'Should I Take My Home Off The Market During The Holidays?'

http://realtytimes.com/rtpages/20111125_holidays.htm

Should I Take My Home Off The Market During The Holidays?

by Realty Times Staff

When you look at your holiday calendars you may find the months already overloaded with seasonal obligations -- shopping, entertaining, children's pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showtime" condition. And that could be the last thing you need before the holiday spirit is broken.

It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded by enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?

But wait! Top-selling Realtor Jennie Ling says taking your home off the market during the Christmas season is a mistake. A vice president of Virginia Cook REALTORS® and the number one sales person in her company for almost every one of her more than 35 years in the real estate business, Ling exclaims, "The house sure isn't going to sell off the market! What is the advantage of that? So you're busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things."

"The holidays are my best-selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. I showed homes on New Year's Day last year. I like the holidays because the buyers have more time, and they can look at homes together."

Before you take your home off the market, consider the following points:

• Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Ling believes the home market is no more affected at Christmas than during other "busy" period. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.
• Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn't a consideration. Finding the right home at the right price, however, is.
• Relocating families often don't have a choice in when they can leave for their new destination. Although 68 percent of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before either before the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year's Eve, the timing couldn't be more perfect.
• At Christmastime, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.
• When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.
• With reduced inventories and motivated buyers, you will have all the members of the MLS on your team. You may find you have more showings than you would if your marketed your home during a busier time of the year.
• If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn't an option, you can put in the closing date of your choice. "Most people can close 30 to 60 days after a contract is written, so there is plenty of time," Ling says. "Possession and closings are are very negotiable."

Published: November 25, 2011

Side effect of First Time Home Buyer tax credit

Recently there is news about the First Time Home Buyer credit that you may have received for buying a home in 2008 to 2010.

If you were eligible, please know that IRS has been known to make many mistakes on these accounts. There were too many different scenario for them to keep up. The news said 4 million people qualified.

Now, IRS may miscalculated yr income tax because of it.

Therefore, it is important to you to KEEP YOUR HOME PURCHASE RECORD FOR 15 YEARS!

In worst case scenario, your realtor may have records of all yr home purchase contracts. But, remember, realtors do NOT have your loan papers.

Remember, keep yr home purchase contract at least 15 years! If not forever!

How I save a client $4000 in a year

Two years ago I took a listing. The house is less than 10 years old, located in a desirable part of town, house size is good for the price we listed.

However, the house had been rented before, and the renter left a smoking smell behind... In addition, when owners rented to the past renter, they rented $300-400 below market.

Anyway, the smoke smell did not help the listing despite our marketing effort. After 6 months owners decided to rent again.

This time it was rented to better qualified tenant, and at market rental price. This saved the owners $3600 that year.

While house was listed, I saw that the windows are foggy-- meaning they had broken thermal seals. Since house is under 10 years old, I investigated whether windows were still under warranty. They were! So the owners got 3 windows replaced for FREE. That saved them another $600.

Although house still not sold, at least in the past month, the owner saved $4000.

Thus is the value of Realtor!

Clark assess the current housing trend

Clark Howard (born June 20, 1955), is a popular U.S. talk radio host of the nationally syndicated consumer advocate program The Clark Howard Show. The show covers consumer and financial news, with advice on how to spend less, save more and avoid rip-offs. The show airs from flagship radio station WSB AM in Atlanta, Georgia.

His radio show is on Columbia MO local radio station AM1400 6-9pm.
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From: http://www.clarkhoward.com/news/clark-howard/homes-real-estate/clark-assesses-current-housing-market/nFG2d/

How bad is the housing market? Is it worse than you think? New numbers suggest that the elusive recovery could be coming sooner than you think.

As I've told you in the past, one in three people own their homes free and clear in the United States. That in itself provides some stability for the housing market.

But syndicated columnist Kenneth Harney has some new numbers that might surprise you.

Of those homeowners who have mortgages, half have at least 25% equity even at today's prices. Furthermore, half of those people actually have more than 50% equity.

Meanwhile, what percent of homeowners are upside down in their home loans? A little more than one in five. I don't mean to minimize the consequences of being upside down and what it's like to feel trapped in a house. But I want to draw that real picture for you.

We are poised for a recovery in housing, though maybe not for a year or two more. I do believe it's not being too Pollyanna to say the worst is behind us and improving conditions are not that far off into the future.

Busy in Fall

Many non-real estate people believe that once school begin in late Aug., real estate business become slow.

However, the truth is, we are quite busy this Fall. I have 3 buyers actively looking to buy, 1 listing sold in 2 weeks, and 1 duplex under contract in 1 week.

Again, in Real estate, it's not the location or the price range determine the speed of sale of a property. The main determination is the pricing. There are over 1000 listings in this city any day of the year, pricing correctly is the most important factor for getting property sold.

Assistance for First Time Home Buyers in MO

http://www.mhdc.com/homes/firstplaceloans/index.htm

The First Place Loan program gives first-time^* homebuyers and qualified veterans the edge they need to purchase a home. Affordable interest rates, in combination with additional incentives offered by MHDC, allow prospective buyers to obtain mortgage financing in a competitive market.

DIY Staging

Do-It-Yourself Staging Tips for Home Sellers

The buzzword today with residential real estate agents is staging. Staging a home can change a homes atmosphere that appeals to homebuyers and which may bring a higher price and accelerate market time. By adding small decorative touches, rearranging or deleting furniture or creating vignettes a home can look like a professional stager was hired. Mark Nash author of 1001 Tips for Buying and Selling a Home has seen the best and worst in home staging as a real estate broker in Chicago and he shares some do's and don'ts for home sellers that want to try to stage their home.

Do's

• Pick-up recent home decorating magazines. If you're not up to speed on current decorating trends it will help familiarize yourself with how interior design is being marketed. Tab pages with low-cost ideas that which will make your home say today.
• Invite a friend or real estate agent over. A second or third pair of eyes will help you accent the best and edit the worst in your home. Be prepared for some constructive criticism. You want to hear it before you put your home on market, not as feedback from prospective buyers. Go room-by-room with a worksheet so you can take notes. Depending on how much time you have available for an update or a makeover, you will need to prioritize and figure out what will give you the biggest return. Do this at least two months before you put your house on market.
• Stage a home office if you don't have one. They're not a trend; they're required for homebuyers. Many homebuyers today work from home part or full-time or want a space where they can organize their life and park a computer. Find an extra bedroom, walk-in closet or an unused corner and convert into a home office. Make sure there is a convenient electric, telephone and cable supply.
• Focus on living spaces. These areas are where the majority of homebuyers will spend their time. Place a side table and a floor lamp next to a comfortable chair as a reading corner. Float sofas and coffee tables away from walls for a designer look. Use area rugs to anchor furniture groupings on bare tile and wood floors. Living spaces must have matching table lamps. Streamline family photos and place green plants in room. Fireplaces should always be operable and on in season. Place groupings of candles and clear glass bowls filled with natural potpourri on side and coffee tables. Substantial wicker baskets can organize magazines, remote controls and toys. Limit knick-knacks to make room for staging materials.
• Give attention to Kitchens. Put away in a handy drawer all dish towels and rags. Reduce recipe boxes, barrels of cooking utensils, excess-cooking machines, and cookbooks by two-thirds to open up counter spaces. For a quick update put new hardware on cabinets. Find an out-of-the-way place for a portable dishwasher. Clean off everything on the refrigerator door. Omit throw rugs scattered around the kitchen. Clean off windowsills to open up exterior views. Organize cabinets with clear containers. If you can't see the back wall of a cabinet, buyers will think you don't have enough storage space. Ditto closets. Budget to keep a variety of fresh fruit in a glass bowl on the counter. Edit family bulletin boards. Remove old curtains and install new wood blinds on windows.
• Spend time on sleeping and bathing spaces. Often over looked in the frenzy to get a home on market, these spaces can make or break a home. Buy a set that consists of a matching bed skirt, bed spread, pillow covers and blinds to match. Buy a new shower curtain and separate liner. Wash the liner often if mold develops. Add complete sets of towels that coordinate with your new shower curtain. Clear all cosmetics off vanity. If you have an over-the-toilet cabinet consider removing and place a piece of artwork in its place. Remember to keep items in the "too much information" category, out of view. If you have a king-size bed in a small room, you'll pay to have buyers over come this negative, so get rid of it now. Clear off dresser and nightstands of excess. Make sure the bedroom receives the maximum natural light. Install closet organizers in closets. Eliminate wall and door hooks for clothes. People might look under your bed, no surprises please.
• Remember first impressions in entries. A simple consol table with mirror over makes a nice entranceway. Make sure this space is well lit day or night. Place adhesive under rugs so buyers don't trip or slide.

Don'ts

• Use inexpensive silk flowers. Nothing distracts buyers more that silk flowers that are past their time, inappropriate for the season or thrown together. Throw them out, now.
• Forget to upgrade Fido's bowl. I've experienced more unhealthy pet food bowls, watering stations and litter boxes than I care to remember. We know you love your pet, but prove it to homebuyers.
• Overlook window coverings. Buyers today think less is more in window fashion. They want the most light and the least embellishment on windows. And no layered treatments with sheer panels please.
• Use low wattage light bulbs. Dark, dim rooms are unappealing to homebuyers. They want to see what they might buy. Replace bulbs with manufacture recommended wattages and especially the burned out ones. The newer low-energy bulbs don't cast home or people in flattering light.
• Think that everyone loves wallpaper. No two people have the same taste in this instant decorator finishes. If it's more than three years old, take it down and paint in a neutral color. And wallpaper boarders are out.
• Paint with commitment colors. If you've determined that you need to paint, stay away from bold or as I call them commitment colors. Commitment colors are those buyers either love or hate. It can be difficult for buyers to overlay their style on them. As one client said to me "I don't live in a magazine."
• Think cleaning is a part of staging. Cleaning is what you do before staging. Everything should shimmer and shine. Don't forget the windows.

Use these do-it-yourself tips to place your home on the stage of your local home sale theater.

Home Value on the Internet

There are many websites offering 'free information'.

However, are they worth just what you pay for -- which is nothing?

I just checked my home value on Realtor.com, it says my home value is $135000. What a joke!

Then I checked Zillow, well, it's better, it says my home is worth $252000.

Without physical inspection of any property, it is impossible to accurately estimate its value. Just because a house is surrounded by $250000 homes, who can tell if it's kitchen is gone, or it's foundation needs $10000 of repair?

Just in case you are wondering, a total kitchen remodel job could cost $30000 and up.

The state of MO is a non-disclosure state, which means the sales price of private property is not disclosed unless the buyer choose to do so.

If you are wondering about your home value, please contact a realtor!

Spring is coming, are you thinking of selling your home?

From the Chicago post:

The spring real estate market is approaching, and this year there is no federal tax credit to get wary buyers off the fence.

A recent survey of 3,500 U.S. homeowners and renters conducted for the National Association of Realtors by Harris Interactive found that 60 percent of those who would like to own a house worry about job security and creditworthiness.

That said, some real estate agents say they think the market may be rebounding because prospective buyers fear interest rates are permanently back on the upward trajectory, and they need to get in the game.

B. John Duffy, president of Philadelphia-area brokerage Duffy Real Estate, said that sense "may have been fueled by the slight rise in mortgage interest rates," now 4.74 percent, up from a record low 4.17 percent in November.

In a market where financial motivation is canceled out by financial apprehension, the state of each house for sale becomes even more important to getting a deal done.

---

Chicago Shopping Overwhelming Offers: Always 50% off or more from your favorite brands >>

---

Buyers are still looking for "perfection, with comfort," said John Badalamenti, an associate broker at Prudential Fox & Roach Realtors, in Wayne, Pa.

"As a result of the staging craze, buyers have become a bit spoiled," Badalamenti said. "Homes are almost being put on the market as museum pieces. You can bounce a dime off a bed."

Said Carol Sabatelli, an agent with Weichert Realtors, in Media, Pa.: "Right now, you need to pull every trick out of your hat in order to even get a showing."

Staging has become big business and is often recommended for hard-to-sell houses and potentially easy ones alike.

"It is rare to find a home that does not need some suggestions for showing," said Diane Williams, an agent with Weichert Realtors, in Blue Bell, Pa. "In fact, I find that sellers ask about it because they are familiar with the TV shows or articles on staging."

When she goes to a listing appointment, Williams, who has a real estate designation qualifying her as an expert in staging, can quickly tell whether the house needs tweaking or major changes. If only minor touches are required, she gives the homeowners "suggestions to make the house more showable."

And, of course, it should be "Q-tip clean," as Williams' staging course recommended.

Feedback after a showing is important, too, although many sellers do not want to hear buyers' opinions.

"Gone are the days when buyers were willing to settle for anything," said Cheryl Miller, of Long & Foster Real Estate, in Blue Bell. "The Wizard of Oz has had the curtain pulled back."

In other words, those housing-boom days when people would sign deposit checks at the front door are long over.

Sellers who have let things slip may have a lot of work to do before their house can be considered ready for the market.

Deferred maintenance "is almost a death sentence" for a listing these days, Badalamenti said. "Things like nail pops and settlement cracks, while often easily repaired, are not being tolerated."

Because, buyers surmise, if there are nail pops, there must be something wrong with the rest of the house.

Home inspectors typically enter the process after an agreement of sale is signed, examining nooks and crannies under the watchful eyes of agents for both anxious sellers and edgy buyers.

Harris Gross, of Engineers for Home Inspection, in Cherry Hill, N.J., said reaction to what he finds "depends on the personality, pocketbook, and skill set; what can the buyer fix."

Generally speaking, Gross said, "I'd say water leaks from plumbing or the roof are something I've found buyers consider important to them, as well as structural issues, depending on the extent and severity."

Termite damage is high on the list, partly because the full extent may not be completely visible, he said. "I've seen some nightmares."

Radon can be a concern too. About 50 percent of his clients tested for radon last year, Gross said.

The availability of so many newly constructed houses has made selling older homes tougher, many agents said.

As an agent, "I must point out to a seller that they will get a more favorable response by sprucing up and freshening, if not redoing, tired kitchens, baths, floors and paint," said Joanne Davidow, vice president of Prudential Fox & Roach, in Philadelphia.

"This approach is not always possible or practical," she said, "so keeping the price lower than the new properties is another way to go."

Spring is coming, are you thinking of selling your home?

From the Chicago post:

The spring real estate market is approaching, and this year there is no federal tax credit to get wary buyers off the fence.

A recent survey of 3,500 U.S. homeowners and renters conducted for the National Association of Realtors by Harris Interactive found that 60 percent of those who would like to own a house worry about job security and creditworthiness.

That said, some real estate agents say they think the market may be rebounding because prospective buyers fear interest rates are permanently back on the upward trajectory, and they need to get in the game.

B. John Duffy, president of Philadelphia-area brokerage Duffy Real Estate, said that sense "may have been fueled by the slight rise in mortgage interest rates," now 4.74 percent, up from a record low 4.17 percent in November.

In a market where financial motivation is canceled out by financial apprehension, the state of each house for sale becomes even more important to getting a deal done.

---

Chicago Shopping Overwhelming Offers: Always 50% off or more from your favorite brands >>

---

Buyers are still looking for "perfection, with comfort," said John Badalamenti, an associate broker at Prudential Fox & Roach Realtors, in Wayne, Pa.

"As a result of the staging craze, buyers have become a bit spoiled," Badalamenti said. "Homes are almost being put on the market as museum pieces. You can bounce a dime off a bed."

Said Carol Sabatelli, an agent with Weichert Realtors, in Media, Pa.: "Right now, you need to pull every trick out of your hat in order to even get a showing."

Staging has become big business and is often recommended for hard-to-sell houses and potentially easy ones alike.

"It is rare to find a home that does not need some suggestions for showing," said Diane Williams, an agent with Weichert Realtors, in Blue Bell, Pa. "In fact, I find that sellers ask about it because they are familiar with the TV shows or articles on staging."

When she goes to a listing appointment, Williams, who has a real estate designation qualifying her as an expert in staging, can quickly tell whether the house needs tweaking or major changes. If only minor touches are required, she gives the homeowners "suggestions to make the house more showable."

And, of course, it should be "Q-tip clean," as Williams' staging course recommended.

Feedback after a showing is important, too, although many sellers do not want to hear buyers' opinions.

"Gone are the days when buyers were willing to settle for anything," said Cheryl Miller, of Long & Foster Real Estate, in Blue Bell. "The Wizard of Oz has had the curtain pulled back."

In other words, those housing-boom days when people would sign deposit checks at the front door are long over.

Sellers who have let things slip may have a lot of work to do before their house can be considered ready for the market.

Deferred maintenance "is almost a death sentence" for a listing these days, Badalamenti said. "Things like nail pops and settlement cracks, while often easily repaired, are not being tolerated."

Because, buyers surmise, if there are nail pops, there must be something wrong with the rest of the house.

Home inspectors typically enter the process after an agreement of sale is signed, examining nooks and crannies under the watchful eyes of agents for both anxious sellers and edgy buyers.

Harris Gross, of Engineers for Home Inspection, in Cherry Hill, N.J., said reaction to what he finds "depends on the personality, pocketbook, and skill set; what can the buyer fix."

Generally speaking, Gross said, "I'd say water leaks from plumbing or the roof are something I've found buyers consider important to them, as well as structural issues, depending on the extent and severity."

Termite damage is high on the list, partly because the full extent may not be completely visible, he said. "I've seen some nightmares."

Radon can be a concern too. About 50 percent of his clients tested for radon last year, Gross said.

The availability of so many newly constructed houses has made selling older homes tougher, many agents said.

As an agent, "I must point out to a seller that they will get a more favorable response by sprucing up and freshening, if not redoing, tired kitchens, baths, floors and paint," said Joanne Davidow, vice president of Prudential Fox & Roach, in Philadelphia.

"This approach is not always possible or practical," she said, "so keeping the price lower than the new properties is another way to go."

Record snow in MO

With the record snow in MO -- we had 20" at my house -- we learned that shoveling snow isn't such a easy job.

It took Paul, Stephen and I all 3 two hours to clear our driveway.

My 14 yr old, Stephen, did make some money clearing driveway for people. Before the snow came, he was excited, because he thought he would make a lot of money.

After the snow came, and after he shoveled our driveway plus 2 more, he was tired of it!

Market, Jan 2011

I am sitting in the office on this snow day waiting for a buyer to come and make an offer. They are late, so I have some extra time. Hence a long delayed blog finally gets written.

How is the market? In the small world of Bunch Real Estate Group, we had 2 closings in Jan. We may have 3 if all go well rest of the day today.

We also have 2 scheduled for Feb.

In Columbia MO as a whole, we have 114 properties under contract. Often you may hear people say nobody is buying houses, or you hear nobody is able to get mortgage. That is not true when we have 114 under contract.

Of the 114, 13 are foreclosures, 2 are short sales. This is higher percentage than Boone county has ever seen. However, since the lending rules are so tight now, foreclosure number will have to go down eventually. Most real estate professional estimate the process will take 2 years.

As for price, the new construction price is really attractive, they are making the pre-owned houses harder to sell, or making pre-owned properties have to sell for less.

I have a nice 2900 sq ft home listed around $240,000 in a great location, but we are competing with new homes of similar size for $$259900. Tough competition.

In my neighborhood, a 3200 sq ft newer home was sold for $257900, which is higher than I expected. So there is hope. It is not as bad as the news portraits.