tag:blogger.com,1999:blog-31767198025474493092024-03-14T02:37:14.119-04:00REAL ESTATE STRAIGHT TALKPersonal and Professional Musings by Ron MeyersonAnonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.comBlogger49125tag:blogger.com,1999:blog-3176719802547449309.post-56075239140394415662015-11-13T10:27:00.000-05:002015-11-13T10:27:04.904-05:00"It Wasn't Meant to Be"<span style="font-size: large;"><br /></span><span style="font-size: large;">This post may offend some, the truth often does.</span><br />
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<span style="font-size: large;">How many times have you had a business deal fall apart, an inter-personal relationship go kaput, or some other barrier cause your plans to go up in smoke? Now, how many times did you say to yourself, or someone involved say, well "it just wasn't meant to be".</span><br />
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<span style="font-size: large;">I bet there isn't a soul reading this (including myself) that at one time or another hasn't used this excuse to explain away failure.</span><br />
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<span style="font-size: large;">Let me be blunt, there is NO SUCH THING as "meant to be". There wasn't some God, or Angel, or Fairy, or Nymph, or Spirit Animal guiding you through that deal, that relationship, and then when the shit hit the fan decided to let it go splat! </span><br />
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<span style="font-size: large;">The expression "wasn't meant to be" is simply a human way of saying "I don't know what happened, don't want to look, don't want to take any responsibility for it so I'll park it at the feet of (pick your deity)".</span><br />
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<span style="font-size: large;">Probably the greatest weakness I find in myself, and in others, is the unwillingness to accept full responsibility for a situation. It's easy to blame the other guy, blame the market, blame the buyer, blame the seller, blame your parents, blame anything but one's own action or inaction. </span><br />
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<span style="font-size: large;">It's not easy to operate from the viewpoint of "I am responsible". So when things go wrong the first place you look is at yourself. Not to assign blame, but simply admit one was and still is Cause.</span><br />
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<span style="font-size: large;">And therein lies the rub. The human computation that "responsibility" means "blame". It doesn't. Responsibility means Cause. One is always cause, no matter what is happening (even if one can't readily see it or identify it).</span><br />
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<span style="font-size: large;">"It wasn't meant to be" is an excuse for failing, a justification to explain away why something didn't go right. It's lazy. It's naive, and most importantly it's factually FALSE. There is always a reason (or reasons) why something didn't go right. Nothing just "happens".</span><br />
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<span style="font-size: large;">We make our own Fate!</span><br />
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<br />Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-27299407301477663182015-06-10T19:01:00.000-04:002015-06-10T21:37:55.598-04:00What the Martial Arts taught me about life and business<h2 style="text-align: center;">
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<span style="font-weight: normal;"><span style="font-size: large; text-align: justify;">You may not know it, but once I was a true physical specimen </span><span style="font-size: large;">LOL</span><span style="font-size: large; text-align: justify;">.</span></span></div>
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<span style="font-size: large; text-align: justify;">Seriously though for nearly a decade (18-28) I was an active practitioner of the Martial Arts. And for the first 5 years I was hardcore and obsessed, striving for perfection and what Bruce Lee called "authentic self expression". </span></div>
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<span style="font-size: large;"><iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/yN1o51iuWUY/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/yN1o51iuWUY?feature=player_embedded" width="320"></iframe></span></div>
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<span style="font-size: large;">As the years went on and I moved into the workaday world I stopped my formal training, but for the next 10 years or so I would have sporadic bouts of "inspiration" and would start anew. Unfortunately this body keeps getting older (and fatter), so training has gotten less and less over the years.</span></div>
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<span style="font-size: large;">(below is a photo from my 2nd Degree Black Belt Test circa 1992).</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig0jLuHjVqUZIdjfHl_7fAbUEnOkJJNsbU4rei3jwaqUAM7Sjn3LvcHq_2RV1qw7MY9rJPXoTQvz-zQUjwOafGLHCW2HEwaAZApTu9Ku2z3I4KvfMxbuSOLncISdUJWOZi9pSklO2exqR4/s1600/10846357_10153125996550839_4078031226105017608_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig0jLuHjVqUZIdjfHl_7fAbUEnOkJJNsbU4rei3jwaqUAM7Sjn3LvcHq_2RV1qw7MY9rJPXoTQvz-zQUjwOafGLHCW2HEwaAZApTu9Ku2z3I4KvfMxbuSOLncISdUJWOZi9pSklO2exqR4/s320/10846357_10153125996550839_4078031226105017608_n.jpg" width="320" /></span></a></div>
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<span style="font-size: large;">But recently I was thinking about the times when I was at my peak, in my "hardcore" phase, as I wanted to analyze what motivated me, what drove me to succeed, and above all what enabled me to overcome literally anything.</span></div>
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<span style="font-size: large;">The 5 tenets of Tae Kwon Do (my main art of expertise) are Courtesy, Integrity, Perseverance, Self Control & Indomitable Spirit.</span></div>
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<span style="font-size: large;">I'll be the first to admit that I'm not always Courteous, and I don't always fully control myself (though when it came to using my art, I was always in control), and both of these tenets are vital to successful business. I've never had to apologize to someone for being "too Courteous". </span></div>
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<span style="font-size: large;">Further, in today's' business environment one can all too often find themselves in a situation where their Integrity is challenged. I've had many situations arise in my professional life where I had to chose between my Integrity and Money and I've had to walk away from 6 figures rather than compromise what I knew was right. The one time where I didn't walk away, and used a "gray area" to justify "getting paid", my soul suffered, literally. So I can say from personal experience there is no amount of money worth one's Integrity.</span></div>
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<span style="font-size: large;">But the two Tenets I have found most useful, and what I find myself relying on more and more today, are Perseverance and Indomitable Spirit. So these are the two I wanted to take a closer look at.</span></div>
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<span style="font-size: large;">When I was training I would literally spend hours upon hours on the same techniques. In the lower belts one is simply learning the techniques, but from Black Belt on, one is learning to PERFECT the techniques. What is the perfect body motion, the perfect reaction time, the perfect body position, pivot angle, power generation stance, head position, center of gravity location, leg and hip positions and rotations, the list is long. And as I would deconstruct the techniques down to their component parts, and then reconstruct them into lightning fast, smooth motions, a level of self mastery set in. It isn't an accident that the word "art" is used in "martial art". That perseverance to simply execute the "perfect technique", the striving for that "perfect expression" not only made me a great martial artist and fighter, but more importantly taught me one of the most vital lessons of my life. Never give up. Persevere!</span></div>
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<span style="font-size: large;">This aspect of persevering was also ever present in each rank test as I moved up in belt. Rank tests were filled with challenges and fear to overcome. Standing in front of a room full of people, both peers, fellow students, instructors, and the ever dreaded "Masters" table in the front of the room. Having to do forms alone or in pairs in front of all these people can be nerve racking. But as I progressed in my art I found my training took over more and more and there was much less "Thinking". "Action" began to simply "take over". In fact the truest expression of the martial arts has no thinking in it at all.</span></div>
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<span style="font-size: large;">And when it came to sparring, either full contact in tournaments, or "half speed" in class, the juxtaposition between "thinking" and "acting" became ever more acutely present. Nothing pushes you to the limits of your own fear and self-overcoming than being confronted with someone who is trying to kick your head off your shoulders. My greatest wins in sparring/fighting came when I stopped "thinking" and simply "acted". And my greatest defeat, being knocked out for the State title in 1993, came because I was "afraid" of the guy I was fighting since everyone knew he was "crazy". Even though I was as good as he was I was stuck in my head "thinking", couldn't "act" and moved slower than a turtle in molasses.</span><br />
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<span style="font-size: large;">(here is a video I found of the 1993 US Nationals in Minnesota that I attended. I made it to the 2nd round)</span></div>
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<span style="font-size: large;">When I look at challenges today I now find that I get myself in the most trouble when I "think" too much. Have you ever found yourself in a "think-think-think" (grinding) on a problem, worrying about a situation or future needed action, rather than simply LOOKING and then ACTING? </span></div>
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<span style="font-size: large;">Similar lessons could be found in power testing or as its better known "breaking".</span></div>
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<span style="font-size: large;">(This is me breaking a few boards at a Demonstration at the University Of Miami circa 1993)</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhHoGlc-5yiXyTRGhXOhc8eE3pf-lK5j52QTkFugFAfPXcsUDyNYmpbZdSw_uJhJskCCx7DOA6baZRlaC1i9yltyAeOeARhW-WUe2DkPX6cx7Y9b6C_yFFLHSrnY6SVf0-E7YaKWpOo5H4/s1600/10387468_10153125976930839_4739680517573174138_n.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhHoGlc-5yiXyTRGhXOhc8eE3pf-lK5j52QTkFugFAfPXcsUDyNYmpbZdSw_uJhJskCCx7DOA6baZRlaC1i9yltyAeOeARhW-WUe2DkPX6cx7Y9b6C_yFFLHSrnY6SVf0-E7YaKWpOo5H4/s320/10387468_10153125976930839_4739680517573174138_n.jpg" width="320" /></span></a></div>
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<span style="font-size: large;">(Here's a video of a wide variety of Breaking Techniques we Trained on)</span></div>
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<span style="font-size: large;"><iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/_sHB79NnMiA/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/_sHB79NnMiA?feature=player_embedded" width="320"></iframe></span></div>
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<span style="font-size: large;">When you are confronting multiple boards, bricks, tiles or other very solid items that have a greater density than any of your bones, the term "mind over matter" isn't just an epithet. You literally BECOME greater than your body. You literally can't think, or you'll break a bone. Every aspect of Perseverance and Indomitable Spirit comes to the for in breaking and the primacy of ACTING over THINKING is nearly self evident.</span></div>
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<span style="font-size: large;">And so I wanted to look at, and share some of these thoughts with you as I examined what it is I do right and what it is I want to make better.</span><br />
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<span style="font-size: large;">The thousands of hours of martial arts training taught me to simply never give up. And I'll be honest there have been several times in my adult life, personally and professionally, where the thought of "giving up" had crossed my mind. But I have to say, in those darkest moments, the foundation I built all those years ago with my martial arts training seems to get me through. </span><br />
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Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-5095667586677794832015-05-03T15:21:00.002-04:002015-05-03T15:21:36.362-04:00<h2 style="text-align: center;">
Advice for FSBOs (for sale by owner)</h2>
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We live in a "do it yourself" world. I myself never read "directions". I'd rather just figure things out myself. It's a self-starting quality I admire.</div>
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So when I see owners put their homes on the market "by owner" the rugged individualist in me applauds them. But the Realtor in me knows that selling a home takes a unique set of skills the average homeowner just doesn't understand.</div>
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I currently work with FSBOs. And I totally get some people just don't want to hire a Realtor to sell and market their home, but would rather "cooperate" with a Realtor who brings a buyer.</div>
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So...I decided to give them some unsolicited advice.</div>
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<b>1. PRICE</b></div>
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Price is still the driving factor in any real estate transaction. What I have found is many FSBOs don't understand how to price their home in the current market. Factors such as price per square foot, pricing adjustments for condition, location in a neighborhood, trends, etc often get overlooked, and they rather simply look at what the other homes in the area are priced at, ignoring these key factors. As a result many FSBOs sit on the market for many many months. For some this doesn't matter as they aren't really motivated sellers, for others this is a problem. </div>
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<b>2. NON-EXISTENCE</b></div>
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The key to selling anything is getting enough qualified buyers to know your property is for sale, and then to come see it. Until this is done the house "doesn't exist" to the potential buyer pool for that home.</div>
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This point seems intuitive, but its interesting that for many FSBOs the only action they take is to put their home on a website that caters to FSBOs and then wait. They thus become the effect of the web-traffic to that site. This is one of the reasons hiring a Realtor is so valuable. Statistically (upwards of 90%) most homes still sell via the Multiple Listing Service (MLS) as a transaction between a listing, and selling (buyers) broker. In fact the maximum exposure one can get for their home is still the MLS.</div>
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But there are things a homeowner can do to get maximum exposure for their home when not on the MLS. One thing I have implemented is a "FSBO" protocol. I find a seller willing to pay me if I bring them a buyer, I then get their permission to market the property to my large contact database, social media sites, and real estate syndication sites that I have been using for nearly a decade. Granted this is far less exposure than the MLS potentially, but much greater than merely posting on Zillow.</div>
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<b>3. LOGISTICS</b></div>
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Completing the transaction takes alot of time, patience and coordination of moving parts that most FSBOs won't know until they are knee deep in the muck.</div>
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Below is the list of activities a Realtor does in the average transaction. Not all apply in every case, but even in the simplest of deals, there are dozens upon dozens of moving parts to manage. (excerpted from <a href="http://www.orlandorealtors.org/?page=realtordoesforyou" target="_blank">article</a>). </div>
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For the right seller, selling "by owner" is a viable option, and I am happy to work with those who wish to travel this path. But for the vast majority of sellers, hiring a qualified experienced Realtor is still the most cost effective action.</div>
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<span style="font-size: 10pt;"><strong>Seller(s)’ Representation</strong></span></div>
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<strong>Pre-listing Activities</strong></div>
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Contact property owner(s) and make appointment with seller(s) for listing presentation.</div>
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Send seller(s) confirmation of listing appointment and call to confirm.</div>
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Review pre-appointment questions.</div>
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Research appropriate sampling of currently listed comparable properties (i.e., appropriate by property type, price range, and location).</div>
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Research trends and sales activity for an appropriate period (past three to six months is recommended) from MLS and public records databases.</div>
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Research "average days on market” for the property type, price range, and location.</div>
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Download and review property tax roll information.</div>
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Research property’s public record information for ownership and deed type.</div>
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Research property’s public record information for lot size and dimensions.</div>
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Research and verify legal description.</div>
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Research property’s land use coding and deed restrictions.</div>
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Research property’s current use and zoning.</div>
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Ascertain need for lead-based paint disclosure.</div>
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Prepare market analysis to establish broker opinion of value.</div>
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Prepare listing-presentation package with above materials.</div>
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Perform exterior "curb-appeal assessment” of subject property.</div>
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Verify public-school zoning and discuss with the seller(s) the impact of school districts on market value determination.</div>
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Review listing-appointment checklist to verify that all steps and actions have been completed.</div>
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<strong>Listing-appointment Presentation Activities</strong></div>
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Review broker’s and company’s credentials and accomplishments in the market with seller(s).</div>
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Present company’s profile and position of "niche” in the marketplace.</div>
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Give seller(s) an overview and projections of current market conditions.</div>
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Present market analysis results to seller(s), including sold comparables, current listings, and expired.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Offer pricing strategy based on professional judgment and interpretation of current market conditions.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Discuss goals with seller(s) to market effectively.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain marketing power and benefits of the MLS.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain the different marketing options and their effectiveness.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain work the brokerage does "behind the scenes” and the broker’s availability on weekends.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain brokerages role in taking calls to screen for qualified buyers and to protect seller(s) from curiosity seekers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Present and discuss strategic master marketing plan.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review results of curb-appeal assessment with seller(s) and provide suggestions to improve sale-ability.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Research and verify city sewer/septic tank systems. Verify when property’s septic system was last pumped or inspected.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Well water: Confirm well status, depth, and output from third-party well report.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Natural gas: Research/verify the availability of natural gas and supplier’s name and phone number.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify security system, current term of service, and determine if it’s owned or leased.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify if seller(s) has transferable termite bond – obtain a copy of the terms and conditions of bond that may be available to buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Discuss home-warranty program with homeowner.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify if property has rental units involved.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Make copies of all leases for retention in listing file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify all rents and all deposits.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Assess interior décor and suggest changes.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare net sheet for seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review accuracy of current title information with sellers. (If possible, obtain copies of seller(s)’ deed, owner’s title insurance policy, and most-recent survey.)</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify names of owner(s) as they appear in county’s public property records.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify with seller(s) if there are any outstanding or expired construction permits or if any changes have been made to the property since the seller(s) purchased the property.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain copy of current Title Insurance Policy.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Complete listing contract and addenda (using names of seller(s) as they appear on deed or title policy). Obtain seller(s)’ signature(s) on the listing agreement and return a signed copy of the listing contract to the seller(s). (If property is jointly owned, all owners should sign listing agreement.)</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review with seller(s) the standard closing costs and pro-rations typical to the HUD statements.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain seller(s)’ permission to use a lock box.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Measure interior room sizes.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm lot size via owner’s copy of certified survey, if available.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Note any and all unrecorded property lines, agreements, and easements that are known to the seller if they are not otherwise noted.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain house plans, if applicable and available.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review house plans and make a copy.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Post-listing Activities</strong></div>
<ol start="54" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Compile and assemble formal file on property.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain copy of subdivision plat/complex layout.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify with seller(s) if there are any outstanding or expired construction permits or if any changes have been made to the property since the seller(s) purchased the property.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain copy of current title insurance policy.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide seller(s) with a copy of a blank sales contract to review in preparation of their receipt of an offer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Inform tenants of listing and discuss how showings will be handled.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Arrange for installation of yard sign.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Have seller(s) complete the seller(s)’ disclosure form.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Listing Activities</strong></div>
<ol start="62" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Order plat map for retention in property’s listing file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare showing instructions for buyer(s)’ broker and agree on showing-time window with seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Install electronic lock box and program the lock box with agreed-upon showing-time windows.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain current mortgage loan(s) information: companies and loan account numbers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify current loan information with lender(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Identify homeowner association manager, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify homeowner association fees and pending or unpaid assessments with homeowner association manager.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Research electricity availability and supplier’s name and phone number.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare detailed list of property amenities and assess market impact.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare detailed list of property’s "inclusions and conveyances with sale.”</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Compile list of completed repairs and maintenance items.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain benefits of homeowner warranty to seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Assist sellers with completion and submission of homeowner-warranty application.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Place homeowner warranty in property file for conveyance at time of sale.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Make extra key for lockbox.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Place a copy of the seller(s)’ completed disclosure form in the property file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Arrange for interior and exterior photos to be taken for MLS listing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Arrange for creation of a virtual tour if one will be used in marketing the property.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Complete a new-listing checklist.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter listing into office records and/or create listing file. </div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>MLS-related Activities</strong></div>
<ol start="82" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare "MLS profile sheet.” (Listing broker is responsible for "quality control” and accuracy of listing data).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter property data from profile sheet into MLS listing database.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Proofread MLS database listing for accuracy, including proper placement in mapping function.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Take additional photos of the property to upload into MLS and for use in flyers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide seller(s) with a copy of the MLS profile sheet data form.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Add property to company’s active listings list.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Marketing and Showing Activities</strong></div>
<ol start="88" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Create print and Internet ads with seller(s)’ input and approval.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide "special feature” cards for marketing, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Submit ads to company’s participating Internet real estate sites</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Reprint/supply brochures promptly as needed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Create QR codes.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare mailing and contact list.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Generate mail-merge letters to contact list.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Order "just listed” labels and reports.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare flyers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare property marketing brochure for seller(s)’ review.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Order an appropriate quantity of marketing brochures or flyers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
E-mail marketing material to brokers and agents with marketing material.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Upload listing to company and broker’s Internet site, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Mail out "just listed” notice to all neighborhood residents.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Inform Network Referral Program of listing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate showings with owners, tenants, and other REALTORS®. Return all calls promptly (weekends included).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide showing time comments and feedback to seller(s) and recommend changes according to potential buyer comments.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review comparable MLS listings and new trends regularly to verify property remains competitive in price, terms, conditions, and availability.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide marketing data to buyers coming through international relocation networks.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide marketing data to buyers coming from referral network.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Convey price changes promptly to all Internet groups.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Request feedback from buyers’ brokers after showings.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review weekly market study reports.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Discuss feedback from showing sales associates with seller(s) to determine if changes will accelerate the sale.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Call seller(s) weekly to discuss marketing and pricing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Promptly enter price changes in MLS listing database.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Offer and Contract Activities</strong></div>
<ol start="114" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify proper licensure of buyer’s broker and salesperson.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain a signed and dated verification that escrow deposit was delivered to escrow agency.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Receive and review all offer to purchase contracts submitted by buyers or buyers’ brokers.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Evaluate offer(s) and prepare a "net sheet” on each offer, for the seller(s) to make comparisons.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review offers with seller(s) and review merits and weaknesses of each component of each offer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Contact buyers’ broker to review buyer(s)’ qualifications and discuss offer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide seller(s)’ disclosure to buyer(s)’ broker or buyer upon request (prior to offer if possible).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm buyer(s) is pre-approved by contacting lender.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain a copy of the buyer(s)’ pre-approval letter from lender.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Negotiate all offers and counteroffers on seller(s)’ behalf.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare and convey any counteroffers, acceptance, or amendments to buyer(s)’ broker.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
When offer to purchase is accepted and signed by seller(s) ("contract”), deliver contract to selling/buyer(s)’ broker or if none, to buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify contract is signed by all parties.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide copies of the contract and all addenda to closing attorney and the title company.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Record and promptly deposit buyer(s)’ earnest money with escrow agent.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Disseminate "under-contract showing restrictions” as seller(s) requests.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Deliver copies of signed contract to seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide copies of contract to lender.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Inform seller(s) how to handle additional offers to purchase submitted between effective date of contract and closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Change status in MLS to "sale pending”.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Update listing file to show "sale pending”.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Loan-process Activities</strong></div>
<ol start="135" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Contact buyer(s)’ lender weekly to verify processing is on track.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow buyer(s)’ loan processing through to the underwriter.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Relay final approval of buyer(s)’ loan application to seller(s).</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Home-inspection Activities</strong></div>
<ol start="138" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate buyer(s)’ professional home and termite (WDO) inspections with seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
If property is vacant, arrange for power and water to be turned on.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review home inspector’s report and WDO report with seller(s) and discuss issues and options, if needed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter home inspection WDO inspection completion into listing file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify seller(s)’ compliance with home inspection report and WDO report repair requirements.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Recommend or assist seller(s) with identifying trustworthy contractors to perform any required repairs.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain copies of repair bills showing seller(s) has made required repairs.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate entry into the property and buyer’s review of completed repairs, if needed.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Appraisal Activities</strong></div>
<ol start="146" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Make arrangements for appraiser to enter property.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow-up on appraisal.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter appraisal completion into listing file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Discuss appraisal report with seller(s) and suggest options, if necessary.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Closing-preparation Activities</strong></div>
<ol start="150" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Distribute signed contracts to all involved parties (buyer, seller(s), title company, lender, seller(s)/buyer(s) broker, closing agent) and provide contact information as needed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate closing process with buyer(s)’ broker and lender.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Update closing forms and files.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm location, date, and time where closing will be held and notify all parties.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm with closing agent that all title problems have been resolved.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm that the seller has the proper Power of Attorney or trust documents, as required.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Work with buyer(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm with closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Request final closing figures from closing agent.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review closing figures on HUD statement with seller(s) to verify accuracy of preparation.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Forward verified closing figures to buyer(s)’ broker and confirm buyer(s)’ broker has received and reviewed closing figures.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm buyer(s) and Buyer(s)’ broker has received title insurance commitment.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide homeowners warranty for availability at closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Recommend courtesy closing agent for absentee seller(s), as needed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review closing documents with seller(s) and their counsel.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide earnest money deposit check from escrow account to closing agent. If closing agent is holding escrow funds make sure it appears on the final HUD.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate this closing with seller(s)’ next purchase and resolve any timing problems, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm seller(s)’ net proceeds check at closing.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>After-closing Activities</strong></div>
<ol start="168" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide REALTOR® referral information for seller(s)’ relocation destination, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Change MLS status to "sold.” Enter sale date, price, selling broker, and listing broker’s ID numbers, etc.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Close out listing in company files.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow up with seller(s).</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong><span style="font-size: 10pt;">Buyers(s)’ Representation</span></strong></div>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Buyer(s)-presentation Activities</strong></div>
<ol start="172" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Respond to prospective buyer(s) inquiries.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Interview the buyer(s) prospect and obtain buyer(s) personal information and explain the home buying process.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Determine if REALTOR® has a conflicting brokerage relationship or other conflict of interest with the buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Discuss the pre-approval financial process with the buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Suggest at least three mortgage lenders to assist buyer(s) in becoming pre-approved.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Determine through discovery the buyer(s)’ preferences in a home as well as the location, price, size, type of home, special needs, and ADA accommodations etc.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Pre-contract Activities</strong></div>
<ol start="178" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain and review pre-approval letter from lender.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Search the MLS for properties that meet the buyer(s)’ criteria.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Make appointments with seller(s) or seller(s)’ listing broker to show the properties selected by the buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Show the buyer(s) their selected properties.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Offer and Contract Activities</strong></div>
<ol start="182" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Obtain a "good faith estimate” from the buyer(s)’ lender for the target purchase price and review with buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Meet with buyer(s) to preview offer, contract form, addenda, and miscellaneous forms.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Complete offer to purchase and all addenda.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide seller(s)’ disclosure forms to buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Submit offer to purchase signed by buyer(s) to seller(s)’ broker. </div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide credit report information to seller(s) if property will be seller-financed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide buyer(s) a copy of all forms used in making the offer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Negotiate all offers on buyer(s)’ behalf.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Prepare and convey any counteroffers, acceptance, or amendments to seller(s)’ broker.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify final offer is signed by all parties ("contract”), and that all necessary documents are attached.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Deliver fully signed and initialed contract to buyer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Distribute signed contracts to all involved parties (buyer(s), seller(s), title company, lender, seller(s)/buyer(s) broker, and closing agent) and provide contact information as needed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Record and promptly deposit buyer(s)’ earnest money in escrow account or deliver to closing agent and obtain a receipt.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide receipt of escrow deposit to seller(s)’ broker.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Place copies of signed contract in office file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Inform buyer(s) of additional offers to purchase that are submitted between effective date of contract and closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Update listing file to show "sale pending.”</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Home and Termite Inspection Activities</strong></div>
<ol start="199" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide buyer(s) with at least three home inspection companies and three WDO inspection companies from which to select.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate buyer(s)’ professional home and WDO inspection with seller(s)’ broker</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review home and WDO inspection reports with buyer.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter completion of home and WDO inspection reports into the listing file.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Order septic system, well, or mold inspections, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Receive and review septic system, well, or mold reports with buyer(s) and note any possible impact on sale.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide copy of septic system, well and mold inspection reports, if any, to lender and seller(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify seller(s)’ compliance with all inspection repair requirements.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Tracking the Loan-process Activities</strong></div>
<ol start="207" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate with lender on discount points being locked in with dates.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm verifications of deposit and buyer(s)’ employment have been returned.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Contact lender weekly to verify processing is on track.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow loan processing through to the underwriter.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Relay final approval of buyer(s)’ loan application to seller(s).</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Appraisal Activities</strong></div>
<ol start="212" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Schedule appraisal with seller(s) or seller(s)’ broker.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Inform buyer(s) of options if appraisal report is different than the ontract/purchase price.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide comparable sales used in market pricing to appraiser.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow-up on appraisal until completed.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Enter completion into the listing file.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>Closing-preparation Activities</strong></div>
<ol start="217" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Coordinate closing process with seller(s)’ broker, lender, and closing agent.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Update closing forms and files.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify all parties have all forms and information needed to close the sale.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Assist in obtaining power of attorney or trust documents, as required.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Work with seller(s)’ broker in scheduling and conducting buyer(s)’ final walk-through prior to closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm buyer(s) has received title insurance commitment.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm location, date, and time where closing will be held and notify all parties.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm with closing agent that all tax, HOA, utility, and other applicable pro-rations have been resolved.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Request final closing figures from closing agent.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Review and verify closing figures on HUD statement with buyer(s).</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Forward verified closing figures to seller(s)’ broker and confirm seller(s)’ broker has received and reviewed closing figures.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify that seller(s)’ broker has provided homeowners warranty, if purchased, at closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Forward closing documents to absentee buyer(s) as requested, if applicable.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Provide earnest money deposit check from escrow account to closing agent. If closing agent is holding escrow funds make sure it appears on the final HUD.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Confirm collected funds from buyer(s) are available for closing.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Explain filing for homestead exemption.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Verify transfer of all keys (house, mailbox, and HOA/community), garage- door openers, HOA/security/gate access codes, pool equipment, and appliance manuals.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Close out listing.</div>
</li>
</ol>
<div align="left" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 16pt; margin-bottom: 1em !important; margin-top: 1em !important; padding: 0px;">
<strong>After-closing Activities</strong></div>
<ol start="235" style="background-color: white; font-family: Lato, sans-serif; font-size: 14px; line-height: 21.3333339691162px;" type="1">
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Assist with filing claims with homeowner’s warranty company, if requested.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Respond to any follow-up calls and provide any additional information required from office files.</div>
</li>
<li><div align="left" style="line-height: 16pt; margin: 0px; padding: 0px;">
Follow up with buyer(s).</div>
</li>
</ol>
Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-88002856001656415522015-04-10T11:06:00.000-04:002015-04-10T11:37:56.955-04:00NOW IS THE TIME TO BUY & SELL (YES I KNOW IT SOUNDS CLICHE)<br />
<br />
For the first time in nearly a decade the Federal Reserve is hinting that it will begin raising interest rates in <a href="http://realtormag.realtor.org/daily-news/2015/04/09/fed-interest-rate-hikes-likely-in-june#sf8492166" target="_blank">June</a><br />
<br />
What this means for buyers is money will become more expensive, decreasing their purchasing power. As an example on a home purchase of $400,000 with 10% down and a loan amount of $360,000, at today's rates of around 4% the principal and interest is $1718.70. If the Fed raises rates just 1%, that same payment jumps to $1932.56. And if rates climb to 6% that same payment jumps to $2158.38. For buyers on the DTI (debt to income ratio) bubble, they will simply have to buy a cheaper house in a cheaper neighborhood.<br />
<br />
What this means for seller's is there will be fewer and fewer qualified buyers which may begin to flatten or even depress values.<br />
<br />
So if you are a seller, NOW IS THE TIME TO SELL when money is cheap, buyer's are plentiful, and prices are still strong. And if you are a buyer, now is the time to get the most house for your money.Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-69184527941329003852015-03-05T13:12:00.001-05:002015-11-07T13:58:19.497-05:00<h2 style="text-align: center;">
<div align="center" class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 18pt;">"Winning" and "Losing" in a Real Estate
negotiation.<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Can all parties really win in a Real Estate negotiation? Or does
someone have to lose?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">Over the years I've made many observations about the Real Estate
business, and business in general, regarding the subject of negotiations, and
there is ONE prevailing datum that seems to be in operation: In order for
someone to win, someone else has to lose. But is this really true?<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">Let me elaborate. Let's say I represent a seller. They have a
property for sale. A qualified buyer makes an offer. It's a good offer, well
within market value, with a strong bank letter and credit profile. In fact it’s
the best offer on the table. And yet the seller, thinking they have to
"win" the negotiations, end up losing the buyer over
"pennies" or some minor terms point. Conversely, Let's say I
represent a buyer. They find the perfect property, make an offer slightly under
market and comparable data trying to get "a deal" (win), start
negotiating with the seller, but lose the deal over "pennies" or some
minor terms point.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">In both scenarios the deal was lost because neither party wanted
to "lose" the negotiation.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">I'm sure anyone in the Real Estate industry (or any business for
that matter) has 100 stories of how a buyer or seller couldn't get out of their
own way to make a deal.<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">So does a good negotiation have to have a "winner" and a
"loser"? Or can both parties "win". Is a WIN-WIN scenario
in a negotiation even possible in a Real Estate transaction? Is business just
like a sport where there has to be a winner and a loser?<o:p></o:p></span></div>
</div>
<div class="MsoNormal">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal">
<br />
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; font-weight: normal;">I've been giving this a lot of thought lately and I think although
there is an inherent competitive nature to all negotiations, often times they
can spin out of control wherein both parties lose site of the goal of the
negotiation, and simply having to "win" takes over.</span></div>
<span style="font-family: "times new roman" , serif; font-size: 13.5pt;"></span><br />
<div style="text-align: justify;">
<span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><span style="font-size: 18px; font-weight: normal;"><br /></span></span></div>
<span style="font-family: "times new roman" , serif; font-size: 13.5pt;">
<span style="font-weight: normal;"><div style="font-size: 13.5pt; font-weight: normal; text-align: justify;">
<span style="font-size: 13.5pt;">The key to negotiation success is for the ability of all parties involved to be
able to take on the other parties' viewpoint.</span></div>
<div style="text-align: justify;">
<span style="font-size: 18px; font-weight: normal;"><br /></span></div>
<span style="font-size: 13.5pt; font-weight: normal;"><div style="text-align: justify;">
<span style="font-size: 13.5pt;">The buyer should see the deal through the seller's eyes, through their needs
and wants. Conversely the seller needs to be able to see the deal through the
buyer's viewpoint and their needs and wants. It is through this mutual
understanding, and most importantly WILLINGNESS of each party to see the deal
through the eyes of the other, that a true "meeting of the minds" can
take place.</span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: 13.5pt; font-weight: normal;"><div style="text-align: justify;">
<span style="font-size: 13.5pt;">I'll admit this is not an easy task. There are mechanisms in the mind, cultural
differences, and the false data of "having to win" that all
contribute to preventing this ideal scene. But I have found that with practice
anyone can cultivate the ability to take the other guys viewpoint.</span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: 13.5pt; font-weight: normal;"><div style="text-align: justify;">
<span style="font-size: 13.5pt;">So the next time you are locked in a negotiation that more resembles two
Longhorns butting heads, take a step back, and look at the deal (situation)
through the eyes of the other guy.</span></div>
</span>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: 13.5pt; font-weight: normal;"><div style="text-align: justify;">
<span style="font-size: 13.5pt;">Just "BE" the other guy, and then look. It works.</span></div>
</span></span></span></div>
</h2>
Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-91352412996052347572013-08-10T12:57:00.000-04:002013-10-19T22:21:39.658-04:00State of the South Florida Market.<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Its hard to believe 2013 is half over already.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If you've been following the news this year, South Florida
has undergone a complete transformation real estate wise.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Whereas just 24 months ago the market was sluggish, today prices
<a href="http://articles.sun-sentinel.com/2013-07-30/business/sfl-case-shiller-home-prices-link-20130730_1_case-shiller-index-standard-poor-s-case-shiller-greater-fort-lauderdale-realtors" target="_blank">are up</a> and homes are selling within hours or days of listing, for over asking price, and the
winning offer is usually 1 of several placed on the <a href="http://articles.sun-sentinel.com/2013-08-03/business/fl-home-sellers-multiple-offers-20130803_1_south-florida-home-sellers-multiple-offers-counteroffers." target="_blank">property</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
It feels like 2006 all over again.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Many have wondered if we are in another bubble. And many erudite
articles by people with lots of credentials after their names have weighed in.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is no doubt that the artificially low interest rates,
fixed by the FED’s policy, are partly driving the current boom. As long as
money is relatively cheap, and qualified borrowers can still get a mortgage, there will be lots of buyers.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Further, credit requirements have relaxed some, and more and
more people are now qualifying for a loan. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But the key principle driving this boom is still simple
Supply and Demand Economics. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Demand remains high. People continue to want to live in
South Florida. That hasn't changed for 100 years. Further, rents have gone up consistently for the last 2 years, and a recent study determined that the average renter would break even in under 2 years if they purchased instead of staying a renter. This makes buying very attractive
to those that qualify. So as long as interest
rates remain close to where they are, there will be plenty of buyers. Add to
this the continued influx of cash buyers from other countries and I see no
change in this trend over the short term (12-24 months). In a nutshell, demand is up, and is staying so.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
With regard to supply the picture is a bit more in flux. By
all accounts inventory is still at all time lows, driving the multiple offer/bidding
wars we now see every day on the ground.
Banks have been slowly putting their foreclosures on the market, but
there is no clear picture on how much “shadow inventory” still exists. There
are however some indicators that the <a href="http://blogs.wsj.com/developments/2013/06/13/housing-inventory-crunch-could-be-easing/" target="_blank">supply dearth is easing</a>. This will inevitably stabilize pricing and ease some of the frenzy that
currently surrounds buyer bidding.</div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
I’ve learned the hard way not to make any long term predictions
in our housing market, but by all the data I can see, we are still looking at
12-24 months of solid growth and then a leveling off.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Barring some cataclysm in the market, or in interest rate policy, I believe housing will remain strong in the near future.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-35990625072601090662012-12-21T16:55:00.001-05:002012-12-21T16:55:05.288-05:00Is Now the Time to Buy: Part VIIThis <a href="http://www.miamiherald.com/2012/12/20/3150818/miami-dade-existing-home-sales.html" target="_blank">article</a> in the Miami Herald yesterday says it all and I highly urge you to read it. We are in another housing boom and it won't be long before many will be priced out of the market, again.<br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-87205838506123897492012-12-13T14:12:00.000-05:002012-12-13T14:15:13.834-05:002013: The Year of the Housing Recovery<br />
As 2012 comes to a close its time to prepare for the coming year. A lot has happened this year in the housing market, and I hope my Blog has helped you navigate those waters.<br />
<br />
I'm optimistic for the coming year, and based on the data I've been collecting I think 2013 may be the first real "housing recovery" year since the crash of 08'.<br />
<div>
<br /></div>
Here are 3 more recent articles all pointing toward a continued recovery.<br />
<br />
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=284365" target="_blank"> Home prices rise in Oct. by most in 6 years </a><br />
<br />
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=5&id=284584" target="_blank"> Multiple offers empower South Florida home sellers </a><br />
<br />
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=284687" target="_blank"> Top economists: Fla.’s housing market growing stronger, U.S. on same trend </a><br />
<br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-3555101455767906552012-12-03T14:51:00.001-05:002012-12-03T15:07:51.922-05:00Is Now the Time to Buy: Part VI (Why the end of the year is the best time to buy)<br />
Over the last decade I've sold a fair amount of property in the last quarter of the year, particularly in December/January. So I thought I would put together a quick post highlighting the benefits of buying (either putting under contract or closing) before the end of the year.<br />
<br />
1. Banks want to close loans by the end of the year. There is always a mad push to close loans before December 31st.<br />
<br />
2. Banks want to sell off as much REO inventory by the end of the year and there are deals to be had. This is a very important point as Special Assets are closing their books for the year and will try and move as much inventory as possible in the month of December.<br />
<br />
3. Sellers want to close by the end of the year and start the new year fresh.<br />
<br />
4. Some Sellers have capital gains issues and thus want to close before the end of the year. Further, the current political establishment is hell bent on raising taxes and capital gains is one area they have been eyeing So any seller with a capital gains issue wants to close and get paid BEFORE the rates on capital gains goes up<br />
<br />
5. Most people are not seriously looking during the "holidays" (most of December) so its an excellent time to go after a property. Particularly in an aggressive "sellers market" like we have currently here in Miami. There are far fewer buyers vying for the same properties in December thus the multiple offer scenarios we've all become accustomed to tapers off some.<br />
<br />
I've done many deals in December simply because my clients took advantage of the "slow period" in Real Estate.<br />
<br />
Many buyers fall into the "its the holidays so I'll start looking again after the New Year" viewpoint. This is normal, its that time of year.<br />
<br />
But my experience has told me that this is the BEST time to go looking for property. There's less competition and most sellers (banks included) are more motivated to sell/do a deal.<br />
<br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-55207595175913475952012-11-20T13:12:00.001-05:002012-11-20T13:12:32.138-05:00Fla.’s housing market continues positive trends in Oct. 2012<br />
<a href="http://Fla.%E2%80%99s%20housing%20market%20continues%20positive%20trends%20in%20Oct.%202012/" target="_blank">ORLANDO, Fla</a> – Nov. 19, 2012 – Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®.<br /><br />“With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”<br /><br />Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.<br /><br />Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9 percent from a year ago.<br /><br />According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000.<br /><br />The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.<br /><br />Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4 percent compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2 percent over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.<br /><br />The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.<br /><br />“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”<br /><br />The interest rate for a 30-year fixed-rate mortgage averaged 3.38 percent in October 2012, down from the 4.07 percent averaged during the same month a year earlier, according to Freddie Mac.<br /><br />To see the full statewide housing activity report, go to <a href="http://www.floridarealtors.org/" id="http://www.floridarealtors.org|">Florida Realtors website</a> and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the October report. Or go to <a href="https://www.blogger.com/blogger.g?blogID=3176719802547449309" id="CPNEWWIN:NewWindow^top=10,left=10,width=500,height=400,toolbar=1,location=1,directories=0,status=1,menubar=1,scrollbars=1,resizable=1@http://media.floridarealtors.org/|">Florida Realtors Media Center</a> and download the October 2012 data report <a href="http://media.floridarealtors.org/market-data" id="http://media.floridarealtors.org/market-data|">PDF under Market Data.</a><br /><br />© 2012 Florida Realtors®Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-8689921564649765722012-11-01T15:07:00.000-04:002012-11-01T15:10:46.786-04:00Is Now the Time to Buy: Part V<br />
<br />
Over this past week a slew of new indicators have come out all pointing to a vigorous rebound in South Florida housing. Over the past year I have been running this series in the hope to help my clients keep up with the voluminous data about the housing market.<br />
<br />
It seems all the indicators continue to indicate strengthening: with prices up, foreclosures down, construction way up, and housing starts way up; further strengthen my position that if your in the market to buy (or are thinking about it) now is the time to do it.<br />
<br />
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=283029" target="_blank">Home vacancy rate falls to pre-housing bubble levels </a><br />
<br />
<a href="http://www.bizjournals.com/southflorida/news/2012/10/25/foreclosure-rates-and-mortgage.html" target="_blank">Foreclosure rates and mortgage delinquency down in August</a><br />
<br />
<a href="http://www.bizjournals.com/southflorida/news/2012/10/23/contracts-for-future-construction.html" target="_blank">Contracts for future construction jump 66% through September</a><br />
<br />
<a href="http://www.bizjournals.com/southflorida/news/2012/10/22/south-florida-housing-starts-jump-41.html" target="_blank">South Florida housing starts jump 41% in Q3</a><br />
<br />
<a href="http://www.washingtonpost.com/realestate/home-prices-rise-in-august/2012/10/30/49076f9a-22b8-11e2-ac85-e669876c6a24_story.html" target="_blank">Home prices rise in August</a><br />
<br />
If you have any questions please contact me. I'm hear to help you take advantage of the new housing "boom"Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-91186788981449807812012-10-23T14:19:00.003-04:002012-10-23T14:26:13.778-04:00Homes are selling faster (reprinted from floridarealtors.org)<div>
<br /></div>
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=282671" target="_blank">WASHINGTON – Oct. 23, 2012</a> – Inventories of for-sale homes aren’t the only thing dropping. The amount of time homes stay on the market is growing shorter as well – down 11 percent in the last year – according to the latest Realtor.com data.<br />
<br />
Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.<br />
<br />
Homes sell fastest in Oakland, Calif., where the median age of the inventory averages 21 days – 57 percent below one year ago. Denver, Colo., boasts a median age inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.<br />
<br />
As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.<br />
<br />
“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”<br />
<br />
Homebuyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed homebuyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, up 0.8 percent compared to a year earlier, Realtor.com reports.<br />
<br />
Source: “Listings of Homes for Sale Drop as U.S. Housing Recovers,” BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News<br />
<br />
© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688<br />
<br />
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<br />Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-44606905051377239842012-10-19T16:03:00.002-04:002012-10-19T16:03:33.652-04:00 Fla.’s housing market continues upswing in Sept. 2012 (reprinted from Florida Realtors® website)<br />
<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=282536" target="_blank">ORLANDO, Fla. – Oct. 19, 2012</a> – Florida’s housing market had higher pending sales, higher median prices and a reduced inventory of homes for sale in September, according to the latest housing data released by Florida Realtors®.<br /><br />“Florida’s real estate market is no longer in recovery mode – stability and growth gain solid footing,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Realtors across the state are reporting consistent increases in home sales and median prices, and multiple offers from buyers isn't unusual. In fact, increasing buyer demand in many local markets is creating inventory shortages – and that’s putting pressure on prices. For sellers who may have been reluctant to enter the market, it’s now time to reconsider. Conditions are turning to a sellers’ market.”<br /><br />Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.<br /><br />Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.1 percent over the previous September. The statewide median sales price for single-family existing homes in September was $145,000, up 7.4 percent from a year ago.<br /><br />According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in August 2012 was $188,700, up 10.2 percent from the previous year. In California, the statewide median sales price for single-family existing homes in August was $343,820; in Massachusetts, it was $317,750; in Maryland, it was $255,498; and in New York, it was $225,000.<br /><br />The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.<br /><br />Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 7,329 units sold statewide last month, down slightly (-2.9 percent) from those sold in September 2011. Meanwhile, pending sales for townhome-condos in September increased 30.6 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $105,736, up 18.8 percent over the previous year. NAR reported that the national median existing condo price in August 2012 was $176,700.<br /><br />Last month, the inventory for single-family homes stood at a 5.2-months’ supply; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.<br /><br />“The onward march of Florida's housing market continues,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Inventories have now tilted to the point where we truly have a sellers’ market forming. Prices are up smartly and have been for quite a while. It’s getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.”<br /><br />The interest rate for a 30-year fixed-rate mortgage averaged 3.47 percent in September 2012, lower than the 4.11 percent averaged during the same month a year earlier, according to Freddie Mac.<br /><br />To see the full statewide housing activity report, go to Florida Realtors website (www.floridarealtors.org) and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the September report. Or go to Florida Realtors Media Center (http://media.floridarealtors.org/ and download the September 2012 data report PDF under Market Data. (http://media.floridarealtors.org/market-data)<br /><br />© 2012 Florida Realtors®Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-58899385459556870642012-10-18T15:43:00.000-04:002012-10-18T15:45:30.203-04:00Obama-Romney Debate ‘Ignores’ U.S. Housing And Foreclosure Problems (reprinted from foreclosure.com)<br />
<h1 class="entry-title" style="font-family: Oswald, arial, serif; font-size: 24px; font-weight: normal; line-height: 30px; margin: 0px 0px 10px; padding: 0px;">
<a href="http://blog.foreclosure.com/2012/10/obama-romney-debate-u-s-housing-foreclosure-policies-presidential-election-2012/" target="_blank"><span style="color: white;">Obama-Romney Debate ‘Ignores’ U.S. Housing And Foreclosure Problems</span></a></h1>
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<span class="date published time" style="background-image: url(http://blog.foreclosure.com/wp-content/themes/news/images/icon-time.png); background-position: 0% 0%; background-repeat: no-repeat no-repeat; padding: 2px 0px 2px 21px;" title="2012-10-17T09:15:41+00:00">October 17, 2012</span> By <span class="author vcard"><span class="fn"><a class="fn n" href="http://blog.foreclosure.com/author/tmyers/" rel="author" style="text-decoration: initial;" title="Foreclosure.com">Foreclosure.com</a></span></span> <span class="post-comments" style="background-image: url(http://blog.foreclosure.com/wp-content/themes/news/images/icon-comments.png); background-position: 0% 0%; background-repeat: no-repeat no-repeat; margin: 0px 0px 0px 10px; padding: 2px 0px 2px 22px;"><a href="http://blog.foreclosure.com/2012/10/obama-romney-debate-u-s-housing-foreclosure-policies-presidential-election-2012/#comments" style="text-decoration: initial;">Leave a Comment</a></span></div>
<div class="entry-content" style="overflow: hidden;">
<a href="https://www.blogger.com/blogger.g?blogID=3176719802547449309" id="dd_start" style="clear: both; float: left; font-family: 'Droid Sans', sans-serif; font-size: 13px; line-height: 22px;"></a><br />
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<img alt="" class="alignnone size-full wp-image-4758" height="385" src="http://blog.foreclosure.com/wp-content/uploads/2012/10/obama_romney_pic.jpg" style="background-color: white; border: 4px solid rgb(238, 238, 238); display: inline; margin: 0px 0px 15px; max-width: 570px; padding: 1px;" title="obama_romney_pic" width="600" /></div>
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<span style="font-family: inherit;">With all the spirited banter last night about tax cuts, 47 percenters, foreign policy, job creation and all-things political, it appears the Barack Obama and Mitt Romney “ignored” perhaps one of the biggest economic issues facing the United States during their second presidential debate at Hofstra University:</span></div>
<div style="line-height: 22px; padding: 0px 0px 15px;">
<span style="font-family: inherit;">Housing!</span></div>
<div style="line-height: 22px; padding: 0px 0px 15px;">
<span style="font-family: inherit;">There are countless pointed reactions and passionate thoughts about “who won” the debate. And depending on which news channel you watch or in which political direction you lean, you’re going to get a mixed bag of reactions and have formulated your own opinions. That’s cool — we’re not here to pick sides, not even close, but shed light on a glaring omission. Housing is a serious issue and it has been since the mortgage meltdown more than a half-decade ago that triggered the national foreclosure crisis.</span></div>
<div style="line-height: 22px; padding: 0px 0px 15px;">
<span style="font-family: inherit;">So why aren’t the 2012 presidential candidates talking more about it?</span></div>
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<span style="font-family: inherit;">Zachary Goldfarb of the <em><a href="http://www.washingtonpost.com/blogs/election-2012/wp/2012/10/16/the-topic-both-candidates-ignore/?wprss=rss_politics" style="text-decoration: initial;" target="_blank">Washington Post</a></em> provides a potential explanation that splits party lines rather evenly:</span></div>
<i><span style="font-family: inherit;">“Both Republicans and Democrats agree that one way to help the economy would be to launch a massive program to allow Americans to refinance their home loans at low rates. Obama has suggested such a proposal, as has a top adviser to Romney. Yet neither Obama nor Romney has an incentive to discuss housing. Housing has been arguably one of Obama’s weakest areas as president; he has acknowledged it was the most stubborn problem he faced. And Romney’s approach has been largely to allow the free market to sort out the woes of the housing market, allowing those who got in over their heads to default. Neither is a popular talking point.”</span></i></div>
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<span style="font-family: inherit;">Perhaps unpopular, but certainly worth debating when the dynamic duo hit Lynn University in Boca Raton, Fla., next week for their third and final verbal sparring session prior to the election on Nov. 6, 2012. A fine institution of higher learning nestled in the heart of South Florida, one of the hardest-hit foreclosure hot beds in the nation.</span></div>
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<span style="font-family: inherit;">To read Obama’s policy on housing <a href="http://www.whitehouse.gov/the-press-office/2012/02/01/fact-sheet-president-obama-s-plan-help-responsible-homeowners-and-heal-h" style="text-decoration: initial;" target="_blank" title="obama housing plan">click here</a> and to read Romney’s <a href="http://www.mittromney.com/blogs/mitts-view/2012/09/securing-american-dream-and-future-housing-policy" style="text-decoration: initial;" target="_blank" title="ROMNEY housing policy">click here</a>.</span></div>
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<em>Photo by VOA [Public domain], via Wikimedia Commons</em></div>
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Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-36604183913281372052012-10-17T17:16:00.005-04:002012-10-17T17:20:52.536-04:00Is Now the Time to Buy: Part IV<span style="font-family: inherit;"><br />I track weekly indicators in the housing market so I can best represent my clients. As a buyers agent its important for me to keep abreast of the latest trends and statistics. After-all I only make money when I sell houses. So I want to sell lots of them.<br /><br />But in order to do that, I need to know what is going on in the marketplace. When and where to buy is often just as important as what to buy.<br /><br /> In the first three parts of this series (Is Now the Time to Buy) I covered some of the key factors for buyers like: the <a href="http://southfloridarealestatestraighttalk.blogspot.com/2012/10/is-now-time-to-buy-part-iii.html" target="_blank">inventory shortages</a>, the affect of supply and demand on rising prices, the shadow inventory, the <a href="http://southfloridarealestatestraighttalk.blogspot.com/2012/10/is-now-time-to-buy-part-iii.html" target="_blank">cost of capital</a>, the <a href="http://southfloridarealestatestraighttalk.blogspot.com/2011/12/now-is-time-to-buy.html" target="_blank">10 year lows in median home prices</a>, and the cost benefit analysis between <a href="http://southfloridarealestatestraighttalk.blogspot.com/2011/12/now-is-time-to-buy.html" target="_blank">renting vs. buying</a> vis-a-vis mortgage rates. <br /><br />This week two more indicators from major media outlets confirm my theory that now IS the time to buy. <br /><br />CNN Money is predicting another <a href="http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html" target="_blank">housing boom</a>. According to them: Signs of recovery have been evident in the recent pick ups in <a href="http://money.cnn.com/2012/09/25/real_estate/home-prices/index.html?iid=EL" target="_blank">home prices</a>, <a href="http://money.cnn.com/2012/09/19/real_estate/home-construction/index.html?iid=EL" target="_blank">home sales</a> and construction. <a href="http://money.cnn.com/2012/10/11/real_estate/foreclosures/index.html?iid=EL" target="_blank">Foreclosures</a> are also down and the <a href="http://money.cnn.com/2012/09/13/news/economy/federal-reserve-qe3/index.html?iid=EL" target="_blank">Federal Reserve</a> has acted to push <a href="http://money.cnn.com/2012/10/04/real_estate/mortgage-rates-record/index.html?iid=EL" target="_blank">mortgage rates</a> near record lows.<br /><br />They further cite a recent Barclays Capital report "forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015". <br /><br />This makes sense as it coincides with the same 2015 time frame announced by the FED a few weeks ago regarding interest rates remaining at record lows, coupled with the supply and demand pressures that are currently driving up prices, as well as the "inevitable" inflation that the FEDs QE policies will trigger, driving up prices even higher.</span><br />
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<span style="font-family: inherit;">A few days later the Washington Post ran a <a href="http://www.washingtonpost.com/business/economy/flipping-houses-is-booming-business-again/2012/10/14/63463f7a-0f3b-11e2-bb5e-492c0d30bff6_story.html" target="_blank">story</a> about how "house flipping" is again on the rise because "a market where home prices are appreciating is much more forgiving for flippers than a market where prices are depreciating", driving a renewed interest in this industry.</span><br />
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<span style="font-family: inherit;"><br /></span><span style="font-family: inherit;">Not to be confused with the </span><a href="http://www.houseflippingonline.com/illegal-house-flipping.html" style="font-family: inherit;" target="_blank">illegal version</a><span style="font-family: inherit;"> which involves collusion, inflated appraisals, and fraud, "house flipping" is a genuine business engaged in by savvy entrepreneurs across the country. Buying, fixing and reselling goods for a profit is as old as apple pie.</span></div>
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<span style="font-family: inherit;"><br /></span><span style="font-family: inherit;">For the last few years HUD has yearly extended its </span><a href="http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-292" style="font-family: inherit;" target="_blank">waiver</a><span style="font-family: inherit;"> against its own </span><a href="http://www.gpo.gov/fdsys/pkg/FR-2011-12-28/pdf/2011-33411.pdf" style="font-family: inherit;" target="_blank">anti-flipping</a><span style="font-family: inherit;"> rule of 2003, to encourage private investors to help absorb and reintegrate the surplus of foreclosed and otherwise abandoned or unused homes. This waiver expires at the end of 2012 so they would have to renew it again for another year, but I'm betting they will.</span></div>
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<span style="font-family: inherit;">Private real estate investors who buy, fix, and sell homes are the perfect mechanism to help banks liquidate their remaining inventories, and the fact that "flippers" are coming back into the market place is a very good thing vis-a-vis inventory (which affects the supply side of the pricing curve). </span></div>
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<span style="font-family: inherit;">However more flippers means more buyers, which means more competition, which means more demand, which means rising prices.</span></div>
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<span style="font-family: inherit;">But as I see it we are on the bottom of this upward trend (for a loose comparison buying now would be like buying in 2001 or 2002 before the last housing boom of 2005-2006).</span></div>
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<span style="font-family: inherit;">So from my perspective there seems to be more and more evidence pointing toward an increasingly stronger housing market, at least in the short term. </span></div>
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<span style="font-family: inherit;">I still have to answer emphatically YES, now is the time to buy!</span></div>
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<span style="font-family: inherit;">As always I look forward to your thoughts and feedback.</span></div>
Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-25124617730690514092012-10-12T22:58:00.004-04:002012-10-12T23:05:04.460-04:00Two Visions Come Into Focus (reprinted from Realtor Mag)<br />
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President Barack Obama and former Gov. Mitt Romney hold starkly different views on recent reforms—and on the best way to preserve the American dream.</div>
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September 2012 | By <a content="Robert Freedman" href="http://realtormag.realtor.org/author/robert-freedman" property="dc:creator" rel="foaf:publications" typeof="foaf:person">Robert Freedman</a><br />
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President Barack Obama and Republican challenger Mitt Romney, the former Massachusetts governor, agree on this: Home ownership is central to the American dream. But in an exclusive REALTOR® Magazine Q&A, the 2012 presidential candidates offer differing takes on how to keep that dream alive. Obama says he has a two-part focus—to prevent a repeat of the lax mortgage practices that led to the housing crisis and ensure that financing remains available to responsible home buyers. Romney says the path to restoring home ownership is through a vibrant economy, which he wants to spur using an across-the-board cut in tax rates and by trimming burdensome rules. Obama also provides a vigorous defense of his signature legislative accomplishment, health care reform, while Romney calls for reforms that promote competition without government intervention.<br />
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Home Ownership Incentives</h4>
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The federal government has historically supported home ownership as a central value of the United States. To what extent do you support preserving federal home ownership incentives, such as the mortgage interest deduction?<br />
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<strong>Romney:</strong> I believe in the American dream of home ownership. The best way to get the housing market going again is to get the economy moving in the right direction. What most struggling home owners need is good, quality jobs, not confusing regulations imposed on lenders. We need policies such as 20 percent across-the-board cuts in tax rates, sensible regulation, and open markets that create a growing economy. Policies like these will help Americans achieve their economic goals, including buying a home.<br />
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<strong>Obama:</strong> Home ownership is a critical component of economic opportunity, and I am committed to keeping responsible home owners in their homes and to ensuring Americans have a fiscally responsible path to home ownership. One of the policies I signed into law as president was an expansion of the first-time homebuyer tax credit that helped more than 2.5 million families purchase a home for the first time. Since I took office, I’ve taken action that—combined with private-sector efforts my administration helped catalyze—enabled more than 5 million home owners to get mortgage modifications, while expanding access to refinancing and targeting investments in the communities hardest-hit by the housing crisis. Now, I’ve put forward a plan to help responsible borrowers refinance their mortgages and save $3,000 per year.<br />
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Lending Standards </h4>
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Four years after the collapse of the mortgage market, banks continue to limit the availability of mortgage financing in both residential and commercial real estate markets. On the residential side, bank standards often exceed those set by the FHA, Fannie Mae, and Freddie Mac. What steps should the federal government take to change this dynamic, given the broader economy’s reliance on a healthy real estate sector?<br />
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<strong>Obama:</strong> We need to restore trust in the underlying foundation of the mortgage market so borrowers have the confidence to purchase a home and lenders have the confidence to issue a loan, and that’s why we’re mobilizing all tools available to fix our nation’s broken mortgage servicing and foreclosure processing system. To do this, we need to reduce uncertainty in the market so lenders once again provide credit consistent with the standards set forward by the FHA, Fannie Mae, and Freddie Mac. That’s why we’re working through the FHA and with the Federal Housing Finance Agency (the conservator of Fannie Mae and Freddie Mac) to provide greater clarity about lenders’ obligations in making FHA- or GSE-backed loans. We’re also working hard to reduce barriers to refinancing for responsible borrowers, and we’re committed to the same objectives for new originations.<br />
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<strong>Romney:</strong> The most important step the federal government can take to help creditworthy borrowers is to repeal and replace the Dodd-Frank Wall Street Reform Act. Banks and financial institutions are paralyzed: Regulators are simultaneously directing lenders to reduce risk (i.e., tighten underwriting) and to loosen standards. And many community banks face thousands of pages of new rules (over 8,000 pages at last count), and half of the expected rules proposed by this administration haven’t even been finalized yet. In short, banks are hiring lawyers, not making loans. The rules of the road need to be clarified so that responsible borrowers have access to mortgage credit.<br />
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Underwriting Mandates</h4>
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Federal banking regulators have drafted rules that would go beyond lenders’ restrictive lending policies by setting a minimum down payment amount for home mortgage loans to be considered safe and therefore available at more affordable rates. Where do you stand on the federal government mandating minimum down payment amounts and credit requirements for lenders to apply in their underwriting standards?<br />
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<strong>Romney:</strong> A big part of the problem is that the government, and not the private sector, is the dominant force in mortgage finance today. With taxpayers still on the hook for trillions in mortgage loans, of course the government will continue to play a role in setting some basic minimum lending standards. However, we need to encourage private markets to provide mortgage loans at reasonable interest rates across all market conditions, with simple and understandable contracts for home buyers.<br />
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<strong>Obama:</strong> We’re committed to the goals of Wall Street reform, which includes ending an era of reckless lending by banks without adequate skin in the game. At the same time, we’re committed to maintaining widespread access to mortgage credit for responsible American families, which is the key to providing the middle class with access to home ownership and the key to returning to a robust, but sustainable, housing market recovery.<br />
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Health Insurance</h4>
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The recent U.S. Supreme Court ruling to preserve the Affordable Care Act’s individual mandate says the penalty for individuals who fail to purchase health insurance falls under the federal government’s authority to levy taxes. If Congress repeals the law, what steps do you propose to address the REALTORS® and millions of other small-business owners and independent contractors for whom affordable health insurance isn’t available in the market?<br />
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<strong>Obama:</strong> Before the Affordable Care Act, too many people went without health care. Self-employed individuals were some of the hardest hit and often vulnerable to being denied coverage based on a pre-existing condition. Because of the law now, it will be illegal for insurance companies to deny you coverage or charge more because of a pre-existing condition. When the law is fully implemented, people who don’t get insurance through an employer, as well as small businesses trying to find coverage for their employees, will be able to shop in new exchanges, where they’ll have the same purchasing power as big businesses and be eligible for tax credits that make coverage affordable. The law isn’t perfect. We are always willing to work with people of both parties to strengthen it, but we cannot go backwards.<br />
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<strong>Romney:</strong> We can fix the challenges facing our health care system with reforms that emphasize market competition and patient choice. By putting patients at the center of our health care system and making insurers and providers compete against each other for our business, we can lower health care costs and protect Americans’ access to the care they need, including the doctor they choose.<br />
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Environmental Regulations</h4>
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Earlier this year the U.S. Supreme Court ruled in favor of home owners who were told by the EPA to undertake costly mitigation and monitoring of their property before they could get a hearing to determine the presence of wetlands on their property (Sackett v. EPA, 10-1062, March 21, 2012). What steps can the federal government take so that future environmental disputes like this don’t end up in court?<br />
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<strong>Romney:</strong> Respect for private property, clear laws, fair enforcement, and the right to be heard before being deprived of money or property are bedrock principles of our free society. I will modernize our outdated and ambiguous environmental laws, regulations, and enforcement practices to advance our common commitment to natural resource stewardship in ways that restore these principles to prominence. Such actions include providing a speedy and objective process to resolve technical disputes without subjecting our citizens to the senseless delay and expense of going to court.<br />
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<strong>Obama:</strong> With the regulatory process, we’ve made strides to increase transparency, encourage public participation, and promote accountability. The net benefits of regulations issued in the first three years of my administration exceed $91 billion, including both savings and new revenue—25 times greater than in the same period of the previous administration. We are also revisiting rules on the books to see if they make sense so we can continue to produce far greater savings. Agencies have already issued hundreds of regulatory reform proposals, just a fraction of which are expected to save businesses $10 billion over the next five years.<br />
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Infrastructure</h4>
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Although the economy is struggling, and government at all levels is wrestling with budget deficits, is there a place for public investment in infrastructure, including transit projects, which historically has helped pave the way for private investment in communities?<br />
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<strong>Romney:</strong> There is a place for public investment in infrastructure. However, we must be mindful of our budgetary constraints when making these investments. To that end, there are many things apart from spending that the government can do to ensure that public investment in infrastructure is possible—eliminating burdensome regulations, for example, or speeding up project approvals and engaging in private-sector partnerships.<br />
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<strong>Obama:</strong> So much of our infrastructure is in need of repair, and we need all of it to deliver American products around the world. There are hundreds of thousands of construction workers who’ve never been more eager to get back on the job. That’s why I’ve proposed a six-year surface transportation plan to improve the nation’s highways, transit, and rail infrastructure. The proposal is fully paid for, with part of the savings from ramping down overseas military operations. And last September I put forward the American Jobs Act, a set of proposals to create jobs now. Congress passed two of the proposals—cutting payroll taxes by $1,000 for a typical family and extending unemployment insurance—but it left on the table more than half of the plan, comprising infrastructure investments that independent economists estimated could create as many as 1 million jobs. I’ll continue fighting for these and for Project Rebuild, another part of the American Jobs Act, which would help repair our housing infrastructure by putting construction workers back on the job rehabilitating and repurposing distressed properties in hard-hit communities.</div>
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</div>Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-85114415200287571632012-10-11T15:27:00.002-04:002012-10-11T15:27:56.698-04:00Nat’l foreclosures hit 5-year low in Sept. (reprinted in its entirety from Florida Realtors® website)<a href="http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=282205">WASHINGTON – Oct. 11, 2012</a> – RealtyTrac issued its foreclosure report for September and the third quarter. Nationally, the news is good: Foreclosure filings – default notices, scheduled auctions and bank repossessions – decreased 7 percent from the previous month and dropped 16 percent in one year. It was the lowest U.S. total since July 2007.
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Florida, however, rose to the top of the list for foreclosure starts (LIS) for the first time since 2005. According to RealtyTrac, much of the reason stems from Florida’s status as a judicial foreclosure state. The foreclosure process takes less time in states that don’t require court involvement; as a result, many non-judicial states have already cleared out much of their real estate owned (REO) housing stock.
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While an increase in foreclosures appears to be a threat to Florida’s housing recovery, many Realtors say they don’t have enough foreclosures – and that an increase would be welcome.
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“Right now, we’re seeing very, very few foreclosures coming onto the market,” Scott Agran, head of Lang Realty in Broward and Palm Beach counties told the Sun Sentinel. “We’re starving for inventory. We could take as much as the banks want to give us.”
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National findings
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• The monthly and quarterly decrease was driven mostly by big drops in non-judicial foreclosure states, such as California, Georgia, Texas, Arizona and Michigan.
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• Several judicial foreclosure states – including Florida, Illinois, Ohio, New Jersey and New York – registered substantial year-over-year increases.
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• U.S. foreclosure starts in the third quarter decreased both from the previous quarter and a year ago, reversing a bump in foreclosure starts in the second quarter.
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Florida findings
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• Florida foreclosure starts (LIS) in September increased 24 percent on a year-over-year basis, the 11th consecutive month with an annual increase. The state’s foreclosure rate ranked highest nationwide for the first time since April 2005.
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• In September, Florida bank repossessions (REO) increased 23 percent year over year – the ninth straight month with an annual increase.
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• In the third quarter, all levels of Florida foreclosure activity increased 14 percent, but nine states saw a greater percentage increase. In New Jersey, foreclosure activity spiked 130 percent.
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• In the third quarter, one of every 117 Florida homeowners with a mortgage was in some stage of the foreclosure process.
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• In the third quarter, it took an average of 858 days in Florida to go through a complete foreclosure, which is a slight drop from 861 days in the previous quarter. It took longer in only two other states, New York (1,072 days) and New Jersey (931 days).
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© 2012 Florida Realtors®Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-2300856664702270632012-10-09T13:54:00.001-04:002012-10-09T17:54:25.050-04:00Is Now the Time to Buy: Part IIIOne of the biggest questions I field from my clients on a weekly basis is whether or not the market has "bottomed-out" and is now the time to buy.<br />
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There are many factors that go into answering such a question so I thought I would address a few of them here.<br />
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1). A few weeks ago the Federal Reserve said it would keep the federal funds rate at zero to 1/4 percent at least through <a href="http://abcnews.go.com/Business/federal-reserve-interest-rates-low-mid-2015/story?id=17226149#.UHRcM4rLSRo">mid-2015</a>.
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Notwithstanding what impact this will have on inflation after 2015, this effectively means that mortgage rates will stay at record lows over the coming years.
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This is a major plus point for any buyer in today's real estate market as with the cost of money at record lows, buyers can buy "more house" than ever before.
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2. Inventories are <a href="http://www.inman.com/news/2012/09/18/shrinking-inventory-bolstering-many-housing-markets">shrinking </a>nationwide (and in my backyard) bolstering prices. Its a simple supply & demand equation. As the inventory drops (supply) and demand remains constant (or even rises) prices are going up.
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The big question on this front is whether the shrinking inventory and subsequent increase in price is an artificial new bubble being created by the banks who are sitting on large #s of "shadow inventory".
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There is no easy answer to this question but recently I did an analysis of the foreclosure filings in my back yard juxtaposed to the rate of distressed sales and I did find the lis pendens filings remained constant (actually slightly up) from 2011 to 2012 while the # of distressed sales has markedly decreased (over 40% in my area).
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So on this point a buyer has to make a decision. Do they wait for the banks to bleed out the remaining distressed inventory, which could take years at the current rate, and possibly buy a home at a lower price per square foot, or do they buy now while prices are starting to tick up again, risking a potential future loss of equity should there be another crash.
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This is a personal question each buyer, and their buying circumstances, must answer.
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However there is one BIG caveat. Will the banks exhaust their shadow inventory before the FED raises interest rates in 2015 (and by all accounts eventually they must).
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For when the rates rise, (and all accounts I read predict a rapid inflation in the future) then whatever gain in price drop by the "over supply" of banks dumping their remaining inventory, will be offset by the increase in the price of money.
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By way of example, a mortgage of 200,000 at 3% is a P&I of $843 while that same mortgage at 6% jumps to $1199 a 27% jump in the cost of money. Homes would have to drop in value 27% just to have a net zero affect on a buyer.
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Granted one can't predict what interest rates will be in 2 years, assuming inflation kicks in, but I think its highly unlikely prices will drop an additional 27% (especially after the 50+% they've already dropped since 2008).
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Further, if rates go even higher (to even 8% which is not unrealistic) then all bets are off since that same 200,000 mortgage now costs in P&I $1467 or a 43% increase in the cost of money.
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So as I have stated in previous posts (notwithstanding my inherent bias as a Realtor wanting to sell you a house) the facts and statistics seem to suggest NOW is still the time to buy and take advantage of historically low interest rates, even with lower inventories and rising prices.
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As always I welcome your feedback. What do you think?Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-82654844941722749452012-02-22T12:38:00.000-05:002012-10-17T17:17:34.111-04:00Is Now the Time to Buy: Part IIStatistics don't lie (unless they are of course manipulated like the unemployment numbers we are fed monthly), and according to NAR's latest numbers the median home price is at a 10 year <a href="https://www.blogger.com/Home%20prices%20at%20lowest%20point%20in%20more%20than%2010%20years">low.</a><br />
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This is an overall stat and it will vary from city to city. For instance prices are actually going UP in my back yard of Coral Gables, FL.<br />
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Most of the same factors I mentioned in a previous <a href="http://theycallitlife.blogspot.com/2011/12/now-is-time-to-buy.html">post</a> still apply.<br />
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However if you are employed, have your debt to income under control, and a decent 620+ credit score, most likely you CAN get a loan.Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-68671119534640917262012-02-21T21:11:00.000-05:002012-02-21T21:13:02.738-05:00Quick Real Estate SurveyI am doing a project to enhance my services and was hoping you’d answer a few quick questions.<br />
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1. What do you consider a Realtor should provide you?<br />
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2. What do you expect from your Realtor?<br />
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3. Are you planning to buy or rent in the next 12 months? <br />
<br />
4. Anything else I should know?<br />
<br />
Thanks for your time.<br />
<br />
Ronald S. Meyerson P.A.<br />
Realtor Lic #3044035<br />
Melo Real Estate<br />
email: ronmeyerson@gmail.com<br />
Blog: www.theycallitlife.blogspot.com<br />
Website: http://meyersonron.sef.mlxchange.com/<br />
Video Chat: http://webvideocall.oovoo.com/callme/apache2112/245Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-45619930420511372022011-12-07T18:11:00.000-05:002012-10-17T17:17:48.224-04:00Is Now the Time to BuyWith all the back and forth in the Economy, the Stock Market, the Unemployment numbers, one may ask themselves, "is now the time to buy"? Really?<br />
<br />
Well aside from my inherent bias as a Realtor, my answer is an emphatic <b>YES</b>.<br />
<br />
Why?<br />
<br />
I've been renting houses now for nearly two years. After dozens and dozens of rentals I have noticed a single common factor in the properties I rent. <b>The mortgage to buy it would be LOWER than the current market rent!</b> <br />
<br />
This may seem astonishing and even counter-intuitive at first, but even in premium locations like Coral Gables, Coconut Grove and the like, most rental prices are higher than a standard mortgage.<br />
<br />
Couple this with the still historical lows in mortgage rates (still hovering around 4%) and the locked in interest ceiling by the FED until 2013, and I have to say emphatically YES to my rhetorical question above.<br />
<br />
There are some caveats however. <br />
<br />
For one you'll need better than average credit. Right now banks aren't really looking at borrowers under a 680, although some will still do a 620 or above.<br />
<br />
Also the document process is long, and arduous. After the mortgage mess underwriters have become <b>EXTREMELY </b>gun shy and check and double check everything but your blood type before issuing the coveted "clear to close".<br />
<br />
Third, expect delays. Where it used to take 30-45 days to close a deal, now 60-90 days is the norm while underwriters "take their time" crossing and dotting everything. (Thank you <a href="http://www.bloomberg.com/news/2011-07-12/dodd-frank-rules-make-mortgages-less-profitable-one-year-later.html">Dodd-Frank</a>).<br />
<br />
Finally, unless you qualify for FHA making your down-payment a paltry 3.5%, expect 10-20% down. You'll need cash. Also on Nov 18th FHA loan limits were <a href="http://themortgagereports.com/6233/conforming-loan-limits-fha-fall-2011">changed</a>, but this won't affect most buyers.<br />
<br />
But even with these "limitations" my answer is still a resounding <b>YES</b>.<br />
<br />
Now <b>IS </b>the time to buy.Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-55475477464783546212011-12-05T12:18:00.000-05:002011-12-05T12:18:23.661-05:00THIS IS A RANT. YBWI've written on the subject of communication in the <a href="http://theycallitlife.blogspot.com/2010/07/real-estate-rant.html">past</a> and my frustrations with its absence in the Real Estate world. But after this week, I think there needs to be a new rule. If you take longer than a day to respond to a communication, you get penalized somehow.<br />
<br />
First the mandatory rhetorical question. In today's technology driven business world, with Smartphones, Blackberry's, Laptops, etc, how difficult is it to respond to text messages, emails and phone calls in a timely manner? How long should one have to wait before they are entitled to a little upset? <br />
<br />
I ask these questions because it is still routine in my business to have to wait days for a response to an offer, an inquiry, or a request to show a property.<br />
<br />
And when you represent a buyer or renter, time is definitely of the essence, and sometimes a few hours makes all the difference in the world.<br />
<br />
If you agree that Realtors should respond to their communications within an hour or two of receiving them, (death and hospitalization of course still acceptable excuses) then please pass this blog post along to everyone you know. <br />
<br />
Maybe if enough internal group pressure exists amongst other Real Estate professionals, the lazy ones will get the message.Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com1tag:blogger.com,1999:blog-3176719802547449309.post-86089186849556413462011-03-30T16:57:00.000-04:002011-03-30T16:57:09.682-04:00How the CRA Fueled the Housing BubbleHere is a great article that further delineates in great detail the conclusions I drew in my last blog post. Enjoy!<br />
<br />
<a href="http://globaleconomicanalysis.blogspot.com/2011/03/how-cra-fueled-housing-bubble.html"><b>How the CRA Fueled the Housing Bubble</b></a>Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-44074506784419701632011-03-23T16:03:00.000-04:002011-03-23T17:58:31.050-04:00How the Federal Gov't is Ruining the Housing IndustryToday the Commerce Department came out with their New Housing Sales numbers for <a href="http://www.ft.com/cms/s/0/51169fbc-5550-11e0-87fe-00144feab49a.html?ftcamp=rss#axzz1HRa36YCC">January</a>.<br />
<br />
The article sites "a lack of demand because buyers don't have access to credit" as a result of unemployment.<br />
<br />
Obviously if you don't have a job you can't get a loan, but not having access to credit isn't a result of unemployment it’s a result of over-regulation.<br />
<br />
There are still plenty of buyers in the marketplace. The real problem is that by and large Banks simply aren't making loans. And for the loans they are making, the process has become so difficult, so mired in red tape and frankly, fear, that many have simply left the marketplace altogether (both consumers and Real Estate and Mortgage professionals; I have personally observed this for 2 years now. It’s truly maddening to try and get a deal done these days). And no amount of “bail out” money is going to loosen the credit strings. Not with the monstrosity known as the <a href="http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act">Dodd-Frank Wall Street Reform Act</a> stifling the entire industry.<br />
<br />
The Gov't regulations rammed through by the Pelosi/Reid Congress and signed by President Obama, have had the affect of bringing the Real Estate and Mortgage Business to a virtual standstill. In their attempt to "regulate" the "reasons" for the financial crisis, they have not only NOT solved the real problem, but in fact made things worse. Like all Big Gov't intervention, they have attempted to solve a problem they created, by mis-assigning its cause and then targeting that wrong cause with further regulation.<br />
<br />
What am I talking about ? Well...The crash was not initially caused by Wall Street and the Junk Securities they were selling as AAA investments, but by the Gov't itself, meddling in the housing and mortgage markets in the first place. Specifically the <a href="http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/">CRA and Barney Frank</a>!<br />
<br />
Granted CMO/CDO bundlers and traders, Moody's, Fitch and Standards and Poors are all culpable and I am certainly not excusing the fraud and collusion that existed in rating mortgage backed securities, backed by sub-prime JUNK paper, as AAA (a crime by the way that no-one has yet to be held accountable for). But that wasn't the earlier beginning of the problem. It started with the notion that Banks MUST make loans to people who can't afford them. An Unequivocal overreach of Gov't regulation and violation of the very fundamentals of a free market, all in the name of “social justice” (the idea that owning a home is a “right” instead of a privilege).<br />
<br />
If the Real Estate and Mortgage Markets were truly run by Free Market principals none of this would have ever happened. Why? Because the free market would never have allowed such high credit risk borrowers if not forced to!<br />
<br />
If the free market wanted (wants) sub-prime loan products, and there is a market for them, then the free market will create and regulate them. If some Banks want to take the risk, and that risk is honestly and accurately rated, then the market itself (in this case the secondary mortgage market), will value them (and their risk), buy them, and voila, we have a market.<br />
<br />
But that’s not what happened. The Gov’t regulations (mentioned above) forced Banks to create loan products for borrowers they knew couldn’t qualify in the private free market industry of risk to reward (profit) actuaries. And once created there needed to be somewhere to put this paper. <br />
<br />
Wall Street, in an attempt to solve the problem of what to do with this junk, bundled and sold these as securities with FALSE risk assessments. Frankly I’m not sure they could have done anything else. Again I don’t condone what happened but I ask the question “What were the Banks supposed to do once they were forced to write this paper”?. They needed an exit strategy. They wouldn’t hold such paper on their own accord, its risk was too high. Clearly Wall Street had a problem. What to do with this junk. The real Fraud here isn't that they bundled and sold these loans but the fraudulent risk assessments placed on these securities in the first place. Perhaps that too was an unavoidable expedient. But whether you come down against Wall Street Traders or the Rating Agencies, it is clear to me that it is Gov’t overreaching regulations based on abstract ideology that CAUSED the problem. <br />
<br />
So what do they do? Pass more regulation of course. The very person that helped create the regulations sparking the crisis in the first place has now co-sponsored and helped push through an even more overreaching law, targeting the WRONG WHY's further destroying the Housing Market.<br />
<br />
Here's a clue Barney...LOOK IN THE MIRROR, and RESIGN. PLEASE......Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0tag:blogger.com,1999:blog-3176719802547449309.post-9542985399929011152011-01-25T16:24:00.000-05:002011-01-25T16:24:27.727-05:00New Year's ResolutionsIt's that time again when we take stock in where we've been and where we are going.<br />
<br />
Last year was the best since 2006 for me and to be honest I am grateful.<br />
<br />
I spent most of the year renting homes in my backyard.<br />
<br />
Sales are still slow and even though I have 20 homes under contract, they are all but 1 short sales and the banks in this country are still reeling.<br />
<br />
Some are starting to streamline their processes and getting some semblance of order in their loss mitigation departments.<br />
<br />
Others are still wearing a blindfold and stumbling in the dark.<br />
<br />
The key (and a very hard lesson to learn for a Type A personality) is PATIENCE.<br />
<br />
I hope you had a great 2010. And I wish you a 2011 of prosperity.<br />
<br />
My Resolutions Are:<br />
<br />
1. Stay on Purpose.<br />
2. Remember it isn't personal<br />
3. Even the worst, most obstructive person you have to deal with is still a person. treat them with some dignity.<br />
4. Have fun, life isn't that serious :)<br />
5. Above all, flourish and prosper.Anonymoushttp://www.blogger.com/profile/18090116213424264649noreply@blogger.com0