Amy Gooden

Over the past 6-8 weeks here in Charlotte, NC, we have experienced a chilly winter. The bitter cold doesn't just mean putting on a heavier coat and gloves, it means a halt in real estate activity. Lets face it, not many want to look at homes in 25 degree weather.

The overall number of showings is way down. Homes are sitting on the market longer. Open houses are just a place for an agent to read a good book.

BUT....IT'S WARM IN CHARLOTTE THIS WEEK!

Right now it is sunny and bright with a high of near 60 degrees today. According to WBTV here in Charlotte, tommorrow is the chilliest weather we will see over the next 7 days and 42 degrees still isn't bad. Ok, so there is a little rain in the forecast but thats what umbrellas are for.

So to all you prospective home buyer's out there, now just might be the right time for you. If you have even considered the possibility of buying this year, now is the time. Find an agent you trust and start asking questions about the process!

If there was ever a time to take advantage of some of the HUD homes currently on the market, now is it!

First a quick note on the process of buying HUD homes:

• HUD listings are sold by way of an online bidding process - only HUD certified brokers can submit bids for their buyers.
• The first 10 days of the listing period is known as the "owner occupant period." During these 10 days only buyers who plan to use the home as their primary residence may place bids.
• At the end of the 10 day period, all of the owner occupant bids are reviewed together.
• Investors can start bidding on day 11 if the listing is still available (known as the "all bidders" period).
• After the owner occupant period, bids are reviewed daily.

Just a year or so ago, it was typical for HUD listings to receive multiple bids near or above asking price within the owner occupant period. If a listing made it to the all bidders period, an investor was ready and waiting to snap it up.

Now that trend has completely changed. In the Charlotte area there are currently 49 HUD listings available ranging in price from $36,900 to $180,000. Ten of those listings have had price reductions (marked in yellow on the HUD website) and 9 have had significant price reductions (marked in red).

HUD homes that have gone under contract in 2009 have sold for an average of 81% of their list price (when the list price is compared to the net sales price). Some listings have had accepted bids as low as 62% of their list price.

In addition to rock bottom prices HUD is also offering two great incentives to owner occupant purchasers. 1) $100 down payment program for certain FHA buyers. 2) $1,000 sales allowance for bids accepted within the first 30 days of the listing period.

Whether you are an owner occupant purchaser or a an investor, now is defanitely the time to look into HUD homes!

You've got one of the more impressive blogs on the web, a highly developed website, intricate listing systems, a unique and extensive marketing plan...but it still isn't enough. If you don't have a network of awesome inspectors and contractors you are behind the times.

It might seem simple, ofcourse you have an inspector you work with regularly and a list of contractors that you can refer clients to, but are they AWESOME and how well do you really know them?

This past Friday I spent a majority of my day with two of my AWESOME contractors. I had two different clients both under contract on a perspective new home. One is a foreclosure and the other is not. The thing they have in common:both had pretty scary inspection reports. One buyer needed a better list of HVAC and structural repairs to request from the seller (since home inspectors aren't HVAC experts) and the other buyer needed to know just what kind of money she would have to put in upfront before our 10 days inspection period expired.

So I called my trusted general contractor and my equally trusted HVAC expert and asked to steal their afternoons. We met at the first home and one headed to the attic and the other to the crawlspace. As they emerged from their prospective dark corners they each gave me reports about what they had found, answered questions, and generated estimates. Then on to the next house and again they went their separate ways and began an in-depth exploration, then more questions, and more estimates.

At the end of almost 4 hours I was equipt with estimates and answers for both of our buyers.

After I finished writing repair requests, making phone calls to pass along my new found knowledge, and scanning estimates I sat back and reflected on the day.

If I did not have such great relationships with these guys, there is no way they would have given up their entire afternoon following me from one house to the other. If they had not gone the extra mile, our buyers would not have all the information they needed to make informed decisions about their prospective properties.

In essence, I would be nowhere with out these two guys and a handful of awesome others. So to them, thank you for your time, patience, and knowledge. And to all of you, if you ask nicely, I just might share them with you too!

In just a few short weeks an IKEA store is set to open in the University City area in Charlotte, NC. All through the construction, people have speculated about the benefits this will bring to our area. Those that I have heard mostly center around helping the University Area to continue to grow and diversify. I think I have come up with a benefit that hasn't gotten much mention.

IKEA could help home sellers in the University and surrounding areas sell their homes more quickly and for more money.

As an accredited staging professional (ASP), I meet with sellers and help them get their homes ready to sell. The biggest challenges in this process include the cost of purchasing new items and the "intangible factor." The money part is pretty self-explanitory but let me explain the other.

While walking through a home I might say to a seller "you should purchase new bed linens to create a hotel feel" or "think of rooms you see in magazines." While these sometimes work, some homeowners just can't visualize what I am talking about (and who could blame them, nothing like being really vague...).

Now with the opening of IKEA, homeowners can look at the displays on the upper floor (assuming this one is designed like the ones I have been to in Atlanta and Detroit) and see exactly what I have been talking about. All of the displays are the modern, clean designs that home buyers are coming to expect. Now instead of me standing in their living room making hand gestures and talking about the "intangible factor" we can just take a trip to IKEA.

Getting back to the cost factor: IKEA is known for its affordability almost as much as its modern decor. Items are sold in simple packaging and most require assembly to help reduce costs. As long as a homeowner isn't afraid to use a screwdriver, they can dramatically reduce the cost of items needed to stage their home. Once you are done getting inspiring ideas on the first floor, head down to the lower level to purchase the items you need, it couldn't be simpler.

And just to make the process even easier, just for our home sellers, I will even make "the staging shopping trip" with you. Not just a great Realtor...I'm also a fantastic shopper!

14 hours spent on hold = worn out speaker phone button

84 faxed pieces of paper = countless papercuts

184 e-mails = mild case of carpal tunnel syndrome

102 phone calls = semi-permanent neck pain

Another succesful short sale = worth every minute!

This one about did me in a couple times! We had two mortgages including a severly stubborn 2nd and a less than agreeable home owners association. Never the less, persistence and hardwork paid off and we had approval from all three parties in just 38 days. I think thats not too bad if you consider the holidays fell in that time frame.

I know our succesful turnout was due to some of the great people involved. I can't say enough about the buyer's agent. Although this was her first short sale she was ready and willing to learn and extremely patient and understanding. The buyer's situation was ideal and she too was incredibly understanding. The BPO agent was open-minded and willing to listen to our arguments and review the data we presented. Our Wells Fargo negotiator was fantastic: no kidding, e-mail responses in under 30min! Even some of the 2nd mortgage people were willing to help by putting us in the "rush" pile.

So thank you to everyone involved. Each one of you had a hand in helping our seller avoid a nasty foreclosure and helping a deserving buyer get a great home.

If you are facing foreclosure in Charlotte, NC or the surrounding areas we may be able to help you too!