Earl's Blog

Daily Real Estate News  |  June 28, 2007

California Home Prices Up, Despite Subprime Problems
Despite increasing mortgage delinquency and foreclosure rates in California, the state's median home price shot up 4.8 percent to $591,180 during the year-over-year period ended in May, according to the CALIFORNIA ASSOCIATION OF REALTORS®.

A recent report from the Mortgage Bankers Association showed a subprime delinquency rate of 7.5 percent, versus a prime delinquency rate of 1.22 percent for adjustable-rate mortgages, in California during the first quarter.

University of California-Los Angeles Anderson Forecast economist Ryan Ratcliff believes job gains in the professional services sector could prevent a recession, provided that the state - which the California Association of Mortgage Brokers says accounts for 48 percent of home loans nationwide - is not hit too hard by problems in the subprime market.

Following years of rapid home-price appreciation, PMI Group Inc. Chief Risk Officer Mark Milner says Los Angeles, Santa Ana, Oakland, Sacramento, and San Diego have a more than 50-percent chance of price drops in the coming years.

Source: American Banker, Kate Berry and Harry Terris (06/28/07)

June is leaving us, which means half of the year is already gone.  Did you get done what you wanted to this past 6 months?  I know I haven't.  If you did, what were the things you wanted to accomplish?  Are those things in line with your yearly goal?

This also means that we have 6 months to make our goals happen.  This is a great time to re-evaluate your goals, and see if we are still on track, can we get back on track, or do we need to tweak something.  Maybe we just need to set new goals for the rest of the year. 

What are some of your goals and how are you going to make the last 6 months different from the first, so you can hit or at least come close?  What is your work plan?  What are you going to do on a daily basis to hit your goals?  I would love to hear from you.

Here is a video I came across by simple truth.  It is pretty good.  It helps get you thinking and a great way to start this week and the second half of this year.  Remember that you can control your attitude and now vise versa.  Also, your attitude will control many things around you.  It can influence your family, friends, co workers, clients, venders, anyone you have any sort of contact with. 

Step back right now and decide that this is your day.  Make sure your ATTITUDE shows your confidence.  Be infectious and draw others to you.  Make them want to work with or do business with you.  SMILE.  Enjoy the movie.

http://www.powerofattitudemovie.com/land.html

Okay, It is time for our weekly meeting.(maybe this would be good for reals)  Everyone settle down now. Lett's begin.

 What are your plans for today?

What do you want to accomplish this weekend?

What appointments have you scheduled?

How are you going to accomplish what you want this weekend?

What about the family?

How is your family apart of what you are going to do?

okay breather time.  I am getting tired.

What extra curicular activities do you have planned? 

We all really would like to know and maybe it will better equip us to make our goals happen.  I would also, like to know what results you had.  Take care and Peace

This is just a short sentence to tell someone why they need you.  I just got it emailed to me and I thought it was pretty good.  It was sent by Star Power.

"When someone says,
"I don't want to give my house away.":

"You can give your house away without me. What you need me to do is get the most amount of money in the shortest amount of time with the fewest problems. That's what you need me for.""

Let me know what you think.  Or, if you use it, how it worked for you. 

Go to this site to vies a good pic of my arm.  It is my tattooist page on myspace.  http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=24045073

Go to his pics, go to page 4, last pic.  That is my arm.  I am so proud that I got it finished 4 hours ago and he already has it on his page.  It only took 5.5 hours of sitting there.  Let me know what you think.  Peace

 My wife sent me this, but I deleted it and so I am going to make up my own version of this.  Bear with me.

Milicent was the biggest gossip in town.  She also, was a high up on the city counsel.  People didn't like the gossip, but were afraid of things being turned on them.  l

One day she say Earl's car sitting in front of the local tavern.  She went up to him at a city counsel meeting and told him, in front of several others, that she knows he is a drunk because she saw his car sitting infront of the tavern the other day.  She didn't ask what he was doing or anything.  She said that others would know too when they see where he parks.  Earl, being a man of few words, didn't say anything and walked away.

That evening, he parked his car in-front of Milicent's house and walked home.  Guess what the town knew. 

Okay, this is a bad version, but it nails home the point.  Watch how you treat and talk about others.  It will come back to bite you.

"Mortgage Rates Drop After 7-Week Climb
Mortgage rates broke a 7-week streak of increases, with the average 30-year fixed mortgage rate falling back to 6.76 percent, according to Bankrate's weekly national survey of large lenders.

The national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

The average 15-year fixed rate mortgage, popular for refinancing, dropped by an equal amount, to 6.45 percent, Bankrate said in its report. With larger loans, the average jumbo 30- year fixed rate dipped back below the 7 percent mark to 6.99 percent. Adjustable rate mortgages were no different, with the average one-year ARM inching lower to 6.18 percent and the 5/1 ARM sinking to 6.58 percent.

After rising significantly in the preceding three weeks, mortgage rates responded to signs that core inflation was moderating as the Federal Reserve has forecast, Bankrate said.

"Any indication that inflation is less of a threat is good news to bond investors that fear its erosive effects on the purchasing power of a bond's fixed payments. The resulting increase in bond prices pushed both bond yields and mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds," the report said.

Fixed mortgage rates remain nearly one-half percentage point higher than at the beginning of May. At the time, the average 30-year fixed mortgage rate was 6.28 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,019.16.

With the average 30-year fixed rate now 6.76 percent, the same loan originated today would carry a monthly payment of $1,071.28. "

Source: Bankrate.com

According to Realtor magazine

Yes, it is finally here.  Today is the day I am getting my first........are you ready......TATTOO.  Ok, I said it, tattoo.  I know some of you don't agree with my decision, but this is in tribute to my great grandfather, who live from 1895-1997.  He is a great inspiration to me and someone I want to model my life after.  I will post pics later.  I am going under the needle at 230 today, for a few hours.  I am nervous, but excited at the same time.  (thinking, welcome to manhood-lol)  Peace

Okay, I am leaving here in a little bit to head to the artist who is going to induce great pain. lol  My wife has the camera out.  I am going to download the pics tonight and post them when we get done.  It is T time minus 55 minutes.  I am getting pumped and ready.  Peace for now.  Earl

Here is the update.  I did it!  5 1/2 hours later.  It is now 1230 am I didn't even cry like a little girl.  It feels like a semi- bad sunburn.  That is all.  My wife said she couldn't believe not even a flinch, tear, or that I sat there that long.  It turned out to be almost a 1/2 sleeve.  I will try to post pics.  Let me try now.

Sorry, It isn't working , so I am going to put it on my profile.  Check it out there.  Give me a few minutes.  Peace

Check out my tattoo at  http://realestateriches.me.com/profileFamily.php?familyname=RealEstateRiches&id=RealEstateRiches/efsorrells

I couldn't find a way to get it on here.  I will also put it on myspace.  My page is: myspace/manaboutav.com

later

My artist name is T Massori (?)  He owns Electric Soul in Lancaster.  It was my brain child, but he brought it to life with some of his own touches and style.  It is great.  Look at my other post for his site.  He is pretty cool. 

There is a huge misunderstanding going around.  It is that allot of Realtors think that marketing yourself is very expensive.  It is fueled by the fact that every-time you turn around you are getting new emails or snail mail about joining a website to promote yourself and your listings.  They all want only 30-90 month.  The problem is that those monthly sites add up.  Also, you get all these place that want to make your newsletter and mail it, etc..  Some of these sites are very much worth the money, most are not.  You have to really do your homework. 

You have to decide what you want to accomplish, communicate and who is your target market.  Remember that marketing is simply a matter of communicating something about you to the market you want to reach.  As long as you stay focused, marketing is really that simple. 

You don't need allot of money to get your name out to your market.  You can do it online, in person, mailouts, phone calls, sphere of influence, etc...  You just have to make sure what message you want to project to what group.  You have to reach highly targeted prospects with specific offerings that match with their interests and needs.  You must design a plan and have an objective from the start.  You have to figure out Who is your audience, What do you have to offer to them, and why what you're offering is a great match for their wants, needs and abilities to purchase. 

Be specific with who you are trying to reach and what message you are trying to send them.

If you are sending this message to your spere of influence, you should make it a little more personable.  You want them to know what you do and try to move them towards using you and/or referring you.  Stress your results and credentials while showing them how they will benefit using you and the offering you have. 

If you are trying to reach a specific group, focus your message to the interests, needs and motivations of the group.  Develop different messages for different groups.  This may also, require different ways to reach them. 

You need to position yourself in the market and get your message to the exact people who want what you to offer. 

Search out media channels or ways of communication that will get you in front of your target market.  Not all agents offer the same services.  Agents have different approaches, style and effectiveness.  You have to show others the unique and beneficial position you have in the marketplace.  You need to show them why they need to hire you.  Define and claim your market!

Let everyone know you are in the real estate business.  You will have to constantly remind them of this too.  One time isn't enough.  They will forget.  Do this by sending the newsletters, emails, phone calls, etc...

Show them that you are great at your job.  Show them that the Realtor they choose will matter and there are definite differences among Realtors.  Show them that the right agent will make a difference and that you are the right one. 

You can do it!  Just keep at it and be consistent.  Consistency is the key.