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Many sellers want to know how long would they need to wait to
again see the prices of 2005-2006. Moody's and Fiserv have actually
studied this point. Here are the years that different states will
probably return to those prices:
Before
2014 - Maine, Vermont, Kentucky, Pennsylvania, South Carolina, Alabama,
Alaska, Iowa, Montana, South Dakota, North Dakota, Wyoming,
Nebraska, Kansas
2014-2017 - Massachusetts,
Connecticut, Delaware, Ohio, West Virginia, Indiana, Wisconsin,
North Carolina, Tennessee, Mississippi, Arkansas, Missouri,
Louisiana, Oklahoma, Texas, Colorado, New Mexico, Washington,
Oregon
2018-2022 - New York, New
Hampshire, New Jersey, Maryland, Rhode Island, Illinois, Hawaii,
Georgia, Idaho, Utah
After
2023 - Virginia, Florida, Michigan, Minnesota, California, Nevada,
Arizona
Keeping Current Matters Members can Click Here to login and
get a slide in the October issue showing the above information as a
map of the country. This will allow you to
simply and effectively make the point to your sellers.
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Foreclosures have decreased recently. Why? Ever since banks
learned of the pending implementation of the administration's
Making Home Affordable modification program, they delayed the
initiation of foreclosure proceedings hoping customers might have
been eligible for a loan modification. Because of this, foreclosure
sales in recent months have been as little as half of what they
were before. Banks have now exhausted every available option to
qualify customers for modifications and other solutions. The only
option left is to foreclose on those who couldn't be helped.
The Result?
There
is a growing pipeline of foreclosures which are in process. All
indications are that there will be a wave of foreclosures
hitting the market in the next six months. That will add
distressed properties to an already large overhang of inventory.
If you want to sell - DO
IT NOW!!
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Most people are no longer motivated by only extrinsic motivators
(money, power. position). Our culture is moving toward more
intrinsic motivators (meaning, growth, learning). We must know that
what we are doing is important. Not just to profits, but to
society.
"There's nothing wrong with wanting the trappings of
success," notes Authentic Leadership Institute President Nick
Craig. "But real confidence, and true success, comes from the
feeling that you are doing things for the right reasons."
As
Gail Carillo said in a comment on our blog:
"It is imperative to give 'true' and accurate information
to prospective clients and not paint the picture you 'think' they
want painted. Good agents can deliver good news but great agents
can deliver difficult news."
As Realtors today, we have the opportunity to help our communities
through these difficult times. Build your business by giving great,
truthful counsel. Let's do our part to turn this
economy around - one house at a time!
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1.
Believe in the concept of social networking.
If
you haven't yet, at least post at a profile on Facebook,
LinkedIN and Twitter. You may not yet believe in social media -
but you will. When that time comes, be ready!! If you want to
practice, friend me on Facebook, connect with me on LinkedIn and
follow me on Twitter.
2.
Have a 'talking point' every day.
People are so thirsty for good, current information on the housing
sector. Be the resource of that information and you will be seen as
the expert in your market. Read every day so you know what is
happening. Research just not your thing? Then go to my blog (www.steveharneyblog.com)
and look at my talking point of the day. It is posted every
morning (Monday through Friday) at 8am.
3. Get a 'short sale'
designation by year's end
I have been assuming that the banks would begin leaning toward
doing short sales rather than foreclosing on the rash of properties
that are delinquent. We are starting to see just that. The Federal
Finance Housing Agency released a report Friday, October 2nd where
they talked openly about streamlining the process. Short Sales will
be plentiful and easier to close as we move forward. Make sure you
take adequate training in order to generate business by helping
these homeowners.
4. Become a 'trusted
advisor' to those who depend on you
Make sure you truly understand what is happening and why it is
happening. That is our responsibility as professionals. Then tell
your clients the truth even if it is difficult.
As my new friend, Chris Read said:
"Trust is 'the one thing that changes everything' according
to Stephen Covey. According to Covey there are four core
values that make up trust: Integrity, Intent, Capabilities and
Results. To me, trust should be the basic building block of any and
all good leadership."
5. Volunteer to help those less
fortunate
We can no longer be motivated by only extrinsic
motivators (money, power. position). Our culture is moving toward
more intrinsic motivators (meaning, growth, learning). We must know
that what we are doing is important. Not just to profits, but to
society. Volunteer this holiday season. Reach out and be a hero to
someone who needs your help.
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Great quote from the Wall Street Journal regarding
housing in America:
"There's a good reason homeownership has been such a
central part of the American dream. It delivers security, pride of
ownership, a sense of community and decent investment returns as a
bonus...
For every hardship story, and no doubt there are many, others
are realizing their dreams of home ownership and getting what may
well turn out to be the deals of their lives."
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Selling a home
for-sale-by-owner takes time, and requires you to do paperwork,
marketing and manage the showings on your property. You might think
you will be saving a commission by trying on your own. However,
with so many parts of a real estate transaction changing (mortgage
requirements, disclosures, appraisals) and with the time required
for you to handle negotiations and follow-ups, perhaps it would be
better to put the sale of your home in the hands of a professional.
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Where
are interest rates going?
Anyone looking to buy, move-up or refinance, MUST do it
before the spring. Let me explain why I feel this way. Banks are
not currently in the business of lending money to home purchasers.
Why? Because, with all the risk associated with mortgaging and with
inflation looming why would anyone make a 30 year loan at 5%? So
banks, for sometime now, have been content to just collect the
up-front fees associated with the loan and the processing fees
associated with servicing the loan (billing, collection, etc.). The
actual loan is financed by the government who has been willing to
make loans at a lower rate in part to help stabilize the economy.
The Fed announced last week that they will no longer be buying
those mortgages after March of 2010. Once the government stops
purchasing mortgage-backed securities and banks are forced to make
the loans, rates will rise. History tells us that once they
start to rise they will do so quickly and dramatically.
Again, if you are going
to buy, move-up or refinance,
DO IT NOW!
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http://www.realestateskirts.com
Skirts In Dirt is a nationwide organization for women
working in the field of real estate. Their mission is to become the
gathering place for women in real estate.
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"Whatever
you can do,
or dream you can, begin it. Boldness has genius, power,
and magic in it."
~Goethe
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"It is impossible for us to nagivate through this market
with any effectiveness, unless we understand and can effectively
communicate the market at hand. Being well informed and able
to help buyers and sellers make educated decisions is critical
during this tough time. Steve Harney and Keeping Current
Matters plays an important role in my understanding of this
marketplace. I am thankful to have the opportunity to work with
Keeping Current Matters."
Colleen Sprague
Shorewest Realtors
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KeepingCurrentMatters.com
Click
here to subscribe today
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