Memorial Day

I was driving with the top down for the last 2 days thinking what a relief summer weather is; my favorite season!  My rhododendrons and azaleas are in bloom and they smell so good.  The chimney and dryer vent have been cleaned, a new roof is in the works and the furnace cleaning guy is in route…the seasonal responsibilities of home ownership are well under way.  Getting it done!

Memorial weekend is traditionally a sprucing, cleaning, purging, open the pool and maintenance weekend at my house.  Throw in a picnic and a couple of new movie releases (Terminator…really, a fourth one?) and we call ourselves celebratory.

Today, before more chaos ensues at my place, I am going out to hang my flag.  In remembrance and appreciation of those who have and are currently serving our country.

Happy Memorial Day

 

Ode to the Lowly Septic Tank

EVERYONE needs to know…How is your septic doing these days?

 

What? Me Stinky?

This is important information to have (ideally prior to trying to sell your home); I have heard different opinions, but the one most frequently stated is every 4 years get your septic pumped.  Additionally, it would be wise to use the same trusted septic consultant for these events–it is good to have someone familiar with your system.

Here are a few septic tips that I have gathered throughout many, many septic inspections:

1.  Use liquid detergents for washing machine and dishwasher

2.  Keep fabric softener use to a minimum

3.  Mark your septic lid, cleaning access point.  Do not cover the same with say a patio, shed, pool, concrete, garage…you name it…it has been done and it is never a good thing!

4.  Do not drive over your septic tank!

5.  The grass is only greener over the septic tank if you have a leaching  issue.

6.  Depending on depth, septic tanks throw off heat…snow melts faster at that spot (or should be slushy)

7.  Don’t plant a garden over your septic tank or in your leaching area (and if you do, please do not offer me any tomatos!)  This has been done too.

8.  If your lid is more than 18 inches below ground, get a riser.

Take good care of your septic tank….it does a very important job (you will certainly think so if it stops doing it)!  It’s not glamorous but it can be very expensive to repair when things go wrong.

 

Graduate REALTOR Institute

That would be me!  I am a GRI….finally.

Here is the thing, I am not good at sitting still and GRI classes equal 90 classroom hours of continuing real estate education (8 hour days, 3 modules at 30 hours each).  Though the classes were incredibly interesting– everything from appraisal, property management/rentals, environmental issues, “At Home with Diversity“, home inspections, ethics, new construction, etc–was covered; those long days were….long days.  (Sidenote:  Thank you to my Blackberry yet again…I was the naughty student texting and emailing under the table

The Good News is…after only a mere 24 years, 90 classroom hours and payment in full…I am a National Association of Realtors designated GRI real estate agent.  Dig it!

Next up, E-Pro!  (to be done from the cozy comfort of my laptop, on-line…can’t wait)

 

EIGHT THOUSAND DOLLARS! (yeah, I’m Yelling)

Seriously…that first time buyer tax credit is quite the perk!  And time, she is a tickin’.

At a closing the other day, I was sitting with my first time buyer client going over the closing numbers when I simply blurted out,  “Sweet Deal!”  An interest rate under 5, a purchase price I am most proud of  and a couple of nice improvements thrown in for good measure…love, love, love it.  And so do they!

They are over the moon.   But this tax credit has a short life expectancy with the current deadline being, purchase made by 12/1/09.

I hope you, like my brilliant first time buyers, will realize this windfall, get to own a great home and take advantage of pricing and rates.  In my years in this business, I do not exaggerate when I say; I have never seen a more perfect buying climate.

Linked below are my first time buyer ready listings.  All will work for CHFA/FHA/VA and a couple may be RD candidates:  (feel free to call and ask what all those acronyms mean)

www.e223984.prudentialct.com 

 

Plainfield

www.e227949.prudentialct.com

 

 

Norwich

www.e228349.prudentialct.com

First time buyer is defined as – Have not held a mortgage on a primary residence in the last 3 years.  Go Forth and buy some real estate.

 

Spring Real Estate Fever!

The most wonderful time of the real estate year.  It was a long, blurry winter but things are popping up and the first time buyers are out there in full swing  with the $8000 tax credit proving a powerful incentive.

WOW!, is what I have with regards to prices and rates!  What is selling pretty quick  in Southeastern CT are those houses under $200,000.  In fact, one of my buyers emailed this past week simply, “Is real estate picking up?  All of the houses I have been watching are getting snapped up.”  My answer, YES! 

My advice?  Get out there buyers before someone widely reports that things are looking better on the real estate front and messes up rates and incentives.  Sellers that goes for you too….now is the time to be on the market for wide appeal!

Side-note:  Lending is still moving at a sluggish pace.  Appraisal guidelines changed for Freddie and Fannie as of April 1, 2009 and underwriting is taking much longer (banks are very conservative right now)…so, give yourself time!

Happy Spring!  Happy Easter!

 

Foreclosures…Revisited

I have shown a ton of them.  I have written offers with perspective buyers on a few of them.  Allow me to share, the foreclosure purchase takes a tenacious spirit.  Here’s why:

1.  No Disclosures – they are not required on foreclosure sales.  Once upon a time, we sold houses without disclosures (back when we all worked for the sellers) and the absence of them now bothers me.

2.  The offer – How much time do you have?  Exhibit A – Showed one on 1/24, wrote offer week later, sat around in back up position for weeks, saw it back on MLS  (called the listing agent and said what the heck?), rewrote the entire offer with updated personal docs, sat around another week,  emailed 22 pages of addendums to which my buyer said “These are very one sided” (changes not allowed on addendums), initialled every page, signed many more, resubmitted.  Two weeks later, we are pretty sure we have a deal, still nothing signed by seller, but  don’t miss that closing date or per diem to $100 per day kicks in.  I repeat NOTHING signed by seller.  1/24/09 through 3/12/09 and counting…  Wrote another one yesterday, let the games begin.

The listing agents are working with high inventory (I hope that makes you cringe like it does me..) and response time is sluggish, snails pace, slow!  One agent has explained it this way; the list agents  point of contact may be working with 50 properties at one time, they service regions…so plainly this one is not their baby.

[Editorial comment - really does that make any sense?  We must move this inventory  doesn't a quicker pace seem more pragmatic?  Hire some folks, I hear we have a jobs issue.   Inevitably, every potential foreclosure buyer has asked me, "Don't they want to sell it?  That's how slow.]

3.  Testing – Gotta pay the freight if you want to check out the mechanicals, most of these foreclosure properties are winterized and without electricity.  Cost to buyer to get property up and running for inspections starts at $150 and goes up from there…no refunds!  No personal checks!  Plus, tests are for informational purposes only….bank owners will make no repairs.

4.  Price – That is about all that is RIGHT.  The foreclosure sales are priced well, but please be sure you have the stamina and patience to go the distance.

5.  Condition of property – This is an amendment to my original thoughts on this matter, I have personally shown a few that with just a smidge of effort would be dreamy, but by and large most are for the hardy and handy.  I hereby rescind my ALL are stinky comment .

 

The Week of the Cyber Listing…

It was a busy week!

I put three houses on the market and now-a-days that can be quite a task–it is not as simple as putting it on MLS, placing an ad and putting up that sign.  I do all that too; but now to give the property the best marketing advantage it must be well positioned for virtual viewing.

87% of the real estate buying public puts on their Jammie’s and goes Internet real estate shopping (I do it too it’s a lot of fun)–the buying public has mad techie skills.  They Google earth or geocode locations… then hit Trulia, Cyberhomes, REALTOR.com, oodle, Craig’s List (I could go on and on)… then they check town and school information, crime statistics…then they go to Zillow for a price comparison.  I have had showings recently when the buyer tells me, this house sold for $$$$ back in 2003.  (buyers have been known to search town records!  I am impressed)

But what does all this mean to the sellers of real estate?  It means your property A) MUST be out there in Cyberworld (with no less than 6 pictures–seriously, this was statistically proven, folks spend more time on properties with many photos) and B) Priced very competitively (or better than the competition) and C) Appreciate that the property will be Cyber stalked and someone should be monitoring your web activity (it is a measurable form of advertising).

The point of all this Internet presence is to get the showing; same as print advertising.  Print advertising, however, can no longer compete with technicolor, moving picture world of cyber space.  So once a perspective buyer has determined there is no landfill next door with the “Bird’s Eye View” and ascertained that you are within reasonable marketing price range (via personal searches or their own buyers agent–contracted to give pricing/location advice by the way) and checked out the property from every angle….rest assured sellers, when you score the showing, 87% of the time, it’s a big deal!  The buyer has already assured themselves of almost everything…now they look for the compelling reason to buy.

Just to be clear, I have met the buyers that do the search in reverse…see the property then do the research, but ultimately they all get there these days.

Make sure your property is not advertising shy….it should be proudly displayed on the web.

PS:  The jammie thing is true, I get a ton of internet inquiries after midnight…I drink my morning coffee responding to them

 

First Time Buyer Stimulus

How is the the first time buyer defined?  Someone who has not owned a primary residence in 3 years.

How much is the stimulus?  $8000.00 tax credit (or 10% of purchase price of property, whichever is less)…when you file and only after actually closing on the property.  Must be primary residence.

Do you have to repay the credit?  If you own the house for 3 years there is no recapture…this is really sweet.

How long do you have?  Until December 1, 2009 under the recently signed stimulus plan.

Link to US News and World Report:

http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

For the record, I currently have 3 lovely first time buyer listings, check them out:

www.e223984.prudentialct.com  Sterling

www.e226859.prudentialct.com Waterford

www.e222879.prudentialct.com  Groton

All of them are wonderful first time buyer opportunities!  All are government financing friendly (FHA, VA…think low down payment) properties. 

Hope buyers get out there and get Stimulated!

 

Are We There Yet?

I watched our new president the other night and he seemed a little peeved.  Can’t say I blame him–talk about a debacle!  I was a little disappointed that he bobbed and weaved around the 2nd reporters question, “How BAD are we talking here?” (I paraphrase) with a non-transparent, “This is no recession we have ever seen before…” , comment.

I am equally frustrated with the slashing of any substantial housing iniatives from this “Bail-out”.   Not that I can quibble with the very real need to create jobs; I personally bid a sad farewell to two small businesses this past week.

Here is what the real estate world watches for as signs of an industry on the mend:

1.  Investors out in force, snapping up the inventory at bargain basement prices.  Not a force yet, but Fannie and Freddie just loosened up their investor guidelines this week–let’s hope for impact!

2.  Banks more agreeable.  By and large, this means more amenable to making short sale arrangements and taking far less time on making decisions.  The whole bank process moves to the fast track…not there yet.  Still moving at a snails pace.  (but, I have to admit the foreclosed inventory does seem to have gotten the memo on pricing…some deals out there)

3.  Days on market for active inventory start to decrease.  Nope, not yet.

Three little things.  I think all three hold up no matter what “type” of recession we are in (who knew there were types?).  I agree with our president that 2009 will likely be a challenging year; there is much to clean up.  We muddled our way through the great Savings and Loan mess of the late ’80’s and early ’90’s and there are remarkable similarities…we will find our way out of this.  Even without the very optimistic $15,000 tax credit for any buyer that was proposed (it would have been sweet, but very costly).

I appreciate all those folks who are weathering the storm of negativity and finding this the land of housing opportunity.  There are some wise people out there who are indeed BUYING LOW!  Hope to see you again in 5 to 10 years to reiterate  how brilliant you are, what a wise investment, what a beautiful home you have!

I so look forward to it.

 

Are We ALL in this Together?

Did you spend $85,000 on a rug?  How about receive $40,000,000 to keep your family afloat during these troubled economic times?

It all seems a bit off kilter and has left me blogless for a week…shocking!  This week I let NPR’s humor speak for me.

If all else fails, take a pill.