The Current Market
Well... Everyone knew it was coming. Listings have crammed the pipeline and
the market is slowing. I see so many price reductions that i've got to keep
checking the MLS to see what the new price of a home is.
Some sellers still believe that their property should be listed at top value.
So, needless to say there are alot of overpriced properties out there now.
And they will sit on the market... Unfortunately.
Sorry, I won't tell Sellers what they want to hear. I'd rather tell them the truth.
I'd rather let them down now by being honest than let them down later when they are exhausted from the stress of waiting for the sale, reducing the price of their home, people walking through their property with no intention of buying (cuz it's too high!)... No, I'm going to tell them like it is.. And often yes, I lose the listing :-(
I've often had to walk away from the listing because they want me to list it too high.. While many real estate agents will go along with it and tell them what they want to hear so they can have their sign up on the lawn, I don't
believe it's worth my time (which we all know time is money) to essentially
lead the seller to believe he "may" get that price, and then proceed to continously persuade them to reduce the price throughout the listing.
It's a waste of advertising dollars, the sellers precious time, my time.. you get the drift.
But I digress...
I'm seeing alot of new inventory now... They are Called "FORECLOSURES"
Yes, unfortunately, those who opted for 100% financing and maybe got "pre-approved"
for a little more than what they should've. (Naw, would the mortgage company do that?) *Sigh*
I could pretty much log in my schedule at least 1 foreclosure to attend daily.
That's how it's getting... Have you seen the vast amounts of "Foreclosure" Sites.
Yep, you've seen em' the ones you have to "sign up" for and pay money to get information on foreclosures. Lol! Love the business strategy there.
Here's a tip! You can find this information for FREE! Yes, FREE!
Online, at Auctioneers websites, in your Local Newspapers, and on and on!
I actually have a Members only database setup on my website that allows
my loyal customers access to this information for Free.
Hey, I'm not knocking those websites, they have a good idea and they ran with it.
They are pretty much charging people for the research, design and cost of having the website up. You pay for convenience, and that's ok. But if your thrifty, you can easily do the work yourself and save some $$. Deposit that money in the bank and save up for your down payment. :-) If you need one, of course, Remember, you can get 100% Financing.
On that note: I've had a good portion of my buyers actually close on a house,
with 100% financing and WALK AWAY FROM THE CLOSING TABLE WITH A CHECK!!
Got to love it. I tell the older generation that fact and their jaws drop to the floor. "That's impossible!" They say.
Alot of people still think they have to put down $20-$30,000 dollars down before
they can even consider buying.
Should it be this way? Maybe not.
I'm all for the "American Dream" of Homeownership. and the 100% financing makes this possible.
But, putting $500 down as a binder on a house with 100% financing and even having the seller pay for closing costs which means you then may very well walk away from the closing table with your $500 back, makes it
very easy to default and let their house go to foreclosure because they have very little invested $$ of their own in the property.
Enough rambling for today...
If you happen to have an interest in foreclosures, or maybe
want to sell that house you got yourself into before you get to foreclosure..
Feel free to visit my website for info or help... www.elizabethsilva.com
Final Note: Yes, I feel it is now definately a Buyers Market.
posted by Real2r @ 9:02 AM
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