The Different Faces of Realtors - Thursday January 28th, 2010 10:51pm
Realtors are people! Like people in any given profession we all have different personalities and different reasons for being in this business. These personalities and reasons usually dictate the way we approach the real estate business. I've assembled a list of a few of the different faces of Realtors, each with their own strengths and weaknesses:

* The Salesman - the salesman does whatever it takes to sale a house. They may show up at an open house and do some cleaning or they may inflate a property in description and photos to draw attention to it. The salesman may seem a bit too pushy but they are also the ones who tend to get buyers off the fence about buying. (Annette Bening in American Beauty)

* The Consultant/Teacher - The Consultant takes pride in the fact that he/she knows something that the average person does not and is usually eager to pass that knowledge along. For most the teaching process meets an elementary ego need. They are usually helpers and get great satisfaction from helping others. The Consultant is usually not pushy and demonstrates a little more patience with buyers and sellers.

* The Marketer - you know this person. It is the person that is constantly sending you mass emails about their business or sending you recipe postcards. They are marketing themselves and then once you hire them they market your property with the same vigilance. They go above and beyond the normal marketing. They utilize flyers, postcards, social media, personalized property websites, etc.

* The Lister - there is an old saying in real estate, "List to Live." The agents that are strickly listing agents usually carry anywhere from 10-30 properties on their books at all times. They have little patience for working with buyers and often will either refer the buyer to another agent or pass on them all together. Sometimes the Lister will stop at nothing to list a house, including allowing a house to be overpriced. They know eventually the seller will get tired of waiting and drop the price on the house to where it should be to sell.

* The Geek - the Geek is not always recognizable. Today's Geek doesn't always have wierd looking glasses, a sinus problem, braces, and a calculator in his front shirt pocket. In Real Estate, the term Geek is not a derogatory term. It is a term that references those who know the ins and outs of how to utilize technology to reach buyers and sellers. The Real Estate Geek understands the importance of a powerful website, search engine optimization, blogging, social media, smart phones, etc.

* The Old Schooler -these are the Realtors that have been in the business for 20 plus years. The Old Schoolers are a valuable resource in knowledge and information. The best of the Old Schoolers embrace modern technology and have left behind the old ideas of guarding information tightly as a means of job security.

Very few Realtors fit only one category. As with most people in the world, Realtors are dominant in one or two (maybe more) of the categories and may show traces of the others from time to time. For Realtors it is important to identify your strengths and manage your weaknesses. For buyers and sellers, think of these personality/professional sets and identify which is the most important to you. Then find the Realtor that best fits that set, and one that you can trust.

The Basics: Extended Home Buyer Tax Credit 2009/2010 - Friday December 4th, 2009 7:57am
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Who Qualifies for the Extended Credit?
• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer's tax credit is determined by tow additional factors:
1. The price of the home.
2. The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

October Home Sales UP More Than 10 Percent - Friday December 4th, 2009 7:49am
MEMPHIS, Tenn., December 3, 2009 — Buoyed by the first-time home buyer tax credit, Memphis-area home sales were up more than 10 percent in October, with 1,349 sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database as compared to 1,220 sales in September. October sales were down just 2 percent from October 2008, the smallest year-over-year decline recorded so far in 2009. Overall pricing continued to show year-over-year improvement, with both October average and median sales price up from October 2008. Pending sales were 1,751, down slightly from the 1,766 recorded in September. Inventory was down 1.5 percent to 9,375 units listed for sale.

October Comparison


2009
2008
% Change

Total Home Sales
1,349
1,377
-2.0%

Median Sales Price
$105,000
$78,000
34.6%

Average Sales Price
$126,405
$121,154
4.3%

Monthly Sales Volume
$170.5 million
$166.8 million
2.2%





Year-to-Date Comparison


2009
2008
% Change

Total Home Sales
12,721
15,096
-15.7%

Median Sales Price
$95,750
$102,000
-6.1%

Average Sales Price
$127,663
$137,017
-6.8%

Sales Volume
$1.62 billion
$2.07 billion
-21.5%

Will Short Sales Process Quicker in the Future! Let's hope So! - Thursday November 5th, 2009 1:20a


I received this article today from ReoTrans.com concerning BofA finding a way to process Short sales quicker! Foreclosures are process through sites like ReoTrans.com to speed things along, hopefully it will do the same for SS's! Check it out below and let me know what you think? We want Short sales to process. Having too many Foreclosures will weaken our market even more.

BofA Implements Equator (REOTrans)
Platform, as Short Sales Gain Ground





10/22/2009 By: Carrie Bay, reporter for DS News



California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."



Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.



Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."



Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.

"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."



Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.