By Jennifer Weller, Marketing Representative Fidelity National Title
Notes from our Short Sale Mastermind with Tina Tamboer-Glatfelter with The Cromford Report
-Feb 2nd, 2011 Phoenix was 4th from the top in Job Growth
-Phoenix’s unemployment rates are below national averages
Pending Listings:
-Every year since 2001, January is the lowest month in pending listings
-January is the best time to list your house for sale due to more offers being written between January and July
-“Buyer Season” for Sellers: Jan-May
-“Off Season” for Buyer’s: come June you may get more seller concessions due to less buyers purchasing in summer months
Buyers and Inventory
-2002-2010 Canadian Buyers, since 2006 it has risen every year
-April 2010 we hit a peak of just over 25% of out of state buyers (including California and Canadians)
-Shadow Inventory: often is released about every 3 months, i.e. January, March…etc, banks stagger their losses
-400-800K priced homes that are Short Sales have had a great chance of closing compared to lower price points, many have just one lender, specifically North Scottsdale
-Focus on 200-400K price points or 400-800K price points if you are a Realtor and focusing on Short Sales
-High percentage of bank owned properties=Seller’s market, due to high demand, 2009 many areas were a seller’s market in phoenix due to REO
Fidelity’s Cromford Reports
Contract Ratio: anything above 40 is a hot market (high demand), below 20 is cold (low demand) 30+ is Balanced (supply vs. demand)
Marketing:
1. Use and e-Newsletter to send to your sphere
2. Post Teaser stats on your Facebook Fan Page status to create discussion or comments
3. Support or challenge media new coverage on the real estate market in your blog
4. Send to your active sellers every month
5. Use it on your website as bait to entice consumers to submit their e-mail addresses
6. Copy it to the back of your listing flyers
7. Use it in your listing presentation to compare your seller’s area to other in activity and distressed levels and show how their home competes
Important information from Thompson Law Firm:
MARS (mortgage assistance relief services)
Without a financial license, you are no longer allowed legally to obtain any fees up front for negotiating a short sale. If a complaint is filed against an agent, the fine is $10,000 A DAY!!!
All the more reason to utilize an attorney to protect you.
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2 comments:
Its a great activities of mastermind group by coordinating of two or more minds, in a spirit of perfect harmony, for the purpose of accomplishing any given task. I think their activities would be effective for all community.
This is really nice job by them. I think it will be effective for all community.
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