Question: I have a client who is currently in escrow with a REO property. After the termite inspection, there were significant repairs that needed to be done. The seller agreed to give us a $2,600 credit "towards closing costs" for the repairs. However, they want us to do the repair "after" close of escrow, citing "liability concerns". Why do you think they would want us do the termite repair "after" and not during escrow?
Question: I sold a rental property to my son this year, but my husband and I are listed on the deed with 66 percent ownership and my son 33 percent. The loan was taken out in my son"s name to buy the property. Because my husband and I still have ownership in this property, despite the real estate sales to my son, are we still liable for capital gains tax?
Question: I"m selling my home and know that there is a problem with flooding in one of the bedrooms. In the disclosure statement it only asked if the basement flooded (we do not have a basement). If this room floods will I be liable after the fact? The buyers did have a home inspector in and he did not notice it. I am worried that a year from now they may come back and sue, but I also don"t want to lose my buyer (we are closing in two weeks!)
Question: After taking the last walk-through tour I closed on my house. Everything seemed fine. All the upgraded appliances (Stove/oven, Microwave and Dishwasher) were installed. I was handed the keys to the house the next day at about 4 PM. I did not go to inspect the house on the day of settlement but the next day when I went to the house at about 6.30 PM all the appliances (stove/oven, microwave and dishwasher) were gone from the house. I filed a police report. The officer inspected the house and found out that there was no sign of a break-in, no windows were broken or unlocked and all the locks were intact. He made a report but also suggested that I talk to the builder.
Question: We would like to sell our current house and get a new one but we have yet to be here for 24 months. I have heard that as long as we reinvest in new real estate we won"t have to pay the capital gains tax. Is this true? Please tell me if we can sell now and buy our dream house before without having to pay the tax.
Question: I"m a mortgage lender and have been for 15 years. Since relocating to a new state several years ago, I"ve been continuously fighting a problem with builders and new construction loans.
Question: I assume a licensed real estate listing agent makes more commission when he both lists and sells a house, so wouldn"t I be better off, as a buyer, to always contact the listing agent rather than going though another agent?
Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.
Whether you"re getting ready to sell your home or you"re just in the mood for a spring spruce-up, learning to decorate on a shoestring budget can be rewarding both for your pocketbook and the aesthetics of your home.
Question: I"m getting ready to purchase a new home and found out the rental investments (four of them) on my credit report are driving my score low. What"s the best way out of this. Should I set up a company to hold these companies?
Question: I have a buyer who needed closing cost help. In this case, what I did was I bumped the sales price and wrote a contract $12,000 more then asking price. My buyer never got any cash back, it all went toward closing costs. Is this okay?
Question: I"m a real estate broker. My customer just purchased a ground floor condo by the beach. After escrow closed the adjacent unit had plumbing problems that caused my customer"s toilet to back up.
Question: I own a rental property that was my former home. Soon I will be looking to buy a new home and keep my rental property active. I notice that my former home is on my credit report which will lower my credit score due to owning more than one property and showing that amount of liability. Would you recommend that I open a business account and have the business own the rental property to clear up my debt to credit ratio problem?
Question: I have a $62,000 lien on real property. It"s recorded on the official records. Still, the owner was able to get a $77,000 home equity line of credit. How can a lender provide such financing when there"s already a lien on the property?
Question: I"ve been a broker for more that 20 years and this is the first time I have come across this question. In a small group discussion about disclosure a recent buyer wanted to know why the sellers didn"t have to disclose that the house had ghosts? I was more than a little surprised. One member of the group told me her next door neighbor"s house had been haunted for years. The original owners moved out because of the ghosts and the subsequent three renters moved out for the same reason.
Question: We currently have our home listed for sale. The most our broker has done is list it on our local MLS, we have had only two people interested in looking at it and both times other brokers entered with the lockbox and our broker was not there.
Question: My mother bought a condo few months ago and the deed and title are under her name alone. I am trying to add my name to the deed as well. Is there anyway I can add my name to the deed without having an attorney? What forms should I buy or need and how can I do so?
Question: I own a two-family house and want to sell it fast. I"m not in a position to go through the hassle of hiring a broker and showing it every day. How can I find a reputable investment company and would this route be advisable? Would I lose much in profit?
Question: I just leased a duplex unit. Yesterday, a neighbor told me that it had been a meth lab, and that the tenants" van exploded, burning the street.
Question: I made an offer on a property that was $4,000 below market value because the home has a water problem that the seller is not willing to fix. We called around and found a contractor who would fix the water problem for $3,000. I submitted an offer indicating that I will fix the problem myself. The next thing I know, the broker says he received another offer on the property.
Question: I"m in the California National Guard. I have been activated and am currently stationed in Iraq. My tour is almost over at which point I will be returning to my civilian life. During my time here I have read various books regarding real estate investing, particularly the purchase of rental properties.
Question: I have five homes including my residence. I rent four and break even. Recently I have seen a huge gain in what they are worth on the market. I did an accurate net worth and realize I have over $1.6 million in net equity spread among the five. Should I start cashing out and how do I do this without seeing a huge capital gains hit?
Question: I purchased a four-year old home nearly two years ago in northern California. At that time a home inspection was completed. After moving in I noticed that my coffee table in the living room sat at a slant. The slope is extremely noticeable and there is no way anyone living in the house could not notice it. I thought the slant was probably due to the poor quality of the carpet and its pad.
Question: I own a condo. Paid $130K in 1994. I owe $90K still. Condos identical to mine now sell for $279K. But if I sold merely to reap the profit, I would only be able to buy another condo just like it. Modest houses here are $350K up. (I make $50K/year and raises won"t be much in the future.) I plan to retire at age 67 in 2014, so I have been paying additional principal every month ($200) to be mortgage free by mid-2013. (Interest rate is 8 percent -- high, I know, but I haven"t wanted to pay the $2-3K quoted refi fees and figured $200 extra principal each month had the same effect.) I would very much like to move into a HOUSE. I have cats and dogs and want to garden. Advice?
Question: Our home is appraised for $239,000. It has been for sale for eight months with three brokers and we have dropped the price three times. There have been two open houses and three showings. We need to sell. What can we do?
Question: I have been renting in a major metro area. Last year I decided to research buying a home. I was utterly shocked at the cost of housing. For example, a drafty 5-room starter home built in 1920, in need of work, located well outside of the city, goes for a quarter million. The house that I grew up in is worth well over 300k (my parents paid 39k for it in 1977) and anything close to the city (within an hour) -- forget it.
It"s the latest in Home Design -- a design which is both friendly to the environment -- AND cuts down on the cost of your monthly food bill.
Question: I am a real estate salesperson who listed a 1-bedroom, 1-bath condo last March. It"s still for sale. Two people have looked at it-- in total. We have lowered the price two times and have offered a $1,000 bonus to the agent who brings a buyer. Nobody is even calling. Any suggestions would be greatly appreciated.
Question: What is the average annual national rate of appreciation of residential properties during the past 20 to 25 years?
Question: What does the term "under contract" mean?
At a $143,000 median it"s no wonder than many coastal dwellers have been making the move inland. The out-migration from certain high priced states, such as California and Florida, has boosted population in the Midwest.
Whether or not we go to war with Iraq, to date thousands of military personnel have been called to active duty, and it is not clear how many more will be called upon to serve in the days or months to come. Borrowers who have been called up for military duty are entitled to relief under a very old law known as the Soldiers and Sailors Civil Relief Act. And these benefits apply regardless of the nature of the debt -- mortgage, auto loans and even credit card debt.
With real housing prices falling at a rate of approximately 1.5 percent, the Center for Economic and Policy Research predicts that most Baby Boomers will be financially devastated if the housing crunch continues to 2009.
Finally there"s some good news for the housing market. The market"s still terrible, but you can feel better about it if you take Lexapro.
It"s getting harder for you to impress buyers and sellers. Sellers are using sites like Zillow and YouTube because they can upload the same listing information as professionals can, if not better.
Now that home prices have dropped nationwide, home price indexes are multiplying faster than bogeymen at a campfire. The reason they"re worth watching is some indexes have an agenda. And that could be to scare homebuyers away.