Heath Coker, Broker Owner

So if you read this humorously with an "Andy Rooney of 60 Minutes" voice, you will capture my intent more clearly. Here goes.

Did you ever take a real estate listing that you knew was over priced? Any experienced agent or broker can probably answer yes to this one. Why do we take over priced listings anyway? Is it because we don't want to hurt the feelings of the owner? Or maybe we don't want the competition to get the listing instead of us. Maybe it is our first listing and we just want one on the books. Or maybe we haven't had a listing in a while and we need one to show off.

Whatever the reason, taking an over priced listing is like going out drinking for the night just to get drunk. At the time it seems like the right thing to do. But the next morning, you feel terrible. Your head hurts, your stomach feels bad, you have to face your colleagues who wonder, "What were you thinking?!", some of whom say it out loud. You have a seller who hounds you about the lack of showings, and you have to start preparing the "we need a price reduction" speech.

Personally, I don't like hangovers so I don't drink to get drunk. And as often as possible, I apply that same rationale to pricing a listing. I can't say that the thought of taking an overpriced listing hasn't crossed my mind, but I fight the temptation by thinking about the morning after. Maybe if more agents and brokers thought that way, we'd have less "over pricing hangovers." Nobody asked. Just my opinion.

Happy listing and selling!

I have just completed gleaning almost 2000 real estate web site urls so the staff at REindex.com can review them. I have been searching hither and yon for sites that belong to the local agents and companies for possible placement in the New York real estate pages of REindex.com.

Now we get to visit all 2000 of those web sites to see which ones show their own listings. Then we'll link to each of those sites from each of the towns where they have actual listings. Hey, somebody has to help the listing agents and brokers! I am one (a listing broker) so I know.

This is my only frivolous entry for November, so enjoy. OK, this part is a mindless entry. Someone wanted me to take this on-line thanksgiving quiz to see if they could guess at the answers better than I could, and thus have bragging rights. If you think you "know it all" about thanksgiving, gobble it up.

Here's the link to the thanksgiving quiz.

http://home.aristotle.net/Thanksgiving/trivia.asp

Now back to work! LOL.

Happy listing and selling!

The plans for "Hollywood East" appear to be firming up. There are more rumblings in Southeast Massachusetts around Cape Cod about the development of a new sound stage and movie studio facilities. A golf course on route three has given notice to is employees that their jobs will no longer exist at the end of 2009. Only a few of the staff will have any association with the "new project" that will begin then.

For a few months, there was speculation that the southeast complex was dead in the water, after a proposed site just north of the Bourne Bridge ran into legal title issues. The new site, on the west side of Route three between exits 3 and 5, appears to be moving forward. it is rumored that the actor who plays the lead character in "Die Hard" has already purchased a home nearby. A development this large would mean lots of jobs, more tourist draws, and more investment in the southeast coast of Massachusetts and Cape Cod.

The Falmouth Chamber of Commerce has a "film task force" that is pre-completing the approval process for a list of locations it feels will be of interest to movie makers. The permitting process will be completed for a few locations so that the town is prepared with something that movie makers can see, and it will also prepare town offices as to how the permitting of other locations can be done smoothly and efficiently.

The Massachusetts Film Office is reporting that 2008 will beat 2007 as the record setting year of movie making in the "Bay State". On October 28, the Plymouth town meeting voted to approve zoning and tax agreements that will allow construction of a movie and television production studio. (Yes, here in MA, we still gather in an auditorium to discuss things and vote on what is good for the town). The project is said to include 14 sound stages, 10 acres for "back lot," and a 300 room hotel. The developers of the project hope to be in operation by 2010!

SO IF YOU HAVE BEEN ASKING WHERE TO INVEST IN MASSACHUSETTS, IT IS TIME TO LOOK AT CAPE COD AND SOUTHEAST MA!!!

The latest real estate sales reports and numbers indicate that the market in many areas has stopped falling. This is good news for California real estate and Florida property owners. For a long time they have been leading in the "falling prices" category of real estate reporting. But now they are said to be leading in the return to normalcy. The largest states once again were the areas of greatest activity for those starting to look for property. Large states like NY, CA, PA, and TX, IL, FL all received some of the most inquiries in the month of October. Other states with lots of towns and large populations like, IA, OH, MN, and MO were also being scoured for real estate deals.

Then there were those that make me want to research the local economies more and find out what may be developing there. Some of these aren't the largest states, but they had some of the most activity from Internet searchers. Could these areas be courting new jobs? Or have they already attracted some new economic bounty that I have yet to hear about? The states with the most searches per town in October were NM, ID, VT, NH, NV, FL, MS, AZ, TX, WI. Some of the states in this list are the same as the as those in the other list which makes me research them first. Being on both lists adds weight to a possibly good economic future. (I wish the state where my office is located was on one of the lists.)

Once again, I find that although knowing where sales have happened is useful, knowing where they are starting to happen can get me ahead of those also looking for improving investment areas.

Happy Selling and Listing!

I have been talking to a few lenders and there is a way for some buyers to get a house without having a mortgage payment. There are specific criteria that have to be complied with, and the buyer does need some cash, but it can really be done. If you can apply this as a real estate agent, or if you can show this to the real estate broker helping you find a house, it is definitely an option to explore.

The new limits for a reverse mortgage may help more homes get bought. Here is how. First, this must be for a primary residence. Next, the buyer needs to be at least 62 years old. Then, the buyer needs to have enough cash to cover around half of the value of the home (the actual amount is dependent on their age.) The amount of cash needed is also relative to the value of the house, so those of you in higher priced real estate markets may have more obstacles. Credit is not an issue or a factor in a reverse mortgage. The home must be able to be lived in. The reverse mortgage funds would be used to pay the difference between the available cash for down payment and the purchase price. When completed, the buyer would have no mortgage payments, because that is how a reverse mortgage works. The reverse mortgage is only due to be paid at the next conveyance of the property. Thus, for an older buyer with a cash down payment, they can live in a home with no mortgage payments as long as they want to.

Here is an example. PLEASE NOTE: The numbers used here are only for explanation! The true amounts will vary due to age, interest rates at the time, and the value of the property. ALSO, I am not a mortgage originator so everything here should be verified by a true reverse mortgage professional.

The Example: A $100,000 house. Buyer is 62 with $50K to put toward the purchase. The reverse mortgage pays the other $50K, and there are no monthly payments. So for $50K, they get to buy a $100K house and not have a monthly mortgage payment. The mortgage only has to be repaid when the house transfers to another owner.

So, if you know someone with "a little cash", they really can get a house with no mortgage payments, if all the variables fit. Check it out!