Attention Deficit Disorder

If you can just sit down and focus for 73 minutes, you will really enjoy this meeting of the Attention Deficit Society.

It is truly amazing how much things have changed in 13 years.  Just looking at our humble industry of property management, where technology has made things so much easier, that now we expect to give every response instantaneously – and some of us can pull it off!  Quick email or text updates, talking while driving (enjoy it/hate it while it lasts), email autoresponders…I used to be able to identify REALTORS when driving by the open file they were trying to read while on the freeway.  FaceBook (of course) so that you can update everyone about that great sandwich you couldn’t finish at lunch.  Blogs so that we can each be celebrities for our own audience.

But the net result, unfortunately, is how often your time is chopped up into little, meaningless pieces – how much time do you give yourself for just sitting peacefully?  How deeply are you relating with your friends or handling problems?  Of course there is always going to be some skating through parts of your day, perhaps in some kind of hypnotic state (do you remember driving to work this morning, or did you just wind up there?), but what of the overall quality, for yourself and for what you are doing, at work or personally?

I hope this post finds you well, and maybe makes you think for a moment.  And to tie this in with what I do for a living:  if you think the quality of what we are doing is not there, let me know.

What Kind of Real Estate Market IS This?!

A Yahoo article “Why the Housing Market Is Three Times Worse than You Think“ gives us good information about why you should probably avoid selling right now if you can – IF all you intend to do is sell.  All evaluations of housing markets are from the selling side, based on the idea that everything is driven by inventory.  From an individual standpoint, each transaction has a buyer and a seller.

In the article, the writer gives an indicator that in the United States overall this is a “Buyer’s Market:” inventory gets absorbed, or sold out, over 8.6 months, or even longer if you agree with what is said about properties in distress and bank-owned properties not yet on the market.

The combination of amazing mortgage rates right now, and historically low prices right now, indicates that right now is also a great time to purchase a home.  These elements are usually associated with a “Seller’s Market.”  And when you add the fact that in Reno and Sparks, short sales and most bank-owned properties accept offers within a few days of coming on the market – that is a BIG indicator of a “Seller’s Market.”  This is because the “Buyer’s Market” factors are trumped by pricing, which is driven by what bank-owned properties are doing.

This can be a terrific time to move up to a larger home, or a newer one (or both):  the price you are paying per square foot will probably be greatly reduced.  It can be a terrific time to purchase an investment property:  there are condos that are priced well enough that you may be able to pay cash, and get a monthly return that is as good as anything other investment vehicles have to offer.  At this time, newly-purchased rental properties are very likely to cash flow.

This is all evidence that, just as in any real estate market, you should evaluate your goals whether you are an investor or a homeowner.  Don’t just fall for hype.  See what options are available for YOU.

Distressing News, Distressed Property

I was amazed to come across this New York Times article about a fellow named Charlie Engle, who is now in prison for mortgage fraud.  Back in the “boom times” of 2005 and 2006, he took on one or two (hard to say for sure) stated income loans, sometimes called “liar loans.”  And now he is in prison, although the evil former CEO of Countrywide, Angelo Mozilo, roams free.  It doesn’t seem fair, and here is all I can come up with as a moral to the story:  do your best to make a short sale if you are having trouble making your payments, and do your best not to be noticed!  And if you knowingly committed loan fraud, or even wonder now how you got that loan, you definitely need to consult with at least one attorney.

This last week I earned my Certified Distressed Property Expert [CDPE] designation, and learned plenty about the options available for a homeowner who is having trouble making the payments.  Having attended a couple of other courses about distressed loans, including the Short sale and Foreclosure Resource [SFR] course, I feel the CDPE agent is going to be your best candidate to interview for listing your home.  You can find a CDPE here, and learn about the designation at the same site.

These are tough times for almost everyone, and it DOES NOT MATTER whose fault it was at this point.  Now is the time to find out what your options are, and ACT.