News Byte:
"Coulda, Woulda, Shoulda"
So long, farewell to the Home Buyer Tax Credit... but it's still a great time to buy a home... probably the best time ever! If you have a home under contract prior to April 30, 2010 then you may still be able to take advantage of the tax credit.
But if you're in the market for a home and you didn't get a chance to capitalize on the tax credit all is not lost. With property prices already low and staying relatively flat combined with truly historic low interest rates, a home buyer can capitalize on the best of both worlds. Rarely is there a time when both housing prices and interest rates are this low at the same time.
Buying a home now can save you 1000's as opposed to buying later. Why???? Because when interest rates move up a 1/2% to 1% that can increase your housing payment by $300 - $400 per month or more depending on your loan amount, not to mention the additional cost of housing when prices begin to move up. So take advantage of the market while you can instead of later saying, "Coulda, Woulda, Shoulda."
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Avoiding Mistakes Selling Your Home
and Save Thousands of Dollars
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In 2009, U.S. News & World Report wrote an article that truly hits home naming the 7 most costly blunders that homeowners generally make when they put their home up for sale. You can see a summary of them here.
- Blunder #1 is not accepting that your home is not "super special." Naturally we all think "our home" is extraordinary, but the reality is we must set aside our personal emotions and accept market conditions as they are now if we want to sell a home now. Sell your home at a price that the market will allow now, and that is especially true in a declining market.
- Blunder #2 is not being aware of your competition. Your buyer's know your competition and so must you. To fully understand your competition you must know the activity in your community from both the present and past market cycles. You'll want to drive by both the homes that have sold recently and the homes on the market in your neighborhood.
` - Blunder #3 is assuming you know your agent. The key to getting your home sold in any market, but particularly in a challenging market is selecting the right agent. You'll want to ask for references and ask for a marketing plan to sell your home. Asking for these items will help you identify their levels of experience, knowledge, and perseverance to selling homes.
- Blunder #4 is thinking your home is ready for the market. Your home is usually your most important asset and it must show in "tip top" condition in order to attract the right buyer to buy your home. Begin with the outside at the curb. Remember, you have to entice them at the front in order to draw them in. If you have any items that are in need of repair, make them. Also, make sure the home is clean and clutter free both inside and outside... now's a good time to rent that storage unit. Lastly, depersonalize your home as much as possible. You want buyer's seeing themselves as living there, not you.
- Blunder #5 is staying at the house during showings. Quite honestly . . . just don't be there during showings or open houses as it can make buyer's feel uncomfortable, and you want them to be fully comfortable inside your home. When homeowners are at home during a showing, buyers tend to speed up their walk through and are unable to absorb everything your home has to offer.
- Blunder #6 is taking to heart an unacceptable offer. Homeowners must set aside their emotions when it comes to negotiating contracts on their homes. And while you have lived in that home for many years and improved upon it over time, remember that for buyers... it's all business, particularly in a buyer's market economy. When the market does an about face, then it's your turn to command the price and terms you want. But in a buyer's market you can't afford to lose a well qualified buyer because you just don't know when the next one will come around. Learn early to temper your personal feelings, and understand right or wrong where the buyer's thinking is coming from. Accepting this platform will enable you to more positive negotiations.
- Blunder #7 is rejecting a bad offer. As bad as an offer can be, it's best to set aside your feelings and not dismiss the offer entirely. Understand that buyers try to test the water and find your bottom point. So take a step back and treat this like business and review the offer in its entirety. Then offer a written counter proposal which lets the buyer know that you reviewed their offer completely.
To request a market analysis of your home and a market report for your neighborhood fill out this form.
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