Why Shouldn't I Wait?

So many folks thinking of selling decide to wiat til summer to list their homes, so that they can get through the end of school, graduations, etc. Then, there are also those who are considering selling now but think "summer is just so hectic... let's wait til the end of summer to put our home on the market." While I certainly understand the reasoning behind this thinking, there are 2 main reasons why this is just not the best train of thoguht right now.

FIRST, home prices are going to continue to be compressed and even fall over the next few months. I currently have a home listed in a Clemmons neighborhood I frequent quite a bit for $199,900. In 2007-2008, it would have easily been $239,900. That is quite a cut, and due to the increase in foreclosures hitting the market and the owner occupant saturation we are experiencing, there are just too many homes on the market for the number of buyers. Anytime supply exceeds demand, prices fall.

SECOND, financing is getting tighter and tighter. Not only are we constantly under the threat of interest rates going up, but most federal loans are getting more expensive as well. An FHA loan now has a higher out of pocket cost for a buyer than 6 months ago, so even with a low rate, the amount of home someone will be able to afford for the same monthly payment is less.

The bottom line... don't wait until the end of summer to list. Do it now and capitalize on the folks who are looking to purchase and move in prior to a new school year.

WOWEE What a Price!

We have just reduced 7260 Shadowridge in Wellesley Place to $175,000... WOW!! This immaculate, all-you-need-on-one-level home is a fantastic Lewisville value, AND is has over 900 square feet of upper level expansion potential. Click here to see a photo tour!

Good Housekeeping Tips!

Ever wonder how people years ago kept their homes clean? I mean, they didn't have our science or technology, so they must have had problems with general cleaning, right? Wrong!

The Allen Tate blog (http://athome.allentate.com) has a great post today about common household items and how they can be used for cleaning. Check it out here!

You Mean I Have to Sell it TWICE??

So many people contemplating selling their homes these days are just blown away when their agent tells them they have to sell their house twice. What???

Not only do we have to find a ready buyer who is willing and able to pay a price agreed upon by both parties, BUT the home has to appraise. It doesn't matter if a buyer is willing to pay $315,000 for your home... if they're getting financing (and most are), and it doesn't appraise for $315,000, they will not get the loan. Appraisals take into account active competition but most importantly sold competition, and foreclosures throughout the marketplace have compressed prices to the point that appraisals are getting TIGHT. Appraisers, mortgage lenders, brokers, etc. are all feeling the repercussions of looser lending standards and appraisal guidelines of the past, so if an appraisal falls short, it falls short. Gone are the days of an appraiser pulling a few thousand out of the sky to reach contract price.

So then Mr. Potential Seller says "well if they really like my home they will make up the difference". Possible, but unlikely, especially in today's market. How many of today's buyers (especially buyers with diligent and thorough agents representing them) are going to be willing to pay more for a home than it is worth?? People are uncertain of their futures, and inventory is too high for this to happen.

So, selling to a buyer is one thing, but the REAL test is selling it to the apprasier. Consult your trusted Realtor before you name your price. You may feel as if you are losing $$$, but you will actully be SAVING money in the long run in the form of carrying costs, lost time, and the inability to purchase yourself, by pricing it realistically from the get-go!

Lightning DOES Strike

Lisa and I were fortunate to list a home last week in Clemmons that has already gone into due diligence. Luck? Maybe... but this seller knew the market. She had been subscribing to my neighborhood newsletter for a couple of years, in which I kept residents informed of recent listings and sales in this particular Clemmons neighborhood. When it came time for her to sell, she and I sat down and reviewed the latest comps. Honestly, the numbers were very disappointing to her, so she had to think about it for a few days. She considered renting but decided the hassle and potential problems of being an absentee landlord just weren't worth it. She put her home on the market in show ready condition and at the recommended price. We had 9 showings in 8 days, one offer that was negotiated and then accepted, and a potential back up offer coming. No matter what the media would have you to believe, lightning DOES strike in Clemmons in the form of education, research, and being an informed consumer!