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Video 94: A recent video on Good Morning America with stats provided by Zillow was very misleading. The video talked about the best deals in America. Naples Florida came out on top with a difference of 7% between list price and final sales price. The video was deceptive because they kept stressing one example that was a 20% difference. Why was there a 20% difference? Obviously the house was overpriced and everyone involved knew it.

So what is the difference in Tempe AZ between list price and sales price over the last month, a whopping 4%. Tempe AZ homes are selling for an average of 96% of their list price. Does this mean you are not getting a great bargain? No it means in general sellers and agents are doing a good job pricing the homes.

Your offer should never be based off the asking price, your offer should be based on the market value of the home. If a home is worth $300,000 and listed for $300,000 you should not expect to get the home for $270,000. At the same time, if a home is worth $250,000 and on the market for $300,000 you should not base your offer off the asking price. Would love to hear your thoughts, you can leave a comment or e-mail me Dean Ouellette.

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Here is today’s list of top real estate posts of the day.

1) Why Use a Buyer-Broker Agreement? – Jim takes a look at one of the reasons agents should use buyer-broker agreements. Buyers deserve the same representation as seller’s do.

2) Seattle Real Estate: Good New, Bad News or Accurate News…When it Comes to Real Estate News, Does it Really Matter? – The market is getting better… no the market is getting worse… guess it depends who you ask and what time of day you ask them.

3) 10 Things I Wish They Taught in Real Estate School – This can all be tied back into the RTB discussion. There is a reason something like 90% of all agents are out of the business after 5 years. Sometimes I think NAR is all about just collecting all those new membership dues than really making sure agents are equipped to succeed.

4) Loan Modification Program Isn’t On Track Yet – Every day more and more about how loan modifications are a complete joke. Even in that rare occasion someone gets one approved it usually still ends up being a failure a few months later. At some point we just need to say NEXT.

5) Real Estate Economist Sees Opportunity Until 2014 – Will new construction in real estate really be lower in 2011 and 2012 than it was in 2009?

6) Foursquare and five years ago: Recalling the promise of real estate and social media – Marc takes a look at how far we have come since 2005 and why most agents really fail in their social media strategy, or lack there of.

7) Selling- Dining Room – Any agent who spends a good amount of time showing buyers homes knows it is mostly about the kitchen and master bathroom. But one room that can make a difference that may be neglected is the dining room.

8) Want to Know Why Home Prices Will Continue to Decline? – Isn’t it amazing that the more outside market forces that try to get involved in fixing the problem the longer the process takes?

9) Carnival of Real Estate #175 The Valentine’s Edition – This week’s submissions are now up on Exit Pro.

10) The New 2010 GFE Protects Borrowers from Themselves – The new GFE is now 45 days old and lenders are starting to get used to it. As Steve points out the intentions of the new GFE are honorable, but it is the actual execution I question.

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1) Characteristics of home buyers and sellers from NAR – Almost half of all home buyers this year were first time home buyers between the age of 25-34 years old.

2) Using consumer confidence to guess where mortgage rates are going -  Dan Green shows how the stock market is up, home sales are up, but spending and consumer confidence is not so right now expect mortgage rates to remain fairly steady.

3) Strategic defaults: It depends how far under water you are – Walking away from your mortgage, who would have thought it was a “keeping up with the Joneses” thing.

4) An unhappy client can kill your reputation in 6 months or less – Letting an unhappy client go may be the best thing you can do for your business, because they can kill your reputation online.

5) Existing home sales surge to highest level since February 2007 – Sales were up more than 23% over the same month last year. That trend in November may end up changing a little as inventory levels (at least in Tempe AZ area) seem to be creeping up.

6) The end of the MLS as we know it? (Part: 546) – Rowles makes a good point on the MLS will still be needed even with Google and RPR.

7) Stop acting rich: Household struggles go beyond the mortgage payment – This goes perfect with one of my favorite Dave Ramsey quotes “live your wage.”

8) Selling your home during the holidays – John Jones addresses they myth that you should not sell your house during the holidays.

9) Commercial real estate not expected to recover until after 2010 – In many markets the residential housing market has started to recover, the commercial market is lagging behind and could be another couple years before any rebound starts.

10) Win an autographed copy of the Whuffie Factor. It’s easy! – Not sure what the Whuffie Factor is? Then you should really be entering this competition.

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1) Are you addicted? – Are you addicted to looking at the past instead of forgetting the past and moving forward?  Another great free video from Tom Ferry.

2) No more drama and hype: Known facts on RPR – Still confused about the RPR? This post will lay out the facts of what it is better than any I have seen yet.

3) 10 tips I learned from my first listing video shoot – Thinking of adding video shoots to your listings? Here are some good tips to save you time and learn from others mistakes.

4) Showcase your networking presence with an online business card – With more and more people doing their home shopping online you need to make sure you do everything you can to differentiate yourself from the crowd.

5) Negative equity: The elephant under the rug – So what can you do if you are upside down in your house? Well you only have a few options, and loan modification is very rarely a serious option.

6) Where are the smokin’ hot deals? – Of course all real estate is local, and your market may vary, but it seems more and more the smoking hot deals in real estate are for those looking to move up into their next home.

7) Seriously dude, learn to spell and write in paragraphs – This is why I spell check everything before I put it into MLS, because I am horrible at spelling. Another reason why video is so much easier.

8 ) The role of the real estate financial analysts – I am sure there are few the truly analytical types out there, this one is for you.

9) #NAR09 – San Diego – One more wrap-up of the NARDiego event, and only posting this one because it may be the most compete and informative overview I have seen on the event.

10) Virtual REBarcamp – What one agent thought of the event – Unfortunately I was unable to attend this REBarcamp virtually, but I had very much wanted to. After reading this post it looks like it was mostly a success and something to build off in the future. What I am hoping is in the future these become more advanced and separate themselves from the IRL barcamps which tend to be more for beginners.

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Top 10 real estate posts of the day for 11/9/2009

November 9, 2009 Top Posts

1) RPR Madness! NAR unleashes national property database with Cyberhomes – Let the debate begin. A national style MLS with more bells and whistles. The first two posts here are worth reading in full, this first one is more of a neutral to glass half full take.
2) The coming civil war in real estate: [...]

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Top 10 real estate posts of the day for 11/3/2009

November 3, 2009 Top Posts

1) Can we create home buyers with tax incentives? – Teresa Boardman believes we cannot create new buyers with a tax credit. I hope she is right. I would hate to think someone is making a big financial decision because the taxpayers are giving them an $8,000 tax credit.
2) My new business cards are for [...]

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Top 5 real estate posts of the day for 10/26/2009

October 26, 2009 Top Posts

1) Auctions and value – Things aren’t what they seem – This post is dead on, sure some people may walk out of an auction with a great deal, but that is the exception to the rule.
2) Banks hire D-students? – Even bank employees seem to not be impressed with bank employees these days.
3) [False [...]

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Top 5 real estate posts of the day – Wednesday 5/20/2009

May 20, 2009 Top Posts

Top 5 real estate posts of the day for Thursday 5/20/2009

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