"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.
Monday, December 17, 2007
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).
Friday, November 16, 2007
Hawaii residents split at Molokai hearing
KUALAPU'U, Moloka'i — The Friendly Isle lived up to its nickname yesterday as hundreds of people turned out for a public hearing to testify — sometimes passionately but respectfully — on both sides of a land proposal that has split the community and stands to profoundly reshape life on Moloka'i.
The private owner of one-third of the island, Moloka'i Ranch, wants to develop 200 luxury coastal house lots at La'au Point — the divisive financial linchpin to a package that also includes perpetually protecting 50,000 acres from development, preserving jobs at the struggling ranch and reopening the shuttered Kaluako'i Hotel.
Yesterday's hearing was the first chance for the rural community to speak directly to the state Land Use Commission about the plan. Although the hearing was to address only whether Moloka'i Ranch has adequately studied and documented the environmental issues, many residents spoke directly about the project.
"I feel Moloka'i should be kept the way it is and not be developed," testified Tracy Lishman, a fifth-generation Moloka'i resident and Hawaiian homesteader. Read complete story...
The private owner of one-third of the island, Moloka'i Ranch, wants to develop 200 luxury coastal house lots at La'au Point — the divisive financial linchpin to a package that also includes perpetually protecting 50,000 acres from development, preserving jobs at the struggling ranch and reopening the shuttered Kaluako'i Hotel.
Yesterday's hearing was the first chance for the rural community to speak directly to the state Land Use Commission about the plan. Although the hearing was to address only whether Moloka'i Ranch has adequately studied and documented the environmental issues, many residents spoke directly about the project.
"I feel Moloka'i should be kept the way it is and not be developed," testified Tracy Lishman, a fifth-generation Moloka'i resident and Hawaiian homesteader. Read complete story...
Tuesday, September 18, 2007
Thursday, May 31, 2007
Foreclosure rescue scams on the rise
Are the usual suspects returning to mortgage-related scams as a result of the subprime lending fallout? Does the practice of illegal "foreclosure rescue" operations extend even into the second-home market?
It always seems that when a large group of consumers are in trouble with their home finances, bad guys are around to help the unsuspecting homeowner dig their hole a little deeper. The latest attempt at the age-old practice of equity skimming is foreclosure rescue where scammers peruse county records to find properties that are facing foreclosure for nonpayment of mortgages or taxes.
Read Article....
It always seems that when a large group of consumers are in trouble with their home finances, bad guys are around to help the unsuspecting homeowner dig their hole a little deeper. The latest attempt at the age-old practice of equity skimming is foreclosure rescue where scammers peruse county records to find properties that are facing foreclosure for nonpayment of mortgages or taxes.
Read Article....
Tuesday, March 20, 2007
Wednesday, January 17, 2007
Real Estate: A buyer's market, but still expensive
Compared with many Mainland markets that are in a real estate free-fall, prices and sales activity in Hawaii will still be pretty solid in 2007. But it's becoming a buyer's market, with quick sales, multiple offers and aggressive pricing of fixer-uppers definitely a thing of the past.
Read More...
Read More...
Thursday, January 11, 2007
Expert foresees years of stable home prices
O'ahu single-family home prices, which began to cool last year, will likely remain in the $600,000 to $650,000 range for several years, according to one real estate expert. "We'd like to say that the market is stabilizing or normalizing," said Harvey Shapiro, research economist with the Honolulu Board of Realtors. "It's not overheated like it was."
The Honolulu Board of Relators yesterday released its quarterly housing market statistics for fourth quarter 2006, which provided further evidence that the housing prices are leveling.
Read more on this article
The Honolulu Board of Relators yesterday released its quarterly housing market statistics for fourth quarter 2006, which provided further evidence that the housing prices are leveling.
Read more on this article
Wednesday, January 10, 2007
Flat Fee MLS or Full Service? We answer your questions.
By now you probably have heard about flat listing fee companies, in fact they are popping up all over the place. However, did you know that about 90% of the companies that offer the service aren't even real estate brokers and can't list your property? Instead, they charge you for the flat fee and then send you to a flat fee broker in the state your property is located. They pay that broker a nominal fee, usually 1/2 of what you paid, and then you never hear from them again. Its not that its a bad thing, however, you just don't get to pick the agent, you get who they give you.
Make sure the company you choose is in good standing with the dept. of real estate for their state and the BBB. You should always receive a sign that you can place your phone number on to post in the yard, federal and state disclosure statements as required, unlimited changes to your listing and at least a one year listing if you choose to have it on that long.
Like any business, there are the good and then there are the bad. My advice is to shop around. Not for the cheapest, but the most reputable and a company that answers the phone when you call or calls you right back if you leave a message.
The flat fee mls program isn't for everyone. You will have to be involved with showing your property, employing an attorney to review the contracts, making sure escrow is setup, title is ordered, earnest money is deposited and communicating with the Buyers Agent AND the Buyer's lender. Its not brain surgery, however, it does take a little more time and attention to detail. Also, keep good notes, write down deadlines for the contract conditions and follow-up with all parties, verbally and in writing. Remember, there is no verbal agreement in a real estate transaction, it must be in writing!
If you feel like this process is overwhelming or is too time consuming, then by all means get a full service agent and negotiate the commission.
Flat List RE has been offering the flat listing fee program since 1999. We are licensed real estate brokers in Arizona, Hawaii, Oregon and Washington. When you call us, you will speak to the broker you will be listed with, US!
Visit our website for more information at www.flatlist.com.
Make sure the company you choose is in good standing with the dept. of real estate for their state and the BBB. You should always receive a sign that you can place your phone number on to post in the yard, federal and state disclosure statements as required, unlimited changes to your listing and at least a one year listing if you choose to have it on that long.
Like any business, there are the good and then there are the bad. My advice is to shop around. Not for the cheapest, but the most reputable and a company that answers the phone when you call or calls you right back if you leave a message.
The flat fee mls program isn't for everyone. You will have to be involved with showing your property, employing an attorney to review the contracts, making sure escrow is setup, title is ordered, earnest money is deposited and communicating with the Buyers Agent AND the Buyer's lender. Its not brain surgery, however, it does take a little more time and attention to detail. Also, keep good notes, write down deadlines for the contract conditions and follow-up with all parties, verbally and in writing. Remember, there is no verbal agreement in a real estate transaction, it must be in writing!
If you feel like this process is overwhelming or is too time consuming, then by all means get a full service agent and negotiate the commission.
Flat List RE has been offering the flat listing fee program since 1999. We are licensed real estate brokers in Arizona, Hawaii, Oregon and Washington. When you call us, you will speak to the broker you will be listed with, US!
Visit our website for more information at www.flatlist.com.
Tuesday, January 9, 2007
OAHU HOME SALES SURGE DURING DECEMBER
During December, sales of 346 single-family homes and 458 condominiums were reported through the Board's MLS, an increase in sales of 9.8 percent for single-family homes and a decrease in unit sales of 16 percent for condominiums, compared to the same month in 2005. The median price paid in December for a single-family home was $613,500 and $315,000 for a condominium. For the 2006 full year, sales volume is down by 12.5 percent for single-family homes and 20.2 percent for condominiums, while the median prices for the twelve months of 2006 were $630,000 and $310,000, respectively, increases of 6.8 percent and 15.2 percent over the same time period in 2005. Total dollar sales volume for the year was $5.466 billion, a decrease of 8.8 percent, or $527 million, compared to the $5.993 billion generated in the housing market in the same time period in 2005.
Resale Stats for December on Oahu
Resale Stats for December on Oahu
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