Hawai'i's slowing housing market could get a lift later this year by part of the national economic stimulus package signed by President Bush on Wednesday.
The stimulus package's main tool is tax rebates for consumers, but the law also temporarily will raise the maximum value of "conforming" mortgage loans that have lower interest rates than "jumbo" loans. Read complete article in the Hononlulu Advertiser
Saturday, February 16, 2008
Monday, December 17, 2007
"LIFE IS NEVER BORING...BUT SOME PEOPLE CHOOSE TO BE BORED." Wayne Dyer Yet even if Traders had wanted to be bored last week, the financial markets had other plans. Volatility reigned supreme, with large swings throughout the week in Stocks, Bonds, and home loan rates — and once the smoke cleared, home loan rates were slightly worse than where they began the week.
What caused all the volatility? You name it — continuing concerns on the liquidity and stability of the financial markets; the Federal Reserve at work, cutting the Fed Funds and Discount Rates by .25% and the opening of a new auction facility; a red hot Retail Sales Report; and last but certainly not least, the Producer and Consumer Price Indices both showing inflation to be much higher than expected.
The big mover was the Fed rate cut of .25%, which was a disappointment to the financial markets, as a deeper cut was hoped for. The reaction was very negative for stocks, as the fear of a recession amidst the current credit crunch grows. There are increasing concerns that the Fed is not getting ahead of this problem.
But it is not an easy job for the Fed because they may be fighting a possible recession with a hand tied behind their back...this is due to higher levels of inflation. Surely inflation is still at reasonable levels, but even a little stronger inflation can take a major toll on our lifestyle over time. High levels of inflation have caused unrest, revolt, poverty and wars. It is possible that the Great Inflation of 1920 in Germany eventually led to WWII. During that time, prices rose over an almost unimaginable 1000 times a year! Savings were wiped out and imagine this...the cost of a loaf of bread went from 20 Marks to 20,000 to 20,000,000. And in Mexico, hyperinflation caused a crisis in the peso that has led to extreme levels of poverty. Of course, the US is nowhere close to this type of problem, but inflation is a very serious issue. And with the current rate of inflation in the US ticking higher and towards the upper range of acceptable limits, additional Fed cuts would push inflation even higher. So should the Fed risk a recession to protect against inflation or move to avoid recession and risk inflation? This will likely be one of the hotter economic topics of 2008.
What caused all the volatility? You name it — continuing concerns on the liquidity and stability of the financial markets; the Federal Reserve at work, cutting the Fed Funds and Discount Rates by .25% and the opening of a new auction facility; a red hot Retail Sales Report; and last but certainly not least, the Producer and Consumer Price Indices both showing inflation to be much higher than expected.
The big mover was the Fed rate cut of .25%, which was a disappointment to the financial markets, as a deeper cut was hoped for. The reaction was very negative for stocks, as the fear of a recession amidst the current credit crunch grows. There are increasing concerns that the Fed is not getting ahead of this problem.
But it is not an easy job for the Fed because they may be fighting a possible recession with a hand tied behind their back...this is due to higher levels of inflation. Surely inflation is still at reasonable levels, but even a little stronger inflation can take a major toll on our lifestyle over time. High levels of inflation have caused unrest, revolt, poverty and wars. It is possible that the Great Inflation of 1920 in Germany eventually led to WWII. During that time, prices rose over an almost unimaginable 1000 times a year! Savings were wiped out and imagine this...the cost of a loaf of bread went from 20 Marks to 20,000 to 20,000,000. And in Mexico, hyperinflation caused a crisis in the peso that has led to extreme levels of poverty. Of course, the US is nowhere close to this type of problem, but inflation is a very serious issue. And with the current rate of inflation in the US ticking higher and towards the upper range of acceptable limits, additional Fed cuts would push inflation even higher. So should the Fed risk a recession to protect against inflation or move to avoid recession and risk inflation? This will likely be one of the hotter economic topics of 2008.
Monday, December 10, 2007
Flat Fee MLS -Frequently Asked Questions
Frequently Asked Questions
Q. What is the MLS (Multiple Listing Service) and do I as a seller have access to it?
A. To belong to the MLS, you must be a licensed real estate agent with an active license and have signed up with the local MLS to have access. There are thousands of MLS's throughout the US, and each covers certain counties in each state. The general public cannot log into the MLS as agents do but can see the MLS listings on public sites. These public sites will not show the Seller's phone numbers or personal data, just general property information.
Q. When I list my house with you, am I listing with a real estate broker?
A. Yes! We are licensed real estate brokers in the states we cover just like any other real estate broker, such as ReMax, Century 21, etc. The difference is, we do NOT charge a listing commission, but instead charge an upfront, flat fee for our service of listing your property in the MLS.
Q. How do you make money from such a small fee?
A. This is a common question. The answer is, we do not spend thousands of dollars advertising listings in newspapers, holding open houses & broker's open houses, coming to the property, negotiating offers, etc. We maintain small, efficient offices and our Seller's do all the advertising, as they see fit.
Q. How long does it take to list my property?
A. Once you receive and download the MLS forms, you must return them to us as instructed, via fax or email. Your listing will go live in the MLS within 24 hours. Your photos will be uploaded to your MLS listing at that time. Multiple Listing Services are real time and are immediately available to real estate agents once it is activated. We always email you a copy of your listing for review. However, it does take 3-5 days for your listing to appear on public sites.
Q. Do I have to pay a Buyer's Agent commission and if so, what is normal?
A. If you are listed in the MLS, you MUST offer a commission to the buyer's agent. The MLS does not allow listings without compensation being offered to an agent who sells your property. There is no "normal" commission. However, traditionally, agents expect 3% commission. We highly recommend offering the traditional amount so that agents will show your property and you will be comparable to what other seller's are offering. HOWEVER, you may choose the amount you want to offer when completing your MLS forms. Commission is not set by any MLS or Board Of Realtors.
Q. Can I make changes to my MLS listing?
A. YES, and its free! You may make changes at anytime without charge. You will be provided with a change form and instructions to make changes.
Q. What website will my listing appear and how many photos will there be.
A. Your listing will start to appear on thousands of websites within 3-5 days from it being activated in the MLS. The most popular is Realtor.com. Realtor.com will show your listing and the exterior photo. Depending on the website, your property may show all or some of your photos. Your listing may appear on ReMax, Century 21, Coldwell Banker and most local company websites as well.
Q. Will my name and number show up on the public sites?
A. No, your name and number is not allowed to be released to the public sites, per the MLS rules. The MLS only releases certain fields that are not personal. When your listing is on a website, it will say "courtesy of Flat List Re" or whomever the listing broker is. Realtor.com shows the broker's name and number who listed the property, but most other sites only have the disclousre "courtesy of (name of broker)". We have no control over this policy.
Q. If I have more than one property to list, can I get a discount?
A. YES! Call us to discuss.
Q. What if I want to cancel my listing?
A. You may cancel your MLS listing at anytime without charge. However, your flat listing fee is non-refundable if you cancel. You are free to re-list your property with another broker if you choose to do so.
Q. Will my listing look like the other listings in the MLS?
A. YES! Your mls listing is just like any other listing. The difference is that you reserve the right to sell to your own buyer, unlke a full-service brokers listings.
Q. Will agents show my property even though I am listed with a flat fee company?
A. YES! Agents will show your property just like they would any other listing in the MLS as long as you are paying a commission that they feel is acceptable. This is why we encourage you to pay 3%. Agent's don't care who has listed a property, as long as it fits their buyer's needs and there is compensation for the sale being offered.
Q. Who do the agents call to show my property?
A. Your contact number will be listed in the MLS for agents to call you to schedule a showing. You may have several numbers if you would like so that agents may get a hold of you anytime. We encourage you to use the MLS lock box service where available. Ask your broker upon listing if it is available in your area.
Q. What happens when I get an offer?
A. When an agent has an offer, they will call you directly to negotiate. The buyer's agent will write the offer on the purchase contracts used by the Realtor board or MLS. We recommend that you have an attorney review the contract before signing or countering the offer. You must notify us within 24 hours of an accepted offer so that the MLS listing can be updated. If the sale fails to close, your listing will be re-activated at no charge.
Q. Am I still a "For Sale By Owner"even though I am in the MLS.
A. Technically, you are listed with a real estate broker, however, since you listed limited service, MLS entry only, then you reserve the right to sell FSBO. You never pay a commission if you sell to your own buyer. If an agent sells your property, then you pay that agent a commission at closing the amount you chose to offer. You are welcome to advertise your listing as you see fit to procure buyers not working with an agent, however, you must disclose the MLS number, as required by Dept. of Licensing. You would use your phone number for contacts.
Q. What if I find my own buyer.
Q. If you find your own buyer, we will provide you with complimentary forms and disclosures. We encourage you to hire an attorney to write your contract if you have no experience with home sales or haven't sold or bought a home in the past. We do not assist with offers, however, in some of our states, (Washington, Hawaii, Oregon and Arizona) we do offer to assist you with the offer if you find your own buyer for 1%. Call us to discuss at 1-866-215-5265.
MORE QUESTIONS? Call us toll free at 1-877-270-FSBO (3726).
Q. What is the MLS (Multiple Listing Service) and do I as a seller have access to it?
A. To belong to the MLS, you must be a licensed real estate agent with an active license and have signed up with the local MLS to have access. There are thousands of MLS's throughout the US, and each covers certain counties in each state. The general public cannot log into the MLS as agents do but can see the MLS listings on public sites. These public sites will not show the Seller's phone numbers or personal data, just general property information.
Q. When I list my house with you, am I listing with a real estate broker?
A. Yes! We are licensed real estate brokers in the states we cover just like any other real estate broker, such as ReMax, Century 21, etc. The difference is, we do NOT charge a listing commission, but instead charge an upfront, flat fee for our service of listing your property in the MLS.
Q. How do you make money from such a small fee?
A. This is a common question. The answer is, we do not spend thousands of dollars advertising listings in newspapers, holding open houses & broker's open houses, coming to the property, negotiating offers, etc. We maintain small, efficient offices and our Seller's do all the advertising, as they see fit.
Q. How long does it take to list my property?
A. Once you receive and download the MLS forms, you must return them to us as instructed, via fax or email. Your listing will go live in the MLS within 24 hours. Your photos will be uploaded to your MLS listing at that time. Multiple Listing Services are real time and are immediately available to real estate agents once it is activated. We always email you a copy of your listing for review. However, it does take 3-5 days for your listing to appear on public sites.
Q. Do I have to pay a Buyer's Agent commission and if so, what is normal?
A. If you are listed in the MLS, you MUST offer a commission to the buyer's agent. The MLS does not allow listings without compensation being offered to an agent who sells your property. There is no "normal" commission. However, traditionally, agents expect 3% commission. We highly recommend offering the traditional amount so that agents will show your property and you will be comparable to what other seller's are offering. HOWEVER, you may choose the amount you want to offer when completing your MLS forms. Commission is not set by any MLS or Board Of Realtors.
Q. Can I make changes to my MLS listing?
A. YES, and its free! You may make changes at anytime without charge. You will be provided with a change form and instructions to make changes.
Q. What website will my listing appear and how many photos will there be.
A. Your listing will start to appear on thousands of websites within 3-5 days from it being activated in the MLS. The most popular is Realtor.com. Realtor.com will show your listing and the exterior photo. Depending on the website, your property may show all or some of your photos. Your listing may appear on ReMax, Century 21, Coldwell Banker and most local company websites as well.
Q. Will my name and number show up on the public sites?
A. No, your name and number is not allowed to be released to the public sites, per the MLS rules. The MLS only releases certain fields that are not personal. When your listing is on a website, it will say "courtesy of Flat List Re" or whomever the listing broker is. Realtor.com shows the broker's name and number who listed the property, but most other sites only have the disclousre "courtesy of (name of broker)". We have no control over this policy.
Q. If I have more than one property to list, can I get a discount?
A. YES! Call us to discuss.
Q. What if I want to cancel my listing?
A. You may cancel your MLS listing at anytime without charge. However, your flat listing fee is non-refundable if you cancel. You are free to re-list your property with another broker if you choose to do so.
Q. Will my listing look like the other listings in the MLS?
A. YES! Your mls listing is just like any other listing. The difference is that you reserve the right to sell to your own buyer, unlke a full-service brokers listings.
Q. Will agents show my property even though I am listed with a flat fee company?
A. YES! Agents will show your property just like they would any other listing in the MLS as long as you are paying a commission that they feel is acceptable. This is why we encourage you to pay 3%. Agent's don't care who has listed a property, as long as it fits their buyer's needs and there is compensation for the sale being offered.
Q. Who do the agents call to show my property?
A. Your contact number will be listed in the MLS for agents to call you to schedule a showing. You may have several numbers if you would like so that agents may get a hold of you anytime. We encourage you to use the MLS lock box service where available. Ask your broker upon listing if it is available in your area.
Q. What happens when I get an offer?
A. When an agent has an offer, they will call you directly to negotiate. The buyer's agent will write the offer on the purchase contracts used by the Realtor board or MLS. We recommend that you have an attorney review the contract before signing or countering the offer. You must notify us within 24 hours of an accepted offer so that the MLS listing can be updated. If the sale fails to close, your listing will be re-activated at no charge.
Q. Am I still a "For Sale By Owner"even though I am in the MLS.
A. Technically, you are listed with a real estate broker, however, since you listed limited service, MLS entry only, then you reserve the right to sell FSBO. You never pay a commission if you sell to your own buyer. If an agent sells your property, then you pay that agent a commission at closing the amount you chose to offer. You are welcome to advertise your listing as you see fit to procure buyers not working with an agent, however, you must disclose the MLS number, as required by Dept. of Licensing. You would use your phone number for contacts.
Q. What if I find my own buyer.
Q. If you find your own buyer, we will provide you with complimentary forms and disclosures. We encourage you to hire an attorney to write your contract if you have no experience with home sales or haven't sold or bought a home in the past. We do not assist with offers, however, in some of our states, (Washington, Hawaii, Oregon and Arizona) we do offer to assist you with the offer if you find your own buyer for 1%. Call us to discuss at 1-866-215-5265.
MORE QUESTIONS? Call us toll free at 1-877-270-FSBO (3726).
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