Sheryl Moser

I don't know about other states bit merging seems to be a trend in Oklahoma.

Several offices in the past few months have merged. Some were franchises, some weren't. Some offices have dropped their affiliation with franchises because they can't afford to pay their franchise bills.

Two very large company's in the OKC area with other small affiliated offices in other towns have merged. In doing so they have also lost Realtors.

Which brings me to another point, offices in our state also seem to be losing agents partly because like everything else our Real Estate fees have gone up and partly with the market in the roller coaster it has been in the Realtors that were just "dabbling" in Real Estate to make a little extra money can't afford to stay in the business.

I am not surprised that this is happening nor will I say I am upset. It is very hard to put a deal together with someone working a 40 hour per week job and trying to negotiate a contract with them when they put 10 hours a week into the business. But then that is another blog by itself.

Let me know if you are seeing the same thing in your market. Thanks, Sheryl

Purple? Lime Grren? Hot Pink? Orange? I have been showing a lot of homes lately in several different towns. And one thing several of these homes have in common is poor color choices. Color choices are really important when putting your house on the market. Take it from me, neutral goes a long way.

I personally have sold 2 homes in the past 6 years. Before we put them on the market my husband and I pinted the walls a light beige. It gives the buyer a clean palate to imagine "their" own personal color choices or pictures on the wall. I know you probably think giving the buyer a paint allowance or telling t"them" you will paint it the color of their choice will work, NO it won't. And in today's market there are more choices than ever. If you want your home to sell it needs to be the "creme of the crop".

I can guarantee you- that it is not hot pink.

Mortgage Rates up but still affordable

On Friday 2-5-09 according to Freddie Mac a 30 year fixed rate averaged 5.25 % with an average 0.8 point for week ending 2-5-09. Which was up from the week before when it was 5.10 %. What people seem to forget is last year at this time it was 5.65%.

The 15-year loan this week averaged 4.92 % with an average 0.8 point, up from last week when it was 4.80 %. A year ago at this time, the 15-year loan averaged 5.15 %.

The National Association of Realtor's monthly affordability index rose to an all-time record high in 12-08 since records began in January 1971. As a result, pending existing home sales rose 6.3% in 12-08 and were up 2.1% from the previous December." Basically if you are keeping up on the rates and have been for awhile it is the best time to buy a house in the past 19 years. Rates are low and the prices on homes are dropping.

It is up to us as an industry to pass this important information onto the consumer. So if you happen to read this, please educate the public. Thank You!

Selling Your Home In A Possible Declining Market?

The key to selling in a 'declining market' is pricing your home at today's market value, having your home in top condition and being able to work with a buyer on financing needs. Don't let your pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is overlooked a lot.

Secondly, take a walk through your home writing down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture. I always suggest renting a storage unit to get everything away from your home if you won't part with it.

Finally, be patient. The real estate market has changed since the last bidding wars where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Inventories are at an all-time high right now. Many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review. And buyers are offering a lot less than asking price at the moment because they all want a "deal" so don't get offended if that happens.

A good Realtor will keep you aware of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is needed for a successful sale. Properties need plenty of time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes. So be patient and listen to your Realtor when they give you advice. After all that is their job. They do it daily.

HOMEBUYER TAX CREDIT... Obama Bailout?

Tuesday night the Senate voted to include a $15,000 homebuyer tax credit to the American Recovery and Reinvestment Act (a.k.a. the big Obama bailout).

Pushed through by Senator Joe Lieberman, the credit doubles the size of a tax credit passed last summer, which did very little to spark home buying.

This credit would likely not have to be paid back over time, as the previous one was.

"This robust tax credit will spark demand in our struggling housing market and offer real hope for economic recovery," said Lieberman in the press release.

An analysis by the National Association of Home Builders projects that the Isakson-Lieberman homebuyer tax credit amendment will have the following economic benefits in the first year after enactment:

• Increase home purchases by 499,700 homes,
• Create more than 255,000 jobs
• Generate $12.3 billion in wages and salaries and $9.7 billion in business income, and
• Yield tax revenues of $6.6 billion for the federal government and $2.1 billion for state and local governments.

The tax credit, while available to all buyers, is really only going to help a first-time home buyer who has good credit and money to put down on a 30-year fixed. It won't overcome the problems facing the bulk of potential butyers out there to have to sell their current home or don't have the good credit and downpayment necessary to take advantage of today's low mortgage rates.

I believe the tax credit is a good start but I hope it is not the finish because are problems are not begin with just first time home buyers.

What do you think about this? What solutions do you see out there? Please comment I would love to hear them.

I live in a 2.5 yr. old neighborhood and there are already 3 forclosures in my neighborhood.