Dave Thurman's Real Estate Blog

Most real estate firms think that a statewide MLS (Multiple Listings Service) is a good idea, but the question remains can or will all the local AOR (Association of Realtors) and the profit earning MLS’s be able work together for the benefit of the public and the real estate agents. Several years ago the CVAR (Central Valley Association of Realtors) had a significate dispute with MetroList MLS when the local AOR attempted take back control of their MLS territory in the Stockton / Tracy / Modesto area.

The California Association of Realtors® appears to be in support of the statewide MLS and cal REDD

 In my opinion real estate agents and brokers should support the CAR and take back their MLS for the good of their clients and their own future as a small business professional. Also, brokers need to take back and fix the realtor.com website.

As a proven real estate professional; I have often been asked why did you purchase a Realty World franchise? Especially, when many of the other larger real estate brokerages have been dropping the franchise and going independent. Well, there are many reasons…but here are a few of them.

• A successful and internationally recognized brand name
• A structured business operating system with proven technology, marketing, advertising and training
• The most successful online advertising program available in real estate
• Economies of scale on all types of products and services that are absolutely affordable for even a one-person office

The power of a brand name!

Image via Wikipedia

I found this fascinating quote today:

We have already seen the real estate market improve every quarter of this year to date, stimulated by the tax credit, great mortgage rates, and moderate prices. Though the lack of mortgage liquidity negatively impacted the attempts of some buyers to gain entry to home ownership, on the whole , the true worry was whether the gains in the market would be sustainable – with the extension of the tax credit through the spring, that question would be answered.Bill Lublin, MOVEPHILLY, Oct 2009

 You should read the whole article.

 

If you are considering going into the real estate profession or if you are a REALTOR®  trying to decide if you should stay in the business; I would highly recommend that you listen to what Carole Rodoni has to say.  I am not easily impressed by others, but I feel her very strong opinions about the real estate business and our nation’s economy in general are “right on”!

Carole Rodoni is a highly regarded speaker, author and advisor in the Bay Area Real Estate Industry. Formerly President of Fox & Carskadon Realtors, COO of Cornish and Carey Real Estate, President and COO of Alain Pinel Realtors, and now the President of her own consulting firm, Bamboo Consulting.

I had the pleasure to hear her speak at our Realty World convention held last August 14th and was very impressed by her knowledge. She seems to know what is really going on in the real estate market and also what is happening in Washington D.C.

Please take the time to listen to this lady…youtube.com or purchase her newsletter for $100 per year. http://www.bambooconsultinginc.com

If you are a first-time home buyer planning to purchase a home within the next 90 days or so; the above title should be on your mind. Will the $8,000 First-Time Home Buyer Tax Credit Be Extended? The deadline is coming up the end of November 2009.

There has been discussions in congress of  a six month extension of the credit and Sen. Johnny Isakson, a Georgia Republican who worked in the real estate business before turning to politics, has been pushing for an expansion of the credit for some time. Read more…

The auto industry got “Cash for Clunkers”…How about a little help for the housing industry? Wouldn’t that help our economy???

Almost every buyer seems to be frustrated about the home buying process…well they certainly should be! The inventory of homes, active listings has been delayed for months, due to foreclosure moratoriums. Usually, the home has a sale pending or ten offers waiting for an answer which never comes. Well, another problem which many home buyers are not aware of is called Home Valuation Code of Conduct (HVCC).

 The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. REALTORS® and mortgage brokers are prohibited from selecting appraisers. It was effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac.

 All summer real estate transactions have been delayed, re-negotiated and cancelled. According to a July 2009 survey of REALTORS®, 76 percent of respondents said the length of time to obtain a completed appraisal report increased after May 1, 2009. More than one third of REALTORS® have lost at least one sale because of a delay in the appraisal process.

Friday, August 14th, 2009 – Realty World Northern California & Nevada held our Annual Convention in Pleasanton. Wow, even in this tough market there was a full house with approximately 500 REALTY WORLD Agents and Brokers!

Scott Leforce, President welcomed the Realty World brokers promtly at 9:00 AM at the “Brokers Council” as we all got down to business. One of the most unique characteristics about Realty World is the fact that our company is helped run by our brokers through a Brokers’ Council.

I was very impressed by “Featured Keynote Speaker” Carole Rodoni, President of Bamboo Consulting  and a Real Estate Industry Expert and News Columnist. Her comments and understanding of the current real estate market and our nation’s economy were “right on”, in my opinion.

The agenda also included:

• Keynote Speeches & Panel Sessions
• Exhibitor Hall
• Free Lunch
• Professional Agent Photos & Videos
• Prize Giveaways

The Realty World Strategy For 2009…”Our goal by year’s end is to have the largest online presence by our associates of any real estate company in the United States.”

www.realtyworldnca.com

San Joaquin market appears to be recovering, experts say.

The San Joaquin County real estate market appears to be on the rebound, industry professionals said after a July sales report posted a significant gain in the median price…Read more from Recordnet.com Real Estate

With rising unemployment and 1.9 million foreclosure filings reported in the first half of the year; scammers are coming out of the woodwork in droves. Due to the recent credit crunch and less than careful lending practices by banks, more people are having trouble paying their mortgage. And because the housing market is in a slump, its harder for homeowners in financial distress to sell their home.

Don’t Lose Your Home to Foreclosure “Rescue” Scammers!

Equity Skimming

In this type of scam, a “buyer” approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The “buyer” may suggest that you move out quickly and deed the property to him or her. The “buyer” then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose.

The Balloon Payment

Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal – that is, the entire amount that you borrowed – is due in one lump sum called a balloon payment. If you can’t make the balloon payment or refinance, you face foreclosure and the loss of your home.

Signing Over Your Deed

If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another “lender” may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it’s a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through.

Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don’t own the home any more, you won’t get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your “rent” payments are late, you can be evicted from your home.

Phony Counseling Agencies

Some groups calling themselves “counseling agencies” may approach you and offer to perform certain services for a fee. These could well be services you could do for yourself for free, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale.

The problem is that many homeowners, when faced with foreclosure, panic and think that paying a for-profit company will get them better and faster results. Unfortunately, that typically doesn’t happen.

Stay away form companies that:

• Ask you to pay a fee before the service is rendered.
• “Guarantee” they can stop the foreclosure proceedings.
• Tell you to stop paying the mortgage company.
• Tell you to make your mortgage payments to the “rescue” firm.
• Recommend that you cut off contact with your lender.

Almost every home I have listed in the last six months or so was priced properly according to the most recent real estate data (comps). But also, almost every home received one or more offers at and sometimes above the asking price! What does all this mean? Am I working harder and better than all the other Realtors? Is my marketing that much more superior than the other real estate companies? I would like to say yes, but most likely all of us in the business are having the same results. Properties are selling quickly, if priced correctly to the market place and there are plenty of  buyers who are ready, willing and able to buy.

Stockton CA Residential real estate inventory is low and we have lots of buyers who want to buy now!

The median price paid for a Bay Area home jumped in May as more expensive homes started to sell again. The overall number of homes sold increased for the ninth month in a row… full story

In my opinion… the worm has turned! What do you think?

Realty World – Dave Thurman