Archives

August 2007

Why should you hire a Realtor to sell your House?

Posted at 7:12 PM, Aug. 31, 2007

This was sent to me by one of my lenders this week.  I've attended many of his classes and seminars and they are always very informative.  He writes from his own perspective and gives some wonderful advice.  I trust you will find it helpful and informative in your decision as to whether using a Realtor is the right decision.

Why should you hire a Realtor to sell your House?

This question is posed to me when I do public speaking, when I talk to clients & when I meet people at a restaurant.  The question I always ask them is "Why do you think you can sell it on your own?  And if you do sell it on your own, do you really think you will make more money without a Realtor?"  You would be surprised at the answers I get, I am.

The bottom line answer is, in my opinion, you will make more money if you use a Realtor every time.  Here's why...

The last statistics dated 2006 I read show that homes sold using a Realtor sold for an average of 15% more than homes that did not use a Realtor.  If the average commission was 6% or even 7%, you would still make more money every time.  Why is that you ask?  The simple answer is who is better at your job, you or someone that has never done your job before.  The more technical answer is:

1. A buyer of a home knows you are trying to save money.  The first thing they are going to say before they make an offer is "there are no Realtors involved so we need to take 6% right off the top of your asking price". 
2. Can you possibly market your home like a Realtor does?  Realtors have access to MLS (17,000 other Realtors are looking at MLS every day), spend thousands of dollars marketing homes, and they have an office full of people where they work who represent buyers.
3. How do you know what price to ask for your home?  Who do you think has more access to the data needed to price a home appropriately?  If you ask too much, you will never get an offer.  If you ask too little, you just gave away money.  If you ask the correct price, the buyers are just going to beat you up because you have no information to base your asking price on.  You can't win.
4. Who does the negotiating & knows the legal issues?  Good Realtors are the best negotiators.
5. What happens if there are legal issues?  Do you want representation or do you want to go down this road by yourself without any knowledge or history?

If you want to sell your home & make the most money, hire a Realtor...

The Mark Baker Team Telephone (702) 451-1040  mark@markabaker.com

www.MaryWarren.com  or www.MaryW.com 

Las Vegas, NV: Update

Posted at 4:41 PM, Aug. 18, 2007

According to the Greater Las Vegas Association of Realtors® (GLVAR) MLS on Saturday, August 18, 2007, there are:

• Active Listings: 41,432 
• Sing Family Residences: 22,070
• Condos: 4,118
• Townhouses: 1,681
• Vacant residential Listings: 12,922    

Residential Listing Total: 28,520; leaving the remainder to be land, commercial, multi-dwellings, etc

Of these according to the GLVAR MLS:

Active Residential Listings:

• Foreclosures:    1,374
• Short Sale:        2,646

Pending residential listings:

• Foreclosures:    191
• Short Sales:       263

Ice Cream: Sneaky, Sneaky!

Posted at 6:50 PM, Aug. 17, 2007

Ice Cream: Sneaky, Sneaky!

As kids we all use to 'chant'....'I scream, you scream, we all scream for Ice Cream'....we use to be able to go to the corner drug store and buy an ice cream cone (1 scoop) for a nickle and a double scoop for 10cents! 

Then there was the 'Good Humor' truck....are those even still around?  For those too young to remember these were trucks LOADED with ice cream in all different assortments and sizes.  What fun to listen for the music and stop whatever we were doing to get to the curb before the truck went past.  The man would jump out of his truck and meet us at the back and open the door to a HUGE assortment of goodies to choose from!  It was always mid-to-late afternoon when the truck would arrive and mom would stand at the door and tell us 'now only one so you don't ruin your supper!' 

Have you noticed how much ice cream has gone down lately?  No, not in price but in size?  Well, price is affected.  I bought the Dreyers 'half gallon' in the grocery store the other day for $5.69.  Only to get home and discover it's no longer a half gallon....it's 1.75 quarts!  I'm game for paying $5 a half-gallon...I know that today $5 is worth the same amount as a 5cents was in the 'old days'.  I feel though that the 'downsizing' of packaging is just a way of trying to pull the wool over the consumer's eyes.  This was done with coffee several years ago when it went from a full pound (16 oz.) to 12 oz. with barely a peep, I had not noticed it since...until I noticed this on the ice cream packaging.  (The Anderson ice cream is one I had in the freezer and says 2 gallons, I'm curious to see if they 'downsized' also.)

Las Vegas, NV: What is Happening with the Mortgage Business?

Posted at 9:50 AM, Aug. 10, 2007

Clients are calling asking what is happening with the Mortgage business and how will it affect my home value?  Here is a brief outline of what is happening:     

We are in an unprecedented mortgage market equivalent to a category 5 hurricane if it were a storm.  For those that are "pre-approved" with a Lender, the loan program they are "pre-approved" on may no longer be available an hour later.  Many programs that were available two weeks ago are gone today, second mortgages are extremely hard to find, "Stated Income" loans are being priced so high it does not make sense, Jumbo loans (loans over $417k) are raising rates daily, & mortgage companies are struggling to keep their doors open.  The whole reason for this is really complicated but the bottom line is, the loans people received a year ago are not performing (the borrowers are not making their payments on time) so the Lenders are taking it in the shorts.

The good news is regular "conforming loans" (up to $417k) that are "Full Documentation" are still good and still have 100% financing options available as well.  The rates are on these loans are just 1.5% ish over the record lowest rates recorded in 2003.  The point I want to make is that the market is changing daily.

Here is the real question: What is this doing for my house value?  The answer is: Time will tell, and here is why...

With a record number (25k+) of homes on the MLS (Multiple Listing Service for Realtors) many people are scared & think their home value is going down every month.  The reality is, the buyers have so many homes to choose from they are not in a hurry to "pin the tail on the home".  Statistics say a normal MLS inventory should be about 1% of the population which would make it about 18k ish here in the valley.  That being said, there are just not as many people buying homes now & there are lot of people trying to sell right now.  So you ask "with so many people still moving here every month, where are the homebuyers"?  The answer to that question is: Some are looking for a deal, some don't have income to qualify, & some do not qualify since the loan guidelines have changed so much.  Fast forward that to what is getting ready to happen soon...jobs.  There is a LOT of construction & a lot of jobs going to be created by the end of next year.  With that will come more homebuyers.  My take is, give it some time, they will come.  The Lenders will loosen the guidelines after the short sale/foreclosure mess is dealt with (next 6-12 months), the people with ARM's that are adjusting will figure it out by refinancing or selling, & the renters will find out their rent is going up after their lease runs out so they will turn into a homebuyer.

I really feel the pendulum is starting to swing back.  We just need time.  The old saying is: "What goes up...Must come down".  We are down now, but the up is on its way again.  Please make sure that all of your friends & co-workers are working with a reputable Lender more than ever before.  The risk of shopping for the best rate will kill the deal in today's market.  When they find the "best deal" the loan program might just be gone.

Thanks again for being a client of ours.  I do not take your business or your trust lightly and will never take it for granted. 

Reposted here with permission from Mark Baker, of The Mark A. Baker Team also known as "The Mortgage Experts" of Meridas Capital.  Please fee freel to e-mail by clicking on his name or phone him direct @ 702-451-1040 with any of your questions.  Or, contact me and I will be happy to put you in touch with him!

www.MaryW.com  or  www.MaryWarren.com

Rates & Programs are subject to change without notice prior to locking.  Locks are eligible upon underwriting approval and are valid for 30 days.

Las Vegas, NV: Bits and Pieces Around Town

Posted at 9:19 PM, Aug. 7, 2007

School starts three weeks from yesterday (August 27, 2007)...there is still a need for 482 teachers.  There will also be a need for bus drivers and crossing guards, as well as other support staff.  If interested please visit www.ccsd.net/jobs.

Tonight, August 7, 2007 is the 24th Annual National Night Out 2007 - Communities are encouraged to get out and meet your neighbors in an effort to help prevent crime.  To read more on this visit the National Night Out Web Site

UNLV's Running Rebels Coach, Lon Kruger, is back at home after a successful sextuple heart bypass surgery last week.  He plans to be back to work within 4-6 weeks!  GO LON!

Las Vegas' NASCAR weekend will be a week earlier next year...the races are set for March 1 and 2, 2008.  Ticket sales began yesterday for the races at the Las Vegas Motor Speedway.  Visit www.Nascar.com  for futher information,

An ominous stat is that Nevada is number one in foreclosures.  Sunday, August 6, dozens of LV homes were sold at auction, some at half price. Properties in Anthem, Seven Hills, Aliante were among the 86 homes that sold.  Watch my blog for information on the next auction.