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Residential market still bumping along.....
Though September and early October saw a slight increase in the sale of homes above $500K in our area, that turned out to be an anomaly. As Thanksgiving approached, activity seemed to fade, and at the moment, it appears the focus for many potential buyers has shifted to activities related to the holiday season. New inquiry traffic is off once again.
Nationally that has been a good spurt on resales attributable to the Obama tax credit, but many question what the longer term outlook holds.
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By popular request, I've left this article in this month's newsletter. If you know of someone contemplating either a purchase or a sale of this type, please forward this article to him.
"Short Sales" and Bank-Owned Properties (REOs)
Anyone who has attempted to sell their home "short", or to buy a "Short Sale" or Bank-Owned property may be amused by a video sent to me recently.
While I found the work humorous at first, the message was WAY TOO FAMILIAR. So I decided to learn a bit more by investing my time in some continuing education.
Virginia Association of
Realtors' chief counsel, Lem Marshall, offered a three hour course attempting to shed some light on a
largely disfunction segment in residential real estate today: Short Sales
Knowing that historically only one in four Short Sale transactions ever close, I was determined to learn a bit
more about how to best represent sellers in distress or serious and capable buyers who enter this arena.
Lem is an extremely knowledgeable professional, and
his classes are challenging to absorb, but incredibly empowering. What I mostly came away with is that plying the tactics and approaches we have all found effective in the past (i.e. "business as usual") doesn't work very well in this domain.
But with a brutal honest, a clear and focussed approach, and TIME, the probability of successful outcomes can be dramatically enhanced.
The following article may be helpful to you.
Read the article |
