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Nov

17
2008

'Discount brokerages cost consumers money'

By Inman News, Monday, November 17, 2008.

Re: 'FSBO site channels listings to Realtor.com' (Nov. 14)

Dear Editor:

As a broker, I have sold homes when they have been for sale by owner. My experience has been that the broker who simply lists the property for a nominal fee is not there when the seller really needs them. The general public does not typically know about the selling process and they rely on our training and ethics to aid them in their sale and/or purchase. Discount brokerages cost consumers money.  more...

Reaction to FSBOs on Realtor.com

By Inman News, Monday, November 17, 2008.

Re: 'FSBO site channels listings to Realtor.com' (Nov. 14)

Dear Editor:

As a broker, I have sold homes when they have been for sale by owner. My experience has been that the broker who simply lists the property for a nominal fee is not there when the seller really needs them. The general public does not typically know about the selling process and they rely on our training and ethics to aid them in their sale and/or purchase. Discount brokerages cost consumers money.  more...

Nov

14
2008

Problems with re-listing process

By Inman News, Friday, November 14, 2008.

Re: 'Re-listing likely to draw ire of consumers' (Nov. 13)

Dear Editor:

Re-listing is NOT intended to be misleading. If you have an aged listing and want to get it some attention, re-listing the property can be a very good way to catch people's eye again.

The problem with re-listing is that the only status in the MLS that can be given to a property is "active." There should be another category, such as "active (re-listed)" or something to that effect that will highlight to the world that the home is not new to the MLS but has been listed under a new listing number.  more...

Nov

13
2008

Re-listing likely to draw ire of consumers

By Inman News, Thursday, November 13, 2008.

Re: 'NAR addresses 're-listing' practice' (Nov. 10)

Dear Editor:

With the scrutiny under which we find our MLS these days I wonder if it is not time, perhaps past time, to just do it right. "New" should perhaps mean new to the MLS. Maybe we should look at a time period of, say, six months or so since last being on the market. I think it is time for all of us to start building a reputation for living up to the code of ethics even when it hurts and not just when it serves our purpose.  more...

Nov

11
2008

Posting days on market 'unfair to sellers'

By Inman News, Tuesday, November 11, 2008.

Re: 'NAR addresses 're-listing' practice' (Nov. 10)

Dear Editor:

To me the answer is simply don't allow the "days on market" or "actual days on market" on anything but the brokers' copies of listings. It is unfair to the sellers to have the buyers know how long the home has been on the market.

The buyers think that the seller is desperate and make incredibly low offers. Also -- and much worse -- the buyers know that it is probably in foreclosure and wait until the sellers are desperate, which is why our prices are tanking with every breath in this market.  more...

Market needs correction, not quick sales

By Inman News, Tuesday, November 11, 2008.

Re: 'Realtors introduce stimulus plan' (Nov. 10)

Dear Editor:

This is a shortsighted recommendation. The only objective I can see here is producing some quick sales at the cost of preventing the necessary market corrections from taking place. Providing subsidies in the form of interest-rate buy-downs essentially replicates the problem that started this mess, i.e., the ability to borrow money at less than market rates (that would otherwise reflect the real cost of funds and comprised of time value of money + risk + overhead). These proposals prevent the reevaluation and corresponding prices of real estate.  more...

Nov

7
2008

Why I continue to be hopeful ...

By J. Lennox Scott, Friday, November 7, 2008.

With the volatility of the stock market of late, there's understandably some uncertainty about how all of this will impact the real estate market. I've had the opportunity to listen to several economists recently, including Lawrence Yun from the National Association of Realtors, and believe it or not, I feel good about what I'm hearing.

Here's why:

The bottom line is that the situation is manageable and things will improve.

The most recent decline is due to the psychological impact of the stock market.  more...

Nov

6
2008

How to price a fixer-upper for sale

By Inman News, Thursday, November 6, 2008.

Re: 'Ugly listings bad for business' (Nov. 6)

Dear Editor:

If a real estate agent wants to get rid of those "ugly listings" fast so that his or her sign is not out in front of them too long, I have some suggestions.

First, price it right the first time ... if you can. That is if you can get the seller/bank to cooperate. Explain that it is better to sell now at a price that people want to buy rather than incurring holding costs and other liabilities while waiting to get an unrealistic price. If the seller is a bank and wants to get the property off its books sooner rather than later, it is well advised to price right and sell now. Setting a price on a "fixer" that is the same or comparable to what a house in good condition would sell for in the area will do nothing. It will delay the sale while the property is successively marked down over months or even years.  more...

Nov

4
2008

Market is changing, not dying

By Inman News, Tuesday, November 4, 2008.

Re: 'Realtors' jobs are on the line' (Nov. 3)

Dear Editor:

Succeeding in this market requires experience and a willingness to continue to expand market expertise.

Agents with little experience will not be able to benefit from unique marketing opportunities such as short sales, bank-owned properties, renovation properties, limited financing opportunities, special financing opportunities, etc.  more...

My daughter's balloon loan nightmare

By Inman News, Tuesday, November 4, 2008.

Re: 'Nearly 10 million homes upside down' (Oct. 31)

Dear Editor:

I read your article with great interest. My husband and I own our home outright and hope that our home will be a worthwhile portion of our final estate as we will likely be here until our dying day.

We sold our previous home to our daughter and son-in-law for a significant savings two years ago. The mortgage broker my daughter and son-in-law used understood quite well that the home was a bargain and that we did not want our kids to assume a subprime loan. I made it clear to him that we could easily sell the home for an additional $125,000 and that I would rather not sell them the home if it meant they would have to assume a lousy mortgage.  more...

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