Why do agents overprice homes? tag:((real estate, san diego, sell, home))

Want to know what makes me mad?  Agents who overprice listings repeatedly and use them to advertise themselves.  There is an agent who lists homes in my area of South Carlsbad - notice I said "lists" and not "sells".  She somehow gets these listings and then spends thousands of $$ advertising them in print but they don't sell because they're overpriced. I watch to see how many large ADs she runs in the newspaper and other publications for many months.  I can tell you that is alot of money!!!  In the end she rarely actually closes an escrow and the seller ends up renting the home or listing with another agent.

  When listing your home with an agent it's imperative to ask the agent how many days on market is their average and how many of their listings didn't sell this year. We are currently in a seller's market for homes under $900K.  With so little inventory for buyers to choose from, this home if it was priced right, should have sold fairly quickly.  Instead it didn't, while others in the same neighborhood did!  The average inventory absorption level is now 1-3 months, therefore it should have SOLD.

  Don't be won-over by an agent who shows you all of the pretty advertising he/she does, they most likely want to see themselves in print, not sell your home.  In addition, over 90% of buyers now find their home on the internet, so the smart and savvy agents are placing their marketing dollars in online advertising, NOT print media.

  But, in the end, it always comes down to price. Most agents do a lousy job of pricing your home because they don't really know how to analyze the market both past and present.  Pricing homes to SELL requires skill and is one of the most important marketing tools - period!

Posted via email from Lisa's Real Estate News

Do I need to worry about the short sale seller trashing the property when he leaves?

Good question and it really applies to all sales, not just Short Sales.  The purchase contract is a legally binding contract and allows for you to have a walk through before closing to ensure that the property is in the same condition as when you write the contract, ie. no walls moved, flooring changes, etc. unless you were already told about them.  So, if AFTER closing the folks move out and the property is significantly different than when you did the walk through a few days earlier, then it becomes a legal matter.  The chances are small.  The damage and missing appliances type of malice you may be referring to happens really more with bank owned properties as the people are being evicted.  With a short sale, no one forces the seller to sell, they choose to do so to preserve their credit.

  One note:  there are cases where a light fixture- maybe a chandelier- is missing that the buyer thought was included in the sale.  Normally anything that's attached is "real property" and goes with the house.  But maybe it's a family heirloom. Also, sometimes they take "personal property" that you thought you were getting. This is why you need to be specific in your offer about what you want and the seller needs to disclose what's NOT included. 

  So to put you at ease, please note anything that you can think of that you are expecting/wanting to be there at closing and make sure that your agent clarifies it with the seller.

Posted via email from Lisa's Real Estate News

Lenders to halt foreclosures over the holidays

Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010.  Both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted.  Freddie Mac's suspension of evictions will be limited to properties up to four units.

In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns.  Citigroup's foreclosure moratorium, however, does not extend to loans it services on behalf of other investors.  Given these developments, other lenders may follow suit, so check with the lender if appropriate.

Posted via email from Lisa's Real Estate News

Remodeling exterior of home brings big returns

Thinking of improving your home?  Check out this article for ideas that bring the most return for your money.

Posted via email from Lisa's Real Estate News

Few loan modifications are working out

Only 4% of loan modifications are working out. Read more here

Posted via email from Lisa's Real Estate News

Weird twist on how Foreclosures can stimulate the economy

 Some analysts think that foreclosures might aid the overall economy.  Read more

Posted via email from Lisa's Real Estate News

Article on promoting a healthy environment in your home

Make your home a healthier place for you and your family.  To find out more, click here

Posted via email from Lisa's Real Estate News

Try out HouseLogic.com

Try out the new website HouseLogic.com  by the National Association of REALTORS.  Whether you're a homeowner already or a buyer or seller, get tools to plan projects, get advice and more.

Posted via email from Lisa's Real Estate News

Do you qualify for a short sale?

Great article that sums up what it takes to qualify for a short sale. Read More

Posted via email from Lisa's Real Estate News

Words of wisdom for the day - make it a great one!

"The best years of your life are the ones in which you decide your problems are your own. You do not blame them on your mother, the ecology, or the president. You realize that you control your own destiny."  - Albert Ellis

Posted via web from Lisa's Real Estate News

Quote for the day - Enjoy!

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful." - Albert Schweitzer

Posted via email from Lisa's Real Estate News

Quote for the day - make it a great day!

When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us."  - Alexander Graham Bell

Posted via web from Lisa's Real Estate News

Quote for the day - make it a great day!

"When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us."  - Alexander Graham Bell

Posted via email from Lisa's Real Estate News

Fed still helping to keep interest rates low - but only until March

Last week when the Federal Reserve stepped in with more buying of Mortgage Backed Securities (MBS), helping Bond prices recover from news of a weak Treasury Auction. Overall, home loan rates bounced around last week and ended the week very slightly improved. But that said, we can't "push our luck" and think the Fed will continue to step in and help support home loan rates...we have to remember that the Fed is actually winding down exactly this type of buying support.
Why is this important? Because home loan rates are based on MBS - so when the Fed agreed to be a big buyer, it helped provide a market and helped keep MBS prices high and home loan rates low. So as the Fed's program wraps up and eventually stops on March 30, 2010, home loan rates are quite likely to be on the rise.

Posted via web from Lisa's Real Estate News

States See Surging Sales, Moderating Prices

States See Surging Sales, Moderating Prices

via realtor.org

Check it out! Price gains in San Diego-Carlsbad-San Marcos, at $215,100, up 13.3 percent; See article for more...

Posted via web from Lisa's Real Estate News

San Diego County Market Update

http://prudentialcaliforniare.com/intranet/ewebdeskforms/marketing/MarketTrend/200910/MarketReport_SD.pdf

Posted via email from Lisa's Real Estate News

Tax Credit Extension & Credit for Homeowners who want to buy:
Here’s what it means:
· Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
· The home purchased must be their primary residence
· Buyer cannot have owned a home during the past three years
· Tax credit is up to 10% of the home value (not to exceed $8,000)
· Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.

**Current Homeowners who want to buy** - New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence
· Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
· The new home does not have to cost more than the old home.
· Eligible for homes with purchase agreements signed between November 6, 2009 and April 30, 2010, and close by June 30, 2010
· Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.