I really like the new software that I am seeing from the likes of Zillow, Google, and our own MLS.
My recent contacts are across the country, and its amazing how our business has evolved to make these new software tools a normal part of everyday business.
Last week I was talking with a Broker in California, and we were discussing an REO package that one of his investment groups was interested in. There were approx 50 properties accross three counties, and he and his partner said they could have a report on a current BPO within a few hours.
I remember last year when we took three days to look at about 30 homes in one Fla county.....Three long hot tiring days... of course that was going house to house with my trusty GPS...........I got the report from them in California, and I was amazed how fast it was and hopefully accurate it was. In any event, it had to be more accurate than the BPOs that came with the package, because they were between 6 months and 9 months old.
Some other nice parts of the reports were pretty amazing as well. For example, we found out that one of the areas that had a concentration of REO homes from our package had a total of just less than six hundered homes for sale, and in the last year only 223 homes had been sold .........and an amazing 84% of those sales were REO or short sales........
There were a lot of other statistical facts in there as well...Block vs Frame, avg sq ft, time on market, discount from original pricing, ect. The main thing is it is such an amazing tool to use in pricing your own REO purchasing. Its no wonder that regular home sales that are trying to compete in this market are taking such a hit..
I dont see any real change in the next year. The amount of short sales and REOs will somehow have to be absorbed first before the market will have a chance.
I remember once that a Real Estate instructor was saying that banks were not allowed in the Real Estate business. Well, seems to me like they are, and they will sell all of their homes first.
