• Once a primary tool for real estate agents looking to sell a home, experts say the traditional open house has lost its influence in the Internet age.  Most buyers today conduct their preliminary research at home – reviewing online photos, virtual tours, and a home’s layout – and arranging for private showings of the properties they’re interested in.
• Many REALTORS® report that open houses rarely attract interested, qualified buyers.  During the boom times, it was more common for buyers to make offers at open house because they were worried that another buyer would beat them to it.  But with real estate sales slow in most markets, the urgency is no longer there.

Buyers who visit an open house without their REALTOR® could be setting themselves up for problems.  Listing agents – the REALTORS® who are representing the seller – have a fiduciary responsibility to represent the sellers’ best interests, which, not surprisingly, are often in conflict with the buyers’ best interest.

While analysts debate when the housing market will hit bottom, for a surprising number of cities the turnaround has already begun.  In December, prices rose in 109 of the 384 metro areas tracked by data firm CoreLogic. 

Making sense of the story

• There are certain signs to help determine if a particular neighborhood is on the verge of a rebound.  For instance is local employment on the upswing?  That’s a critical factor for a region to get itself on the path to recovery.  Improving jobs picture has led to shrinking housing stock across the country, as investors and bargain hunters have started buying up foreclosures that have been preventing a recovery.
• For years, buyers were scared of overpaying for a home, but less so now.  Many buyers have grown accustomed to thinking they’ll score deals, so they tend to act slowly, and typically start bidding around 10 percent to 15 percent below list price.  However, a growing number of buyers are beginning to realize that if they wait too long in this market, they may miss out.
• Sellers can hold firm on price if they’re patient.  The days of having to deal with low-ball offers are coming to an end.  The higher the price, the more patient the seller must be.  Cheaper homes are affordable to more buyers and appealing to investors, so recoveries usually start there. 
• Sellers should keep in mind that while they don’t have to placate low-ball offers anymore, they also can’t shoot for the moon either.  Working with a REALTOR® and setting a realistic price from the get-go is key.
• Sellers should know what they’re competing against.  Homeowners should let their home’s value dictate the price.  While this may seem self-evident, some owners may have lost sight of it during the bust.  On the one hand, some sellers clung to the false hope of a return to boom prices, so they set prices unrealistically high.  Others may have gone too far the other way, and set their price too low.
• It’s also important that sellers understand they’re no longer competing with gutted foreclosures.  Buyers are tired of looking at worn-down, neglected, distressed properties and often don’t have much extra money to do a lot of fixing up.  REALTORS® often report their clients are willing to pay a little more for a home that’s ready to move into.

Read the full story
http://money.cnn.com/2012/04/19/real_estate/housing-market.moneymag/index.htm?iid=HP_River

The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved.

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http://money.cnn.com/2012/04/13/real_estate/foreclosures/index.htm?iid=Lead

The National Fair Housing Alliance said in a report Wednesday that a study of foreclosed properties found that banks have higher standards for properties they own in wealthy, predominantly white, neighborhoods than low-income ones.
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http://blogs.wsj.com/developments/2012/04/04/study-hits-banks-on-foreclosure-maintenance/