Jan O'Brien - Real Estate Coach

Is the Housing Crisis Over? ...Indications that the Las Vegas Real Estate Market is Heating Up

This editorial opinion by Cyril Moulle-Berteaux, "The Housing Crisis is Over" appeared in the Wall Street Journal on May 6, 2008 and has been getting a lot of attention in the blogosphere.

The author quotes historical real estate cycles and claims the national housing market is approaching the bottom now based on a variety of facts and economic trends:

• Home sales peaked in July 2005
• New Home sales are down 63% from peak levels
• Housing starts have fallen more than 50%
• Affordability - prices have declined while, generally, incomes have grown

Brett Arends asserts in his article "Is Housing Slump at a Bottom" that we may be at the bottom of the housing market because housing starts dropped below the One Million mark in March.  "Every time that has happened in the last 50 years, it proved to be the bottom of a recession."

Indications in Las Vegas are that prices may continue to fall further, yet NOW is definitely a great time to buy - here's why:

• Over 60% of sales are REO or Short Sales - there are tremendous bargains out there right now!
• From 4/1/08 to 4/30/08, Las Vegas had 1927 closed resale single family, condos & townhome: Download April2008REO-Stats.pdf 
  • REO - 1224 (63.5%)
  • Short Sales - 144 (7.5%)
  • Traditional resales were 19% of the market for the month
• Total number of contracts written is increasing dramatically.  GLVAR statistics show that 770 listings went into Pending or Contingent status in a one week period between April 21-28.   Notice the dramatic trend upward on written contracts since January 2008:
  

  

            Download GLVAR_UnderContract.pdf

• Banks are pricing their REO listings to sell - sometimes below the market  - thus generating activity and multiple offers.
• Motivated sellers are finally shifting their list prices into the "Showing Zone".  For more on this trend, check out Forrest Barbee's Las Vegas Real Estate Market 2008 post.
• Interest rates remain at historically low rates.  Even with the tightening of the mortgage market, there are a variety of loan programs to choose from.  FHA loans are now a realistic option in Las Vegas due to the new loan limit of $400,000.

• Download las_vegas_market_condition_report_may_2008.pdf (Market Condition Report from Equity Title):

  • The report indicates a shift and positive change in closing numbers which, if the pattern continues, will surpass 2007 numbers in about 60 days.
  • Percent Selling and Absorption Rate demonstrated substantial increases after a series of declines and pendings indicate that trend may continue.

The bottom line ... the market continues to adjust and there are great opportunities in the market now... what are you doing to adjust and take advantage of this market?

Making Money with Effective Open Houses

Open Houses...You either love 'em or you hate 'em.  And depending on your attitude as a real estate agent - they either work for you or they don't. 

In my experience, open houses are the single, easiest, most cost effective way to make money in the real estate business.

Let's consider the benefits:

• Marketing exposure for your sellers and your active, saleable listing inventory.  There have been offers written and accepted on the actuall property an agent is holding open!
• Opportunity to meet and work with buyers and sellers and make additional sales.
• The real investment is your time!  Open houses can be the most cost effective prospecting activity if done properly.
• Worst case scenario - if no one shows up - you can catch up on admin tasks, follow-up calls, mailers and other "busy" work at the open house.  Preparation and planning is required! 

Attitude is Everything!
o Know  that the open house is going to be productive
o Plan, Prepare and Know the Property and the Market
o Ask, Believe, Receive!

Selecting the property
o Location (choose a listing that has great traffic; cross streets)
o Condition, price, terms (How does the property show? Is it priced to sell?)
o Your own listings – leverage success through

• Invest in Personalized Yard and Open House Signs
• Hold open houses on listings in your farm areas

o Research office/company listings and coordinate with the listing agent to hold them open
o Vacant vs. Occupied properties
o Open houses work any day of the week!!

Short Sale Tips for Real Estate Agents and Sellers

Mark Stark, CEO of Prudential Americana Group Realtors in Las Vegas has just posted some excellent tips and strategies for short sales.  This post is a summary of the major points he covered at a recent seminar attended by over 120 people in Las Vegas (consumers and real estate agents alike).

Mark includes valuable information geared to the consumer about:

• Why consider a short sale?
• The decision-making process and mindset of the seller
• Positioning yourself for the future
• Options and Solutions

Here are links to more great blog resources on short sales, REOs and foreclosures from the legal blog of Prudential Americana Group's in-house attorney, Darren Welsh:

REOs:

http://ameglegal.wordpress.com/2007/11/09/tgif-legal-tip-resale-packages-for-nevada-reo-sales/

Foreclosures:

http://ameglegal.wordpress.com/2007/04/27/tgif-legal-tip-foreclosuredeficiency/

Short Sales:

Listing Agent Perspective: http://ameglegal.wordpress.com/2008/02/08/tgif-short-sales-from-the-listing-agents-perspective/

Seller's Perspective:  http://ameglegal.wordpress.com/2007/05/04/tgif-legal-tip-short-sale-seller-perspective/#more-40

Mortgage Debt Relief for Foreclosures and Short Sales:  http://ameglegal.wordpress.com/2007/12/21/tgif-legal-tip-mortgage-debt-relief-for-foreclosures-short-sales/

New Location for Real Estate Blogging 101 CE Class

We have a new location for the upcoming Real Estate Blogging 101 classes in Las Vegas.

Download BlogClassFlyer_2008.pdf

Countrywide
7660 Dean Martin Drive Suite 201E
Las Vegas, NV 89139

View Larger Map

Class Time:  1:00 - 4:00 pm 

• Wednesday, July 30, 2008
• Wednesday, October 1, 2008

Cost:    $45 in advance; $55 at the door
Register online at www.CareerRealty.com 

Instructors: 

Jan O’Brien  858-9191, www.JanOBrien.com
Kathryn Bovard 348-7191, www.KathrynBovard.com
             
Three hour (CE Approved) training seminar covering …
o The State of the Internet – Stats – Trends – History
o Blogging 101
o What is a Blog? Who Is Blogging? Why should You Blog?
o How to get started blogging. How & Where to Find Blogs
o Lead Generation and Business Applications; Legal issues, Disclosures
o  How does Web 2.0/social networking impact the real estate industry?

Bonus Materials: Receive a copy of...
o Wordpress.com Tutorial ($20 value) A step-by-step guide to launch your FREE blog
o Real Estate Agents Internet Resource Guide ($10 value)
A comprehensive guide to online Listing Tools, Blogging and other Web 2.0 services, tools and technologies

Seating is Limited.  Register & reserve your seat online:
www.careerrealty.com

Interview on Blog Fiesta

Thanks to Todd Carpenter for including me in his rotation of Blogger Spotlights.  He recently interviewed me for his Blog Fiesta.

Todd has compiled a wide array of interviews with a focus on other real estate and mortgage bloggers.
Blog Fiesta also provides some great tools and links for bloggers. 

Check out these valuable resources:

Great Posts About Blogging

Blog Building Basics

Resources & Links for New Bloggers

Here's a compilation of resources, blogs and links I have found useful for prospective and new bloggers:

From ProBlogger...

• Blogging Tips for Beginners
• 23 Questions for Prospective Bloggers - Is a blog Right for You?
• Essential books for Blogger
  
  

Real Estate Weblogging 101... an online book of posts organized by chapters/topics

RSS Pieces offers free training on blogging, marketing and search engine optimization (SEO)

From Bootstrapper... The Business Blogging Toolset: 100 Resources for Entrepreneur-Writers

Blogging Basics 101

Real Estate Blogging 101 Class Schedule for Las Vegas

Kathryn Bovard and I have scheduled three additional dates for our "Real Estate Blogging 101" Continuing  Education Class:

Class Time: 1:00  to 4:00 pm

• Wednesday, June 4, 2008
• Wednesday, July 30, 2008
• Wednesday, October 1, 2008

Classes are held at Equity Title Training Center (Flamingo/Tenaya).  The cost: $45 (advance)  / $55 (at the door).  Register for an upcoming class at: CareerRealty.com

The class will cover the basics of blogging, benefits of a business blog, web 2.0, legal issues, the anatomy of a blog, tops tips for blogging, and much more.  All attendees will receive a Wordpress.com Tutorial outlining step-by-step instructions on how to start your own free blog.  Also included in the class is a second bonus - "Real Estate Blog & Web 2.0 Resource Guide Online."

Download BlogClassFlyer_2008.pdf

Lists of Real Estate Blogs and Resources

If you are searching for lists and links to real estate blogs - everything from real estate agent bloggers to real estate marketing, industry and news - here are some resources I've bookmarked for future reference:

Bloodhound Blog maintains this  potentially canonical list of real estate weblogs.

Todd Carpenter of Lenderama and Blog Fiesta created REMBEX, a customized Google search of a thousand+  real estate blogs  You can also add the Rembex search engine as a widget for your blog.  See my sidebar for an example - just scroll down to right above the list of blog directories.  Don't forget to submit our blog for consideration if your blog is it is not already listed. 

International Listings has compiled these informative lists:

• Top 50 Real Estate Marketing Bloggers
• Top 50 Web 2.0 Real Estate Sites

A Directory of Real Estate Blogs has a comprehensive listing of real estate blogs sorted geographically and by categories like real estate agents, industry, home inspection, appraisal,  and mortgage.

Blogflux - Blog Top Sites for Real Estate

BlogTopList also has a Real Estate Top Blog List - includes stats on visitors and blog rank.

Business & Life Lessons from a Marathon Runner

Steve Matthews is a Las Vegas Real Estate Agent, entrepreneur, business-owner, dedicated family man and a marathoner!  Last year, at the age of 54, he ran and finished his first marathon in Chicago after only 3 1/2 months of training.  He has since completed several marathons and running events. 

Steve has an excellent blog entitled A Runners Rant where he writes about his running experience and how it relates to life and business. 

His first post:  Everything I Need to Know in Life I Learned from Running outlines 45 lessons that he expands on in his individual blog posts.  Steve's writing style is very descriptive and real.  I love how he weaves his experiences with running into excellent life tips and useful business ideas and principles.   

Steve also has a business that provides virtual tours and a very unique service called VirtualAgent.  Check out this cutting-edge technology for your website or blog at : VirtualTourStore.com.

Top 12 Real Estate Marketing & Industry Blogs

This is my current list of  the best blogs covering the real estate industry, blogging, marketing, technology and news... in no particular order - they are all great!

1. Transparent Real Estate  - Pat Kitano blogs on real estate industry and technology issues.
2. The Real Estate Tomato - Jim Cronin's blog is packed with blogging tips, advice and strategies.  RE Tomato also builds custom real estate blogs.
3. The Future of Real Estate Marketing - Joel Burslem and contributors blog on real estate web 2.0 and marketing.
4. Bloodhound Blog - Greg Swann leads the way with this popular, collaborative, cutting-edge blog on the real estate industry and more.
5. Inman News - Brad Inman and the Inman Team provide real estate industry news, an informative blog, and network of real estate bloggers and professionals.
6. Real Blogging - Another collaborative blog and real estate community with posts on key real estate topics.
7. RSS Pieces - Real estate blog training, tips and another solution for a real estate blog platform.
8. My Tech Opinion - Technology for Real Estate - A blog on all things techie as they relate to the real estate business.
9. RISMedia - Articles on real estate news, industry, business development, technology and issues.
10. The Future of Real Estate Technology - A blog focused on technology and real estate
11. Real Estate Marketing Blog - A blog about real estate online marketing and blogging.
12. Carnival of Real Estate - from the Zillow Blog Team - a real estate carnival is "a weekly summary of the best blogging posts on a given subject that appeared in someone’s blog during the previous week. A different blog hosts the carnival each week."

Share your favorites.  Post a comment to continue the conversation and the list...