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Sometimes it’s hard for sellers to believe there are people actually buying homes. The National Association of Realtors performs a consumer survey every year. Here is some information from 2009 transactions that might help you tailor a marketing approach for your property.
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As recently as a couple of years ago, I generally would not pursue most owner finance transactions. There were two reasons. Up until that time money was obscenely available, so if the prospect couldn’t qualify for a bank loan, they should have been more concerned with finding a pulse in their arm than buying a house. The second is that homes were selling well, so there was no incentive for sellers to tie up their assets in owner financing the sale of their homes.
Two phrases come to mind when describing the state of the real estate market lately.
The first I attribute to Dan Forsman, President of Prudential Georgia Realty, which goes like this: “As the pieces of the pie get smaller, the table manners get worse”. I cannot recall so many people, both real estate professionals and their clients, having such a bad attitude toward other people. Just because it’s a “buyer’s market” does not give anyone the right to forget what their mother taught them about common courtesy. (more…)
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A couple of weeks ago, I made a statement reflecting analyst predictions that interest rates would reach 6% by year end. I’m not even sure the ink is dry on that one, and now interest rates are trending lower. Now before you make fun of me, I can explain. (more…)
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So as of last Friday, the home buyer tax credit can rest in peace. I never got the feeling that it ever really took off like we expected. I had some clients that took advantage of the $8,000 credit to provide or beef up down payments, but I think they would have purchased a new home anyway. The credit just helped them along. That means that in many cases, all we did was spend tax dollars for a non-stimulus, which is typical of government intervention.
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I was going through some papers last week (okay, I was cleaning up my junk pile) when I came across an article written by John Adams in the AJC. It was called “Inside Advice” and titled “2008 prognosticators show existing home sales going up”. (more…)
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Our job as professional Realtors® these days is to listen to all the excuses people use to put off buying a new home. “The market will keep going down. The interest rates are staying low. The windows are a little dirty. There is no reason to hurry in a buyer’s market. I’m looking for a $350,000 home for about $140,000.” I’m sure my fellow agents can come up with a few more. It would be hilarious if it were not so tragic, watching people wring their hands in “analysis paralysis” while the deal of their lives slips away before their eyes. (more…)
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The most astute appraisal of President Obama’s performance to date. If anyone sees an error or an exaggeration in the below please bring it to my attention.
One of Bob Oster’s CEO friends wrote this. Bob respects him highly. (For those on this list who don’t know Bob: he was CFO of Oracle when it went public, also CFO of Syntex, and holds a Ph.D. in economics from Berkeley. Since 1987, he has been an angel investor and private VC. He is on the Board of Overseers at the Hoover Institution.) (more…)
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The implementation of HVCC (Home Valuation Compliance Code) went into effect May 1. It is the new appraisal requirement negotiated by FannieMae and FreddieMac with the New York Attorney General in settlement over a pending lawsuit. (more…)
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I was at a party a couple of weeks ago. A friend of mine, who has been very helpful to my business over time, made the comment that too many real estate agents just want to list property without actually “doing anything”. That is a common perception about our business. It got me to reflect on what it is that good agents actually do. (more…)