Thursday, February 21, 2013

Orange County Posts Lowest Inventory of Homes in 3 years

The Orange County Association of Realtors has published a report saying that 2013 has the lowest number of new listings in the last three years.  My neighborhood is a perfect example.

When I bought my home two years ago, there was at least one if not two, three or four signs planted in the front yards on every street.  This year you have to go several blocks to find a single home for sale.  What gives?

There are several things going on.  First is uncertainty with the economy.  Simply put, people are still hesitant to sell and move up.  The average time in a home is increasing.  Next the slight rise in home values has slowed the foreclosure and short sale market just a bit.  One of the agents in our office is still moving a noticeable number of short sales, but he is putting a lot of miles on his car to do it now.

Loans are also harder to come by as VA and FHA loan limits were reduced.  This increased the number of homes requiring a traditional 20% or 30% down payment.

So what does this mean to you?  If you are thinking of selling, it means you will likely get a much more reasonable price in a reasonable amount of time this year than you would have since 2006.  If you are considering selling, call me and we can talk more about what is happening.

If you are thinking of moving up, now might be the right time.  All indications are that home loans won't get much lower interest rates for many years, and locking in your property taxes at the lower values will pay off if you stay in your next home for any amount of time.  

If you are trying to buy, you are in a different boat.  The "good deals" go very fast.  Waterfronts in Huntington Harbor under $2 Million were plentiful two years ago and average days on market was nearly 300.  Now, if they aren't a tear down, they sell in days when priced right.  I have several buyers who have cash that we can't find a deal for.  A couple of homes that I felt were a little overpriced and have been on the market over two years have just gone into escrow.  It is a tough time to be a buyer, especially an investor buyer.

Newport Beach, Costa Mesa, Seal Beach, Garden Grove and Fountain Valley are all seeing the same trends as Huntington Beach.  This isn't just a waterfront property issue, it is across all of Orange County.

As a Realtor, our jobs are changing yet again.  There has been some major changes to the laws, lending and paperwork, creating more work for us.  What little we might save on advertising because a property sells quicker is spent advertising to find listings.  Agents are all over each other trying to get the next listing.

At the same time buyers agents have to work a lot harder to find a property that fits their clients needs.  Gone are the days of 30 or 40 homes fitting the size, price and location a buyer wants.  It might take several months now of looking to find even one that fits the buyers wish list.  This week one came up that was close for an out of town buyer and before I could get them in the house, the seller had accepted an offer.

If you are thinking of buying or selling a home along the coast in Orange County, please give me a call.  If you know someone who is interested in buying or selling a home, please pass on my name and number.

Scott Bourquin
Keller-Williams
www.socalbeachrealtor.com
dre# 0191198
714-594-SELL (7355)





Tuesday, February 19, 2013

Get More Closed Deals And Work Less? Can It Really Be Done?

Can you really get more work with less effort?  Can Realtors close more deals with less work? The simple answer is yes.  That is the whole point of the focused approach.  When you get really good at one thing, that one thing will bring you all of the work you want.  In fact it will bring you work that you don't expect.

I would like to take a little tangent here and talk about a totally different field of work or two.  Since last September, my wife has been a background actress.  I have also been working a couple of times a month as well.  The difference is most of her income is money from acting where mine isn't.  Acting would be like a third or fourth place after marketing, training and writing. 


Last week we saw two events that are worth discussing in this blog an can be related to Real Estate.  First we went to Long Beach to work on a TV show where people from the audience get to speak on TV and give their opinion on camera.  Half of the people were background actors filling in.  It is a way for non-union actors to get some speaking practice on camera.


On Set & In Wardrobe
Most of the regular patrons and background actors were very normal and talked about the product as if two friends were asking each other for advice.  One couple, turned up the acting and really went all out to pick it apart.  The whole room stopped and stared.  The interviewer jumped up and walked out of the room, talked to the director and the interviews were abruptly ended.

Just prior to that we went to Burbank California to meet some casting directors.  There we witnessed another exchange I thought would be worth understanding.  I already posted this on Facebook because I thought it was so important as a lesson in business and life.


A woman in her mid twenties with tattoos all the way down her arms, commonly called gang sleeve's, and those tribal ear hole enlargers, which she called "ear plugs", was asking for more roles as a conservative parent, office worker, lawyer or detective.  Roles my wife gets regularly, and since we aren't parents, she always wonders why they pick her to be a parent.


The woman went on to explain how she has a great wardrobe of "conservative" clothes and has "tricks" to hide her tattoos and ear plugs.  She spent another couple of minutes trying to convince the casting directors to use her more for those roles.


Politely the first casting director said that there are thousands of people that want those jobs and it is easier to pick the ones that don't have tattoos and ear plugs because there is less of a chance the director will send them home and be mad at the casting director.
The woman argued for another couple of minutes.


A second casting director responded, "With all of the shows that allow tattoos and ear plugs why don't you just submit for those?  Looking around the room, you are the only one here that fits that role. "


The woman didn't know.  It is possible that the woman was "conservative" and the ink and ear plugs were just bad choices.  More likely, the ink and ear plugs were a reflection of her real personality.  She looked very comfortable with them, and arguing about them.  My advice would be, don't argue with your boss before they hire you, but that isn't the point here.


Both of the casting directors basically said the same thing.  You will get more work with less effort if you just be the best "you" that you can be.  That is true in any field of work.  If you are in the wrong line of work, the best "you" will eventually find a way to move on to where you belong, or someone will recognize your talent and take you there.


My wife also began to understand that as an 18 year veteran of elementary school classrooms, she is the "look" that Hollywood likes to use as a parent and she is great with kids making her the perfect TV "parent".  She also has an MBA and Real Estate License with a great business wardrobe.  When she gets to the set to be a lawyer or detective, the wardrobe people are always happy and never have to find her clothes or dress her up.  It makes everyone's job easy when she just takes roles as herself.


Last November, I was standing with Jerome Hamilton, so I asked what I could do to move up the food chain.  He said 'Brother, you just keep doing what you are doing.  Look around at the rest of the background, you'll get there faster than you think."  15 minutes later he was right.  I got an "upgrade". It was the best advice he could have given me at that time.



Real Estate isn't any different.  There is a very agressive agent in our office who picked one very narrow and deep niche I honestly thought was dead.  The receptionist said tha tover half of the calls coming in now are his deals.  It took several months, but he found a niche in Real Estate that he fits.  You can see the excitement on his face when he runs out to the next listing presentation.  

Because he is presenting to a very specific seller, and serving a very specific buyer, he is able to move a lot of property.  He is also very good at the paperwork now, and has it down to a simple process where I would be fumbling all over the place.  Who do you think the seller wants to hire?  There is a reason he gets the listings.

Don't get caught up worrying about getting ahead the way other people get ahead.  Don't even worry about the competition.  Look in the mirror and be the best that you can be, enjoy your life as you and things will happen.