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Sunday, May 11, 2008
Condo's - 1 Bed, 2 Bed & 3 Bed For Sale !
Wednesday, February 20, 2008
Countrywide Delinquencies Rise
Daily Real Estate News | February 19, 2008
Countrywide Financial Corp., the nation's largest mortgage lender, says loan delinquencies as a percentage of unpaid principal balance increased to 7.47 percent in January from 4.32 percent in January 2007.
Foreclosures pending as a percentage of unpaid principal balance increased to 1.48 percent in January from 0.77 percent in January 2007.
The rise in foreclosures and late payments reached record levels in January, according to Countrywide.
Countrywide says it funded $21.89 billion of home loans in January, down 41 percent from $37.11 billion a year earlier. Average daily loan applications totaled $2.64 billion, down 6 percent from $2.82 billion a year earlier.
Source: The Associated Press, Alex Veiga, and Reuters News, Jonathan Stempel (02/15/08)
Foreclosures pending as a percentage of unpaid principal balance increased to 1.48 percent in January from 0.77 percent in January 2007.
The rise in foreclosures and late payments reached record levels in January, according to Countrywide.
Countrywide says it funded $21.89 billion of home loans in January, down 41 percent from $37.11 billion a year earlier. Average daily loan applications totaled $2.64 billion, down 6 percent from $2.82 billion a year earlier.
Source: The Associated Press, Alex Veiga, and Reuters News, Jonathan Stempel (02/15/08)
Tuesday, February 19, 2008
Report: Dallas-Fort Worth home prices least likely to drop
07:30 AM CST on Wednesday, January 16, 2008
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Dallas-Fort Worth's housing market is the least likely of any in the country to see a decrease in home values, a new report confirms.
At the same time, the chances of a house price decline rose in almost four out of five U.S. markets, according to a report released Tuesday by mortgage insurance firm PMI Group.
Dallas and Fort Worth ranked dead last in PMI Group's latest forecast of cities with the biggest chance for a home price shakeout.
Analysts with the California-based company estimate that Dallas-Fort Worth has less than a 1 percent chance of marked home price drops in the next two years.
By comparison, cities in California , Nevada and Arizona have more than an 80 percent likelihood of falling residential values.
"We're seeing an increasingly polarized market," PMI economist David Berson said in a news release.
"The risk that home prices will be lower in two years has increased for many of the largest cities in the nation, although areas that saw only moderate home price gains during the 2002-to-2005 period still generally have low risks of price declines," he said.
That's certainly the case in Dallas-Fort Worth, where home price appreciation during the last five years has been a fraction of the national average.
"Because Texas did not participate in the double-digit home price gains in the first half of the decade, it doesn't have to take the great pain of the areas that are compensating for that now," Mr. Berson said in an interview.
Now that the housing sector is in a slump, home values in North Texas have been relatively flat while they are falling in many other major U.S. cities.
In 2007, the median price of homes sold through the North Texas Realtors' multiple listing service was up 1 percent from 2006.
Texas markets – including the D-FW area – were also less affected by investors who ran up prices in some cities, Mr. Berson said.
And most Texas cities are outpacing the rest of the country in overall economics, he said.
"The state economy is doing pretty well, and job growth is above the national average," Mr. Berson said.
"It's quite likely Texas will be doing better than the national average for the foreseeable future," he said.
The D-FW area has gotten high marks in the PMI risk report before.
And other national surveys show that North Texas ' housing market is outperforming those in the rest of the country.
Even so, pre-owned home sales were down about 8 percent last year, and sales of new homes fell about 17 percent in 2007.
Foreclosure rates also continue to rise.
Analysts are therefore keeping a close eye on D-FW home prices for signs of deterioration.
"I can't argue with the PMI risk assessment, but it doesn't mean that it still couldn't happen – just not as likely as elsewhere," said Dr. James Gaines, an economist with Texas A&M University 's Real Estate Center. "So far, most Texas markets are doing well.
"The metroplex probably will do well to have positive overall appreciation, but pockets within the metroplex will have a rough time for a while."
Indeed, Mr. Berson said, the Texas housing market isn't bulletproof.
"There are no sure things," he said.
"It's possible that some parts of Texas will see some declines in the near term."
But overall, the outlook for the local housing market is good, he said.
HOW RISKY IS THE HOUSING MARKET?
Markets with the most and least risk of a home price decline, based on price appreciation, economic growth and affordability according to PMI Group, one of the country's largest mortgage insurance firms. An index of 100 means there is a 100 percent chance of home prices falling in the next two years.
MOST RISKY
Riverside , Calif. 94
Las Vegas 89
Phoenix 83
Santa Ana , Calif. 81
Los Angeles 79
LEAST RISKY
Fort Worth Less than 1
Dallas Less than 1
Pittsburgh Less than 1
Houston Less than 1
San Antonio Less than 1
SOURCE: PMI Group
Thursday, February 14, 2008
Cities Where Values Have Fallen the Most
While resetting rates are causing some foreclosures, falling home prices are also playing a big part in the real estate malaise.
Home owners who owe thousands more on their homes than they are currently worth find themselves unable to refinance and unable to sell at a price that will come close to covering what they owe on the mortgage.
However, according to ZipRealty, a real estate tracking firm that aggregates multiple listing service data, the decline may be reaching bottom with inventories starting to decline nationwide. Even in Sacramento and Las Vegas, inventory numbers have started to fall, if only marginally, ZipRealty says.
The following are the top 10 cities where prices have fallen the most in the last year, according to ZipRealty.
Tuesday, February 12, 2008
10 Best Places for House Bargains
The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.
These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.
Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly.
Here are what the magazine considers the 10 best cities for bargain house hunters.
1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.
2. Raleigh, N.C. Another place where building got ahead of the curve, but the economy is expanding quickly.
3. Orlando, Fla. This part of the state had fewer speculators than Miami and Tampa, and it's adding jobs faster than those cities as well.
4. Charlotte, N.C. The financial industry is moving here, adding jobs, but the inventory of unsold homes is still significant.
5. Phoenix. This city had a high foreclosure rate, but the economy is growing and people are still moving here in large numbers.
6. Seattle. The city's port has profited from the weak dollar, but the housing price growth has slowed.
7. Las Vegas. This market was hit hard by foreclosures, but the growing economy makes the huge inventory less toxic than it is many places.
8. Jacksonville, Fla. The foreclosure rate is slower than the rest of the Florida cities, making the large inventory likely to improve.
9. Richmond, Va. There is only one foreclosure per 1,103 households here (compared to 1 in 33 in Detroit). Still, there are plenty of homes on the market.
10. Houston. Homes in Houston have long been a bargain. While there have been plenty of foreclosures, the population and the economy are expanding.
Source: Forbes, Matt Woolsey (02/07/08)
Sunday, February 10, 2008
Wednesday, February 06, 2008
MENTAL HOSPITAL PHONE MENU
Hello and thank you for calling The State Mental Hospital
Please select from the following options menu:
If you are obsessive-compulsive, press 1 repeatedly.
If you are co-dependent, please ask someone to press 2 for you.
If you have multiple personalities, press 3, 4, 5 and 6.
If you are paranoid, we know who you are and what you want, stay on the
line so we can trace your call.
If you are delusional, press 7 and your call will be forwarded to the
Mother Ship.
If you are schizophrenic, listen carefully and a little voice will tell
you which number to press.
If you are manic-depressive, it doesn't matter which number you press,
nothing will make you happy anyway.
If you are dyslexic, press 9696969696969696.
If you are bipolar, please leave a message after the beep or before the
beep or after the beep. Please wait for the beep.
If you have short-term memory loss, press 9. If you have short-term
memory loss, press 9. If you have short-term memory loss, press 9.
If you have low self-esteem, please hang up our operators are too busy
to talk with you.
If you are menopausal, put the gun down, hang up, turn on the fan, lie
down and cry. You won't be crazy forever.
If you are blonde, don't press any buttons, you'll just mess it up.
This coming week is National Mental Health Care week. You can do your part by remembering to contact at least one unstable person to show you care.
(Well, my job is done .....Your turn)
"Be who you are and say what you feel...
Because those that matter.. don't mind...
And those that mind... don't matter."
Saturday, February 02, 2008
Wednesday, January 30, 2008
Homes in foreclosure up 79% in '07
Two studies cast doubt on potential for foreclosure relief
Tuesday, January 29, 2008
Inman NewsThe number of households in foreclosure increased 79 percent in 2007, with about one of every 100 U.S. households at some stage of the foreclosure process, according to the latest numbers from data aggregator RealtyTrac.The numbers come on the heels of two reports -- one by a consumer advocacy group, the other by an industry association -- that suggest the Bush administration's foreclosure prevention efforts will fall short of expectations.Nationwide, RealtyTrac tallied 2.2 million foreclosure-related filings during the year on about 1.3 million homes, a 75 percent increase in filings from 2006.Foreclosure-related filings include default notices, auction sales notices and bank repossessions. Because one home may be subject to several filings, the number of foreclosure-related filings is larger than the number of foreclosures.Although not every foreclosure is captured by RealtyTrac, the numbers can serve as a benchmark for tracking foreclosure trends. The year-end statistics 2007 reveal state-by-state trends for the fourth quarter and December.The foreclosure picture improved at the end of the year for some states in the Midwest and Northeast including Ohio, Indiana, New York and New Jersey. But foreclosure filings were up sharply in December in some of the states already hardest hit by foreclosure, such as California, Nevada and New Mexico.According to RealtyTrac, foreclosure filings fell dramatically during December in Ohio (-26 percent), Indiana (-34 percent), New Jersey (-23 percent) and New York (-20 percent).But the number of foreclosure filings during the final month of the year rose sharply in California (up 33 percent), Nevada (up 64 percent) and New Mexico (up 58 percent).California and Florida, with foreclosure filings on 414,804 properties, accounted for about one in three of the 1.3 million homes RealtyTrac determined were at some state of the foreclosure process during 2007. Michigan, Ohio, Illinois and Indiana accounted for another 269,479 homes. All told, slightly more than half of all homes RealtyTrac said were hit by foreclosure filings last year were located in those six states.The states with the highest household foreclosure rate were Nevada (3.38 percent), Florida (2 percent), Michigan (1.95 percent), California (1.92 percent), Colorado (1.92 percent), Ohio (1.8 percent), Georgia (1.57 percent), Arizona (1.52 percent) Illinois (1.25 percent) and Indiana (1.03 percent). The U.S. average was 1.03 percent.The latest numbers show growth in foreclosure filings leveling out during December and the fourth quarter in crucial foreclosure states like Florida, Michigan and Colorado.In Florida, foreclosure filings were up 6.8 percent in December compared to November, and grew 4.8 percent between the third and fourth quarters in 2007.Growth in foreclosure filings in Michigan was essentially flat during December at 1.6 percent, and the number of filings decreased 16.6 percent in the fourth quarter.Colorado showed a 2.5 percent decline in foreclosure filings during December, and a 3.9 percent fourth-quarter drop.Some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008, unless lender and government intervention efforts begin to gain more traction, said RealtyTrac Chief Executive Officer James Saccacio in a statement accompanying the release of the report.The Center for Responsible Lending released a pessimistic report Monday that estimated the Treasury Department's HOPE NOW initiative involving voluntary loan modifications by loan servicers will prevent only 118,200 foreclosures, or about 3 percent of outstanding subprime mortgages with adjustable interest rates. The report estimated that 3.5 million families with adjustable-rate mortgage (ARM) loans face interest-rate resets in the next two years.Another study reportedly being circulated by members of the American Securitization forum estimated that the Bush administration's new FHASecure program, aimed at helping ARM borrowers who have defaulted refinance into fixed-rate loans, will help only about 44,000 borrowers.According to a Reuters report on the study, it recommends expanding the FHASecure program to include borrowers with fixed-rate loans and seriously delinquent borrowers who have demonstrated the ability to make steady payments.The study did not analyze the impact of a proposal to increase the maximum-size mortgage eligible for FHA loan guarantee programs from $367,000 to nearly $730,000 (see Inman News story).A spokeswoman American Securitization Forum, Katrina Cavalli, said in a statement that the group "supports responsible expansion of FHA and other sustainable refinancing opportunities. While we are discussing a number of ideas with our members, we have not endorsed any specific proposals as yet."Foreclosure trends in top 10 states
StateTuesday, January 29, 2008
Sunday, January 27, 2008
Tuesday, January 22, 2008
The Wooden Bowl
A frail old man went to live with his son, daughter-in-law, and four-year- old grandson.
The old man's hands trembled, his eyesight was blurred, and his step faltered.
The family ate together at the table. But the elderly grandfather's shaky hands and
failing sight made eating difficult. Peas rolled off his spoon onto the floor.
When he grasped the glass, milk spilled on the tablecloth.The son and daughter-in-law became irritated with the mess. "We must do something about father," said the son.
"I've had enough of his spilled milk, noisy eating,and food on the floor."
So the husband and wife set a small table in the corner.
There, Grandfather ate alone while the rest of the family enjoyed dinner.
Since Grandfather had broken a dish or two, his food was served in a wooden bowl.
When the family glanced in Grandfather's direction,sometimes he had a tear in his eye as he sat alone.
Still, the only words the couple had for him were sharp admonitions when he dropped a fork or spilled food.
The four-year-old watched it all in silence.
One evening before supper, the father noticed his son playing with wood scraps on the floor.
He asked the child sweetly, "What are you making?" Just as sweetly, the boy responded,
"Oh, I am making a little bowl for you and Mama to eat your food in when I grow up." The four-year-old smiled and went back to work.
The words so struck the parents so that they were speechless. Then tears started to stream down their cheeks.
Though no word was spoken, both knew what must be done.That evening the husband took Grandfather's hand and gently led him back to the family table.
For the remainder of his days he ate every meal with the family. And for some reason,
neither husband nor wife seemed to care any longer when a fork was dropped, milk spilled, or the tablecloth soiled.
On a positive note, I've learned that, no matter what happens, how bad it seems today, life does go on, and it will be better tomorrow.
I've learned that you can tell a lot about a person by the way he/she handles four things:
a rainy day, the elderly, lost luggage,and tangled Christmas tree lights.
I've learned that, regardless of your relationship with your parents, you'll miss them when they're gone from your life.
I've learned that making a "living" is not the same thing as making a "life.."
I've learned that life sometimes gives you a second chance.
I've learned that you shouldn't go through life with a catcher's mitton both hands. You need to be able to throw something back
I've learned that if you pursue happiness, it will elude you but, if you focus on your family, your friends, the needs of others, your work and doing the very best you can, happiness
will find you
I've learned that whenever I decide something with an open heart, I usually make the right decision.
I've learned that even when I have pains, I don't have to be one.
I've learned that every day, you should reach out and touch someone.
People love that human touch -- holding hands, a warm hug, or just afriendly pat on the back.
I've learned that I still have a lot to learn.
I've learned that you should pass this on to everyone you care about I just did.Friday, January 18, 2008
Keep the Fork !
There was a young woman who had been diagnosed with a terminal illness and had been given three months to live. So, as she was getting her things 'in order,' she contacted her Pastor and had him come to her house to discuss certain aspects of her final wishes.
She told him which songs she wanted sung at the service, what scriptures she would like read, and what outfit she wanted to be buried in.
Everything was in order and the Pastor was preparing to leave when the young woman suddenly remembered something very important to her.
'There's one more thing,' she said excitedly.
'What's that?' came the Pastor's reply.
'This is very important,' the young woman continued. 'I want to be buried with a fork in my right hand.'
The Pastor stood looking at the young woman, not knowing quite what to say.
That surprises you, doesn't it?' the young woman asked.
'Well, to be honest, I'm puzzled by the request,' said the Pastor.
The young woman explained. 'My grandmother once told me this story, and from that time on I have always tried to pass along its message to those I love and those who are in need of encouragement. In all my years of attending socials and dinners, I always remember that when the dishes of the main course were being cleared, someone would inevitably lean over and say, 'Keep your fork.' It was my favorite part because I knew that something better was coming...like velvety chocolate cake or deep-dish apple pie. Something wonderful , and with substance!'
So, I just want people to see me there in that casket with a fork in my hand and I want them to wonder 'What's with the fork?' Then I want you to tell them: 'Keep your fork the best is yet to come.'
The Pastor's eyes welled up with tears of joy as he hugged the young woman good-bye. He knew this would be one of the last times he would see her before her death. But he also knew that the young woman had a better grasp of heaven than he did. She had a better grasp of what heaven would be like than many people twice her age, with twice as much experience and knowledge. She KNEW that something better was coming.
At the funeral people were walking by the young woman's casket and they saw the cloak she was wearing and the fork placed in her right hand. Over and over, the Pastor heard the question, 'What's with the fork?' And over and over he smiled.
During his message, the Pastor told the people of the conversation he had with the young woman shortly before she died. He also told them about the fork and about what it symbolized to her. He told the people how he could not stop thinking about the fork and told the m that they probably would not be able to stop thinking about it either.
He was right. So the next time you reach down for your fork, let it remind you, ever so gently, that the best is yet to come. Friends are a very rare jewel, indeed. They make you smile and encourage you to succeed . They lend an ear, they share a word of praise, and they always want to open their hearts to you.
Show your friends how much you care. Remember to always be there for them, even when you need them more. For you never know when it may be their time to 'Keep your fork.'
Cherish the time you have, and the memories you share .
Being friends with someone is not an opportunity but a sweet responsibility.
And keep your fork.Thursday, January 17, 2008
Today's Topic: Respect Their Time
It's true confession time. Do you typically expect employees to stop whatever they're doing whenever you come to them with a need, a want, or some other item on your agenda? Do you ever conduct meetings that are less-than-productive due to a lack of planning or organization on your part? If you answered yes to either (or both) of those questions, I've got three words for you: STOP DOING IT! You're wasting one of the most precious resources your people have: their time.
I know, I know. Of course there will be occasions when you have a truly pressing ("legitimate") need that must be addressed immediately. But far too often, leaders interrupt employees with issues that aren't all that significant or important – merely because they want to deal with them NOW and get them off their plates. That's just plain inconsiderate. And when it comes to unnecessary or poorly organized meetings in which little is accomplished – well, there's simply no excuse for those, period.
Your people have important work to do. If they didn't, they wouldn't be there. So, make sure your meetings are necessary and well-managed. And, the next time you feel the need to interrupt someone's activities, focus, and concentration, ask yourself: Is my issue really more important than what he or she is doing right now? If it is, proceed – if it isn't, wait…and schedule a more appropriate and convenient opportunity to chat.
Bottom line: if you don't respect your people's time, eventually they won't either. Then, everyone loses.Wednesday, January 09, 2008
Humor for today
During one of her daily classes a teacher trying to teach good
manners,asked her students the following question:
"Michael, if you were on a date having dinner with a nice young lady, how would you tell her that
you have to go to the bathroom?"
Michael said, "Just a minute I have to go pee."
The teacher responded by saying, "That would be rude and
impolite."
What about you Peter, how would you say it?"
Peter said, "I am sorry, but I really need to go to the bathroom. I'll be right
back."
"That's better, but it's still not very nice to say the word bathroom
at the dinner table.
And you, little Johnny, can you use your brain for once and show us your good manners?"
"I would say: Darling, may I please be excused for a moment? I have to shake hands with a very dear friend of mine, whom I hope you'll get to meet after dinner."
(The teacher fainted......)Friday, January 04, 2008
Daily Real Estate News | January 3, 2008Christmas Holiday Slows Mortgage Business
The mortgage business was slow over the Christmas holiday week, even compared with the previous year, according to the Mortgage Bankers Association weekly mortgage applications survey.
The mortgage volume index decreased 11.6 percent to 533.9 on a seasonally adjusted basis compared to the previous week. It was down 20 percent compared with the same week a year ago.
The refinance share of mortgage activity decreased to 50.9 percent of total applications from 53.0 percent the previous week.
Also, mortgage rates were down:
30-year fixed-rate mortgages decreased to 6.05 percent from 6.10 percent.
15-year fixed-rate mortgages decreased to 5.61 percent from 5.66 percent.
1-year ARMs decreased to 6.00 percent from 6.03 percent.
Source: Mortgage Bankers Association (01/03/2007)Thursday, December 27, 2007
Are you looking forward to 2008 ? How about 2013 ?
IBM Reveals Five Innovations that Will Change Our Lives Over the Next Five YearsARMONK, NY - 18 Dec 2007: Unveiled today, the second annual "IBM Next Five in Five" is a list of innovations that have the potential to change the way people work, live and play over the next five years. The list is based on market and societal trends expected to transform our lives, as well as emerging technologies from IBM's Labs around the world that could make these innovations possible.In the next five years, our lives will change through technology innovations in the following ways:It will be easy for you to be green and save money doing it: A range of "smart energy" technologies will make it easier for you to manage your personal "carbon footprint". As data begins to run through our electrical wires, dishwashers, air conditioners, house lights, and more will be connected directly to a "smart" electric grid, making it possible to turn them on and off using your cell phone or any Web browser. In addition to alerting you about leaving appliances on when they could be off to conserve energy, technology will also provide you with up-to-date reports of electrical usage, so you can monitor how much you are spending and how much energy you are putting out, just like you can track your cell phone minute usage today. Intelligent energy grids will also enable utilities to provide you with the option to use green energy sources, like solar and wind, to fuel your home, and innovations in solar and wind technology will bring cost-efficient options to a utility near you.The way you drive will be completely different: In the next five years, a coming wave of connectivity between cars and the road is going to change the way you drive, help keep you safe, and even keep you out of traffic jams. Technology is poised to keep traffic moving, cut pollution, curb accidents, and make it easier for you to get from point A to B, without the stress. The cities you live in will find a cure for congestion using intelligent traffic systems that can make real-time adjustments to traffic lights and divert traffic to alternate routes with ease. Your car will have driver-assist technologies that will make it possible for automobiles to communicate with each other and with sensors along the road -- allowing them to behave as if they have 'reflexes' so they can take preventive actions under dangerous conditions. Your car will automatically tell you where traffic is jammed up and find you an alternative route to take.You are what you eat, so you will know what you eat: We've all heard the saying 'you are what you eat', but with foods being sourced across international borders, the need to 'know exactly what you eat' has never been so important. In the next five years, new technology systems will enable you to know the exact source and make-up of the products you buy and consume. Advancements in computer software and wireless radio sensor technologies will give you access to much more detailed information about the food you are buying and eating. You will know everything from the climate and soil the food was grown in, to the pesticides and pollution it was exposed to, to the energy consumed to create the product, to the temperature and air quality of the shipping containers it traveled through on the way to your dinner table. Advanced sensor and tracing systems will tell you what you eat, before you eat it.Your cell phone will be your wallet, your ticket broker, your concierge, your bank, your shopping buddy, and more: In the next five years, your mobile phone will be a trusted guide to shopping, banking, touring a new city, and more. New technology will allow you to snap a picture of someone wearing an outfit you want and will automatically search the web to find the designer and the nearest shops that carry that outfit. You can then see what that outfit would look like on your personal avatar – a 3-D representation of you – right on your phone, and ask your friends, in different locations, to check it out online and give their opinion. Your phone will also guide you through visiting a city. When you turn on your phone in a city you are visiting, it automatically provides you with local entertainment options, activities, and dining options that match your preferences, and then make reservations and purchases tickets for you – like a personal concierge.Doctors will get enhanced "super-senses" to better diagnose and treat you: In the next five years, your doctor will be able to see, hear and understand your medical records in entirely new ways. In effect, doctor's will gain superpowers – technologies will allow them to gain x-ray like vision to view medical images; super sensitive hearing to find tiniest audio clue in your heart beat; and ways to organize information in the same way they treat a patient. An avatar – a 3D representation of your body – will allow doctors to visualize your medical records in an entirely new way, so they can click with the computer mouse on a particular part of the avatar, to trigger a search of your medical records and retrieve information relevant to that part of your body, instead of leafing through pages of notes. The computer will automatically compare those visual and audio clues to thousands or hundreds of thousands of other patient records, and be able to be much more precise in diagnosing and also treating you, based on people with similar issues and makeup.Thursday, December 20, 2007
Art of asking good questions..
The Art of Asking Good Questions
By Tim Hagen
SaleBuilder Marketing Systems, LLC"What do we hate most about salespeople?"…..they simply, never stop talking. How many salespeople have come into your office, sat down and proceeded to tell you every benefit about what they are selling, without ever knowing what you need. Typically, they don't ask the questions, but rather tell you what they want you to know. So, the result is, a frustrated prospect who feels as if their needs have not been met. Difficult as it may seem, this very common problem can be addressed rather simply by just asking questions and listening effectively. By doing these two simple tasks, the prospect will tell you what they are looking for and more than likely, the sales rep will close the sale.First, a good questioning system is essential because you want to keep the client talking. If questions are asked properly, you should never have to close a client. Your objective on an initial call should be to find out what they are currently doing, what they like about what they are doing, and what would they improve. Some ways to encourage the prospect to continue talking would be to use phrases such as what else, name another, how, why, be more specific, could you elaborate, and what do you mean. These phrases will allow you to get more specific information rather than vague responses.The goal should be for each question to generate 3 pieces of information that allow you to move to the next step. Prior to that first face to face meeting, you want to find out some of the challenges so that your initial meeting allows you to confirm their biggest challenges and what some potential solutions might be. This will allow you, the salesperson to move the process forward.During the sales process, many salespeople fall into the trap of not asking enough questions, posing a solution and basically, leaving money on the table. An example of this might be, a car salesman who is selling cars has just sold a brand new 2005 Buick LaCrosse to a woman in her mid sixties. She requested no extra options on the car, so the salesperson assumed she was not interested in any of the maintenance packages. Later after the woman had left the dealership she ended up calling the service manager to ask if they vehicle had Roadside Assistance, he replied "no, that is an extra option you can buy at the time you purchase the vehicle." Her response back was, "I was never asked and my husband is no longer able to change a tire in the event we should have a problem, is there any way we could add this?" The service manager was happy to handle this request, however the sales rep didn't finish his questions, therefore missing out on a potential sale for himself. Essentially, he left money on the table.Finally, after you've asked the correct questions it is important to restate what you have learned and clarify that you have it right. You can do this by restating two or three of the most vital things you learned from your conversation with the prospect. After you've gained agreement, go ahead and come up with a solution by using the phrase, "What if we… were to put together a scope document outlining what we've discussed today and schedule a time to get back together to confirm what might be some possible solutions." By using the statement "What if we…." You aren't assuming anything and you are including the prospect in the decision making process. In addition, this allows for a smooth transition in the sales process, they are basically selling themselves.The art of asking good questions is essential to increasing sales and achieving total customer satisfaction. They are definitely going to return to a salesperson that is able to effectively identify their needs and offer solutions that solve their problem. Asking the right questions is not only good sales but outstanding customer service as well. Good questioning should be used in every level of an organization, on an everyday basis.Merry Christmas,Robert J Russell, IRES, REALTORInternational Real Estate SpecialistRE/MAX - 972-679-9029* Register for your FREE Dinner for 2 !Friday, October 19, 2007
Looking for a Second Home or a Vacation Home ?
Do you need help with the purchase of a second home in another country ? Do you need help selling a home in another country or state ? We can help you. It doesn't matter how large or small, we can assist you in this transaction literally all over the world.
With the I.R.E.S. Designation, we are now able to assist buyers and sellers globally by co-brokering. As a Seller, we can co-broker your property with other Realtors all over the world who can market your home through their local MLS as well as other means of advertising. For Buyers, we can assist on purchasing Real Estate all over the world to find that home that you've always dreamed about or even that Second or Vacation Home
We are able to assist you with your Real Estate transaction in Bolivia, Alberta, Ontario, Quebec, Costa Rica, Dominican Republic, France, Italy, Mexico, AVI, Arizona, California, Connecticut, District of Columbia, Florida, Massachusetts, Mississippi, Missouri, New Jersey and Ohio. We are adding more countries and states monthly -so stay in touchTuesday, October 02, 2007
The Ten Best Places to Live
These ten places are each special in their own way. The only downside may be that it's hard to keep a secret, so most of them have seen considerable increases in home prices over the last couple of years.
Charlottesville, VA
Nestled in the foothills of the Blue Ridge Mountains, most areas of this idyllic city are accessible by foot or bicycle. Charlottesville enjoys clean air and water, and pleasant weather year-round, highlighted by especially beautiful fall foliage. Nearby Shenandoah National Park offers a wealth of recreation opportunities. Charlottesville is home to the University of Virginia, which strengthens the area's healthy economy by providing steady jobs and a wealth of amenities and entertainment. Homes are not cheap (median home price $225,000), but the cost of living is manageable. The city's low unemployment rate and significant recent job growth promise continued prosperity. As more and more people learn about this year's best city, Charlottesville may find staying affordable and sprawl-free is its greatest challenge!
Santa Fe, NM
Home to over 250 art galleries and the new Georgia O'Keeffe Museum, Santa Fe has long been a haven for artists. Perched high in the desert mountains, Santa Fe's air is crisp and clean. Daytime temperatures are mild, though the nights are often cold. The city is surrounded by over 1.5 million acres of national forest, offering excellent hiking, camping, and downhill skiing. Recently, Santa Fe has seen its population skyrocket as the city has become a relocation hotspot for affluent Americans. Despite its recent growth, Santa Fe remains relatively affordable, with a median home price of $365,000.
San Luis Obispo-Atascadero-Paso Robles, CA
This quiet group of towns on the central California coast could easily qualify as paradise. The climate is among the country's most pleasant, with 285 mostly sunny days per year and temperatures rarely above 90 degrees, or below freezing. The presence of academic heavyweight Cal Poly helps anchor the local economy- the unemployment rate is well below the national average. It's fortunate that local jobs are plentiful, since it's too far to commute to Los Angeles or the Bay Area. Considering further its low crime and unemployment rates, the San Luis Obispo area seems to have it all. But home prices here have risen steadily in the last few years, so that the median is now $536,300. While this isn't unreasonable by California standards, it can be out of reach for many of us thinking of moving from other parts of the country.
Santa Barbara-Santa Maria-Lompoc, CA
A few miles north of Los Angeles, Santa Barbara has long been a #1 relocation choice for those who can afford it. This area is famous for lavish estates that carry a price tag in the millions of dollars. Indeed, the median home price for the county is $590,000, and your average house in the city itself is over $1.2 million. No matter how appealing, the Santa Barbara area's cost of living and home prices will prove prohibitive for many Americans. In addition, recent job growth has dipped lately, so it might not be the best place to look for a new job. Nevertheless, for those that are retired or financially secure, the Santa Barbara area remains one of unmatched beauty and comfort.
Honolulu, HI
Everyone knows that Honolulu is a great place to vacation, but what about putting down roots in Hawaii's capital city? After a slow start, home appreciation is taking off like a rocket as well-to-do mainlanders are looking for a place to invest, and enjoy. The laid-back and easy-going attitude of the islands is infectious and helps explain the low violent crime rate. Restaurants, eager to please the international tourist clientele, are excellent and numerous. For the same reason, entertainment options are various and exciting. Even Honolulu's economy is remarkable--the unemployment rate is low and recent job growth is well above the national average. There are some downsides to consider. Nearly all consumer items must be shipped from the mainland, and this translates to a high cost of living. Other drawbacks are the high median home price ($550,100) and the possible claustrophobia of living on a small island. But if you don't mind the cost and isolation of living far off the mainland, then Honolulu is a safe and beautiful place to live.
Ann Arbor, MI
The University of Michigan is the foundation of the city's economy, providing stable employment to many residents and keeping the unemployment rate well below the national average. Perhaps it is no coincidence that the residents of Ann Arbor are well educated-- more than 20% have college degrees. Not only are there enough jobs to go around, but they also pay well -- Ann Arbor's per capita income is nearly 25% greater than the national average. The city's value makes it even more attractive-- its median home price is $220,000. Just be prepared for long winters -- the temperature dips below freezing 139 days a year. In addition, political conservatives might want to think twice about Ann Arbor, however, as its residents and city government are vigorously liberal.
Atlanta, GA
Atlanta is the largest city in our Top 10 Best Places to Live, having recently experienced a huge population boom. The crossroads of the South has become especially popular with young people looking for a sunny and exciting urban center that is easy on the checkbook, with its reasonable cost of living. Indeed, the city's affordable homes (median home price $164,100) and robust economy (high per-capita income) make Atlanta an excellent choice for young people concerned with value. The South has a reputation for oppressive heat and humidity, but statistically Atlanta has a warm and pleasant climate. Throw in four pro sports teams, great restaurants, and a diverse arts scene and Atlanta emerges a sizzling city on the move.
Asheville, NC
Asheville is situated at the foot of the Great Smoky Mountains, the highest part of the Appalachian Range. A low cost of living and affordable housing (median home price $202,100) offset the area's low measure of diversity and unremarkable economy. This mountain getaway was settled in the 1850's as a slow-paced health retreat, and it continues to be appealing to both families and retirees. Since the median age of Asheville residents is above the national average, retirees moving here will find themselves happily surrounded by their peers.
Reno, NV
Reno is another one of the Top 10 cities that has recently experienced significant population growth. New residents are attracted by the area's lack of crowding and absence of income tax. Reno boasts ample options for outdoor recreation, including skiing the Sierra Nevada's and exploring Lake Tahoe and its surrounding national forest. The days are sunny and the air is especially clean, but nights are cold and sub-freezing temperatures occur 189 days a year. The crime rate is a bit higher than the national average, but the Reno area is affordable (median home price $292,300), which makes it a smart choice for young people looking to move into a California-like climate on a budget.
Corvallis, OR
Corvallis is home to Oregon State University and hence many young singles. Technology stalwart Hewlett-Packard has a major presence here, which helps explain the city's low unemployment rate and impressive recent job growth. The presence of OSU and HP has created something of an intellectual center-- over 20% of its residents have earned a graduate or professional degree. The fertile Willamette Valley was the destination of 19th-century settlers from the Midwest, and since then has retained a peaceful agrarian feel. Summers are sublime and the winters are mild, if a bit wet. For recreation, the rugged Oregon coast is a 90 minutes to the west, the nearby Cascade range offers great skiing, and Portland is about 100 miles to the North. Considering it's affordability ($194,800 median home price), Corvallis presents an attractive mix of youth, intellectualism, and natural beauty. For a complete profiles of all 331 metropolitan areas, get a copy of "Cities Ranked and Rated." online or at your local bookstore or library. The book also includes maps, climate charts, comparison tables, plus additional profiles of the 45 new fast-growing mini-metro areas and 27 Canadian metro areas.
for more information: visit http://www.robertjrussell.comWednesday, September 26, 2007
Millionaires in the Making....
Tracy and David Seims
Ages: 41 and 43
Goals:
Amass a seven-figure net worth
Fund college for their two kids
Retire in their early sixties
Assets:
$300,000 in retirement accounts
$200,000 in home equity
$175,000 in business equity
$67,000 in savings accounts
Growing up working class near St. Louis, Tracy and David Seim hoped that education and hard work would turn them into millionaires by age 40. Well, almost. Now 41 and 43, respectively, they have a net worth just shy of $750,000 - not a mill, but a very respectable sum. Still, measuring themselves against their more free-spending friends, the Seims don’t feel flush. They wonder if they’ll be able to afford college for Gabi, 13, and Gracie, 9, a comfortable retirement and, as Tracy puts it, “some fun along the way.”
The couple, who run a small company that sells industrial fasteners and other supplies, paid themselves $103,000 last year. They have no credit-card debt, have lived in the same house (worth about $300,000) for 14 years and don’t drive fancy cars. They’re so frugal compared with certain friends, in fact, that they wonder if they’re missing something. “Everybody’s passing us by,” Tracy says. “What are we doing wrong?”
Where They Are Now
The Seims have a total of $300,000 in retirement accounts, and they max out their Simple IRAs, adding $10,500 each last year. They’ve also been diligently salting away money for their daughters’ education - $52,000 so far, stashed mostly in custodial UTMA (Uniform Transfers to Minors Act) accounts, to which they added $1,200 in 2006. They also have about $15,000 in bank CDs.
Like most investors, Tracy and David had some setbacks. At the advice of a financial planner, they invested a rollover 401(k) from David’s previous job as a salesman into individual stocks. That was in 2000, right before the market tanked; the account lost more than a third of its value. The Seims have since switched advisers, moved their stash into blue-chip mutual funds and recovered most of their losses. “The only one who made any money was the adviser,” David laments.
What They Should Do
The Seims’ financial situation isn’t nearly as bad as they seem to think, says Jim Reding, a financial planner at Paradigm Wealth Advisors in Des Peres, Mo. College and a comfortable retirement on a seven-figure nest egg are well within their grasp, as long as they take some practical steps now.
Fix the investment mix. The fact that they no longer hold individual stocks doesn’t mean the Seims are diversified. To avoid ups and downs and maximize returns, Reding recommends that they add funds that hold foreign stocks, mid-size growth stocks and a few other asset classes. What’s more, between the 1 percent annual fee they pay their current financial adviser and the expense ratios on the funds they own (some top 2 percent), David and Tracy are shelling out way too much. Switching to funds with lower costs would wring more profit from their portfolio.
Make college savings work harder. Reding suggests that the couple open 529 plans and put new savings there. The money will grow tax deferred, and the Seims will get a state income tax deduction. To cover 75 percent of projected tuition costs, the Seims should ramp up their current rate of saving to $235 a month for Gabi and $289 a month for Gracie.
Don’t judge progress by looking at other people’s stuff. Just because a neighbor owns a vacation house or drives a Jaguar doesn’t mean he’s smarter with his money: He may be living scarily above his means. The Seims need to stick to their own plan and stop worrying about what everyone else is doing. Assuming they make the changes that Reding suggests - including increasing their retirement saving by 3 percent a year - he predicts that the couple’s net worth will hit the $1 million mark within a decade.
–By Yuval Rosenberg. This article appears in the October issue of Money Magazine.
For more information, visit: http://www.robertjrussell.comMonday, September 24, 2007
Home Pricing Strategies
Just as a football coach has a bunch of different plays to choose from and use throughout a game, you have a variety of strategies to help you determine the price of your home. No one strategy can stand alone, but used together they can narrow the best possible price for your home.
Review Comparables
After sizing up the landscape, comparables play the biggest role in setting the price. Considered part art, part science, "comps" are regarded as the single-best tool in determining a home's value. There are some tricks determining which comps are the best; see the article on Picking the Best Comps for help. You can view comps on your property or anyone else's on robertjrussell.com, simply by entering an address.
Look at Unsold Homes
Homes on the market that haven't sold yet are also a consideration, although not a strong one, since it's unproven whether the house will bring the money it's asking. But, look at the active competition. Find a home most similar to yours and find out how many days it has been on the market. You can also look for homes owned by celebrities, and benchmark against those houses. If the house has been sitting for a while (more than 30 days), you will see the market is not convinced that is the correct price for that home. Once you see the "Sold" sign, find out how much above or below the list price it sold for. This will give you a good idea of how the market is behaving and how aggressive you can be in setting a price.
Use Square Foot Pricing
Some neighborhoods are a mixed bag of architecture, style and size, which means if you can't find another home similar to yours, you can use square foot pricing. How? Take 3 - 5 homes as similar to yours as possible, add up the square footage and divide by the number of homes. This will give you an average per square foot for your comps. Then, add up the sold price of each home, divide by the number of homes to get the average. Lastly, divide the average sold price by the average square foot to get the average price per square foot. Once you have the average price per square foot, multiply it by your home's square footage. This is just another tool to help you price your home.
Example:
Step 1: Find the average sq. ft. of comps
Home 1: 1,950 square feet
Home 2: 2,400 square feet
Home 3: 1,800 square feet
Home 4: 2,050 square feet
Total: 8,200 square feet
8,200 / 4 = 2,050 sq. ft.
2,050 is the average sq. ft. of your comps
Step 2: Find the average price of comps
Home 1: $310,000
Home 2: $410,000
Home 3: $299,000
Home 4: $325,000
Total: $1,344,000
$1,344,000 / 4 = $336,000
$336,000 is the average price of your comps
Step 3: Divide the average price by the average sq. ft.:
$336,000 / 2,050 = $164/per sq. ft.
$164 is the average price per sq. ft. of your comps
Step 4: Set the price of your home:
Take $164 and multiply it by your square footage to get a price. For example, if you have a 1,975-square-foot home, multiply it by $164 (e.g., 1,975 sq. ft. x $164 = $323,900).
Bingo! Your home's price: $323,900!
Get a Comparative Market Analysis (CMA)
If you've used the three strategies above, but still need reassurance, go to a real estate agent -- or two or three -- and ask them for a CMA. Whether you use the agent to sell your house or not, they will be more than willing to provide a CMA in hopes of getting your listing. It shouldn't cost you any money to get one.
Get an Appraisal
If you really need extra assurance, hire a professional appraiser. An appraiser will cost approximately $250 - $400, depending on your home size and uniqueness of the property. They will come to your home and itemize the number of rooms and amenities (e.g. swimming pool, fireplace, etc.) and will pull comps from other nearby homes that sold recently. Once they have completed their review of your home, the comps, and the market, they will furnish you with an appraisal. This will be an estimation of your property's fair market value.
For more information: visit http://www.robertjrussell.comSunday, September 23, 2007
Increasing Seller's Property Value
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property -- such as encroachments, or tenants who wont allow buyer tours -- negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
Cosmetics are important.
Fresh paint will always add more value than it costs.
Clean or new carpet/flooring adds more value than it costs.
Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
If you can, add some colorful flowers and new sod.
Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
Condition affects value. Do a seller's home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer's inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
Strategic renovations impact value and your bottom line. Don't spend more money to renovate the place than you can recapture in value on the sales price.
For more information visit: http://www.robertjrussell.comSaturday, September 22, 2007
Real Estate Pricing Checklist
You are anxious to get that sign up, but hold on! Before you set the price on your house, take a look at what's going on. Not only your perspective of things, but from the current mood of the market. The market is not sympathetic to "you need" or "must have" pricing methods. The time spent here may save certain headaches and disappointment that lay ahead if utilizing these strategies in determining your home's current value. The home is worth what a buyer is willing to pay for it in an open market. So please take some time and review the following strategies.
What is your Mindset
A seller's biggest advantage is time, because the more time you have, the more you can prepare and do your homework. However, if you're in a rush to sell, you're at the mercy of the buyer; you won't have the luxury of preparing or waiting for an ideal one.
Do not disclose your timetable to anyone, except your agent. If you can't trust your agent don't do business with them. Your agent has a duty of confidentiality to you per your written contract and will only disclose information you as the seller give permission to disclose. A rushed seller means a bargain for the buyer and savvy buyers can smell panic a mile away. If you're planning on selling in the next 6 to 12 months, you have lots of time to prepare.
As odd as it sounds, sometimes people sabotage their own intentions by being too greedy. Don't do it! As you really start looking at homes on the market, you will develop a sense about what is priced low, high, or just right. Doing your homework here will help you truly understand home values and you will be able to set a reasonable price -- a price that buyers know is just right.
Tracking neighborhood values - You need to become somewhat of a snoop because you need to learn more about your neighborhood than you ever thought possible.
Mood of the Market
Markets have moods? They do! You need to judge whether it's a sellers' market or a buyers' market and it could vary by city, state, and neighborhood. Your interest is in your own neighborhood.
And when we mention "market", we don't mean the neighborhood grocery store. The market is a catch-all term for all the ingredients that go into the mood of real estate at a given time. It can include such things as interest rates, home inventory, job forecasts, and even time of year. The market shifts constantly, so you need to raise your antennae and tune into what's going on in your neighborhood.
Market Mood Checklist
Inventory. How much is out there? Assess the inventory of homes in your area by driving around or use online sites to search for sale homes in your neighborhood. Also, real estate agents send out monthly mailers detailing home sales and include all kinds of information, such as number of homes that are on the market. If you live in a desirable neighborhood and there aren't many homes for sale, you will have a clear edge here. However, if you drive around and do see lots of homes on the market and they're not selling very quickly, you might have to reduce the price you had in mind.
Days on the market. Review the homes in your neighborhood and their days on market (DOM). Once again, that real estate mailer that you were throwing away for all those years will now come in quite handy.
Look up your ZIP code's Zindex on Zillow.com. Look at trends for the past year and assess whether homes were appreciating or depreciating (e.g. homes in your ZIP code were rising by 2% each month for the past 6 months). Unless you see a downward tick in this number, you can probably assume this will continue. If the Zindex in your neighborhood is rising, that means people are in the buying mood. If the Zindex is on a downturn, that means buyers have the upper hand.
Check your local news. If Zillow does not provide a Zindex for your home (in which case, Zillow provides you with a tax assessed value), check your local newspaper's real estate section for charts or articles on sales trends in your ZIP code.
Jobs, jobs, jobs. Monitor the job situation in your area. Are companies or factories closing down? Not a good sign. But, if "Major ABC Company" in your local town is expanding, kick your heels up because that means jobs, more people, and more housing will be required. This is good.
Track neighborhood values. Each week, walk or drive around your neighborhood and begin collecting listing sheets -- you know, those fliers that agents create to list the facts and amenities of a home. It's amazing the knowledge you gain by tracking neighborhood home values and price points. Ideally, find homes similar to yours and pay close attention to the "action" surrounding them. Are they getting lots of traffic? As you collect these listing sheets, put them in a folder and date each sheet. Make note of the list price, sold price, and days on market (DOM).
Attend nearby open houses. This is good for a number of reasons: to observe how other properties are showing and to assess their value, to chat up the listing agent (they have loads of info to share), and to feel the "mood" of potent
