Taunton, MA

Earlier this year I wrote a blog on "A Day in the Life of Showing Junky Bank Owned Properties" and boy.. am I glad it has nearly come to a screeching halt. Seems that the foreclosed homes are non existent now.

I love traditional real estate, but I am also accepting of whatever challenges the market brings, I will work it.

While nobody has a crystal ball, I am seeing glimmers of hope! I remember from June 2008- April 2009, I sold some multi-family homes in the Taunton MA area. At time, there were 91 multi family homes on the market in Taunton. Now there are less than 40!

Single family inventory has come down quite a bit too.

More and More, Lenders are working with their homeowner clients on loan modifications and short sales. This is why we aren't seeing the bank owned inventory. Though some believe we will see another run up.

First time home buyers are out in droves for well priced homes in good condition now. I am also not receiving nearly as many request to see the bank owned homes from first time buyers. I think they know that if they spend 100,000 on a house that needs 100,000 in work, they should just look at the 200k range. They know too, that the bottom doesn't matter. It is about affordability, and of course $8000 tax credit also helps!

The biggest challenge now is the number of short sale properties on the market and the challenge these transactions pose when working with the sellers bank. The process is unreasonably time consuming. The sellers banks want to see market time and normally will not accept the first offer.. so it seems. The trend I see is that the sellers lenders wants to see market time at the high price first. . this is definitely another blog.. I am sure this will work itself out as well.. I digress.

So will there be another run on foreclosures? Maybe, maybe not. It really doesn't matter.. the market is the market.

I will say what I like about the recent change in showing property is.. that I can see heating systems in operation, plumbing that actually works, not have to put Vicks under my nose because of the bank aroma, and I really like not having to worry about my clothes being torn on something. I also don't miss wearing boots and touching germ infested surfaces.

So for now, traditional real estate, for the future???

Lori Lincoln is a realtor/ consultant with Keller Williams Realty. She educates her clients so they can make good decisions.

Please contact her for a no obligation consultation.

Her service areas are: Taunton, Rehoboth, Seekonk, Somerset, Dighton, Assonet, Lakeville, Middleboro, Berkley, Dighton and other surrounding towns in and around Bristol County Massachusetts.

For An Entire MLS List of Properties for Sale in Massachusetts go to http://www.LoriLincolnTeam.com

and get your home value at http://tauntonhousevalue.com

email: LoriLincoln@kw.com

direct: 508-878-0917

Your can text or email, all messages go directly to the above phone.

While the media reports on a dismal economy.. they mis-lead us into believing the sky is falling.

While unemployment is around 7% nationwide.. doesn't this mean that 93% are employed?

While 1 in 10 homes are "under water" doesn't this mean that 90% of the other homeowners are NOT?

When there is a chance of sun.. why don't we hear this report? Instead we hear about the chance of rain?

So now, I am on a mission to de-program my brain to positive channels.. what about you?

So on with the report:

Currently there are 164 single family homes in the market in Taunton ( In December there were 190!)

Last month-13 sold

Currently under agreement- 27!

Multi family homes-

Currently on the market 57

Last month there were 82!

Sold last month-11

Multi family homes under agreement- 14!

Trends- I noticed that the bank owned homes are moving and recieving multiple offers. In fact, all priced right homes are selling fast!!

First time buyers are really out there buying well priced well located real estate. For buyers, this is a great time to buy.. as a lifestyle asset that will more than likely appreciate greatly over time.

Interest Rates are the lowest I've ever seen! I paid 11% on my first house- a condo at $100,000 back in 1987! My payment was in excess of $1100 per month.

The same $100,000 condo is now about $500-600 per month based on a 5-6% rate. This is less than rent! I don't understand some of the fence sitting. Buyers- take advantage of these opportunities. Nobody knows if the market will keep going down. we will all be looking in the rear view mirror when it does happen.

.... but we do know that interest rates WILL go up!

_________________________________________________________________________________________________________

Lori Lincoln is a Realtor/Consultant with Keller Williams Realty. She can help you with your home sale and/or your search for a great deal on a new home. Lori Lincoln is a Top Producer and Educator in an office of 124+ agents that care about its clients and their needs.

For a free MLS home search go to http://LincolnTeamRealEstate.com

Contact Lori today 508-878-0917

email: lorilincoln@kw.com

Another cautionary tale. I just had a closing postponed (and maybe won't ever close) due to the final walk though on a Fannie Mae owned property which revealed that all of the copper piping had been neatly and expertly removed from the house!! The property had only been under agreement for 3-4 weeks. It was a cash deal for the buyer and so no appraiser had visited. The house itself is in need of extensive repair but the condition now is significantly worse. If it were not for the buyer's broker insisting that the buyer do a final walk through on the morning of the closing, we would have closed and gone to record without knowing. I can only imagine Fannie Mae's unwillingness to undue the deal after it had closed. The buyer was not inclined to do the walk initially, as she knew repairs were going to be needed anyway. Little did she know how much repair was need. Fortunatly, it did not close and Fannie Mae is faced with accepting a much lower offer from this buyer (if she choses to do so) or letting the property sit for a while (maybe a long while) longer. Good work by this buyer's broker. Lesson . . do not ever skip a final walk through on any sale. Who knows, they could have taken the whole house away!!

So I've seen and heard some craziness among a few individuals in our profession. Most of the unprofessionals left the business, but I still observe some these pet peeves of mine at times. I am not the perfect one, so if you ever catch me in any of the following, speak up!

1. Short Sales- my pet peeve is working with the other agent who represents the other side of the transaction and they just aren't educated on how short sales work. .. the good, the bad.. the ugly. My opinion.. if you don't know about short sales.. get educated BEFORE you start working with buyers and sellers, because they are trusting their Realtor to know and help them. You cannot be their fiduciaryagent if you aren't educated.

2. First Time Buyers and Bank Owned Property-many times buyers agents just don't educate themselves enough to inform their buyers that their lender's chance of approving a loan for a home with no heat, busted pipes and lots of fixes are slim to none!

3. Pre-Approval Letters- A real big one. A buyer called me earlier this week saying he was pre-approved. I looked at the letter and it said he was pre-qualified. I prefer to have a trusted loan officer consult and take a full application using desktop underwriting. This young man was mis-led, and his bubble was burst.

4. Over the Top Over Priced Listings- Why do we still see 70% of our home listings overpriced. Why take a listing, invest your hard earned money and precious time on something that will not sell? We are all guilty of this... some more than others. What the heck are we hoping for?.. some schmuck buyer to fall from the sky who has "sucker" written all over himself? I still see them $100,000 over priced. We do such a disservice to our sellers and the public when we aren't upfront about the comparables, absorption rates, etc.

5. No Photos - Another big one. I cannot tell you how many buyers tell me that they prefer to shop online first. They will pick the homes they like based on the interior and exterior photos. If a listings has just one or two pictures, they will think something is wrong with the house. So now the listing just sits and sits.. 300..400.. 500.. 600 days on the market. OUCH!

6. MLS Descriptions on listings-Did you know that it is a given that the buyer expects the heating system to work, the septic system to be in good operating order. and the words "Motivated Seller" cry out "I'm desperate.". Please stop listing the mechanicals. Use this valuable MLS space to "sell" the reasons why a buyer might like the house. Instead of using "Motivated Seller", just get them to reduce the price.

7. Allowing Buyers to view homes on lock box without you, the agent- Did you know that if something were to happen, you could be held responsible? Your buyer could get hurt.. and if they went to the property without their agent, fell down on ice, stairs etc.. just NOT A GOOD IDEA.. Furthermore, it isn't the right thing. If you cannot make it, schedule a time when you can. IF the buyer doesn't understand and wants to work with someone else because you won't let them go alone.. find another buyer, it just isn't worth the angst.

Currently there are 317 homes in Taunton MA on the market including condos, multifamilies and single family homes

61 Are Multifamily properties,

172 are single family homes,

32 Homes are pending/under agreement

26 homes were sold from December 1, 2008-December 31, 2008

Taunton home values continue to decline which presents buyers a rare opportunity to move into an affordable home

Outlook for 2009: We will continue to see more bank owned properties and short sale property come on the market as pay option arms reset.

Bright Spots: Interest rates are hovering around 5%, Buyers are taking advantage of the bargains.

__________________________________________________________________________________________________

Lori Lincoln

Your Professional Realtor of Choice for the Taunton Area and surrounding communities. Pro-Active, High Communication, tech-savvy

Keller Williams Realty

http://LoriLincolnTeam.com

email: LoriLincoln@KW.com

You can request a current copy of my "BEST BUYS OF THE WEEK" with a quick email to lorilincoln@kw.com

Visit my website to see all MLS listings in Massachusetts at http://LoriLincolnTeam.com