I hope you find this advice helpful. I couldn't agree more with the author's recommendations. Consumer confidence is improving and many are anticipating housing prices may start to rise again. The GSE released its March National Housing Survey of just over 1,000 Americans and found more citizens expect rents and home prices to increase in the coming months, making today a better time to purchase a residence. If you are thinking about selling or buying, please give me a call. 5 Things to Avoid When Selling Your Home this Spring By Paul Owers RISMEDIA, Monday, April 09, 2012 Home sellers find that interest from prospective buyers heats up in the spring as many families look to get settled in a new place before the school year starts in August. But the traditional March-through-May buying season can be a dud for sellers who don’t deliver what they promise or who stand over buyers as they open cupboards and peek in bedrooms. “Some sellers are their own worst enemies,” said Michael Citron, an agent in Broward County, Fla. Here are five things that turn off prospective buyers: -A cluttered house or one that smells. When sellers have too many possessions, buyers have a hard time imagining themselves living in the home. Sellers should put their stuff in storage—or move out altogether, if possible. Pet odors are also a big turn-off, as is a house that reeks of cigarette or cigar smoke. “If buyers smell smoke, they’ll walk out immediately,” said Jon Klein, an agent in Coral Springs, Fla. -False or misleading advertising. Sellers and their agents stretch the truth by claiming a home has four bedrooms, but the fourth room isn’t a bedroom because it doesn’t have a window and closet. Joanne Caouette, a Canadian looking to buy in Broward, said one home was advertised as waterfront but only had a water view. “It’s a waste of our time,” she said. -Sellers not committed to selling. Some sellers want to test the market, then waffle when buyers show serious interest. Others ignore offers or are insulted by what they consider low bids. “No offer is insulting,” said Bob Melzer, an agent in Boynton Beach, Fla. “It’s a point to begin.” Wishy-washy sellers don’t use lock boxes that give agents quick access, or they’re not accommodating when it comes to scheduling showings. “If you want to sell your house, there should be very few times when you can’t show it,” said Cathy Prenner, an agent in northeast Broward. -Overpricing the house. Many sellers are too attached to their homes and think they’re worth more than they are, agents say. Even though prices are beginning to stabilize, a seller who misses the target likely won’t generate much interest. Before hiring an agent, interview several. They almost certainly will have documentation that shows what comparable homes in the neighborhood are selling for. “If you set the home at market price, you’re going to get that property sold,” said Summer Greene, a real estate manager in Fort Lauderdale. -Sellers who stay for the showing. This is a pet peeve of buyers and agents, who say sellers should be long gone when prospective buyers show up. Prospective buyers want to be free to tour the home without the owners present. They don’t want to carry on a conversation or listen to why the sellers think they should buy the house. Citron strongly opposes sellers talking to buyers before they’ve signed a contract. By revealing their motivation, for instance, sellers can inadvertently give buyers more power in negotiations. “The only thing you can do if you talk to the prospective buyer is hurt the deal,” Citron said. ©2012 the Sun Sentinel (Fort Lauderdale, Fla.) Distributed by MCT Information Services Add Comment The author is a smart agent, I couldn't agree more.... Please call me with any questions. 3 ways homebuyers kill their own real estate deals By Tara-Nicholle Nelson February 08, 2012 I recently bought a couple of spa treatment packages for a friend's birthday (as much as a gift to myself as to her, to be sure). The package included a pedicure and a massage for the price of the massage, but had a bizarro restriction that required I pick the gift cards up at least one day prior to spa day. Diggle's a wimp! Haha... In all seriousness the following article is not strong enough. This phenomenon is for real and I see it every day. In fact the houses I advertise for sale on this web site exemplify it. We have seen rents increase from $1200 to $1600 to $1800 in just a few years. Plus landlords are tightening their credit requirements. This is making my customers pause and makes me wonder what people want. Another positive article..... Rise in Home Sales Signifies Strengthening Market By: Krista Franks 01/20/2012 DSNews.com The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales. While admitting home sales “are still very low,” Paul Dales, chief economist at Capital Economics, says “it is clear that housing recovery is now well underway.” The evidence: home sales have been on the rise for the past three months, posting a 5 percent increase in December. Lawrence Yun, chief economist for the National Association of Realtors (NAR), concurs with Dales’ assessment, saying “The pattern of home sales in recent months demonstrates a market in recovery.” Yun suggests consumers are gaining confidence from “record low mortgage interest rates, job growth and bargain home prices.” In addition to the 5 percent increase in December, NAR reported a 1.7 percent annual increase in existing-home sales in 2011, a total of 4.26 million homes for the year. Distressed homes made up 32 percent of sales in December, according to NAR’s existing home sales report for the month. Foreclosed home sales closed at about 22 percent below market rate in December, a discount 2 percent higher than that recorded a year earlier. Investor demand remains steady with 21 percent of homes sold in December going to investors after this category of buyers took 19 percent of purchases in November and 20 percent one year ago. Cash sales – commonly linked to investors – made up 31 percent of December’s existing-home sales. This rate was 28 percent in November and 29 percent a year ago. Purchases by first-time home buyers declined in December – both from the previous month and the previous year. First-time home buyers accounted for 31 percent of purchases in December, down from 35 percent in November and 33 percent in December 2010. Housing inventory is on the decline and fell to its lowest level since March 2005 last month, according to NAR. Approximately 2.3 million homes are available for sale currently. “The inventory supply suggests many markets will continue to see prices stabilize or grow moderately in the near future,” Yun said. However, listed inventory is only part of the equation, and according to CoreLogic’s latest numbers, shadow inventory stands at about 1.6 million. Regardless, Dales believes sales will rise this year. “Housing still won’t contribute much to GDP growth over the next few years, but at least it will no longer subtract from it,” Dales says. Here's an interesting article regarding what's happening with new home sales and the mortgage market. The chief economists at Fannie Mae are expecting new purchases to rise 3.5% -- which is pretty good-- however, they anticipate the amount of refinances to decline -- also good in my opinion. If the banks get less refinance business, they may be more inclined to lend again to buyers. Hopefully this will change the mood of the majority of real estate agents who think nothing will sell or settle. Their negative outlook hampers recovery. If morale improves we could see a much better year. I'm going to interject my comments throughout the original article. Please email or call me with any questions..... I love the way Steve McLinden starts this article. He's a man after my own heart! I hope you enjoy reading it and find it helpful. One bit of extra advice I always give my sellers, is make sure you repair the important things like leaky roofs and basements. Let's say the repair will cost you $1,000, potential buyers will blow the repair out of proportion and request a $10,000 reduction in price. I hope this article will be good news for some of you out there..... Fannie Mae, banks halt foreclosures for the holidays By Les Christie @CNNMoney December 1, 2011: 4:11 PM ET NEW YORK (CNNMoney) -- Happy holidays struggling homeowners! Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season. Due to the sour economy, 1 in 5 American families are adopting the multi-generational living style. The home builder, Lennar, is hoping their new 2-in-1 designs will attract buyers back to the new home market. The idea being the homes will appeal to families moving in together and pooling financial resources. Very wise... Putting extended families under 1 roof By Alejandro Lazo | Tribune Newspapers | 11.27.2011 Home is where not only the heart is these days — but also the elderly parents, the boomerang kids and the aging-in-place boomer homeowners. To accommodate the new generations-stacked-upon-generations lifestyle spawned by one of the most severe economic downturns in decades, builder Lennar Corp. is focusing on houses with something few others on the block can boast about: another house. The company has built two San Bernardino County, Calif., models of its so-called NextGen designs for its master-planned Rosena Ranch community. Like a Russian nesting doll with a smaller doll inside, the new residential design incorporates a smaller home with a separate front entrance, kitchenette, bathroom and bedroom.... If you want to rent, fine. I'm not hell bent on buying, but right now it can be a lot cheaper. Because the rental market is so strong rents have risen about 3%. Meanwhile, houses are less expensive than they were and interest rates are so low. In a lot of cases the same exact type of home is $800-$1500 cheaper per month to buy than to rent! People buying foreclosures get in with very little down payment because of the DSELP Program. DSELP is the Downpayment and Settlement Expense Loan Program that helps eligible borrowers by funding a portion of their closing costs. Individuals or families who are approved to purchase a home using a CDA first mortgage loan (a lower interest loan) can apply for a DSELP. This is a golden time for investors who have cash to purchase rental properties. The rental market is so strong right now. It rose more than 3% annualized rate in the third quarter of 2011 and data shows it make grow at a rate of up to 5%. At 3.5% rents double in 20 years and at 5% they will double in..... | Tom McTear
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