Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of REALTORS®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.
Buyers Face Purchasing Delays
Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. “We are witnessing the ongoing effects of the home buyer tax credit, which we’ll also see in June real estate closings,” he said. “However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales.
“In addition, many potential sales are being delayed by an interruption in the National Flood Insurance Program. Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance.”
As the leading advocate for homeownership issues, NAR is supporting Senate amendments to extend the home buyer tax credit closing deadline through September 30 for contracts written by April 30, and to renew the flood insurance program. “Sales and related local economic activity would have been higher without delays in the closing process or flood insurance issues,” Yun noted.
Housing Still Affordable
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.89 percent in May from 5.10 percent in April; the rate was 4.86 percent in May 2009.
The national median existing-home price for all housing types was $179,600 in May, up 2.7 percent from May 2009. Distressed homes slipped to 31 percent of sales last month, compared with 33 percent in April; it was also 33 percent in May 2009.
NAR President Vicki Cox Golder said home prices have been stabilizing all year. “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus,” she said. “Very affordable mortgage interest rates and stabilizing home prices are encouraging home buyers who were on the sidelines during most of the boom and bust cycle.”
Pending home sales are expected to decline notably in May and June from the spring surge, but Yun added that job growth and a manageable level of foreclosures are keys to sales and price performance during the second half of the year.
Inventory Falling
A parallel NAR practitioner survey shows first-time buyers purchased 46 percent of homes in May, down from 49 percent in April. Investors accounted for 14 percent of transactions in May compared with 15 percent in April; the remaining sales were to repeat buyers. All-cash sales were at 25 percent in May, edging down from a 26 percent share in April.
Total housing inventory at the end of May fell 3.4 percent to 3.89 million existing homes available for sale, which represents an 8.3-month supply at the current sales pace, compared with an 8.4-month supply in April. Raw unsold inventory is 1.1 percent above a year ago, but is still 14.9 percent below the record of 4.58 million in July 2008.
Single-family home sales declined 1.6 percent to a seasonally adjusted annual rate of 4.98 million in May from a pace of 5.06 million in April, but are 17.5 percent above the 4.24 million level in May 2009. The median existing single-family home price was $179,400 in May, which is 2.7 percent above a year ago.
Single-family median existing-home prices were higher in 16 out of 20 metropolitan statistical areas reported in May from a year ago. In addition, existing single-family home sales rose in 18 of the 20 areas from May 2009.
Existing condominium and co-op sales fell 6.8 percent to a seasonally adjusted annual rate of 680,000 in May from 730,000 in April, but are 32.6 percent above the 513,000-unit pace in May 2009. The median existing condo price was $181,300 in May, up 3.4 percent from a year ago.
By Region
Existing-home sales in the Northeast fell 18.3 percent to an annual level of 890,000 in May from a surge in April, but are 12.7 percent higher than a year ago. The median price in the Northeast was $240,200, down 2.2 percent from May 2009.
In the Midwest, existing-home sales were unchanged in May at a pace of 1.33 million and are 22.0 percent above May 2009. The median price in the Midwest was $150,700, up 2.2 percent from a year ago.
In the South, sales increased 0.5 percent to an annual level of 2.15 million in May and are 22.9 percent above a year ago. The median price in the South was $159,000, up 1.0 percent from May 2009.
Existing-home sales in the West rose 4.9 percent to an annual rate of 1.29 million in May and are 15.2 percent higher than May 2009. The median price in the West was $221,300, up 7.4 percent from a year ago.
Source: NAR
Tuesday, June 22, 2010
Tips On Growing Your Garden
Garden improvements don’t have to dig a deep financial hole. Here are just two of the tips now available on gardening on a budget:
1. Understand your land. Before shelling out money for new plants, look at what has thrived and what has died in your garden over time. If you’re new to the area, ask neighbors with similar growing conditions what has worked for them.
Keep in mind that even plants appropriate for your growing zone might not work in your personal patch, depending on the soil composition, sunlight patterns, microclimate, pests, and available water. Your local cooperative extension service can analyze your soil and recommend amendments and suitable plantings.
2. Avoid invasives. No matter how big your hurry to see your garden fill in, be wary of a plant billed as a “fast grower” or “aggressive.” Often that’s code for an invasive species—a non-native plant that makes its way into the landscape and crowds out the locals by stealing their nutrients, light, and water.
The U.S. Department of Agriculture maintains a list of invasives, which include various ivies, grasses, weeds, vines, self-seeding varieties of bushes and shrubs, even seemingly innocuous herbs like mint. Your county extension service can steer you toward the species best suited to your plot. Tip: If you love growing mint in the garden, contain it in a pot.
1. Understand your land. Before shelling out money for new plants, look at what has thrived and what has died in your garden over time. If you’re new to the area, ask neighbors with similar growing conditions what has worked for them.
Keep in mind that even plants appropriate for your growing zone might not work in your personal patch, depending on the soil composition, sunlight patterns, microclimate, pests, and available water. Your local cooperative extension service can analyze your soil and recommend amendments and suitable plantings.
2. Avoid invasives. No matter how big your hurry to see your garden fill in, be wary of a plant billed as a “fast grower” or “aggressive.” Often that’s code for an invasive species—a non-native plant that makes its way into the landscape and crowds out the locals by stealing their nutrients, light, and water.
The U.S. Department of Agriculture maintains a list of invasives, which include various ivies, grasses, weeds, vines, self-seeding varieties of bushes and shrubs, even seemingly innocuous herbs like mint. Your county extension service can steer you toward the species best suited to your plot. Tip: If you love growing mint in the garden, contain it in a pot.
Friday, June 18, 2010
Federal Help For Homeonwers is Not Helping!
The following article explains in common sense ways the exact problem I am seeing with my clients as a real estate practioner. The modifications are not coming through, except for those few homeowners who have pristine credit and are just plain lucky because they have persisted through the complications and huge committment it takes to successfuly modify a mortgage!
Denied for Federal Mortgage Aid, Homeowners Seek Alternatives
By Stella M. Hopkins
RISMEDIA, June 18, 2010--(MCT)--Allison Rinehart's best hope for saving her home isn't the massive federal effort to stem foreclosures.
She's been denied, possibly in error, for that plan so she's banking on an alternative mortgage modification to keep her Charlotte townhouse.
"This is the only thing my daughter and I have," said Rinehart, who is 45. "I am a single parent, no child support, working as many jobs as I can take on."
The taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation's foreclosure prevention effort. But it doesn't work for many people.
For example, Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren't eligible for HAMP. Wells Fargo says about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.
HAMP also has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments. Critics blame servicers for the declines, saying they're doing a poor job and unfairly bouncing people from the program. Servicers acknowledge there were problems, especially early on. They also say homeowners aren't complying with payment agreements or document requirements.
Whatever the reason, the problem isn't going away. The number of struggling homeowners nationwide is expected to remain high because job growth remains sluggish and millions of people are out of work. That means alternative modifications are likely to become even more important tools for preventing foreclosure.
"The goal is just to get to affordability ... whether that happens through a modification through HAMP or outside of HAMP," said Tom Goyda, a Wells Fargo spokesman.
There are many reasons property owners can't qualify for the federal program.
For example, they might have refinanced or bought after HAMP's Jan. 1, 2009, cutoff. They might not meet income or debt requirements. HAMP modifications, subsidized by taxpayer dollars, also aren't available for investment property, vacation homes and high-end homes.
In April, Bank of America finalized more than 23,000 HAMP modifications and had more than 210,000 in the pipeline. The Charlotte bank also has been averaging about 13,000 alternative modifications a month this year, said spokesman Dan Frahm. Most are for customers with mortgages issued after the cutoff or above the HAMP limit or on properties that aren't their principal residence.
"HAMP is at the center of our modification efforts at Bank of America," Frahm said. "It's also important to recognize that no one solution or program can address the ... issues facing homeowners, who are experiencing hardship as a result of prolonged recessionary impacts."
President Barack Obama announced the HAMP program in February 2009, well into the financial crisis. Prior to that, lenders and mortgage servicers were already doing modifications so it's natural there are more of those. Many HAMP applicants also are still working through the slow, cumbersome process.
Servicers participating in HAMP must first consider homeowners for loan aid under that program. If that doesn't work for customers, servicers can consider them for their own programs.
Goyda said Wells is doing alternative modifications for about 60 percent of customers who reach HAMP's trial phase but don't ultimately qualify. About 10 percent find other solutions, and the balance are probably headed for foreclosure.
Of HAMP, he said: "It's only one part of our overall efforts to help customers find affordability."
Consumer advocates, while sharply critical of mortgage servicers for poor modification service, generally endorse HAMP's intent and its standardized approach.
"It's a useful template," said Julia Gordon, senior policy counsel with the Center for Responsible Lending in Washington. "It's by no means some kind of gold standard."
For example, a recent HAMP change eliminates unemployment benefits as a qualifying source of income for modifications.
"That's just crazy," she said.
Gordon cautiously welcomes alternative plans because they can potentially help more people. She's concerned homeowners won't have a consistent way to know what's available and how to qualify. She and others have seen instances where payments are actually higher under non-HAMP plans — not a workable solution for a struggling borrower.
She also frets about the lack of federal oversight for in-house plans. The U.S. Treasury oversees HAMP, but has been criticized for not penalizing servicers for mistakes.
Gordon urges people to review any modification offer carefully. What's the new payment? Has the principal been reduced if the loan balance exceeds the value of the house? How long does the modification last?
"It is conceivable you could have a proprietary product that's better," she said.
Under HAMP, the government pays servicers and homeowners for successful modifications. For homeowners who make all their payments on time, that can amount to $5,000 paid toward their loans.
Those incentives aren't available under alternative plans.
Al Ripley, with the nonprofit N.C. Justice Center, has been critical of HAMP's cumbersome nature. He's also concerned about the lack of consistency and transparency in alternative plans. He says all servicers should be required to disclose their guidelines and processes for all modifications.
"It would be very helpful for homeowners to have more predictability when applying for a modification," Ripley said.
Allison Rinehart's budget was tight in late 2004 when she paid about $136,000 for her Charlotte townhome.
She put $4,000 down on the home and took a 30-year mortgage at nearly 9 percent. Her monthly payments were $1,111. Rinehart and her daughter, Sydnea, now 15, got by on the roughly $30,000 a year Rinehart made as a longtime, self-employed hairdresser and middle-school coach.
Last spring, she noticed business dropping off more sharply as her clientele struggled in the downturn. In July, she asked for a modification from Select Portfolio Servicing, the Utah firm handling her mortgage. She received an unusually speedy offer of a trial plan, which is supposed to last three months.
Rinehart was told to make the first payment on Sept. 1 at her original amount. Subsequent trial payments were cut to $685. She made those payments through March, when she received a letter saying she was denied a HAMP modification. Soon after, she contacted McClatchy Newspapers.
"This has caused me sleepless nights, depression and anxiety," said Rinehart, who also works in her church's office and has been a nanny. "My 15-year-old doesn't know whether or not she will have her home the next day or not because of this."
SPS offered another trial, with monthly payments at an even lower $456. Rinehart started the payments in April but worried it was a delaying tactic and she'd be denied again. Meanwhile, she received notices from SPS saying that to keep her house she had to repay the thousands of dollars that hadn't been paid during the trials.
"It really scared me," she said. And angered her. If she had the money, she wouldn't have asked for help.
"It was a slap in the face."
In May, McClatchy Newspapers began contacting SPS, asking about Rinehart's case. After several weeks of messages and e-mails, the company said it would send Rinehart a response.
In that letter, SPS said Rinehart didn't qualify for HAMP because she failed to send documents by a certain date. Rinehart said that's not true, that she has copies and certified mail receipts proving she sent everything requested, on time.
The May 27 letter, which Rinehart provided the newspaper, confirmed Rinehart made the first two trial payments. The letter said once she made the third payment, due last week, "SPS will complete the modification process and you will receive the final modification agreement which requires your signature.
"Once this is received, SPS will permanently modify the terms of your note and bring your account current."
Her June payment cleared her bank shortly after the 1st of the month. On June 10, she arrived home to find the promised paperwork. She believes that happened only because she went public.
Last week, she was reviewing the papers and reflecting on what sustained her.
"I relied on my faith."
(c) 2010, The Charlotte Observer (Charlotte, N.C.).
Distributed by McClatchy-Tribune Information Services.
Denied for Federal Mortgage Aid, Homeowners Seek Alternatives
By Stella M. Hopkins
RISMEDIA, June 18, 2010--(MCT)--Allison Rinehart's best hope for saving her home isn't the massive federal effort to stem foreclosures.
She's been denied, possibly in error, for that plan so she's banking on an alternative mortgage modification to keep her Charlotte townhouse.
"This is the only thing my daughter and I have," said Rinehart, who is 45. "I am a single parent, no child support, working as many jobs as I can take on."
The taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation's foreclosure prevention effort. But it doesn't work for many people.
For example, Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren't eligible for HAMP. Wells Fargo says about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.
HAMP also has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments. Critics blame servicers for the declines, saying they're doing a poor job and unfairly bouncing people from the program. Servicers acknowledge there were problems, especially early on. They also say homeowners aren't complying with payment agreements or document requirements.
Whatever the reason, the problem isn't going away. The number of struggling homeowners nationwide is expected to remain high because job growth remains sluggish and millions of people are out of work. That means alternative modifications are likely to become even more important tools for preventing foreclosure.
"The goal is just to get to affordability ... whether that happens through a modification through HAMP or outside of HAMP," said Tom Goyda, a Wells Fargo spokesman.
There are many reasons property owners can't qualify for the federal program.
For example, they might have refinanced or bought after HAMP's Jan. 1, 2009, cutoff. They might not meet income or debt requirements. HAMP modifications, subsidized by taxpayer dollars, also aren't available for investment property, vacation homes and high-end homes.
In April, Bank of America finalized more than 23,000 HAMP modifications and had more than 210,000 in the pipeline. The Charlotte bank also has been averaging about 13,000 alternative modifications a month this year, said spokesman Dan Frahm. Most are for customers with mortgages issued after the cutoff or above the HAMP limit or on properties that aren't their principal residence.
"HAMP is at the center of our modification efforts at Bank of America," Frahm said. "It's also important to recognize that no one solution or program can address the ... issues facing homeowners, who are experiencing hardship as a result of prolonged recessionary impacts."
President Barack Obama announced the HAMP program in February 2009, well into the financial crisis. Prior to that, lenders and mortgage servicers were already doing modifications so it's natural there are more of those. Many HAMP applicants also are still working through the slow, cumbersome process.
Servicers participating in HAMP must first consider homeowners for loan aid under that program. If that doesn't work for customers, servicers can consider them for their own programs.
Goyda said Wells is doing alternative modifications for about 60 percent of customers who reach HAMP's trial phase but don't ultimately qualify. About 10 percent find other solutions, and the balance are probably headed for foreclosure.
Of HAMP, he said: "It's only one part of our overall efforts to help customers find affordability."
Consumer advocates, while sharply critical of mortgage servicers for poor modification service, generally endorse HAMP's intent and its standardized approach.
"It's a useful template," said Julia Gordon, senior policy counsel with the Center for Responsible Lending in Washington. "It's by no means some kind of gold standard."
For example, a recent HAMP change eliminates unemployment benefits as a qualifying source of income for modifications.
"That's just crazy," she said.
Gordon cautiously welcomes alternative plans because they can potentially help more people. She's concerned homeowners won't have a consistent way to know what's available and how to qualify. She and others have seen instances where payments are actually higher under non-HAMP plans — not a workable solution for a struggling borrower.
She also frets about the lack of federal oversight for in-house plans. The U.S. Treasury oversees HAMP, but has been criticized for not penalizing servicers for mistakes.
Gordon urges people to review any modification offer carefully. What's the new payment? Has the principal been reduced if the loan balance exceeds the value of the house? How long does the modification last?
"It is conceivable you could have a proprietary product that's better," she said.
Under HAMP, the government pays servicers and homeowners for successful modifications. For homeowners who make all their payments on time, that can amount to $5,000 paid toward their loans.
Those incentives aren't available under alternative plans.
Al Ripley, with the nonprofit N.C. Justice Center, has been critical of HAMP's cumbersome nature. He's also concerned about the lack of consistency and transparency in alternative plans. He says all servicers should be required to disclose their guidelines and processes for all modifications.
"It would be very helpful for homeowners to have more predictability when applying for a modification," Ripley said.
Allison Rinehart's budget was tight in late 2004 when she paid about $136,000 for her Charlotte townhome.
She put $4,000 down on the home and took a 30-year mortgage at nearly 9 percent. Her monthly payments were $1,111. Rinehart and her daughter, Sydnea, now 15, got by on the roughly $30,000 a year Rinehart made as a longtime, self-employed hairdresser and middle-school coach.
Last spring, she noticed business dropping off more sharply as her clientele struggled in the downturn. In July, she asked for a modification from Select Portfolio Servicing, the Utah firm handling her mortgage. She received an unusually speedy offer of a trial plan, which is supposed to last three months.
Rinehart was told to make the first payment on Sept. 1 at her original amount. Subsequent trial payments were cut to $685. She made those payments through March, when she received a letter saying she was denied a HAMP modification. Soon after, she contacted McClatchy Newspapers.
"This has caused me sleepless nights, depression and anxiety," said Rinehart, who also works in her church's office and has been a nanny. "My 15-year-old doesn't know whether or not she will have her home the next day or not because of this."
SPS offered another trial, with monthly payments at an even lower $456. Rinehart started the payments in April but worried it was a delaying tactic and she'd be denied again. Meanwhile, she received notices from SPS saying that to keep her house she had to repay the thousands of dollars that hadn't been paid during the trials.
"It really scared me," she said. And angered her. If she had the money, she wouldn't have asked for help.
"It was a slap in the face."
In May, McClatchy Newspapers began contacting SPS, asking about Rinehart's case. After several weeks of messages and e-mails, the company said it would send Rinehart a response.
In that letter, SPS said Rinehart didn't qualify for HAMP because she failed to send documents by a certain date. Rinehart said that's not true, that she has copies and certified mail receipts proving she sent everything requested, on time.
The May 27 letter, which Rinehart provided the newspaper, confirmed Rinehart made the first two trial payments. The letter said once she made the third payment, due last week, "SPS will complete the modification process and you will receive the final modification agreement which requires your signature.
"Once this is received, SPS will permanently modify the terms of your note and bring your account current."
Her June payment cleared her bank shortly after the 1st of the month. On June 10, she arrived home to find the promised paperwork. She believes that happened only because she went public.
Last week, she was reviewing the papers and reflecting on what sustained her.
"I relied on my faith."
(c) 2010, The Charlotte Observer (Charlotte, N.C.).
Distributed by McClatchy-Tribune Information Services.
Buyers Drive Hard Bargains in a Tough Market
Unrealistic buyers are ruining the deal for sellers who are unwilling to make extreme concessions, some real estate practitioners complain.
''We see buyers who must have learned their moves from the World Wrestling Federation,'' says Glenn Kelman, CEO of the online brokerage Redfin. ''They think the final smack-down occurs at the inspection, where the seller will be reluctant to refuse any demand because the alternative is putting the house back on the market as damaged goods.''
But buyers say they're simply being smart.
''We had the position, 'If the seller is willing to come down enough, we will buy this home.' If they weren't willing, we would have just moved on. In this market, you have a lot of options,'' says Chris Dunn, a consultant in Chicago, who sought a 10 percent reduction on a property priced at more than $500,000.
Source: The New York Times, David Streitfeld (06/17/2010)
''We see buyers who must have learned their moves from the World Wrestling Federation,'' says Glenn Kelman, CEO of the online brokerage Redfin. ''They think the final smack-down occurs at the inspection, where the seller will be reluctant to refuse any demand because the alternative is putting the house back on the market as damaged goods.''
But buyers say they're simply being smart.
''We had the position, 'If the seller is willing to come down enough, we will buy this home.' If they weren't willing, we would have just moved on. In this market, you have a lot of options,'' says Chris Dunn, a consultant in Chicago, who sought a 10 percent reduction on a property priced at more than $500,000.
Source: The New York Times, David Streitfeld (06/17/2010)
Tuesday, June 8, 2010
Troubled Homeowners Looking For Relief May Have Found Some!
The news is filled with information about homeowners in dire financial situations struggling to keep their homes from foreclosure. Obama rolled out his Home Affordable Modification Program with little actual success. The idea was to help modify mortgages so that payments remained no more than 31% of total income. The restricitons of this program proved to be so tight that few homeowners could actually be approved for a modification.
Bank of America announced 6/3/10 that it was rolling out a relief program for roughly 45,000 of its most troubled borrowers that would reduce mortgage principal by as much as 30 percent. To be eligible, homeowners must have missed at least two monthly payments and owe 20 percent or more than their home is worth. Homes must have been originally financed by Countrywide Financial Corp. under specific lending programs.
The offer is a result of an agreement with state attorneys general that settles charges over high-risk loans made by Countrywide. The federal government will pay 18 percent of the forgiven principal.
In another agreement Bank of America will pay $108 million to settle charges that Countrywide Financial Corp., which it acquired two years ago, charged large and unfair fees to borrowers facing foreclosure. The settlement, which will refund money to about 200,000 borrowers, was announced Monday by the Federal Trade Commission. This equates to about $540 per household.
Bank of America announced 6/3/10 that it was rolling out a relief program for roughly 45,000 of its most troubled borrowers that would reduce mortgage principal by as much as 30 percent. To be eligible, homeowners must have missed at least two monthly payments and owe 20 percent or more than their home is worth. Homes must have been originally financed by Countrywide Financial Corp. under specific lending programs.
The offer is a result of an agreement with state attorneys general that settles charges over high-risk loans made by Countrywide. The federal government will pay 18 percent of the forgiven principal.
In another agreement Bank of America will pay $108 million to settle charges that Countrywide Financial Corp., which it acquired two years ago, charged large and unfair fees to borrowers facing foreclosure. The settlement, which will refund money to about 200,000 borrowers, was announced Monday by the Federal Trade Commission. This equates to about $540 per household.
Tuesday, June 1, 2010
3 Simple Steps to Creating Your Ideal Income
3 Simple Steps to Creating Your Ideal Income
By Maya Bailey, Ph.D.
RISMEDIA, June 1, 2010--Are you interested in creating your ideal income this year? Are you tired of waiting for things to get better? Are you feeling like you have so much more potential than you are currently using?
Imagine for a moment achieving your ideal income. What would that look like and feel like? What would you be able to do that you can't do now?
Ask yourself what are the things you need to be doing right now to manifest that? Do you need to find a way to raise your motivation? Do need to stop procrastinating? Do you need to stop avoiding marketing? Do you need to be more accountable to yourself?
If you want to learn a simple way to create your ideal income, then read on...
Step I : Get clear on what you do want.
Do know exactly where you want to be professionally in 12 months from today? To achieve even more clarity, I invite you to this simple visualization.
Sit in a comfortable place where you won't be disturbed and ask yourself the following questions:
· In a year from now, what kind of work do you want to be doing?
· How many hours a week do you want to be doing it?
· Who would be your ideal clients and colleagues?
· What kind of people do you want to be around?
· What would be your ideal physical surroundings for work?
· Finally, ask your self what would be your ideal income? Pick a figure that is realistic but optimistic.
Here's an example from one of my clients of what your visualization might look like, "In one year from today, I see myself doing real estate, working mostly with listings, and being surrounded with people I like, people who are upbeat, responsible, committed and motivated. I have my own office, and I am looking out of a big window, looking at a garden. My income is $150,000 net."
How close is that to what you want to create?
Step 2: Overcoming the obstacles, challenges, self limiting beliefs, and self sabotaging strategies.
In Step 1, you got clarity on your ideal professional life. In Step 2, you identify the blocks you'd need to overcome to get there. So ask yourself what is stopping you? What are your self limiting beliefs? What are your self sabotaging strategies?
In my 14+ years of coaching real estate professionals to become successful , the self limiting beliefs that I hear the most are:
· "I'm not good enough"
· "I don't know enough"
· "I don't have what it takes to succeed"
· “I can't do marketing"
· "If I market myself , I'm afraid I'll be rejected"
Take a good look at the list and ask yourself which ones resonate with you? Here's the good news: "These are not facts, these are beliefs and beliefs can be changed". One of the things I help my clients to do is to reprogram their self limiting beliefs into Empowering beliefs. If you were to reprogram the beliefs above into Empowering beliefs what would they sound like? Anything like,
· "I am more than good enough"
· "I know all that I need to know and I can always research and find the answers"
· "I have all I need to succeed"
· "I'm learning to become a Master at marketing"
· "Since I have something of value to offer my prospective clients, most likely I'll be accepted"
How would it feel to have those beliefs as your foundation?
Step 3: Create your script
Once you have clarified what you want and reprogrammed your self limiting beliefs, the next step is to create your script. What is the area that you need to develop the most? Is it marketing, is it time management, is it confidence building? What ever you decide, you need a script to achieve it.
Why do I recommend a script rather than a plan? A business plan is a written document outlining a series of logical steps that lead to the realization of a goal in business. A business plan follows specific guidelines and requires certain information. A script, on the other hand, comes from your imagination. You can write what you want and not have to follow guidelines set by someone else.
Einstein once said, "Imagination is more important than knowledge". Imagination is an integral part of ourselves and our intuition. When we write a script, we feel what we are writing and those feelings create physical sensations that connect our body to our imagination. When we are free to imagine and feel what we want, not only do we become like magnets to draw it to us, but also we are guided by "inspired action".
What is the difference between "inspired action" and "frantic action"? The difference is between faith and fear. As you have probably heard, "Desperation doesn't sell". And yet, many of my clients have come to see me in a state of fear and panic. They have been taking action steps, frantic action, based on their fear and then they wonder why their marketing isn't working. Fear doesn't attract clients, it repels them.
"Inspired action" on the other hand are action steps that you feel inspired to do. What inspires you? Your vision, the reason why you're doing what you are doing.
Here's a tip, if you really want to be successful, focus on the service you're giving to others, not on the money. The money will follow if you are making a contribution and doing what you love.
One final thought on Faith vs. Fear. Here's a story that illustrates the message: a student goes to his teacher and says, "I'm having a terrible struggle between my fear of rejection and failure and my faith in myself. They are battling all the time and I don't know which one is going to win." The teacher says , "Why, the faith in yourself, of course." The student says, "How do you know?" The teacher says, "Because your self confidence is the one you're going to feed."
Here's a tip: How many creative ways can you find to feed your self confidence?
Dr. Maya Bailey, Master Business Coach for Real Estate Professionals, integrates her 20 years of experience as a psychologist with 14 years of expertise in marketing. Her powerful transformational work
creates a Success Formula for Real Estate Professionals ready to double and triple their incomes.
To get your free report: "7 Simple Strategies to More Clients in 90 Days" and to apply for an Initial Complimentary Consultation, go to www.90daystomoreclients.com.
By Maya Bailey, Ph.D.
RISMEDIA, June 1, 2010--Are you interested in creating your ideal income this year? Are you tired of waiting for things to get better? Are you feeling like you have so much more potential than you are currently using?
Imagine for a moment achieving your ideal income. What would that look like and feel like? What would you be able to do that you can't do now?
Ask yourself what are the things you need to be doing right now to manifest that? Do you need to find a way to raise your motivation? Do need to stop procrastinating? Do you need to stop avoiding marketing? Do you need to be more accountable to yourself?
If you want to learn a simple way to create your ideal income, then read on...
Step I : Get clear on what you do want.
Do know exactly where you want to be professionally in 12 months from today? To achieve even more clarity, I invite you to this simple visualization.
Sit in a comfortable place where you won't be disturbed and ask yourself the following questions:
· In a year from now, what kind of work do you want to be doing?
· How many hours a week do you want to be doing it?
· Who would be your ideal clients and colleagues?
· What kind of people do you want to be around?
· What would be your ideal physical surroundings for work?
· Finally, ask your self what would be your ideal income? Pick a figure that is realistic but optimistic.
Here's an example from one of my clients of what your visualization might look like, "In one year from today, I see myself doing real estate, working mostly with listings, and being surrounded with people I like, people who are upbeat, responsible, committed and motivated. I have my own office, and I am looking out of a big window, looking at a garden. My income is $150,000 net."
How close is that to what you want to create?
Step 2: Overcoming the obstacles, challenges, self limiting beliefs, and self sabotaging strategies.
In Step 1, you got clarity on your ideal professional life. In Step 2, you identify the blocks you'd need to overcome to get there. So ask yourself what is stopping you? What are your self limiting beliefs? What are your self sabotaging strategies?
In my 14+ years of coaching real estate professionals to become successful , the self limiting beliefs that I hear the most are:
· "I'm not good enough"
· "I don't know enough"
· "I don't have what it takes to succeed"
· “I can't do marketing"
· "If I market myself , I'm afraid I'll be rejected"
Take a good look at the list and ask yourself which ones resonate with you? Here's the good news: "These are not facts, these are beliefs and beliefs can be changed". One of the things I help my clients to do is to reprogram their self limiting beliefs into Empowering beliefs. If you were to reprogram the beliefs above into Empowering beliefs what would they sound like? Anything like,
· "I am more than good enough"
· "I know all that I need to know and I can always research and find the answers"
· "I have all I need to succeed"
· "I'm learning to become a Master at marketing"
· "Since I have something of value to offer my prospective clients, most likely I'll be accepted"
How would it feel to have those beliefs as your foundation?
Step 3: Create your script
Once you have clarified what you want and reprogrammed your self limiting beliefs, the next step is to create your script. What is the area that you need to develop the most? Is it marketing, is it time management, is it confidence building? What ever you decide, you need a script to achieve it.
Why do I recommend a script rather than a plan? A business plan is a written document outlining a series of logical steps that lead to the realization of a goal in business. A business plan follows specific guidelines and requires certain information. A script, on the other hand, comes from your imagination. You can write what you want and not have to follow guidelines set by someone else.
Einstein once said, "Imagination is more important than knowledge". Imagination is an integral part of ourselves and our intuition. When we write a script, we feel what we are writing and those feelings create physical sensations that connect our body to our imagination. When we are free to imagine and feel what we want, not only do we become like magnets to draw it to us, but also we are guided by "inspired action".
What is the difference between "inspired action" and "frantic action"? The difference is between faith and fear. As you have probably heard, "Desperation doesn't sell". And yet, many of my clients have come to see me in a state of fear and panic. They have been taking action steps, frantic action, based on their fear and then they wonder why their marketing isn't working. Fear doesn't attract clients, it repels them.
"Inspired action" on the other hand are action steps that you feel inspired to do. What inspires you? Your vision, the reason why you're doing what you are doing.
Here's a tip, if you really want to be successful, focus on the service you're giving to others, not on the money. The money will follow if you are making a contribution and doing what you love.
One final thought on Faith vs. Fear. Here's a story that illustrates the message: a student goes to his teacher and says, "I'm having a terrible struggle between my fear of rejection and failure and my faith in myself. They are battling all the time and I don't know which one is going to win." The teacher says , "Why, the faith in yourself, of course." The student says, "How do you know?" The teacher says, "Because your self confidence is the one you're going to feed."
Here's a tip: How many creative ways can you find to feed your self confidence?
Dr. Maya Bailey, Master Business Coach for Real Estate Professionals, integrates her 20 years of experience as a psychologist with 14 years of expertise in marketing. Her powerful transformational work
creates a Success Formula for Real Estate Professionals ready to double and triple their incomes.
To get your free report: "7 Simple Strategies to More Clients in 90 Days" and to apply for an Initial Complimentary Consultation, go to www.90daystomoreclients.com.
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