Matthew Genovese

Straight-talk about the stimulus.

02-20-09

CNBC reporter Rick Santelli, from the floor of the CBOE yesterday spoke out against the stimulus. It was very, very refreshing to see someone finally defend the free-maket economy and blast the latest trend toward collectivism. He also had some straight-talk about the mortgage bailout and about personal responsibility.

One interesting point that I have read and he states here is artificially lowering the mortgage rate to 4.5% isn't going to keep many people from defaulting on their loans. According to Santelli in this piece if you lowered the rate to 0%, 40% of the at-risk loans would STILL default because people simply took out loans far greater than they could ever afford. That is, unfortunately, the stark reality.

Here is a link to the video its must-see TV!

0 Comments

The Power of Photography

02-09-09

Matthew Genovese

I was reading a blog today by a professional photography studio that sells their services to the real estate industry. As part of their sales process they have commissioned a study about the positive effects of professional photography in selling homes.

In reading this I found that it was good information for sellers and good reenforcement of what we already know...that homes listed on-line with pictures are always better received by buyers than those without...and those with more pictures better received than those with just one or two.

Our company has a policy of posting at least six pictures of every listing. It makes the experience of viewing the home on-line so much more enticing when you feel like you are seeing the entire house...not just the front lawn.

Now, this site has quantified that people give a higher perceived value to homes that have "professional" photography. But I think that with the right person behind the camera, you don't necessarily have to pay for a photographer. A "professional" REALTOR should be properly equipped to take good, high quality photos of your home.

Of course, that isn't always the case. In looking through the photos on REALTOR.com you can always find the shots that are out of focus, or of the cluttered bed room or the obligatory bathroom picture with the reflection of the agent on the mirror!

But, again the real take away here is that some is always better than none. According to the survey (here's a link to the findings) a $410,000 home is perceived to be worth $435,000 with any pictures in the listing. That means even the bathroom pictures! Now, if you want to pay up for the professional photos there is a benefit. Similar homes listed with professional photos have a perceived value of $460,000. It's your choice.

There really is no option; don't let your home be listed on-line without posting numerous pictures.

What have been your experiences with real estate photography? Have any funny pictures you want to share? Have you ever used a professional photographer for your listing photos?

0 Comments

Save The Dream

02-06-09

Matthew Genovese

Coldwell Banker is working on an initiative among all of their agents and brokers to reach out to families who are at risk of foreclosing on their homes and offer support or resources to assist them and help to "save the dream" of home ownership.

If anyone knows of a family in those circumstances please let them know about the following two resources:

1. The U.S. Department of Housing and Urban Development has launched a resource web site with a Guide To Avoiding Foreclosure with important information.

2. Hope Now is an alliance formed by the U.S. Treasury Department, HUD and mortgage counselors and credit counselors to assist people in need and at risk of foreclosure. Their web site also has a lot of resources and links to assistance that is available.

Who do you know that can use this information? Please pass these links along and if you need more assistance contact me. I will be happy to help "save the dream."

0 Comments

NBC's Top 5 Real Estate Myths

01-26-09

Matthew Genovese

I saw this link today on Twitter. @realtorjohn posted it this morning. Check it out and h/t to @realtorjohn for the info!

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

If your are having trouble viewing this here...check out this link to the MSNBC site

2 Comments

Market Correction Opportunities

01-12-09

Matthew Genovese

This press release posted on the MSNBC site today says something that I have been telling clients and friends for a while now. That a market correction, especially one as large as we are seeing now, is an opportunity not a problem.

Here is the salient point from the release:

"However, a market correction is not something to fear; in the great depression and crash of 89, while the average person experienced troubled times, there were a small number of people who became millionaires during the same time. They went against the tide. While everyone was running away from the market, these people were buying properties at a significant discount."

That is one of the most true statements ever made about investing. The real opportunitiesarise when fear and panic are at there highest levels. People are selling at irrationally low prices and the level-headed opportunistic investors are buying up under-valued commodities (be they real estate or stocks or any investment) only to hold them and sell them when they return to favor for large profits.

Warren Buffet sums up this philosophy very succinctly: "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful"

If you think this is a lot of spin and Pollyanna outlook I will make one last observation: Have you heard of the Kennedy or Rockefeller families? How about Howard Hughes? Of course you have...you've heard of at least one of them. They all made (or drastically increased) their fortunes during the Great Depression.

0 Comments

« Previous 1 2 3 4 Next »