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Area sees an increase in home sales

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Posted: Monday, March 24, 2008 10:00 pm

The National Association of Realtors released a report on Monday stating that existing home sales rose by 2.9 percent. The report has given investors on Wall Street a much needed boost when they were expecting a slight decline in the market.

Locally, Realtors have seen an increase in sales numbers as well.

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14 comments:

  • posted at 5:30 pm on Tue, Mar 25, 2008.

    Posts:

    I recently had an experience trying to purchase a vacation property in the Sierras. We put in an offer on a place that hadn't had a single offer in 4 months on the market. We offered 90% of the asking price, told another offer came in the same day, raised our offer to 97%, and were outbid. The broker hosed us in an effort to hose another client for all they could. Yes, there are lowlifes in the real estate market. We bought another property from another brokerage and they have restored my faith in Realtors, and mankind.

     
  • posted at 11:53 am on Tue, Mar 25, 2008.

    Posts:

    Many economic strategists including mortgage bankers belive that prices in many areas of the country that have experienced serious bubble prices will return to 1999 prices. According to the Census statistical measurements, real personal income in this MSA has declined by 3% since the year 2000. I conmduct a regression analysis of known comps in the area to derive my theoretical target price.

     
  • posted at 9:54 am on Tue, Mar 25, 2008.

    Posts:

    To Concerned: 1)I have been working with Buyers agents, but they grab the property before I can look at it. "Buy at LOWEST" - sell HIGHER. 2) I have owned rentals that made me good income and know others who do, but I/they OWNED the property - NO MORTGAGE, no games. I agree with your claims about rentals. They can be profitable, OR NOT! Odds swing in your favor when you have NO mortgage. DEBT IS NOT WEALTH! There are smart potential buyers in this market. Prices MUST COME DOWN FIRST. I welcome back 20-30% down!

     
  • posted at 9:23 am on Tue, Mar 25, 2008.

    Posts:

    To Commonsense1: 1) You can't argue with the statistics because they are right off of the LAR website. 2) The LAR pending sales category is only for "feel good" sales motivation. Try subtracting the SOLD houses from the Pending and you end up with unqualified or skittish buyers. Go ahead, no one can explain why this broker has a website to BUY property- altruism or profit? Why not list it and see what the market says about the price? Lots of owners with EQUITY who don't have HELOCS or Seconds will gladly cash out to avoid the hassles.

     
  • posted at 6:01 am on Tue, Mar 25, 2008.

    Posts:

    If you can't find a "below market property" maybe you need to talk to a Realtor to help you find one - I'm curious what is your definition of a "below market property" What is the magic number so the rest of us can go out there and take advantage of someone. I have a local Realtor who because of him I am now retired with a fantastic income from my rentals that he advised me to purchase. I could have not done it without his advise and expertise.

     
  • posted at 5:42 am on Tue, Mar 25, 2008.

    Posts:

    Edumacation says "a Pending Sale means the house is overpriced, the buyer can't qualify or the buyer backed out." That is absoulutely ridiculous. It means nothing more than the buyer is completing their due diligence and or qualifying for their loan. Stating, Realtors are trying to pump up the market by refusing to list property, indicates your a fool. And to suggest agents buy up the "below market" properties before you or anybody else can see them is a joke. Do you think a Seller puts their property on the market for less than its worth? Get a grip.

     
  • posted at 5:24 am on Tue, Mar 25, 2008.

    Posts:

    To Concerned: If I could find a "below market" property I would have bought it by now. I recently saw a new listing on the public MLS, it had only been listed for a few hours. I called the listing agent and was advised that it was "pending sale". I asked when? and she said 5 minutes ago. I asked to see it and she replied NO - I don't "have" to show a house if there is a "pending offer". Guess who made the "offer"?- a Realtor. This practice is unethical. Why is it legal? Caring?

     
  • posted at 4:53 am on Tue, Mar 25, 2008.

    Posts:

    Go to www.norcalforeclosure.com If you check the internet archive for
    February 12 2006, you may see a familiar face. Google the telephone number and address. Looks familiar? Another "saint" Realtor trying to "help" people by buying their properties instead of listing them so others can bid on them?

    As a buyer, why should I have to put up a website just to find a house to buy? The C.A.R. advised me to get a CA RE license so I could also get the best deal on a house. Whats up with that?

     
  • posted at 4:26 am on Tue, Mar 25, 2008.

    Posts:

    Realtors pretend to care? I guess you haven't met very many Realtors? Most truely care about their cleints and their families, and most long time Realtors mainly work on a referral list - hard to get referrals if all you do is bad things to people and don't care. You need to locate a Realtor and start cashing in on what you call below market properties.

     
  • posted at 4:10 am on Tue, Mar 25, 2008.

    Posts:

    I know several investors who were advised by their REALTOR "NOW is NOT the time to sell- wait until prices go back up". We all know that the MLS can become a "suckers list". If a house is a good deal, a Realtor will buy it. We have RE brokers pretending to "care about" your: disease, job loss,divorce, liens, default, "bad tenant", needs repairs, vacant. They will buy these properties BELOW market "within 5 days", using a family member, with NO LISTING. They can make more than 6% on these properties. Visit www.norcalforeclosure.com Who is that?

     
  • posted at 3:55 am on Tue, Mar 25, 2008.

    Posts:

    According to the Chief economist at C.A.R. the NUMBER one factor that controls the price of a house is INVENTORY. When inventory increases, prices drop. When inventory declines prices increase. If you can keep the perception of inventory low, you can keep the prices high. Thats the reasoning for Countrywide Mortgage to assign less than 20% of its FORECLOSED houses to a Realtor to sell. If they assigned everything they owned to sell as it was added to the inventory of foreclosed houses, the prices would drop so fast that no one would buy.

     
  • posted at 3:47 am on Tue, Mar 25, 2008.

    Posts:

    Many Realtors are not taking new listings to keep the inventory down?? Never heard of a Realtor turning down a listing - kind of like a store not putting anything on their shelf - I think they need inventory to make the phone ring. I suggest you call 10 Realtors today and ask them if they would list your house - bet they all would show up at your front door.

     
  • posted at 3:06 am on Tue, Mar 25, 2008.

    Posts:

    The NAR says "look sales are local". But, if you look at the "local" Lodi closed sales (completed transactions), since April 2007, each month except August showed lowest sales in ten years. In February 2008, Lodi sold the least number of homes since 1997. We only had 28 sold houses for the month. In 2002, we had 53 for the same month and June 2005 sold 93 for the month. Many Realtors are not taking new listings to keep the inventory "down". public MLS=633. AVG prices now below 300k first time since FEB 04 (298k).

     
  • posted at 2:50 am on Tue, Mar 25, 2008.

    Posts:

    1) for every month of the last two years, the NAR screams " Now is the best time to buy" . If you bought a typical Lodi house two years ago, you would have lost over $100k. The best time to buy?

    2) To a home seller, a CLOSED sale is all they want. Please take my house- I want out! The "pending sales" stats means one of three things; the house is overpriced, the buyer is not qualified to get a mortgage, or the buyer backed out of the deal. Lower the price equals SOLD.

     
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