Short Sale Pricing Discussion

[AAbsolute]

Te Lis Pens filings they is a populaarr in Walton Counte! I wonder if the 180 limit is the result of the county's ability to process filings rather than the actual number they receive each month.

The County can accept and Record at least 10 times as many Lis Pendens as they are currently taking in. The Court Clerk gets the Title locked down usually within 5 minutes of the courier getting to the window.

I have no formal training at all in Economics and am not a licensed Realtor, but I don't think Sowal will see but 20% more Lis Pendens worst case.

 

[traderx]

I have found that the masses have very short memories and even less fortitude. I know people right now who desperately wish they could sell their property who would hold out for price on the same piece if they had 3 offers on it at the same time this mid summer. I've watched several people pass on offers that were more than acceptable and slowly ride the property to 1/3 while getting offers all the way down.

On the kool-aid tip, I don't know if you read my history, but I served myself some State time as a youngster for selling stuff that made people euphoric. I've done my share of thousands of push ups, thanks.

Real estate?

 

[AAbsolute]

Real estate?

A little more euphoric than that.

 

[Bobby J]

A little more euphoric than that.

Just a little...

 

[AAbsolute]

Just a little...

So you thought there'd be waves today huh? I saw ya checking out all that beach front property down from Cypress.

SJ gave us the Public MLS website link the other day. I tried to search Paradise by the Sea today, but I think it was less complete than some other sites. Do you have any search tips for hacks like me?

 

[Bobby J]

So you thought there'd be waves today huh? I saw ya checking out all that beach front property down from Cypress.

I didn't just think... Actually, a board meeting occurred down there!

 

[SHELLY]

The supply measured in months will drop, by many months at a time, when the market turns back on. If the market stays on for 5 months we'd have a frenzy again.

AA...let me just clue you in on a little Econ 101.

(1) The "Frenzy I" was fueled with borrowed money from China and the Middle East--don't bet on that happening again in your lifetime.

(2) The "Frenzy I" turned lowly realtors; mortgage brokers; retirees on social security; waitresses; landscaping folks; granite top fabricators; and Publix Cart Cowboys into condo-flippin' real estate tycoons overnight with nary a scheckle in the bank to their name--don't bet on that happening again in your lifetime.

(3) A "real and sustainable" housing market is a function of employment opportunities with salaries compatible with the cost of purchasing and carrying a house. Take a look at this site everyday: Layoff Daily

If I were you, I wouldn't go "all in" betting for a return to the frenzy--make sure you hold back enough for the time you're going to have to employ "Plan B."

I, too, have seen the tough times of many years ago--this, and what is still yet to come, is much more grim.

.

 

[AAbsolute]

AA...let me just clue you in on a little Econ 101.

(1) The "Frenzy I" was fueled with borrowed money from China and the Middle East--don't bet on that happening again in your lifetime.

(2) The "Frenzy I" turned lowly realtors; mortgage brokers; retirees on social security; waitresses; landscaping folks; granite top fabricators; and Publix Cart Cowboys into condo-flippin' real estate tycoons overnight with nary a scheckle in the bank to their name--don't bet on that happening again in your lifetime.

(3) A "real and sustainable" housing market is a function of employment opportunities with salaries compatible with the cost of purchasing and carrying a house. Take a look at this site everyday: Layoff Daily

If I were you, I wouldn't go "all in" betting for a return to the frenzy--make sure you hold back enough for the time you're going to have to employ "Plan B."

I, too, have seen the tough times of many years ago--this, and what is still yet to come, is much more grim.

.

How many years have you been paying attention to this kind of stuff? (about how old are you) It will help me with your post.

You may well be correct about (1). Japan helped fuel the '80's junket and I don't think they fueled this one.

I'm sorry I can't completely agree with (2) because I was sure that after the late '80's I would not ever see people with 'real' jobs quit them to start acting like real estate developers again, but they did.

I agree with (3) and should note that this past cycle didn't have anything to do with real and sustainable anything.

Last, unfortunately for me, real estate is my profession. I don't count on or require frenzy. It has no relevance to a business plan. When the market was fraudulently hot I was still working my basic plan. I stuck out like a sore thumb.

 

[Joe Mammy]

Just as SJ gave us the tip this was coming, here it is:

"The recent change to MLS policy regarding short sale listings under contract has been reversed, and these listings must once again be put in either Contingent or Pending status. ECAR’s Board of Directors rescinded the policy at its January 29, 2009, meeting."

I protested when they changed the rule in Dec and I am happy they changed it back. Who wants to make an offer on a shortie while the seller just keeps collecting offers under an active status? Nobody I know...

 

[SHELLY]

How many years have you been paying attention to this kind of stuff? (about how old are you) It will help me with your post.

How old? Let's just say I had a driver's license during the "odd-even" gas rationing days.

How long have I been paying attention to this kind of stuff? Let's say my mind started thinkin' about trade, finance and economics while sitting in an "odd-even" gas line.

.