Maybe... Maybe not...
Make no mistake, there are some deals in the market. And combined with the $8000 First Time Home Buyer Tax Credit (FTHBTC), this can be a great time to buy a first home. Interest rates have remained low... despite a LOT of predictions to the contrary. In fact, with a projected deficit THIS year of $1.8T for the federal government, there is still an expectation that rates will have to rise because of the pressure on the available investors.
In fact, that would be the case laid out by those that say THIS is the time. The FTHBTC is coming to a close on December 1st. And while that is almost two months away, in the world of home search and financing, two months can go by pretty quickly.
On the other hand...
There are some points that would suggest that for some buyers, waiting a little longer might be just the ticket. In fact, waiting until AFTER the FTHBTC expires could be a better move for many buyers.
Just as with the Cash for Clunkers program, the tax credit is pushing some buyers into the market that might not have jumped in otherwise. And we have seen upward pressure on prices for entry level homes. Buyers, in some cases, are bidding up the prices for some homes.
By waiting until many of the buyers have abandoned the market... after the tax credit expires... there is a belief that prices may drop. Some think that the drops may be more significant than just the $8000. They feel that sellers may become quite lonely by January, and may be willing to offer better deals on their homes.
Others have also speculated that there might be a new program from the government to replace the $8000 First Time Home Buyer Tax Credit. There are plans to offer a $15,000 tax credit, as well as to continue the current offering. Nobody knows if these plans will come to fruition.
What does it all mean?
For "First Time Buyers" with solid cash resources, waiting may be a better plan. For those that would be better off paying a little more, but getting the $8000 in a few months, getting on the ball and buying a home soon could be a better way to go.
Don't forget, "First Time Buyers" are those that haven't owned a house in the last 36 months. The credit is for 10% of the purchase price, up to a credit up $8000. In GA, there is an additional credit of up to $1800 that may be available... even for those that aren't first time buyers.
If you are looking for a home around Lilburn, GA, give me a call and I can help guide you through the process.
It isn't just a TV show with Howie Mandel and a bunch of hotties holding briefcases. It is daily life in real estate...
And one of the issues that buyers face is the Deal or No Deal mindset. It boils down to this...
Do you want a deal?
Many buyers see the news or listen to reports about how much of a buyer's market we are in. They hear radio ads about being able to buy wonderful homes in great neighborhoods for "pennies on the dollar"... and one goes so far as to say "and she bought this beautiful home for under $20,000." But...
These are regualr occurances... especially in entry level homes. In fact, some move-up neighborhoods are seeing the same thing... Basically, if it is a great deal, chances are that others will find it, too.
That isn't to say there aren't deals. We have found quite a few. But they are deals for a reason. They need work, they aren't in the best locations or they may not be closeable (spelled s-h-o-r-t-s-a-l-e)... It might be something as simple as seriously poor design choices... sometimes even correctable.
What you aren't likely to find is a beautiful home in a prime neighborhood that needs nothing to move in and is ready to close... half off. And if you do, there will be a valet to handle the parking because there will be a parade of buyers and agents getting ready to drop an offer (we saw one on the market four days with 13 offers... my buyer bid over list and didn't get a counter).
Do you want a house to live in?
There are a LOT of homes on the market. Even in my niches, there are a pretty good number of choices. A buyer can want a home with a 4 car garage under $200,000 in Gwinnett County and have several choices... and these aren't shacks, either. Some are priced pretty competitively... Maybe they are steal deals, but they are priced well.
And if you want to get a house in a good neighborhood, convenient to places you want to be near... and ready to go... you might have to spend a little more than the if you are willing to make a LOT of compomises. But, if you are buying a house to live in... to make part of your life... maybe you should get out of the "killer deal mode" and think about getting a home at a good price, with excellent financing options.
I want you to get the best deal possible!
But, if you want to actually buy a house, part of the equation is buying. What I don't want is for you to lose the home that you really want because you wanted a little better deal. It is another thing if it just isn't affordable... I don't want you to buy above your comfort range. It is a tight rope that needs to be walked.
But I have heard too many people (clients and friends or others) that have talked about "the one that got away"... usually because someone else beat them out by a few hundred dollars... I don't want that to happen to my clients... unless they are ready it.
No, we don't need to call OSHA... But there IS a danger we real estate agents face almost every day... a hidden danger that can wreak havoc in our regular lives.
I held an open house at one of my listings today, 590 Baltimore Ave in Lilburn, GA. And while rushing out of the house for the 7 minute drive, I forgot to grab some reference paperwork. As soon as I arrived and began unpacking by laptop and setting up my office for the afternoon, I realized that I hadn't grabbed the needed papers. I called the lovely and talented Mrs. GarageGuy, and asked her to bring them to me... not knowing that I was about to infect her with the condition I have fought as long as I have been an agent...
That's right, house envy...
Of course, I told her to look around and see what she thought. She hadn't been to this listing yet, so she was curious. Little did I know that she was moving our furniture into the house... at least in her head. She had laid out her office, the play room for the kids, she had mapped out the recreation area for the dog. She had even invited me to build a [gasp] THIRD GARAGE.
I walked into the Master Bath and caught her mentally soaking in the double jetted bathtub. She deserved to relax a bit after all of the work she did mentally changing the carpet in the Master Bedroom, and mentally arranging our furniture throughout the house.
Haven't we ALL been there?
Normally, it is fairly easy to fight off... Some houses are too big, others too small. Some have restrictive community convenants that would prevent my car habby from getting out of hand, and others are just way more expensive than I can justify. And then there are some that are in the wrong school district, or too far from friends and family... I couldn't pluck out ANY of those excuses. I tried.
Right now I am hoping that someone gets an offer in, while I can still hold her off. I love the house, don't get me wrong, but I'm not ready to move my project... yet.
I visited a home recently that had an interesting mix of over and under updated features.
Overall, the home was quite beautiful. The finishes were well done and attractive. Honestly, it showed better than the photos... and that is a good thing, the photos weren't bad.
The yard was amazing. The only issue I could find is that it would require too much care for MY lifestyle, but it was wonderful to walk around the paths and see the ponds, gardens and various areas.
But then there was the kitchen... 1990 called and they want their kitchen back... It didn't live up to the rest of the house.
What to do?
If you are selling your home, and you want to maximize the price and minimize the time on market, the Kitchen is the MOST important room to use to WOW your buyer. The next most important room is the Master Bath. Of course, the rest of the house can't fail to live up to those rooms, but those are the stars...
Solid surface counters, black or stainless steel appliances, neat, clean and organized cabinets. Those are the keys to the kitchen.
The Master Bath is a little trickier... But, to start, make sure that it is clean, no wall paper and devoid of builder grade fixtures... Chrome is usually bad...
This home was both over and under updated...
The kitchen was a throwback... it killed the deal. The rest of the house almost brought it back... and the buyers were almost ready to hire the seller to do the landscaping for the home they eventually buy. As with the yard, which was tweaked to the hilt, the house was "fully developed". And as such, it lacked storage space and unfinished areas.
There will be a buyer for it... And they will be getting a great deal if the house suits them.
If you are selling your house, put yourself in the shoes of the buyer... We'll be talking about this more over the next few weeks...
from LaneBailey.com
Ok, mold has NEVER just been for bread and cheese. and while it can be useful stuff… when it is penicillin… the rest of the time, it is NOT something we want in our bodies.
I’m seeing it more and more. Actually, it started a few years ago, but as more foreclosures come on the market, mold gets to be a bigger issue.
In some homes it is a minor issue… a little musty smell that can be handled with a couple of filter changes in the HVAC and a good cleaning. There are even some homes that don’t seem to have any mold smells present.
But in other homes it is a MAJOR problem. We aren’t talking about a little smell, we are talking about unhealthy levels of toxins… and in some cases, they could cause serious respiratory distress, or worse. In those cases, if the price is good enough, and the home is otherwise desirable, a mold remediation company could be brought in to kill the mold and bring the property back into a healthy state.
Get an inspection. Of course, I ALWAYS recommend getting an inspection from an ASHI Certified Inspector for any home… even brand new. But there are actually specialist Mold Inspection companies. If you suspect that there could be mold in the property, getting it inspected is cheap insurance. Mold remediation can be simple, or VERY involved and expensive. Knowing during the Due Diligence Period is much better than unexpectedly finding out that your good deal is going to suck $50,000 out of your pocket before you can move in.
Be aware. Do a little research… even trolling Google, Yahoo or Bing for a few minutes can yield a lot of good knowledge. of course, getting professional advice isn’t a bad idea either. And remember, almost every property is going to have SOME mold. But, if the humidity and moisture levels are in line with what they should be, there is good airflow and the space is kept clean, the mold can’t get a solid foothold and take over the house.
from LaneBailey.com
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Specializing in properties in Lilburn, Gwinnett County, Lake Lanier, cool garage properties, and "hobby" properties. Twitter: @LaneBailey or @Lilburn LaneBaileyCarGuy on FaceBook
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