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Columbus & Central Ohio, United States
DeLena Ciamacco is a well-known, respected Top Producing Realtor in Central Ohio. Her myriad of accomplishments, recognition, and professional credentials as they relate to Real Estate, make her a perfect individual to provide insight to the masses on all aspects of Real Estate sales. Her creativity and honest approach to marketing Real Estate has enabled her to succeed in her career. DeLena’s philosophy is “An educated and well prepared Buyer or Seller is a smart Buyer or Seller”. Her desire is to inform the public, by pulling from her 20+ years of Real Estate sales & Marketing, what is necessary to get to a successful closing in these challenging times.

Monday, October 25, 2010

WE ARE EXPERIENCING AN UNUSUAL SLOW PERIOD!!


“According to Point2Agent’s Real Estate Confidence Index: Last month, the level of confidence in the real estate market dipped 8.42% among real estate professionals.”

In addition, we have 3 important events/scenarios that will most likely affect real estate sales in our Country and/or Central Ohio:

First; Bank Foreclosures.  RISMEDIA, October 6, 2010—(CBS MoneyWatch)—On Friday, Bank of America announced that it would suspend foreclosures in 23 states while it amended filed paperwork. That makes B of A the third major bank in two weeks to put its foreclosure process in limbo. Two days earlier J.P. Morgan Chase announced it would freeze foreclosures on more than 50,000 homes currently in receipt of a foreclosure filing. Last week, Ally Financial Inc. (the former GMAC Mortgage) also froze foreclosures.
All three banks have admitted to problems in the processing of foreclosures, including the use of so-called “robo-signatures,” employees who job it is to solely sign foreclosure docs without reviewing the paperwork.
Today, Ohio’s Secretary of State Jennifer Brunner asked federal prosecutors to investigate foreclosure irregularities in her state. Ohio has been pushing lenders to do better. On September 17, Ohio Attorney General Richard Cordray announced that the state court had affirmed its case and legal strategy of holding loan servicers accountable in the foreclosure crisis.
So will Chase’s and Ally’s foreclosure freeze ultimately fix the housing market? That’s one theory put forth in today’s New York Times. But, I’m not so sure. What will happen in the short run is that all of the banks will put a moratorium on the foreclosures. Law firms that have become foreclosures processing machines in places like Florida will have a lot of extra time on their hands.

Keep in mind, even though they are suspending the foreclosure release now, at some point all of those properties will hit the market.  It concerns me that they will flood the market when they do.  This could most definitely have an affect on the “normal” property sales.

Second; The election.  2010 will include 1 of numerous mid-term elections during which I have been selling homes as a Licensed Real Estate Agent.  The trend is predictable.  There exists many unknowns with a “change of elected officials” regardless of your preferred Political Party/Views.  People become insecure with job opportunities/loss, interest rates, capital gains taxes, changes in laws, health care and many other issues which can affect consumer confidence.  This includes real estate sales and home purchases.  Historically, until our new elected officials are announced, Real Estate Buying and showings, in general, will slow.

Last; it is Football Season and the Holidays are fast approaching.  Undoubtedly, if you have real estate listed to sell, during OSU Football games and game day you have already noticed a severe drop in activity (showings, cold calls and even internet hits).  This happens each and every year!  As you would expect, showings will noticeably decrease during the Holiday Season.  However, does this by no means indicate that your property will not sell!!  In fact, October through February (although they are reportedly the slowest closing months of the year) are usually not far behind the “prime selling season” by way of closings.  We tend to have less “lookers” and more serious Buyers during the winter months.  November through February produce the majority of Home Buyers relocating because major companies fiscal year ends tend to occur in December and January (and, of course, June).


Fortunately, the Ohio market is relatively consistent and tends to recover quickly from these types of slow periods.

Overall, this year has been as steady as we could hope for existing property sales

The good news…and there is good news!  Interest rates remain at an all-time low between 4.00% and 4.25% fixed for 30 years!   We will probably not see rates this low again in our lifetime.  It surprises me that Buyers are not rushing to take advantage of these historic, low rates. The rates have continued to drop to help offset the slow period.

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