Buy My House - Selling Real Estate in an Oversaturated Market

'Buy my house' is the mantra of many borrowers frantically trying to obtain financial relief from home mortgage loans or to avoid foreclosure. Finding a buyer in an oversaturated market is a difficult task; particularly for borrowers whose house is worth less than is owed on the loan.

Today, multiple buy my house strategies are used. Many are derived out of desperation instead of strategic planning. Real estate agents are not interested in listing houses that earn them measly commissions. Mortgage lenders have placed constraints on lending regulations, making it difficult to locate qualified buyers.

The latest trend involves real estate bus tours. Realty agents and brokers charter a bus and travel to various neighborhoods hit hard by foreclosures and short sales. Buy my house bus tours have become extremely popular in Las Vegas and other Nevada suburbs, as well as Los Angeles and southern California.

Unfortunately, neighborhoods in these areas contain dozens of preforeclosure, foreclosed, and bank owned homes. Hopping on a bus to visit distressed neighborhoods gives potential buyers the ability to view multiple homes in a short period of time.

It is not uncommon for stressed out borrowers to take extreme measures to attract the attention of bus tour participants. As a real estate investor, I have ventured out on real estate bus tours and was shocked to discover the carnival-like atmosphere. Children manned lemonade stands and passed out homemade cookies. Homeowners marked their homes with colorful balloons and freshly painted "Buy My House" signs.

The party environment is nothing more than a facade to cover the pain and suffering that takes place behind closed doors. Anyone who has had their house repossessed by the bank will tell you there is nothing to celebrate. Foreclosure is emotionally draining, embarrassing and frightening.

Better options exist for people who are facing foreclosure but want to save their home. The first step involves contacting the bank. Most mortgage lenders have a loss mitigation division dedicated to helping homeowners struggling to pay home loan payments.

With the ongoing influx of foreclosure properties, bank loss mitigators are overwhelmed. Prerequisites to saving a home include patience and persistence. Be prepared to provide financial documents and develop a reasonable repayment plan before calling the bank. Realize it may take numerous phone calls before a resolution occurs.

Individuals who can no longer afford to stay in their home might qualify for a short sale. Some lenders will accept less than the full balance in order to avoid the foreclosure process. Most banks require borrowers to have a buyer in place before granting short sale approval. Others grant borrowers' time to list their property with a realtor or as for sale by owner.

On average, short sales take six months to complete. Short selling is complex and oftentimes requires assistance from a real estate lawyer. Some lenders accept the short sale as payment in full, while others hold borrowers responsible for the deficiency between the sale price and loan balance. It is crucial to understand the lender's short sale policies. Otherwise, borrowers could end up owing several thousand dollars on a house they no longer own.

Robert Sitze - Keller Williams Professional Partners

www.powerteaminvesting.com. Learn more on my website or call me at 602-708-9054.

Spring Creek Ranch - 244 acreage Offered at $19500000

Spring Creek Ranch is a 244 acre estate composed of rich wooded riparian areas and dramatic hillsides with 360 degree sweeping views. Conveniently located in the geographic heart of Arizona, 8 mi to Sedona and 8 mi to Cottonwood, it is accessed from a private paved road and gate off of scenic Hwy 89A. The property fronts nearly a mile of Spring Creek with several springs and a nature trail. The topography is varied with the creek providing fresh water all year round to a lush riparian habitat within the ranch, gently sloped hillsides and rocky outcrops with dominating views. This hidden retreat is immersed in Coconino National Forest, and State land on the west. While the 210 acre greater part of the land is untouched, 33 acres have been developed as a subdivision comprised of 15 lots with installed utilities. A spectacular site for a vineyard with volcanic soil and southern exposure, it is located in the Page Springs area, Sedonas wine country. Phoenix is only 1.5 h drive, while Flagstaff, Northern Arizona's only ski resort is 1 h away. This is one of the finest creek front estate parcels in Arizona, and it features distant Red Rock and Mingus mountain views. • A total of 244 acre with one mile of Spring Creek frontage. • Surrounded by Coconino National Forest on 3 sides and Arizona State Land. • Adjacent to Page Springs Road, Arizona's wine country. • Access directly off of scenic Hwy 89A through entry gate. • Phase one complete with 15 fully improved lots, paved roads ...

Reinventing Real Estate, Part 1: Online and Empowered Consumers Are Taking Charge and Paying Less

For decades, the real estate world turned in a predictable manner. The roles of buyers, sellers and real estate professionals were fairly well defined and transactions followed a predictable path of yard signs, newspaper ads, open houses and miles of paperwork.

Recently, online and empowered consumers have changed the game. Real estate professionals now face issues similar to the ones that have transformed the retail, personal finance and travel planning industries. As technology advances and new business models evolve, the real estate industry has begun to transform itself from providing traditional, carefully controlled "agent-centric" transactions to new "consumer-centric" practices. The following is a look at some of the recent industry trends and how buyers, sellers and investors can expect to benefit. The "Five Ds" that are driving change in real estate are:

1. Disruption - Over the past 10 years, the Internet has matured into a powerful platform for delivering real estate information, forever changing the interaction between buyers, sellers and real estate professionals.

2. Displacement - The popularity and acceptance of self-service and consumer-direct business models is being felt by real estate professionals, who are striving to develop attractive new offerings for Web-savvy consumers.

3. Demanding consumers - You now have more real estate knowledge, tools and resources at your fingertips than ever before. More savvy consumers tend to be more independent and demanding.

4. Downward pressure - Traditional real estate commissions of 5-6 percent of a property's sales price are facing downward pressure.

5. Developing alternatives - The real estate industry is transforming itself to provide targeted services and exciting new options that add value for consumers.
Disruption

"We are going to see our industry go through dramatic transformation via the Internet and consolidation of agents and companies." - eRealty Times Columnist Dirk Zeller

Some industry observers have adopted Harvard Business School professor Clayton Christensen's term "disruptive technology" to explain recent developments in real estate. Though it's easy to point to the World Wide Web and advancing technology as the main changes in real estate, that's only part of what's shaking things up. Essentially, the real cause of disruption is not just technology, but technology-enabled real estate consumers.

Web-enabled consumers

According to the National Association of Realtors (NAR), more than 72 percent of homebuyers now begin their home search online. The popularity of online real estate ads surpassed newspaper property listings back in 2001, and the gap is widening. Less than one percent of buyers first learned about the home they purchased on the Internet in 1995, while in 2004, that number passed 20 percent.

According to a California Association of Realtors (CAR) survey, 97 percent of respondents said the Web helped them understand the buying process better and 100 percent said using the Web helped them understand home values better. Web-enabled homebuyers like you are taking a more active role in researching homes and neighborhoods. You also now spend less time with real estate professionals once you have completed your research. Internet homebuyers also used the Web effectively to filter out properties that did not interest them, visiting 6.1 homes on average versus 15.4 for traditional buyers.

Today, you can view photos and detailed information for hundreds of properties in the time it used to take to visit a single one. And the Web provides much more opportunity than simply moving print listings online. The growing availability of residential high-speed Internet connections has boosted the popularity of virtual tours and interactive maps, providing consumers with powerful and flexible visual search tools.

In addition to making home searches easier, automated valuation model (AVM) software is making a big impact in how properties are evaluated. AVMs, which generate valuation estimates by analyzing and comparing property information data, are becoming increasingly sophisticated and accurate. While not considered a substitute for human appraisals, AVMs are gaining popularity because they are inexpensive, easy to use and produce valuation estimates in minutes. Now AVMs, used extensively in electronic mortgage approval processing during the recent refinancing boom, are becoming available on real-estate Websites aimed at consumers. This is a significant development for independent sellers, who often find it challenging to price their properties correctly when selling on their own.

The MLS goes public

"In real estate, MLS data sits at the apex of the change, specifically the MLS information that is pushed to the Internet every minute of the day." - Bradley Inman, Publisher of Inman News

Once an exclusive tool for real estate professionals, the multiple listing service (MLS) has in recent years become a very public platform for real estate listings. The MLS is the nation's most comprehensive database of properties for sale - four out of five homes sold in the United States are listed on the MLS.
MLS properties are available to agents and brokers worldwide, and are now accessible via consumer Web sites such as Realtor.com, WSJ.com, Excite, Netscape, AOL and MSN. MLS listings also appear on local, regional and national brokerage Websites through Internet Data Exchange (IDX) agreements that allow participating Realtors to share listings and display them to consumers. Even though only licensed realtors can list property on the MLS, the system has begun to figure prominently for the $110 billion independent seller (for-sale-by-owner or FSBO) market. About 13 percent of real estate sales are now FSBO, conducted without a broker's assistance.

Type "flat fee MLS" into any major search engine, and you'll see dozens of real estate professionals willing to list your property in the MLS for a fee. If you are willing to pay a commission of 2-3 percent, you can attract the attention of thousands of agents who will show your property to prospective buyers. You can then reduce the cost of the sale to about half a traditional 5-6 percent sales commission, plus the cost of the MLS listing. If you find an independent buyer working without an agent, you could make a sale with no commission at all and pay only an MLS listing flat fee.
Displacement

Currently, about 2.4 million real estate licensees operate nationally, according to the Association of Real Estate License Law officials. The NAR has more than one million members, up from about 760,000 members five years ago. Many real estate professionals and industry observers expect a significant decline in this number because some tasks traditionally performed by agents and brokers can now be done more quickly and easily by Web-enabled consumers.

"Historically the fundamental driver of the real estate industry was the control of information. The real estate agent and the real estate office were the only sources of comprehensive information on which properties were for sale and those who might be interested in buying them. With this control revenues were practically guaranteed.

Moreover, because this exclusive control was akin to a monopoly by virtue of the multiple listing service (MLS) any firm of any size could serve the customer equally well. As a result, the number of real estate companies grew without regard to market efficiencies.

Simply put, the traditional model is too inflexible. Consumers are seriously questioning the value of a real estate agent. They frequently feel that many of the traditional tasks undertaken by the agents are now either no longer required or can be done by the consumer themselves."

- Swanepoel & Tuccillo, Real Estate Confronts Profitability

The quotes above, from a popular report on emerging real estate business models and dwindling profit margins, highlight a number of issues traditional real estate professionals are now facing. And if the real estate industry has grown historically without regard to market efficiencies, the issue has only been compounded since 2001, as new agents signed on in droves, lured by low interest rates and skyrocketing home prices in many areas. It's likely that the number of traditional real estate agents will decline, while new types of real estate jobs will be created to deliver value to Web-savvy customers.

NEXT in Part 2 of 2: - Demanding Consumers, Downward Pressure and Developing Alternatives

$169900 Multifamily - Tucson, AZ - 641-643 E Calle Arizona

Tucson Homes for Sale and Real Estate $169900 641-643 E Calle Arizona Tucson, AZ 85705 MLS #: 21021985 More details on this listing: laurieh.LongRealty.com For more information, contact: Laurie Hassey laurieh@LongRealty.com (520) 918-1419 Great Investment! Each unit is a 2bd, 1 ba that has separate meters for all utilities and their own laundry facilities. One side has a remodeled kitchen and both have remodeled bathrooms. Each unit has it's own backyard, carport space and storage room.ALL PLUMBING WAS UPDATED IN 2009, New roof in 2005, alarm system, security doors and it's been FHA inspected. Unit 1 is 1162sf and unit 2 is 902sf. Unit 1 has a permitted addition thats used for a separate family room and has an extra storage area. Unit 1 has A/C and unit 2 is Evaporative and has the wiring and vents for A/C if desired. Let Long Realty show you this cute multi-family home at 641 E Calle Arizona in Tucson. This duplex is a great investment. Each unit has its own meter for utilities, so you don't have to worry about dividing things up. Many possibilities. Just imagine what you can do with rooms like this. Imagine dining by candlelight in the comfortable dining area. Even the bathrooms have an appealing sense of style. Both units are cheerful and attractive. To arrange for your personal showing, contact Long Realty today. Property Type: Duplex Subdivision: Arizona Acres MLS Area:Central County: Pima

Bargain Markets For Homebuyers and Investors

Since 2007, foreclosures and short sales have littered the real estate market and drove down the price of property and home values. The upside to the down housing market is that homebuyers and investors can find sweet deals in some of the nation's most sought after cities.

If cities like Milwaukee, Memphis, Baltimore and the Big D interest you, then you'll find a honey of a home in any of these metro areas. Though the initial listing price may begin at what properties are currently valued, they are often reduced from 26 to 33 percent. The top ten U.S. cities with the listings discounted the most include the following:

* Milwaukee, WI - 33 percent
* Phoenix, AZ - 31 percent
* Mesa, AZ - 31 percent
* Memphis, TN - 31 percent
* Baltimore, MD - 30 percent
* Jacksonville, FL - 30 percent
* Dallas, TX - 29 percent
* Minneapolis, MN - 29 percent
* Tucson, AZ - 27 percent
* Columbus, OH - 26 percent

Falling in the first quarter by 4.3 percent, Milwaukee home values continue to lose ground, but the number of home listings is huge. In fact, Milwaukee has the most real estate listings of any city in the state. As of April 2010, the average home in Milwaukee was valued at $144,609, which is making buying real estate in this city much more affordable. Add to it a 31 percent reduction on the listing, and you could buy a home there for only $99,780.

Phoenix was on a top ten list in 2008 for being one of the cities hardest hit by the real estate bust. In the first quarter of 2009, property values were still going down, tumbling by almost 20 percent. Economists predict that the city has a looming shadow inventory getting ready to hit the market soon and will drive values down even further. Standard & Poor's Case Schiller Study showed Mesa home values were on the ever-so-slight rise by last quarter 2009 and into first quarter of 2010. As of April, the average estimated value of Mesa homes is around $133,664.

According to the most recent Clear Capitol market report, the River City was noted with the most sales in the nation of foreclosed property by lenders in the first quarter of 2010. It resulted in an 18.1 percent drop in Memphis home values from year-end 2009. Baltimore and Jacksonville tie for having a 30 percent reduction in the listing price. The median listing prices are $250,000 and $189,900, respectively.

In earlier 2010, foreclosures were still climbing in Dallas; although, at a slower pace than in the recent past. By May, foreclosure filings dropped for the second straight month. That's good news for Dallas real estate value and could indicate the beginning of a recovery. Minneapolis showed a 24.7 decrease in inventory compared to the same time in mid-April 2009. It looks like the housing market in the Twin City might be leveling out, since new listings are still on the decline. What that means for buyers is that home listing prices could soon be on the rise, so now would be the time to buy.

Median home values for Tucson continue to decline and currently sit at around $192,000. That's almost a 4 percent drop since January 2010. Housing inventory is about the same as it was this time the previous year. Columbus appears to be leveling out somewhat in median home values staying steady at $159,900 since the beginning of year. That's still a decline of 5.9 percent from the same time last year, but the inventory is decreasing, so these may be indicators that the market is beginning to level off. The dream of buying a quality, affordable home has become much more attainable. Falling home values, along with reductions in listing prices, lowers the cost to a more manageable price point.

Meanwhile, there are four other markets that did not experience a decline in home values in 2010 that were among those hardest hit nationwide by the housing bust. San Diego and Detroit both showed an increase, along with Los Angeles and San Diego. These cities, along with previously mentioned Phoenix, are now at the top of the list for cities recovering in the housing market.

How Much Does Radio Advertising Cost?

This is a question I get asked daily.

To put it in perspective - It is like randomly asking a real estate agent... "How much does a house cost?" - Without telling them anything about where or what type of house you want to live in. The agent wants to help you find the perfect house for your needs and desires with-in your budget - but needs to know - Where is this "house" you want? How big is this "house"? What is in the "house"? What neighborhood is this "house" in?

Advertising on the radio is the same way - its all about expectations and real-estate. The real-estate of time on various radio stations in various parts of the country. The price to consistently air a :30 radio commercial in LA at 4:30pm on the #1 station is going to vary GREATLY from the cost of airing that very same commercial at 4:30pm on the #1 station in Oshkosh, WI.

Just as the cost of lumber in one city wont vary too much from city to city. The cost of having a the "physical" radio commercial created from a company like Best Radio Commercials wont vary much, but the real-estate where it airs will.

So how much will this "real-estate" cost.... Stations base their rates on your commitment to them (meaning the length of the campaign) and the amount of people their station reaches that fall into the target demographic of your customers. The real question you are likely asking is - "Can I afford radio advertising." And the answer is simple - Anyone can afford to advertise on the radio. Not everyone can afford to advertise on the radio effectively.

The best way to answer this question in full is to contact a reputable advertising agency. Discuss with them your goals and your budget. An ethical advertising agency should tell you at this point whether or not you can afford to advertise on the radio effectively, and go to work suggesting options and plans that suit your budget. Or if your expectations are too great and your budget too little, they should suggest other mediums that may suit your needs. Under no circumstances should they try to push you into radio advertising with outlandish expectations on a unrealistic budget.

A professional advertising agency will compare rates with the stations that best reach your target client demographic and negotiate with the radio stations to get you the most for your money. They can also recognize any red flags along the way and advise you. The advertising agency's profits are based on your satisfaction, so they will be the first to tell you if they smell smoke or see a mirror.