Cold Weather Strategies to Attract Buyers



History tells us that the spring and summer months are the best times to sell, but many homeowners are finding success listing their properties in the winter. While the changing weather can take a toll on a home sale, savvy buyers are on the lookout for the right home year round.“Chances are, buyers looking for a home during the winter holiday season are serious about buying and not simply shopping around,” said Joe King, president and COO of Coldwell Banker West Shell. “Showing off some of the home’s finer features isn’t easy covered in a blanket of snow, but there are a number of things sellers can do to attract buyers.” • Less competition. In the winter season, there are fewer homes on the market, so your home will have less competition. Encourage buyers not to wait by offering attractive pricing and incentives. • Interior focus. Providing photographs from the summer months is important, but now is the time to highlight the inside of your home. Furnished homes and those that are organized have more appeal, so make sure the beds are made, the furniture is well placed, and the counter tops and closets are clear of any clutter.• Exterior demands. Snow can alter the look of the overall property. Shovel and de-ice all paths and doorways. The driveway should be plowed, along with the sidewalks. Make sure that all outside lights and doorbells work. Consider more lights that could be installed to effectively highlight the best areas of the house. • Winter warmth. The holiday season is a time for being at home and enjoying family. You can stage your home to showcase winter warmth with such sights and smells as crackling fires, scented candles and holiday wreaths to appeal to buyers and make them feel like your home could be their own.

6 Reasons it Pays to Shop Around Before Choosing a Mortgage

By Paige Tepping

RISMEDIA, August 26, 2010--You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? From the experts at LendingTree, here are six reasons why it’s essential to take a few minutes to browse before you borrow:

1. To get the best interest rate possible
Over the life of a $200,000, 30-year fixed rate loan, a one-tenth of a point difference in interest rate could save or cost you thousands of dollars.

2. To pay lower loan fees
Once your loan application is accepted, the lender will get back to you with a good-faith estimate (GFE), including an itemized list of all the costs associated with the loan. If there are any parts of the GFE that you don’t understand, don’t be afraid to ask the lender to explain each fee that is listed.

3. To avoid a prepayment penalty
In these transient times, it seems no one stays in their home long enough to pay down their mortgage the old fashioned way: in monthly increments over a period of decades. So you’ll want to be clear on whether the terms of your loan include a penalty if you pay off your mortgage early—either because you move or refinance.

4. To find a lender you feel comfortable with
You don’t want any surprises popping up at closing time. Get a lender who is responsive to your questions and is willing to give you the details in writing.

5. To find a lender that specializes in your situation
Recent volatility in the mortgage markets means that people with bad credit or little money for a down payment might have to look a little harder to find a lender.

6. To get the rate lock period you want
Once you’ve found the lender offering the best mortgage rate and terms, you’ll want to get a written commitment, known as a “lock” that puts in writing that the lender will make the loan to you at that the specified interest rate. The length of the lock can vary from 30-90 days, but many lenders will charge a fee for a rate commitment of longer than a month. Negotiate the lock period that is right for you, depending on when you plan to close on your new home and if interest rates are expected to creep higher during that time.

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Housing Market Sees Widespread Price-Cutting

By Janet Morrissey

In a sign that the housing market has taken another turn for the worse, a new report shows almost a quarter of all home listings in the U.S. had at least one price reduction in June.

The price cutting is widespread too. The report, released Wednesday by residential real estate tracking firm Trulia, shows 21 of the country's 50 largest markets cut prices on at least 30% of their listings, up from 10 markets in May. (See pictures of Americans in their homes.)

Minneapolis led the way, with 40% of its listings registering at least one price reduction. This was followed by Milwaukee, Dallas, Boston, Baltimore, Phoenix and Memphis, which all slashed prices on more than 32% of their listings.

"Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb," said Pete Flint, co-founder and chief executive of Trulia, in a statement. "We're seeing more sellers reduce their home listing prices to attract potential buyers." Housing inventory rose 5% between April and July.(Comment on this story.)

Moreover, waning consumer confidence, continued high unemployment, fears about a double-dip recession and a volatile stock market are all shaking buyer confidence in a possible housing-market recovery. "It's the perfect storm for creating less demand," says Ken Shuman, a spokesman for Trulia. "People are nervous." Recent housing data, including sharp drops in pending home sales, housing starts and mortgage applications for new home purchases, have all served to fan those fears. (See a PDF of housing price reductions.)

Probably the biggest factor influencing sales recently has been the federal homebuyer tax credit. The credit was particularly effective in bringing first-time homebuyers into the market. But now that it's over, move-up buyers are having a tougher time selling their existing homes, since the entry-level buyers have all but disappeared, says Alex Barron, founder and senior research analyst at Housing Research Center LLC. Under the federal tax-credit program, a home had to be purchased by April 30 in order to close by the June 30 deadline. "The whole market has slowed down anywhere from 30% to 40% across the country," says Barron. "When supply exceeds demand, you have to lower the prices."

Although the average price cut, according to the Trulia report, was 10%, some markets saw significantly bigger reductions: Detroit slashed prices by 26% on average, Las Vegas dropped prices by 15%, and both Miami and Phoenix saw average cuts of 13%. The total dollar amount slashed from home prices in June was $27.3 billion, the report said. (See high-end homes that won't sell.)

Home sellers are under the gun to cut prices as they try to compete with foreclosed properties and short sales, which continue to climb. "If your home has been on the market for four months and it hasn't sold, you have to adjust your price," says Shuman.

Raylene Lewis, a realtor at Century 21 in College Station, Texas, says she urges today's sellers to look at the prices of comparable homes sold recently, rather than the listing prices, when setting the sale price. "I definitely think we have more inventory," she says. "But everything will always sell for a price."

Another change in the market, Lewis says, is that she now must qualify the seller in addition to the buyer to make sure the seller will have the cash needed to pay off the mortgage and cover legal, realtor and other fees when the home is sold. She recalls how one seller in College Station recently didn't show up at closing because he didn't have the cash to cover the closing costs.

With so many dark clouds hanging over the housing market, experts recommend homeowners hold off putting their homes on the block unless they absolutely have to sell now. "If you are trying to be an opportunistic seller and you don't have to sell, there's no reason to have it on the market right now." says Shuman. "The demand is not there."

http://www.time.com/time/printout/0,8816,2003578,00.html

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For Your Clients: 7 Questions to Ask Before Buying a Condo

RISMEDIA, May 21, 2010--You've found your dream condo, and you're ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.

1. "What's the Beef?"
Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.

2. "Who's Been Naughty and Who's Been Nice?"
Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.

3. "How Much Is In the Repair Fund?"
Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.

4. "Can You Cover Me?"
If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings, there may have been many code upgrades since the time of construction. Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. The smart condo owner will insure his or her personal belongings, along with any other items within the unit that are not covered by the association's policy. If you have trouble understanding the insurance lingo, take the insurance certificate to an agent whom you trust and who understands the state laws.

5. "Does the Association Present Any Legal Problems?"
Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found that the association bylaws of a large garden-style condo complex had been lifted from the books of a high-rise condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any owners have filed suit against it.

6. "Is the Complex Renter-Friendly?"
If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked on as an amendment. Does the management company find renters for you? If so, do they get enough good renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.

7. "Am I My Community's Keeper?"
Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners -- especially those who live thousands of miles away. If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night.

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The sender believes that this E-mail and any attachments were free of any virus, worm, Trojan horse, and/or malicious code when sent. This message and its attachments could have been infected during transmission. By reading the message and opening any attachments, the recipient accepts full responsibility for taking protective and remedial action about viruses and other defects. The sender's employer is not liable for any loss or damage arising in any way from this message or its attachments.

tricia.frederick@cbws.com has shared: Don't foreclose! Do a short sale

Don't foreclose! Do a short sale Source: money.cnn.com After taking a back seat for years, short sales have become the hottest thing in distressed-property sales. And that may help end of the foreclosure crisis sooner.

tricia.frederick@cbws.com sent this using ShareThis.

HOW TO SELL YOUR HOME TODAY: Tips for the 2010 Seller

If you’ve turned on the news recently, you may have heard the words “real estate” and “buyer’s market.” Have the sellers been forgotten? While today’s housing market is attractive for buyers, many sellers are unaware of the opportunities and incentives available, such as $6,500 for homeowners selling their primary residence.

“The real estate market today may feel very different from what it was several years ago, but the reasons for moving haven’t change,” said Joe King, president and COO of Coldwell Banker West Shell. “Families continue to expand and shrink, and a new job can demand a new home. Sellers just need to consider how their property can appeal to today’s breed of buyer and their housing expectations.”

Here are some real estate absolutes for home sellers today.

• Price it right. According to recent housing reports, the playing field is leveling for buyers and sellers in terms of availability and price. Your Realtor has knowledge of your community, other sellers in the area, prospective buyers, and the market rates, to offer a realistic picture of where your home needs to be priced to sell.

• Clean it up. In an HGTV-world with brilliant flat-screen televisions, finished basements, and bathrooms that look as if they’ve never been used; your home must be in show-ready condition to compete. Keep your home picture perfect for buyers who need to be “wowed.”

• Try transparency. Even fashionistas are becoming more frugal, so provide prospective buyers with loads of information, such as details about utilities, home improvements, repair work, and recent cleanings. Also tout any green trimmings your home has to offer including energy efficient appliances, insulation or windows. Being transparent about how your home is budget-conscious can set your property apart from the rest.