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Category Archives: buyers

Flashback Friday… Angry Yanks…

Friday, 19 November 2010 08:57
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Reo Speed-Wagon (the truck)
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Last year I was waist deep in dealing with buyers involved in REO properties (bank owned).  Oddly, I have been waist deep in the same process lately.

As mentioned in the older post, some buyers have to go through 6, 8 or 10 (or more) offers in order to land some of these properties.  And when the listing agent, or the seller, requires a pre-qualification from THEIR specific lender in order to offer on the property, that can add up to a lot of credit pulls for the potential buyer… possibly even enough to damage their credit.

The situation seems a little better… but only a little.  We are still running into a lot of bank owned properties that are requiring buyers submit to specific pre-quals from lenders that are either specified to by the seller, or friends/partners of the listing agent.

We have had a little better luck resisting this year, though.  Perhaps the banks are getting the message that this isn’t their best idea…

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Flashback Friday… Tax Credit Gambling

Friday, 12 November 2010 08:24
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Picture of the "Gingerbread House" i...
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This week last year, the biggest news in housing was all about the Tax Credit expansion and extension.  It went from just being for First Time Home Buyers to allowing existing home owners to get a credit also.

Those credits finally expired in April (with closing mostly by June).

Looking back on the market reports for the last year, the effect of the tax credits is pretty obvious.  And I wouldn’t call it all a good thing.  There certainly was an increase in closed sales leading up to the original June deadline.  But, there was a VERY sharp fall off in almost all markets in July through September (and more current data isn’t available yet).  Sales were well below last year for the same periods.  Of course, there was another tax credit at that time, so it may be hard to judge.

The fear for those of us in the real estate business that weren’t thrilled with the credit was that it was “stealing buyers from the future”.  It wasn’t creating new buyers, but just altering the time table.  That theory is borne out by the data we’ve seen so far… sales dumped after the credit expired.

For those that pushed for the credit, there was an expectation that it would “jump-start” the housing market.  It did, but as soon as the cables came off, we saw that the battery was still dead…

Real estate economics - increase in demand in ...
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Personally, I am of the opinion that the way to boost the housing market is with sustainable private sector jobs.  When people aren’t worried about the pay check next month, they are more likely to think about buying a home.

However, right now, interest rates are amazing and home prices are too.  I have been in a few homes in the last couple of weeks with prices that were just shockingly low.  And my mortgage guy is working on a loan for someone WITHOUT perfect credit with a rate in the low 4% range…  Another client (with EXCELLENT credit and a 15 year loan) was in the high 3% range.  (Please keep in mind that there are a LOT of variables that determine your interest rate… talk with a mortgage pro).

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Norcross, GA, Market Report, September 2010

Thursday, 11 November 2010 08:48
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This map shows the incorporated and unincorpor...
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Market stats for Norcross, August, 2010 indicate that there were 375 properties on the market. Overall, there is about a 8.3 month supply of properties. September sales were down v 2009 (43 v 55), but August was way up (52 v 43).  Overall, the market isn’t terrible here, looking back.

In the sub-$200k arena, there were 192 listings, with about 6.2 month supply.  Sales are way down from a year ago in this segment, which is the main driver of sales in this area.  But the segment is still looking pretty strong, despite the weakness in July and September.

Between $200k and $400k, there were 136 listings for sale, and about 12.4 months of supply.  Sales have been down and slowing for the last few months.  But September was up slightly (14 v 12 last year).  With the increase in inventory, I think October might be rough, too.

From $400k to $600k, there were 39 homes on the market. The absorption rate is around 13 months.  Sales have actually been strengthening since March (with a few ups and downs…), but much of the perception is from shrinking inventories.  Actual sales have been mostly decelerating.  I expect to see the numbers move the other way in the next few months.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (three month average) is steady at 12 months of inventory… but with only 4 sales this year, obviously it is easy to bump one way or the other.

The range from $800k to $1m, there were 1 homes listed on the market and no sales… seemingly forever.

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  There have been two sales in the last year (Nov 09 and Apr 10).

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

I have a page dedicated to Norcross Market Data.

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Wayback Wednesday… Set the Hook…

Wednesday, 10 November 2010 08:04
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Two years ago there were worries among sellers that buyers couldn’t obtain financing.  Those worries are back… but, then as now, money was available.

Of course, in the middle there were issues with getting loans funded.  But now, the loans are available.  Of course the credit restrictions are tighter and there are fewer loans available for those with weak credit.  But, many would be buyers think that getting a loan is all but impossible… that may be what they heard on TV or saw in the paper.

So, a great opportunity for sellers (and their agents) is to make sure that would be buyers KNOW that they can get a loan.  When I take listings, I call up one of my best mortgage guys and have him build out a few financing scenarios.  This lets prospective buyers know up front what their payment options might be… and if the property might be within their budget.

When I am working with buyers, if they haven’t already, I get them to get a pre-approval.  This allows them to deal with issues with which they might not have been aware, PRIOR to putting an offer in on a property.

Here are a couple of links for Ken Cook, one of my mortgage guys.  He has access to a LOT of programs for buyers (there is audio on this link) that might be on the edge, as well as tools to help those that might have credit challenges to overcome.

Let’s not forget the post from two years ago…

When selecting a listing agent, it helps to have one that also works with buyers.  A balanced agent has the resources and relationships to make it easier for a buyer to get your home.

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Enter Realtor.com… New Android App

Monday, 08 November 2010 08:32
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Realtor.com has introduced their new Android App for Google Andriod based mobile phones like the T-Mobile G2, Sprint EVO, Verizon Droid X and AT&T Captivate.

I have to say, it is pretty cool.  It is ‘location aware’, so it can search for listings and open houses that are nearby.  It can also do a host of other things, such as filtering listings by price, amenities, size, bedrooms/bathrooms, etc.  It can also share listings with family and friends… and it syncs to your Realtor.com account so that you can share listings and notes between your computer and phone.

QR code for Realtor.com Android app

Scan this with your Android phone

The Android App also does a few things that are unique to it… such as viewing the listing and its surroundings on Google Street View and save voice memos.  You can also ‘dictate’ an email to your agent, and notes right on the listing page.

Android is the up and coming platform for mobile phones.  It is the fastest growing platform, and is nipping at the heels of the iPhone… which is flat in its growth.

Here is the QR code if you want to go straight to downloading the app.  And here is a link to the Realtor.com page about the app (including the QR code and a few screenshots).

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