Real Estate Information

ABBY NELSON EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Abby Nelson of RE/MAX 200 Realty has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Orlando area, more than 70% of homes on the market are distressed properties. It is happening in all price ranges. Local experts say that even high-priced homes are not immune. 

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Nelson. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Abby Nelson with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

Orlando housing market continues to record sales gains

(August 10, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR® Association reported completed sales on 2,387 homes in July, which is a 3.83 percent increase over the July 2009 mark of 2,299. To date, Orlando area home sales are up 39.54 percent over this time in 2009.“Conditions have become more balanced in Orlando, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.”

The number of new contracts filed in July 2010 (3,793) represents an increase of 2.62 percent more than were filed in July 2009 (3,696). The area’s pending sales statistic — also an indicator of future sales activity – is likewise remaining at a record high with 18.41 percent more homes (9,133) under contract and awaiting closing in July of this year than in July of last year (7,713).

The median price of all existing homes combined sold in July 2010 decreased 17.37 percent to $109,900 from the $133,000 recorded in July 2009. July 2010’s median price is a decrease of 4.43 percent compared to June 2010’s median of $115,000.The median price for “normal” sales is $179,138 (up 4.15 percent from last month’s $172,000). The median price for bank-owned sales is $73,999 (down 4.52 percent from last month’s $77,500), and the median price for short sales is $115,000 (steady from last month’s $115,000).

Homes of all types spent an average of 85 days on the market before coming under contract in July 2010, and the average home sold for 94.89 percent of its listing price. In July 2009 those numbers were 101 and 94.04 percent, respectively. The area’s average interest rate decreased in July to 4.67 percent.

Fox news reporting ....Good news in the real estate market... home sales for the month of April increased    YES increased...  reporting April sales up 3.3%.  Could the down trend slide be nearing its end?..   With sales increasing we can at least see improvement, if   your thinking about a home purchase it might be time to check into the options and details. Please contact our team, we would be happy to help update you on property options.  See if now is your time to buy!

The Great Homes Group , as of May, is beginning to see the market pick up ...  Our current lower market allowing first time home buyers to enter, the home purchase market again.  Fence sitters are starting to make those purchase decisions... after months of waiting and searching, many potential home buyers are now finding the home market at a great price and loan levels still very good.  Investors beginning to jump back in sweeping up some great deals while they still can.  Most feeling the from here forward there is not much chance things would get much better to buy.  Please give us a call if you in the market, or thinking of jumping in soon...   short sales/pre-foreclosure options still good but seem to be leaving the market quickly.....   good news for our market but not good news for those who may not have yet looked to making a great purchase...  Call us 7 days a week.!  here to assist you.

Fannie Mae is scrapping a \"declining markets\" policy that required loan underwriters to boost minimum down-payment requirements by 5 percent in areas where home prices are falling or difficult to determine.
Beginning in June, Fannie Mae will instead require 3 percent down payments for conventional, conforming mortgages processed through its Desktop Underwriter automated underwriting system, and 5 percent minimum down payments for loans processed manually. Larger down payments may be required depending on occupancy, property and transaction types.

Paul Pastore's Top 10 Ways Sellers Can Guarantee Their Home Won't Sell:

1. Be casual, not serious, about selling.
A sage once quipped, "Money is only important when you don't want something enough." Real estate expert R.L. Brown said that if half of the 58,000 sellers in Maricopa County removed their for-sale signs we'd be at normal inventory levels. Actions speak louder than words in this market. Discretionary sellers should wait for a less competitive environment.

2. Price it wrong.
A home properly priced is half sold. No amount of full-color ads, glossy fliers, multiple photos, virtual tours, agent luncheons, Goodyear blimps, pom-pom girls or Saint Joseph statues will compensate for a wrong, timid retail price.

3. Ignore your agent.
Attorneys believe if you represent yourself, you have a fool for a client. Doctors don't self-diagnose. Professionals use professionals. Even though many people believe they're experts on raising kids and real estate, full-time, career pros usually know what's best. Listen to them very carefully.

4. Micromanage the marketing.
If you sold cookware in college, carts in California, or carpeting in Cranston, it does not qualify you to second-guess your agent. If you had a real estate license years ago, save your stories about the "good old days" for your children. You can share your concerns and timelines, but leave the details to the listing pro.

5. Reject staging suggestions.
Someday shag multi-colored, sculptured carpeting will come back. Whitewashed cabinets, Navajo white walls, linoleum flooring, lots of personal photos, and Elvis paintings on black velvet need to go. Now.

6. Let Fido loose.
I recently entered a house and had two frisky, friendly black Labs run up to sniff me. Unfortunately, I had light-gray dress slacks on that day. Both wet stains lasted for hours. Until that day I didn't realize dogs enjoyed chewing the tassels on expensive loafers.

7. Talk to the buyers.
Life gets lonely at times. Why not ask the buyers where they grew up? Or how much they qualify for. Tell them about the vacant rental next door. Maybe they could babysit next weekend! Why not share war stories, horror movies or meatloaf recipes?

8. Sell personal items.
Wow, maybe the buyers want to buy the patio furniture, rotary lawnmower, or life-size statue of Saint Anthony. You have only four more boxes of Girl Scout cookies to sell. Why not ask for a donation for the March of Dimes, the Humane Society, the local PBS station? Remember the saying, "loose lips sink ships."

9. Discount that smell.
My house doesn't smell of pets, baby diapers, curry powder, garlic, fried fish, coconut incense, cigars, manure, mulch, dairy farms or low tide. The buyer must be confusing my castle with a tract home.

10. Dismiss feedback.
What do buyers know anyway? They can't possibly mind my barbed wire fence, heavy-duty rebar, backyard bomb shelter, airport runway views, lights from the power plant, hum from the high-voltage lines, railroad tremors, scorpion skeletons, termite mud tubes and pet snakes. What are they thinking?

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Copyright © 2008 RE/MAX International Inc. 2/4/08

NEW JERSEY – Nov. 2, 2007 – Home sellers who list at a high price to “test” the market do themselves a disservice, according to research by a New Jersey appraiser – their homes spend more days on the market and eventually sell for less than similar homes priced realistically from the start.

New Jersey-based appraiser Jeffrey Otteau of Otteau Valuation Group Inc. conducted the research of sales in a declining market in the first six months of 2007. In his analysis of 4,500 home sales mainly in North and Central Jersey in the $500,000-to-$700,000 range, Otteau first looked at homes that sold within one month of listing. He found that the median asking price was $599,900 and the median sales price was only slightly less at $599,000.

However, the disparity was greater for homes on the market longer than one month. In that group, the median asking price was $634,900, and the median sales price was $585,000. Otteau believes the higher price immediately turns off many buyers and, if prices are falling, becomes even more overpriced three months later if the house languishes on the market.

According to Otteau, many buyers fear that home prices will continue to decline and are afraid to make a commitment. But if a home is priced slightly below the competition, it not only attracts immediate attention, it also assures buyers that they won’t have to worry about local median prices falling a bit more.

“Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market,” says Otteau.

Source: Philadelphia Daily News (11/02/07) Lynn, Kathleen

© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

Market Pulse™ data represents all listings taken or sold by ORRA brokers, regardless of location and is exclusive to residential property, which includes townhomes, duplexes, single-family homes, and condos. It does not include vacant land or commercial transactions.