5 Tips for Real Estate Foreclosures
June 30, 2008
Guidance outlining 5 tips for real estate foreclosures. Theres an old saying: money is made when you buy, not when you sell. And its true in today’s somewhat softer real estate market. Finding deals in real estate foreclosures can be tricky. There are many hurdles that you have to work around, over, and through to get the best deal. Some may have some preconceived perception that you are making money off of other’s persons misfortunes. In reality, the misfortune has already occurred. They wanted/needed to sell their home. They didn’t. And now they REALLY want to sell their home (or the bank wants to get out from under the deal). Either way, you are helping them take care of their situation.
How to Fix New Homes Sales
June 28, 2008
Interesting article on how to fix new homes sales - the solution: do nothing. The story points to various strategies utilized in the recent past to stimulate new homes sales. And it also points to the demand for assistance by many home builders across the United States for some sort of assistance in getting their homes sold but a lot of times, the solution creates its own myriad of problems down the road including persons that stretch themselves on speculation - which is exactly why there is a lot of the problems that are happening today.
Commercial Real Estate and Farms Buoy Economy
June 27, 2008
An interesting spotlight on a real estate market where commercial real estate and farms are buoying the economy. It provides a general overview of the residential real estate market (which is generally down overall), and provides a relative comparison to the commercial real estate market (which is generally up). Agriculture and farms were strong as well with an overall increase by as much as 25% for certain crops.
Shareholders Approve Countrywide Sale to Bank of America
June 26, 2008
Its now official: Almost 70% of Countrywide Mortgage shareholders have approved the sale of the company to Bank of America. Countrywide Mortgage was founded almost 40 years ago, and has been one of the major players in the real estate mortgage industry for years. It currently handles almost 1/6 of all real estate mortgages in the United States. The sale of Countrywide Mortgage to Bank America is expected to happen by July 1, 2008 and has a value of $2.8 billion.
Existing Homes Sales Up in May
June 26, 2008
Existing homes sales are up for the month of May by 2%. Great news for many parts of the country that are suffering through a tough real estate market. And another bit of good news - the amount of inventory (the homes that are for sale that are currently on the market), declined by 1.4%. Its not all roses though; The median prices for those existing homes declined by over 6% from the same time last year in 2007.
New Home Sales Decline in May
June 25, 2008
New home sales declined 2.5% in the United States in May. This is amidst the announcement by the Fed that they will not be making any adjustment to the interest rates - primarily due to concerns of inflation. Regardless, many markets across the country are showing strong despite the gloomy outlook on a national level. Referring to a real estate professional in your particular locale will help provide guidance for how your local real estate market is fairing.
Las Vegas REALTORS need our help.
June 24, 2008
Charles Richey, who is a friend and member of Team Eric, who won the Greatest Real Estate Agent in the World Contest in May has been diagnosed with Guillaume Barr disease, which affects his nervous system and is a leading cause of paralysis. He is currently undergoing treatment in the Intensive Care Unit at a Las Vegas Hospital. His wife is a REALTOR and will have a hard time with medical bills and life expenses with what is expected to be a LENGTHY recovery.
Charles is also a reporter here at RealEstateIndustryWatch.
If you can spare some money to help Charles and his family in their recovery, a post for the fund has been set up HERE. If you can spare some links to his site at LVREALTY.net, that would be appreciated too. We want to support him during this time by getting some leads to Jaqui during this market where buyer leads are so important.
Charles are thoughts and prayers are with you for a speedy recovery and know that we are with you. Godspeed.
Top 10 Best Real Estate Markets
June 24, 2008
Interesting article containing the Top 10 Best Real Estate Markets in the United States. Contains detailed breakdown for each city including a projected annual forecast, median home valuation, 1 year price increase, 5 year price increase, and a rate of foreclosures for the area.
Mortgage Rate Hike Hurts House Market
June 22, 2008
The recent hike in mortgage rates continues to hurt the beleaguered house market. In some programs, the rates have increased as much as 1 percent compared to just a few months ago. This can add an increase in monthly payment for a potential borrower of $80 per $100,000 in mortgage. This will likely act as putting on the brakes for any recovery in the real estate industry. Beyond just homes sales, the rate increase can also potentially affect foreclosures as well. If a homeowner that was on the edge of falling behind, wanted to refinance - he may not be able to do it now due to the higher mortgage rate, and would be forced to go into foreclosure.
Can you Market @ 100 MPH?
June 22, 2008
Mitch Ribak is an interesting guy in the real estate business. These days, not many people can say that they have a team of 20 some odd agents and employees, in Florida (arguably a tough market), your business is GROWING and that all of your volume is due to the internet.
The key to marketing for Mitch isresponse, follow up and converting leads. Want to find out what he does that others don’t? Check out his marketing site and learn how he markets at 100MPH. The answers are surprisingly simple and basic. This points us to an even bigger lesson. Why don’t more people market Mitch’s way -a 100MPH?
We have added Mitch as part of our team of reporters here at REIW. Feel free to contact Mitch with questions or just to say “hello”.
Real Estate Quote of the Week
"I often hear remarks from agents like, “the bank sold that house really cheap - 30% below market value”. I don’t agree with that kind of statement. If various banks are the only sellers selling in an area and they are selling all of their houses at a perceived “below market” sales price - perhaps that IS the market for that product in that area. A good price fixes any of the various bad conditions. There is no good reason to take (or keep) a listing that isn’t going to sell."
Russell Shaw - in AgentGenius from Phoenix AZPolls
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