Market Watch- The housing-market recession is NOT over
Posted: November 22, 2010 Filed under: TeamHolly-would.com 3 Comments »Did anyone see Amy Hoak’s Home Economics? The housing-market recession is not over! Why you shouldn’t be overly optimistic about real estate right now.
In presentation to the National Association of Real Estate Editor’s in Austin, Texas, Stan Humpries, Zillow.com’s chief economist, pointed to four myths he said consumers are latching on to as they try to make sense of recent housing statistics.
1. The housing recession is over. It’s not. He estimates the bottom in home prices won’t come until the third quarter.
2. After market hits bottom, prices will rebound to boom levels. Not going to happen, at least for a while, the bottom is going to be a long and flat affair across the markets, according to Humpries.
3. The worst of the foreclosure is behind us. More wishful thinking, according to Humpries. He estimates foreclosures will peak later this year, then remain elevated for a while.
4. The tax credits saved the housing market. With or without a tax credit, those who bought would have done so anyway, Humpries said. ”The biggest impact (in home sales) we believe were low prices…low interest rates and the unsung factor here is the ramped up lending by the Federal Housing Administration.”
Contact Holly at Holly@TeamHolly-would.com or 704.502.7744 www.HollyHelps.com or www.TeamHolly-would.com
Smile Under Construction!
Posted: November 22, 2010 Filed under: TeamHolly-would.com Leave a comment »
November 18, 2010
Smile Under Construction
In today’s market one can only get downloaded with so much information, so if your head hurts, you might take a minute to enjoy the funny side of real estate.
As a single mother of three children, I had to get creative juggling my career and my children’s schedules. I had suggested an Open House for one of my first time home sellers. They were excited, anxious and very much wanting to sell their home. They worked hard to prepare the home; cleaning baseboards, light fixtures, bathrooms, etc. She even told me she was going to bake cookies!
As I was preparing to leave my home to hold the Open House, my daughter Alexi, decided to inform me of her Science Project, due tomorrow! After, I became unglued, I slowly pulled myself together and decided to take Alexi with me to the Open House, along with every book I could find and proceeded to the Open House.
Once we arrived, I set her up in the corner of the kitchen and put her to work on her project. I told her to be quiet and to concentrate on her tasks.
My first prospects entered the home! I introduced myself and of course my daughter. They walked around the home at a snails pace, looking up and down. I think they even looked behind the TV!
Then the lady went over to my daughter and asked her if she was going to be a realtor just like her mother when she grew up. My daughter looked at her like she was crazy and said with a mouth full of silver braces….”No, I’m going to be an orthodontist”.
Real Estate-The Lighter Side
Posted: November 22, 2010 Filed under: TeamHolly-would.com Leave a comment »Realtors are full of information these days, especially on topics of short sales, foreclosures, distressed properties, etc…But, I am overdosing on all of this!
So just for fun (if anyone cares) and on the lighter side, I want to share some true stories over the many many years of my real estate career in Charlotte, NC.
When beginning my career in the late 90’s, I came up with my slogan, “Who would help you with all your Real Estate needs?”….(answer)….Holly-would! So over time, clients and friends began calling me Holly-would.
One day, when my youngest son, Zico was home (driving me crazy) he kept asking me if he could have this or that (you know that constant nagging and begging kids do). I kept saying NO, NO and NO. He then became very quiet and then looked me straight in the eyes with a very unhappy face and said “I don’t know why they call you Holly-would, they should call you Holly-won’t!”
True Story,
Holly Pasut, Broker, Keller Williams
How has this real estate market changed you?
Posted: November 22, 2010 Filed under: TeamHolly-would.com 1 Comment »
The real question is not, “When will the market return?”….But, “how has this market changed you?”
Frankly, I am sick of listening to the economists with their insightfull opinions. If they were so insightful, where were they when Wall Street and Greed Street were making decisions?
Many Realtors have left the industry, while others continue to hang on. As a top Realtor in South Charlotte and in the Union County area, my market has changed from Luxury to short sales and REO properties. (Real Estate Owned, or Bank Owned). Instead of keeping up with the “Jones’s”, I am helping them.
The market has changed the expectations of my children. I am thankful they have adopted a renewed faith and rediscovered what really is important. Sure they love all the latest toys and gadgets, but ultimately they realized how really unimportant that stuff is.
I have met with many families struggling to avoid foreclosure. It is heartbreaking, but it is not life threatening. It used to be that when we closed on a home, the seller would thank me for the nice return he or she made on the sale. Now the seller walks away with no money, but no foreclosure and still says thank you!
Questions to ask a realtor, and hire the best!
Posted: November 22, 2010 Filed under: TeamHolly-would.com Leave a comment »Just because your neighbor is a Realtor doesn’t mean that’s the one for you! I hear more stories about how people choose or find a Realtor; of which many are ridiculous!
If you needed open heart surgery, would you hire your neighbor? Of course not, unless your neighbor was the best surgeon. So why do you people hire your neighbors???
Interview your prospective agent. Ask questions. Okay what questions? Here are a few and good luck!
1. Are you a full time agent? You want a “yes” here. If they are making a living in this market, that’s a good sign.
2. Do you have references or testimonials? Employers call on their candidates, why shouldn’t you?
3. How will you communicate with me while my home is listed? If they look at you funny….run!
4. How responsive are you? Hopefully they work from a phone that accepts emails. Some do, some don’t. UGH!
5. Do you guarantee your services in writing? They should say yes, absolutely and unconditionally!
A real estate transaction is one of the largest investments you may ever make in your life. Please do not put it in just anyone’s hands. Do your homework, so you can buy a home and then do “housework.” (sorry I couldn’t resist)
Read this story below. There is a famous old story about a company that had a problem, and they called out a repairman to fix it. The entire company was on the verge of shutting down production because no one at the company had been able to identify this problem, let alone fix it. The repairman soon arrived, checked out the situation, went over to one of the many miles of pipes running through the building, and started banging on one particular pipe. He banged for about a minute. He then ordered the crew chief to restart the machinery. Production was restored and everyone was happy. A few days later, the company recieved the bill for the repair. The company manager was shocked to see that the amount due for the repair was $10,000. The manager called the repairman and shouted in the phone, “This repair bill is for ten thousand dollars! Where do you get off charging me $10,000 for what amounted to banging on a pipe for all of about 1 minute?!” The repairman calmly replied “Oh, I only charged you $50 for banging on the pipe. The other $9950 was for knowing precisely what pipe to bang on.” And so the moral of this story is …experience is everything.
To view homes for sale in Charlotte, NC visit- www.TeamHolly-would.com If you are upside down and want to avoid foreclosure visit- www.HollyHelps.com
or email
Holly@TeamHolly-would.com
Living the American Dream, NOT!
Posted: November 22, 2010 Filed under: TeamHolly-would.com Leave a comment »
I just decided this could be good therapy for me and whoever needs to know they are not alone.
I am a realtor in the Charlotte, NC market, specializing in South Charlotte, Ballantyne and Union County areas. I too have had first hand experience in the stress and uncertainty of how to pay a mortgage.
My sellers now thank me for avoiding foreclosure! But if the agent does not handle the short sale correctly, the bank will foreclose.
The short sale market seems to be the “new normal”. Sellers just have to decide how much money they can bring to closing or permit the bank to approve. So your credit get ruined for a while, but maybe paying cash and not borrowing money will be better in the long run. We will get through this; and I bet the standard for credit ratings will be revised.
Last nights show on 60 minutes was very interesting, but it was not “new news” for me. I see people walk away, but before they do, they strip the house!
I don’t think the banks have the “man power” to re-evaluate accurately the ability of a homeowner to pay. I once had a friend say, the bank told her she had a positive cash flow of $13,000.00 left over every month. My friend was so excited, she asked where it was! Obviously, the bank was a little misinformed, because if she had money left over every month she would not have filed bankruptcy!
Don’t get goo-goo over short sales!
Posted: November 22, 2010 Filed under: TeamHolly-would.com Leave a comment »
People keep saying they want a foreclosure or short sale. What they really should say is “I want to purchase under the appraised value and find a home that will appreciate steadily when the market returns.” What does it matter if it is a short sale or foreclosure? There are still some very good properties for sale, that are in great condition, have clear title and that can close quickly. Wow!
If you are going to make an offer on a short sale, be prepared to wait. The bank is in no hurry to sell at a loss! You have to make the best offer and be patient. Be prepared for the bank to never respond, reject offer or at best counter. Know what you are willing to pay and if you can get approved, consider yourself lucky! Take stock in fine wine!
REO- Real Estate Owned, typically a bank owned property is another opportunity for buyers. Banks are in the business of managing money, not managing real estate. Again, the bank moves at their own pace.
Equity sellers are few these days, but they are still there. Hopefully you can find someone who purchased their home at least 8 years ago for a fair price and will pass that fair pricing along to you. You can target those type of sellers by searching in established communities. Many homeowners make improvements over the years and add nice value to their homes.
Don’t get caught up in the buzz words of todays real estate market…short sales and REO properties have been around forever. This is not new…just more of them.
I have reasonable sellers that are willing to sell for a fair price in today’s market. Don’t be afraid to make them an offer, it will be an easy transaction, because they care!
Someone asked me if I was an over-eater for Thanksgiving….I think I am….can’t wait! Happy Thanksgiving to all!
Remember….Who would help you with all your real estate needs?….Team Holly-would
