Archive for October, 2007

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One Day Sale!

October 26, 2007

I like thinking outside the box. There is a new concept in real estate sales and it’s the one-day sale concept described as follows:

One-Day-Only Sales Help Concentrate Buyer Minds
Real estate professionals looking to drum up interest in homes in good condition and in desirable locations might want to consider a one-day sale to get buyers’ attention, provided that the seller is willing to reduce the price to the next major price point to achieve a sale.

Top-producing sales associate Angie Martinson of southern Oregon, for example, held a one-day sale for a $219,000 home, lowering the price to $199,000 for the event. Martinson prepared by informing other sales associates and investor friends, advertising in the local paper, and teaming up with a local lender.

Just before the open house, she put up signs, balloons, and flyers throughout the neighborhood. The event attracted 10 groups of buyers and ultimately resulted in a sale. While the event itself was not the reason why the home sold, it succeeded in persuading buyers to take a look.

Source: Realty Times, Jim Remley (10/23/07)

Keep an eye out for this new tactic in the Orlando market where anything may go in 2008!

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Who Is To Blame?

October 22, 2007

We find ourselves in a certain calamitous situation and everyone either wants to blame someone or find the magic pill to cure what ails us…I’m talking of course about the economy.The problem, quite simply is poor lending practices and greedy Wall Street leaders who have led us down a primrose path of high risk loans and poor judgment. A recent article by Ben Stein uncovers the mysteries of high finance and places some blame at the feet of CEOs who went for high profits versus sound lending practices.

The other problem is the news outlets who think it’s acceptable to write negative press without cause that strikes fear and dread in the hearts of homeowners everywhere. Sure there are some bad loans. But overall, the economy is strong, home prices are low and unemployment remains low. Where are those optimistic news articles? You won’t find them.

We are not in perilous times. We are not even close to a depression. Newspapers sell BAD NEWS, it’s their business and we buy into it. Look around…this is a GREAT TIME TO BUY and you may not find a better time to buy in the near future. Once prices rise, and you and I both know they will, you will be left behind. And yet, we still have buyers who want to wait for rock bottom prices. Wait much longer and you may miss not only low prices but low interest rates.

Buy a HOME not an investment. Make a sound decision and seek the advice of a qualified agent. That’s the start to a better tomorrow!

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Most Expensive ZIP Codes

October 8, 2007

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In case you missed it last week, Forbes published their list of the 500 most expensive zip codes in the U.S. for 2007. 07620 (Alpine, New Jersey) and 33109 (Fisher Island, Miami Beach, Florida) tied for the top spot, with a median price of $3.4 Million. The rankings are based on median sale prices from June 2006 to July 2007 and are dominated by zips in California, Florida, and the NYC metro area. If the rankings surprise you, it is worth noting that, as with all such studies, the methodology determines the results. As the author notes:

Though often shorthand for neighborhoods, ZIPs don’t change to reflect shifting neighborhood or demographic boundaries. The result? Our list is a bit slanted toward low-density enclaves like Alpine, where there are 333 people per square mile, as opposed to parts of Manhattan, where there are 45,800 people per square mile and a larger variance of home prices.

In a world of lies, damned lies and statistics, it is nice to see a bit of explanation instead of spin.

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Buying a Haunted House

October 4, 2007

by Linda Hutchinson

Can ghosts really help a house sell? According to Holden Lewis – they sure can. That is, assuming they are “friendly ghosts.

I can tell you that many times I have told people that some homes have a “feeling” about them. You can sense a house that has been neglected and you can also sense a house that has been well-loved and cared for. Some homes just sag from neglect. Ask any experienced or long-time real estate agent and they will know exactly what I am talking about. I have also been in homes that gave me such a creepy feeling that we felt the urge to leave immediately. Call it a ghost or just a house with bad karma, but I would’nt stay!

While I have never sold a haunted house, I wouldn’t question the theory that some homes might have stories and episodes that are hard to explain. And I do know this, if I sold a house that’s haunted, I sure hope the “invisible” residents are friendly! Happy Halloween!

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Buyer/Seller Logjam

October 1, 2007

In a recent article by Diane Hyman, she states that “Home Buyers are less willing to Compromise in Today’s Market.” She goes on to state that Sellers should drop their prices and be realistic. While I agree with her in principle, I don’t think all the blame can be placed at the seller’s feet.In today’s market I am weary of everyone blaming the market on the seller’s unwillingness to compromise. Recently, I had a home listed for $699,000 and it was at or below “fair market value”. One buyer insisted on repeatedly offering $600,000 for this home. The home was beautiful, in model home condition, great location, and well -priced but the buyer felt that the sellers should accept his ridiculously low offer. I now find myself telling buyers, “I do not think is the right home for you”. This was done after obviously consulting the sellers who were outraged at the offer.

All too often sellers are expected to price their homes at below-market prices, and buyers still insist on offering thousands of dollars less than list price. In Orlando real estate, the average home sells within 95% of list price. I am not sure who has informed buyers that this statistic has changed and the sellers will accept ridiculously low-ball offers. It rarely happens.

Most Sellers are not hardship cases. Most Sellers can afford to wait till the market turns. Most Sellers are willing to compromise but not to extremes. It is time for everyone in the real estate world to start acting like adults and quit trying to take advantage. For the record, many banks will no longer accept short-sales and will complete foreclosure to maximize their profit. Times sure have changed.

I look forward to the day when we all treat each other with respect, courtesy and fair-mindedness. It’s time to quit taking advantage and become people who are responsible buyers and sellers of real estate. The market is great. Home prices are the lowest they have been in years and great deals are out there. I can only hope that we can return to a time where reasonable offers are tendered and everyone works to the better good of all parties.