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Wayback Wednesday… Optimist of Pessimist?

Wednesday, 15 December 2010 08:16

Written by Lane Bailey

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: Image via Wikipedia

Two years ago I wrote this post… And it is almost embarrassing… I was SO wrong. So wrong.

Or maybe I was right, but just a couple of years too early (nope, I think that saying I was wrong is closer to the truth).

In effect, my opinion was the real estate was poised for a recovery. The prices were cheap, and mortgage rates were almost impossibly low.

Prices are lower… and so are interest rates. There are still deals out there (but at least there is a fight for some of them). But the fact remains that I misread the market, then. I tend to be a little more cynical about it now…

But, all of the same forces that were lined up pointing to a recovery, like the media talking it down, investors like Warren Buffet looking at real estate, etc., are still there.

What I hadn’t banked on was unemployment and how it would affect the real estate market. Unemployment is up about 30% from where it was two years ago. Despite the bailouts, government takeovers and TARP, people aren’t working. Until that happens, we won’t see a real estate recovery… But when it happens, it will happen in a big way. I still believe that. It won’t wind back up as fast as things unwound, but the best deals will vaporize from the market.

As mentioned, I have had buyers that have had to compete for properties at the entry level. It is a glimmer of hope…

Wayback Wednesday… Is NOW the Time to Buy?

Wednesday, 08 December 2010 08:57

Written by Lane Bailey

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: Image by dannyfowler via Flickr

Listening to the NAR (National Association of Realtors®, it is ALWAYS the right time to buy. If the market is going up, they pound the “buy the rising market” drum. If the market is going down, they beat on the “buy into value” drum. Frankly, I’m tired of it, and they have killed a massive amount of credibility by constantly trying to spin reality for “our” perceived benefit.

A couple of years ago this week, I was on Social Media Edge, on Blog Talk Radio, talking with Ken Cook about this very thing. I’ve had my strong opinions about this for quite a while. And, while for some folks, it is a GREAT time to buy, for others it isn’t. I haven’t ever been shy about saying it, even when I have taken flak from my peers for not “cheerleading the market”.

On Social Media Edge, we talked for about 20 minutes about this. Here is a link to the original post, and it has links to the Blog Talk Radio site, as well as a podcast of the broadcast. Stop in, check it out.

If you are wondering if NOW is the time for you to buy, give Lane a call. 678-200-5895.

Wayback Wednesday… Median Price Comparison… Ouch! (lanebailey.com)
Wayback Wednesday… Homes ARE Selling! (lanebailey.com)
Wayback Wednesday… Political Incorrectness (lanebailey.com)

Wayback Wednesday… Homes ARE Selling!

Wednesday, 01 December 2010 08:39

Written by Lane Bailey

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: Image via Wikipedia

A couple of years ago I wrote about a deal on a property I ran across. It was priced around $330,000. At the time I said that it would have around $75,000 equity. It sold for $300,000. The most recent comps in the neighborhood have sold around $400,000 in the last couple of months. Also of note, it was only on the market for about two weeks.

Since then, I have posted a couple of other times about properties that looked like good deals. None of them were on the market for more than a couple of weeks… often less.

I have also been working recently with a buyer that made 7 offers before getting one through. In 4 of those cases (at least) the properties were in multiple offer situations. Our offers were close to (in one case… OVER) list price. These were properties that were on the market LESS than a week. He wasn’t the only one… other buyers I have dealt with over the last year have been in the same boat… lots of offers and a lot of multiple offer situations.

: Image via Wikipedia

So, in what is supposed to be THE worst housing market since Adam and Eve were foreclosed in the Garden of Eden, there are properties selling for OVER list price, within DAYS of coming on the market. Of course, there are others that languish for months (or years) without so much as an offer… and barely a look.

If you are a seller, the secret is the price. If you are giving it away, there WILL be a line. A low price MAY actually start a bidding war… or it may not. But price HAS to represent value to the buyer.

If you are a buyer, time may NOT be on your side. Low prices and killer mortgage rates are pulling people in. There is a good chance that the property YOU are attracted to, if priced right, will be attractive to someone else. Make realistic offers (regardless of the list price).

Of course, a LOT more goes into it… if you need an agent that understands it, feel free to give me a shout.

Here is a link to the original post…

Wayback Wednesday… Case-Shiller Index (lanebailey.com)
Wayback Wednesday… Set the Hook… (lanebailey.com)
Wayback Wednesday… Median Price Comparison… Ouch! (lanebailey.com)

Wayback Wednesday… Case-Shiller Index

Wednesday, 24 November 2010 08:30

Written by Lane Bailey

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: Image via Wikipedia

A couple of years ago I was writing about the Case-Shiller Index and the Atlanta market.

I still am not a huge fan of the index as an “end-all” summation of all things related to real estate value, but it is always fun to look over data like this and see what in might glean.

There is no doubt that we were in a bloodbath a couple of years ago. Values were dropping like a rock and there was no end in sight.

Hopefully, we’ve seen the end. Values appear to have stabilized… but I am of the opinion that jobs are the key. And until the job market recovers, I don’t think we will see a spring-back in housing. I DO think that we might have found a support level… but unemployment seems to be fairly consistent (crappy, but not getting worse).

Wayback Wednesday… Median Price Comparison… Ouch! (lanebailey.com)
Wayback Wednesday… Recovery? (lanebailey.com)
Wayback Wednesday… A DNS (lanebailey.com)

Wayback Wednesday… Set the Hook…

Wednesday, 10 November 2010 08:04

Written by Lane Bailey

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: Image via Wikipedia

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.

Wayback Wednesday… What do YOU Deserve? (lanebailey.com)
Wayback Wednesday… Why the Hurry? (lanebailey.com)
Wayback Wednesday… The Dirty Little Secret… (lanebailey.com)
Flashback Friday… Mortgage Thoughts… (gwinnettgarageguy.com)

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Tag Archives: wayback wednesday

Wayback Wednesday… Optimist of Pessimist?

Wayback Wednesday… Is NOW the Time to Buy?

Wayback Wednesday… Homes ARE Selling!

Wayback Wednesday… Case-Shiller Index

Wayback Wednesday… Set the Hook…

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Tag Archives: wayback wednesday

Wayback Wednesday… Optimist of Pessimist?

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