Active/Pending Ratios By Price

[SD Realtor]

UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved. Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[urbanrealtor]

[quote=SD Realtor]UR you gotta sit tight. I have had verbal acceptances and not received the copy of the lien release for up to 2 weeks one time. It will come if they gave the verbal. You just gotta keep the press on the LA.

[/quote]
Miscommunication.
I am the LA.
I am just irritated because the negotiator seems to have no follow through.

[quote=SD Realtor]

Personally I am not sure what to say about the short sale dilema… It sucks because of the variances involved.

[/quote]
Again, what I was referring to was what you would do as far as running the numbers for stat purposes.
I ask because I was talking to a bpo agent the other day (he was running a bpo on my listing) and he said that he was basing prices off of units that were hanging active on the market. In other words, the unit at 105k (priced to attract lots of offers) is categorized as over-priced because it has not gone pending. The joke is that the bank is what is controlling that. Then using it as justification.
[quote=SD Realtor] Some agents indeed will continue to submit offers to the lender and others will not because they do not want to derail the process. I have had a few cases where the buyers would flat out beat the current offer into the lender but the LA didn’t want to submit the higher offer because of the time invested with the current offer.

Some agents are diligent and they actually do move the home into withdrawn which technically makes alot of sense right? The home is still under contract but is not active. Then when they get acceptance, then they move it pending.

However it rarely plays out that way. So many agents are just plain lazy and leave it in active status. I am sure you get the same thing… you client calls you saying hey what about this home on so and so street. Can we go see it? Then you call the LA and the LA says well we have 4 offers and the highest is into the lender and we really are not showing it anymore… I know the drill… it sucks.

[/quote]

I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.

[Eugene]

[quote=asianautica]You’re totally right SD R. Seems like the threshold is somewhere around 450-600k, regardless of the zip code. Look at the active/pending ratio for <$450k in MM, that's some crazy #.[/quote] Look at it this way. Using 10% down and 45% DTI, 500k house = 95k income 650k house = 125k income 800k house = 150k income 950k house = 195k income and that's if there's no MR. Add 10-15k to account for MR. The pool of eligible buyers shrinks rapidly above 100k mark. You need a big income or a lot of cash. Outside high-tech, few jobs pay more than 60-80k, especially to first time homebuyers (median age: 33). That is the absolute minimum income needed to qualify for a loan. In reality, 45% gross DTI is 52-55% net DTI. Real estate mania is over, and most people would balk at the idea of spending more than half of their after-tax income on housing. A sensible scenario (housing payments that total 40% of after-tax income) would go like this 500k house = 135k income 650k house = 175k income 800k house = 215k income 950k house = 285k income so it's pretty clear that current coastal prices can't be sustained without large numbers of move-up buyers with briefcases full of cash. Move-up buyers do exist, but they are in short supply. Thus low pending numbers. ACS estimates that only 15% of all renter households in the county have incomes above 100k. There are quite a few high-income people, but most of them already own. SD R: can you pull active numbers by asking price for all of San Diego county, with 100k resolution?

[Eugene]

[quote=asianautica]You’re totally right SD R. Seems like the threshold is somewhere around 450-600k, regardless of the zip code. Look at the active/pending ratio for <$450k in MM, that's some crazy #.[/quote] Look at it this way. Using 10% down and 45% DTI, 500k house = 95k income 650k house = 125k income 800k house = 150k income 950k house = 195k income and that's if there's no MR. Add 10-15k to account for MR. The pool of eligible buyers shrinks rapidly above 100k mark. You need a big income or a lot of cash. Outside high-tech, few jobs pay more than 60-80k, especially to first time homebuyers (median age: 33). That is the absolute minimum income needed to qualify for a loan. In reality, 45% gross DTI is 52-55% net DTI. Real estate mania is over, and most people would balk at the idea of spending more than half of their after-tax income on housing. A sensible scenario (housing payments that total 40% of after-tax income) would go like this 500k house = 135k income 650k house = 175k income 800k house = 215k income 950k house = 285k income so it's pretty clear that current coastal prices can't be sustained without large numbers of move-up buyers with briefcases full of cash. Move-up buyers do exist, but they are in short supply. Thus low pending numbers. ACS estimates that only 15% of all renter households in the county have incomes above 100k. There are quite a few high-income people, but most of them already own. SD R: can you pull active numbers by asking price for all of San Diego county, with 100k resolution?

[Eugene]

[quote=asianautica]You’re totally right SD R. Seems like the threshold is somewhere around 450-600k, regardless of the zip code. Look at the active/pending ratio for <$450k in MM, that's some crazy #.[/quote] Look at it this way. Using 10% down and 45% DTI, 500k house = 95k income 650k house = 125k income 800k house = 150k income 950k house = 195k income and that's if there's no MR. Add 10-15k to account for MR. The pool of eligible buyers shrinks rapidly above 100k mark. You need a big income or a lot of cash. Outside high-tech, few jobs pay more than 60-80k, especially to first time homebuyers (median age: 33). That is the absolute minimum income needed to qualify for a loan. In reality, 45% gross DTI is 52-55% net DTI. Real estate mania is over, and most people would balk at the idea of spending more than half of their after-tax income on housing. A sensible scenario (housing payments that total 40% of after-tax income) would go like this 500k house = 135k income 650k house = 175k income 800k house = 215k income 950k house = 285k income so it's pretty clear that current coastal prices can't be sustained without large numbers of move-up buyers with briefcases full of cash. Move-up buyers do exist, but they are in short supply. Thus low pending numbers. ACS estimates that only 15% of all renter households in the county have incomes above 100k. There are quite a few high-income people, but most of them already own. SD R: can you pull active numbers by asking price for all of San Diego county, with 100k resolution?

[Eugene]

[quote=asianautica]You’re totally right SD R. Seems like the threshold is somewhere around 450-600k, regardless of the zip code. Look at the active/pending ratio for <$450k in MM, that's some crazy #.[/quote] Look at it this way. Using 10% down and 45% DTI, 500k house = 95k income 650k house = 125k income 800k house = 150k income 950k house = 195k income and that's if there's no MR. Add 10-15k to account for MR. The pool of eligible buyers shrinks rapidly above 100k mark. You need a big income or a lot of cash. Outside high-tech, few jobs pay more than 60-80k, especially to first time homebuyers (median age: 33). That is the absolute minimum income needed to qualify for a loan. In reality, 45% gross DTI is 52-55% net DTI. Real estate mania is over, and most people would balk at the idea of spending more than half of their after-tax income on housing. A sensible scenario (housing payments that total 40% of after-tax income) would go like this 500k house = 135k income 650k house = 175k income 800k house = 215k income 950k house = 285k income so it's pretty clear that current coastal prices can't be sustained without large numbers of move-up buyers with briefcases full of cash. Move-up buyers do exist, but they are in short supply. Thus low pending numbers. ACS estimates that only 15% of all renter households in the county have incomes above 100k. There are quite a few high-income people, but most of them already own. SD R: can you pull active numbers by asking price for all of San Diego county, with 100k resolution?

[Eugene]

[quote=asianautica]You’re totally right SD R. Seems like the threshold is somewhere around 450-600k, regardless of the zip code. Look at the active/pending ratio for <$450k in MM, that's some crazy #.[/quote] Look at it this way. Using 10% down and 45% DTI, 500k house = 95k income 650k house = 125k income 800k house = 150k income 950k house = 195k income and that's if there's no MR. Add 10-15k to account for MR. The pool of eligible buyers shrinks rapidly above 100k mark. You need a big income or a lot of cash. Outside high-tech, few jobs pay more than 60-80k, especially to first time homebuyers (median age: 33). That is the absolute minimum income needed to qualify for a loan. In reality, 45% gross DTI is 52-55% net DTI. Real estate mania is over, and most people would balk at the idea of spending more than half of their after-tax income on housing. A sensible scenario (housing payments that total 40% of after-tax income) would go like this 500k house = 135k income 650k house = 175k income 800k house = 215k income 950k house = 285k income so it's pretty clear that current coastal prices can't be sustained without large numbers of move-up buyers with briefcases full of cash. Move-up buyers do exist, but they are in short supply. Thus low pending numbers. ACS estimates that only 15% of all renter households in the county have incomes above 100k. There are quite a few high-income people, but most of them already own. SD R: can you pull active numbers by asking price for all of San Diego county, with 100k resolution?

[an]

[quote=urbanrealtor]
I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.[/quote]
It’s one thing to leave it as active, if you’re still accepting new offer. However, what’s the point in leaving it as active if you won’t even take any new offer? In the eye of a buyer, this listing is useless because buyer can’t put an offer on it. Why clutter the MLS w/ listing that buyer can’t buy/offer?

[an]

[quote=urbanrealtor]
I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.[/quote]
It’s one thing to leave it as active, if you’re still accepting new offer. However, what’s the point in leaving it as active if you won’t even take any new offer? In the eye of a buyer, this listing is useless because buyer can’t put an offer on it. Why clutter the MLS w/ listing that buyer can’t buy/offer?

[an]

[quote=urbanrealtor]
I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.[/quote]
It’s one thing to leave it as active, if you’re still accepting new offer. However, what’s the point in leaving it as active if you won’t even take any new offer? In the eye of a buyer, this listing is useless because buyer can’t put an offer on it. Why clutter the MLS w/ listing that buyer can’t buy/offer?

[an]

[quote=urbanrealtor]
I feel that putting it as anything other than active until full lien release is irresponsible on the part of the LA. I have had BA’s insist but I still won’t do it. Active market time is at a premium for ss sellers. Until all parties (including the lender) agree, there really is no effective contract.[/quote]
It’s one thing to leave it as active, if you’re still accepting new offer. However, what’s the point in leaving it as active if you won’t even take any new offer? In the eye of a buyer, this listing is useless because buyer can’t put an offer on it. Why clutter the MLS w/ listing that buyer can’t buy/offer?

[Author]

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