Archive for the ‘foreclosure’ Category
Wayback Wednesday… Recovery?
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Recovery… In it or do we need to go to it? That was my question two years ago this week… and it is STILL a valid question. And two years ago, I don’t think there were many people (including me) that were expecting the housing slump to last this long.
But here we are, not knowing if a bottom to the market has been established or if there is more blood that needs to run in the streets.
At least now, more of us in the real estate community have figured out that stimulus and incentives aren’t the answer… JOBS are the answer. There are too many potential buyers out there that are worried about the security of their jobs. Demand can’t rise until buyers don’t feel threatened.
And that means that the Supply side of Supply/Demand will be out of whack… even thought the supplies have be mostly dropping for well over a year (compared to the previous year). And even though supply has been coming down, there have been reports of a wave of foreclosures just out of sight over the horizon (those reports have been with us for well over a year, too).
On the flip side, there are some pretty good deals. Mortgage rates are ROCKING… I heard a report today that rates hadn’t been this low in 60 years. If you ARE in a position to buy, it might be the best time in a generation. If not, I understand…
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View CommentsFlashback Friday… Are You Ready to Rumble?
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Competition. If you are a seller in this market… and for the last several years… you have been in competition. If you weren’t… your competitors were, and you can’t win the race if you weren’t running.
If you are a buyer in this market, you have still been in competition. Same story as above. And while there is a LOT of inventory (less than the last couple of years, but still a lot), the deals aren’t on every corner. You have to grab them when they pop up…
The bottom line is that opportunities are out there for both buyers and sellers, but they aren’t so plentiful as to be squandered.
I wrote a post last year about this very thing… Drop in and take a look.
View CommentsWayback Wednesday… Why the Hurry?
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This hasn’t changed… unless it has become MORE important.
Looking through listings is kind of like wading through a sea of REOs (bank owned properties) and short sales (properties on their way to becoming bank owned, barring a miracle). And one thing uniting these listings is that they are generally marketed VERY weakly. Scant pictures, minimal descriptions and even non-existent directions to the home.
So, when a property comes on the market that is well photographed, marketed and with a well written description, it stands out.
Two years ago I wrote about agents rushing to get listings onto the market… before things like photographs could even be sorted out. Then and now, buyers reject properties without photos. Seldom do they come back to see if the listing has photos updated on it… unless they have moved past everything else on the market.
Here is the original post…
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View CommentsWayback Wednesday… Don’t be Dumb Like a Bank
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A couple of years ago I wrote a post about a particular property. It was a foreclosure, and the bank acted stupidly. And I’m not saying that lightly. Had they accepted my client’s offer, they would have sold the property a year earlier and for $40k more than they eventually got.
Now I see a lot of people making the same mistake from the other side of the fence…
I see buyers trying to deliver one last beating to the bank… often during the inspection phase… and losing a great deal over things that are trivial. I understand it. That doesn’t make it any better…
I had one client that was angry that the bank accepted his offer. He thought they would counter. I had warned him that they might accept of reject, but not counter. Some of the banks have a number. If you offer $1 over the number, they accept. If you offer $1 below, they reject. During the inspection period, this client made a LOT of demands. The bank rejected. No counter… no discussion.
Don’t make the same mistake the banks were making.
View CommentsWayback Wednesday… Don’t Hide in the Sand…
A couple of years ago I wrote about folks facing foreclosure. I would love to say that things have really changed in the last couple of years, but I can’t… They have actually gotten worse in many regards. But we might be seeing the light at the end of the tunnel… but it is just a pinprick of light…recent numbers are showing that the tide of foreclosures might be easing… if only slightly… from record levels.
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