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Zillow lays off 25% of its workforce, 10/17/2008.
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This week we are reducing our workforce by 25%.
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The unprecedented economic events that are playing out on a global stage began in our own industry and have made a prolonged recession likely, in our judgment.
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I came across the real estate related article above with an idea I hadn't tried before. Much has been written about how the dearth of buyers in the housing market has contributed to the anemic sales activity. But, some brokers say, part of the problem is that sellers are keeping homes off the market because they don’t think they’ll get a good price. To motivate sellers, some brokers are offering attractive incentives... Jay Burnham, a Massachusetts broker, recently came up with a new idea: he’s offering sellers a Segway...
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Jay Burnham, a Massachusetts broker, recently came up with a new idea: he’s offering sellers a Segway,
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To qualify for the Segway, the home that sells must go for at least $500,000, or about 1% of the cost of the Segway X2, Burnham said. That model sells for about $5,850,
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Paying a real estate broker a lower commission does not mean sacrificing the quality of their service, according to a report called “Buying, Selling, Remodeling” by Consumer Reports.
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Consumer Reports National Research Center’s recent Annual Questionnaire of 3,753 readers who sold or tried to sell a home, 4,029 readers who bought one, and 7,368 readers who did both during the past few years.
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About 17 percent tried to sell on their own, and a handful, about 1 percent, used a Web site, such as Craigslist, ForSaleByOwner.com, or RealtyTrac.
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The effect of a short sale on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points.
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Catherine Coy, a mortgage broker in southern California, agrees. "The effect on a consumer's credit report -- foreclosure vs. short sale -- is the difference between being hit by a train or a bus," says Coy.
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The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.
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Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.
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a National Association of Realtors committee that meets next month is expected to consider new rules to better describe the status of properties in Realtor-affiliated multiple listing services.
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There are some differences of opinion within the industry about how and when to characterize a property as a "short sale" property,
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They typically result in losses of 19% of the loan amount, compared with an average loss of 40% for homes that are sold after foreclosure,
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The costs of foreclosure can include not only legal fees, but also taxes, insurance and the expense of maintaining the home until the property is sold and repairing any property damage.
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An online program teaching real estate agents the process of conducting short sale transactions -- and just as importantly -- qualifying short sale opportunities before agreeing to take them on.
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The first is to become the expert in what you do.
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micro-specialization
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Orange County home sales peaked in 2003, held at high levels through 2005, then fell sharply last year and this year.
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California median home price Down 4 percent in 2008, to $553,000, after a projected median of $576,000 this year.
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California Association of Realtors, Pasadena Association of Realtors. 2007 California Housing Market Forecast Update. September 12, 2007. Pasadena Association of Realtors. Leslie Appleton-Young, VP and Chief Economist.
- mel aclaro on 2007-09-26
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- mel aclaro on 2008-03-10