A NEW YEAR… But First… Out With The Old!

2008?  When was that?  What era was that?  What the heck happened?

I like to think of 2008 as the “past.”  Good riddance!

Here are some things I have learned (in random order):

• Our economy is fragile
• When the “economy” is failing… no one is safe
• During horrible times… there are always some that “prey” on the hardest hit… sad
• There are good people who help others… even when they are going through hard times too
• People are still buying, selling and renting homes… just not as many and just not at the same prices
• Keller Williams has taught me that tough times… really do call for tough measures like cutting the fat, getting back to basics, taking advantage of the slow period by learning all you can, doing the right thing will always pay off in the end, and much more
• “Short Sales”, “BPO’s”, “Loan Modifications” are all here to stay 
• Sometimes, taking a step or two back will take you forward
• As a real estate agent… I don’t “have to focus on short sales” (as so many scam companies tout) to survive
• Good Realtors develop loyalty and relationships that will allow them to help their clients and customers during these tough economic times
• Pricing is no longer “the key”… market timing, staging, marketing along with price… sell a house today
• Even though there are more homes for sale than ever before… buyer’s are pickier than ever – lol – AND I don’t mind… I would be too if I were buying!
• Seller’s want and need help more than ever before
• I LOVE HELPING MY CLIENTS… NO MATTER WHAT THEIR SITUATION!

Ok… here are a couple of quick stories from last year!

Most Devastating

I worked with a couple for over 6 months.  I consulted with them before they moved down here from up north.  I sent them properties in their criteria.  When they finally did move here, I showed them homes many, many times.  I met them on their schedules – any time they wanted to go see a house or two… even at a moments notice.  I sent them to a very good, reputable mortgage agents who got them a great loan, I was completely and utterly their “real estate servant!”  Just before they decided to buy the house they eventually closed on… I took them to see 2 homes in a fantastic neighborhood… they loved them.  I called them several times over the next few days… no return call.  It seems they decided to go buy another home … in that same neighborhood… from the agent of one of the homes I had showed them!  I received ZERO money… yet… I spent an awful lot of time working with them… left my own family for hours to show them property, at times when we already had “family” plans… and worked my butt off.  The agent who sold them the house knew them for about a day and they bought from him.  Losing out on the hard earned money was brutally tough… I won’t lie about that… we lost it at a time when we needed it the most… but the hardest thing to deal with is the “cold heartedness” of the buyer’s.  Who would do that?  It just doesn’t make any sense.

What have I learned from this experience?  I now require “Buyer Agency Agreements” to be signed by anyone who wants me to work for them when purchasing a home.  It obligates me to do my best when locating that perfect home for them… and in return my new customer’s committ to working with me based on my hard work, knowledge, experience and character.  They agree to buy a home using me if I do my job.  Hard lesson to learn… but I’ve learned it.

Best Work – 2008

I listed, marketed and sold a house for a client of mine that I’ve known for several years and helped buy and sell several homes for.  When we listed the house… it was a bit high.  He and his family wanted to buy another home to take advantage of this great “buying” market we have had this past year.  I encouraged them to not start looking until we had a contract on his house.  After about 3 months… we DID get a contract… it was a tough negotiation on the price… but in the end… I, my seller’s, the buyer’s agent, and the buyer’s all worked hard to get a little bit more… but, truth is… the selling price couldn’t have been any higher than what we got… and just in the nick of time… before the market fell even harder in his neighborhood!

AT THE SAME TIME…

I found my seller’s a home in a FANTASTIC neighborhood at an INCREDIBLE price.  I helped them negotiate a steal of a deal on this particular bank owned property.  Even after the deal was in writing… we had Radon issues… but we worked some incredible “deals” out to finally get the work and eventually, the entire deal done… and on time!  My clients sold for the most… and bought for the least amount’s possible and the timing couldn’t have been better!  KUDOS to them… and me!

Happiest Moment In Real Estate In 2008

Easy…

I have some clients I know pretty well… well enough that if I need to show them property… I can show up in shorts, flip flops and a t-shirt if I want.  They are really great people and we respect and enjoy each other’s company pretty well.  Anyway, there was a property they wanted to see andI thought it was a GREAT deal… so I highly encouraged them to see it… on a Sunday.  They were hesitant… only because they didn’t want to inconvenience me on the weekend (now THAT is pretty funny… lol… inconviencea Realtor on the weekend… haha!)  I explained to them that I would LOVE to show it to them on a Sunday… so I met them there!  Here is where the “Happiest” part comes in.  I usually spend Sunday mornings with my son… Christopher… he is 2 1/2 years old and he is THE reason I wake up every single morning… He is everything to my wife and I and he is a “Daddy’s Boy” for sure.  I asked him if he would like to “…go to work with Daddy?” and the look on his face when I asked him that… priceless!  He LOVED it!  He was as proud as any 2 year old I’ve ever seen… I didn’t even know 2 year olds could be proud of their daddy’s!  I loaded him up in the car… showed the house (we were there for at least 45 minutes) and he was on his best behavior too!   It was THE best real estate moment of 2008!

People I Have To Thank For Too Many Reasons To List – Because Of What They Did For My Family In 2008 – No Particular Order…

• My Wife, Laura
• My Son, Christopher
• Susie Morris
• Kevin Chadwick
• Pat Morrison
• Theresa Pirozzi
• Kim Beasley
• Sue Hogle
• Ray Chadderton
• Larry Bartow
• Toni Baroni
• Denise Almand
• Karen Blomster
• Luana Russell
• Ken Brownlee
• Ralph Lozada
• Steve Moran
• Karen Dennis
• Carmen Huffsteter
• Every Keller Williams agent who thought about, encouraged, or helped me and my family in 2008… and there are a lot… I’m so sorry that I’ve forgotten to mention a lot of you…
• Ron – My Dad – Thanks dad… you’re consistent interest in our lives are a welcome inspiration… I love you
• Judy – My Mom – Your faith is also inspiring
• Chris & Becky – (My inlaws) – Thank you for saying “Yes, no problem” to ANYTHING we asked for without even the first “2nd thought” – your support is overwhelming
• All of our family – Brian, Angie, Bridget, Tom, Lauren, Mary, Tim, Grandma
• All of my clients and customers
• Dr Greenidge
• Dr Homsy
• John and Lauren – Friends to the end… You two are our best friends… Thanks for your unwavering support this past year!
• David & Ivette – You took a chance on us… when you didn’t have to and we thank you for it.  We needed the break and you gave it to us… Thanks!
• Mr Z – You always help us when we have computer issues… but you are a little expensive!  hehe
• Janice, Judi, Heather – You 3 always put a smile on my face
• Mary Reynolds – You are one of the most kind hearted people I’ve ever known
• Lillian Lobello – We appreciate your open offer of help – thanks for being so thoughtful
• Steve & Kathie – Thanks for being such great friends!
• Rodney & Heather – We don’t see you often… but you are always REALLY kind to us…
• Anyone else I’ve forgotten!

We love and appreciate all you did for us this past year.  We would not still be here today without all of you!  THANK YOU ALL SO MUCH!

Ok… I’m done thinking about last year!  My next post will be out pretty soon… I’ll be posting at the very least… weekly this year… so keep an eye out!  See you next week!

Happy New Year

Chris

New Law Signed by President Bush Today-Relief for Homeowner’s?

COMMENTARY: ON THE NEW RELIEF LAW

The new law signed by President Bush today is supposed to help home owner’s … My opinion is that it is a bunch of “fluff” and won’t provide any real relief at all.  Please click the link at the bottom of the page to view the details of the law if you wish… but here are some of the noteworthy points of the new lawy:

If you qualify AND your current mortgage company will accept a loss… you can get a new loan at 85% to 90% of your current market value.  If you sell your house back you will get to keep, up to 50% of any gain (10% if you sell in a year, 20% in 2 years… etc until you reach 50%) The rest will go to FNMA.  This is actually able to help about 400,000 homeowner’s and starts as of October 1, but many believe (already) that banks will be cherry picking the best opportunities and that most of the eligible properties WON’T be helped b/c thier current lien holders (banks/mortgage companies) won’t allow the loss this way.  Most experts say that most lien holder’s will not have guidelines in place and most of this won’t happen until the first of next year too! 

So… does this really help?  Only a little in my opinion.  Especially, since over 2.5 million homes face foreclosure this year and it may increase if the economy gets any worse (and many experts predict it will get worse.)  If ALL 400,000 eligible homeowner’s were able to take advantage of the new “relief”, that is still only about 16% of the forclosures this year!

In the same law… the Nehemia program and other’s like it are no longer allowed.  This is Down Payment Assistance (basically, the seller contributes the downpayment to a non-profit organization aka Nehemia, and the organization gives it as a gift to the buyer) and although it has been hotly debated over the years whether or not it is a “good” or “bad” situation – it is still a BIG part of allowing first time homebuyer’s purchase a home.  Without it… it makes or current housing market even more troubling.  It will eliminate the chances of thousands of people being able to afford a home for the first time.  Now, in my opinion, was not the time to “crack” down on a service that has done nothing but help people afford homes.

There are other industry wide important issues in the new law that I’ll refrain from commenting on at this point - the creation of yet another new entity within the government with tighter reins on our financial system, a guarantee of a bailout for Fannie Mae and Freddie Mac, neighborhood grants, a permanent affordable housing fund, a low income housing credit, tax cuts, and… oh yeah… an increase to the statutory limit of the national debt – to 10.6 trillion (would be hard to type that many zeors… but in case you wonder what it looks like: 10,600,000,000,000 – WOW!  You couldn’t count that high in your lifetime I’m guessiong… whew!)

So… here is what I suggest -

Homeowner’s – If you CAN take advantage of the relief as a homeowner… DO IT.  It may be a long time until anything else comes along.  Please feel free to call me and I’ll help you get any information you may need.

Potential Buyer’s – Take advantage of the up to $7,500 tax credit for first time home buyer’s for buying a home from April of 2008 til July 1, 2009!  (*with interest rates on the rise… the sooner you buy… the better!)

Potential Seller’s - If you HAVE to sell – either because your are facing a potential forclosure or other reasons – SELL QUICKLY!  It is only going to get tougher to sell over the next few years.  If you are facing forclosure… CALL ME… I can potentially avert a forclosure through a short sale.  If you just need to sell… and aren’t facing forclosure - CALL ME – I can still sell your home in this market with the right marketing!

Please add your comments – I’d like to see your opinions of what the new law means to you!

Til next time… Chris

*HERE IS THE LINK TO AN ARTICLE EXPLAINING THE NEW LAW…. http://www.boston.com/news/nation/washington/articles/2008/07/30/provisions_of_housing_mortgage_relief_bill/

It’s been a crazy 3 months!

I am very glad to be back writing my blog!  I’ve been unable to write for about 3 months for several reasons… one after the other… etc.  But I’m back!  Here is a quick synopsis of WHY I haven’t blogged… (as if you really care huh?  lol)

My son has had 4 surgeries since then… he has had is 26th surgery as most of you may already know… and one about 2 1/2 months ago was a doozie!  It was a Trabeculectomy… it was a rough surgery and a loooonnnggg recovery that required both my wife and I to be there almost constantly for a few weeks.

Then my team mate decided to quit working with Keller Williams and go back to school full time.  I hated to lose him because he was really good, but people want to move on.  I wish him all the luck!

Then my wife and I moved…

Then…. then… then… etc….

Anyway… I am back and will be providing regular content again… the next post, in fact will address some major changes we’ve seen in the industry.  Not all bad… but not at all what we want to see yet.

Talk to you soon…chris

Thanks…

I just wanted to say “Thanks” to all of you who have read our BLOG’s!  The response has been, truly, overwhelming!  We’ve received several emails, 2 comments, and over 169 visits since I started to spread the word Saturday around midnight!

I especialy want to say thanks to Rob “Tough Guy” Masse!  He is the new Technology Director at Keller Williams Realty in Brandon and he is an amazing source of information when it comes to Real Estate and Technology!  I absolutely love writing these blogs, especially since I know that 169 people are reading at least some of it (hopefully, is is usefult to most!)  And I will continue to post entries as much as I possibly can!

Thanks Rob… and Thanks to all of my clients, customer’s, family, friends, and colleagues for taking time out of your busy day to see what’s going on!

Chris

Selling from “a-far”

I have a client who lived in another state and she is tinkering around with selling a home that she has inherited recently.  She is weighing the advantages of keeping it through this tough market against the benefits of selling it now… quickly, so she doesn’t incur the tax liabilities, insurance costs, and general liabilities that comes with becoming an “accidental landlord.”

Whatever she decides is fine with me… As I say to most of my clients… “I’m not a high pressure sales-person.”  I can only give her the tools to help decide what is right for her.  If she so chooses to sell… I’m confident that I’ll be the one she turns to!

I realized that not many people understand the role of a great real estate agent!  I have completed many transactions over the last 10 years where the buyer’s or seller’s are not in this state!  This discussion involves SELLER’s… I’ll discuss BUYER’S/INVESTORS in another post!  Here are a couple of tips to consider IF you have made the decision to sell and you live in another area – away from where the property your are selling is:

1- Find a Realtor who you trust!  You can find a Realtor from many sources that are trustworthy… a financial planner that you have used for a long time, an insurance agent you’ve used and trust, a family memeber, a good friend, accountant, lawyer… All of these professionals (and family and friends) usually have contacts with a great Realtor that they do business with.

2- Use a Realtor that is capable of communicating with you over the internet and who is technologically advanced!  By selecting a Realtor who is comfortable with the newest technologies… you will gain the added benefit of a Realtor who is MARKETING on the WEB… and ALL OVER IT TOO!

3- Relax… Let your Realtor handle all of it!  Realtors are allowed to order repairs (*Up to a limited amount legally!), cleaning people, lawn people, etc. They do this every day… and can do it for you.  It will take time… just like if you were living there… so ask your Realtor up front what time frame they expect it to sell in

4- Most of all… Make sure your Realtor knows that Communication is essential to you… Ask for weekly updates via email and a phone call every once in a while.  *Great Realtors will understand and know how to set up a special site that you can log into and it will have updates of showings, feedback, market changes, etc. on a regular basis!

Basically, Find a Realtor you Trust, Who is technologically advanced, who you trust, and who will communicate with you regularly!  This will ensure a smooth, less stressful transaction.  You won’t even have to come down to sign if you don’t want to… You should be able to do a “mail away” closing.  (*You’ll just need to sign your paperwork in the area you live in and have it notarized before sending it back!  Sometimes, this will need to be done at a lawyer’s office or title company… Your Realtor or a Title Company can let you know what the laws are!)

That’s it… so don’t delay selling that house if you really want to sell it!  (*Of course, here in Florida… most people just love any excuse to come down here… so they will want to make a trip anyway!  lol)

Have a great weekend!

Chris Thompson

Why I Sell Real Estate

Yesterday, Good Friday, was a weird day.  Most of the world decided that it was time to just stop moving!  I had a lot of work to catch up on, so I decided to go on in to the office.  My day went pretty good because I was able to catch up on a lot of work.  About 3:30pm, I decided to head on home.

Just after arriving home about 15 minutes later… I received a call from someone who was sitting in front of a house I have for sale.  “Unfortuntately, that particular house just went under contract about a week ago.” I explained.  As I did, I heard a quiet, sad pause.  The caller didn’t seem to know what to say.  Understanding this (I’ve had it happen Many times before), I quickly asked “What are you looking for in a house?”  This opened the door to a much happier tone from the caller and I was able to find out exactly what they are looking for!  “I will email you a list of properties today.  Take a look at them… and email or call me back with a list of properties that you’d like to look at.  We will make an appointment and take a look at them!”  That sounded great to him.  We hung up.

Usually, I would have put off doing that for a while… an hour or so… since I had just arrived home and wanted to grab a bite to eat, watch a little tv, and relax a little.  My wife and son were visiting a friend and wouldn’t be home for an hour or so (they were painting eggs for easter!)  But, I decided I’d just go ahead and take care of it, my computer was already on… so I logged into my mls system and performed the search and sent it out. 

It wasn’t 15 minutes later (as I was starting to relax) that my phone rang… It was the buyer.  “Do you think you could show us a couple of properties today?” Let me stop the story right here… 1- I rarely show properties to buyer’s without any sort of pre-qualifing. 2- It was around 4pm on Friday… Good Friday… and I had already put in my dues for the day… I spent most of it at the office doing work… and the office wasn’t even open! 3- I hadn’t seen my wife and son all day.

What else could I do?  “Uh, O…K…”  I said.  “I just need you to email me the MLS #’s of the properties you’d like to see… no more than about 4, since it is late, and we’ll go take a look at them.  I’ll call you back in about 20 minutes, after I’ve set the appointments up to let you know where we can meet… ok?” 

“That’s GREAT!” he said.

<boing> I had email… Wow, that was quick.  I sighed, pulled them up… made the appointments… headed out… in jeans, an old t-shirt, and dirty tennis shoes (it was raining yesterday and I didn’t want to get my shoes ruined… so I wore my “cleaning” shoes.”  I called him as I left and told him which property we’d meet at first (The suspense was probably exciting for him!)

I arrived before he did… I opened up the house… opened the blinds and turned on the lights.  The house was a wreck, since the seller’s didn’t have a clue we’d be there so fast.  A car drove by slow…. I watched it from inside the house as it made a u-turn and stopped just up the street.  I knew it had to be the buyer… but I guess he didn’t feel comfortable stopping in front of the house since it had cars parked in the driveway.  Maybe, he thought the owner’s were home?  So, I walked outside and motioned him up to the house.

It was at that moment… I re-affirmed… once again… WHY I love selling real estate… Why I got into this business in the first place.  A very young couple (18 & 19 years old) opened up the doors to their car.  They wore bright, cheery smiles.  They held hands… he opens the door for her every time they get back into their car.  I learned very quickly that they had been married for 8 months and that they wanted to buy a house!  (And yeah, I finally did qualify them a little…their parents were going to be helping them out… but they get to pick the house and they are very responsible.)  They don’t know a thing about buying a home, what to look for, that this journey is treacherous, that it is important to have good representation, that people aren’t always out to help them…

What a great feeling to know that on a gloomy, slow, Friday - in the middle of this real estate market that is in such turmoil; even though the media only tells stories of the “doom and gloom”; even though I’ve been selling real estate for 10 years and don’t work with buyer’s a lot anymore… There are still buyer’s who want & NEED a professional, honest, reputable Realtor.  There are still buyer’s who NEED a real estate agent…to help them start their lives together, to represent them and their needs & wants, to help them navigate the tumutulous journey of finding a home, securing financing, negotiating an offer, working out the kinks, and closing on the deal.

It feels really good to be a real estate agent again!  And for the best reasons!

This is why I started selling real estate 10 years ago… this is still why I sell real estate…

Mortgages Just Got Harder To Get!

Unfortunately, I just read a St Pete Times Article – http://www.tampabay.com/incoming/article426162.ece  – That explains that mortgages just got even more difficult to get. 

To Summarize: To qualify for PMI (Private Mortgage Insurance) – which is something you need if you are putting less than 20% down on a house (*Unless you are getting an FHA or VA Loan) – You now have to put at least 10% down, instead of the 5% previously required.  That means if you want to buy a $200,000 house… you will need at least $20,000 down PLUS your closing costs.  WOW.  Makes it tough.  Looks like FHA Loans just became EVEN MORE favored!

Call Team Thompson if you want to find a GOOD FHA Mortgage Broker! 813-928-4357  Chris@TeamThompsonFL.com

Amendment 1 – Homestead Portability

I just wanted to take a few moments to give my clients, customers, family and friends a few links that may help them to understand the new portability features that Amendment 1 provides.

But first, I want everyone to know some things that the media hasn’t hit on too much since Amendment 1 passed:

Amendment 1 is being challenged right now.  Based on the fact that is creates an “unfair taxation” to certain groups (first time homebuyer’s, people who bought in the last few years, etc.)  Basically, if Buyer A is a first time homebuyer and buys a home exactly like the one that Buyer B buys – And Buyer B lived in a house for say… 30 years and was able to transfer some of his homestead, under Amendment 1… Buyer B will be paying a LOT less than Buyer A.  Even if they both purchase for the same price on the same day!

This is something that will probably not be resolved for a year or 2.  But, IF it is reversed… it would be very difficult for the government to get back that “portability” advantage from anyone who takes advatage of it until (IF) it is reversed.  There is a good possibility that it could be reversed too! (*I recently saw an interview with the president of GTAR – our local board – and Rob Turner – the Hillsborough County Tax Appraiser – a couple days ago.  And he stated this thought too… almost word for word!)

What this means to you:  If you are desiring to move up, down, laterally, and you have a large, positive difference in your Assessed Value vs. Just Market Value… You may be the IDEAL candidate to make a move… NOW!  Interest rates are still historically low, Prices to BUY are the lowest they have been in 30 years, and even if you lose a little more than you want to on the sale of your house… you will reap the rewards in the end with the huge tax savings you can get right now & the low price on the purchase side! 

Anyway, if you want to look into how it works… just visit the sites below:

www.hcpafl.org  – Hillsborough County Property Appraiser’s Website

http://dor.myflorida.com/dor/property/sb4d.html  -  Department of Revenue’s Site with FAQ’s on Ammendment 1

Hope this helps!

Selling Your Home In Today’s Market

Selling your home is easy if you follow some of these simple, basic steps:

1) Determine your motivation – There are many reasons to decide to sell… moving up, moving down, relocation, illness, etc. What price you sell for is DIRECTLY tied to your motivation. Trying to price your home too high will ultimately keep you from moving on with your life. Your decision as a seller is this: “Is getting an extra $10,000, $15,000, etc. worth NOT being able to …. (what you would be doing IF you actually SOLD your house!)”

2) Price it right to begin with – (and here comes the part seller’s hate and Realtors don’t like to talk about much) AGGRESSIVELY adjust the price to the market – To attract buyer’s, To “re-attract” previous lookers, To “re-market”, To show that you are WANTING to move!

3) Stage – Stage – Stage – Curb Appeal, Stuff, Etc – ALL MATTER! (Consult your Realtor for ideas!)

4) Do a Virtual Tour – MUST – This is a 24 hour, across the globe SHOWING of your house to potential buyers!

5) Take Lots of pictures – Most Real Estate Sites sort properties by NUMBER of photos of your house… placing you near the top of the list!

6) MARKET IN THE RIGHT VENUE – Over 80% of buyers start their search on the Internet… Why would you, or your Realtor, spend any less than 80% of their advertising budget on anything else!

7) “Cross that bridge when you get to it!” – Don’t create problems when you finally do get a contract! Every contract has a potential to fall apart… This is where Realtor’s get paid! Your Realtor should be an EXCELLENT negotiator with a cool head!

That’s it! Simple! Good luck!

Team Thompson at Keller Williams Realty in the Tampa, FL area is THRIVING in today’s Real Estate Market! Our Seller’s are reaping the rewards of our Technological Savvy. We have sold over 50% of our listings (inventory) in the last month… have added that many more to our inventory… and we are getting busier every single day!Visit our website for more information on Selling your home! www.TeamThompsonFL.com

Chris Thompson Cell 813.928.4357 Email: chris@TeamThompsonFL.com

Welcome!

Welcome to Real Estate – Team Thompson Style!

I’m Chris Thompson – Team Leader of Team Thompson at Keller Williams Realty in Brandon, FL!

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