From Don’t Ask Me, I Just Work Here.

One wouldn’t think that “time is of the essence” is much of a big deal these days with thousands of houses on the market sitting for months – sometimes years – at a time.  However, time is always of the essence because sure as a house sits empty for 319 days, on day 320 more than one offer will come in.

Contracts are very detailed about dates and times in order to protect buyers and sellers.  The harsh truth, though, is that even with an offer or counter in writing, a seller may choose to withdraw the offer at any time.  Here’s where time is of the essence also comes into play.  If an offer is withdrawn, until the agent verbally tells the other agent, the offer stands.  If the agent tells another agent and the second agent fails to tell their buyer or seller, the offer is still withdrawn.

It’s tricky this time thing.  You can set your clock to confusion running rampant when time is of the essence.

Photo by graymalkn via flickr creative commons.

Realtors from throughout the country will be participating in a National Open House weekend in April to highlight the many beautiful properties that are available where eligible buyers may claim the $8000 first-time home buyer tax credit (or repeat buyers may qualify for the $6,500 tax credit).

According to the sponsor, the National Association of Realtors, the Nationwide Open House Weekend comes just before the April 30, 2010, deadline for the federal homebuyer tax credit.  This event offers people a convenient way to see as many homes as they wish in one weekend and gives Realtors a chance to be part of this massive effort to match buyers to their sellers.

The market is full of affordable homes, and with low interest rates, the weekend is sure to bring in buyers across the nation.

I’ve seen houses – for real – converted from what should be storage buildings.

Have a happy weekend!

The value of homes in a neighborhood near my own have dropped precipitously in the last two years.  The developer and builders rode the wave of the 2003-2006 bounty of plentiful buyers getting in for little money.  They jacked up prices on the homes as quickly as they could because at the time no one stopped them.

As a result, a home with 1800 square feet sold in 2005 for about $165,000.  Today these same homes – even those in mint condition – are selling for prices ranging from $105,000 to $145,000.  It’s devastating for the current homeowners in the subdivision.

So what should the homeowners do if they’re desperate to leave?  Should they ride it out hoping the market will return in a couple of years?  Or should they cut their losses and get out while they only need to bring $10,000 to the table at closing as opposed to $20,000 or $30,000?

In my opinion, it depends on the local government.  You need to know if the elected officials are doing anything to help.  For example, will they support a neighborhood association?  Are they mowing the common areas to keep weeds at a minimum?  Will the community garden help keep bored teens out of trouble thereby making the neighborhood safer?

One elected official wants a moratorium to be placed on any new construction.  It should be halted immediately until the market revives itself and the demand for homes in that subdivision return.  The other elected officials poo-poo her ideas (which would work, by the way).

If you live in a situation like this, consider the long-term future.  Will future leaders have the vision and know-how to deal with the problems?  Do they have the business-savvy to address the concerns or are they stuck in the good-ol’ boy mentality for “I’ll scratch your back if you scratch mine.”

Write a list of pros and cons and figure out what you can afford.  Maybe the solution is for you to become a vocal advocate to the local government to fix the problems.

Photo by Justin Ruckman via flickr creative commons.

In the past when sellers were staging their homes for sale, they went all out with designer paint colors, fancy china and linen napkins on the dining room table, candles on the fireplace mantle, and lush curtains.  Today’s staging has changed somewhat – the minimalist approach seems to be working best.

RIS Media reports that according to Sandra Rinomato, host of HGTV’s Property Virgins,

“Now we take the minimalist approach. Basically, you want to strip the house to its bare essentials, depersonalize it so potential buyers can superimpose themselves and their lifestyle on the house.”

I too have witnessed this.  You want buyers to be able to visual themselves in the house and if they’re just out of college, chances are they won’t likely have the Waterford crystal candelabras to accent the entry foyer.  A simplistic approach works well so people can decorate the entire room in their own minds.

A table, chairs, couch, chair, lamp, rug, and beds in the boudoirs will do nicely.  Make the beds.  Keep surfaces as uncluttered as possible.  Make sure the front entry is also visually appealing, as well as the back yard.

However, most important for sellers is to remember to CLEAN EVERYTHING.  From the baseboard to the duct covers to behind the bathroom door and the window ledge … clean clean clean.  If it’s clean both in smell and to sight, you’re chances have improved greatly to find a buyer willing to write an offer.

Home pictured is kitchen of condo listed at $95,000 right outside of Nashville.

I’m working with a buyer right now who is sitting pretty.  He has owned his own home for the last six years, so when he buys he will be eligible for the $6,500 home buyer tax credit that is set to expire soon.  You have to be in a binding contract no later than April 30th and close by June 30th.

To make his options even better, we live in an area where the prices of homes have fallen drastically.  The floor plan he’s looking at sold two years ago for between $116,000 and $126,900.  Today he is considering the same exact home for … $75,000.

The price is unlikely to keep falling at this point – we are at the bottom in this instance.  However, he’s looking for a home based on convenience so this one fills those needs.  It’s close to the interstate and the attractions of our thriving metro area, it’s close to the school where he works, and it’s a townhouse so virtually maintenance free – a definite benefit for him since he doesn’t want to be bothered with mowing the lawn, weeding, or fixing gutters.

If you’re thinking about buying there truly has not been a better time than now if you want to take advantage of great prices and are eligible for the federal tax credit.

Photo by Gina Earheart and Melissa DeMeno of Reliant Realty, Nashville, TN.

When I’m working with first-time buyers, I love reading the words “All appliances remain!” especially when they’re coming from apartments and have nothing but milk crates and mattresses with which to decorate.  It does take time to build up an income to replace appliances and to take on other house projects, so appliances remaining are a huge selling point.

Sometimes, however, the appliances that remain are old.  Functioning, yes.  Attractive, no.  The good news is you can make these appliances look a lot nicer with a little ingenuity and elbow grease.  Apartment Therapy offers some tips on how.  For example,

Many appliances can be fitted and updated by changing their fronts. A great option for renters who are stuck with built in appliances like dishwashers. Contact the manufacturer of the appliance who can provide you with a listing of face panels that will fit existing appliances, and face panels that will require customization.

By the way, my friend who just moved hasn’t yet brought over her fancy new washer and dryer, so she’s been using the landlord’s old-fashioned one that has the rotator.  She said the old one works MUCH BETTER!

Photo by Lara604 via flickr creative commons.