Utah Real Estate sees a boom in agents. Ratio of one per 100 Utahns is linked to hot housing market. The National Association of Realtors reports that the median income for a Realtor in the United States is $37,600, according to the most recent data available. For real estate brokers that increases to $52,800. Click here to read more from Deseret News.
Buy A House Now, Or Wait For Prices to Fall Some More? Nineteen months past its peak, residential real estate continues to weaken, with prices and sales down and inventories rising across the U.S. For sellers, this is ghastly news, of course, but buyers have mixed feelings. On the one hand, after years of bidding wars, instant offers without home inspections and even penning poems to convince sellers to hand over the keys, it's delightful to finally have choices and negotiating room. On the other hand, it's a bit frightening to make a commitment now, when there's a chance that prices could drop even lower. Buyers, not sellers, set prices. This may seem counterintuitive, but all a seller can do is suggest an asking price. The real price is whatever a buyer pays for it. In 2004 and 2005, home prices rose because buyers flooded the market -- now prices are falling because buyers are sitting on the sidelines. Meanwhile, the number of homes being built hasn't changed drastically; rather, supply is growing because existing-home sellers can't figure out what buyers are now willing to pay, so their homes are sitting on the market. Comps may not matter now. When markets are in upheaval, either up or down, recent sales of comparable houses are of less value than they are in more stable times. So take a look at public records, which are now often listed on Web sites, as well as Internet tools like Zillow and Trulia. But take them all with a grain of salt. They may be guiding sellers as they set their asking prices, but they don't necessarily indicate what a seller will accept, since the market is in flux. When times are good, listing agents typically reveal little about their sellers' motivations or pricing strategies ... which is as it should be. Listing agents have a duty to get the best possible deal for the seller. But agents don't get paid unless deals are made, and many are hurting now. So many have looser lips than usual -- something that sellers should keep in mind when they tell their agents about why they're moving and what price they'd ultimately expect. Buyers, however, aren't breaking any rules by asking, and the information they receive could help them decide what and when to bid. Timing the market isn't possible. Although many economists predict that nationally, housing still has a way to go to reach bottom, you don't have to wait for that to happen to get a good deal. In fact, it's better to buy when housing is trending down than when it reaches the floor, since at that exact moment, the balance of power begins to shift toward the seller again. So if you see a house you like and can afford, make a bid now. And don't worry about insulting sellers with a "lowball" offer. They may be desperate to move because of a new job, marriage, divorce, overstretched bank account or other motive. Yours may be the only bid they've received in months and they may be very glad to have it. Click here to read more from The Real Estate Journal.
A Flood of Foreclosures, But Should You Invest? The number of homes in or nearing foreclosure is growing, and some investors are taking advantage of the bargains created. But even with a steady stream of distressed properties coming on the market, jumping into foreclosure investing is dangerous, especially if you are not familiar with the process or new to real-estate investing. The transaction has to make sense financially, figuring in the costs of getting the property back into marketable condition, the value it's going to have at resale and the length of time it's going to take to find a buyer -- if you do, in fact, plan on reselling immediately instead of holding it to rent out or live in. It's also important to know if there are liens on the property. Adding to the complexity of the investment are the various state and county foreclosure laws and regulations throughout the country. Those looking to buy a home in the foreclosure process can do so during a few different stages. Some investors prefer purchasing homes prior to the actual foreclosure. Others make the investment later in the process, at a foreclosure auction. If the property is unable to be sold by the bank at a desired price, an investor can deal with the institution in buying what is called a real-estate owned property, or REO. Each point has its own complications, so tread slowly and do your homework first. Beginners should start out by sitting down with a real-estate agent who has experience in the arena, someone who has done it before. Dealing with a preforeclosure, for example, often involves negotiating with a distressed homeowner -- and doesn't always shape up to be a comfortable situation. Homeowners don't want to be bothered or may not be as reasonable as they are under normal circumstances. On top of that, there are a number of "foreclosure rip-off artists" who have taken advantage of people when they're most vulnerable. The sale of a preforeclosure home could help homeowners keep negative marks off their credit histories and also get at any remaining equity. If a sale must take place, the seller should have fair representation by a Realtor before proceeding -- to ensure they get a fair deal. Click here to read more from the Real Estate Journal.
Finding the Best High Schools. It is not just educators and journalists who are concerned about how we measure schools. Probably the most enthusiastic consumers of high school data are real estate agents, and their millions of clients. A recent study on how school statistics affect home prices dramatizes once again how powerful average test scores are in shaping public perceptions, even when many experts think there are better ways to assess schools. The study is "Educational Outcomes and House Values: A Test of the Value Added Approach," by economists David Brasington of Louisiana State University and Donald R. Haurin of Ohio State University. It was published last year in the Journal of Regional Science. They discovered that only two factors had a significant effect on housing prices--average test scores and expenditures per student. The stronger of these two, the study said, was the percentage of students testing at the proficient level on state tests. Click here to read more from The Washington Post.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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