Has the Real Estate Market Bottomed Out in Plano TX?

Whenever I write a column, I always want to be optimistic. Optimism is a human condition. That is where we all want to be. You will see some numbers from January that would seem to indicate there is a light at the end of tunnel. Now, there is nothing I would like more than to tell you that things are looking up and 2005 is here again ! We are not there yet..

Remember the old saying that „liars figure and figures lie.“ For example, what the federal government and the National Association of Realtors do not include in their reports is the „shadow inventory.“ This is comprised of literally hundreds of thousands of foreclosed homes that have not been relisted yet. Believe it or not the lenders don’t always get these marketed immediately.

. Another significant omission from the stats is the „expired and terminated listings“ where owners have removed their listings waiting to relist when the market improves. So, the Plano home inventory and the days on market stats are skewed and look better than they really are. See below.

We all know the real estate market has been in the toilet for the past few years, and that nobody’s buying. It’s tough to buy a house when you have no money and no one will offer you credit. Having said this it must be noticed that north central Texas has tumbled the least (although Collin County had the largest increase in foreclosures last month over Denton and Dallas counties). Prosper homes, McKinney homes and Frisco homes statistics are similar to Plano homes. We know that markets that hold up the best in a recession are generally the first to rebound. So, eventually Plano may lead the way.

The home market is usually cyclical and history tells us it is usually 3 to 4 years. We know that half of California and Michigan would move to Texas if they could sell their present homes. And many will. In addition, there are a lot of buyers sitting on the side lines looking for further declines in home prices. So, we know there is a lot of pent up demand out there. When demand finally surpasses supply we will be on the upswing.

What this all means to Plano-ites if you are thinking of selling…hold off and if you are thinking of buying proceed cautiously and drive a hard bargain. To learn more go to http://billremington.com

The truth is that no one will be able to forecast the bottom. We will only know this in hindsight as we begin to recover. As they say on Fox news channel, „we report…you decide. Here are the January stats for Plano homes in Texas:

New listings…379 down from 503 (-25%) in 08′

Closed sales…141 down from 219 (-36%) in 08′

Median sales prices…$234k down from $250k ( -9%) in 08′

% asked vs. sold price 92% down 1.3% in 08′

Average days on market…98 down from 112 (-12%) in 08′

Plano Home Inventory…988 down from 1499(-34%) in 08′

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Willliam S. Remington

Real Estate Auctions – The New Land Rush

On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a group of bidders and bidder assistants fills the air. For several minutes the auctioneer asks for the next highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer calls for one more bid. In a loud clear voice which rolls over the audience he says, „Fair warning, last chance“ the auctioneer pauses, „SOLD!“ And in less than 10 minutes another multimillion dollar estate has changed owners.

Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have been on the rise, the increase in popularity is partly driven by growing inventories and fading buyer confidence. Properties that were selling in weeks using traditional methods are now languishing on the market unable to attract buyers even as seller’s lower prices. Many say the real estate boom is over but savvy buyers and sellers are profiting from real estate auctions.

Real Estate Auctions Work in Up or Down Markets.

Regardless of trends or market cycles, real estate auctions provide an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to act now.

The auction method removes the „wait and see“ attitude which serves to further depress real estate values. Buyers are always concerned about overpaying. Buyers gain confidence with their purchases at real estate auctions because they can see what others are willing to pay.

When market demand is high and inventories low, real estate auctions can deliver selling prices well above what a willing seller would have accepted in a negotiated private treaty sale. In good selling climates many property owners using traditional real estate methods; negotiating with one buyer at a time, leave thousands of dollars of equity on the table. During up markets real estate auctions are the best way to establish top market price.

Evaluating Your Real Estate for Auction

Not every property or seller for that matter makes a good candidate for auction. First of all sellers must be ready to sell now and for the current market value. Also a real estate auction will not fix problems caused by a downturn in market value of your property, if you owe more than a willing buyer will pay, be prepared to come to closing with your check book.

Properties that do well in real estate auctions have a high uniqueness factor. Ask your self, „What makes my property different from most others?“ Maybe you own a resort property or high end luxury home, commercial properties and land do very well at auction. Real estate auctions thrive on uniqueness. If your property is like everyone else’s, the best thing you can do is offer the most competitive price.

Most importantly sellers must be reasonable about setting a minimum bid. A seller must look at the lowest, most current comps and price below that to generate the interest and urgency necessary for a successful real estate auction. Once the auction begins and qualified bidders start competing against one another you can watch the selling price increase.

Locate a Qualified Real Estate Auctioneer

Start by checking with the National Auctioneers Association, the best real estate auctioneers belong to this organization. These real estate auctioneers are well trained and adhere to a standard of practice and a code of ethics. Many attend the annual International Auctioneers Conference where the latest techniques and innovations in the real estate auction industry are presented.

Find out if the company you are interviewing is a full time real estate auction firm. Many real estate agents are getting auction licenses yet have no experience with the auction method of marketing. Conducting a successful real estate auction is nothing like (private treaty) traditional real estate sales. Go with a real estate auction pro.

You’re probably better of with an auction house that specializes in real estate auctions. There are many qualified auctioneers who have generations of experience selling personal property; furniture, dishes, lawn equipment and the occasional rare painting. Selling real estate at auction is a complex matter that should only be attempted by full time experienced real estate auction professionals.

Commissions and fees may vary, sellers must pay all marketing expenses up front and buyers typically pay 10% of the sales price to the auctioneer of which a share goes to participating real estate agents.

Types of Real Estate Auctions

Auctions are effective because they create a seller’s market. Professionally conducted real estate auctions create urgency, a reason to buy today and competition for the property. Terms and conditions of sale are established ahead of the auction. Real estate auctions will follow one of these three approaches:

Absolute Auction

The property is sold to the highest bidder regardless of price- using this process often returns the highest sale price.

Minimum Bid Auction

Seller agrees to sell at or above a published minimum bid price – this method is useful for internet auctions.

Seller Confirmation or Reserve Auction

With a reserve auction, the seller „reserves“ the right to accept or decline any bids usually within 48 hours of the auction. Reserve auctions are used when there is a lien on the property from a lender or a court ordered sale with a minimum selling price.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Douglas Hostetler

How to Buy a Home With Poor Credit

Well the truth is that this is not so easy. As a couple years ago it was fairly easy to get a home mortgage loan with bad credit history. The housing economy was so good that mortgage companies were practically throwing home loans at people who had good credit.

These days, getting a home mortgage loan is not easy. Still getting a mortgage loan when you have poor credit is not impossible – hard but not impossible. Let’s look at some options you have.

Put a down payment on a home. If you have a large down payment, it’s possible to get a traditional mortgage lender to give you the loan you may be seeking. However, it can be tough to actually save up a large down payment. But if you can, this is by far your best option for getting a home mortgage loan with very bad credit.

Now, if you don’t have a down payment, you may still be able to convince a lender to give you a mortgage. However, it will be important that you actually have a good income and even if your credit is bad, you will need to show 6 months or more of solid credit payments of some sort. There is no guarantee that you will be able to convince a mortgage lender to give you the loan though – it’s worth a shot though.

Another possible option is to look at getting a bad credit mortgage online. There are some online lenders who will still give out high interest mortgage loans to people with bad credit.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Jenny Jeffinson

Realty Remodeling Rules

Thinking of remodeling or renovating? Make sure you do not ‚improve‘ your home out of the neighborhood. It is okay to do this if you want to stay living in it, but if you are making improvements to sell your home at a higher value – beware!

Realtors accept that there is a ceiling in realty prices, no matter which location you live in. The catch-phrase ‚location, location, location‘ is not just for fun; every location has a ‚bottom price and a top price‘. If you live in a top location area – the sky is the limit – but sadly most of us do not!

If you are living in a lower price area and put in a swimming pool and an outdoor kitchen before you list your house, it will most certainly bring the buyers to your home. It will no doubt bring in offers for your home and all this is good news.

However, while you will be able to sell at the top neighborhood price, the sale price may not reflect the total cost of your improvements.

In order to avoid this error of judgment, ask an expert in the field of neighborhood prices – your local realtor! He or she will be happy to come and advise you on which specific improvements may potentially add value to your specific home in your specific neighborhood.

This is the type of advice that you want if you are improving solely to make money. Many home improvements have been ‚analyzed‘ to see which ones give the best returns on their initial outlay.

For instance, in the ‚Money Magazine‘ they recommend adding a quality deck to bulk up the potential square footage of your property. It should be no larger than the one third the size of your home.

A deck can be transformed into a luxury class fairly inexpensively – outdoor lighting around the deck area, waterproof speakers and an entry via French doors will help. If you use ‚cute‘ strings of outdoor lighting and decorate with potted trees, the deck will have an appealing ambiance.

A report from HomeGain.com suggests that the outlay for updating a kitchen can add double of the initial cost of the improvement to the value of your home. If you have a closet that you can turn into a pantry – go for it!

The pantry is a sought after feature in a kitchen at the moment. Islands are another wished-for feature, although preferably with a secondary function such as a sink or breakfast bar stools.

Once again, keep a ceiling on your prices. If your neighborhood is for the average family, it is not worth investing thousands of dollars in top of the line appliances if this will price your home out of the local market. The report suggests that looks and newness are the most important factors.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Carol P Freyer

Processing Rebates – What the People Selling This Are NOT Telling You

Ok. For all the people who are interested in this particular endeavor or are curious, pay close attention. What I’m about to tell you is the truth behind what the deal really is with this particular business opportunity. After you hear this, then realize if this was the opportunity that you thought it was, and whether you still want to aspire to be a „home rebate processor.“

Now as far as what they tell you in the ads, it’s partially true. You are, in fact, processing rebates. Here’s the full story…

People sell products and services on the internet all day long. And given the amount of people that sell these products on a daily basis, it’s a pretty competitive environment for people that want to get into that game.

So people are always looking for an edge in getting the leg up on the competition for a cut of your money. So people think up ingenious ways to sell products on the internet and grab a share of the ecommerce pie. This is one of those ways. They say,“ok, you buy this product from me for $50, and I’ll cut you a rebate check of $15. Ok, fair enough…

So these companies that sell this opportunity INFER that it is your job to process this rebate and receive that $15 for your service. Seems straightforward and easy, right?

Well, that’s not exactly how it works. The people selling this opportunity want you to believe that’s how it works (just you logging into a site several hours a day and processing these rebates for money), but the truth is this;

You are actually an affiliate and you are in charge of selling the actual products and services. You sell the product or service, someone buys it from you, you give that customer a rebate, and you keep the difference.

Now in order to do that, you have to learn how to market on the internet (not something they mention in the sales copy). Supposedly, they will teach you (although I hear from many forums that the training is shoddy, at best). And marketing on the internet is not easy, and it can be expensive. Many people are doing it and the competition is fierce, so it takes specialized knowledge and training to be proficient at it.

You can go weeks without getting a sale and not make any money, yet you might be paying for the marketing to get a sale the whole time. This can lead to large monetary loses. But they have you believe that it’s just a matter of „logging in, doing some rebate processing, and collecting a check.“ Not exactly, and now you know why.

I’m writing this article because I wanted to clear the air about how this opportunity really works so people aren’t misled. Making money online takes work and knowledge and don’t let anyone tell you differently. If you are willing to invest in both, the rewards are priceless. I hope the information in this article was helpful to you.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Neil Bermeo

5 Easy Home Improvement Projects That Make Your Home Feel Like New

Would you like to live in a new home? A home improvement project can be an easy way to change the look and increase the appeal of your home, make it feel like new. Below are five very easy ways to improve your home and increase the value at the same time. Home improvement projects do not have to take a lot of time or money to make your home look better.

Easy Home Improvement Project – Kitchen

Paint the kitchen cabinets. An easy kitchen home improvement project that most anyone can do is to repaint the cabinets. A dull, lifeless kitchen can easily be brought back to life by a new coat of paint on the cabinets. Select a bright, crisp color and a new coat of paint on the cabinets will change the look of the kitchen. It will look clean and fresh. With the sharpness of the new paint, the kitchen will appear and feel larger. A light, bright color seems to expand the feel of the room.

For a finishing touch that will complete the cabinets in your kitchen home improvement project change the hardware. Cabinet hardware can become dull and worn over a long life of use. Changing the knobs and handles will drastically change the appearance of the cabinets and give the kitchen a newly remodeled look.

Easy Home Improvement Project – Flooring

Replace carpet flooring. Old, worn carpet is thin, hard and makes a home look dirty and dungy. Replace old carpet with new in your next home improvement project. New carpet adds a soft touch. It looks good and insulates to some extent. If you have a limited budget, purchase good carpet padding and an inexpensive carpet. The result will be a thick expensive feel.

Easy Home Improvement Project – New Faucets

Change the faucets in the kitchen and bathroom sinks. Old faucets dull and wear with age. Replacing faucets will give the sink a fresh new appearance.

This home improvement project is much simpler that it may sound. You can hire a plumber to install new faucets or you can do it yourself. Nice faucets can be purchased at your local hardware store, along with proper plumbing supplies that are quite easy to install.

Easy Home Improvement Project – Painting

Paint the exterior and the interior of your home. A fresh coat of paint is a simple home improvement project that will give your home a new clean look. The exterior appeal will look inviting to visitors and the fresh new interior will make them glad they entered. This is a relatively inexpensive, simple home improvement project that you can hire done or you can do it yourself.

Easy Home Improvement Project – Driveway

A very easy home improvement project that will add a new look to the exterior of your home is to pressure wash the concrete driveway. Over the course of a short season, a concrete driveway will get dirty and grungy. Simply rent a pressure washer and wash the driveway. The process is not hard but it is a slow process. The result will be worth the time. The concrete will look like it has been recently placed.

So there it is – five easy home improvement projects that will make your home feel like new. If you want to improve the appeal and add value to your home, try one or more of these home improvement projects.

Immobilienmakler Heidelberg

Makler Heidelberg

Source by Chuck Barnes

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