BY BERNICE ROSS, TUESDAY, JULY 5, 2011.

Inman News™

You have worked as hard as you can to get this property sold. Your marketing efforts have generated 50 showings but no offers. What can you do?

Recently, one of our private coaching clients posed this question to her coach. She had done everything within her power to place the property under contract. However, the sellers weren’t willing to lower the price any further. They had a great reason. If they dropped the price any further, they would have to bring money that they didn’t have to the closing table.

The challenge for the agent was that the sellers were blaming the failure to sell the property on her and they were angry. How would you have handled this situation?

One of the most powerful ways to address this situation is to do an update on your market statistics. For example, if there are currently 60 properties listed in their area and price range and 10 of them sell each month, this means that in order to sell their property, the sellers must be in the top 17 percent of the properties on the market each month in terms of the price, condition and the location. With this many showings and no offers, they’re continuing to fall in the bottom 83 percent that are still listed each month rather than in the 17 percent that sell.

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The next step is to explain the seller’s choices. Here’s what to say:

“Mr. and Mrs. Seller, as you can see from the current market statistics, only 17 percent of all the listings will sell this month, while 83 percent will continue to be listed next month. Furthermore, most of the properties that are selling are in like-new condition. Given these circumstances, you have the following options:

“First, you can adjust your price.

“Second, you can update the paint and the fixtures to make the house more appealing.

“Third, if you absolutely must get this price, you can take the property off the market and wait for the market to improve.

“It’s your house and it is your decision. What would you like to do?”

Furthermore, it’s often useful to either take the sellers out to look at the competition or to pull together a slide show of the interiors of the properties that went under contract or that are currently on the market. Sometimes the reason a property is not selling is that buyers can afford to be choosy. The agent who sold our last house told me that the only things that are selling where she is working right now are in like-new condition. Everything else, unless it’s way below market value, is languishing on the market.

A third way is to do a price-per-square-foot comparison. Remember to choose comparable sales where the lot size and the improvement size are within 10 percent of the seller’s property. Failure to do this will yield inaccurate results.

The next step is to make three pricing lines: one for sold listings, one for current listings, and one for expired listings. In most cases, what you will observe is that the sellers’ current price falls in the price range where most of the listings are expiring. Here’s what to say:

“Mr. and Mrs. Seller, as you can see from these three pricing lines, the properties that have gone under contract in the last 90 days have all been priced between $135 to $145 per square foot. The properties that failed to sell and currently are showing on the multiple listing service as expired listings were all priced at $153 to $160 per square foot. Your property is currently priced at $154 per square foot.

“Consequently, you have an important decision to make. You can leave your property at $154 per square foot and it will probably still be on the market, or you can reduce your price to $145 per square foot and increase the odds that it will sell. It’s your choice; what would you like to do?”

Now if the sellers are being unrealistic and you’re no longer willing to work on an overpriced listing, here’s a different approach:

“Mr. and Mrs. Seller, you have an important decision to make. You can continue to keep your property on the market at the price where it is currently listed or you can lower the price to the point where the property will sell. Clearly, since we have had 50 showings and no offers, the property is not priced where buyers today are willing to purchase it.

“It’s your choice; what would you like to do? Continue with your current price? Or reduce the price, end the two-hour commute each day, and get on with your life?”

If the sellers say they want to keep the same price, the next choice is really yours. Are you going to choose to continue to work on an overpriced listing or are you going to walk away? In many cases, your willingness to walk away can be a huge wake-up call. Here’s what to say:

“Thanks so much for the opportunity to market your home. Given the current market conditions, I would be doing you a disservice to continue to represent you on the sale of your property when the market data says that you won’t sell in this market unless you drop your price. I have cleared this with my broker and we are releasing you from the listing. I wish you the best in getting the price you want.”

If you have an overpriced listing that is not selling and the sellers aren’t willing to be realistic, walking away is probably the smartest thing that you can do. If the sellers realize you’re serious and reduce their price, it’s a win for you both. If they are unwilling to reduce their price, you have just eliminated a huge energy and money drain from your business.

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author of the National Association of Realtors’ No. 1 best-seller, “Real Estate Dough: Your Recipe for Real Estate Success.” Hear Bernice’s five-minute daily real estate show, just named “new and notable” by iTunes, atwww.RealEstateCoachRadio.com. You can contact her atBernice@RealEstateCoach.com or @BRoss on Twitter.

MacroMarkets panelists expect little growth through 2015

BY INMAN NEWS, TUESDAY, JULY 5, 2011.

Inman News™

More than half of economists, real estate experts and investment strategists polled by MacroMarkets LLC in Junesaid they now expect national home prices to hit a bottom sometime in 2011 and remain stable through 2015.

MacroMarkets polls more than 100 housing experts with a wide range of views, including FusionIQ CEO Barry Ritholtz, Moody’s Analytics economists Mark Zandi and Celia Chen, National Association of Realtors Chief Economist Lawrence Yun, Freddie Mac Chief Economist Frank Nothaft, and Rosen Consulting Group’s Kenneth Rosen.

Panelists are asked to project the path of the Standard & Poor’s/Case-Shiller U.S. National Home Price Index over the coming five years. Robert Shiller is MacroMarkets’ chief economist and co-founder.

“A significant majority of our panelists believe that the bottom for home prices arrived in the first quarter or will arrive sometime before year-end. Despite persistent macroeconomic uncertainty and unprecedented housing market dysfunction, almost two-thirds of the panelists see the U.S. residential real estate market as at an historic turning point,” Shiller said in a statement.

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The 69 panelists forecasting a 2011 bottom predict less than 2 percent average annual growth in prices through December 2015, he said.

“A 2 percent a year home-price increase will not inspire a lot of consumer confidence. Given prevailing inflation expectations, this forecast implies virtually no change in real home values going forward,” Shiller added.

The most optimistic quartile of panelists projected, on average, a 15.3 percent price increase from year-end 2010 through 2015, while the most pessimistic quartile of panelists projected, on average, a 6 percent price drop.

“This spread is huge, representing almost $4 trillion in housing market value,” Terry Loebs, MacroMarkets managing director, said in a statement.

“This is a gut-wrenching time for market stakeholders and policymakers, because each of these scenarios is plausible.”

On average, panelists predicted a 3.52 percent drop in fourth-quarter 2011 compared to fourth-quarter 2010, followed by small increases every year through fourth-quarter 2015 when prices are expected to rise 3.47 percent on an annual basis.

Speakers at last month’s Pacific Coast Builders Conference (PCBC) predicted ahousing recovery would remain elusive until 2013 or beyond.

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I look forward to hearing from you!!!

Fine and Functional Crafts 4 – Hammond Regional Arts Center (217 E Thomas St), December 10 1pm to 5pm, December 11 11am to 3pm, December 17 1pm to 5pm, December 18 11am to 3pm.  Get your holiday shopping completed here!

Hammond Ballet Company Presents ”The Nutcracker” – Columbia Theatre For Performing Arts (220 E Thomas St), December 10 and 11 7pm.  Watch this classic Christmas ballet performed live before you.  Tickets are $25 for the Orchestra, $30 for Loge seating and $20 in the Balcony.  Visit the Hammond Ballet Company’s website to purchase tickets.

Louisiana Renaissance Festival - 46468 River Rd, December 11 and 12, 9:30am to 5pm.  While not a Christmas event, this is the last weekend for the annual LA Ren-Fest.  There will be fine live entertainment, food and demonstrations going on throughout the day.  Watch the fireworks show after sundown on Saturday and Sunday.  Visit the LA Ren-Fest website to purchase your tickets today.

There are several Christmas events happening in Hammond throughout December.  Those listed above are just a few that you may not want to miss.  Remember, if you’re looking to celebrate your Christmas in a new Hammond home, please contact us and we’ll be happy to help.  Happy holidays, everyone!

Yvonne Martin and The Martin Team, Let My Family Bring Your Family Home to Hammond Real Estate

Have breakfast with Santa Bear in Hammond

This event has been set up to benefit the Santa Bear Christmas Crusade, who gives toys to kids (ages 2-8) of underprivileged Hammond families for the holidays.  The price of admission to the breakfast with Santa Bear is just one new, unwrapped toy from each child who attends.  You’re always welcome to bring more if you would like.  The toughest age group to get enough toys for tends to be the 7 to 8-year-olds.  So, if you can bring more than one gift, please make at least one of them for these guys.

In addition to toys, the Santa Bear Christmas Crusade is also in need of monetary donations.  Their goal this year is $15,000.  But, with the slow economy, they’ve only been able to raise about half of their goal so far.  They’re afraid that if they are unable to meet their goal, they may have to start turning away Hammond families in need from the applications that have already been turned in.  They would love to be able to help all the applicants instead of turning to a lottery system.

If you wish you make a toy donation but are unable to attend the breakfast, please bring them to:

The Daily Star
725 S Morrison Blvd
Hammond, LA

If you can make a monetary donation, you can bring a check to The Daily Star’s offices or send a check to:

Christmas Crusade for Children
PO Box 1149
Hammond, LA 70404

Come to the Louisiana Children’s Discovery Center on Saturday, December 4, 2010 from 8-10am and have breakfast with Santa Bear in Hammond.  Bring a new, unwrapped toy to help benefit Hammond families in need this holiday season.  Enjoy a fun event and make a difference in local lives.

Yvonne Martin and The Martin Team, Let My Family Bring Your Family Home to Hammond Real Estate

Have breakfast with Santa Bear in Hammond on Saturday, December 4, 2010 at the Louisiana Children’s Discovery Center.  From 8am to 10am, parents are encouraged to bring their children to enjoy milk and donuts, look through the museum’s exhibits and take pictures with both Santa Bear as well as Santa Claus.  Make sure to bring your own cameras for the pictures, though, parents.

This event has been set up to benefit the Santa Bear Christmas Crusade, who gives toys to kids (ages 2-8) of underprivileged Hammond families for the holidays.  The price of admission to the breakfast with Santa Bear is just one new, unwrapped toy from each child who attends.  You’re always welcome to bring more if you would like.  The toughest age group to get enough toys for tends to be the 7 to 8-year-olds.  So, if you can bring more than one gift, please make at least one of them for these guys.

In addition to toys, the Santa Bear Christmas Crusade is also in need of monetary donations.  Their goal this year is $15,000.  But, with the slow economy, they’ve only been able to raise about half of their goal so far.  They’re afraid that if they are unable to meet their goal, they may have to start turning away Hammond families in need from the applications that have already been turned in.  They would love to be able to help all the applicants instead of turning to a lottery system.

If you wish you make a toy donation but are unable to attend the breakfast, please bring them to:

The Daily Star
725 S Morrison Blvd
Hammond, LA

If you can make a monetary donation, you can bring a check to The Daily Star’s offices or send a check to:

Christmas Crusade for Children
PO Box 1149
Hammond, LA 70404

Come to the Louisiana Children’s Discovery Center on Saturday, December 4, 2010 from 8-10am and have breakfast with Santa Bear in Hammond.  Bring a new, unwrapped toy to help benefit Hammond families in need this holiday season.  Enjoy a fun event and make a difference in local lives.

Yvonne Martin and The Martin Team, Let My Family Bring Your Family Home to Hammond Real Estate

Through a conventional home loan, the property must be worth at least what the loan amount is in order to be approved.  However, when it comes to a home that needs a bit of work, oftentimes, the property isn’t worth that much.  This causes the homebuyer to have to secure financing through other means in order to pay for repairs or other construction work needed to fix up their home.  These loans tend to be for shorter terms and higher interest rates, decreasing the chances that a buyer can purchase the fixer-upper to begin with.

Through the FHA (203) program, a Hammond homebuyer is able to purchase the home as well as secure financing for repairs and construction in one mortgage loan, with one payment and the lowest interest rates they qualify for.  This works out as a win-win for the local housing market, since the properties that were previously considered eyesores can now be bought up by homeowners willing to put the work into them to make them better and more homebuyers are now able to afford their own Hammond home.

To qualify for the FHA (203) Rehab Program, the home in question:

• Can’t be larger than a four-family multiplex (single-family, duplex, triplex or quad will qualify)
• Must have been completely finished from initial construction within the last year (no newly constructed homes allowed)
• At least have part of the original foundation left in place on the property (if the rest of the home has been completely demolished)

If you want to purchase a Tangipahoa home, are willing to put a bit of elbow grease into fixing it up and want to have the cost of the mortgage and repairs/remodeling in one payment, this FHA program offers help for buyers who want to purchase a home to rehab.  Contact me today so I can help you find the perfect Hammond home for you!

Yvonne Martin, The Martin Team, Let My Family Bring Your Family Home to Hammond Real Estate

At the event, kids can enjoy trick-or-treating, so make sure to dress up!  There will be gruesome games, freakish fun and eerie eats for everyone to enjoy.  A Jambalaya Cook-Off is scheduled as well.  Donations will be accepted at the event, so feel free to give as well as receive.

Sponsors of the Covington ”Boo Fest” include:

North Oaks Health System
Fidelity Homestead
Hancock Bank
Tangipahoa Tourism
Burns Estate Planning, LLC
Southeastern Lousiana University
First Guaranty Bank
Louisiana Federal Credit Union
Specialty LTCH Hospital in Hammond
Walmart
Emery & James, LTD Gohres Insurance
Charter Business
Regions Bank

If you want something different to do for Halloween as well as a great, fun way to help a wonderful charity, consider Covington‘s “Boo Fest”, which helps Northshore Families Helping Families.  Food, fun, candy and goodwill…that’s part of what makes Tangipahoa Parish and St Tammany Parish such great places to live!

Yvonne Martin, The Martin Team, Let My Family Bring Your Family Home to Hammond

The estate sale, coordinated by the Ponchatoula First Baptist Church Busy Bees Club, will be held at the Ponchatoula Community Center (300 N Sixth St) from 8am to 4pm this Saturday.  In addition to the bikes, toys, furniture, baby clothes, jewelry and other items available for sale, there will be kids games, a plant sale and a cake sale during the event.

Just like many non-profit organizations, Ponchatoula’s Serenity House is struggling financially.  Since this is the only homeless shelter in Tangipahoa Parish, it is the only home for its residents.  Without Serenity House, they would have nowhere to go.  Come to the Ponchatoula estate sale this Saturday to help raise money for the local homeless shelter.  You’ll have fun, be able to purchase great items and help a fantastic organization who helps the community.

Yvonne Martin, your Ponchatoula real estate specialist

All films will be screened within a couple of blocks of each other in downtown Hammond, at either the Hammond Regional Arts Center (217 E Thomas St) or Tope la Catering (113 E Thomas Street).  That way, you can easily commute between each venue to catch the movies you want to see. 

The screenings will be broken down into sections, such as comedies, dramas, documentaries, musical documentaries and videos and Platinum (“Best of the Fest”).  Included in the Platinum screenings will be a New Orleans’ comedy production of “I Ran Against Us”.  The screening schedule will be as follows:

Friday, September 24
Comedies – 5:30-9:30pm at Hammond Regional Arts Center
Drama – 5:30-9:30pm at Tope la Catering

Saturday, September 25
Children’s Movies – 9:00-11:45am at Hammond Regional Arts Center
Filmmakers Seminar with Emmy Winner Robert A Nowotny – 10:00-11:30am at Tope la Catering
Filmmakers Roundtable – 11:30am-1:00pm at Tope la Catering
Experimental Films – 1:00-4:30pm at Hammond Regional Arts Center
Best of the Fest – 1:00-4:40pm at Tope la Catering
Music Videos and Music Documentaries – 6:00-9:00pm at Hammond Regional Arts Center
Documentaries – 6:00-9:15pm at Tope la Catering

Movies that will be screened during the film festival come as far away as Singapore, Australia, France, Spain and Iran as well as those filmed in our own backyard of Slidell and Hammond.

Tickets are only $10 for adults, $5 for kids (for the children’s screening only) and SLU students get in free when they show their ID.  The $10 tickets will get you in to both days of screenings.  Tickets can be purchased prior to the festival at Dr. Ted’s Musician Center (1200 W Thomas St), PJ Coffee & Tea Co (224 W Thomas St), Worlds End Cafe (1000 N Oaks St), the Hammond Regional Arts Center or Tope la Catering.

If you love movies, you’ll love the Indie Film Festival in Hammond on September 24th and 25th, 2010. 

Yvonne Martin, your Hammond real estate expert

If you’re interested in participating in the chili cook off, please call Edwin at 985-969-4101.  And, if you wish to participate in the car show, call either Joe at 985-969-6805 or Tony at 985-662-6332.  Bring the family down this weekend to the Car Show and Chili Cook Off in Hammond.  It’s fun for everyone!

Yvonne Martin, The Martin Team, Let my family bring your family home to Hammond real estate