House been on the market a while and still no interest in it? Have you had several inept Sunday afternoon Open Houses where maybe one or two curious lookers trickled in? Why not wine and dine your way to a sale. Other professions bring out the big guns so-to-speak when selling a product, why not to sell your house.
If you're game, coordinate it with you real estate agent. This will be costly so you will need to be in on agreement of who will contribute how much to the Extreme Open House. Once that is established it will be time to make a guest list. Invite friends and colleagues who you believe would not just be coming for the free food and drink but who also could bring a guest who is potentially looking for a home in the market. This is the game of "knowing-someone-who-knows-someone." Your family and closest friends have been to your home hundreds of times and are already out there mentioning your house. We want new blood here.
Then you need to decide what type of Extreme Open House to have. The correct way to plan it is to play up your homes best features. If it has an amazing gourmet kitchen, then hire a chef for the evening and maybe do a cooking class. Great backyard and pool? Pool party! Nice outdoor dinning and entertainment area, then why not host an elegant party outside. This is all about showing potential buyers not only a house but a lifestyle in the house.
Next send out invitations making sure to have them accomplish two things: 1) bring a guest or two and 2) RSVP, so you can plan within your budget. Now here is the part most home owners don't want to hear but I will say it with love...DO NOT show up to your own party. Instead have your real estate agent host it. I know, that was hard to hear but it is good advice. With you not there the guests will feel more comfortable opening doors, looking in closets and critiquing your home. Remember, it is an Open House after all and designed to sell your home. So go out to a nice restaurant and enjoy, this will be the easiest party you've ever thrown.
"Because Integrity Does Matter!"
Friday, August 28, 2009
Wednesday, August 26, 2009
Great Video Interview with Ken Rosen
I found this from the Wall Street Journal site yesterday. It is an interview with Ken Rosen from Rosen Consulting Group & UC Berkely. He talks about the good signs in the real estate market but how we'll probably be sitting on the bottom for a while and what that means at the end of the day. Click on link to enjoy!
http://online.wsj.com/video/buying-real-estate-at-the-bottom/3888988F-8F10-4E9B-8F12-73D29CC6E3FE.html
"Because Integrity Does matter!"
http://www.jamiemori.com/
http://online.wsj.com/video/buying-real-estate-at-the-bottom/3888988F-8F10-4E9B-8F12-73D29CC6E3FE.html
"Because Integrity Does matter!"
http://www.jamiemori.com/
Have We Seen The Bottom of the Housing market?
Have we seen the bottom of the housing market? Personally and professionally I don't like to get into the guessing game, in my opinion it is unprofessional to try and predict the unpredictable. I know no more what the housing market or stock market or even swine market as far as that goes will do tomorrow than the next guy. What I do know however is what has happened and what the professionals report possible will happen. I look at that data and try to figure how to best help my clients make informed decisions.
Given that premise, I pose the question "Have we seen the bottom of the housing market yet?" based on the following information:
The North Carolina National Association of Realtors (NCNAR) reported that "for the first time in 5 years, existing home sales have increased four months in a row." Additionally, a report released from the Wall Street Journal this week reports that recent data from the U.S. suggests that the housing market has bottomed out. They base this on statistics that show a 7.2% increase on exisiting home sales year to date. Additionally, new home sales have gone from 380,000 a month annualized to 400,000 a month and are highly expected to hit 500,000 a month annualized in the next few months. The WSJ report claims they beleive this to be because of governemtnt loans being loosened up.
At it's peak between 2002 - 2007, 50% of the home loans were from Freddie May and Freddie Mac, dropping down to 40% by the years end in 2007. Now we are seeing an increse back up to 50%, indicating the government is letting loose of some of the housing loan funds.
So you decided. New homes sales are up, exisiting home sales are up, but the appreciate of homes seem to still be decreasing or at the very best holding low (see an earlier blog posting on this subject last week.) So does two ups and one down make a market that is shifting in the positive direction? You decide.
"Because Integrity Does Matter!"
Given that premise, I pose the question "Have we seen the bottom of the housing market yet?" based on the following information:
The North Carolina National Association of Realtors (NCNAR) reported that "for the first time in 5 years, existing home sales have increased four months in a row." Additionally, a report released from the Wall Street Journal this week reports that recent data from the U.S. suggests that the housing market has bottomed out. They base this on statistics that show a 7.2% increase on exisiting home sales year to date. Additionally, new home sales have gone from 380,000 a month annualized to 400,000 a month and are highly expected to hit 500,000 a month annualized in the next few months. The WSJ report claims they beleive this to be because of governemtnt loans being loosened up.
At it's peak between 2002 - 2007, 50% of the home loans were from Freddie May and Freddie Mac, dropping down to 40% by the years end in 2007. Now we are seeing an increse back up to 50%, indicating the government is letting loose of some of the housing loan funds.
So you decided. New homes sales are up, exisiting home sales are up, but the appreciate of homes seem to still be decreasing or at the very best holding low (see an earlier blog posting on this subject last week.) So does two ups and one down make a market that is shifting in the positive direction? You decide.
"Because Integrity Does Matter!"
Monday, August 24, 2009
Raleigh Market vs. U.S Real Estate Market
For most who live in the Research Triangle area, we have been aware for quite some time of just how fortunate we are to have a residence in this part of the country. While we may have felt some of the gusts of wind from the current recession and down turned real estate market, we certainly have not been in the eye of the storm. I understand for some this may come as no consolation if you've lost your job, lost your home and had to file bankruptcy, nor was it intended to be. It just simply is important to me that in order for our economy to turn around we need a country of citizens who carry on with business as usual, this in turn helps the flow of cash that is so desperately needed in our country right now to keep not only it's head above water but for it to swim a marathon. Therefore, I feel it my unofficial duty when reporting about the real estate market and happenings associated with it in the Raleigh region, to make sure I always point out the positive as well as the negative, the latter always seems all the more easier to come up with wouldn't you agree. Having said all that, her are some recent statistics released from the NAR (National Association of Realtors) in relationship to the Raleigh-Cary areas 4th quarter 2008 Metro Market.
The current median price of a home in the Raleigh-Cary area at the end of the first quarter of 2009 in Raleigh was $223,000 while compared to the median home price in the U.S. of $167,633. What does that mean? Well, in one years time in our local area since the end of the first quarter in 2009 homes have appreciated -2.2% while nation wide they appreciated -8.8%. And in the last three years in the Raleigh area homes have appreciated +11.7% while nation wide they have appreciated -22.7%. So theoretically, while home values has gone down over the last year or so, if you purchased a home more than three years ago there is a good chance you would still have some equity in it. I realize that does not fit everyone, certainly you would have had to have bought it at the right price as well as other factors figured into that, but nonetheless this is good news. On the flip side to that, while prices are not down as much locally as on a national scale, we still continue to weaken.
The Raleigh-Cary area has also held onto a fair share of equity despite the current market trends. This fact is played out in the following statistics. In a 3 years span, the local housing market had a housing equity gain of $23,400 while nation wide it was -$49,267. Over the past 7 years Raleigh-Cary saw a $51,000 home equity gain compared to a $31,367 U.S. gain and over the past nine years we had a whopping $61,700 gain in the housing market where the national gain was on $633. Glad you live here now?
I realize these statistics only go thorough to the end of the first quarter of 2009 and we are all aware that there still were and continues to be declines (with some potential mid summer spikes) in the value of our homes here. But being the hopeless optimistic that I am, my way of thinking is that the less we decrease in value compared to the rest of the nation the quicker we should recover when the housing market decides to make a turn for the better. In the meantime try not to think about it too much and go enjoy your day.
"Because Integrity Does Matter!"
The current median price of a home in the Raleigh-Cary area at the end of the first quarter of 2009 in Raleigh was $223,000 while compared to the median home price in the U.S. of $167,633. What does that mean? Well, in one years time in our local area since the end of the first quarter in 2009 homes have appreciated -2.2% while nation wide they appreciated -8.8%. And in the last three years in the Raleigh area homes have appreciated +11.7% while nation wide they have appreciated -22.7%. So theoretically, while home values has gone down over the last year or so, if you purchased a home more than three years ago there is a good chance you would still have some equity in it. I realize that does not fit everyone, certainly you would have had to have bought it at the right price as well as other factors figured into that, but nonetheless this is good news. On the flip side to that, while prices are not down as much locally as on a national scale, we still continue to weaken.
The Raleigh-Cary area has also held onto a fair share of equity despite the current market trends. This fact is played out in the following statistics. In a 3 years span, the local housing market had a housing equity gain of $23,400 while nation wide it was -$49,267. Over the past 7 years Raleigh-Cary saw a $51,000 home equity gain compared to a $31,367 U.S. gain and over the past nine years we had a whopping $61,700 gain in the housing market where the national gain was on $633. Glad you live here now?
I realize these statistics only go thorough to the end of the first quarter of 2009 and we are all aware that there still were and continues to be declines (with some potential mid summer spikes) in the value of our homes here. But being the hopeless optimistic that I am, my way of thinking is that the less we decrease in value compared to the rest of the nation the quicker we should recover when the housing market decides to make a turn for the better. In the meantime try not to think about it too much and go enjoy your day.
"Because Integrity Does Matter!"
Thursday, August 20, 2009
Has the Government Helped or Just Slowed The Inevitable?
Some analyst in the housing market have proclaimed the housing roller coaster has finally stabilized. Indeed there is some plausible evidence towards this truth in some markets throughout the country. But is it a real stabilization or just a pause on the inevitable decline in home values. Let's look at the facts:
Fact 1: The government put a moratorium on foreclosures earlier this year which in effect slowed down or limited the number of houses that would have potentially been coming on the market this past Spring and Summer.
Fact 2: Mortgage Rates went down causing more people to jump into the pool of home buying.
Fact 3: The government offered an $8,000 first time home buyers tax credit (which is a loosely interpreted first time home buyer) causing more people still to jump into the pool this year.
So the key question here is were these efforts those that would last or did they just put off the inevitable? It is actually hard to say and since I'm no expert in predicting trends, I will refer to those who are. Ronald Temple of Lazard Asset Management who forecasts these types of things says it could have a positive effect provided that the economy is in better shape with the confidence of the consumer improving. Big IF.
Lazard does point out however, that it is very likely that at the end of all this government intervention sometime around the end of the summer, housing prices will continue to decline somewhere between 8% - 19% more, stating that 10-15% is the most likely scenario.
So what does that mean for you? Well if you are not looking to sell your home, not much. If however you are wanting to list your home to sell and would like to move it in a reasonable amount of time, I would suggest looking at the most current sales comps and then possibly consider decreasing your listing price 10-15% below that. Of course each situation is unique and must be looked at that way, but definitely this is something to consider.
http://www.JamieMori.com
"Because Integrity Does Matter!"
Fact 1: The government put a moratorium on foreclosures earlier this year which in effect slowed down or limited the number of houses that would have potentially been coming on the market this past Spring and Summer.
Fact 2: Mortgage Rates went down causing more people to jump into the pool of home buying.
Fact 3: The government offered an $8,000 first time home buyers tax credit (which is a loosely interpreted first time home buyer) causing more people still to jump into the pool this year.
So the key question here is were these efforts those that would last or did they just put off the inevitable? It is actually hard to say and since I'm no expert in predicting trends, I will refer to those who are. Ronald Temple of Lazard Asset Management who forecasts these types of things says it could have a positive effect provided that the economy is in better shape with the confidence of the consumer improving. Big IF.
Lazard does point out however, that it is very likely that at the end of all this government intervention sometime around the end of the summer, housing prices will continue to decline somewhere between 8% - 19% more, stating that 10-15% is the most likely scenario.
So what does that mean for you? Well if you are not looking to sell your home, not much. If however you are wanting to list your home to sell and would like to move it in a reasonable amount of time, I would suggest looking at the most current sales comps and then possibly consider decreasing your listing price 10-15% below that. Of course each situation is unique and must be looked at that way, but definitely this is something to consider.
http://www.JamieMori.com
"Because Integrity Does Matter!"
Wednesday, August 19, 2009
And Now For The Good News...!
Okay, if you are anything like me, then you try to limit your daily dose of news to just enough to keep you informed but not enough to drag you down. Some days that means just checking in on the entertainment happenings. If this is what it takes to stay upbeat and therefore go on with business as usual, then so be it. I make no apologies for that. So, in honor of my belief in a creative attitude, one in which I create my own reality, I'm going to deliver you a dose of the good news going on locally and around the world in the sphere of real estate.
- Zillow announced that 10 out of 142 declining markets have seen at least three consecutive quarters of SMALLER year over year home value decline
- NAR (National Association of Realtors) says the real estate market is moving
- 30% of homes in the U.S. are owned free and clear
- 96.7% of homes with mortgages are NOT in foreclosure
- Housing affordability is at its best level in 30 years
- NAR reports 2nd quarter sales up 4% nationwide
- REAL Trends Housing Market Report said that June closings were the best in 3 years when compared to the same month last year and it expects July and August to be up as well
Hope these few statistics remind you that we still do live in America, the greatest country in the world were not only anything is possible, but that out of difficult times history has proved us again and again to create a magnificent country. I do not expect the challenges we currently face to be any different today.
"Because Integrity Does Matter!"Tuesday, August 18, 2009
Smaller Homes are a Bigger Deal Now
While the Beverly Hillbillies were able to move into there dream mansion on the hill, here in the real world the rest of us are starting to downsize our interpretation of a dream home according to some reports. An article by James Wentling was published this month in Nation's Building News, a weekly online newspaper of the National Association of Homebuilders. In it Wentling stated that the median size of a new single-family home increased 42% over the last thirty years from 1,650 square feet to 2,335 square feet. However, during four different cycles since 1981, there were actually time spans of home size decrease and we have currently been in one since 2007.
I've also come across other references in the past several months stating similar types of statistics. So what does this mean for you and me and every other consumer in America? Probably not much in the big picture. I know when I watch the Home and Garden Channel on television, you know the programs were there is some sort of scenario of a first time home buyer, I'm constantly amazed how these young couple in their early to mid twenties are looking to instantly replace the home their parents have accumulated over the past twenty or so years without having earned it. They want the four bedroom, two and a half bath with bonus room. The gourmet kitchen is expected, even though no one has time to cook and a swimming pool would be nice. Some could certainly argue that it was precisely that kind of thinking that got many home owners in the pickle that we've been watching play out over the past year or so.
Now don't get me wrong. I encourage people to dream big, after all, I want my mansion on the hill too. But isn't the best part about getting your dreams the journey? How sweet success finally is when you've planned and worked your plan. I don't believe this fundamental element on the path to owning a big new house should be taken out of the equation, it is part of the richness of it all.
So, while we are currently seeing a down turn in small houses this is America after all and I do believe we will make a shift sometime in the hopefully not to far off distant future back towards our bigger homes, and that's okay with me. Somehow it all works out and we move forward anyway.
"Because Integrity Does Matter!"
http://www.jamiemori.com/
I've also come across other references in the past several months stating similar types of statistics. So what does this mean for you and me and every other consumer in America? Probably not much in the big picture. I know when I watch the Home and Garden Channel on television, you know the programs were there is some sort of scenario of a first time home buyer, I'm constantly amazed how these young couple in their early to mid twenties are looking to instantly replace the home their parents have accumulated over the past twenty or so years without having earned it. They want the four bedroom, two and a half bath with bonus room. The gourmet kitchen is expected, even though no one has time to cook and a swimming pool would be nice. Some could certainly argue that it was precisely that kind of thinking that got many home owners in the pickle that we've been watching play out over the past year or so.
Now don't get me wrong. I encourage people to dream big, after all, I want my mansion on the hill too. But isn't the best part about getting your dreams the journey? How sweet success finally is when you've planned and worked your plan. I don't believe this fundamental element on the path to owning a big new house should be taken out of the equation, it is part of the richness of it all.
So, while we are currently seeing a down turn in small houses this is America after all and I do believe we will make a shift sometime in the hopefully not to far off distant future back towards our bigger homes, and that's okay with me. Somehow it all works out and we move forward anyway.
"Because Integrity Does Matter!"
http://www.jamiemori.com/
Monday, August 17, 2009
Want To Sell Your Home - Offer a Bargain!
Want to sell your home and sell it faster than your neighbor? Here's the trick - offer a bargain. According to a recent article in The Wall Street Journal, those who price their homes aggressively "are selling their homes much faster." I can tell you from personal experience that this is certainly the case here in Raleigh and the Triangle area. When I use assertive pricing my phone rings off the hook.
Home sellers need to understand there has to be a "bargain." Buyers have gotten wise to the fact that there are deals all over the place and many don't even want to look at anything that is not positioned with a nice reduction in mind. This is a buyers market all day long, like it or not, they are in control of what gets shown. I'm constantly shocked in today's economy when new listings are priced high. It is no surprise to me then that the home will still be sitting on the market for many months to come.
Good news is there is money, and buyers with money actively pursuing homes and investment properties, but they are smart and consumer consciously aware. If a house is put on the market right to begin with instead of having to reduce it, the days on market should remain low.
Bottom line, be realistic in pricing. Do you want to sell your home? Then come in militantly and make it an offer that can't be refused. Otherwise you will waste every ones time, money, and create a lot of frustration, only having to drop the price to sell it in the end anyway. Something to think about.
"Because Integrity Does Matter!"
http://www.JamieMori.com
Home sellers need to understand there has to be a "bargain." Buyers have gotten wise to the fact that there are deals all over the place and many don't even want to look at anything that is not positioned with a nice reduction in mind. This is a buyers market all day long, like it or not, they are in control of what gets shown. I'm constantly shocked in today's economy when new listings are priced high. It is no surprise to me then that the home will still be sitting on the market for many months to come.
Good news is there is money, and buyers with money actively pursuing homes and investment properties, but they are smart and consumer consciously aware. If a house is put on the market right to begin with instead of having to reduce it, the days on market should remain low.
Bottom line, be realistic in pricing. Do you want to sell your home? Then come in militantly and make it an offer that can't be refused. Otherwise you will waste every ones time, money, and create a lot of frustration, only having to drop the price to sell it in the end anyway. Something to think about.
"Because Integrity Does Matter!"
http://www.JamieMori.com
Saturday, August 15, 2009
Triangle Real Estate Healthier Than Most
Gooood Mooorning Raaaleigh!
Okay, so maybe I'm a little too chipper for an overcast Saturday morning, but I make no apologies for it. I love living in Raleigh and being a part of the entire Wake Country community. There is much to be happy about and let's get right to that.
By now some of you may have heard Forbes.com's report that Raleigh (for the third year in a row) has been named as the best place for business and careers. Forbes.com is quick to point out that "while Raleigh cannot fully escape the impact of the current recession, it will be one of the places to lead the nation's economic recovery." You go Raleigh!
In all seriousness, this really is no news to anyone who has avoided the doom and gloom syndrome that has taken over much of our nation. Raleigh continues to not only survive but thrive in the current economic situation. While yes, we have felt some of the downturn, we have the advantage of what I like to describe as "Last In, First Out." In other words, we were one of the last areas of the country to feel the recession and according to Forbes.com we should be one of the first on the way out of this temporary situation. So just hold on folks, better times they are a comin'.
http://www.JamieMori.com
"Because Integrity Does Matter!"
Okay, so maybe I'm a little too chipper for an overcast Saturday morning, but I make no apologies for it. I love living in Raleigh and being a part of the entire Wake Country community. There is much to be happy about and let's get right to that.
By now some of you may have heard Forbes.com's report that Raleigh (for the third year in a row) has been named as the best place for business and careers. Forbes.com is quick to point out that "while Raleigh cannot fully escape the impact of the current recession, it will be one of the places to lead the nation's economic recovery." You go Raleigh!
In all seriousness, this really is no news to anyone who has avoided the doom and gloom syndrome that has taken over much of our nation. Raleigh continues to not only survive but thrive in the current economic situation. While yes, we have felt some of the downturn, we have the advantage of what I like to describe as "Last In, First Out." In other words, we were one of the last areas of the country to feel the recession and according to Forbes.com we should be one of the first on the way out of this temporary situation. So just hold on folks, better times they are a comin'.
http://www.JamieMori.com
"Because Integrity Does Matter!"
Friday, August 14, 2009
Okay - We're Live in 5,4,3...
Blogging has become my new obsession, and if you follow my blog at all you will see that I have many obsession that I won't go into at this time. What I will, however let you in on is what you can expect to find on my blog. It is kind of like a recipe. There is going to be a large dose of real estate talk, with a cup or two of just-for-fun real estate information, a pinch of frivalous thrown in here and there to just add some darn excitement to our day and pretty much anything else I feel like adding (I'll call this the OPTIONAL ingredient). Put it all together and we have a delicious and inviting dessert to sit down and enjoy a cup of coffee over. Hope you enjoy reading it as much as I enjoy writing it. Jamie
"Because Integrity Does Matter!"
"Because Integrity Does Matter!"
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