REMAX.com Redesign
July 2nd, 2009 categories: Real Estate Listings
RE/MAX International just rolled out a newly redesigned and improved REMAX.com.
A few things I like:
You can view comparable sales and even request a comparable market analysis.
There are articles for home buyers and sellers.
Listings show large photos and a photo slider.
You can request a showing.
Your search results will recommend other similar properties.
You can also view market statistics.
Listings are mapped out for easy reference.
I do not like the fact that users cannot search multiple towns in one search or search by map. I e-mailed RE/MAX International already to express my disbelief. This is just plain silly.
As the now #6 real estate website and #2 franchise on Hitwise’s Top 20 Real Estate Websites, RE/MAX needs to step up and reclaim the spot as #1 franchise by offering a better product than consumers can find on Realtor.com.
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New Appraisal Standards Complicate Real Estate Market
July 1st, 2009 categories: Mortgages & Finance
The problem used to be that lenders and appraisers were too cozy. The lender hired an appraiser for the borrower and more often than not, the appraisal miraculously came in at the buyer’s purchase price. Appraisers felt pressure by their client (the lender) to justify the purchase price so as not to ruin the deal and lose future business. Buyers were skeptical because they thought the appraisal should be a completely independent opinion of price.
In response to a lawsuit from the State of New York, Fannie Mae and Freddie Mac instituted new appraisal guidelines in May 2009 called the Home Valuation Code of Conduct (HVCC). The new code prevents local mortgage brokers from selecting local appraisers; rather lenders will hire appraisers. Also, 10% of all loans bought by Fannie or Freddie will have a second appraisal ordered to validate/invalidate the first appraisal.
To comply, many lenders are hiring appraisal management companies (AMCs) who in turn hire the appraisers.
According to reports from appraisers, the AMCs are demanding appraisers work for less and hand in their reports faster. The initial results seem to indicate that these changes are driving appraisals lower and lower because appraisers can’t spend the time on reports they once did, appraisers hired may not have the local expertise needed, and appraisers are concerned about coming in “too high” on an appraisal and losing future business.
“Lenders burned by huge losses from defaults now are pressing appraisers to be more conservative. And appraising itself is more difficult with home prices fluctuating rapidly and transactions few and far between in some markets; sale prices from a few months back may no longer reliably indicate the value of nearby homes.” Read the rest of this entry »
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CTMLS Says Goodbye to Hubbard
June 22nd, 2009 categories: Central Connecticut News & Information, Home Sellers, Real Estate Listings
Beginning June 24th, CTMLS, the multiple listing service that serves most of CT, will finally do away with the Hubbard (HUBRD) status for listings.
All I can say is…finally!
Actually, I can say a few more things.
If you don’t know about the Hubbard Clause - HUBRD refers to properties that have been sold to a buyer who needs to sell another home before purchasing the one under deposit. The property is shown to buyers and the sellers are looking at other offers, so it is an active listing. Read the rest of this entry »
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Don’t List Your Home For Sale on Monday…If You Want to Stand Out in Greater Hartford Real Estate Market
June 17th, 2009 categories: Home Sellers, Real Estate Listings
Monday night, I was looking at new listings and it seemed to me that there were a lot of new listings. 88 condos and single family homes in the Greater Hartford area.
Just for fun, I looked back one month. With the exception of Memorial Day, May 25, the highest number of new listings was always on a Monday.
One of several homes in your neighborhood for sale?
One of many homes for sale in your price range?
If so, you need to do everything you can to stand out from the pack.
Maybe one way to do that is to list your home on any day but Monday, but especially on a Saturday or Sunday.
You may also enjoy reading:
Two Bedroom Homes Not Always Harder to Sell in Central CT
Some Thoughts on Pricing Real Estate
Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?
Get Unleashed - the blog that’s helping to find homes for people and pets.
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Buying Real Estate Always Involves Compromise
June 15th, 2009 categories: Home Buyers
In this market, buyers have a lot of choices. But even in a down market, with many homes to choose from, home buyers have to make compromises.
Most home buyers that I meet have a list of things they want in a home. There are the “must-haves” and the “like-to-haves.” When we begin looking at homes and matching their “must-haves” to their price range, compromises are needed.
I often tell clients, “even people looking at million-dollar homes need to make compromises.” It’s not only about price range.
Part of buying a home is education…showing buyers their options to prepare them to make a decision and make compromises. If you spend $300,000, you can get what you want but you only have $250,000 - let’s find a home that gives you most of what you want. What can you give up? Read the rest of this entry »
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