Archive for July, 2010

What is a Strategic Default?

A strategic default is when a homeowner walks away from their home when they owe more on the home than it is currently worth. In some circumstances, the homeowner can afford to make the mortgage payments, but due to the decreased value of the home under the current market conditions, they feel it is a financially sound maneuver simply to leave their home behind and rent or try to find another home which has also lost value.

Thousands of homeowners have strategically defaulted on their homes and have left the mortgage company holding the bag. The mortgage company now has an asset for which they do not have a revenue stream. Plus, the property is now a liability because the mortgage company is obligated to maintain the property so that adjacent homes do not further lose value.

Due to the enactment of new Fannie Mae regulations, a strategic default will now have more severe consequences for the homeowner than in the past. Continue reading this post

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Posted by: Peter McCullough on July 30th, 2010 under Financing, Mortgage and Home Loans, HomeGain

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27 New HomeGain Award Club Members Announced

HomeGain inducts 27 new real estate agent members into its elite commissions based award clubs for closing home sales; Two HomeGain Members reach Diamond Club status for earning more than $500,000

HomeGain®, announced that it has inducted an additional 27 HomeGain members across 18 states into its commissions based award clubs for its AgentEvaluator® program.

“With today’s announcement, HomeGain continues to provide concrete evidence that our marketing programs produce results for our members. While thousands of real estate professionals are spending inordinate amounts of time and money on social media and social media conferences, many HomeGain members across the country continue to quietly earn commissions through their memberships with HomeGain,” stated Louis Cammarosano, General Manager at HomeGain.

HomeGain has inducted the following award club members: Continue reading this post

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Posted by: Louis Cammarosano on July 28th, 2010 under Best Practices, HomeGain

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HomeGain Releases 2nd Quarter 2010 Illinois Home Prices Survey Results

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Earlier this month,  HomeGain,one of  the first companies to provide free online instant home valuations, released the second quarter results of our nationwide survey of over 3500 home owners and 900 HomeGain current and former members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we published the complete 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate agents and brokers.

We also released the second quarter 2010 California home prices survey the second quarter 2010 Florida home prices, the second quarter 2010 Texas home prices survey ,the second quarter 2010 New York home prices survey,  the second quarter 2010 New Jersey home prices survey and the second quarter 2010 Georgia home prices survey results.

Today we are publishing the Illinois home prices survey data.

In the current survey 41% of Illinois home sellers believe that their homes should be priced 10–20% higher than their Realtor’s recommended listing prices vs. 43% who so believed in the first quarter 2010 Illinois home values survey. In the second quarter 2009 Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher. In the fourth quarter 2009 Illinois home prices survey 37% of Illinois home owners believed that their homes should be priced 10-20% higher than their Realtors’ recommended listing price and just 3% thought their homes should be priced 21-30% higher. (see question 2)

Illinois home buyers continue to believe that homes are  over priced in their state. According to real estate agents surveyed, sixty percent of Illinois home buyers think that  homes are over priced in their state with just 14% thinking that homes are fairly valued vs. 66% of Illinois home buyers who believed that home prices were over valued in the first quarter of 2010 and 9% thinking that homes were fairly valued. In the first quarter of 2010 45% of Illinois home buyers thought home prices were 10-20% overvalued  vs. 27% of Illinois home buyers who thought so in the current survey.

A year ago, 57% of Illinois home buyers thought homes were over valued and 18% thought home prices were fairly valued. (see question 3)

Only 3% of Illinois real estate professionals expect home prices to increase in their state over the next six months vs. 18 % who thought so in the first quarter of 2010 vs. 21% who thought so in the fourth quarter of 2009 and 20% who thought so a year ago. Fifty-eight percent of Illinois agents and brokers expect home prices in their state to stay the  same over the next six months and 39%  expect home prices to decrease.  A majority (52%) of surveyed Illinois home owners also believe that home prices will remain the same over the next six months while 27% expect home prices to increase and 21% expect them to decrease. (see question 6)

President Obama’s approval rating among surveyed Illinois agents and brokers rose in the second quarter to 58% up from 47% in the first quarter of 2010.  Illinois home owners gave the the former Illinois Senator a 51% approval rating.  Nationally 65% of surveyed agents and brokers and 58% of home owners  disapproved of the President’s performance. (see question 10).

Set forth below is the agents and brokers second quarter 2009 and 2010 Illinois home prices and the national second quarter 2010 data. Also set forth below for selected questions is the home owner response data for the second quarter of 2010. Click on each question to see complete results:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on July 19th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls

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Why Force Registration and Not Follow Up?

I’ve personally taken the time to register around the country for the sole purpose of having a great email drip campaign to convert leads into appointments and appointments into pay checks. Ironically, I’ve accidentally noticed that many of the websites I have registered on were not calling my personal cell phone, let alone sending me an email of properties or even a thank you for registering.

So I ask the question, “why force registration and not follow up?” My data gathered around the country over a period of about six months has astonished me, and possibly even you. Experience clearly shows the importance following up and having great systems in place in the way to grow your business and dominate as opposed to drowning in today’s market.

I’ll get to the statistics in a moment. First off, I was amazed that this project took me so long. After starting this project, I realized how many people do not force registration. I also realized how many people do not have websites. Sorry, I did not collect data on the number of websites I had to visit in order to register, however the number was at least 2 out of 3 who did not force registration. Continue reading this post

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Posted by: Robert Worthington on July 13th, 2010 under Best Practices, HomeGain

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HomeGain Releases 2nd Quarter 2010 Georgia Home Prices Survey Results

Last week,  HomeGain, one of the first companies to provide free online instant home valuations, released the second quarter results of our nationwide survey of over 900 HomeGain current and former members and 3,500 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we published the complete 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate agents and brokers.

We also have  released the  second quarter 2010 California home prices survey the second quarter 2010 Florida home prices, the second quarter 2010 Texas home prices survey the  second quarter 2010 New York home prices survey, the second quarter 2010 New Jersey home prices survey results.

Today we release the result of the second quarter Georgia home prices survey.

In the first quarter 2009 Georgia home values survey, just 5% of home buyers thought homes were fairly priced. In the second quarter 2009 Georgia home prices survey not much changed with just 8% of Georgia home buyers believing that homes were fairly priced. In the third quarter 2009 Georgia home prices survey, only 5% of Georgia home buyers believed that homes were fairly priced. Little changed in the fourth quarter 2009 Georgia home prices with 7% saying that homes were fairly priced and 35% saying homes were overpriced by 10-20%.  In the first quarter 2010 Georgia home prices survey just 6% of home buyers thought home prices were fairly priced and 37% thought homes were over priced by 10-20%.

According to the 2nd quarter 2010 survey, Georgia agents and brokers believe that Georgia home buyers are of the increasing opinion that homes are fairly valued in their state with 32% believing that homes are fairly priced and 16% believing that homes are 1-9% over valued. (see question 3)

Georgia home sellers continue to disregard what their agents and brokers are telling them about the value of their homes. Just 3% of Georgia home owners agreed with their Realtors’ recommended listing price vs. 6% in the first quarter of 2010 and vs. 5% in the fourth quarter of 2009. Thirty-two percent of  Georgia homeowners believe their homes should be priced 10-20% higher than their Realtors’ recommended listing price, down from 46% in the first quarter of 2010 vs.  48% in the fourth quarter of 2009 and 39% in the third quarter of 2009. (see question 2)

Not surprising, 87% of homes in Georgia, according to Realtors surveyed, sell below the listings price. (see question 5)

In the current survey 36%  of Georgia agents and brokers expected home prices to decline over the next six months vs. 25% in the first quarter of 2010 vs. 30% in the fourth quarter of 2009 vs. 32% in the third quarter of 2009 and vs. 27% in the second quarter of 2009. In the current survey 54% of Georgia agents and brokers expect home prices to remain the same over the next six months. Fifty one percent of Georgia home owners expect home prices to remain the same over the next six months and  27% believe they will decline. (see question 6)

Georgia real estate professionals surveyed have soured on President Obama, with 69% disapproving his performance (64% “strongly disapproving”) In the first quarter of 2010 58% of surveyed Georgia agents and brokers disapproved of the President’s performance . (see question 10) Sixty percent of Georgia home owners surveyed disapprove of the President’s performance with 48% “strongly disapproving”. (see question 10)

Set forth below is the agents and brokers second quarter 2009 and 2010  Georgia home prices and the national second quarter 2010 data, Also set forth below for selected questions is the home owner response data for the second quarter of 2010. Click on each question to see complete results:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on July 9th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls

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Who Moved The Ends?

Who Moved The Ends?

It’s a popular line when giving directions. “You go to the end of the block and turn left.” And it’s hard to go wrong. After all, the end is…the end. When you get there you know what to do. Because it’s the end.

Except when they move the ends.

It’s like the proverbial “pot-o-gold” at the end of the rainbow. If you’ve ever tried potgoldto find it (and I did as a kid!), then you discover a very disturbing fact. The end of the rainbow keeps moving. The closer you get, the more it moves away. It’s kind of like the current real estate market.

Someone keeps moving the ends.

I just read an interesting post entitled “How do you get back to the basics when the basics have changed?” Great question! And I can totally relate. In our office meeting just yesterday we got into a lively discussion between the techies and the tech-nots. The argument was based around the idea that technology is critical to the markets of the future. The techies were advocating websites, email blitzes, SEO, Facebook, Twitter, internet leads and so on. The tech-nots were out there pounding on doors, holding open houses, networking at local events and advocating face-to-face contact. I sat in the back corner and listened with interest – both sides were advocating their side at the exclusion of the other. Guess what? Continue reading this post

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Posted by: Carl Medford on July 8th, 2010 under Best Practices, Guest Bloggers, HomeGain

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