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Archive for February, 2009

New Orleans added to our coverage list

J. Andrew English J. Andrew English
Thursday, February 26th, 2009

We are currently in the process of finalizing our membership with the New Orleans MLS system, also known as NOMAR. Once this is completed we will add the docs to the list now area of our website.

Interesting note, if you hold an adjustable rate mortgage that is adjusting now or in the next few months, you might be in for a nice surprise, many adjustable rate notes right now are plummetting. What does this mean to you, it means your monthly payment might be dropping substantially. I have spoken with sellers within the past few weeks who have seen their monthly payments drop as much as $500 per month because of this reduction in rate.

Full Fee Brokerage Commissions

J. Andrew English J. Andrew English
Monday, February 16th, 2009

An article appeared this morning through Inman News titled, “6 Percent Commission is Dead” by Anthony Longo. More interesting than the article is the large number of responses by current agents. These types of articles aren’t new to Inman News and the responses never differ.  Commission fees are a hot topic item for agents. Frankly, many will jump at the chance to defend their fee structure any chance they get. What interest me is that an article such as this one will receive hundreds of comments within the first 24 hours, however, an article of actual use will receive only a small handful of responses from these very same agents. Another observation is that many times, the articles are written by a struggling Realtor(R) who is either bitter at the current system or they have a vested interest in some new sort of commission model they want to promote. (typically because they tried the 6% model and failed) Very rarely will you ever see a  highly successful discount broker publish an article such as “6 Percent Commission is Dead.” When consumers get their hands on articles such as these, it is important they always consider the source of the information. What is the interest of the author and what is the interest of the publishing body? (in this case, Inman News benefits from the immediate increase in web traffic) I am not supporting the 6% model, but these types of articles appear every week and rarely do they ever pose a solution, instead, they attack the 6% model without proposing a better alternative.

Astounding Phoenix Numbers

J. Andrew English J. Andrew English
Wednesday, February 11th, 2009

Just over 400 properties were sold in January 2008 in Phoenix, Arizona. January 2009  yielded just under1300 sold properties within Phoenix.  This is a trend you are going to see throughout the spring. Sold nunbers are going to skyrocket in comparison to the same reporting periods from 2008. What’s the catch? Prices are down. What’s the good news? Supply has to get moving in order for prices to begin moving back upward. All reports that I have read throughout the west indicates that property solds are up from the previous year and most everyone expects this trend to continue into the summer. Sellers should not be frustrated that many of these sales are REO related. These properties must sell before the market can rebound.

Mesa Sales in January:
2008 – 185
2009 – 325

Phoenix Sales in January:
2008-400
2009-1300

Pending Ratio Data in Las Vegas

J. Andrew English J. Andrew English
Thursday, February 5th, 2009

For those of you who are not familiar with the grid system, Las Vegas is divided up into area numbers according to the MLS Grid. These #’s range from 101-810.  Many brokers start their search by focusing in on area, for example, you target the southern portion of Henderson by searching area 606, etc.. The heart of Summerlin is area 405 and is typically very well sought after: Below is the data I pulled this afternoon from area 405.

430 pending properties
1200 active
Pending Ratio: 26%

Area # 404 (West Summerlin)
217 pending properties
775 active properties
pending ratio: 22%

In fact, if you search any desirable area of Las Vegas, you will find the pending ratios are almost all above 20%. This is pretty astounding considering less than 7 months ago these numbers were below 10%.