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market: Lowballing agent commissions and higballing asking prices! - 01/08/07 04:56 PM
Many asked me this year if there is a way to lowball a real estate agents' commission. My answer is very simple, "You get what you pay for!" If you were in need of a doctor and you were about to go into surgery, would you lowball the doctor? If you were about to go on trial and your liberty was at stake, would you lowball a lawyer? The same holds true for the services you receive in your homebuying and/or selling experience! In my opinion...If an agent is quickly willing to drop their commission without hesitation, it tells me this:
1.) The agent is … (3 comments)
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market: Chico,California Housing Market Report For January 2007 - 01/02/07 06:13 PM
Hey Everyone,
Virgil Cole is an awesome Real Estate Agent at Prudential Real Estate in Chico, California and he puts together a comprehensive market report of what has been taking place in the local Chico market over the past few months. He spends alot of time putting together the data and I'm sure that many homeowners and investors in our market will be interested in seeing the results. Feel free to contact either of us if you are looking to purchase or refinance your home. We're here to help you!
Virgil Cole Scott Gormley
Have a great day!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors … (4 comments)
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market: California Real Estate and Young Couples - 12/24/06 11:42 AM
Last night, I got into a good discussion with some family and friends about how things have changed in Real Estate...Specifically...For Young Couples!
Over the past few years, there have been some MAJOR changes in the Real Estate Market!
Homes across the United States have doubled, tripled and even increased in some parts by 5-600%! I know condos in Southern California that were selling for $150,000 that are now appraising and on the market in the mid $500,00's! A half a million dollars for a 1000sq foot condo! And, the association dues are a couple hundred dollars a month as well! Ouch!
The … (23 comments)
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market: Market Update For Monday 10/16 - 10/16/06 03:05 PM
Mon Oct 16th Market DirectionRates areMoving slightly lower Rate VolatilityLow Interest Rate TrendsLong Term (4-6 weeks)Up Short Term (1-2 weeks)FlatMortgage Point ChangeSecurityChange30 Year Fixed-.115 Year Fixed-.1 U.S. Treasury RatesSecurityChangeYield30 YR Bond-.024.91%10 YR Note-.024.78%National Average Mortgage RatesWeek Ending Oct 12 2006 12:00AMMortgageRatePoints30 Year Fixed6.37%.515 Year Fixed6.06%.51 Year Adjustable5.56%.7Key Interest Rates1 Year T-Bill4.9%11th District COFI4.18%Prime Rate8.25%Discount Rate6.25%Fed Funds Rate5.24% Bond prices trimmed early session gains Monday but were still higherafter a regional manufacturing survey came in stronger than originallyexpected. Benchmark 10-year notes traded up +4/32 for a yield of 4.78 percent,down from 4.80 percent late Friday. The 30-year rose +8/32 or $2.50 for a yield of … (0 comments)
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market: Builder Incentives Getting Aggressive - 10/15/06 10:42 AM
I have noticed a new trend with California home builders, many of them are offering bigger incentives to buyers to buy their new homes. As of recent, I saw a commercial that proclaimed, "no payments for the first 6 months!" The builder was Centex homes and I called the phone number for details. The payments are deferred for the first 6 months and added on the "back end" of the loan or "in the rear." So, you do get some payment relief as a first time home buyer for the first 6 months, but you ultimatly pay for it over the … (3 comments)
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market: Window Shopping - 09/30/06 10:16 PM
Being in the new "buyers market" that we are in, I have heard some interesting stories from agents that I work with. There are "potential buyers" that go out into the marketplace and shop for homes, with no intentions of really purchasing a home, kind of like "window shoppers." In fact, some of them even know that they would never qualify to purchase a home! Some homebuyers will even go so far as to make offers, request quick escrows and so on, as if they get some sort of psychological enjoyment out of it. WOW! Unfortunately, home sellers are more likely … (6 comments)
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market: Buyers Market - 09/13/06 02:33 PM
With the influx of homes on the market, things have switched to a buyer's market! So, what does that mean? Well, from the sellers perspective, you need to offer incentives that will differentiate your home from the rest of the flock. You can do so with offering a credit towards the buyers closing costs to ease the burden of coming up with "on hand cash", or you could do seller carryback financing, offering a rate that is lower than the prevailing rate on the open market to induce a purchase. Coming up with creative ways to market your home can make … (2 comments)
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market: Don't Get Cooked! - 09/04/06 11:22 AM
Do you know how frogs get cooked?
If you throw a frog in a pot of boiling water, the frog wil jump out. However, if you put the frog in room temp water and slowly turn up the temp, the frog accepts the fact that things are getting a little warmer, but that it isn't much of a difference...Before you know it,you've got yourself a cooked frog!
I think we are going to see this happen to a good amount of our peers in the Real Estate industry. The water was cool and everything was great when they had phones ringing off the hook, … (11 comments)
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market: Bubble Burst? - 09/04/06 11:09 AM
It seems to be the topic of many over the past 6 months. Appreciation is slowing down (to more realistic levels),interest rates are increasing and consumers are thinking!
Thinking what??
According to new National Assoc of Realtor reports, "The Pending Home Sales Index fell 7% in July."
The NAR called out that increasing listings and stagnate response of home buyers has slowed things down around the country. David Lereah, NAR's chief economist, said the year-to-year numbers have been a good predictor of the actual pace of home sales. "Based on recent changes from a year ago, the index shows existing-home sales should continue to ease … (4 comments)
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Scott Gormley
Chico,
CA
More about me…
Oak Valley Mortgage-California Home Loans and Refinancing
Cell Phone: (530) 592-8362
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