The Flexner Report

"Hey all, I just read this article about when prices will come back. California is in trouble, but Westside may be like NYC. Take a look. --- Erik"

http://finance.yahoo.com/real-estate/article/111848/the-eight-states-running-out-of-homebuyers?mod=realestate-buy

Pricing Your Home

Many homeowners attempt to use internet websites to find the value of their home.  One commonly used site is Zillow.com.

How accurate is your Zillow Zestimate? It turns out that it depends on where you live; but there is a way you can check it.

A little known feature on Zillow can be found at the very bottom of their home page, kind of greyed-out and camouflaged. It's the "Zestimate Values and Accuracy" link. When you click on it, a screen comes up that has the areas in which they are reporting values. It looks like this:

Here: screencast.com/t/mlc9Dvse

Or try it yourself by going here and following the directions: www.zillow.com, scroll all the way down to the bottom and click on the "Zestimate Values and Accuracy" link. Now scroll down past the white screen space ad you'll see the chart. Find "Detroit" and follow the numbers across the page and let the accuracy stats for our area sink in a minute. Only 58% of the "Zestimates" are within TWENTY PERCENT with the median accuracy within 16%, the second worst accuracy rating after Ft. Lauderdale at 18%.

Just so we all understand what this chart means in real life...if a client hires me to sell their house and I determine the market value to be $600,000 and I bring them an offer for $565,000, that's in the acceptable range, right? I don't know about you but $35,000.00 is a lot of money. With sellers already taking record hits on their value, 6% less than market value can make a difference between selling your home and short selling your home.

Don't cheat yourself! Good agents are still moving houses for the most money this market can bear. Some things deserve more than a software guess. Contact me today!

Erik asks, are you feeling financially squeezed?

Erik Flexner, who is committed to helping homeowners avoid foreclosure says that short sales are a terrific option for homeowners struggling with unaffordable mortgage payments.  In fact, lenders' losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales.  Lenders are projected to incur losses as severe as 85% in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back $15,000!"  Says Flexner "It's common sense that lenders will be looking toward the short sale solution.  Even though they are accepting less than is owed on the property, they lose far less than in a foreclosure sale.  In fact, in the Playa/Marina areas, short sale transactions have increased by approximately 250%."  Flexner adds "Oftentimes, the lender is seen as the villain in the situation.  I've found that the lenders want to avoid foreclosure just as much as homeowners."  The free, downloadable report on Erik's website westsideshortsalesolutions.com talks more about working with your lender and details all the foreclosure alternatives available to you.  Download the report and call me today to chat.  I can help you develop a plan to work with your lender and avoid foreclosure.  Erik Flexner (310) 754-8144,  westsideshortsalesolutions.com