Platinum Club October
Asset managers are checking up on their listers to make sure
properties are being marketed properly.
If you are listing foreclosure properties – tighten up if you want to
keep your listings!
2nd quarter is when the next “wave” of foreclosures
is to be released – here we go again!
3 month moratorium on foreclosures is more here say yet
properties are going to foreclosure in November. Apparently, the banks are going to do away
“stages” of appraisals.
Ekko works well with short sales, S5 is OK –nothing above
the others, and Advanced Title gets them done.
Banks have stacks of short sales to work through – Bryan had
4 approved in the last week – 1 in 70 days, 2 in 3 to 4 months and 1 in 6
months. It seems as if the Asset Manager
makes all of the difference not necessarily the bank.
Take short sale listings to generate buyer s leads and close
them because chances are your listing
won’t close. Short sales make the agents look incompetent.
Buyers are indecisive and becoming unrealistic – coming up
with excessive home inspection lists.
Upper bracket prices continue to fall and those buyers are
more cautious. People are backing out of
remodeling contracts as well – the economy is their excuse of why they aren’t
moving forward. National news and lack
of details about our market is making them uncomfortable in both scenarios.
Are there more listings coming on the market? The answer is yes – inventory is low put it
Builder activity is on the rise. One builder, Van Metre is up 40% and is
raising their prices – NVR posted a 50%
increase over last year’s sales.
We all believe Tax Credit for first time buyers will be
extended. As previously discussed each
real estate transaction “touches” 29 different industries and generates $62,000
in capital to the economy.
We also believe that the loan limit will go back to $625,500
and remain there as prices are lower – we all have had fewer sales above the
$700,000 price range. Also, the
government may want to diminish their exposure and not raise it back up.
Condo associations need to be proactive to get their
properties approved FHA after November 2, 2009 – no one has heard of any
associations taking the lead. Be sure to
make sure the project is in process of approval prior to finalizing
contacts. No more spot approvals with
FHA after this date. Here
are the outlines of the program – lots of questions are still
unanswered. Will this kill the condo
What does all of this mean?
Professional Realtors are more valuable and more needed today more than
ever. Get it? Got it?
Now, go sell something!