The Associated Press reported only a few days ago that total foreclosures in 2009 were at a 21 percent increase over 2008 and a 120 percent increase over 2007. This is according to a foreclosure sales site - Realty Trac - posted in their year-end report for 2009.
Fourth quarter foreclosures decreased 7 percent from the third quarter but were still up 18 percent compared to 2008. December 2009 foreclosures were up 14 percent over December 2008.
For those I serve as a licensed Realtor in TN and GA, Georgia was listed as one of the top 10 states in foreclosures. But I've seen personally in TN many foreclosures, some competing with homes I've listed.
Many delinquent loans continue to hang a dark cloud over the housing market. Of these, a fair number will end up as foreclosures in 2010 an as these homes work through the lenders' backlog.
What does this mean for you? Well...it can mean a lot of things.
If you are listing a home, it will be competing with distressed homes. If those homes are not in foreclosure yet, many sellers are still desperate to sell their homes and avoid foreclosure. They will price accordingly. Your home must compete with these.
You can take advantage of low-cost updates (some listed on this blog - such as painting) and you can price your home at a reasonable rate based on comparables which I will be happy to provide.
Not all news is bad. Remember that when you purchase your next home, you will be selecting from a market where others have to compete with distressed buyers and foreclosures, so you may benefit when you are on the buying end of a transaction.
If you do have a home to sell, I will be happy to help you navigate the pricing of your home and to offer suggestions on pricing that will assist you in gaining a sale. Less than 50 percent of homes on MLS are selling, so you must price the home correctly using appropriate comparables. If you have no offers in the first two-to-three months, the market may be tellling you that your home is overpriced. I will also be honest with you about ways you can make your home more attractive in the market, whether it is improving curb appeal, cleaning out clutter, providing inexpensive updates or being realistic about price.
Call me, Pat Branham, Affiliate at Exit Upward Realty in Hixson, TN. Our office is located at 6726 Hixson Pike and my office number is 423-847-8001.
Sunday, January 17, 2010
Potential red flag statements from sellers - Disclosures
Most states have requirements for sellers to provide disclosures to prospective buyers However, according to the Wall Street Journal, there are some sellers who may not be as forthcoming as they should in providing full information in their disclosures.
Exaggerations may be used to draw more clients to homes by using generalities such as describing a room or lot as "big." One should use caution with such general statements and ask for more exact dimensions or take their own measurements.
Disclosures - Making statements that there has never been significant damage by a disaster can be checked by the buyer. Buyers can purchase a report from Comprehensive Loss Underwriting Exchange (CLUE) that provides a report of the home's property damage, according to the Journal article.
Taxes and heating costs - Buyers can check tax records to get updated information on the tax costs of homes and property. Many electric companies are willing to provide an average cost of electricity charges to those who simply provide an address. This is true in Hamilton County and with the Electric Power Board.
The bottom line is that one should use caution and careful examination when statements are made and be aware that some information may be left out of disclosures. Be your own advocate and look with a careful eye at the information you read in today's tough market.
Call me, Pat Branham, for your buying and selling needs in the Greater Chattanooga and North Georgia area. I will work hard for you and provide honest information to the best of my ability.
Exaggerations may be used to draw more clients to homes by using generalities such as describing a room or lot as "big." One should use caution with such general statements and ask for more exact dimensions or take their own measurements.
Disclosures - Making statements that there has never been significant damage by a disaster can be checked by the buyer. Buyers can purchase a report from Comprehensive Loss Underwriting Exchange (CLUE) that provides a report of the home's property damage, according to the Journal article.
Taxes and heating costs - Buyers can check tax records to get updated information on the tax costs of homes and property. Many electric companies are willing to provide an average cost of electricity charges to those who simply provide an address. This is true in Hamilton County and with the Electric Power Board.
The bottom line is that one should use caution and careful examination when statements are made and be aware that some information may be left out of disclosures. Be your own advocate and look with a careful eye at the information you read in today's tough market.
Call me, Pat Branham, for your buying and selling needs in the Greater Chattanooga and North Georgia area. I will work hard for you and provide honest information to the best of my ability.
Friday, January 1, 2010
Why I Chose Exit Upward Realty
A friend who is a 33-year veteran of real estate and licensed in residential and commercial in several states recommended Exit Upward to me when I became a realtor almost two years ago. She is a successful person I know and trust. But even with all her great qualities, I did not take her word alone. I researched and interviewed with various agencies, weighing the pros and cons of each.
Exit has the international resources, educational offerings, personalized service, ethics, and rewards program that I value. The affiliates and broker are well-versed in real estate but operate in a down-to-earch fashion. We care about one another and want to see each other succeed. We offer high quality service to our clients. I felt at ease in the office and didn't feel thrown to the sharks like some new realtors have experienced.
The education is superb - whether offered regionally, nationally, or in our own office by our broker, Raymond Warren. The environment fosters learning. No question I ask is considered dumb.
My broker had more than 30 years in real estate. He takes an interest in each person in the agency, and I believe he can be trusted to value my needs and the needs of my clients. Each agent is treated with respect. It is a joy and a pleasure to be a part of this group of people.
Fees are reasonable and lower than other agencies I visited without sacrificing quality. Although Exit is new to Chattanooga, it is an international agency that is rapidly growing and has 50,000 agents. Exit offers the multiplicity of resources one would expect of a large organization without the high fees of many agencies.
Our local agency has an Office Administrator who is also a licensed agent. Not all agencies offer this luxury. The administrator understands the business and keeps us on track. He is available to help with creation of ads, use of various computer tools, and keeps the office running smoothly.
Exit has a residuals program that works a lot like a retirement program for agents who have recruited other agents who are successful affiliates. If you bring in an agent who is successful, you have the opportunity to increase your own earnings. I haven't heard of any similar incentive in the business.
I have been in the real estate business going on two years now. I believe more than ever that I made the right choice in choosing Exit Upward. I have the support, encouragement, expertise, and training I need.
I work with people who are courteous and knowledgeable, and I respect all of them. I would encourage new or experienced realtors who have a strong work ethic and desire to succeed to join me, Pat Branham, at Exit Upward in the Hixson-greater Chattanooga area. Feel free to email me at pbranham@upwardrealty.com and I will be happy to introduce you to my broker and the opportunities and advantages of being part of Exit Upward.
Exit has the international resources, educational offerings, personalized service, ethics, and rewards program that I value. The affiliates and broker are well-versed in real estate but operate in a down-to-earch fashion. We care about one another and want to see each other succeed. We offer high quality service to our clients. I felt at ease in the office and didn't feel thrown to the sharks like some new realtors have experienced.
The education is superb - whether offered regionally, nationally, or in our own office by our broker, Raymond Warren. The environment fosters learning. No question I ask is considered dumb.
My broker had more than 30 years in real estate. He takes an interest in each person in the agency, and I believe he can be trusted to value my needs and the needs of my clients. Each agent is treated with respect. It is a joy and a pleasure to be a part of this group of people.
Fees are reasonable and lower than other agencies I visited without sacrificing quality. Although Exit is new to Chattanooga, it is an international agency that is rapidly growing and has 50,000 agents. Exit offers the multiplicity of resources one would expect of a large organization without the high fees of many agencies.
Our local agency has an Office Administrator who is also a licensed agent. Not all agencies offer this luxury. The administrator understands the business and keeps us on track. He is available to help with creation of ads, use of various computer tools, and keeps the office running smoothly.
Exit has a residuals program that works a lot like a retirement program for agents who have recruited other agents who are successful affiliates. If you bring in an agent who is successful, you have the opportunity to increase your own earnings. I haven't heard of any similar incentive in the business.
I have been in the real estate business going on two years now. I believe more than ever that I made the right choice in choosing Exit Upward. I have the support, encouragement, expertise, and training I need.
I work with people who are courteous and knowledgeable, and I respect all of them. I would encourage new or experienced realtors who have a strong work ethic and desire to succeed to join me, Pat Branham, at Exit Upward in the Hixson-greater Chattanooga area. Feel free to email me at pbranham@upwardrealty.com and I will be happy to introduce you to my broker and the opportunities and advantages of being part of Exit Upward.
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