Friday, August 3, 2012
Tuesday, July 3, 2012
599 days in Foreclosure..... and counting!
Below is a good link to an article for your sellers – here’s
why (foreclosure inventory is down = prices could bump up):
1.
Due in part to lawsuits tied to “robo-signings”
and other related issues, banks have decreased their foreclosure filings.
2.
Trustee sales and judicial foreclosures are down
37% (only 3.7% of properties in foreclosure were liquidated in June as opposed
to 5.6% in August 2010).
3.
The number of foreclosed homes held by banks is
down 17% (currently 493,000 nationally) from one year ago.
4.
But, it’s not that the defaults are not
there, it’s just that the banks are putting off the inevitable. The
average number of days a property is in foreclosure has gone from 478 in August
of 2010 to 599 days July of 2011 – that’s an increase of 25% in just one
year.
5.
This has caused a decrease in our current
housing inventory (especially in the Central Valley) which should either keep
prices propped up at current levels, or possibly give us a little bump. Any
seller who is contemplating selling in the next 3 years should at least
consider now as the perfect time. When/if we get a wave of
foreclosures in the future, we could have a flood of inventory and another drop
in prices. For sellers, sell now, lock in an historic low rate loan
and buy your dream home.
Monday, June 4, 2012
It’s Avocado Season
As we bounce along this economic "recovery" I look for parallels, differences, and just ideas that we can use to help with our real estate careers. A few days ago, I saw something that hit me right between the eyes.
I’m driving southbound on Academy into Sanger for a sales meeting at the office. Just as I slow (for the 40 MPH zone), I see a billboard on my right for Subway Sandwiches that reads "It’s Avocado Season". There’s an enormous picture of a sandwich stuffed with delicious looking avocados. I immediately think avocados are good. I love avocado season, I wonder how long the season is – 2 months? And then, I think I better get while the getting’s good.
It occurs to me, that of all the chain restaurants that have offered everything from avocados to western bacon double something, I don’t recall ever seeing such a great call to action. The advertisement clearly illustrates here today gone tomorrow! In anticipation for the sales meeting, I think what else is here today and gone tomorrow? The answer, listing season!
That’s right, as we cut our way through this saw tooth-like recovery, I’m convinced that anyone who is considering selling in the next two years needs to list with you now and get their property sold. Inventory is at an all-time low and buyer demand is high. With little to no competition out there, any and every well priced home will sell. Just like the bump in price for your sandwich to add avocado, sellers are getting a bump in price too (we’re up 3-5% depending on the area). It’s listing season and your sellers have 60-120 days to take advantage of it.
Our job is to shake the trees and create the low hanging fruit! Get every expired listing back on the market, every for sale by owner listed and every seller who has been on the fence in the game to take advantage of this brief seller’s market. The most rewarding, money making activity you can do right now, is to prospect for listings. Listings are the only "now" business. If you pick up a buyer in today’s market, you may write 5, 10, even 15 offers over a several month period and still not close a deal with them. On the other hand, any listing you get will be sold immediately. Listings are "now" business.
Take advantage of the season. Good luck and go get em!
P.S. I’ve eaten an avocado every day since Thursday – don’t let this opportunity pass you by!
Monday, May 7, 2012
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