What is MLS?
My neighbor across the street told me I did not need to send her MLS listings because she could access them online.
For a moment, I wondered if maybe she was a licensed as a real estate agent or maybe as an appraiser. But no, turns out she thought she could find online listings through the Sacramento Bee.
She doesn't get every new listing the minute it goes live on MLS. Moreover, she doesnt receive all the information, and the part that she does receive isnt the whole story.
And thats the problem with many listings that buyers find online. Sometimes they are outdated; sometimes the homes are already sold, and sometimes those homes were never for sale at all.
Home buyers who want up-to-date information need to get it from a MLS member generally a real estate agent who can set up the buyer on automated searches directly from MLS. Real-time information is what propels the world today. Dont settle for yesterdays news. Buying a home is hard enough. You need accurate data . . . read more about MLS.
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Why Buyers Prefer Fixed-Rate Mortgages in Today's Market
When interest rates are historically low, like they are now, a fixed-rate mortgage can be the best thing going.
Ill admit that I have used adjustable-rate mortgages in the past. But that was because I knew I would not be living in those homes for very long at least not long enough to take the hit when the loan adjustment period rolled around. It was also a good option for keeping payments low while I fixed up the place to sell it.
Not to mention the spread between fixed-rate mortgages and adjustables back then were about two points in rate.
Nowadays, adjustable-rate mortgages dont make a lot of sense to use. The spread difference is too thin, sometimes only 1/4 of a point. Hardly worth the risk. Because most home buyers prefer fixed-rate mortgages. They always have and probably always will.
Plus, when rates are low, it often makes sense to refinance into an even lower rate when it becomes available. I feel fortunate to have snagged a fixed-rate mortgage below 5% five years ago, and Ive never regretted refinancing. I made up the closing cost difference within 18 months and have been riding the gravy train ever since. In fact, its one of the reasons Im not keen on moving any time soon. But dont tell my please-dont-make-me-move-again husband. I like to keep him on his toes
. . . read more about a fixed-rate mortgage.
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Ryan Brown, Star of Bravo TV's Flipping Out, Talks About How to Stage a Short Sale
I went to the pros to get advice on how to stage a short sale.
Ryan Brown is a principal of Brown Design, a Los-Angeles-based interior design and residential firm. But fans of Bravo TV will know him from the show, Flipping Out, which sports a colorful cast of characters who are turning over million-dollar renovations in southern California.
I asked Ryan Brown for his advice on staging a short sale, primarily because many short sale sellers can't afford or don't want to pay for a professional home stager. Besides, many home sellers want to know how to stage a home on a budget, even that home isn't a short sale. I figured that Ryan might be willing to disclose insider secrets, and I was right. Ryan has a keen eye for design and shared some great money-saving tips
. . . read more about how to stage a short sale.
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How to Qualify Your Real Estate Agent
With so many real estate agents vying for your business, it's tough to evaluate agent interview answers if you don't know what they mean.
Knowing which questions to ask a real estate agent during an interview is one thing. But figuring out how to evaluate the answers you receive is an entirely different matter. For example, say a listing agent you are interviewing tells you that her 2009 statistics show a 99.7% sales-to-list price ratio. What does that mean, and why do you care?
If youre a seller, you care deeply because it says the agent prices her properties right and shes aggressive at demanding her sellers get full price without concessions. Besides, last year was a slow market in many parts of the country, and many homes werent selling at all; so 99.7% is a fabulous ratio for last year as a listing agent.
However, if you are a buyer, it gets trickier. Because in some buyer's markets like Sacramento, for example, prices have been increasing in certain price ranges due to heavy demand. Multiple offers are the norm, and listing agents are pricing homes low. So a buyer's agent might have a ratio of 110%, but it's not a poor reflection on that agent. The better question might be how many buyers have closed escrow this year with that agent? Because some buyers are losing out on every deal they write on
. . . read more about Agent Interview Answers.
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How to Sell as a For Sale By Owner
Sellers who decide to sell as a For Sale By Owner, that is as a FSBO, without representation, often start out with the best intentions; however, most for sale by owners end up listing with a real estate agent.
Why is it so difficult for a for sale by owner to find a buyer? Especially if inventory is tight, buyers should be flocking to for sale by owner homes. The three biggest reasons a for sale by owner is unsuccessful is pricing, condition and marketing.
Moreover, some buyers are afraid to approach a for sale by owner seller. They may wonder whats wrong with the house because its not listed in MLS or they may figure the seller isnt really serious about selling. A buyer might feel a fierce loyalty to their own agent and prefer to look at homes the agent recommends.
Here are for sale by owner tips that will help you overcome those hurdles and objections. From pricing your home right, to preparing it for sale and marketing it like a pro, this advice is how a real estate agent would sell your home
. . . read more about For Sale By Owner.
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How the Home Valuation Code of Conduct (HVCC) May Affect Your Appraisal
The dreaded words being bantered about in real estate right now are the Home Valuation Code of Conduct (HVCC).
I don't know of a single real estate agent nor mortgage broker who likes the new HVCC rules for appraisals. It's turned our entire industry inside out in Sacramento and across the nation as well. The Home Valuation Code of Conduct is causing headaches for home sellers and home buyers alike.
The HVCC was intended to help but it's created a monstrosity. The new appraisal process hinders transactions, puts appraisers out of business, costs home buyers more money and, simply put, it's a disaster
. . . read more about Home Valuation Code of Conduct (HVCC).
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HVCC
10 Ways To Increase Buyer Traffic
If you're not getting any showings for your home, it becomes even more imperative that you do something differently to increase buyer traffic.
Little is more frustrating when you're trying to sell your home than watching agents and buyers stroll into the home for sale across the street and wishing they were looking at yours instead.
You may feel like dashing out into the yard and waving a red flag or sprinting across the lawn to stuff flyers into their hands. To increase traffic to your home, perhaps instead you may want to implement a hard-hitting plan of action that guarantees to generate showings. Especially in a buyers market. You cant wait for buyers to decide whether your home might be worth viewing. You need them inside. Now.
See, the thing is you can't sell your home if you can't show it. And you can't show it if buyers don't come over to see it
. . . read more about Increase Buyer Traffic.
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Before Buying a Short Sale
Are you thinking about buying a short sale?
When I think about short sale banks, I cant help but hear the voice of Arte Johnson (playing his Laugh-In character) in my mind. He was famous for impersonating a German soldier and sputtering, Veerrrry interesting, but shtupid.
Because much of the subprime mortgage fiasco was based on a ridiculous premise. Qualifying borrowers whose hopes hung on future appreciation to refinance was not very bright. However, buying short sales can be a brilliant move, providing buyers have the patience to deal with the sellers lender.
Short sale banks change their requirements daily. They lose documents. Make unheard-of demands and then change midstream. They haven't been able to streamline the short sale process. Granted, some lenders dont want to go through the hassle and expense of foreclosure and taking the property, either. But it can be a long road for short sale buyers. That's not to say that buyers can't make a profit on a short sale if they are willing to wait through the short sale process
. . . read more about Buying a Short Sale.
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Now that Rates Jumped, Is This a Good Time for Mortgage Refinancing?
The minute interest rates take a slight dip, home owner start thinking about mortgage refinancing.
When rates take a sudden hike upward, the demand from borrowers declines. A couple weeks ago, a home owner could get an interest rate of 4.875% with zero points. Then whammo. The stock market climbed, the bond market reacted by falling and interest rates shot up by a full point. Rates change daily.
That's not to say that now is not a good time to think about mortgage refinancing, because rates are still historically low and below 6%. Heck, I can recall the recall the days when interest rates were 18% and I had to walk barefoot in the snow to school. But before you rush down to the bank to refinance your mortgage, consider whether you're actually saving any money
. . . read more about Mortgage Refinancing.
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How You Can Prevent Seller's Remorse
Selling a home is an emotional experience for most people, and seller's remorse is an emotion that can sometimes consume a seller.
When I listed a home in Sacramento last week, the seller was crying as I left the house. Big, fat tears rolled down her cheeks as she smiled, shook my hand and thanked me for listing her short sale.
Now, I know you might be thinking, "Yeah, but that's California people, and they're all a bit weird," but many sellers react this way when selling. It doesn't matter if it's a short sale or a regular sale. Some people are just more open about their feelings. Others want to keep their emotions in check and private thoughts to themselves, but everybody is vulnerable to regret
. . . read more about seller's remorse.
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