Posts Tagged ‘For Sellers’

Home Sales

MIAMI - APRIL 24: A home is available for sale...

More news for the housing market…I found this article today on Recordnet.com 

WASHINGTON (AP) — Sales of new homes plunged to a record low in January, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.

The Commerce Department reported Wednesday that new home sales dropped 11.2 percent last month to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rise about 5 percent over December’s pace. Read more if you like bad news…

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Home Prices Decline!

Home prices fell in November for the first time in seven months, according to a industry report released Tuesday.

The S&P/Case-Shiller 20-city home price index recorded a decline of 0.2% from October. Prices were down 5.3% compared with 12 months ago. Read more from CNN.com…

The Real Estate Market…

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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.

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Door Knocking!

Chaplin Estates (part of Yonge-Eglinton)

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When I started in the real estate business many years ago; finding a customer or client was easy! I picked out a neighborhood that seemed likely to me that someone would need an eager real estate agent and I knock on the door and left my business card. If, I left enough cards with a little note on the back, eventually I would have some call backs about why I was at their home. I always tell the truth!!! I told the caller that I was looking for new clients who might be interested in buying or selling a home; and I was wondering if they knew anybody! This is known as “Door Knocking” which can work well for the agent and also for the customer who wants a hard working real estate agent.

I’m not sure if door knocking works today, because I have not done it on a regular basis for about 25-30 years. Also, most of the sellers’ these days are banks that usually are a little difficult to find. I’m not really sure where their front door is!

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Will the $8,000 First-Time Home Buyer Tax Credit Be Extended?

LibraryBuyIf 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???

Home Inspections Avert Future Headaches

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Suppose you bought a house and later discovered, to your dismay, that the stucco exterior concealed a nasty case of dry rot. Or suppose that when you fired up the furnace in the winter, you discovered a cracked heat exchanger leaking gas into your home. The best way to avoid unpleasant surprises like these is to arrange for a home inspection before you buy.

Home Inspections Help You Avoid Unpleasant Surprises

A good home inspection is an objective, top-to-bottom examination of a home and everything that comes with it. The standard inspection report includes a review of the home’s heating and air-conditioning systems; plumbing and wiring; roof, attic, walls, ceilings, floors, windows, doors, foundation and basement.

Getting a professional inspection is crucial for older homes because age often takes its toll on the roof and other hard-to-reach areas. Problems can also be the result of neglect or hazardous repair work, such as a past owner’s failed attempt to install lights and an outlet in a linen closet.

A home inspection is also a wise investment when buying a new home. In fact, new homes frequently have defects, whether caused by an oversight during construction or simply human error.

Getting an Inspector

Real estate agents can usually recommend an experienced home inspector. Make sure to get an unbiased inspector. You can find one through word-of-mouth referrals, or look in the Yellow Pages or online under “Building Inspection” or “Home Inspection.”

Home inspections cost about a few hundred dollars, depending on the size of the house and location. Inspection fees tend to be higher in urban areas than in rural areas. You may find the cost of inspection high, but it is money well spent. Think of it as an investment in your investment – your future home.

Some builders may try to dissuade you from getting a home inspection on a home they’ve built. They may not necessarily be trying to hide anything because most builders guarantee their work and will fix any problems in your new home before you move in. Some builders, in fact, will offer to do their own inspections. But it’s best to have an objective professional appraisal – insist on a third-party inspector.

An Inspection Will Educate You about Your House

Education is another good reason for getting an inspection. Most buyers want to learn as much as they can about their purchase so they can protect their investment. An examination by an impartial home inspector helps in this learning process.

Ask if you can follow the home inspector on his or her rounds. Most inspectors are glad to share their knowledge, and you’ll be able to ask plenty of questions.

Inspection Timing and Results

Homebuyers usually arrange for an inspection after signing a contract or purchase agreement with the seller. The results may be available immediately or within a few days. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions. In some cases, you may be advised not to buy the home unless such problems are remedied.

You could include a clause in your purchase agreement that makes your purchase contingent upon satisfactory inspection results. If major problems are found, you can back out of the deal. If costly repairs are warranted, the seller may be willing to adjust the home’s price or the contract’s terms. But when only minor repairs are needed, the buyer and seller can usually work out an agreement that won’t affect the sale price.

Home Valuation Code of Conduct

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.

July 2009 Median Prices

County/City/Area            Jul-09              Jul-08              Y-T-Y % Change

San Joaquin County      $165,000         $220,500            -25.2%

Lodi                                    $180,000         $235,500           -23.6%

Manteca                             $193,000         $255,000          -24.3%

Ripon                                  $289,000         $328,500          -12.0%

Stockton                             $120,000         $160,000          -25.0%

Tracy                                   $239,500         $300,000          -20.2%

The above median home prices were generated from DataQuick Information Systems. For more real estate news and information check out the California Association of Realtors website at http://www.car.org

Realty World Convention Huge Success!

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.”

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www.realtyworldnca.com

Median Home Price Jumps!

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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