I received another Regional update from a HomeGain agent, Jim Johnson in Bend, Oregon. Here’s what he had to say:

Bend Oregon Real Estate Market Update – Median Price of Homes for Sale down 23%

Home prices in the Bend, Oregon real estate market continue to fall. The Bratton Report which is produced by Mike Caba – Bratton Appraisal Group shows that year over year the median price of homes for sale in Bend Oregon in May 2008 were down approximately 23% from May 2007.

The median price for homes for sale in May 2007 was $396,000 versus May 2008 when the median price was $303,000.

The report indicated May 2007 was the height of the Bend real estate market in May with the highest median price of homes, so it’s a difficult comparison. Median price for homes for sale in Bend seem to lag behind the real market in Bend. In November 2006 the median price of homes for sale in Bend was $305,000 essentially returning us to 2006 prices.

From May 2007 to May 2008 the number of homes in Bend sold was down approximately 36%! In May 2008 there were 102 homes closed versus 159 May 2007.

It appears that home prices will continue Continue reading this post

As most of you know, I have been offering my help to HomeGain members and others to help them accomplish their Real Estate goals by maximizing the Internet. It’s been very rewarding to me knowing that I have helped many of you who now are earning a nice income by using the Internet. This actually isn’t for those people.

About half the Agents and Brokers that have contacted me for help have actually done nothing to further their Internet programs. I can’t keep track of everyone, but I do keep track of many by going back to their websites to see if they have made the recommended changes. At least 50% haven’t made any changes and are continuing to follow the “Old School” Real Estate model.

You know the one; you hope that someone recommends someone to use you. Or maybe someone will call on one of the magazine ads you spend $500-$1000 per month to receive 5 – 10 calls. ($1,000 on the Internet is 150-200 leads or 3-4 or more sales) Those are some expensive calls…especially when they just wanted to know the price and hung up on you!

Yup, I know you know what I’m talking about!

Ok, so what is Paradigm Paralysis? Let’s tell you a little story so you understand. Continue reading this post

In following up with Alisha Wade per our HomeGain Radio interview a couple of weeks ago, she gave me a market update for her Arizona markets.

“The Arizona market is depressed in most areas with home prices down and a high number of foreclosures and short sales, especially in Maricopa and Queen Creek, AZ. We currently have in Maricopa and Pinal County 50,985 listings of which 5,011 are REO properties. I didn’t check to see if this also included short sales, which I don’t think it does because those are pre-foreclosures. So well over a tenth of the Arizona market are foreclosures and short sales, which seem to be controlling our market of late.

The good news is that this type of market tends to weed out new agents and part-timers, which is not a bad thing for the buying/selling public as well as the seasoned agents.”

- Alisha Wade, Associate Broker with RE/MAX Achievers in Arizona

For more regional updates, click here. Continue reading this post

I was speaking with Kelly Barnes—a HomeGain agent and Realtor who uses BuyerLink—over the weekend about the market in Hawaii and he graciously agreed to send me an update, which I’d like to share.

Hawaii Real Estate Market Update

Every year a large number of military families relocate to Hawaii. In addition a good number of people relocate in Hawaii just to live in paradise. The good news is the value of Hawaii’s residential properties are still holding strong, unlike many areas on the mainland which have seen dramatic decreases in recent times.

On Oahu, although the actual “number” of residential real estate sales has slowed down, overall prices have been staying fairly steady. For instance, the difference in values of single family homes between this time last year and now is only a decline of 4.4%. Sales of 740 single-family homes and 1,121 condominiums were recorded in the April-to-June period this year.

Compared to the same time period last year, the 2008 sales figures showed a decline of 28.6% for single-family dwellings and a 30.7% decrease for condos. When these second quarter sales numbers were compared to the first quarter, we saw increases of 10.0% and 8.1%, respectively, according to the Honolulu Board of Realtors. Continue reading this post

National mortgage rates for July 7, 2008. Loan amounts up to $417,000:

3/1 ARM 5.250%
5/1 ARM 5.500%
7/1 ARM 5.750%
10/1 ARM 6.000%
30 Yr Fixed 6.375%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by calling at the number below. Continue reading this post

There is almost nothing more rewarding in the business of real estate then making the call to first time home buyers to tell them their offer has been accepted. In today’s market, calling sellers and telling them their house is sold can also provide an “I’m so glad I’m a Realtor feeling”.

Unfortunately, delivering bad news is also part of the job and I’ve been delivering it in large doses of late.

Despite the local facts and statistics, national print media headlines and on air reporting by the talking heads, many sellers believe their home is worth more than it is. It is my job, as the friendly local Realtor, to be welcomed into a seller’s home, burst their bubble, and otherwise ruin their perfect day.

Delivering bad news doesn’t come easy and is a learned skill. Having been through 3 market corrections over 3 decades, I have had a fair amount of practice in delivering bad news. I once had a seller burst into tears and although I appear tough, it was an effort to remain professional and not start bawling right along with her.

Hey, I don’t like this market either. Sniffle.

This week I’ve had the opportunity to take the wind out of the sails of two future sellers. As I delivered my CMA at possible listing #1, Mrs. Seller just stared and never said one word. Mr. Seller escorted me out Continue reading this post