Open Doors

On a LightHearted Note

CHECK OUT MY SHARED ITEM # 6

W E I R D

H O U S E S
JUST FOR LAUGHS!!!!

GOOD IS GOOD

slowly but surely




SHARED ITEM NUMBER 5:


Existing Home Sales RISE on Price drop.

2% may not be much but any good news in real estate is always welcomed. The market can absorb the anticipated glut of foreclosed homes as long as there are loans available. As I always advocate, housing is a primary necessity. No amount of hardship can stop us people from finding a place we can call our own. A place where we can rest your head after a long day's work, where the family gather to create wonderful memories, where you are the King or the Queen ,where friends pay a visit and where kids feel secure and yes LOVED . This place can be called an abode, a dwelling, a habitat,a house and most importantly a HOME...






---Laarni

OPPORTUNITIES ABOUND

SHARED ITEM NUMBER 4:

New Home Sales Near Historic Lows

Attention: Firstime Homebuyers, the door is wide opened. Take your pick, the only limit is your imagination. And here I am with my cliche': Behind the clouds, the sun is still shining.

FOLLOW THE WAY

There is only one way to happiness, and that is to cease worrying things which are beyond the power of our will.

-Epictetus -

Seconded by Tom Kunz, President of Century 21 in his interview with Orange County Register 6/23/2008:

"My dad taught me many years ago that you’ve got to focus on the things that you can control. I don’t have any control over the economy, be it local or national, over interest rates or any other fundamentals. But what we do have control over as real estate professionals is the number of contacts that I would make if I were an agent right now."

Laarni's take:

In all aspects of our lives and in any type of career we have, we can only do the things within our grasps. The woulda, coulda, shoulda attitude will only lead us to pain and misery.

SUPPLY and DEMAND- What are you willing to pay?

Reality Ranchette By: Paul Pastore


A house is only worth what a buyer is willing to pay, regardless of the seller's inflated expectation. The seller's role is to make any decisions, not tell the agent what to do, and what the property is worth.

Recently, I went on a listing appointment. The executor of the estate was a family friend. His mother had passed away and left a house on 5 acres. There were three separate parcel of land that could be split. The recent estate appraisal was around $600,000. The seller felt the property was worth 1.8 million!

The property was built in 1961 and had functional obsolescence. The seller felt it was "one of a kind". The property was on a dirt road. The seller felt "it was in the best part of town". The property had some views. The seller felt it was "comparable to a mountaintop lot that recently sold". The kitchen was dated. The seller felt it would give the buyer the opportunity to expand the house. The lot had horse privileges but no equestrian set-up. The seller felt the buyer could easily blade the sloping lot. There was a shingle roof. Most newer properties in the area had tile roofs. The seller felt all roofs were the same.

A family friend told the seller what he wanted to hear. A local 'hungry' Realtor confirmed the rumor. A banker told his client it was worth 1.5 million without supplying any 'comps'. A part-time, out of the area, real estate relative concurred with the banker's speculative assumption. And, a doctor told the seller if the property didn't sell at 1.8 million, he should increase the price! Welcome to realty ranchette.

Most people feel they are younger than their age. Many people feel they weigh less than their bathroom scale would indicate if they ever hopped on board. Why get a physical when you feel fine? It seems everybody is an expert on raising kids and rputting a price tag on their "reality ranchette".

Laarni's Take: I just had this type of clients last summer. I wanted to list the property at $475,000 but they wanted $550,000. Although I was armed with my currents sales and listings in the area, they insisted on their price. As a compromise, I agreed to list it at that price for 2 weeks and then lower it if there is no activity. I also asked them to clean the house and get rid of the clutter which they did. First open house, bammm, I got an offer for 450k and was so excited because that was my target price. They rejected it outright. I was flabbergasted! I can still hear her " If it is not closed to 550k, we do not want to see it". They only owed 160k and they bought the house for just 145k. I will admit that I lost my power of persuasion on them. The things I've learned from Zig Ziegler and Mike Ferry did not WORK! Furthermore, the cleaning part deteriorated. I did my best because that was my fiduciary duty to them but when they were asking me to renew my contract, I graciously turned it down. It was a waste of time for the both of Us. In today's market, they will be lucky to get 375k on their "ranchette".

LET'S MAKE SOME MONEY

IF YOU THINK YOU HAVE THE HEART FOR THIS,

PLEASE READ MY SHARED ITEM # 3,

Smart Ways to Profit from Foreclosure

Make some Money Along the Way ..........

HELLO SERIOUS SELLERS - STAGING IS THE BUZZWORD

Before- courtesy of Newsweek

After-courtesy of Newsweek

Focus on Staging: According to industry experts, staged homes sell for 3 to 10 percent more than non-staged homes and are off the market 32 percent faster.

1 Effective home staging is particularly important given today's growing inventory of homes, which spells more competition for you, sellers as buyers enjoy ever-more choices. Now, we'll first share the latest advice from experts on interior staging that can help you sell your house, faster — without hiring a professional stager. Then we'll follow up next month with must-know tips for maximizing a home's exterior landscape to entice buyers from the first glance. Part 1: Make a Powerful Impact With "Power Staging" The inventory of homes for sale in most areas of the country is hitting record levels, making it more difficult to sell your clients' homes promptly and at a fair price. In addition, today's buyers are growing bolder in their demands — and growing bored with what they see, according to a recent article in Builder magazine. 2 So how do you make sure your property doesn't get lost in the shuffle? Try "power staging" — changing just a few key elements in a home in a short amount of time, for the most impact. Consider these latest tips to use power staging to your advantage. 1. Leverage a lifestyle theme. This can help buyers see themselves in the home — reading a book in the living room, cooking a gourmet meal and so on. 3 According to Staging101.com * and other industry sources like RealtyTimes, 4 * the key is to accessorize rooms and set a mood that matches the personality of the home and the lifestyle of likely buyers. For instance,set the dining table for an informal, intimate dinner for two; if it's a formal Victorian, set a more elaborate table with elegant china. 2. Clear the clutter. Countertops, cabinets, closets, garages, basements and attics are technically storage spaces. But potential buyers can be distracted by Your belongings. It is encouraged that sellers purge the home of anything not used every day; a rented off-site storage unit can temporarily hold the excess. 3. Generate grander spaces. Less furniture makes spaces seem larger, remove what's not necessary. Improve traffic flow, too. Some experts recommend "floating" furniture away from walls and into the center of rooms to make areas feel more open and appealing.3 4. Reap the rewards of replacements. Replacing items like curtains and blinds, doorknobs, cabinet and drawer handles, lampshades and throw pillows can update a home instantly, according to Karen Tibbets' Orlando Home Staging blog.*5 Replacing rugs (and even bath and kitchen towels) can make a quick difference, as well. 5. Be careful with color. According to professional stager Craig Schiller,* wallpaper is out and paint is in.3 So strip out wallpaper and paint walls with neutral colors like beige, taupe or soft green. Experts recommend staying away from white or bold-colored walls. 6. Light the way. Avoid dim, harsh or cold lighting. Aim for warm and balanced lighting in a combination of sizes and locations.3 Let natural light in whenever possible. That means crystal-clear windows, too, so please clean windows thoroughly and remove screens if necessary. 7. Finish with floral. Indoor flowers and plants are must-have staging tools, according to experts, since they tend to soften and add life to rooms. Aside from the familiar bouquet on the dining table, consider placing flowers or greenery in the entryway, bedrooms and bathrooms. Small pots of herbs work well in the kitchen. More InformationBe sure to check out some of the industry's most popular blogs on the topic, including Home Staging Rants and Ravings .* HGTV.com * also has a great list of tips. You can find examples of staging successes at ActiveRain.com.* And if you are not living in their home but still want the property to give off that warm, personal feeling, you could bring in a home manager to maintain the lived-in look. 6 Home managers live in for-sale homes, keep them in spotless condition and ready to show at any time, and are prepared to pack and leave in less than two weeks. Find out more.*

IT'S NEVER TOO LATE TO CONNECT

A couple of months ago, I joined the social group ,LinkedIn , to find a new way of widening my horizon and finding a way to expand my business exposure. I joined without any expectations. I did not even take it seriously since the other web-based social groups I already joined did not go anywhere. As the name implies-- the social part of it carries more weight than anything. I had the same notion on this one, in fact I almost got banned and I still am under precautionary measures to know the e-mail addresses of the people I want to invite.. In my hurry to come up with lots of connections, I invited 927 people from my college and more than a thousand people where I had my post grad.. duhh. 95% of them said they don't know me and having this comment can get you banned. I totally embarrassed myself, BIG TIME! After getting this comment one after another, I read the rules, studied it and took it seriously.

By doing this I was able to connect and still connecting to people who have high hopes and aspirations. Individuals who want to make it in the business world- Architects, Engineers, Computer Wizards, Import-Exporters, Artists, Finance Geniuses, Mortgage Bankers and yes, Real Estate Agents- people from different walks of life. Each and every link I make adds value to my profile, to my work. Since there is also th added dimension of joining a group which includes being an Angel or Lakers fan to SalesBlogcast group, how can you loose?? And most of the ones I connected with, take these challenges seriously.

And here, I was found by an agent from the Bay Area who gave me a referral for a property that's located in Southern California. That was an unexpected surprise!!! We closed that deal in two weeks. It was not a big amount but the idea of some stranger trusting me to consummate this transaction is just awesome. Totally Awesome!!! Right now, I got some "hopefuls" in the pipeline, again from my Connections... I am glad I found these people. They added another dimension to my career, to my life. So come, join me-- I'll link you in!


http://www.linkedin.com/in/laarni

A HOME IS A HAPPY PLACE

Happiness is a common word but an elusive feeling. People climb mountains, change religion, go to the ends of the earth to find happiness. In this period of struggle among homeowners, among families-- happiness is more important. It's as precious as gold, as valuable as breath.

Try my Shared Item Number 2--- So Many Ways to Be Happy.
click on:

The Seven Habits of Highly Happy People

on top right

MEAN, MEDIAN AND MODE IN SOUTHERN CAL

Statistics is a very interesting subject:

ORANGE COUNTY:

1,461 SFR closed sales transactions
$555k median sales price
23% price decline from April 2007
520 CONDO closed sales transactions
$390k median sales price
16% price decline from April 2007

LOS ANGELES COUNTY :

3,598 SFR closed sales transactions
$450k median sales price
21% price decline from April 2007
814 CONDO closed sales transactions
$380k median sales price
15% price decline from April 2007

RIVERSIDE COUNTY :

2,219 SRF closed sales transactions
$284k median sales price
31% price decline from April 2007
350 CONDO closed sales transactions
$226k median sales price
29% price decline from April 2007

FACTS ARE FACTS

There is a REASON for This..The main factor behind this foreclosure surge remains the decline in home values. Additionally, a lot of the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's working its way through the system. The big 'if' right now is whether or not the economy is in recession. If it is, the foreclosure problem could spread beyond the current categories of dicey mortgages, and into mainstream home loans," said Marshall Prentice, DataQuick's president... AMEN! (Laarni's comment)


ANOTHER HARD FACT



Gauge the So Cal Affordability Index-
But Where are the Mortgage Programs?

Lending institutions sent homeowners 113,676 default notices during the January-to-March period. That was up by 39.4 percent from 81,550 the previous quarter, and up 143.1 percent from 46,760 for first-quarter 2007, according to DataQuick Information Systems.

SIZE MATTERS-- Kaufman and Broad Case Study

GLOBAL WARMING- REAL ESTATE STYLE

Mortgage meltdown: Think you're unaffected? Think again
Jun 1, 2008 - McClatchy Tribune Business News

Jun. 1--Virtually everyone is suffering from a mortgage hangover.

Even homeowners who never have missed a payment. Even people who already have paid off their mortgages. Even renters. The financially lethal cocktail of risky high-rate mortgages and naive borrowers has taken a toll in many neighborhoods across central Ohio. A wave of foreclosures during recent years has pushed property values downward for the first time in decades, a ispatch analysis found. Thousands of families have lost their dream homes. Their neighbors, surrounded by orange foreclosure stickers and for-sale signs, have seen their homes lose value as abandoned houses blight their communities.
And many renters have been pushed out of the r homes because of their landlords' problems. The worst might still lie ahead. Interest rates are scheduled to jump this year and next on another round of high-rate mortgages, known as subprime loans -- typically adding hundreds of dollars to monthly mortgage payments. "Subprime is going to destroy neighborhoods," said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. "It's hurt more people than it ever helped. It encouraged a culture of recklessness by everyone." To measure the damage and the looming challenges, The Dispatch has investigated the effects of the mortgage meltdown.
The three-day series kicks off today. Mortgage stories -- Bursting bubbles -- Tax relief not coming as house values slide -- Tax appraisals factor out foreclosures -- Benjamin J. Marrison commentary: Housing-crisis series merits close attention
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