Jeff Byrd - Blog

Maximum Internet Exposure Continues at RE/MAX RESULTS!

jeff.byrd@results.net — Mon, 28 Nov 2011 00:00:00 GMT

When I read the recent Star Tribume article about a major local real estate company pulling its listings from national websites including REALTOR.com reducing their properties Internet Exposure., I wondered how I would feel telling my sellers this news, if my company did this.

How would I tell them that I was not first off going to exposed their home on REALTOR.com, the "Official Site of the National Association of REALTORS". I actually get inquiries on thier properties from this site. It is one of the most visited real estate sites in the nation.

How would I tell them that I was no longer going to expose their property to the many other national Internet sites like Trulia, Zillow and Yahoo Real Estate, that thousands of people are using to look for properties and also actually I get inquires from these too. These 3 site in addition to REALTOR.COM are the top 3 real estate sites in the nation according to Hitwise.com.

More important than how I would feel, was how would my sellers feel about this reduction in exposure in marketing in a tough market? First I would feel that I was letting them down and second I think sellers would not be happy about any reduction in Internet Exposure in today's tough market.

I am very happy the RE/MAX RESULTS is committed to providing both our sellers and our agents with the maximum in Inernet Exposure for marketing our listings and gaining new buyers.

RESULTS.NET is one of the most viewed real estate websites for unique visitors in the Twin Cities market and I get real estate inquiries from it. Our website has probably the most agent contributed content of any real estate site in the Twin Cities Market. We are able to showcase our listings with a large number of High Resolution Photos and add commentary about each one. REMAX.COM, our worldwide site, is extremely valuable and I get real estate inquiries from it. But at RE/MAX RESULTS we feel that we want our sellers to have every advantage to having their property exposed on as many sites as possible not just our own.

Today I can speak with confidence to my sellers that by having their property listed with RE/MAX RESULTS they great exposure on the Internet and will continue to.

Reverse Mortgage (HECM) Forclosures Starting to show up In Twin Cities

jeff.byrd@results.net — Sat, 19 Nov 2011 00:00:00 GMT

A new type of foreclosed property is starting to show up in the inventory of properties in the Twin Cities. These are properties that had “Reverse Mortgages”. They are sometimes referred to as (HECM) Home Equity Conversion Mortgages. These are mortgages that are available to persons over 62 years of age. For anyone considering one of these mortgages, AARP has an excellent booklet entitled “Reverse Mortgages Loans – Borrowing Against Your Home”. It discusses the upsides and downsides to persons considering these mortgages. The combination of rising debt and falling equity involved in a reverse mortgage, along with the substantial decrease in property values has created this increase in “Reverse Mortgage” foreclosures. The timing of the increase of these foreclosures has to do with the time they were taken out (Peak Market) and the possibility that the person taking them out has died or had to move to a nursing home and they or their estate could not sell the property without any equity remaining. One quick note: heirs or multiple heirs might be able to satisfy the HECM debt by paying the lesser of the mortgage balance or 95% of the current appraised value according to an HECM Servicing FAQ published by HUD. This may make for a good opportunity for an heir to purchase the property at 95% of today’s appraised value.

These “Reverse Mortgage REO’s” are interesting properties for buyers to consider when searching for a home to purchase. In many cases they may be in decent condition because someone lived in the home for a long time and may have kept it up a little better and made improvements over the years. You won’t always know if the foreclosure is from a reverse mortgage but look to see if the MLS listing refers to the sale being “subject to 24 CFR 206.125”. This refers to some FHA regulations regarding this type of mortgage.

Yes Virginia, there still are traditional sales in Minnesota!

jeff.byrd@results.net — Sat, 29 Oct 2011 00:00:00 GMT

As I sat at 2 closings of traditional sales on Thursday it reminded me how enjoyable the real estate business can be. My client whose townhome I sold and the helped her find her dream home on some acreage had a smile on her face that brought it all back. I enjoyed the colorful banter about each party complaining about all the packing they had just done. The buyers of her townhome talking about how their kids where looking forward to their new home. There were sellers of the home she purchased talking about the accumulation of “stuff” over time that they had to sift through. There was coordination the final moving of “the big stuff” in the next hour or two so the new buyer could start moving their things into the garage as the movers got "the big stuff” out the front door. It was a set of two transactions with three experiences real estate agents, two competent loan officers topped off by two very season closers that kept each closing to less than 30 minutes each. Both the buyers and sellers were happy with what they received. The buyers were especially happy with their low interest rates. Best of all was again watching the smiles as they left with their keys looking forward to their new homes and one seller getting ready to head south for the winter. Yes Virginia, there still are traditional sales in Minnesota!

Waiting to sell until the market improves next year? Think Again!

jeff.byrd@results.net — Tue, 21 Jun 2011 00:00:00 GMT

Based on an article on DSNews.com quoting analysts at Capital Economics that prices are not expected to increase until 2014, the need to use and listen to the market and advice of an experienced Re/Max Results agent has never been greater. These analysts cite factors such as the fact that “4.5 million households are still in serious danger of losing their homes as they have missed at least three mortgage payments or are already in the foreclosure process.” They also cite the dreaded “Shadow Inventory”, which could be as many as 5 million homes. These are home that have already been foreclosed on but have not been put on the market. These analysts claim that first quarter data shows “Fannie Mae and Freddie Mac were guilty of holding back homes to the tune of 220,000 properties”.

Make your decisions to sell and move based on reality! If you are "waiting until next year" when things improve to sell your home and move think again! You may really be looking at 2014 or after. Some sellers have already understood this and have quit putting their life on hold until the market improves. Home Title (a subsidiary of Re/Max Results) closers report that there are more sellers coming to closing with cash so they can sell. They are moving on with thier lives and making the move they or their family wants or needs to make. They are also finding that they are, in many cases making up the difference in savings on the next home they purchase. They are also taking advantage of the low interest rates and great values in today’s market.

The good news for anyone buying is that this “Shadow Inventory” will eventually come on the market and will be sold. Keep in mind that if you have a home to sell first, you have to be priced at market to sell it. In today’s market if you are overpriced, and can't price at market, you might as well save yourself the trouble and frustration and take it off the market until 2014 or after. Buyer’s have access to a tremendous amount of information and are very savvy as to values. Listen and follow the advice of your agent and the realities of the market. The market is speaking very clearly today.