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Podcast

The latest National Association of Realtors podcast has been released. For the latest information on the national real estate market and great tips from experts, visit: www.mynewgrhome.com and click on the real estate podcast to listen. Enjoy!

Thank your lucky STARS!

It’s a pleasure to report that the market is humming along at very Spring like pace. Buyers and Sellers both appear to be motivated enough to take action. Sellers are being reasonable on their demands for list price and buyers are picking up their searches for mid to late summer. Looking back to February there was talk that we may have an extremely slow summer after the expiration of the tax credit. However, while I don’t anticipate us breaking any records this summer, it does as seem as the fears of a complete market shut down were not justified. Why? Because real estate, specifically residential real estate, moves at the pace of life! When you’re a first time home buyer and you’re thinking about buying a home, but you have a wedding to plan, graduations to attend to, masters programs to apply for….etc, things get in the way of an April 30th deadline to get an extra $8k – but you’re still going to buy a home later that summer. The beauty is often, that home frees the owner of that home to buy the next level up and so the story goes. The second time home buyer (the move-up buyer) continues to expand their family, aspire for a larger home, etc…and the move-up recognizes that it’s a down market; they might not get as much for their home but the one they are buying is also heavily discounted! Lastly, the down sizing buyer; this is the class most affected by this down market. This is the class that is selling their home to the second home buyer at a discount and turning around a buying a condo or smaller home (usually less in price than their current home) so the percentage off the market norm has a greater affect on their net out of pocket cost – but they need to move or their desire to move outweighs the loss. And so the market goes.
The tail end of the market in April saw a heat up in homes under $165,000 (the heaviest of the first home buyer market) as a result this price range and below may experience a slight market decline (possibly 5%) in value, as some of the latest sales were boosted in value and desirability simply due to the $8k tax incentive offered by the tax credit.
Anticipate this summer to be steady, and pending any major changes in how banks are handling short sales and foreclosures, no real major dips in the market.

Info you need to know

A real estate transaction is a big deal, no matter how many times you've bought or sold a home, you have to be prepared.

For buyers there are things to consider to ensure that you use your time wisely and the process goes smoothly and fun. Being prepared means that all that is left if enjoying the search. For great information check out: http://www.realtor.org/home_buyers_and_sellers/preparing_for_homeownership

For sellers, today's market is all about knowing who your target is and doing everything within your power to appeal to that target. For information visit the National Association of Realtors radio link on our homepage: www.mynewgrhome.com and also visit: http://www.houselogic.com/ the National Association of Realtors site for maintaining your home for great tips.

Year after year, real estate proves to be a smart investment, despite its recent downturn. People buy homes and sell homes all the time for many reasons some logical some emotional but one things for sure: there's only so much earth to go around and supply and demand are always good for the making of a strong investment over time.

Pending Home Sales Surge

This is a great article from the National Association of Realtors economist:
http://www.realtor.org/press_room/news_releases/2010/04/phs_gain

The tax credit has done its job in sparking sales. With it expiring soon we'll have to see how the market reacts to life beyond the credit. At this point it seems as though we will be experiencing somewhat of a "normal" spring market - great news for those who are looking to sell their home yet this summer!

Time is of the Essence!

The clock is ticking on the tax credit and continually, we are receiving more buyers looking to maximize the tax credit and take action prior to April 30th expiration. There is still time so if you are considering taking action there's no time like the present. One the items Ashley and I have been encouraging buyers to consider before they make a move is to get preapproved so that as soon as you find the home you are interested in, you are ready to write and are considered to the seller as a viable buyer. With the market heating up multiple offer situations are becoming more prevalent so being preapproved can make a big difference.

The Count Down

April 30th is fast approaching. To date we've seen a strong up tick in activity but there are still some potential buyers out there banking on an extension, lower rates, lower home prices, etc. By April 30th a prospective buyer looking to take advantage of the current tax credit (either the "first time home buyer" or the buyer looking to sell and rebuy) must have an accepted purchase agreement signed by all parties. The offer does not need to close until June 30th but you must have your offer accepted by the end of April.
So how can you best get there from here?
1. Get preapproved - it doesn't cost you anything to get preapproved and then you'll know anticipated payments, and closing costs and what loan is best for your needs and a potential price range that's comfortable.
2. Meet with us to discuss your needs and wants in a home.
3. Tour homes - on average our clients will find the home they want after touring 25-30 homes. Why so few? Because we help them sort through all the ones they don't want prior to going out. Maximizing your time yet still allowing you tour an appropriate amount to feel good about your home purchase and understand what's out there.
4. Select the home our a short list of 3 or so you've narrowed it down to.
5. At this point we compile a market analysis for you so you can be educated and shown the numbers of the neighborhood - we go way beyond Zillow and tax records and also discuss the positive points for resale.
6. Make an offer - you're close at this point! We typically recommend its contingent upon professional inspections, ability to continue to have financing, and other items for the protection of the buyer.
7. Should everybody agree on price and terms, you've made it to the point you need to be at by April 30th.Whew!

The remaining steps can be done in between April 30th and close.
You can take advantage of this market, there are many loan options available and lots of homes to choose from. The time to act is now!