From the category archives:

Buyers

Leisure World in Mesa, AZ or Fort Knox, KY?

by Shar Rundio

Today I was out showing homes to a (maybe) retiree buyer from Pennsylvania.  We looked at some patio homes and some 55+ homes.  A couple of the active adult community homes she wanted to see were in Leisure World.  Now, I live just a couple of miles from there and pass it all the time but I will tell you that I don’t do a whole lot of business in there or many of the active adult communities.  Not that I don’t want to (and quite frankly I’ve had several 55+ community buyers lately) but I tend to have serve first time buyers or move up buyers as a larger group compared to retirees.  Anyway…I digress.  

I look through all the listings this morning and notice that they are all vacant.  I make a small note mentally that one says to call for the gate code.  We arrive at Leisure world and (being the rule follower that I am) I pull to the left side (labeled for visitors) rather than breezing through the open gate on the right side.  We wait for the guard to finish his business with the cars ahead of us and I pull up with my MLS sheets (they’re called Planos) and introduce myself and indicate that I’m a REALTOR and I’ve got three houses to show in there.  Well, apparently this guard really enjoys the power bestowed upon him by the high and mighty Leisure World gods and is not about to let some terrorist REALTOR invade during his watch.  Here’s how the conversation went:

Me:  Hi, I’m Shar Rundio with Keller Williams Realty. I’m checking in and will be showing three houses that are for sale in your community (smile).

Guard:  Do you have the house numbers? (grumpy pants)

ME:  I sure do!  They are 555…55..

Guard:  SLOW DOWN!

Me:  Ohhhh, OK.  5…….5……5,     5……5……5,    5………5………5

Guard:  Do you have an appointment with the homeowners?

Me:  ummm…no, the houses are vacant.  (“estate sale” leads me to believe that at least one owner had an unavoidable appointment)

Guard:  Well you have to have an appointment! 

Me:  With whom?  The houses are vacant.  I have the lockbox key and permission from the listing agents to show them.

Guard:  Well you can’t just go trespassing on private property without an appointment!  You need to go down to the real estate office and make an appointment.

Me:  Seriously?  Are you kidding me?  You’re not going to let me in?

Guard:  You can make a u-turn ahead.

I seriously considered backing up and flying through the (still open) gate on the other side.  What was he going to do? Run me down in his golf cart?  He would have had to leave his post and that would have taken some time to get out from behind his glass window and besides, what other crazy REALTOR might have entered illegally?  But, I was trying to be good with clients in the car.  

So instead I call and speak with two of the three listing agents for the houses I want to show (one of whom was as befuddled as I) and one says that he’ll call and put my name on the secret list of allowed people for that morning.  We drive to the other entrance and arrive just in time for the call to come in allowing safe passage into the land of Leisure World.  We did break the rules and look at the other two (which I still didn’t have permission to “trespass” upon) and laughed the whole time that they were probably going to show up on their golf carts and have us removed.  

The events of this morning leave me pondering several things:

  • While I wouldn’t call it trespassing, isn’t taking people into other people’s personal property what I do all day long?
  • And isn’t that what the sellers want?
  • What is so important about Leisure World that requires such stringent visitor rules?  Who do they think they are, Fort Knox?
  • Does anyone really dress up in their REALTOR costume (complete with MLS lockbox key and planos) and take two elderly women and a 50-yr old daughter as a cover to invade Leisure World?
  • Who could rob/vandalize/whatever a place where people are driving by on their golf carts waiving every 2 minutes?
  • Who gets their kicks by being such a butthead?  (sorry it’s evening now and the pleasantries have left)

What are your thoughts?

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5 Biggest Real Estate Myths

by Shar Rundio

Barbara Corcoran and The Today Show did a nice little piece last week that reiterates what I have been trying to convey about timing the real estate market. They talk about the 5 Biggest Real Estate Myths:


Visit msnbc.com for Breaking News, World News, and News about the Economy

The Myths are:
1. Sellers Today are Desperate to Sell
2. You’re Stupid to Buy a Home Before Prices Have Bottomed Out
3. You Can’t Buy a Home with Less than 20% Down
4. Now is the Absolute Worst Time to Sell Your House
5. Before You Refinance, Shop Around to Find the Best Rate

Did you hear what she said about Phoenix Real Estate?

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Timing the Market: Is the Phoenix Real Estate Market Going to Decline Still?

by Shar Rundio

Are We at the Bottom Yet? Why Timing Doesn’t Work

It happened again today…and yesterday for that matter.  I inevibility get the question,  ”What is the Phoenix market going to do?” and that is usually coupled by “Are prices going to continue to go down?”  What they REALLY mean is, “I want  you to tell me the exact moment that the prices are at their lowest and then I want to buy my dream home.”  This way of thinking is flawed for a couple of different reasons:

  • You know the saying “Hindsight is 20/20?”  It is a common saying for a reason and it pertains to real estate markets, too.  It takes three months of “different” activity to create a trend.  The problems is that we won’t know that we’ve hit bottom until we are already three months past the bottom.  Look at this diagram:

  • Different areas and communities bottom out and trend a little differently.  Did you know that houses are flying, FLYING off the market in Queen Creek?  They are cheap but it’ll take some doing to get one that you want.  Multiple offers, over asking price, cash buyers.  Sound familiar?  My experience recently with a couple of clients out there…20 houses, 4 offers, 1 house (as a back-up offer when the first buyer couldn’t get it done).
  • Interest rates play a role, too.  Would you rather have a payment on a house that:  a). you got for $10,000 less or b). the interest rate was 1% less?  HMMM???  Not sure?  Food for thought…
  • Will you be emotionally invested in your home or is it an investment that you have no real ties to?  Even with the quantity of homes on the market right now finding that perfect one is still challenging for some.  And what if you lose it by waiting for the price to come down an extra couple of thousand dollars?  It’s never fun for anyone (least of all your Realtor) when we have to live with “the one that got away”.

Here’s another diagram for you that depicts the cyclical nature of markets.  

My wish for my clients and all the rest of you out there is that we would focus on the safe zones.  Is it a safe time to buy?  YES!!!  Might the market decline a little still?  Sure.  

Might we be in the Lucky Zone?  

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Rates Hit 5%

by Shar Rundio

30-year fixed FHA and Conventional rates just hit 5%!!!

So, in this DISCOUNT BUYER’S MARKET (notice that discount part, not even just a buyer’s market) with interest rates like 5% what the heck are you waiting for?  Who do you know that should be investing in a home for their family or building their investment portfolio while the time is right?

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Reasons to Buy/Sell During the Holidays…

by Shar Rundio

 

The holiday season is upon us and each year I have people ask me if they should postpone buying or selling during this time frame. The answer is IDK (I don’t know). It lies in the fact that I can’t EVER tell you if it is a good time to buy or sell. There are so many variables to factor in that there should NEVER be a hard and fast rule not to buy &/or sell during any season. Things to factor in include: the market, the interest rates, the competition, your motivation, your needs, your goals with a move…you get the idea. I CAN tell you that historically December has been one of my best months in business. Somebody must be buying and selling something during that time frame.

I do have a few thoughts for you to ponder…

  • Showings are fewer and less intrusive, but more likely to be fruitful with motivated, qualified buyers.
  • Many people have vacation time around the holidays allowing more time to look for a home.
  • Most December and early January buyers are particularly serious and very likely facing some sort of deadline.
  • Buying before the end of the year is beneficial for financial and tax reasons. Investors usually want to close by year-end for tax purposes.
  • January is the biggest transfer month of the year and job transferee’s use the holidays to house hunt.
  • By selling now you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market.
  • Buyers are more emotional during the holidays and often base their decision on the warmth and good feeling they receive when viewing your house.
  • The expansion of the Internet and the numbers of people who use it have added a significant off-season dimension to real estate sales.
  • Fewer home sales translate into less demand for mortgage money during the holiday season.
  • Sellers who failed to make sell before the holidays will be extra motivated now, especially if their houses have been on the market for several months.
  • With fewer active house-hunters out there, buyers have even more selection and less competition with offers.
  • Less wait time for home inspectors and appraisers. Remodeling, decorating, appliance installation and other services are more available and at less of a premium.
  • Interest rates are very attractive. If you’re ready to buy, waiting until Spring could be disastrous. The historic low rates = more house for your money.
  • If a house went on the market after the peak season ended, the seller may have a pressing reason to sell, such as a job transfer, financial problems, divorce or illness.    
And the most important reason…
  • Best Realtors: All the part time Realtors have taken the month off!
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