It's been an interesting couple of weeks. I've been getting multiple phone calls from home buyers finding my real estate websites and contacting me for more information on homes that they are interested in.
That's great! Except for, most of these home buyers are doing research for their part time real estate agents. The phone call goes something like this:
Scenario #1
Home Buyer: Hi, I wanted to get more information on 1234 Main Street. I saw it on your website and wanted to see if you can show it to me.
Me: That's great. I would love to help. May I ask you, are you currently working with a real estate agent?
Home Buyer: mmm... yes... but, my real estate agent doesn't have time to show me the home. He or she is very busy. Can you please schedule an appointment for me.
Scenario #2
Home Buyer: I was driving through an area and saw a house that I liked. There's a sign for XYZ company, but they're not returning phone calls. I googled the address and your site came up. Can you please give me more information.
Me: Same answer - see above.
Home Buyer: Yes... I'm working with an agent, but your site is so informative and you seem so nice. You wouldn't mind giving me more information about this house, would you?
Scenario #3
Home Buyer: I would like to get more information on a Pasadena home that you have on your website. I called my real estate agent and he said that he didn't have access to the MLS, can you pull this up for him.
Me: SHOCKED... trying to think fast of an answer that will not offend.
Scenario #4:
Home Buyer: Hi, I'm calling to see if you have any short sales in Pasadena, Temple City or Arcadia.
Me: Sure... there are many homes available that are in the "short sale" process. Are you currently working with an agent.
Home Buyer: Well... I'm actually a lender looking for my client.
Me: Okay, no problem. Is your client working with a real estate agent?
Lender on behalf of Home Buyer: Silence... well... I'm doing all the pre work for my client. Just collecting information.
Me: That's great. But, isn't your client working with a real estate agent to help him buy a home?
Lender on behalf of Home Buyer: You see... once we find a home, I will represent him.
Me: Do you have access to the Multiple Listing Service (MLS)? All the information on short sales is there.
Lender on behalf of buyer: silence and hang up
Okay, so I'm getting a little frustrated here.
Let me set the record straight. Real estate agents work on commission.
Minimum real estate agent responsibilities:
We explain the home buying process.
We ensure our clients are pre-approved and understand what they can and can not afford.
We find the right homes for our home buyers.
We negotiate the best price and terms.
We oversee all transactional details during the escrow process.
We close escrow.
Home buyer is happy and we get paid.
The best real estate agents will only work with 3 to 4 buyers at one time. Their time is limited because their focus and attention is devoted to their clients.
If you are a home buyer working with a real estate agent that is unable or unwilling to provide you with the attention that you deserve - switch agents. But, please, I beg you, do not call me and ask for information and cut into my time with my clients. It's simply disrespectful.
If you are a lender who is trying to make some extra money on the side dabbling in selling real estate. Let me tell you. It's not easy. If you're not equipped and trained and experienced to do it correctly, just don't. Save yourself and your clients the trouble. Refer your home buyers to a great real estate agent.
And, if you are a part time real estate agent that does not have the time for your clients because you have another full time job or do not have the money to invest in the MLS and other needed tools, well... you know what NOT to do...
This post was originally posted at http://www.irina4realestate.com/a-new-breed-of-real-estate-agents/
$100 million has been allocated and is available on a first come, first served basis. So if you are thinking of buying one of the new Pasadena condo developments like Granite Park or Lake at Walnut, make sure to take the opportunity to apply for this credit.
Here are the California tax credit rules:
California Tax credit amounts
California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available.
Total credit allocated to date by California: $0
Remaining credit available: $100,000,000
To check how much Tax Credit Allocation is available, visit the Franchise Tax Board New Tax Credit for New Construction Home Buyers Page.
California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.
How To Apply:
Housing Act helps first time home buyers and real estate agents!
The Housing and Economic Recovery Act of 2008 was signed by President Bush on July 30, 2008. While the primary intent of the Act was to improve confidence and stability in the housing market by providing mortgage relief by keeping American families in their homes, another area of the Act provides a huge tax break for first-time Pasadena home buyers.
First time home buyers (means any individual who had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence) may receive a tax credit up to $7,500, and for couples using the standard deduction to receive an additional $1,000 deduction for property taxes ($500 for individuals).
READ MORE: How are property taxes calculated on your Pasadena home?
In order to receive this tax credit, the home purchase must take place between April 9, 2008 and July 1, 2009.
This temporary Act was designed to get home buyers who were thinking of purchasing a home to act now to stimulate home purchases, and help home builders and real estate agents sell more homes.
Here are some key provisions of The Housing and Economic Recovery Act of 2008:
READ THE FULL ARTICLE: TAX BREAK FOR HOME BUYERS for eligibility, inocme limits and payback provisions.
This question comes up quite often these days - "What is the difference between a foreclosure property and REO (real estate owned)?
A foreclosure is a legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.
Real Estate Owned (REO) is real property that has been foreclosed by a lender and is now owned by the lender.
There's a lot of confusion between a foreclosure and REOs. When real estate buyers call me asking about foreclosures in most instances, they are really inquiring about REOs and here's why?
READ FULL ARTICLE ON THE DIFFERENCES BETWEEN REO AND FORECLOSURE HERE
South Pasadena real estate market statistics for the last 3 months are below. For a full analysis and commentary, please visit the original post at the South Pasadena Real Estate website.
| Single Family Residence | Sep-08 | Oct-08 | Nov-08 |
| New Listings | 10 | 13 | 9 |
| Total Listings | 33 | 34 | 35 |
| Sales Pending | 9 | 8 | 0 |
| Homes Sold | 5 | 5 | 9 |
| Listings Expired | 3 | 5 | 6 |
| Average Days on the Market | 68 | 96 | 77 |
| Average Price Per Sq. Ft. | $499 | $493 | $462 |
| Average Median Price | $930,000 | $940,000 | $1,000,000 |
| Average Selling Price | $1,145,178 | $1,037,300 | $998,833 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 28.6 | 29.5 | 16.9 |
| Condos and Townhomes | Sep-08 | Oct-08 | Nov-08 |
| New Listings | 6 | 4 | 5 |
| Total Listings | 18 | 13 | 15 |
| Sales Pending | 5 | 2 | 1 |
| Homes Sold | 5 | 4 | 2 |
| Listings Expired | 5 | 0 | 3 |
| Average Days on the Market | 111 | 186 | 18 |
| Average Price Per Sq. Ft. | $397 | $401 | $369 |
| Average Median Price | $590,500 | $733,500 | $482,450 |
| Average Selling Price | $637,200 | $647,200 | $482,450 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 15.6 | 14.1 | 32.5 |
Posted by Irina Netchaev, Pasadena Real Estate Agent
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