Resetting DOM (Days On Market), Buyers speak up! ABC News Nightline is listening

We hit the local news scene, now we’re going national. We received a call from a Nightline reporter today and they’re looking for feedback and active buyers who have THOUGHTS ON RESETTING THE DOM (Days on Market) to give an old listing new legs.

Specifically, do you think it is fair or not to have seen a property as newly listed, watch it become a “Stalefish”, then see it again on the market as “new”?

Agents, buyers, and even sellers, please share your thoughts by commenting here, or clicking on “comments” below. Nightline is listening!

Contact us if you’d like to possibly appear on Nightline tonight or tomorrow Monday or Tuesday. They’ll be interviewing around 5pm 6pm tonight in San Francisco.

Fellow bloggers, please spread the word, as we know this is a hot button.

Although not local, Manhattan Beach Confidential has a good post on this very subject.

[Update:…and this just in, Kevin Boer of 3 Oceans Real Estate just put up a nice post as well. Thanks Kevin!]

Conforming loan limit increase in jeopardy?

We just received this email from N.A.R.

“The U.S. House of Representatives yesterday passed a stimulus package that raises the FHA and conforming loan limits to as high as $729,750 in high-cost areas.

There is speculation that the Senate version of the stimulus package DOES NOT include these increases.

Please contact Senator Barbara Boxer and Senator Diane Feinstein if you’d like to help this bill get passed.

The easiest way to take action is to click here. It’s a one second process and will send the Senators an email directly. So we think.

The tone is obviously a bit alarmist, but hey, that’s how America works.

[Update: …and approved.]

[Update: …and clarification of some of the confusing aspects of the package.]

-Call to Action [Realtor.org]

What costs how much where, and a complete wrap-up of 2007

Hats off to Katy Dinner, or whoever it was that put this information together, and thanks for sending it our way.

katydinner.jpg

Some examples of what else you’ll find by following the link below:

A two bedroom condo in the Marina will set you back a cool $1,237,000, but in Hayes Valley it will only set you back $780,000.

A three bedroom house in Lower Pacific Heights will set you back $1,837,500, whereas a three bedroom house in the Central and Outer Sunset will only run your tab up to $810,000.

[prices are “Median Sales Price”]

Good stuff on that link. Take a look at it.

What costs how much where in San Francisco [863Katy.com]

Chop go the rates…again! (Feds cutting rates makes us queezy)

“Fed Cuts Rate by Half-Point; 2nd Reduction in 8 Days” [New York Times]

In lowering its benchmark Federal funds rate by half a point, to 3 percent, the central bank acknowledged that it is now far more worried about an economic slowdown than rising inflation, and it left open the possibility of additional rate reductions.

“Financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” the central bank said in a statement accompanying its decision. In addition, it said, recent data indicated that the housing market is still getting worse and the job market appears to be “softening.”

What’s going on here? This roller coaster is making us queezy!

Marc Herrenbruck had this to say:

As expected the Fed lowered “rates” by .50% so how will this effect you? Banks will be reporting that Prime has now fallen to 6%! Four months ago it was at 8.25%. People with HELOC loans rejoice you have experienced a 2.25% reduction in your interest in the last 4 months or if you had a $250,000 line of credit your payments went from $1718.00 to $1250.00 a month, a savings of almost $500.00 a month! I also want to say that rates for 30 year, 15 year and 3,5,7,10/1 arms are not benefiting from this in fact rates have been going up since the Fed lowered rates by .75% last Tuesday. That is because money is moving from the bond market to the stock market which supports what the Fed is doing to fight recession, lower Fed Fund and Discount Rates to stimulate the economy.

Slump? What Slump? Real Estate Sites licking their chops

We were going to do a little post regarding this recent New York Times article (“Despite Housing Slide Real Estate Sites Sell”, and get into all kinds of details, but we thought we’d just send you that way instead. We also thought we’d clue you in to a great post on 3 Oceans Real Estate essentially regarding the same thing, but with a bit more twist and punch.

Something we’ve been wondering:

Dear Glenn,

If you’re listening, where’d you get the name Redfin?

Sincerely,

theFrontSteps