Vic Steele

I don't go door-to-door looking for new business, I don't call people without their permission and I don't have my picture on shopping carts. I don't send out calendars with my picture on them. I don't even plant plastic American flags in your front yard at midnight on July 3rd. That's because I work By Referral Only. I work for my friends, my family and the people that they care about. That's it.

Two things happened this past month that made me realize the importance of our relationship. The first was finding out a former student of mine is doing a copycat mailing to some of my Clients for Life. The second was when I tried to volunteer my time with several different charities this holiday season. None of them needed me! It turns out that so many people volunteer at this time of year, that none of them needed my time. I postulated the possibility that The Food Bank probably needed us more than ever. Sure, my office staff agreed, but you can't volunteer at the food bank Vic, you can't do heavy lifting any more. No, but I can deliver food to them I said!

Two days later, the Orange County Register ran an article that The Food Bank is in desparate need of our help. The recession has put a heretofore unprecedented pressure on them. That sealed it! Today I picked up a Second Harvest Food Bank donation barrel. You'll find it at the front door of my offices at 571 N. Poplar Street, Suite H, Orange, CA 92868. We're often here pretty late, so don't hesitate to drop by. If the offices are closed, leave the donation and a note or a voice mail so I know who to send the tax receipt to! Of course, you are welcome to drop a food donation at my house any time.

On December 12th, 13th and 14th I am asking permission to come to your house. I'm going to have a crew with me that will be there to pick up food. If you would leave a case of food or a bag of food on your front porch, we will give you a receipt for it and deliver it to The Second Harvest Food Bank of Orange County on your behalf! My goal is to deliver at least a truck and trailer-ful of food to them. I know you and I can do it together! (Yes, you can leave boxes of food or a case of one kind of food. They really need peanut butter, canned hams, cranberry sauce and dried mashed potatoes. I won't turn any food down.)

I'm going to call you to schedule my pickup. You are welcome to call me anytime at 714-685-1565. I hope that you will help me show the importance of a relationship - not a mailing list!

Vic Steele, Broker, Dre License 01349863

Valet Real Estate Services

571 N. Poplar Street, Suite H

Orange, CA 92868

714-685-1565

I had a brief conversation with an appraiser this morning and after he e-mailed to thank me, it occurred to me this is information that you might like to have too.

From: Appraiser Craig
Sent: Sunday, November 29, 2009 9:03 PM
To: Vic@SteeleGroup.net
Subject: Fullerton Market Info. Request...

Good Evening Vic, I am appraising a Fullerton SFR for a local lender and I need some broker/agent information to complete my assignment. Since you are currently active in the area, I was hoping you could provide some quick feedback.Here's what I am trying to determine regarding seller concession trends over the past 12 months:

1-Have the number of concessions from seller to buyer increased, decreased or generally stable?
2-The typical concession, has the typical amount/percentage changed (i.e higher, from 3% to 5%), lower or stable?
3-Are the concessions you see generally for closing costs or something else?
4-Are you seeing any buydowns?

Any feedback greatly appreciated

Thank You,

Craig
------------------------------------
Good Morning Craig,

Seller concessions have typically decreased over the last 12 months, though I don't see that as being sustainable. I believe we are still in a market condition where FHA is the most popular purchase loan and many buyers legitimately need help to enter the housing market.

I've seen the seller concessions dip from about 3% to about 1.5% over the last 12 months.

Concessions are typically used exclusively for closing costs. Last year, we saw buyers getting concessions and using them for closing costs so they could use their own money for upgrades, cleaning, etc... This year, we see buyers who don't have the additional funds and legitimately need it. It's ironic that Sellers are less willing to give it now when buyers need it more.

I haven't seen many buy-downs in several months since rates dipped into the high 4's and low 5's.

I hope this information helps you and I am always happy to contribute my experience.

Warmest Regards,

Vic Steele
Valet Real Estate Services
714-685-1565

October is birthday month around our house. Bonnie, Kenneth (14) and Gina (11). We make a sincere effort to make sure everyone feels special on their birthday, but I never pass up a chance at having some fun. As a result, the preparation for Gina's birthday party gave me a great chance for a practical joke.

Earlier this summer, Gina and Kenneth spent the day at the Swap Meet with Nana and Grandad. They came home with PVC blow guns designed to shoot small marshmallows. I thought they were kind of silly, but they were a huge hit with the kids and their friends. They're just ½" PVC pipe, assembled as a blow gun. They are spray painted different colors to make them fun. Everything is painted except the mouthpiece which is personal to each player.

For her birthday party; Gina told us she wanted to have a slumber party and make marshmallow blow guns with her friends. We spoke with the parents of the kids we were inviting and everyone was fine with it, so we said that was okay.

Now we had to build the blowguns.

I relied on my friends Jim and Brandon Volivitch at Lincoln Ace Hardware. We had a lot of fun figuring out how much PVC I needed and picking out the accessories and the paint we needed to have fun building the blowguns. There were to be eight guests, so I asked for eight paint colors.

When I got home, Gina was thrilled with everything except the green and the blue paint we had selected. She asked me if there weren't brighter colors. I told her there were fluorescent colors and I would go back and get them, but she had to go with me if that was what she really wanted. She accepted my terms.

As I walked into Lincoln Ace Hardware, I made a trumpet out of my hands and sounded the announcement. Then I said, "Announcing Princess Gina! Her Royal Highness is here to pick out her own paint colors!" I had a big grin on my face and my tongue firmly planted in my cheek, but I could not believe what happened next. I couldn't have planned it better.

Jim and a customer stepped out of the plumbing aisle in the back of the store. They were both grinning. Then the customer did the coolest thing; he put his hands to his mouth and trumpeted in return! Jim and I were both laughing. Gina was refusing to come into the store at this point, but Jim's cashier Cyndi came to the rescue. She offered to help Gina while the men chortled.

I was still chuckling as we exchanged the colors at the register with Cyndi. She shook her head at me and winked at Gina in commiseration for having dorky Dads. It was a great afternoon that I won't soon forget.

Anyone actively looking for a home will tell you the same thing right now; inventory is down. There is not that much out there for most buyers to get excited about.

That is changing. The banks have been hiring and re-hiring all summer long. The short sale turn times are getting better. So is the communication with the foreclosing banks. On the purchase loan side, there are many stories of loans not closing on time this year. Again, I see that changing. Loans are closing faster and they are going to start closing on time again.

You may have heard the stories of someone living in a home they were "walking away from". I have heard of more than one that have lived in their home for over a year without making a payment. The banks have not had the personnel to deal with that. Now they do.

As a result, industry professionals like me expect a surge in REO/Foreclosure listings before the end of the year. From a strict business standpoint, it makes sense to get them sold before December 31st. I expect them to start showing up any day now on your MLS. I expect them to show up in extraordinary numbers in the coming weeks.

Inventory is down now, but that is only because the cycle was playing itself out. Watch for inventory to swell with a growing number of foreclosures that are finally getting processed.

Here we go. Hold on to your hat!

My family and I drove out to Colorado this past Labor Day weekend. Actually Bonnie drove. Kenneth, Gina, Sasha and I rode in style because I'm lucky to have a wife that understands how important my Dad is to me. It was a strain on all of us, but the quick trip was well worth the effort, you see; my Dad is retiring from Latham Ranch in Colorado. At 72, he is hanging up his spurs and embracing "city life".

Your definition of city life and my Dad's are two different things. Dad moved into his new home in Palisade this week. Palisade, CO; Population 2,840. Well...2,841 now! There are no supermarkets, no shopping malls and I only saw one traffic light. It's downright crowded by Dad's standards, but he has a view of the mountains from his front porch and an unobstructed skyline view over his back fence.

While Bonnie, my brother Bob and his wife Vickie started working on Dad's new house, I did what I am best at; I consulted with a family friend about how a Probate Sale works and offered to help her understand what her attorney was telling her every week. I'm not the Realtor of record on the sale, but I was pleased to help a sweet lady because she was so sincerely thankful that I just couldn't say no!

The next day while everyone went into the hills to watch Kenneth and my nephew Ryan punish some soda cans (they call them pop cans out there) with their .22 caliber rifles; I went over to Snap and Cheryl's ranch home to consult with them about whether a Reverse Mortgage was right for them. Is it ever! I have a lender friend in Denver that I introduced them to and they are on the road to financial security...finally.

We closed out the weekend with a celebratory turkey dinner. I'm not sure what was better, Vickie's turkey and mashed potatoes or the homemade apple pie that Mrs. Herweck sent over for all of us. Hmmm, since I can still remember the cinnamon tingling my tongue, I might have to give Mrs. Herweck the nod, but don't tell Vickie because I love her good cooking when we visit!

The girls tried their best to fatten Dad up over the 2+ days we had with him and everyone worked their tails off while I was "working" too. My brother said something about me being like a blister and showing up when the hard work was done. The thing that really stood out for me all weekend? It was Dad's smile. My old cowboy was smiling every time I looked at him. When he caught me looking, his smile got bigger causing his eyes to crinkle shut. It's a memory I re-live daily since my visit.

You see, a house was always part of his pay these many years on the ranch, but this is the first time in a long time that Dad is a homeowner again. Nothing matches the feeling of being a homeowner - I saw that proved out in his eyes. It made me happy to be a Realtor!

Vic Steele - Broker

Valet Real Estate Serivices

Vic@SteeleGroup.net