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New Feature: Ask Tim and Julie Harris | Realtor Coaching
July 2, 2009 – 2:06 pm | No Comment
New Feature: Ask Tim and Julie Harris | Realtor Coaching Popularity: 54%

Ask Tim and Julie…..20080315 fy59efywk44hhdh5yny5n7gt2g 260x300 New Feature: Ask Tim and Julie Harris | Realtor Coaching

We recently received this question from a Realtor whom had requested a Free Coaching Call….

My problem is the dramatic swings in my income…one month I will do great…and for the next couple months I will be in survival mode. How can I get my business to the point where I can have cash flow…vs cash spurts?”

Connie, Realtor from Arizona.

Tim and Julie’s response:

Hi Connie,

Your question is symbolic of a problem that 99.9% of  all real estate agents face. So, if it makes you feel any better…you are not alone!

The challenge is that agents think too much like sales people and not enough like business people. Let me explain…

Agents will go from intense periods of looking for business…followed by intense periods of servicing the business they found.

For example, you decided to list 2-3 houses. That becomes your mission in life…list those homes! You are a focused, driven house listing machine.

In order to accomplish that goal you become more intense, more focused…..you become what we call…the Real Estate Navy Seal. You are intensely focused on:
1)    Asking for business.
2)    Lead generating, prospecting.
3)    Going on appointments.
4)    Doing lead follow up. (have you ever noticed the amount of time you take to call a lead back is directly related to the size of your checking account and number of pending deals?)
5)    Take action..you are going on appointments, doing the things you must do to accomplish your goal.

As a Real Estate Navy Seal you are intense, focused….nothing gets by you. If someone from a mile away mentions selling a home….your heightened Seal ears pick up on the words and you are asking for the business…

The Real Estate Navy Seal is proactive…taking action now…vs reactive.

You indeed accomplish your goal of listing those 3 homes. You did it…goal accomplished.

Now what happens…

You go from being from being a  Real Estate Navy Seal Mode (RENS) into…..a……

Not so intense, slower moving, not all that motivated…Real Estate Sloth (RES). As a sloth you move slower, talk slower, think slower….you are no longer in ACTION MODE….you are now in reaction mode.

Your focus and energies are no longer on generating the business. That powerful, focused intense agent that you had to be has been replaced by its alter ego…the the Real Estate Sloth.

You are now focused on doing things like:
1)    Making home brochures.
2)    Realtor tours and maybe open houses.
3)    Putting the homes on 6 bazillion web sites.
4)    Servicing your sellers.
5)    Speaking with potential buyers
6)    Working on your websites.
7)    Going to endless office meetings….

Obviously, this list could go on and on. The point is..how much time are you spending being the Real Estate Navy Seal vs the Real Estate Sloth?

Here is a great question for you. How much time did you honestly spend in the last 30 days being in Real Estate Navy Seal Mode vs being just another Real Estate Sloth?

Chances are, if your income is constantly going up and down…or maybe you aren’t earning what you need/ want to earn…its because you have yet to understand that being a RENS is actually LESS work than being a RES…..

Every day at HREU we have literally thousands of Realtors participating in a coaching program. I am not telling you that to brag.  You must know that what you are experiencing is common. Believe it or not…there is a proven path for you to follow to learn how to go from being the Sloth to being a Seal.

The first step in creating consistent income is learning how to work consistently. Here is the secret..Consistent Effort and Actions = Consistent Results.

The Navy Seal is in GO mode at all times. He is ready for action NOW. Even more so…he makes things happen. He IS the action. Most importantly, the Real Estate Navy Seal has learned how to be intense..focused…even when he doesn’t feel like it.

Most agents only get results when they feel like it. Only when they feel motivated…when they feel scared because they are broke etc. Look around your market place…you know who the RENS are. They are the agents who produce month in and month out. These are the agents who are growing their businesses in this market…helping more people…making more money than every before. In case you haven’t discovered our FREE Realtor Superstar Interview site…check it out. Free Weekly Interviews with the nations real estate movers and shakers.

The Real Estate Sloth is intense, focused and taking action maybe 10% of the time. The rest of the time…they are just hanging out doing stuff that ‘fills their day…and empties their wallets.’

Are you being consistently inconsistent? In other words, IF you being honest how much time do you REALLY spend at these activities:

Take this simple test. Answer these questions:

1)    How much time are you devoting to lead generating? Old school over the phone prospecting to 21st Century methods…they are all valid and great ways to generate business. How much time (honestly) did you spend this week…heck, all month…on proactively going AFTER business?

(If you don’t know the answer to this question its a sure sign you are currently in Sloth Mode.)
2)    What is your lead follow Up plan? I can tell you from our personal real estate selling experience that lack of effective lead follow up is costing you at least 10 sales per year. (easily). In THIS housing market you have to call every lead back within no more than 5 minutes. And your new lead follow up rule should be:

“I will follow up with this lead until one of two things happens…they list or buy with someone else or they file a restraining order against me.”

Hopefully you know that I was joking about the restraining order. But, its my intention that you understand the intensity that is absolutely required in this market for lead follow up.

(Real Estate Navy Seals have pre-qual forms, scripts, systems…they are ready for action!)

3)    Are you pre-qualifying 100% of your leads…100% of the time? Do you use anything resembling a script when you pre-qual? Do you ask them questions that are designed to….you know…generate business? How much more time would you have, how much more…dare I say….money would you have IF you were to actually learn how to truly prequalify every buyer and seller lead you speak with?
4)    Presenting. At HREU we coach our students to have an organized listing AND buyer presentation. But, no presentation is worth anything unless YOU are out there..in front of potential buyers and sellers…presenting. Is your listing (and buyer) presentations just a mish-mash of things you have picked up along the way? A little of this..a little of that? Maybe your presentation has ‘worked’ for you 50% of the time. In other words, the buyer and seller prospects you were presenting to didn’t run and hide from you as a result of your ad-hoc presentation. Think about this, what happened to the other 50%? How much more consistent would your income be if you not only had a very professional sales presentation…and you were using it on a regular basis?

5)    Closing. How much time are you spending….asking for the sale? Julie and I occasionally watch the HGTV real estate shows…Realtors showing endless homes to their weary buyers.

It’s interesting to watch as the agents seem to always complain about how many houses they have to show….and at the same time the buyers complain about how many houses they are being dragged to see.

I can tell you from personal experience that when we had our real estate team, we sold many homes to many buyers who came to us having grown discontented with their previous agents.

In the course of pre-qualifying them we would learn that the previous agent had been working with them for months (and months). I can clearly remember many of these wayward buyers telling us that they had seen a home with their previous agent that they had indeed liked…but, didn’t buy it. (and it had subsequently sold). When we would ask why they didn’t buy it they would always tell us the same thing..

”The agent we were working with didn’t ask us to…or we didn’t know that it was out job to tell the agent….we wanted to buy…”

In other words, their previous agent never tried to close the sale. Generally speaking if a buyer is in your car, and they have been fully prequalified..ready to buy….they are indeed ready…to buy! So, close them. THAT’S YOUR JOB.

Bottom line, consistent organized actions will create consistent income. If you are ready to make the leap to become a Real Estate Navy Seal start by requesting a FREE Coaching Call.

 
Can The $8000 First Timer Credit Be Used For Downpayment?
July 1, 2009 – 7:58 pm | No Comment
Can The $8000 First Timer Credit Be Used For Downpayment? Popularity: 85%

First Time Home Buyer Credit

First Time Home Buyer Credit

First-Time Home Buyer Tax Credit Anticipation Loans Stuck In The Gate

One of our readers asks:

I’m curious to know whether any banks or lenders are offering loans against the $8,000 tax credit.  Nobody knows the source of these funds.  Like Hope For Homeowners, the FHA hasn’t ironed out all of the details; will this be an ignored solution?

The short answer is “Yes.  This will be an ignored opportunity, like Hope For Homeowners“.

The long answer is that the new HUD Secretary, Shaun Donovan, stuck his foot in his mouth by not checking with lenders before HUD issued the directive.  Cut the guy some slack, though.  His prior job, as NYC Housing Czar, dealt less with lenders than it did with developers and Federal agencies.  He probably thought he could “will” loan guidelines by fiat instead of collaborating with participating lenders.  He’s a bright guy so I doubt we’ll see the same mistake again.

The current law provides for the first-time home buyer tax credit to be offered to buyers who complete their purchase prior to November 30, 2009.  This means that properties should be in escrow by Labor Day to be certain the deal closes in a timely manner.  Frankly, HUD-approved lenders don’t see value or profit in this short window of opportunity.

There is talk about increasing the first-time home buyer tax credit to $15,000 and enacting it for a one year period.  Should that happen, and HUD issues an updated mortgage letter allowing that credit to be “monetized” through a loan, there might just be a large enough market for the lenders to find a solution.

If you’re frustrated that the HUD-approved lenders won’t play ball, understand that legislating loose loan guidelines is how we got into this whole mortgage mess.  Anytime the Government mandates lenders to make risky loans, it’s a recipe for disaster.

Brian Brady is referred to as “America’s #1 Mortgage Broker” on Google.  Mr Brady is a San Diego-based mortgage banker and broker, funding loans nationwide.  He has a specialty in VA home loans and has helped over 900 families buy or refinance homes over 15 years.  He can be reached at (858)-777-9751

 
Realtor Coaching Student Success | Real Estate Short Sale Training
June 22, 2009 – 8:27 am | One Comment
Realtor Coaching Student Success | Real Estate Short Sale Training Popularity: 14%

304120801 850b75239b m Realtor Coaching Student Success | Real Estate Short Sale TrainingDear Tim and Julie,

Wanted to thank-you…

I was 2 weeks away from getting out of real estate when I stumbled onto your free short sale webinar.

I was the typical agent who was scared of short sales. Then I got smart and for the past four weeks since I started your program I have averaged 1.5 listings a week. I have three new deals in escrow and I am considering hiring a buyers agent with all the leads I am getting.

Thank you for smacking me in the head and getting me back on the right track to real estate career!!!
Matthew Molony
Inland Empire of Southern California
 
Explosion Of Defaults Happening NOW..Option ARMs Resetting.
June 18, 2009 – 3:02 pm | No Comment
Explosion Of Defaults Happening NOW..Option ARMs Resetting. Popularity: 15%

data 300x225 Explosion Of Defaults Happening NOW..Option ARMs Resetting.Harris Real Estate University students……as we have been telling you (warning you) for well over a year……

WASHINGTON — Call it son of subprime. Experts warn that a new wave of mortgage foreclosures may be coming soon and could rival the default rates for subprime mortgages and slow efforts to find bottom in a prolonged national housing slump.

The mortgages in question are $230 billion of option adjustable-rate mortgages, creative lending products that flourished at the height of the housing boom. In an option ARM, a borrower can opt to pay less than his or her monthly balance due, and the difference is tacked onto the outstanding loan balance.

Many experts had expected an explosion of defaults in the springtime on these roughly 564,000 outstanding mortgages. However, interest rates dropped to historic lows, and that delayed the detonation of what many housing analysts still see as a ticking time bomb.

AND….we are talking about Jumbo mortgages. In other words, non-FHA loans…..the hardest to get mortgages in this market that require not only stellar credit but, equity (or money down if its a new loan). How many of these homes will have equity enough to re-fi out of their option ARMs….?

“They’re probably going to default at a rate that makes subprime look like a walk in the park,” warned Rick Sharga , senior vice president for RealtyTrac, a foreclosure research firm in Irvine, Calif.

Option ARMs have triggers that reset to a new interest rate based on either a set timeframe or when debt exceeds some cap above the loan’s value. The spring drop in interest rates allowed many borrowers to escape a day of reckoning because the lower rates prevented a triggering of that cap.

Their rates fell so they didn’t have to re-fi…now that rates are headed up…they will try to re-fi. There are no mortgage products that will allow a non-FHA borrower to borrower more than the homes market value. Thus, more short sales and foreclosures.

That just postponed the problem, however, because most option ARMs have five-year automatic trigger dates. These loans were most prevalent in states such as California , Florida and Nevada , where home prices have sunk so far that many homeowners are underwater: They owe more than their homes are worth.

The bulk of outstanding option ARMs — a product no longer available to homebuyers — were issued between 2004 and 2007. Monthly payments on these mortgages are due to reset to a higher lending rate between 2009 and 2012.

“They’re going to have a loan they cannot afford on a house that’s probably way underwater and not have a lot of good options on how to avoid foreclosure proceedings,” Sharga said.

Re-read that….

While a smaller number than subprime mortgages, option ARMs grew from 3 percent of all mortgages bundled and sold to investors in 2004 to 14 percent by 2007.

They pose risks for the broader U.S. economy because they threaten to add inventory to a depressed housing market and could hasten the blistering pace of foreclosure filings — more than 1 million from March to May alone.

Ya think?

“We can’t rebuild housing values when there’s a serious risk that another set of mortgages is collapsing,” said Elizabeth Warren , a Harvard University law professor who heads a government panel overseeing the spending of Wall Street bailout money.

The Mortgage Bankers Association , representing mortgage lenders, takes a more optimistic view.

“Relative to what the industry was looking at a year and a half ago . . . the recast is not going to be the problem people thought it was going to be,” said Michael Fratantoni , the vice president of research for the MBA.

If the subprime crisis hit like a heart attack, the option ARM problem is more like a worsening chronic illness.

Wow, that has to be the words worst analogy….all be it, true.

In a prescient cover story on Sept. 11, 2006 , Business Week magazine labeled option ARMs “nightmare mortgages” and warned that it “might be the riskiest and most complicated home loan product ever created.”

Subprime mortgages caught the nation by surprise because of their short two-year resets to higher interest rates. Option ARMs reset over a longer horizon and thus are a slowly unfolding nightmare.

“This one, everyone knows it’s worsening. Everyone sees it worsening,” said Sandipan Deb, a credit analyst in New York with Barclay’s Capital, a global investment firm.

This long lead time gives lenders and borrowers time to seek alternatives, MBA’s Fratantoni said.

Analysts put the current default rate on option ARMs at 35 percent or higher.

Most were sold into a secondary market, where they were pooled with other mortgages and sold to investors as bonds or securities. The number of these loans is quantifiable, but banks aren’t required to disclose how many such loans they wrote. It’s unclear how many option ARMs remain on banks’ books and weren’t sold to investors.

Barclay’s Capital estimates that at least 37.5 percent of option ARMs originated in 2005 remain outstanding, as well as 63 percent of those originated in 2006 and 82 percent that originated in 2007. Deb and fellow Barclay’s analysts forecast a 38 percent loss rate for pools of option ARMs originated in 2006 and 48 percent losses for those issued in 2007.

Since option ARMs were most popular in states with the largest home price declines, many borrowers owe 30 percent or 40 percent more than their homes’ current values.

That puts many of the Obama administration’s mortgage relief programs out of reach for them, since these programs aid borrowers by lowering interest rates.

“The problem with these option ARM borrowers is they are already paying a low rate,” Deb said, adding that a sure solution would involve forgiving part of the loan balance, something that most lenders have been unwilling to do.

The Obama administration, however, has offered financial incentives to lenders that are willing to accept a short sale or deed-in-lieu transfers. Both of these options involve a bank taking back an underwater mortgage, freeing the owner from further payment and allowing for a speedy resale of the property, avoiding foreclosure proceedings.

And there ya go. Short sales. Realtors, learn how to do short sales. How much more proof do you really need that if you want to be in real estate that you have to be doing short sales? Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Shortsale Secrets book.

“These are the kinds of properties that are right out of central casting for those types of procedures,” said Sharga, of RealtyTrac.

Source: Yahoo News.

 
Home Prices Now Drop To 1989 Values | Realtor Coaching
June 11, 2009 – 9:05 am | No Comment
Home Prices Now Drop To 1989 Values | Realtor Coaching Popularity: 9%

http://www.TimandJulieHarris.com

Some said this would never happen….never happened before….”its simply IMPOSSIBLE….for homes to lose 20 years of value”…
In parts of Southern California, the housing crash has upended a basic tenet of the American dream: that home values always increase over the long term.

Properties in several areas are selling for less than they did 20 years ago, and that’s not even counting the effects of inflation.

The reversal is a bonanza for some first-time buyers. They’re nabbing houses for less than what their parents paid in the late 1980s, jumping into a real estate market that has become a kind of economic time machine.

To return to the past, take a stroll down Mulberry Avenue in Lancaster. John A. Beatrice, 55, bought his spacious two-story Spanish-style house there brand-new for $120,000 in 1989. It was a price he could comfortably afford, and he planned on staying through retirement, so he wasn’t worried about price swings.

“I always knew real estate goes like this,” said the aerospace engineer, moving his hand in an undulating motion like bell curves on a graph.

But he never imagined his neighborhood would drop off the charts. In April, a slightly larger home two doors away sold for $66,500. That’s just over half the $130,000 it went for new in 1992. In 2005, that house sold for $330,000.

Beatrice’s 29-year-old daughter is now shopping for Lancaster houses priced lower than when she was a kid.

Home prices across most of Southern California have not fallen nearly as far. The median price in the six-county area was $247,000 in April, about what it was in 2002.

But in 14 Southland ZIP Codes, mainly desert communities in the Antelope Valley and Inland Empire, median prices have fallen below levels recorded in April 1989, according to MDA DataQuick, a San Diego real estate information service.

That means thousands of homes in those neighborhoods — even houses barely 20 years old and in decent shape — have lost every dime of their appreciation, giving back not just the gains of the recent bubble but steady increases logged over a generation.

Realtors, in this market knowing how to do a short sale is mandatory. Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Short Sale Secrets book, Do this NOW.

The April median price in Beatrice’s Lancaster ZIP Code of 93535, for example, was $87,000. That’s down 74% from a $334,500 peak price in 2007. Even worse was the 92410 ZIP Code in the city of San Bernardino, which covers several older neighborhoods. Its $61,000 April median represents an 84% drop from the peak of $370,000 in 2007.

Prices also tumbled below 1989 levels in neighborhoods in Palmdale, Hemet, Barstow, Desert Hot Springs, Victorville, Highland, Santa Ana and Oxnard, according to DataQuick. Several other inland communities, including parts of Moreno Valley, Banning and Rialto, had median prices that were only slightly above 1989 levels and below the April 1990 median.

The median price is the point at which half the homes sell for more and half for less.

Losing two decades’ worth of gains in a single downturn “has never happened,” said UCLA economist Edward Leamer, who has studied local areas during booms and busts. “You’re seeing something that’s abnormal.”

What’s abnormal this time, Leamer and other analysts said, is the easy credit that pumped up demand and inflated home prices in those communities to unprecedented highs.

Armed with risky subprime mortgages and fearful of being priced out of the market forever, buyers flocked to the outer reaches of the Antelope Valley and Victor Valley. Those distant suburbs became the only option when areas closer to job centers soared out of reach, said John Husing, an economist who specializes in the Inland Empire.

“The families who were buying out there were the ones who couldn’t get in anywhere else,” Husing said. “They were paying stupid prices.”

They were among the first to default when the economy crumbled, bringing real estate prices crashing down. Demand for those far-flung houses vanished when prices dropped for homes closer to workplaces. Riverside and San Bernardino counties have registered more defaults and foreclosures per capita during this downturn than other Southern California counties, according to ForeclosureRadar, an online seller of default data.

These foreclosures, sold at cut-rate prices by banks eager to be rid of them, represent the bulk of the sales activity in some communities.

In the 1990s housing bust, “you had a foreclosure here, a foreclosure there. You did not have almost entire neighborhoods being foreclosed,” UCLA’s Leamer said.

The fire sales have stoked demand. In April, 237 homes sold in Beatrice’s ZIP Code, more than in any other area in Southern California. Most of those properties were foreclosed.

Stable homeowners such as Patricia Hynes have watched their hard-won equity rise and fall, leaving them roughly where they started a generation ago.

Hynes bought her three-bedroom home in Lancaster brand-new for $119,000 in 1989, when Milli Vanilli was riding high on the charts. The poplar, willow and ash saplings she planted in front now tower over the lawn, shading her home from the desert sun.

“It’s my little oasis,” said Hynes, a 62-year-old public health nurse.

Nearby, a four-bedroom, 2,100-square-foot home sold in May for $89,000. That’s less than the construction costs of $100 to $125 a square foot, according to Patrick S. Duffy, principal of Metrointelligence Real Estate Advisors in Los Angeles.

The retro prices are attracting a new wave of speculators. In April, investors bought nearly 1 in 5 homes purchased in Southern California, according to DataQuick. That figure is around 30% in some inland communities.

Mohammed Hafeez, 52, a Culver City electrician, has bought four houses in Lancaster since January.

Hafeez said he paid $49,000 for the least expensive house and $70,000 for the priciest of his investments. He’s now renting them for $1,000 to $1,300 a month, and all four houses are occupied and generating positive cash flow, he said.

Still, he’s holding off on more purchases. Rents are falling along with home prices as investors like him snap up foreclosures and turn them into rentals.

“I don’t know how much or how far down it will go,” he said.

He has reason to worry. Another tsunami of foreclosures is threatening to swamp an already saturated market. In Palmdale and Lancaster, 903 homes were sold in April, but according to ForeclosureRadar, more than 7,500 are in some stage of foreclosure.

Some buyers who thought they were getting bargains didn’t. In Lancaster, Beatrice’s eldest son, Daniel, bought a house near his father’s for $175,000 in April 2008; comparable properties are now selling for about $95,000.

To home buyer Al Rossi, timing isn’t everything. The 59-year-old bought his first house in February in Lancaster for $140,000. An administrator at the Los Angeles Mission downtown, he wanted a roomy place where he could live with his son-in-law and two grandsons. His mortgage payment on the four-bedroom house is $1,050, just slightly above the $900 a month he was paying for a one-bedroom apartment in Norwalk.

The house was in good shape when Rossi bought it, though the lawn had died. The family will be planting new greenery soon. They’ve just installed a new hot tub and bought a gas barbecue grill as well.

Realtors, in this market knowing how to do a short sale is mandatory. Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Short Sale Secrets book, Do this NOW.

If neighborhood property values fall further, so be it, Rossi figured. The improvement in his quality of life is gain enough.

“I did not buy a slot machine,” he said. “I am not an investor.

“That’s what got us into this mess — greed,” he said of the housing crash.

“Greed messed everything up.”

Article Source: Peter Y Hong, LATimes.data 300x225 Home Prices Now Drop To 1989 Values | Realtor Coaching

Realtors, in this market knowing how to do a short sale is mandatory. Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Short Sale Secrets book, Do this NOW.

Realtors, in this market knowing how to do a short sale is mandatory. Watch the FREE Agent Short Sale Secrets video and then download the FREE Agent Short Sale Secrets book, Do this NOW.

Her home is an island in a sea of repos. Houses on both sides have fallen into foreclosure; one is priced $10,000 less than the amount she paid 20 years ago.

 
May Foreclosures 3rd Highest EVER | Realtor Coaching
June 10, 2009 – 10:17 pm | No Comment
May Foreclosures 3rd Highest EVER | Realtor Coaching Popularity: 11%
Foreclosure Firestorm Ahead.

Foreclosure Firestorm Ahead.

Just in case any of you were actually believing the housing markets where anywhere near bottom……..

NEW YORK (Reuters) – U.S. foreclosure activity for May ebbed from April’s record, but mortgages still failed at a staggering pace as President Barack Obama’s rescue programs had not had time to fully take root, RealtyTrac said on Thursday.

Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.

“There were almost one million foreclosure filings in a three-month period, and that’s simply unprecedented,” Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview.

Temporary freezes on foreclosure activity ended in March. Failures of many seriously delinquent loans that were put on hold during those moratoria have been thrust back into the foreclosure cycle.

Realtors, there are 2 kinds of agents…those who know how to easily list and sell short sales (and are making a fortune)  and those who refuse to learn anything new…struggle to stay afloat…and will probably not be in real estate for much longer. What kind of agent are YOU? Watch the FREE Agent Short Sale Secrets video then download the FREE Agent Short Sale Secrets book. Don’t wait, don’t procrastinate….FINALLY take action and learn how to become one of the agents who is THRIVING in this market.

One in every 398 households with loans got a foreclosure filing in May. Filings, which include notices of default and auctions, were reported on 321,480 properties last month.

Stemming foreclosures is seen critical to bolstering home prices, consumer confidence and the recessionary U.S. economy.

Bank repossessions, known as real-estate owned or REOs, rose in May and should spike in coming months because the moratoria ended, RealtyTrac said.

OBAMA PLAN NEEDS TIME

The administration’s plans to ease loan modifications and refinancing were detailed in early March and haven’t been implemented long enough to derail foreclosures.

The hurdles are high. Unemployment reached a nearly 26-year peak in May and mortgage rates have leaped a percentage point from their spring lows to more than 5-1/2 percent.

“One of the cures to this problem is enough buying activity to eat up the inventory of distressed properties,” Sharga said. “If mortgage rates go up to where people decide to wait out the market again, that’s just going to add to the inventory numbers and put more downward pricing pressure on all homes.”

RealtyTrac forecasts about 4 million foreclosure filings will be made this year on about 3.1 million households with loans. Last year, there was a record 3.1 million filings on about 2.4 million households.

In a more typical year, Sharga said there would be around 800,000 filings on 550,000 households.

“When you have a glut of inventory and downward pricing pressure that does tend to push properties into foreclosure,” said Sharga.

States where sales and prices soared most in the five-year housing boom earlier this decade remained the hardest hit.

Nevada stayed at the top of the foreclosure rate rankings by state, with one in every 64 housing units getting a foreclosure filing. California, Florida and Arizona, Michigan, Georgia, Colorado, Idaho and Ohio were the other states with the highest foreclosure rates.

Realtors, learn the skills that this market requires and you will have nothing to fear. Learn how to easily list and sell short sales. Watch the FREE Agent Short Sale Secrets video now…next, download the FREE Agent Short Sale Secrets book.

Ten states, led by California, accounted for almost 77 percent of total number of foreclosure actions in May.

“We need to give the administration’s programs a little bit of time to gain traction,” Sharga said. “If unemployment continues to worsen, all bets are off on foreclosure rates.”

 
Realtor Coaching Student Testimonial.
June 9, 2009 – 7:08 pm | No Comment
Realtor Coaching Student Testimonial. Popularity: 9%

testimonial Realtor Coaching Student Testimonial.

We have been receiving dozens of wonderful emails about this weeks FREE Daily Motivational Coaching messages….here is a great email from Annie…..

Hi Julie!

You’re really onto something here!  At least from my perspective, this is just great!  There’s so much richness here to fathom that I feel I can only begin to touch the surface of it in this moment.

So for me, practice has always been valuable, even priceless.  I love to practice!  In the past, I’ve had my zen practice, my yoga practice, my massage practice and my coaching practice.  It’s funny because I never seem to tire of practicing because of the subtleties that keep appearing.


Realtors, Are you receiving the FREE Daily Motivational Coaching messages directly from Tim and Julie Harris? If not, you should be! Sign Up Now For A Free Coaching Call and you will automatically start receiving the Free Daily Motivational Coaching messages.

In fact, as I look at it right now, most of my work has always been about practice.  Every meditation, every pose, and every client was an opportunity to bring forward hours and years of training, and apply it to this single moment.  The missing piece for me now comes in identifying and embracing what my real estate practice is.  This feels brilliant.  And the distinction between the verb and the noun feels like the most important point, yet both are valuable.

So to answer your question from the perspective of the verb:


~ practicing with the numbers over and over so it becomes second nature, and done with ease; getting the math into my neurology; learning to see how the numbers tell a story, and point in a direction of action that needs to be taken; becoming fluent in the language of balance sheets, assets and liabilities, income and expenses.

~ practicing with the presentations over and over so it becomes very natural; both the buyers presentation and the listing presentation, and learning to apply the distinctions of personality styles to facilitate grace and ease with each client; as well as the presentation in front of the room and on the phone.

~ practicing speaking with lenders under a variety of circumstances and conditions; learning how to negotiate, understanding the dynamics that are involved, and how to think like a lender.

And to answer your question from the perspective of the noun:

~ the practice must relate to myself, who I am as a person; I can relate this to something Suzuki roshi said when he asked that when I am sitting in the middle of a problem, what is more real to me: my problem or myself?  The awareness that I am here right now is the ultimate point. (deep breath)


~ so then, my practice brings me back to sitting zen, asking questions and listening, striving for honesty, integrity, and transparency in my real estate practice; being present to fully serve my client, and to meet them wherever they are at.

Julie, you’ve brought my awareness into something that feels very deep and timely for me.  I’ve spent nearly 3 hours this afternoon pondering these thought-provoking questions.  This is my first draft on the subject, and I welcome your suggestions to reformulate any of the points. I know that when I wake up tomorrow morning, I will be approaching my work in real estate from an entirely different perspective because of this.

All because you brought great motivational questions forward, and asked for a response.

Once again, thank you so much!

;) Annie
Westlake Village

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