Lets Talk About Pricing Your Home || Keep it Simple || Know what the Search Engines are Looking For

MADISON, Wis. – March 31, 2011 – While many Realtors continue to use 9’s in their asking pricing – setting a price of $499,999 or $599,000, for instance, to make buyers think they’re paying less – the strategy can actually minimize marketing exposure now that buyers typically use search engines to look for properties.

The search engines group properties in 0’s, 25’s, 50s, and 75’s, so Realtors would be wise to revise their pricing strategies accordingly. For example, a property with a price of $399,000 will be seen by buyers searching for homes up to $400,000; but buyers searching for a home between, say, $400,000 and $500,000 won’t see it.

Sellers should understand that buyers set the value of the home, and they should be more concerned about pricing the property correctly the first time.

Shadow Inventory || Distressed Homes ||

WASHINGTON – March 31, 2011 – The U.S. had 1.8 million distressed homes in January that had yet to be listed for sale, a “shadow inventory” that is expected to weigh on home prices for years.



Market researcher CoreLogic said Wednesday that the shadow inventory had shrunk slightly the past year, from 2 million homes in January 2010.


The dip was driven by an improving economy, which helped more people stay current on their mortgages, strengthening in some home prices last year and more loan modifications, says Sam Khater, CoreLogic senior economist.


Khater expects the numbers to keep falling with an improving economy. But risks remain, including renewed declines in U.S. home prices and any hit to the national economic recovery.



Even if the biggest increases are over, the situation “will be shaky for some time,” Khater says.



As defined by CoreLogic, the shadow inventory includes homes that are more than 90 days delinquent on the mortgage, are in the foreclosure process or are already bank owned.

CoreLogic expects all of the shadow inventory to eventually become foreclosed homes. Foreclosed homes sell at a 20 percent to 30 percent discount to non-foreclosed homes so they represent an especially “virulent” threat to home prices, says Stan Humphries, chief economist at Internet real estate portal Zillow.com.


The nation’s universe of distressed homes is even bigger than the shadow inventory.


CoreLogic says that supply also includes homes whose mortgages are 90 days or more past due that may become current and those with mortgages 90 days or more past due that are already listed for sale.


When adding them up, and considering the current pace of sales, CoreLogic estimates that it’ll take more than 21 months in New Jersey, Illinois and Maryland to sell the homes that are 90 days or more delinquent.



The long time frames underscore the scope and magnitude of the U.S. housing recession. “It’s hitting far and wide in America,” Humphries says.



Some states that were hit early and hard by the real estate bust – and are now seeing more robust sales – don’t have as much of an overhang of distressed homes.





© Copyright 2011 USA TODAY, a division of Gannett Co. Inc., Julie Schmit.

Web Traffic UP 27% in February for Real Estate

NEW YORK – March 28, 2011 – Traffic to real estate websites increased 27 percent in February – the highest level since the first half of 2009. A bigger appetite for rentals has mostly driven the increase in real estate site traffic, according to a webinar by Experian Hitwise, in which it released its search tracking data.

The websites boasting the largest year-over-year increases in traffic were devoted to rental or rent-to-own listings, says Heather Dougherty, research director at Hitwise.

Also, traffic coming from social networks to real estate sites increased 61 percent year-over-year in February. Traffic to real estate sites from Facebook increased 42 percent alone.

Social networks now account for 4 percent of the overall traffic to real estate websites, Dougherty notes. The largest year-over-year increases in social media traffic last month were Yahoo! Real Estate, Trulia, Zillow and Realtor.com.

The following are the 10 most popular search terms on real estate sites in the last year, according to Hitwise:

1. rent to own homes

2. rent to own

3. foreclosure

4. for rent by owner

5. Puerto Rico real estate

6. houses for rent in Orlando

7. apartments for rent in Michigan

8. low income apartments

9. houses for rent by owner

10. reverse mortgage

Source: “Rental interest drives real estate search traffic,” Inman News (March 25, 2011)

Florida Resort Style Luxury Living

Spring Brings Buying Season to Real Estate || Economists Report || WSJ

WASHINGTON – March 23, 2011 – Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say.


Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.

Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes.

“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” says Lawrence Yun, chief economist at the National Association of Realtors®.

An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group. “Household formations are also very important,” Berson says. “Kids may have moved back in with their parents, or two people may have moved in together because of job concerns. Now they can move into their own place.”

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.

“Few think mortgage rates are going lower,” says Mark Zandi, Moody’s Analytics chief economist. “It’s more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers.”

Source: “Discounts expected in spring housing market,” The Wall Street Journal (March 22, 2011)

Just Listed Egret's Walk || Pelican Marsh || Naples, Florida |

Fabulous Florida Resort Style Living at its best!  

 Listed Price to Sell | $274,900.00

Showing by Appointment Only

 

 

The first thing you notice upon entering Pelican Marsh is the exquisite luscious tropical landscaping, beautiful & well maintained. Within this fabulous Master community (Top 100 in U.S.) is Egret's Walk. This 2 bedroom, 2 bath split floorplan with study/den boasts a natural Florida Preserve privacy view. Open floorplan, tile floors, volume ceiling & oversized doors, open kitchen, eat-in area.

• 2 pools
• clubhouse
• fitness center
• entertain guests at the clubhouse bar
• tennis
• Private Golf club
• fitness programs
• walk to the Mercato for exquisite shopping
• Bike ride to the beach

         

Great Tips for First Time HOME Buyers || Best Market in Decades

CAMPBELL, Calif. – March 22, 2011 – Inexperienced first-time buyers may not know if the time is right to make a move into real estate.

“It’s not about timing the market. It’s about time in the market,” says Steve Berkowitz, chief executive officer at Move Inc., the online company that oversees operation of Realtor.com. “Once you know how long you expect to own a home, look at the historical value performance of properties in the neighborhood. Be confident about your own job security, downpayment resources and tolerance for upkeep, as well as the lifestyle you want today and in the near term. Today’s housing market, especially for first-time buyers, makes it almost impossible not to think about the possibilities.”

To help first-time buyers decide if they’re ready, Move created a “reality checklist.”

Get your financial house in order

Before you decide to buy a home, make sure your credit is in good shape and repair any damage previously done. Know your credit score: Thirty-five percent of successful buyers recently reported they didn’t know their credit score when they went house shopping, according to a national survey fielded for MortgageMatch.com. Having enough money set aside for a downpayment is a key component. Also, don’t put all your money in the downpayment as other fees or unexpected expenses often arise after closing.

Don’t fall in love with a house you can’t buy

Find out how much you can afford, including how much money will be required for a downpayment and closing costs. Look for special loans available from FHA and government-sponsored loans for first-time homebuyers that reduce the amount of money required to get into a home.

Learn the lingo

Since first-time buyers are new to the market and will finance a significant portion of their purchase, it’s important to get familiar with the processes and terminology associated with home buying. Here are a few key terms from MortgageMatch.com:

• Bait Rate: Misleading mortgages with low rate promises and no contingencies generally for those with extraordinary credit. Rates are based on: credit, debt-to-income and loan-to-value ratios, the size and type of loan, property location and the day you lock your rate, etc. The loan isn’t locked until the application is accepted. By then, it may be too late to find a better rate from another lender.

•Basis Point: A term used in the mortgage industry, which simply means 1/100th of 1 percent.

• Closing Costs: The fees required to process and close your loan. They’re a cash obligation running from three to five percent of the purchase price. Motivated sellers might pay a portion of these costs.

• FHA: Federal Housing Administration, the federal government agency that oversees the U.S. housing market. FHA loans are loans insured by the U.S. Department of Housing and Urban Development.

• FRM and ARM: A fixed-rate mortgage loan (FRM) is a loan where your interest rate stays the same for the life of the loan. ARMs are adjustable rate mortgages with variable interest rates that fluctuate based on an agreed-upon index.

• GFE: The Good Faith Estimate (GFE) is a document explaining all costs involved in getting a loan.

• TIL: The Federal Truth-in-Lending Form is a document that spells out the costs and fees of the loan.

• Lis Pendens: An official notice that there is a pending lawsuit over real estate.

• Per Diem Interest: Interest you pay per day, from the day you close to the last day of the month.

• Underwriting and Underwriting Fees: Underwriting is a process the lender performs to qualify a borrower for a loan, and the fee is what you pay the lender at closing to cover evaluating the risk involved with loaning you money.

• Warranty Deed: A legal document guaranteeing the seller has a right to sell a property, which is very important if you are considering a distressed or discounted property.

If now isn’t the right time, prepare for your future purchase

If now isn’t the right time to buy a home, make a plan with a target date for when you expect to be ready. Improving your credit, paying down debt, stabilizing your work history and calculating exactly how much you can afford, are the best ways to prepare for your future home purchase. It’s also important to refrain from making any new large purchases or applying for new credit.

© 2011 Florida Realtors®

Not Enough Fed Money Went to Home Owners

Lack of Oversight Leads to More Money to Big Banks and Bonuses  

WASHINGTON – March 21, 2011 – The federal bailout of the U.S. financial system, which was originally forecast to cost as much as $700 billion, is expected to cost far less than expected, according to a newly released congressional report.

The federal bailout, known as the Troubled Asset Relief Program (TARP), was launched by the Bush administration in response to the 2008 financial crisis and was to include aid to struggling homeowners. But TARP is expected to now cost taxpayers about $25 billion because it did not accomplish all that was envisioned to help homeowners avoid foreclosure, a congressional panel said.

TARP “provided critical support to markets at a moment of profound uncertainty,” the panel said, crediting it for helping restructure insurer American International Group Inc. (AIG) and aiding troubled automakers.

But the congressional panel faulted TARP for failing to spend enough money to curb more foreclosures.

“One of my major concerns is that there was a heck of a lot more attention paid to Wall Street than there was to Main Street,” says Sen. Ted Kaufman, chair of the Congressional Oversight Panel, which was created to oversee the management of TARP.

The Treasury Department allocated $45.6 billion for three major housing programs to help homeowners, including the Home Affordable Modification Program (or HAMP), a refinancing program run by the Federal Housing Administration to aid underwater homeowners, and a program designed to help hard-hit areas. But the Treasury Department only spent about $1 billion in TARP money for the foreclosure prevention effort, the panel noted.

The newly released report coincides with the House getting ready to vote to end HAMP as well as three other foreclosure prevention programs. The GOP-led efforts have pressed forward, despite White House threats that it will veto any efforts to end any of its foreclosure aid programs.

Meanwhile, a top senator on Thursday told Reuters News that the Senate Banking Committee would step up oversight of the TARP bank bailout program.

“We will push for tough oversight, so we can better protect consumers, investors and taxpayers,” says Tim Johnson, committee chairman. One of TARP’s former watchdogs, the Congressional Oversight Panel, will end its oversight, as originally planned, in April.

Source: “TARP’s lower cost reflects troubles of foreclosure effort,” Dow Jones Business News (March 16, 2011) and “U.S. Senate panel to step up TARP oversight-chairman,” Reuters News (March 17, 2011)

Gen X Leading in the Housing Recovery

WASHINGTON – March 18, 2011 – Generation X — adults ages 31 to 45 — are expected to lead the recovery in the housing market, according to real estate experts in a recent webinar produced by the National Association of Home Builders. During the event, speakers highlighted results of a survey of 10,000 buyers in 27 metro areas.

While Generation X isn’t the largest population group — making up 32 percent of the population compared to 41 percent of baby boomers — it’s the most mobile age group, says Mollie Carmichael, principal of John Burns Real Estate Consulting in Irvine, Calif., the company that conducted the survey.

“They are in full force with their careers, and they need to accommodate growing families,” Carmichael says.

This generation is coming with their own set of house preferences that may differ from other generations. Even though home sizes continue to shrink, first-time buyers and younger families are looking for more room to grow, Carmichael says. Nearly 50 percent said they prefer a home with a large lot and in a suburban development. Only 21 percent said they are looking for a traditional or “walkable neighborhood,” according to the survey.

“They want something compelling, from a design or personalization standpoint,” Carmichael says.

And many want “green,” energy-efficient features, too. Regardless of age group, 70 percent of buyers said in the survey they are willing to pay $5,000 more for a home with “green” features.

Most buyers also said they’d be willing to pay a premium for such housing characteristics as dark wood cabinets, a separate tub and shower, and a fireplace in the living room.

Source: “Young Home Buyers Will Lead Housing Market Recovery, Says NAHB,” National Association of Home Builders (March 17, 2011)

Vacation Second Home Market in Recovery || Florida Resort Homes

WEST PALM BEACH, Fla. – March 18, 2011 – After several years of negative trends in the real estate industry, a recent market study shows signs of increasing consumer confidence. The third annual Cotton Report polled more than 800 participants on housing preferences, motivating factors, pricing levels and timelines for purchase. The survey included participants from 39 states, as well as Canada, Europe and Latin America.


While no direct correlation was made to the harsh winter temperatures, the research survey indicated a substantial increase in the number of homebuyers seeking a vacation home purchase, an increase of 800% year-over-year. This dynamic trend is further supported by an increase in the number of buyers describing their transition as a geographic relocation, now 40%.

Over the three-year period of the annual research study, a continuous trend towards smaller homes has been noted with the most popular size home now being 1,700 to 2,299 square feet. Homes ranging from 1,000 to 1,699 square feet saw an increase of 5% in interest levels from 2010 to 2011.

The Cotton Report also shows signs that pricing levels have adjusted to meet consumer expectations. In 2009, respondents indicated the need for a 50% reduction in order to re-enter the market. In the 2011 survey, this level of price reduction has changed dramatically with the median response being a 20% reduction. This trend was also reflected in the consumer’s timeline to purchase. In 2011, 25% of the respondents reported they would be purchasing within 6 months, an increase from just 4% at the same time last year.

While questions remain in the US mortgage market about the future of the 30-year mortgage, the survey indicates that 36% of the respondents plan to utilize a 30-year mortgage to make their purchase. An equal 36% are cash buyers with 21% indicating plans for a 15-year mortgage.

The annual consumer report is compiled by Cotton & Company, a 28-year-old real estate firm. A complete copy of the 2011 Cotton Report, including supporting data, is available through the company’s website www.TheCottonSolution.com.

Just Sold Another Fabulous Florida Resort Style Property

Private Gated Community

Minutes to World Class White Sand Beaches

Completely Updated! Finest in Fixtures and Finishes! 

Gorgeous Remodeled Kitchen

Turnkey move in ready.

Deeded Boat Slip

Access to Boca Ciega Bay and Gulf of Mexico

2 Bedroom / 2 Bath

Overlooking Resort Pool and Spa

Sold for $270,000

Buyers are thrilled

REBAC || Accredited Buyer Representative || NAR || Accredited Buyer Representative New Homes

David Greenlees
ABR

NAR | National Association of REALTORS |

Accredited Buyer Representative Tampa Bay New Homes



Staged Homes Get Higher Prices for Sellers

PHILADELPHIA – March 17, 2011 – More real estate agents are staging their listings so that they stand out in a crowded market. “Staging can make the difference between sale and no sale,” says Joanne Davidow, vice president of Prudential Fox & Roach in Center City Philadelphia.


Staging might involve decluttering a home, furnishing a vacant dwelling, or redesigning a room or two. Some firms offer virtual staging for clients with limited budgets.

According to a 2009 HomeGain survey of 1,000 agents, 82 percent used professional staging that cost $300 to $400 on average. The sales price of staged homes was about $1,500 to $2,000 higher.

Source: Contra Costa Times (CA) (03/13/11)

The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics:

What Does it Mean for Consumers?

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.

For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times.

A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.

If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.

When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.

Tampa Bay Market Trends Report || Price trends || Days on Market

Bullish outlook for the real estate market today.

WASHINGTON – March 11, 2011 – The majority of America’s potential homebuyers and sellers – 68 percent – believe that the real estate market and property values will recover in the next year or two, according to a survey released by Prudential Real Estate and Relocation Services Inc. That’s up from the 47 percent in a similar survey conducted in April 2010, underscoring a more bullish outlook for the real estate market today.


In addition, 86 percent of Americans still believe real estate is a good investment, despite the recent market volatility.

Attitudes

The survey found that six in 10 respondents are more interested in buying real estate (58 percent); and 59 percent are optimistic about buying given the momentum of the economic recovery. And although the price of many Americans’ homes declined during the recession, 89 percent recognize they can now buy a house at a lower price.

The survey tried to determine why some buyers who want a home are not yet shopping. The top reason (77 percent) was a fear about selling an existing home, followed by concern about getting a fair price for the home (67 percent) and emotions (58 percent).

Sellers

For those who sold a home in the past year, 78 percent report satisfaction with the sale. Of these, 32 percent were very satisfied with the final price, and 46 percent were grateful they were able to sell given market conditions. A relatively small number (22 percent) were disappointed or resentful about the price they received for their home.

Buyers

Of the 45 percent of survey respondents looking to trade up, 64 percent want more space or property, 49 percent a nicer house and 41 percent a better neighborhood. Only 21 percent want to scale down, while 34 percent want a similar home.

The survey highlighted the importance of listing a home at the right price: 74 percent of buyers believe that many homes could meet their needs, making price a significant consideration; and 26 percent will pay top dollar for a home that specifically suits their needs. In setting the right price, however, sellers were split, with 53 percent wanting to price right at, or slightly below, market rate to attract more bids; but 47 percent wanting to price slightly higher than market and hoping some buyer will pay more.

Real estate agents

The majority of respondents highlighted the importance of real estate agents in the process of buying or selling their home. Seventy-five percent said that an agent is very important or essential, with only 24 percent saying agents are helpful but not imperative.

National Association of Realtors - Tampa Bay Region Reports

Home Owner Help with Bad Contractors

WASHINGTON – March 10, 2011 – Despite the sluggish economy, the overwhelming majority of home remodeling projects (30 out of 33) surveyed in Remodeling Magazine’s 2010-11 Cost vs. Value Report increased in cost.

fight-back-against-bad-contractor-



St Pete Beach set an example of what can go wrong with "Hometown Democracy"

TALLAHASSEE, Fla. – March 9, 2011 – The poster child for “what can go wrong with Amendment 4” has decided to get rid of its own local “Hometown Democracy” laws.




Last year, the roughly 10,000-person town of St. Pete Beach found itself at the center of the debate over Amendment 4, a statewide version of the government-by-referenda measure St. Pete Beach had adopted in 2006. A coalition of companies, including Florida Realtors, fought to defeat Amendment 4 using the St. Pete Beach example in ads and talking points.

Voters eventually defeated Amendment 4 at the polls, and the St. Pete Beach example played a major role in their decision.

Yesterday, however, the residents of St. Pete Beach voted to overturn their own failed experiment by passing Charter Amendments 1, 2 and 3, which effectively ended the city’s four-year experiment in “Hometown Democracy.”

“St. Pete Beach has at last come full circle,” said Ryan Houck, who served as executive director of Vote No on 4, the group that led the campaign to defeat Amendment 4. “The town that started the debate over ‘Hometown Democracy’ has now brought it to a fitting close. Although other battles are sure to occur, we believe that last night’s victory will unequivocally consign ‘Hometown Democracy’ – and the philosophy that underpinned it – to the dustbin of bad ideas, where it belongs. Congratulations to the people of St. Pete Beach.”

© 2011 Florida Realtors®

Latest in Kitchen Remodels || Update Trends for the Home

Popular kitchen remodeling trends




NEW YORK – March 9, 2011 – When remodeling a kitchen, the latest trends lean toward stylish kitchens with cleaner lines, built-in dining and pops of color.

1. Built-in dining areas. Eat-in kitchens are in high demand as more remodelers opt for extensions in counters that resemble a table, either in lower or higher height to the countertop. The counter extension is different than bar seating because diners can sit around the edge and face one another – not just sit in a row. The counter extension saves space, offers an extra buffet service and more kitchen storage, says Deanna Carleton of Kitchen Design Group.

2. Dressing up the kitchen with lighting. An affordable way to upgrade a kitchen is just by switching out the lights, designers say. For example, hand-blown glass shades on pendant lights, contemporary drum shades and chandeliers quickly update a kitchen. Layers of light continue to be popular, such as with a ceiling lighting fixture combined with under-counter lighting as well as ambient lights behind a glass-front door, designers say. LED under-counter lighting and LED recessed ceiling lights are also popular.

3. Pops of color. Neutral colors in the kitchen are a safe preference, but more kitchens are adding bolder pops of color – such as in persimmon or pomegranate – to spice up the kitchen. Colored knobs, kitchen accessories and even appliances are bringing in these pops of color. Designers say pops of color can also be brought in by the fabric choice in kitchen seats or window valances.

4. Striving for simplistic luxury. Clean lines and transitional designs are “in” while ornate Tuscan and French country kitchen styles are falling out of favor in the kitchen. Betty Nairn of Cabinet-S-Top in Granger Township, Ohio, says “simplistic luxury” is the kitchen trend nowadays.

Source: “8 areas to pay attention to when updating your kitchen,” RISMedia (March 5, 2011)



© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688

Curb Appeal is Really Important || Attract More Buyers for Your Home

PHILADELPHIA – March 8, 2011 – In normal market times, the National Association of Realtors says, 49 percent of buying decisions are based on curb appeal.

These are not normal times – in fact, some Realtors call current market conditions the “new normal.” Yet curb appeal is still of major importance, especially with so many houses for sale.

It’s unlikely to get you more money for your house. But it will get buyers’ eyes on your prize.

In effect, curb appeal is “outdoor staging,” said Center City Realtor Joanne Davidow, of Prudential Fox & Roach. Even if the interior decor is Buckingham Palace-quality, no one will ever know if the place isn’t appealing from the street – because no one will ever ring the doorbell to see it.

In fact, Davidow said, she is working on a listing now where the interior is wonderful, but the doorbell is hanging off.

“You need to pay attention to outside as well as the indoors,” she said.

Still, Marilou Buffum of Eichler & Moffly, Realtors in Philadelphia’s Chestnut Hill neighborhood, who concentrates on Northwest Philadelphia properties, cautioned that curb appeal “depends upon what a buyer is looking for.”

“If you have an urban-oriented buyer, a house with a lovely lawn isn’t high on the list,” Buffum said. “Clean windows, paint that isn’t peeling, an attractive front door, nice plantings, leaves raked and the lawns mowed set the tone of what the buyer thinks the house should be.”

There are challenges to curb appeal everywhere.

“The city is the best place to live, and I wouldn’t live anywhere else,” said Prudential Fox & Roach agent Jeff Block, who focuses on the Center City real estate market. “But city properties do deal with unique curb-appeal issues. “One is simply windblown bags, wrappers and leaves,” he said. “You can sweep your sidewalk every day, but if the wind blows right before an appointment, the buyer doesn’t know that.”

Also affecting curb appeal may be the condition of neighboring houses.

“We deal mostly with townhouses and twins,” Block said, “so sellers can point their brick, paint their door and trim, and the house can look perfect. But it does not help if the attached house is beaten up.”



Said Buffum: “You have to look at your neighbor’s house when considering curb appeal. If there are issues, and you get along well with your neighbor, you might ask if they wouldn’t mind trimming hedges or cleaning their yards.”



In some cases, sellers have even paid to have the house next door painted, she said. “Remember, you are selling your neighborhood, not just your house.”

Among the easier-to-fix curb-appeal issues are the weeds that pop up between pavers on sidewalks and patios, said Weichert Realtors agent Carolyn L. Sabatelli. “Bushes should be trimmed neatly, and plant beds should be trimmed out,” she said. “If driveways are asphalt, they should be nice and clean, and, if needed, another coat of blacktop applied.”

Think mulch, agents say. Fresh dark mulch adorning even barren landscapes gives them a warmer look.

Except for when a property cries out for professional help, boosting curb appeal does not have to be expensive, Buffum said.

“A fresh coat of paint or windows washed and fixed don’t add up to much of an expense,” she said. “Will you get the money back on your investment? Not necessarily, but you are making your house more appealing to buyers,” she said. “It gives buyers the impression that you care.”

Some agents recommend having at-the-ready photos that show how your house looks in other, more colorful seasons. In fact, Buffum and other agents make booklets of such pictures and leave them inside the house for prospective buyers to see.

But “I don’t think you should put those photographs in the MLS (Multiple Listing Service), because buyers will see right through it,” she said.

“Not only that, but if it is winter and the photo of the house was taken in the spring, people will think the house has been lingering on the market for that long.”

© 2011 The Philadelphia Inquirer. Distributed by McClatchy-Tribune Information Services.

Housing Market Bottom || Investors are back in the market

NEW YORK – March 4, 2011 – Plenty of signs point to the housing market finally bottoming out and moving into rebound mode this year, experts say in a recent article in The Wall Street Journal.

Investors, who were burned when the housing bubble burst in 2006, are back on the market, betting on a rebound and snagging up houses and condos in all-cash deals.

What’s more, housing is at the most affordable it has been in decades nationwide — when home prices and average incomes are taken into account, according to analysts at Moody’s Analytics. The cost of a house is equal to about 19 months of income for an average family, which is at the lowest level in 35 years. (Prices generally average nearly two years of pay.)

“Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own,” Michael Larson, a real-estate analyst at Weiss Research in Jupiter, Fla., told The Wall Street Journal.

Housing prices likely will bottom in 2011, says Scott Simon, a managing director at the money-management firm Pimco in Newport Beach, Calif. While he expects housing prices to possibly drop another 5 percent, he says that is a small amount when some markets prices have dropped by half or more since housing prices started falling in 2006.

Source: “Why 2011 may be the end of the housing crash,” The Wall Street Journal (Feb. 27, 2011)

Stubborn Sellers

COLUMBIA, S.C. – March 3, 2011 – Some sellers say they are unwilling to lower their home’s price to reflect the current real estate market, which some housing experts say is contributing to high inventories and souring the real estate market in their areas.
For example, in Columbia, S.C., some sellers are keeping their prices high and waiting for the market to change, which is causing home sales in the city to continue to slump, even though other parts of the country are already seeing a rebound. The median price for single-family homes in Columbia rose 3.3 percent in January compared to January 2010, but the number of homes sold fell 11.6 percent in January. Home sales have dropped 40 percent since its peak in 2006 in the area.

“This is a price-driven market,” says Doug Bridges, a real estate agent with Coldwell Banker United, Realtors®, in Northeast Richland, S.C. “You’ve gotta have your house better positioned than the next guy’s.” By not lowering the price, the homes linger on the market or have to be put up on the market multiple times, and a buyer often never comes forward.

Seller Jim Brodeur says he refuses to lower the $149,000 price on his two-bedroom, 1,200-square-foot bungalow in Columbia, S.C. He has unsuccessfully put the home up for sale himself three times in the past six years.

Brodeur says a lot of home buyers are looking for a steal nowadays, and “I don’t feel the urge to help anybody steal anything,” says Brodeur. “I don’t have to sell it, and I’m not going to give it away. If I lost my job, it would be different.”

Meanwhile, Bridges suggests sellers get an up-to-date appraisal of their property and have it available to buyers. He says buyers shouldn’t expect to nab the same price they could get a few years ago when housing prices were at their peak.

Source: “Many home sellers won’t budge on price,” The State (Feb. 27, 2011)

Sellers do better with a REALTOR || Survey Results Show

EMERYVILLE, Calif. – March 1, 2011 – Real estate website HomeGain conducted a survey of 1,000 sellers to gauge their opinion on For Sale By Owner (FSBO) compared to using a Realtor.

Of the sellers surveyed, 83 percent used a Realtor while 17 percent attempted to sell their house on their own. Of those who used a Realtor, 59 percent sold their home; of FSBOs, only 39 percent successfully found a buyer and closed.

Of the successful sellers who used a Realtor, 88 percent said they would do so again; of all Realtor-represented sellers, 81 percent said they would use a Realtor again.

Of FSBOs who successfully sold their homes on their own, 71 percent would attempt to do so again.

However, the survey also found that nearly a quarter of FSBOs ultimately turned to a Realtor to help them sell their properties.

Source: RISMedia (02/25/11)