Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure
To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.
Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.
“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”
The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.
The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer will be limited to one extension of no more than 21 days.
The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.
According to a release from Short Sale New England, short sale homes do not bring down neighboring home values like foreclosed homes do, and 83 percent of short sale buyers are satisfied with their purchase, according to a 2012 Home Ownership Satisfaction Survey conducted by HomeGain.
“The current short sale process can be time consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said Moe Veissi, president of the National Association of Realtors. “As the leading advocate for homeownership, realtors are supportive of any effort to improve the process for approving short sales.”
Equi-Trax released a survey last year on the issues real estate agents face when completing short sales. Guy Taylor, CEO at Equi-Trax, said 71.9 percent of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long.”
The survey also found that 18.2 percent of deals require less than three months to complete, with 10 percent requiring more than 10 months.
When agents in the survey were asked to how the short sale process can be improved, 57.6 percent said lenders should take less time to close transactions, 14 percent said borrowers should be better educated about short sales, and 40.4 percent said both of these changes are necessary to improve the process. By: Esther Cho
In April 2011, a similar bill was introduced by Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey), but this version requested a response deadline of 45 days instead of 75 from lenders. The legislation never came up for debate before a House committee.
Edina Realty and Tara OBrien have this beautiful Grant Park Townhome for sale.It has 3 bedrooms, 3 bathrooms and 2 car heated parking. Very exquisite upgrades throughout this home. Stainless steel appliances, granite countertops in kitchen and bathrooms, marble and slate custom shower with spa jets, cherry flooring and cabinets, gas fireplace in living room and more. Huge finished square footage with high ceilings and custom paint that is very tasteful. This is turn key and ready for a new buyer.
Tara O'Brien and Edina Realty proudly present the lovely high end townhome without the high end price. Top of the line finishes include granite countertops in kitchen and bathrooms, marble and slate in bathrooms and kitchen, cherry cabinets with 42" uppers, high end stainless steel appliances with gas stove, gas fireplace and finished basement with full bathroom and walk in closets. For a private showing please contact Tara at 612-810-7728. Showings through listing agent only.
For the week ending January 29, 2011, purchase activity in the Twin Cities 13-county metro registered 2.0 percent below the same week in 2010. That marked the smallest decline in buyer activity in two months. Pending Sales in the first half of 2011 will struggle to match the high marks set during last year's tax credit but should parallel 2009 levels. Seller activity has mimicked last year's levels thus far, only about 300 units slimmer. A total of 1,317 New Listings entered the market for the week, 16.9 percent fewer than the same week last year. Active Listings for Sale increased a modest 1.8 percent from last year. Current inventory levels have remained fairly static over the past five weeks.
Twin Cities home buyers and sellers both showed week-over-week increases coupled with year-over-year declines. The 1,490 New Listings were up over 120.0 percent from the previous week but down 10.7 percent from the previous year. The 475 Pending Sales were up over 70.0 percent from the previous week but down 8.7 percent from the previous year. Moral of the story? The market has embarked on its typical new year's ascent as we begin our long drive toward spring. We likely won't match 2010 levels until the summer months – when we're finally comparing two nonincentive markets on a level playing field. Inventory was the metric to watch for the week, as the number of active listings for sale snuck in only 7.2 percent above year-ago levels. That's the smallest inventory increase since the first full week in August 2010. As of January 18, there were 21,687 homes available for purchase. While that's plenty of product for buyers to sift through, sellers will have to ensure that their properties show well and are priced aggressively. -from MplsRealtor.com
Beautiful condo overlooking the pool and courtyard. Completely updated throughout. Kitchen has granite countertops, new cabinets, stainless steel appliances, undermount sink, new fixtures. Condo has all new carpet, custom paint, slate flooring, open floor plan. Bathroom has slate tile shower, new cabinetry, new sink, updated light fixture and more. This is a must see condo central to everything. 1 bedroom, 1 bathroom, parking is additional. $124,900.
You’ve found your dream home. Make sure missteps don’t prevent a successful closing.
1. Be truthful on your mortgage application You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime.
2. Hold off on big purchases Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan. Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, wait until after the closing.
3. Keep your job The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.
4. Meet contingencies If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.
5. Consider deadlines immovable Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing. Treat deadlines as sacrosanct.
G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home.
Here are six tips for negotiating the best price on a home.
1. Get prequalified for a mortgage Getting prequalified for a mortgage proves to sellers that you’re serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they’ll go with buyers who are a sure financial bet, not those whose financing could flop.
2. Ask questions Ask your agent for information to help you understand the sellers’ financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.
3. Work back from a final price to determine your initial offer Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale. Work with your agent to evaluate the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.
4. Avoid contingencies Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.
5. Remain unemotional Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating. Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.
6. Don’t let competition change your plan Great homes and those competitively priced can draw multiple offers in any market. Don’t let competition propel you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren’t in your best interest.
G.M. Filisko is an attorney and award-winning writer who has to remind herself to remain unemotional during negotiations. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
The spring market is heating up as the federal tax credit deadline draws near. The Twin Cities housing market saw some resurgence in several metrics for the week ending March 13.
Pending sales were where the real action was. The magical "1,000" barrier was finally broken for the first time this spring with 1,027 purchase agreements signed for the week. This was an improvement in the year-over-year figures by 18.0 percent. The 2,110 new listings were slightly down from the previous week's high, but they still outpaced 2009 numbers at this time by 17.9 percent. The number of active listings slowly continues its upward mobility. There were 24,524 homes available on the market for the week ending March 22. This is still below last year, but as the graph on page 4 shows, active listings are getting closer and closer to where they were during the spring of 2009. From mplsrealtor.com
Look here for condo buildings in the Nicollet Island East Bank areas. Call today to take advantage of the 2010 Tax Credit. You can still get in on the great values and I can show you how.
Uptown, Warehouse District, 710 Lofts, Washburn, Stone Arch, North Star Lofts, Whitney, Zenith, Bridgewater, Cobalt, Carlyle, Falls Pinnacle, Flour Sack Flats, Phoenix on the River, Larive, River West, St Anthony, Grant Park, Eat Street Flats, 720 lofts, Bookman Stacks, Skyscape, Bridgewater, Zenith, Itasca, IMS Lofts, Chicago Lofts, Edgewater, Lumen on Lagoon, Tower Lofts, Harvester Lofts, 730 Lofts, North Star Lofts, Whitney Lofts, Stone Arch Lofts, Washburn Lofts, Bridgewater, 5th Ave Lofts, Rock Island Lofts, Condo, Loft, Mill District, North Loop, Warehouse District, Elliot Park, Loring Park, St Anthony Main, Northeast, River, City, Downtown, Minneapolis, The Claridge, East River Mews, M Flats, U Flats, 1300 on the Park, Condos on Blaisdell, Condos at Lake Harriet, Arches at Arts Row House, The Greenhouse Condos, CityView Condos, Uptown Condos, Cheslakee Parkview Condos, Bremer Way, Harriet Hills Condos, Lake Nokomis North, The Historic Bremer, 2615 Park Ave, 2532 1st Ave, Aldrich Square Condos, LakeWest condos, University Flats, Marwood Condos, Standish Green, Calhoun Gardens, 3310 Nicollet Condos, West Lake Harriet Condos, Minnehaha Square, Dupont Plaza, Harriet Place Condos, In Town on Lake, 1225 LaSalle, Portico, The Bellevue, The Groveland, The Kenosha, The Wellington, Lumen on Lagoon, Midtown Lofts, The Edgewater, Calhoun Isles, Calhoun Place, Excelsior and Grand, Lake Harriet Condos, Lake Point, Loop Calhoun, 1926 Pleasant, 3rd Avenue Place Phase I, 3rd Avenue Place Phase II, 2626 West Lake, Calhoun Ambassador, Track 29, The Zenith, Greenway Townhomes, Durkee Atwood Lofts, Dartmouth Place Townhomes, River Park Townhomes, Rivermill Townhomes Southeast, Rivertower, St Paul Condos, University Place, Whitney Square, 3310 Nicollet, 3636 Grand, 42nd Street Lofts, 4309 Bryant, 46th & 46th, East Harriet Flats, Arthur Place, Arts Quarters Lofts, Bloomington Central Station, Brookside Lofts, Cedar 28, Corridor Flats, Eat Street Flats, Franklin Lofts, Greenleaf Lofts, Lofts on Arts Avenue, Market Place Lofts, Minnehaha Place, Olin Crossings, Steele Flats, The Chicago Lofts, Cloud Nine Sky Lofts, Le Parisien Flats, Franklin Hill Condos, Garfield Gables, 3120 Hennepin Ave, Mill District, North Loop, Twins ballpark, St Anthony Condos, Park Square, Chicago Lofts, Lake Nokomis South, Loop Calhoun, Edgewater, The W Condominiums, Westmarke Condominiums, West One Condominiums, Phoenix on Third, Brownstones of River Run, The Claridge, East River Mews, M Flats, U Flats, short sale, bank owned, foreclosure, rent, lease
Three recent surveys show continued turmoil in housing and financial markets have many Americans postponing decisions to buy or sell a home, but that they remain optimistic about the near-term prospects of a recovery and still consider a home to be a good investment.
The surveys -- commissioned by real estate portal Zillow, real estate franchisor and brokerage Realogy Corp., and advertising firm J. Walter Thompson -- suggest that should government action to unfreeze credit markets succeed, consumers stand ready to participate in a housing recovery.
Zillow's quarterly homeowner confidence survey showed that when it comes to their own home's value, many Americans may be out of touch with reality.
Although Zillow's vast database of public records showed an estimated 74 percent of homes have lost value in the last 12 months, only 51 percent of homeowners polled believed their own home had lost value in the past year.
Asked to look ahead six months, 61 percent of homeowners said they expect their own home's value will hold steady or grow. But they evidently didn't think their neighbors' homes would fare as well, since 57 percent said they expect home values in their local market to decrease in the next six months.
Only 3 percent said they'd try to sell their home in the next six months, down from 5 percent of those polled three months ago. The percentage of those who said they planned to buy a home in the next six months also slipped from 4 percent in the second quarter to 3 percent.
The increased reluctance to buy into a market when home prices in some areas have seen double-digit price declines could be a reflection of worries about where the economy is headed. The Harris Interactive online survey of 2,021 adults (including 1,388 homeowners) was conducted between Oct. 7 and Oct. 9, a week the stock market saw historic drops.
Zillow's "misperception index" -- a measurement of the difference between those who think their home's value has increased and the percentage of U.S. homes that actually increased in value -- has been cut in half, from 32 in the second quarter to 16 in latest survey.
"We are seeing some movement toward more accurate perceptions of home-value declines, but there's still a significant gap between reality and perception," said Stan Humphries, Zillow's vice president of data and analytics, in a statement.
The survey also showed that worries about the economy have consumers cutting their household spending, "a fascinating distinction in consumer psychology" that demonstrates there's "clearly still some denial," about home-price declines, Humphries said.
Since the Zillow survey was conducted, the stock market has rebounded a little and there are some signs the credit crunch could be easing.
Realogy survey
In a survey of 1,023 homeowners conducted from Oct. 23-25 by Ipsos Public Affairs for Realogy Corp., 91 percent said they believed owning a home is still the best long-term investment they can make.
The survey also found that 27 percent said the current economic environment was causing them to put their plans to purchase a home on hold.
To jump-start home buying, Realogy is calling for the government to buy-down 30-year fixed-rate mortgage rates to 4.5 percent or lower for homes up to $1 million.
Interest rate buy-downs are sometimes used as incentives by sellers, who pay lenders extra points up front to obtain a reduced interest rate for a buyer. Buy-downs can be permanent or temporary -- they are often phased out over two or three years.
Realogy says there are a number of ways the government could structure and fund an interest-rate buy-down program, which could be included as part of stimulus packages now being discussed by lawmakers.
Richard A. Smith, the company's president and chief executive officer, said getting the government involved in buy-downs could have an impact on sales volume and home prices.
"We think the pent-up consumer demand for housing, if encouraged, is more than sufficient to stabilize housing," Smith said in a statement. "In our view, substantially lower mortgage rates will stimulate both existing- and new-home sales, reduce home inventory levels, stabilize home prices and, ultimately, help the overall economy."
In a separate poll of 1,500 real estate broker-owners, Realogy said 54 percent would expect a "significant increase" in home sales in their market from such a move. About 51 percent said lowering the cost of borrowing would also increase home prices. About one in 10 of those who expected price increases said they might be as much as 5 percent to 7.5 percent.
That might raise objections in some circles, as many economists believe home prices in some markets still need to fall further in order to restore affordability and reach levels where they are supported by fundamentals like income.
Realogy spokesman Mark Panus said the actual impact on prices would be "hard to handicap. It's nice to see what the response (from brokers) is, but we are not dealing in absolutes."
Panus said that while the government has taken many steps to prop up the financial system and help borrowers facing foreclosures, an interest-rate buy-down would stimulate sales.
"People are looking for a signal that it's OK to move forward," Panus said. Many are waiting on the outcome of the November elections and to see what additional stimulus programs Congress puts forward. "You wait until you see what all your options are, and until then, you may not act."
American Dream survey
A third survey that addressed public perceptions about homeownership during the economic downturn was conducted from Sept. 11-19 by J. Walter Thompson.
The survey, of 2,112 adults, found homeownership ranked as one of the most important elements of achieving the "American Dream."
Although financial security, finding happiness, personal independence, "fulfilling my potential" and freedom of speech ranked higher, those surveyed said homeownership was a bigger component of achieving the American Dream than "a better life for my children," freedom from fear of oppression, and a comfortable lifestyle.
The so-called "American Dream in the Balance" survey found homeownership was important to all age groups, but slightly more important to baby boomers than any other group.
The survey found that only 65 percent of Americans with household incomes below $40,000 a year believe in an American Dream, compared with 75 percent of those earning $40,000-$70,000 and 82 percent of those with incomes above $70,000.
New MN Law for Carbon Monoxide Alarms - Protection for Buyers; Surprise to Sellers
It is quite possible that MN Stat. 299.51 snuck up on you and your clients like carbon monoxide - silently. Although this new state mandate had received some attention during the legislative session, word of the new law (effective August 1, 2008 for existing single-family homes) and its application has not spread throughout the industry.
What is it? The new carbon monoxide (CO) alarm law requires that "every single-family dwelling and every dwelling unit in a multifamily dwelling" have "an approved and operational carbon monoxide alarm installed within ten feet of each room lawfully used for sleeping purposes." (See MN Stat. 299.51) This law was effective as of August 1, 2007 for newly constructed homes, and just became effective August 1, 2008 for all existing single-family dwelling units. It becomes effective in August 1, 2009 for existing multifamily dwelling units. The alarms must be an approved device (conforming to UL2034 standards), and may be hardwired, plugged in, or battery-powered (if attached to the wall).
What does it mean to you? Ultimately, as a REALTOR®, you should be familiar with this law for several reasons. First, it's a reminder of the importance of carbon monoxide alarms - the issue has been determined significant enough that homes are now mandated to have them, by state law. Consequently, you may want to ensure you and your family are protected by having them in your own home.
Second, it's important for you as a buyer's agent to bring this issue to the attention of buyers, and be sure that the home the buyer ultimately purchases is properly equipped with these detectors, provided by the seller. Finally, as a listing agent, it is important to review this requirement with your seller client, to be sure he or she recognizes they have a direct legal obligation to equip the home with these alarms.
Listing agents should verify that the seller is complying with this law before listing or selling the property.
An additional problem arises for both the seller and for you as a listing agent, if this requirement is not met. While damages for failure to comply are not specifically articulated by the statute, it is certainly foreseeable that actual damages could be extraordinary in the event the seller fails to install the alarms and an unwitting buyer is injured or killed due to undetected carbon monoxide poisoning which may have been prevented with a proper alarm.
Some sellers may think they can rely on simply disclosing the lack of having the required alarms in lieu of installing the alarms, in an attempt to avoid responsibility for the cost of adding the alarms. Failure to have alarms installed and relying upon disclosure alone is an unwise course of action for sellers and agents, due to the potential damages described above.
What should be done? For all of your listings, with buyers you represent, and agents you work with in your office, be sure that everyone is informed of this new legal obligation. Take proactive steps to be sure that sellers have these detectors/alarms installed, and perhaps get in touch with vendors or individuals who supply or install these alarms so you have resources available for your client, in the event they want to know where they can obtain these, and what the costs may be.
More information about this statute can be found by discussing this issue with your attorney, or by reviewing the statute online at https://www.revisor.leg.state.mn.us/statutes/?id=299F.51.
Once again, the big story in this week's activity report is the huge upswing in pending sales activity relative to one year ago. For the week ending August 23, there were 818 pending sales, an increase of 26.8 percent from the same week in 2007. Over the last three weeks, we have now posted 545 more pending sales than over the same three weeks last year.
Part of this year's increase is due to legitimate increases in demand brought about by attractive prices, still-healthy mortgage rates and a "last call" flurry of consumers utilizing FHA's seller-funded downpayment assistance program before it is discontinued on October 1. The other reason for the year-over-year surge is the Valley Fair-esque downward dive that activity took last year at this time amidst the initial media frenzy surrounding the now-infamous "credit crunch."
The supply of homes for sale continues to decrease, now down 7.7 percent from last year. For September, our Supply-Demand Ratio is 9.29, which means there are 9.29 homes for sale for each buyer in the market. This is a hearty 24.2 percent decline from last September and is due to the falling supply and rising demand.
You may be planning to scrimp and sacrifice to save enough for a down payment on a home, but don't forget to save for the items and services you'll need to purchase after you've signed on the dotted line...
Change your locks: Even with a brand new construction home, it's safest to change the locks after closing. Find a locksmith in the area you intend to buy and get a quote on lock-changing services.
Check out home security options: Depending on your location, you may want to contract with a home security service. Research security system installation and service fees.
Plan for snow removal: Depending on the time of year and your location, you may need to purchase snow removal equipment. This can range anywhere from a basic snow shovel to a snow blower. Research top rated snow blowers and prices at http://www.consumersearch.com/www/lawn_and_garden/snow-blowers.
Build your tool kit: Every homeowner needs a tool box and basic tools for small home maintenance projects. You can purchase the box and tools separately or all at once as a complete kit. Visit your local hardware store and note the prices of what you will need.
Make sure you have the basics: Obviously you'll need to stock your pantry and refrigerator after you move in. But some household items would be handy to have with you on moving day. Purchase these items and move them in with you:
Toilet paper Paper towels Hand soap Floor cleaner Kitchen/bathroom cleaner Sponges and rags Duster Light Bulbs Glass cleaner Garbage bags Disinfectant Bleach Note pad and pens Batteries First aid kit
I’d want someone who wasn’t trying to sell me. Sell me anything so they could make a buck. I’d want to think that they were looking out for my best interest and was really listening to me. How do you develop that kind of trust in a relationship? I would want to know the whole deal, start to finish, be honest with me, don’t tell me stuff just because you think it’s what I want to hear. Educate me. People don’t buy real estate every day. It’s an alien experience for most. Tell me the truth.
In the past, being honest has cost me, but I know that honesty in the long run has paid my bills, and made me more money then its cost me. Plus, I’ve never (touch wood-did I mention I have stupid superstitions from my mom), have I had anybody sueme in 23 years. I hear that’s pretty good.
As a buyer, I’d want to know all, and maybe I wouldn’t know the questions to ask. In other words, I wouldn’t know what I don’t know. Makes sense doesn’t it. I’d like to think I treat everyone that way. No falsehoods, no wasting their time. What concerns me, is that other practitioners don’t do business that way. I think they should. It really messes it up for the rest of us. Again, as a buyer or seller, I want to be told the deal, no holes barred, lay it out. If you decide for whatever reasons this doesn’t work, I’d like to think I am professional enough to say, “just remember me to your friends, and remember also, that I helped you make this informed decision”.
What’s better, happy customer/clients that trust and value your opinion, or being this hard sale real estate agent that brow beats someone into a decision that maybe they will regret. It gives real estate agents a bad name.
I have sold to customer and client’s friends, family, co-workers, and gosh I have been around a while, now their kids, but I feel a sense of pride. I work with my husband, Kevin. A great man, who is the best person I know. I think that’s pretty good after all these years of working and living a life together. I’ve heard him tell people they shouldn’t buy something because it wasn’t right for them. I use to look at him funny when he said something like that. Occasionally I would cringe, remind him of what we do for a living. But guess what…. he’s been doing this longer then me, and he’s right. By my calculations he’s been in this business about 34 years. His entire adult career.
The gist of what I have to say, is that if more individuals in our profession, could think of others before their bank account, our profession, would have a whole different rep (my kids word for reputation). In some cases with other agents that I’ve had the unfortunate experience of working with, it has been extremely negative and, oh god, painful and depressing. I feel sorry for the people they are representing.
My personal campaign is to continue to increase the perception of the integrity of our overall industry. We would all benefit. We all spend mucho time, money, educational pursuits, etc. to stay alive and thrive in our careers. We deal with people who are making the single biggest investment of their lives. Don’t they deserve the best of the best? Absolutely.
I have some solutions, o.k. maybe not all the answers, but some of them. Increase the c.e. requirements. Charge usmore to stay in business. Probably not a very popular opinion. What other profession, can you get into with little or noinvestment? You don’t need to buy or lease an office, hire staff, office equipment, purchase inventory and more. You take a class, sit for a test, come out with a license and “voila” you hold yourself out as a “real estate professional”……pleeeease……… some of these agents are retired from other careers and they profess to know more about assisting a buyer or seller then I do about performing a root canal. Let’s raise the bar. Get the dead wood out and be the experts we profess we be.
Enough of my opinions. But I think they are very valid opinions. Let’s weed out the garbage.
Who do I think I am, just someone who thinks people should be treated fairly.
2 bedrooms plus den, 2 full baths, 2137 finished square feet. Fitness center, great location, rooftop deck.
You wont find another loft like this. This is as custom as they get. Larger room sizes, custom millwork, doors, and lighting. $90K in upgrades done after closing. Upgraded custom bathrooms and California Closets. Every available kitchen upgrade including stainless steel appliances, granite countertops, cabinetry, custom built pantry, book case, hardware and more. Hand woven blinds and upgraded carpet.
Priced to sell at $549,900. This is less than the seller paid in 2005 when built.
This weekend marks the end of the first quarter of 2008. To compare accurately this year’s real estate stats to last year, we’ll wait until next week for the numbers - before then, here’s the anecdotal analysis:
It seems many buyers are catching on to the idea that the buyer’s market we’ve been talking about for a year is actually a good time to buy a new home. They are out in force, as evidenced by more scheduled showing appointments this year than last.
Unfortunately for sellers, the bitter cold kept many of those buyers from taking action. The weather in January and February kept sold numbers down - but a pent up demand has surged in March.
When the weather is sunny and (relatively) warm, we see more showing appointments and more traffic is condo sales centers - the result is more contracts.
The pace of things seems a bit slower than last year, but not much. Offers seem to be lower than last year, and constantly changing lending rules are adding a new degree of complexity to the process.
That being said, March has been busy with buyers buying and sellers trying their best to hang on to value.
Today’s savvy buyer is weighing current economic uncertainty against mortgage rates that are bound to rise this year and home values which are bound to start rising sometime in the coming months.
About Tara O'Brien's Minneapolis Condos, MN Real Estate Website: The www.taraobrien.com web site provides Greater Minneapolis communities of Downtown Central, Calhoun-Isles, Camden Community, Longfellow, Near North, Nokomis, Northeast, Phillips, Powderhorn, Southwest and University Community, Minnesota real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Minneapolis Condos area. Tara O'Brien (Sometimes spelled as Tara, Tera, OBrien, O'Brian, or Obrian) has services to help you get the best value for your Minneapolis Condos home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a Minneapolis Condos REALTOR who knows the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Minneapolis Condos, MN, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Tara O'Brien can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Tara speaks your language.
