Home Sales/Rental Properties [Archive]

LBZROCKS

06-17-2007, 08:11 AM

I talked to three different Agents today and confirmed what I have felt for some time.There are empty houses and rentals everywhere prices dropping. There is a big opening in Kingman this weekend bragging about starting in the low $200,000.00`s LOL this may be a real SLOW showing. The "GREED FACTOR" combined with bad timing things are going to adjust here in Bullhead City. Thank God. The ones who thought were going to cut a fat one are sucking air now. :)
Hey there! I totally agree.. it's everywhere now.. And we are here at June 17'th still maybe getting one to three calls a week on my local listings here in the SoCal area... NOT GOOD... Way too high inventory and bank owned propertes.. If it doesnt pick up in July.. Oct Nov are going to be the death of the real estate market in Southern California.

bigq

06-17-2007, 08:14 AM

Why rub it in? a lot of people are going to loose there homes:confused:

wsuwrhr

06-17-2007, 08:19 AM

We have been trying to sell for some time now. I keep hearing that homes priced below "market" value are the homes that are selling. We don't plan on "giving" it away, and can muster up the means necessary to keep it, if we want to deal with the headaches of renting.
At this point, we are strongly considering renting the house if it doesn't sell.
Brian

3 daytona`s

06-17-2007, 08:29 AM

Why rub it in? a lot of people are going to loose there homes:confused:
but I still have a bitter taste in my mouth from the attitudes of realtors here a couple of years back. I remember well this little bitch was showing a mobile home close to the river,asking $100,000.00 plus. I ask her if was serious she tells me to step aside as there are buyers behind me. I can tell you now she is not an agent any longer hope she is flipping burgers.They had the attitude was never going to end and money was going to drop from the sky forever.

LBZROCKS

06-17-2007, 08:29 AM

Why rub it in? a lot of people are going to loose there homes:confused:
Not rubbing it in, but I CAN tell you that many of my clients and colleagues clients continue to think that we are the reason that their home is not selling. All I can really say is that I've put out thousands of dollars in advertising expenses, done open houses continually and that if they aren't the top 3 homes in price and desireablility in the area.. They wont show or sell. Just like others have said here on the fourms.. They have had their homes on the market forever and still nothing. Its an extremely hard market to sell in right now.
You have to have faith in your Realtor and why hire a family friend or part-time person in this market? I wouldnt hire a part time doctor or lawyer.. its important to seek out the people in this business who are full time and do a good, honest ethical job. Unfortunately a Realtor no matter how good, does not have "magic beans" to sell your home. It's merely getting enough people through the home that is priced right to sell. Market and Economical conditions are completely out of all of the Real Estate proffessional's hands now. All we can do is work hard and hope for the best in a down market as we are in.

LBZROCKS

06-17-2007, 08:35 AM

That is an obvously poor attitude for any agent to have. When your entire livelyhood rides on your reputation and the type of service that you provide, why have an attitude like that? It's really an awful way to be. FORTUNATELY, most of those people are GONE from the business flipping burgers now. I left lending to go into real estate sales after a 4 year stint from being out of sales. We cannot really blame anyone or anything, because I did the same as many people and took money out of my home for some unappreciable assets.. It wasnt the smartest thing that I've done.. But I've learned now, and now I'm basing my business on helping others get back on their feet. It makes me sick to see a family losing their home. I try to do whatever I can to help them out and get out of the situation. It hits close to home because I was very close to being in the same position as them.. By the grace of God.. I was able to sell my home.. although 60k less than what it would have sold for last summer.
I'm open to giving anyone advice on whatever situation they are in.. I've cut my commission down to adjust to the market that we are in, unfortunately people dont have the wiggle-room to pay high commissions when their equity is tapped out.
but I still have a bitter taste in my mouth from the attitudes of realtors here a couple of years back. I remember well this little bitch was showing a mobile home close to the river,asking $100,000.00 plus. I ask her if was serious she tells me to step aside as there are buyers behind me. I can tell you now she is not an agent any longer hope she is flipping burgers.They had the attitude was never going to end and money was going to drop from the sky forever.

bigq

06-17-2007, 08:43 AM

but I still have a bitter taste in my mouth from the attitudes of realtors here a couple of years back. I remember well this little bitch was showing a mobile home close to the river,asking $100,000.00 plus. I ask her if was serious she tells me to step aside as there are buyers behind me. I can tell you now she is not an agent any longer hope she is flipping burgers.They had the attitude was never going to end and money was going to drop from the sky forever.
:D :D

bigq

06-17-2007, 08:45 AM

Not rubbing it in, but I CAN tell you that many of my clients and colleagues clients continue to think that we are the reason that their home is not selling. All I can really say is that I've put out thousands of dollars in advertising expenses, done open houses continually and that if they aren't the top 3 homes in price and desireablility in the area.. They wont show or sell. Just like others have said here on the fourms.. They have had their homes on the market forever and still nothing. Its an extremely hard market to sell in right now.
You have to have faith in your Realtor and why hire a family friend or part-time person in this market? I wouldnt hire a part time doctor or lawyer.. its important to seek out the people in this business who are full time and do a good, honest ethical job. Unfortunately a Realtor no matter how good, does not have "magic beans" to sell your home. It's merely getting enough people through the home that is priced right to sell. Market and Economical conditions are completely out of all of the Real Estate proffessional's hands now. All we can do is work hard and hope for the best in a down market as we are in.
Yea I wouldn't want to be a realtor right now, at least one that got in on the hot market. I am hearing it will be 2010 before it stabilizes:eek:

wsuwrhr

06-17-2007, 08:54 AM

Yea I wouldn't want to be a realtor right now, at least one that got in on the hot market. I am hearing it will be 2010 before it stabilizes:eek:
...only three years away. Not too far.
By then, this country will be completely in the shitter anyway, so it doesn't matter.

Havasu 928

06-17-2007, 09:03 AM

SHOTKALLIN

06-17-2007, 09:08 AM

Why rub it in? a lot of people are going to loose there homes:confused:
I'm just a lil cynical. I don't like to see anyone lose their home, BUT, most peeps bought WAY over there head WAY too late in the market or rushed to DCB because they thought they had free money. Hell some of them bought a second home at the river. I'm supposed to feel bad for these peeps? Lets be real here.
The market is in a bad situation and I feel for my friends who are in the business. For everyone else who partied like a rock star with free money...Welcome to the 951. :eek: Look at the bright side. You will be living closer to the river.:D

NashvilleBound

06-17-2007, 11:08 AM

This must be a West Coast thing......were a little slow here but everything is still moving along nicely. Very nicely actually :D :D

Havasu 928

06-17-2007, 11:19 AM

Here in Havasu it depends on what your asking if your being realistic or not. I have several contacts on REO homes all the time.
www.o48LakeHavasu.com

bigq

06-17-2007, 11:30 AM

This must be a West Coast thing......were a little slow here but everything is still moving along nicely. Very nicely actually :D :D
Whats the average price there for a decent place to live? Here they start at around 400k and only move up from there.

BEER&WATER

06-17-2007, 11:40 AM

Here in Havasu it depends on what your asking if your being realistic or not. I have several contacts on REO homes all the time.
www.o48LakeHavasu.com
your startin to smell like SPAM

cdog

06-17-2007, 11:47 AM

Supply & Demand.
Econ 101.
Last weeks rates are gonna kill more buyers and the market will retract further.
Seller's lower your price and the buyers will come!

soupersonic

06-17-2007, 12:07 PM

Seller's lower your price and the buyers will come!Why is that the answer?
Its been "lowering" for itself some time now.Pretty soon ill have to sell for less than i paid to make a so called "sale". I would like to sell my house now that the family is getting smaller and move into something smaller for me and the wife. It sits and sits, barely any lookers. So im supposed to give it away for the same or less than i paid. No wonder so many are walking from their homes.

Havasu 928

06-17-2007, 12:19 PM

I've seen 1600sgft 3bed 2bath 3car garages a few years old selling at $275.000 for $300.000 you may even get a pool.

mark49

06-17-2007, 01:05 PM

Data-quick and other respectable forecasters have stated these areas like the inland Empire, High desert, low desert, Havasu etc have had several years of over inflated pricing driven by low interest rates and speculative investors. In short we made money on a product that was over valued.
I'm just that a flipper, I and others have enjoyed the ride for several years (low interest and low cost housing)... Now the party’s over. Short term investors can't buy a condo or home for the cost of the rental return, or repair and rehab. This is usually a 3-4 year cycle.
Havasu has more listings then its had in decades, if not in its history, it will take years just to clean out what they have on the MLS books.
If you purchase a home or condo make sure its at least 30K under market.
My father passed away and I can’t afford her large house payments, I’m moving my mother who lives in Havasu into a smaller home and I’m sure to take a bath, (100.K+) but will make it up on the desperate seller on the other end.
BTW working with a realtor I found on this forum, she's a sweetie…
If I post her name is that spam???
See ya all on the lake, I'll be there for a week of 24th-30th of June.. Want to say hi i'll be in a Campbell "Running Bear" or my 1973 yellow Hondo.
Love you guys "said in a very manly manner" :D
Mark

LBZROCKS

06-17-2007, 09:18 PM

I wrote this BLOG a few weeks ago and sent it to my clients. It was a bit edgy i feel since it was not a pro-client email trying to push them to buy or sell. Take a look at it and let me know your thoughts. I would have to agree along the lines of SHOTCALLER.. As I said before, I cant knock those who led the Rockstar lifestyle.. But, I think we all know now, than to go crazy on equity and creative loans to have all of the cool stuff. Living below your means isnt a bad thing and it brings peace of mind. Below is my blog that I wrote.. or a link anyways: http://activerain.com/blogsview/118202/If-The-Fed-Raises
Data-quick and other reputable forecasters have stated these areas like the inland Empire, High desert, low desert, Havasu etc have had several years of over inflated pricing driven by low interest rates and speculative investors. In short we made money on a product that was over valued.
I'm just that a flipper, I and others have enjoyed the ride for several years (low interest and low cost housing)... Now the partys over. Short term investors can't buy a condo or home for the cost of the rental return, or repair and rehab. This is usually a 3-4 year cycle.
Havasu has more listings then its had in decades, if not in its history, it will take years just to clean out what they have on the MLS books.
If you purchase a home or condo make sure its at least 30K under market.
My father passed away and I cant afford her large house payments, Im moving my mother who lives in Havasu into a smaller home and Im sure to take a bath, (100.K+) but will make it up on the desperate seller on the other end.
BTW working with a realtor I found on this forum, she's a sweetie
If I post her name is that spam???
See ya all on the lake, I'll be there for a week of 24th-30th of June.. Want to say hi i'll be in a Campbell "Running Bear" or my 1973 yellow Hondo.
Love you guys "said in a very manly manner" :D
Mark

cdog

06-17-2007, 09:50 PM

Why is that the answer?
Its been "lowering" for itself some time now.Pretty soon ill have to sell for less than i paid to make a so called "sale". I would like to sell my house now that the family is getting smaller and move into something smaller for me and the wife. It sits and sits, barely any lookers. So im supposed to give it away for the same or less than i paid. No wonder so many are walking from their homes.
I'm not trying to be an ass but the value of your home has nothing to do with what you paid for it. The market dictates the price, so waiting and hoping someone comes around the corner and pay's what you the seller thinks is market price most likely will not happen until the next cycle.
Further more a home today for most buyers has to fit a payment that they are happy with. With the rates rising and the government recommending tighter lending constraints you will see more downward pressure on prices. Phoenix currently has 47,616 active resale listings. On 08/14/05 they had 6,447. Remember this does not include new construction.
http://www.azcentral.com/arizonarepublic/news/articles/0610stubbornsellers0610.html
I'd me more than happy to give you whatever advise I can.

callbob4homes

06-18-2007, 05:39 AM

"The seller can set the price, but the buyer will always set the value".................................................. .................................................. .........................and shit:D

THOR

06-18-2007, 06:19 AM

These seem like the same people that bought 200K boats towed by blinged out Escalades. Too bad, but you cant fell all that sorry for poor decisions.

Teabagger

06-18-2007, 07:55 AM

Just read this recently:
http://www.nctimes.com/articles/2007/06/17/news/californian/22_19_366_16_07.txt

meaniam

06-18-2007, 08:09 AM

dropping your commission is fine. but as an agent who has had no problems selling my properties i rep. it all come down to being honest with the customer. right from the beginning. and if that customers is not willing to be honest with themselfs after that. dont take the listing. you waste your time and your money on all the advertising. and i know for damn sure i dont wwant my name on a sign in front of a house that dont sell for 90+ days. if the customer bought in 2005 or later. i bring short sale paperwork. you need to prep the customer for this. i have had to ask the bank twice. and both i had instant approvals. didnt need to do the short sales cuase they still sold for more then they owed. but it set the mindset. all my contracts have an adjustable commission. which allows me the abilty to offer hugh commissions (5 or 6% to attract the other agent). and that other agent works hard to sell my property. i only need 1 agent and his client. i have actually had a bidding war in feb. i have never had a client show up with his agent and not present an offer. and once i get that offer i know better then to cut that line and let them go. i have done this since the begging of jan last year when i entered into the buissness. my commissions have always been the highest in my office. if you want i could show you how i do this. and how to present it to your customer. and i also show how it wont cost my customer any additional money then the standard commission and proably land them more money in there pockets in the long run. it is all about presentation. being prepared. and being honest.
i need to sell twice the amount of homes, i sold last year just to have the same income. I am actually thinking about going to all those discount brokers listings and interviewing thier clients (not solicite them just interview to see how much traffic they have received. then ask what the help you sells and discount brokers are doing for them) if my broker thinks i can do it legally. i would like to record thier answers.
you want to here something that is unbelivable. i have a buyer. looking in a crap area know as mentone. nobody ever says i want to live in mentone. well anyways i have a buyer and we found property in mentone he wants to buy. i keep calling this listing agent. he wont call back. wont answer the phone. his assistant wont even call back. you know it didnt sell. wtf? nice representation huh? what the hell do i do. broker doesnt even show upto the office

bigq

06-18-2007, 08:16 AM

Just read this recently:
http://www.nctimes.com/articles/2007/06/17/news/californian/22_19_366_16_07.txt
Now that is down right stupid. Why sign your name on documents with blanks:rolleyes:
Would you give someone a signed blank check:confused:

BajaMike

06-18-2007, 08:37 AM

I agree with you guy's, we all should have known what was going to happen it wasn't going to last forever.. I specialize in REO "Bank Owned " property and the calls are really starting to come in.
www.o48LakeHavasu.com
PM me if you can get lists of bank owned property on Orange County.....

Wmc

06-18-2007, 08:42 AM

bigq

06-18-2007, 08:44 AM

here is a classic quote from a CEO...:D
"We do think if you're dumb enough to buy a home builder (share), you ought to buy us," Ryland Group Inc.(RYL.N: Quote, Profile , Research) Chairman and Chief Executive Officer R. Chad Dreier, told an investor audience at the JP Morgan Basics and Industrials Conference this week.

cdog

06-18-2007, 09:01 AM

I beg to differ. My neighbor has continually lowered his home, and not one person has made an offer. Now he is going into Foreclosure (but only because he doesn't work and can't make the house payment). But my point is he is priced well for the area, people just can't get financing because of the changes in the (mortgage industry) investor's guidelines. Unfortunately a first time homebuyer can't get 100% financing anymore. Buyer's need to come in with a minimum 5-10%, but who has that kind of money anymore, unless they bring together 3-4 family members under one roof. Which unfortunately we are starting to see.:mad:
Your neighbor is either un informed or dense. I'd rather take a 30k loss than get 1099'd for 170k. Again lower your price. Apparently he did not lower it enough. There are so many people out there with cash on the sideline's waiting for a deal. Why pay market price when you could loose 10-20% over the next couple of years? Weather its true or not; that's the perception of most buyers today.
The market was driven up by cheap rates and emotion. It will be driven down by the fundamentals now that everyone has seen the light. The market does not care about what anyone paid, owe's or has already lost. It all comes back to supply and demand. Capitalism can be a cruel bitch.

meaniam

06-18-2007, 09:14 AM

I beg to differ. My neighbor has continually lowered his home, and not one person has made an offer. Now he is going into Foreclosure (but only because he doesn't work and can't make the house payment). But my point is he is priced well for the area, people just can't get financing because of the changes in the (mortgage industry) investor's guidelines. Unfortunately a first time homebuyer can't get 100% financing anymore. Buyer's need to come in with a minimum 5-10%, but who has that kind of money anymore, unless they bring together 3-4 family members under one roof. Which unfortunately we are starting to see.:mad:
if he hasnt had an offer then how would he know this
should have had an agent who knew what he was doing or one that researched and was honest to the customer and himself from the beginning. the buyers now a days have hundreds of home availble in one small area. you get one chance to catch thier eye. when clients see the price of a house keep falling. most think well hell i will wait 6 months and buy it from the bank at a hell of a discount. the price drops show desperation to most. and buyers right now are very edjucated. and it pays to wait and take risk. i have 4 first time buyers with 720+fico and 100k+ in bank for down. they are fishing but are waiting to strike. as sept. will bring more price drops. if you are listing come out swinging hopefully someone will be in reach close enough to clobber and your smart enough to take thier offer and run. if you cant give the bat to your wife so she can beat the sh!t out of you and your agent. you have just blown it:D

Wmc

06-18-2007, 09:30 AM

Oh believe me he is both. I had his house sold for him 1.5 years ago, he would have walked with money in his pocket, but he thought he could get top dollar.
What I was saying is I think now he is finally priced in the market, before he wasn't. But now with all the investor changes in the mortgage industry it is harder for people to get the financing. I know there are people with a down payment, but unfortunately the majority doesn't have it. They are still looking for the 100% loan.
Your neighbor is either un informed or dense. I'd rather take a 30k loss than get 1099'd for 170k. Again lower your price. Apparently he did not lower it enough. There are so many people out there with cash on the sideline's waiting for a deal. Why pay market price when you could loose 10-20% over the next couple of years? Weather its true or not; that's the perception of most buyers today.
The market was driven up by cheap rates and emotion. It will be driven down by the fundamentals now that everyone has seen the light. The market does not care about what anyone paid, owe's or has already lost. It all comes back to supply and demand. Capitalism can be a cruel bitch.

meaniam

06-18-2007, 09:37 AM

Your neighbor is either un informed or dense. I'd rather take a 30k loss than get 1099'd for 170k. Again lower your price. Apparently he did not lower it enough. There are so many people out there with cash on the sideline's waiting for a deal. Why pay market price when you could loose 10-20% over the next couple of years? Weather its true or not; that's the perception of most buyers today.
The market was driven up by cheap rates and emotion. It will be driven down by the fundamentals now that everyone has seen the light. The market does not care about what anyone paid, owe's or has already lost. It all comes back to supply and demand. Capitalism can be a cruel bitch.
damn cdog me and you think so much alike on this. for wmc tell your dumb ass nieghbor to fire his agent. he will gladly let him out of the contract im sure. his agent should be on the phone to his lender. like c dog said i rather be 1099 on 30k rather then 100k just the words short sale may stir the pot enough to get people looking
and can buy him another 3 months. the longer you can hold off the notice of defualt the better. and lenders right now will hold off a n.o.d. if the agent has a agressive contract. but if that N.O.D. has been filed he might as well call it a day.becuase a law office is involved and lawyers only do things one way. and he is stuck with that same agent or one who dont know better

zudnic

06-18-2007, 09:44 AM

If it doesnt pick up in July.. Oct Nov are going to be the death of the real estate market in Southern California.
Not only real estate the expectations from July/Aug of the fed lowering rates to jump start that market. Like 1987 no rate change and sharp market correction. Real estate and stocks crashing at the same time has only happened once before and that was 1929! :jawdrop:

Cole Trickle

06-18-2007, 09:48 AM

Not only real estate the expectations from July/Aug of the fed lowering rates to jump start that market. Like 1987 no rate change and sharp market correction. Real estate and stocks crashing at the same time has only happened once before and that was 1929! :jawdrop:
I have been waiting for rates to drop for a year and they keep hovering around the same area.
I was fortunate to buy my current home under market value a year ago but I want the 5.2-5.5 30yr fixed rate that I lock in on my condo 3 years ago:) :)
If they don't stimulate the market alot of peeps are going to be in trouble.:eek: :(

wsuwrhr

06-18-2007, 09:51 AM

That would be nice. I think.
Not only real estate the expectations from July/Aug of the fed lowering rates to jump start that market.

909punk

06-18-2007, 09:59 AM

I agree with you guy's, we all should have known what was going to happen it wasn't going to last forever.. I specialize in REO "Bank Owned " property and the calls are really starting to come in.
www.o48LakeHavasu.com
This is cool.
What's The Catch?
The answer's simple. There is no catch - Our founders own an interstate moving company.

3 daytona`s

06-19-2007, 04:17 PM

Anyone wants to see someone be ousted,I can not believe the conversation between a man and wife admitting they took the adjustable rate bait,then took the home equity loan to buy toys not pay some bills down:( They look at each other and realize they are about to for everythng they worked for be in a start over mode.I would think scary,humbling and disgusting at their own decisions. The people that are about to be forclosed on for medical reasons etc. that is the ones to feel for.