As much as I bemoan the length of time and the hoops I go through to do short sales transactions, I am taking this opportunity to say, "THANK GOODNESS FOR SHORT SALES!" Why? ...Because it's a way to guide our sellers who have found themselves in dire situations  and may not know their options. ...Because it's a way for distressed property owners to avoid foreclosure or bankruptcy, and thus salvage their credit ...Because more homes are within reach for home buyers who have little money but have a lot of time and patience to wait out the lengthy short sale process ...Because while there is a frenzy for buying foreclosure where people compete in multiple offer situations for AS IS purchases, there is less competition for short sales where there is room for negotiation ...Because short sal... 10/17/2009

We can't tell people enough times the value we bring to the table. Buyers and Sellers alike don't really know what we do for them. And if they don't know, how can they appreciate us or refer us? In advertising, there is a saying, "REPETITION, REPETITION, REPETITION" Here's a question to all: How much is your time worth? Can you afford not to get paid for service you provide? We, realtors, don't just provide transportation and open doors. I can only speak for myself, but this is a sampling of the service I provide for my Sellers: BEFORE MEETING THE CLIENT I prepare a comparative market analysis and put together a marketing presentation (not a cookie-cutter presentation. There's a lot of thought, research and effort in this presentation. REALTORS will know that putting together a comparat... 10/04/2009

ALAMEDA A picture says a thousand words. These charts compare the market activities for a two-year period from September 2007 to end of September 2009. One of the key indicators we look at to determine whether it's a buyer's or a seller's market is the inventory of homes for sale. If there are few properties on the market (low inventory), it signals a potential seller's market. As of September 2009, it appears we have just a little over a month's worth of inventory before the properties are sold. Number of homes sold (unit sales) appears to pick up. For example, there were only 18 homes sold in September 2007, same number in September 2008, but it increased to 32 sales in September 2009. This report says that's an increase of 78% comparing Sept 07 to Sept 09. But median prices are still... 10/02/2009

Short Sale packages may be different from bank to bank, negotiator to negotiator. Having completed short sale seminars, listed and sold short sales, worked with two separate short sale negotiation companies, it appeared evident that HARDSHIP conditions include, but are not limited to: Unemployment Reduced income Divorce Separation Medical bills Too much debt Death of spouse Mortgage payment increases Business failure Job relocation Illness Damage to property Military service Incarceration BANK OF AMERICA --- difficult if not impossible Bank of America is getting, or probably already has the reputation of being one of the slowest and most difficult banks to deal with when it comes to short sales. On Active Rain alone, there have been enough angst and anguish documented about this challen... 09/25/2009

Last Sunday, I had just one appointment to show property to a family, and ended up with THREE NEW LEADS! CHANCE MEETING #1   During my open houses, I always give a ton of information --- copies of the local magazine, local map, school district map, latest Realty Times newsletter, list of open houses that day, etc. So when I was previewing an open house, a woman and her husband stopped me to say they met me at my own open house weeks ago. After chatting for a while, I told them about a property that may meet their needs. Since it was vacant, we were able to look at it right away, and saw another house afterwards. YEAH! CHANCE MEETING #2     Just as I opened the door to a vacant REO, a woman and her mother stopped and asked if they can see the house too. Normally, I'd lock the door behind... 09/21/2009

09/18/2009

September 9, 2009 - 19 Short Sales in Livermore CA sold and closed during August 2009. 15 were single family homes and 4 were attached homes (including duets, condos and townhomes).* 15 detached single family homes sold from a low of $226,100 to a high of $1,035,000. The median sale price of short sales in Livermore CA is $425,000 for single family homes after an average 79 days on the market. 4 attached homes (including duets and townhomes) sold from a low of $120,000 to a high of $350,000. The median sale price of short sales in Livermore CA is $275,500 for attached homes after an average 31 days on the market. September 9, 2009 - There are 147 Short Sales in Livermore CA currently pending or under contingency contract on the MLS. 111 are detached single family homes that were listed ... 09/11/2009

We can look at this information in different ways, and probably come to different conclusions. But for buyers agents, we lament the fact that there is low inventory in Alameda. This explains why we are seeing multiple offers in the mid price range and above. Realisticaly speaking, a detached single family home in the low to mid $500,000 range, in good condition and in a good location, will generate a lot of interest. We are now also seeing an upswing in prices. Good for sellers...but buyers are concerned they may miss the prime opportunity to buy a home at more affordable prices here.     These matrices are wonderful resources to track movement in our various markets. Pictures are always easier to understand besides being easier on the eye, to illustrate the market conditions. These are... 09/10/2009

Being new to the Bay area, having sold my house in Orlando, not really knowing anyone except my parents, sister and nephew, and starting anew as a REALTOR, I didn't know where and how to begin! "Homeless, jobless and friendless" were three words I used to describe myself when I moved to the Bay area after being laid off (for the second time) from my corporate position which at one time one would have described as a cradle-to-the-grave job. In 2003, becoming a REALTOR seemed to be the natural fit for me since I loved architecture and I enjoyed going to Parade of Homes and open houses. So I had to have a plan, a method to get in the game, and quickly! TAKING ONE STEP AT A TIME. 1. FIND a reputable company to work with. Although I checked out other agencies, some didn't want to hire inexpe... 09/10/2009

Alameda, with our rich heritage and collection of Victorians and Tudors and Craftsman bunglows, fabulous shorelines, evolving and thriving downtown, and wonderfully temperate climate, has seen our own ups and downs in the real estate market. Here's a quick review of where we are as of September 2, 2009 in terms of ALL types of properties in Alameda, compared to where we were just two months ago ALL LISTINGS ACTIVE LISTINGS- 109. Today's inventory is even lower than 134 just two months ago. Median price - $662,315, up from $594K Average days on market - 72 days, compared to 60 PENDING OR UNDER CONTRACT -  106, up from 96 Median price - $508,872, up from $479,450 Average days on market - 44, just 2 days faster to get in contract SOLD since January 1, 2009 - 246 or 44 more sales  Median p... 09/02/2009

This short sale property went on the MLS Saturday. Open house on Sunday. by Monday, we had 5 offers. Wednesday, 7. Friday, 9. And we continued to receive calls inquiring about writing offers.     Multiple offers By the following Sunday, and after reviewing the matrix that shows the various terms and conditions of the multiple offers, the sellers countered four. Two of the counter offers came back, and countered at higher prices at almost $100,000 over list price --- and they were only $1,000 apart! The sellers are overjoyed. And so am I. The offers are over what they paid for it in 2004, and they are 95% of balances owed (when sellers refinanced, with two loans). This bodes well for getting the short sale approved and accepted. Things seem to be working out. The buyers and their agents ... 09/01/2009

Showing a buyer the "what ifs" when thinking of how much to offer, etc. has never been easier once I got the hang of using Fidelity Agent software to do the estimates. Yesterday, I was showing my client a house....and he was wondering what his options are in terms of down payment, what his monthly payments would be, how much he can offer. I whipped out my iphone to show him some scenarios. I followed up by sending him emails of some estimates, using Fidelity Agent software which cost me $27 to upload on my computer AND on my iphone. Yes, these are estimates, and final figures will be different...but this is a good way to illustrate the differences in buying scenarios. This is what I shared with him --- it didn't take too long to come up with these estimates. But oh, the value of matrice... 08/26/2009

WHAM! I must have had 70-80 groups of people who came through my open house this past Sunday. So I did an impromptu survey to ask them how they heard about the open house. ONLINE MARKETING RULES! The numbers validate why it's so important to get your listing online:  80-85% said they saw my listing on the internet  Some were sent by their agents. And the rest are curious neighbors. Pictures. Videos. When I asked why they picked this particular house to visit, all of them said they liked the pictures. Others said they liked the fact that there was a YouTube video (created from my visualtour) so they have an even better idea of what to expect. It works! Details about the open house. Many said they came because the information said that there would be a Sunday open house. Aahhh....that's a... 08/24/2009

This is one of those times when I wish I have an assistant who can do all of these things....shoot pictures, create video tour, post on various websites. It's late at night, and while I'm watching TV, I'm posting this on as many sites as I can. What I am happy about, is that I know how to do these things. And at a time when budget constraints are necessary, I know that I can continue to serve my clients and not sacrifice or give up any of the services I provide. In the meantime, I am just happy I have a video of this listing. 08/22/2009

Yesterday, I met with a buyer for the first time after he CONTACTED ME VIA EMAIL to help him buy his first house. Fortunately, he agreed to meet me at my office so that we can discuss his situation and what his requirements are. I couldn't help but ask him, "Why did you choose me as your REALTOR" since he found me on the internet. I was dying to know. And this is what he said why he chose me as his REALTOR: ... I searched online for an agent who knows the area ... I found your name on line, and decided to check you out, in addtion to other agents. ...I visited your website, and what you wrote made an impression because you provided very good information about buying ... It seemed that you are very professional at what you do ...but best of all, it seemed that  you really LIKE WHAT YOU D... 08/17/2009

As a blogger, there are no excuses not to learn basic SEO...but I've focused on just getting started on blogging and thinking of content, watching what others say and contribute, and doing some myself. When  I did Google "Alameda Realtor" I was pleasantly shocked at what I saw. Out of the 10 realtors/offices on the Google map where to find an Alameda Realtor, I'm there --- TWICE! And the first entry that got more traffic? My ACTIVE RAIN BLOG! Yey! It really works! So excited! Still haven't learned to do a lot of the stuff that others are doing, like changing fonts and colors, and animating art, using buttons, etc. But at least I learned how to add a couple of widgets like the ones from Trulia showing sales/inventory trends, and like my former alter-ego on Meez. And I even learned how to... 08/15/2009

If you can't fight them, join them...or CORRECT them! I occasionally visit Zillow to check the value of my property which can rise and dip $50K-75K within any given week. So yes, I admit...I look at Zillow. In the beginning, there was a raging inferno of protests when Zillow first launched. But as Zillow has grown more mainstream, it may be foolish to refuse to acknowledge that they provide a service that our buyers and sellers will and do consult. PRE-EMPTIVE STRIKE Today, even before my clients bring it up, I will do a pre-emptive statement about what Zillow says, and then provide more in-depth information that will either support or debunk the Zillow's estimate. STARTING POINT -- a source, but not THE ONLY source Remember that the Zestimate is, in their own words, a "starting point".... 08/13/2009

08/10/2009

The theme was Gain the EDUTIZING Edge: How to build your business by giving today's buyers and sellers what they really value----local market insight! When the California Association of REALTORs sent out the invitation to attend this seminar in San Francisco, I was intrigued. What the heck is EDUTIZING? Is that even a word? Here's a link to the powerpoint presentation that will edutize you. (Educate, emphatize) According to this white paper, "Edutizing is a new method or promoting your services....instead of overtly promoting an agent's photos and property listings...it allows an agent to provide information and real esate education to build a relationship with a consumer BEFORE trying to sell them something. KEY LEARNINGS Educate. Empathize. Don't advertise Share information that your... 08/05/2009

Current market report in Alameda CA   Here's a quick review of where we are as of this writing in terms of residential properties (regular sales, foreclosures and short sales)Active listings - 134 (low inventory!) Median price - $594,000Average days on market - 60Listings under contract - 96Median price - $479,450Average days on market - 46Listings sold since January 1, 2009 - 202Median price - $555,000Average days on market - 50Foreclosures  --- In spite of what some Alamedans think, Alameda CA has been affected by the economic downturn, albeit not quite as badly as other cities. Nonetheless, we have our share of foreclosures and short sales.  Out of total listings, here's what it looks like for foreclosures:Active listings - 12Median price - $338,500Average days on market - 61Listing... 08/05/2009