Business as Unusual

Today we had a great class for our agents, helping them craft their listing presentations. Clients really need a more informed presentation, filled with pertinent, valuable market information as well as how the current conditions affect the sale of their home.

Everything has changed; mortgages, contracts, appraisals, financial markets, buyers... We as real estate experts must be able to effectively communicate all of this in a way that makes sense and is applicable to each individual transaction.

A relevant article found on WSJ online, Crafting the Contract highlights how contract language has dramatically changed in the last few months. There have been several articles on financing/purchasing (my April 7th post and 4/16), as well as Jonathan Miller's post, Galloping to Thinking About Buying a New House .

All in all, clients want all the information and research available to make an educated decision. It is our job to make that happen.

You're Sooooo "Tweet"

What are you doing?
I mean it. Right now, what are you doing?
This is the question that MILLIONS are answering every minute of the day on TWITTER. Twitter was "born" on March 21, 2006. Relatively unknown then, over the past year TWITTER has grown 700+% to over 10 million users worldwide. Even more amazing to me is the fact that users who are between the ages of 25-54 are the demographic driving this tremendous growth. AND, my Mom is on Twitter!!!!

Because of this rapid rise to greatness, I did some searching and wanted to share some articles and blogposts about the TWITTER phenomena. Darren Rowse wrote a post in December, 2008, Why Twitter Will Go Mainstream In 2009. He shared 10 reasons why TWITTER will continue to take off, one of which being it's popularity among the political and celebrity crowds.

In today's NY Times, there was an article about OPRAH's first "tweets", Oprah’s First Words on Twitter . Wednesday's USA Today had a cover story highlighting how Twitter was interfering with personal relationships; Relationships in a TWIST over Twitter. YIKES!!!!

If you're not on TWITTER, check it out. In 140 characters or less, you can let the world in on what is going on (or not going 0n) in your life.

To Refinance or Not To Refinance...

That is the question...
Rates are at 50 year lows, so it would seem like a no-brainer to consider refinancing one's property. But because rates are so low, many homeowners who currently have an ARM which is about to adjust will actually end up with a rate lower than what they are currently paying.
In today's WSJ online, there is a great article about this topic, Low Rates Put Some Borrowers In a Quandary written by Nick Timiraos.
One example he cited was an LA technology industry employee who's mortgage will soon be adjusting.
"The 39-year-old says he decided against refinancing the $900,000 ARM on his four-bedroom Dutch colonial home after it reset this month to an annual variable rate of 3.25% from the 4.38% fixed rate of the past five years. The homeowner was considering a 30-year fixed rate at 5.5%, but he says by staying with his ARM will cost him about $22,000 less over the next year."
Timiraos also offered the following points to consider:
--Sticking with an ARM offers low rates now, but risks seeing rates jump in the future.
--Refinancing could lock in a good rate for a longer term.
--Some brokers say borrowers should consider refinancing out of an ARM if they plan to live in a home more than two years.
Always best to consult a professional to weigh out all of your options.
BUT ISN'T IT GREAT TO ACTUALLY HAVE OPTIONS :-)???
Just in from cnbc.com...Thirty-Year Mortgage Rate Falls to 4.82%

There is a Reason Why Dinasaurs are Extinct

Change is hard.
Companies do not want to believe that the landscape is changing.
Because of this, there are still companies squandering money on things that they should have never done, or should no longer be doing.
There is a great quote which totally sums this up;
"There is nothing as difficult and as expensive, but also nothing as futile, as trying to keep a corpse from stinking."
I found a great article which highlights some game changing ideas for businesses to start thinking about written by Jena McGregor, "There Is No More Normal". This artilce points out that we all have to start thinking very differently and changing quickly, if we are going to survive and thrive!
One the best quotes from the article was from John Chambers, CEO of Cisco. He said, "Without exception, all of my biggest mistakes occurred because I moved too slowly."
Yes, the game has changed forever. We are soon going to see some new "species of dinosaur" becoming extinct. Let's hope none of us are among that group!

YOU MUST WATCH THIS!!!!

Always go after your dreams!!!!!

Are You Ready?

I just finished reading a great book by Amy Shuen which highlights strategies behind successful Web 2.0 models. Given the new changes in business and the way companies have had to shift and adjust, this book is a necessary read for those of us who want to grow and evolve to the new ways of doing business in the Web 2.0 world (soon to be Web 3.0).
Learn about how companies are using Twitter, Linked In, Facebook, Youtube and similar applications to grow their busines and reach out to their sphere of influence.

This is the Year of the First Time Homebuyer

I my posts of March 2nd and 23rd, I wrote about comments from industry leaders noting that for the first time in a very long time, first time buyers have a "shot" at entering the home ownership arena.  Today's NY Times article echoes this sentiment.  With inventory priced more affordably and interest rates at historic lows (especially for conforming loans), now is the time to buy.

Here in NYC, the article points out that smaller apartments with smaller price tags are "hot".

The World Welcomes Helix

Jonathan Miller does it again!!!!
He lives among humans as a mild-mannered appraiser by day for the Gotham appraisal firm, Miller Samuel. By night he is a superblogger, authoring MATRIX and SOAPBOX. He now has another addition to his blog family-- The Housing Helix!!!!
Hollywood Miller, as he is known to all of his fans, has now entered the podcast world, poised to release a weekly podcast (at the beginning of each week) to recap the prior week's market events. He will also be including any of his televised and radio broadcast interviews about the housing market. Sadly, Jonathan will not be delivering any musical renditions of the housing market news, but perhaps he will add this if the demand is high.
But seriously, all of us will be able to use the recaps to keep us current and informed in this crazy marketplace. I for one am going to buy a "dedicated" ipod to house all of "Hollywood's" podcasts.
Luv ya buddy!!!

The Return Of Mr. Jumbo

There are sign that the banks are starting to lend to clients who are in need of JUMBO mortgages. Jumbo mortgages have been scarce as banks were scrambling for liquidity. But now, because of government bailout programs and the increase in refinancing, banks have found their sea legs and are starting to lend to the non-conforming rate customer.

This is great news for markets like Manhattan where the average sale price for a home still remains well above the $1,000,000 mark. (See the March 26th post)

Bank of America has rolled out a new jumbo program, offering 30-year fixed-rate jumbo mortgages with rates in the 5+% range. "We decided it was time to really go after that market," says Vijay Lala, a product executive for the bank. (WSJ online) Experts are confident that many of the other "players" will follow suit.

In the LA Times, I found an article written for homeowners with tips on how to secure the lowest rates for a JUMBO loan; How to Lock in the Lowest Mortgage Rate in Today's Tough Market by Kathy Kristof.

In a related article from the NY Times, Muted Signs of Life in the Credit Markets , Jack Healy points out that people's confidence levels are growing. So if you are thinking of buying or refinancing, now may be the time while rates remain at historic lows and product is much more affordable.

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TOTAL TRANSPARENCY

AKA- The Internet Never Forgets...

For the past few months I have been teaching several courses which have focused on using social media for business. I have reminded my students that now more than any other time, they truly are on "Candid Camera"... 24/7...

Because of this, one should always remember that people's first impressions about you can come from your Facebook page, information they find when the "google" you, your blog, your personal website, YouTube videos or anything else which has been posted about you.

Yesterday, Seth Godin had a great post, The Power of a Tiny Picture. Well worth the read!!!! Also below are some more links which highlights how your "electronic shadow" lives forever on the web...

Scientific American

Barking Robot

Wallet Pop

My March 3rd post

Learn To Earn!!!!!

Just Back From an AMAZING WEEK OF LEARNING with Chet Holmes and Anthony Robbins!!!!!

We all are aware of the current market conditions we face... They are challenging but also fraught with opportunities. Those of us who survive and thrive will be the ones most adaptable to change. We must also be ready to make tough decisions. Remember, it is not a question of resources, it's always a question of RESOURCEFULNESS!!!! Not having resources is an excuse not to get things done. Resourcefulness is the ability to find a means to get something done, regardless of resources!

Click here for a link to TED.com to listen to Tony speak about what it takes to achieve outstanding results. BE RESOURCEFUL!!!!