Here is picture I took of a home the other day for another agent. Haven't posted to this blog for a long time but thinking that for ease of use I should switch back over.

Fresno's No Match For The Donald

…so says our next door neighbor Phil Fullerton. Phil, a retired attorney, offered his opinion - about the City of Fresno’s plan purchase the Running Horse property and resell it Donald Trumps orginization - to the Fresno Bee. You can READ IT HERE.

Kudos to Phil for his well written opinon!

Fresno CA Real Estate Market Update

Sales Statistics for the month of October

Down,Down, Down She Goes - and where she stops, nobody knows!

It would be nice to be able to report an improvement in the numbers, but that's just not in the cards. The Fresno Market has a large (HUGE) supply of unsold inventory on the MLS which is only aggravated by large numbers of unsold new homes by the builders. Builders are offering substantial incentives to attract buyers. I received a correspondence from a broker representing D. R. Horton informing of builder incentives of $40,00 to $60,000 with an additional $10,000 towards closing cost and very liberal 4.25% cooperating broker commission. Translation: desperate to sell!

Here are the numbers:

Closed sales for September 250 down 62 from last month
Closed sales for the month of September 2006 409 down 39% from last year
Closed sales year to date 1/1/07 to 9/30/07 2913
Closed sales in 2006 1/1/06 to 9/30/06 3943 down 26% from last year

Now to put these numbers in perspective you need to understand that the Fresno MLS has added 41 additional licensed Realtors last month bringing the total to 4243 members. If you do the math it's not a pretty picture.

Now - that's the not so good news and yes it is NEGATIVE, but I, "Lazarus", have a smile on my face and I'm ready to assist you with your home purchase or sale with a POSITIVE ATTITUDE.

If your are looking to buy a home (for your personal residence) there are some attractively priced homes. I do think that the best bargains right now are the new homes that the builders are offering incentives on.

If you are an investor, the best opportunites lie in the vacant REOs, short sales, and otherwise desperation sales.

In either case, home buying or investing, I can help you find what you looking for. Please call me to discuss your real estate needs.

Randy "Lazarus" McAtee
559-301-1647
Owner/Broker Lazarus Realty

Aram Atikian Joins Lazarus Realty

Lazarus Realty is proud to announce the addition of Aram Atikian to its small but growing sales force. Aram has lived in Fresno for over 30 years and besides his endearing character he is fluent in Armenian, and has better than average grasp of Arabic. You can contact Aram at 559-974-0624. He can help you with the purchase or sale of land, home, or investment properties.

Information On The Fresno CA Real Estate Market

Here are some stats on the Fresno Market:

• In a 24 Hour period between Wed and Thursday afternoon the Fresno MLS had 168 residential listings that expired.
• The average time on the market for those listings was 165/185 days.

What does this mean?

It means these properties sat on the market approx 6 months with no buyers!

Who is to blame?

• Agents for taking an overpriced listing to begin with.
• Sellers for either expecting or NEEDing too much money.

Why do I say "needing?" Because I look at the public records and see that many of the sellers either bought or refinanced in the last 2 years and I can tell by the price that these sellers are just hoping they can get out whole i.e. sell for enough to pay off what they owe and the closing costs.

I looked at one that had been listed for $220,000 and see that the owners refinanced earlier this year for $200,000. I can tell you definitively that house will NOT sell for $220k. Maybe - and that's only MAYBE it will sell for $165k. Many of the sellers are in the same situation.

If you want to sell you want/need to buy or sell a home in Fresno CA. Call me: 559-301-1647. The last sale I closed I got my buyer in at $95,000 under the ask. I'm a seasoned investor/broker who knows when the numbers work and when they don't.

© R. "Lazarus" McAtee
Owner/Broker Lazarus Realty
aka BloggingBroker

Short Sales - Fresno Ca Real Estate Market

Beware the eager broker or real estate salesperson who wants to list your home for a SHORT SALE
___________

Defaults are rising and there is a lot of buzz in the Real Estate industry about Short Sales. Everybody and his brother is spamming me with seminars to educate me on "how to do them".

Short Sales are NOT for everyone. I will be happy to assist you with a short sale on your property but please read this:

A client called me the other day asking if I could do a Short Sale on an investment/rental property he has and after hearing the details this was my conclusion:

• His property would probably sell for 100k less than what he owes : around $320k
• The $100k forgiveness of debt would be taxed as income
• Additionally he would have to pay the FRPTA of 3.3% to the state

All I could see was one huge tax liability. Depending on his tax bracket, based upon the above he could be liable for approx $40,000.00 in taxes on a Short Sale (quick mental guestimate). So I told him to consult with his accountant regarding the tax ramifications and if he said to do it call me back. In his situation his best option may be to just let the lender foreclose. However, with a foreclosure the possibility of a deficiency judgment may exist.

You really need to look closely at all the options and the consequences. Always consult with a tax adviser or CPA prior to doing a Short Sale. Call me and I will be happy to discuss the alternatives.

© Randy "Lazarus" McAtee
Owner/Broker Lazarus Realty
559-301-1647
email me

Are You Itching For Attention?

FRESNO CA REAL ESTATE

I admit I am.

Which is why I have accepted the nomination to the Ponkeyderm Party, the nations first transgender political party.

WHAT IS A PONKEYDERM YOU ASK?

A Ponkeyderm is a political diploid, acknowledging that his inner constitution contains both democratic and republican chromosomes. True, the republican chromosome is always dominant in the Ponkeyderm, but every Ponkeyderm is in touch with his inner-Democrat.

If all you need is to get your property sold, call me, I can get your property the attention it needs.

© R. "Lazarus" McAtee
Owner/Broker Lazarus Realty