A story in USA Today quotes the National Association of Realtors as saying that the median sale price for resale homesrose in 67 out of 151 metropolitan areas in Q4 of 2009, a sharp increase over the previous year
The national median price for a home was $172,900, and it was the smallest price decline in more than two years.
Real Estate analysts fear that the end of the homeowner tax credit may signal another decline, and there is also a fear that more homeowners who are hanging onto their homes could yet default, creating another wave of price declines.
Thursday, February 11, 2010
Wednesday, February 10, 2010
Corporate or bank owned?
Banks are getting more and more crafty in what they want realtors to say in the MLS. The latest is that the banks feel their properties are stigmatized when the listing says that it is an REO or is bank owned. So now we are seeing lots of listings that say that the house is 'corporate owned'.
'Corporate owned' used to mean that the house had been bought by a company when they transferred an employee, and the employee couldn't sell the house in a timely manner, so the company guaranteed the sale in order that the employee could move on to his new posting.
Buyers' agents need to know this distinction, because they will counsel their buyers to make offers based on different criteria if they think the property is bank owned or actually owned by the employer of the person who used to live there. Check the tax records first, and if that doesn't give the information you need, you'll have to ask the listing realtor.
'Corporate owned' used to mean that the house had been bought by a company when they transferred an employee, and the employee couldn't sell the house in a timely manner, so the company guaranteed the sale in order that the employee could move on to his new posting.
Buyers' agents need to know this distinction, because they will counsel their buyers to make offers based on different criteria if they think the property is bank owned or actually owned by the employer of the person who used to live there. Check the tax records first, and if that doesn't give the information you need, you'll have to ask the listing realtor.
Realtors education paramount when chossing a realtor
Any realtor who thinks that 24 hours of continuing education every two years is sufficient to keep them in the game is not only dreaming in technicolor, but is likely not serving clients with the most up to date information on today's ever-changing market.
With banks and government changing the rules of engagement about once a week, every realtor should be taking continuing education courses as often as that, just to stay abreast of new developments.
And realtors who only take courses they can utilize for their required continuing education hours, need to wise up and be taking courses for the sake of their own edification and the better serving of clients, not just because the have to take a certain number of hours to hold onto their license.
It's a different world out there, and realtors need to realize that we will never return to a market like we had even a couple of years ago. Times have changed and realtors need to change too.
I take at least 60 hours a year of continuing education, plus I subscribe to dozens of websites, news feeds, twitters, blogs, etc and even some snail mail magazines, which I read every day. And I learn something new every day that I can use in my business.
With banks and government changing the rules of engagement about once a week, every realtor should be taking continuing education courses as often as that, just to stay abreast of new developments.
And realtors who only take courses they can utilize for their required continuing education hours, need to wise up and be taking courses for the sake of their own edification and the better serving of clients, not just because the have to take a certain number of hours to hold onto their license.
It's a different world out there, and realtors need to realize that we will never return to a market like we had even a couple of years ago. Times have changed and realtors need to change too.
I take at least 60 hours a year of continuing education, plus I subscribe to dozens of websites, news feeds, twitters, blogs, etc and even some snail mail magazines, which I read every day. And I learn something new every day that I can use in my business.
Sunday, November 29, 2009
How to find Chinese Drywall in your home
Lots of talk these days about Chinese Drywall. How can you tell if it's in your house? The National Assoc of Home Inspectors fall 2009 issue of their Forum newsletter states the following: Common features of the reports submitted to the Consumer Product Safety Commission and the EPA:
1. Consumers have reported a 'rotten egg' smell within thier homes.
2. Consumers have reported health concerns such as irritated/itchy eyes/skin, difficulty breathing, persisent cough, bloody noses, runny noses, recurring headaches, sinus infection & asthma attacks.
3. Consumers have reported blackened/corroded metal components in their homes & frequent replacement of components in their air conditioning systems.
4. Consumers report these symptoms in houses that were constructed in 2006-7.
5. Most complaints came from the states of Fla, Louisiana, Ala, OH, Mississippi, Missouri, CA, Wisc., Va, WA, Wy, DC, AZ & Tennessee.
6. Most complainants stated their symptoms were better when they were away from their houses, and got worse when they returned home.
If you suspect your home has Chinese Drywall, document this with health authorities in your area, your state/local representatives and www.cpsc.gov/cgibin/incident/aspx, your insurance company, & your homebuilder with your concerns. CPSC continues to investigate.
1. Consumers have reported a 'rotten egg' smell within thier homes.
2. Consumers have reported health concerns such as irritated/itchy eyes/skin, difficulty breathing, persisent cough, bloody noses, runny noses, recurring headaches, sinus infection & asthma attacks.
3. Consumers have reported blackened/corroded metal components in their homes & frequent replacement of components in their air conditioning systems.
4. Consumers report these symptoms in houses that were constructed in 2006-7.
5. Most complaints came from the states of Fla, Louisiana, Ala, OH, Mississippi, Missouri, CA, Wisc., Va, WA, Wy, DC, AZ & Tennessee.
6. Most complainants stated their symptoms were better when they were away from their houses, and got worse when they returned home.
If you suspect your home has Chinese Drywall, document this with health authorities in your area, your state/local representatives and www.cpsc.gov/cgibin/incident/aspx, your insurance company, & your homebuilder with your concerns. CPSC continues to investigate.
Wednesday, November 11, 2009
Choose the right Home Inspector
In these days of neglected short sale and foreclosed homes, it's extremely important to choose the right home inspector. This is equally important whether you act for the buyer or seller. If you are the listing agent you are responsible for the buyer's inspector that you allow into your seller's home.
First, ask to see the inspector's license or certification prior to allowing him/her into the home. I ask to have this info faxed or emailed to me for my file. In addition, ask for current liability insurance, worker's compensation and errors/omissions insurance. Also ask for proof that you, as the realtor, are indemnified from any errors the inspector might be responsible for. If the inspector can't provide all of this, don't recommend him to your buyers, and don't allow him in to your seller's house.
Second, ask how many inspections the inspector has performed personally, and how much and what kind of continuing education he has taken in the last year, and decide if you want to rely on this person's expertise.
Third, ask for the inspector's affiliation with a national or international home inspectors' association, such as NAHI or ASHI.
Next, ask how long the inspection will take, if it is being performed using the state's Standards of Professional Practice, and if he will be providing a copy of those standards to the buyer. Using those standards, an inspection should take a minimum of three man hours. On a larger house, it can take up to 8 or more man hours. If not, find another inspector.
Fifth, ask if the inspector will be training anyone during your inspection. If so, note that the trainee is not allowed to perform any tests or inspecting of house components without direct supervision. The trainee is not there to lighten the inspector's load and do half the work.
Six, ensure that your inspection will be completed on site, and discussed with the buyer on site or soon after, if the buyer can't be there. The report should have both check list and narrative, as well as photos, and should be emailable to the client. It should not be hand written in this electronic age.
Seven, ask what extras will be performed. Termite inspections, infra-red and mold inspections, energy audits all require further training, tools and time, and consequently cost more. Ask to see those certifications as well.
Remember, legitimate inspectors will always be willing to provide all this information and more, and most short sales and almost all bank owned properties require every bit of the inspector's expertise as they have usually been neglected for a long time. Without ongoing maintenance, houses deteriorate quickly. Never look for the cheapest price when shopping for a home inspection. Look for everything listed here, and you won't be sorry later.
First, ask to see the inspector's license or certification prior to allowing him/her into the home. I ask to have this info faxed or emailed to me for my file. In addition, ask for current liability insurance, worker's compensation and errors/omissions insurance. Also ask for proof that you, as the realtor, are indemnified from any errors the inspector might be responsible for. If the inspector can't provide all of this, don't recommend him to your buyers, and don't allow him in to your seller's house.
Second, ask how many inspections the inspector has performed personally, and how much and what kind of continuing education he has taken in the last year, and decide if you want to rely on this person's expertise.
Third, ask for the inspector's affiliation with a national or international home inspectors' association, such as NAHI or ASHI.
Next, ask how long the inspection will take, if it is being performed using the state's Standards of Professional Practice, and if he will be providing a copy of those standards to the buyer. Using those standards, an inspection should take a minimum of three man hours. On a larger house, it can take up to 8 or more man hours. If not, find another inspector.
Fifth, ask if the inspector will be training anyone during your inspection. If so, note that the trainee is not allowed to perform any tests or inspecting of house components without direct supervision. The trainee is not there to lighten the inspector's load and do half the work.
Six, ensure that your inspection will be completed on site, and discussed with the buyer on site or soon after, if the buyer can't be there. The report should have both check list and narrative, as well as photos, and should be emailable to the client. It should not be hand written in this electronic age.
Seven, ask what extras will be performed. Termite inspections, infra-red and mold inspections, energy audits all require further training, tools and time, and consequently cost more. Ask to see those certifications as well.
Remember, legitimate inspectors will always be willing to provide all this information and more, and most short sales and almost all bank owned properties require every bit of the inspector's expertise as they have usually been neglected for a long time. Without ongoing maintenance, houses deteriorate quickly. Never look for the cheapest price when shopping for a home inspection. Look for everything listed here, and you won't be sorry later.
Saturday, November 7, 2009
New Rules for Housing Tax Credit
As we all expected, President Obama has signed into law the extended and expanded Tax Credit Bill today.
· Click here for a quick comparison of the current bill and the newly revised one.
· Click here for the frequent asked questions about home buyer tax credit.
If you still have question whether you are eligible for this last time tax credit, feel free to call or email me.
· Click here for a quick comparison of the current bill and the newly revised one.
· Click here for the frequent asked questions about home buyer tax credit.
If you still have question whether you are eligible for this last time tax credit, feel free to call or email me.
Wednesday, November 4, 2009
Builders pinch pennies on construction
Pinching Pennies on Construction - As buyers seek to pay less for new homes, builders are finding ways to economize. Here are some ways in which builders cut costs, and the issues for the buyer to consider: 1) 17-foot double garage - The recommended width is 20 feet. Makes it harder to get in and out of cars.2) Textured walls and ceilings - Hard to repaint and repair. 3) Smaller central air - It takes a long time to cool the home. 4) Advanced framing - Studies suggest that placing studs at 24-inch intervals rather than 16 doesn’t affect structural integrity. It leaves more room for insulation, which is a good thing. 5) Fixed windows - Not being able to open windows can be a huge inconvenience.
See full article for estimated savings to builder.http://www.realtor.org/rmodaily.nsf/pages/News2009110206
See full article for estimated savings to builder.http://www.realtor.org/rmodaily.nsf/pages/News2009110206
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