Tuesday, December 29, 2009
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!
Monday, December 28, 2009
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.
Friday, December 18, 2009
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.
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.
Monday, December 14, 2009
Few loan modifications are working out
Only 4% of loan modifications are working out. Read more here
Saturday, December 12, 2009
Weird twist on how Foreclosures can stimulate the economy
Some analysts think that foreclosures might aid the overall economy. Read more
Tuesday, December 08, 2009
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
Thursday, December 03, 2009
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.
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