Patricia Gurley

Well, folks we have weathered another 2nd quarter of sales in spite of the recession and ending of the First Time Home Buyers Credit. Nationally,sales fell 30% in May of 2010, not surprising as the first time Home Buyers Credit ceased. Locally, we did feel the changes and overall did OK. Here is a summary of our market from the Greater Utica-Rome Board of Realtors reports.

Residential Sales for the Period 4/1/2010 - 6/30/2010

Number of New Listings: "903" - an increase of 34.75% over 12/31/09-3/31/2010 and a 0.76% increase over the same period in 2009.

Number of Sold Listings: "402" - an increase of 63.41%  over the period 12/31/09 to 3/31/2010 and a 9.53% over the same period in 2009.

Number of Pending Listings: "477" - an increase of 35.12% over the period 12/31/09 to 3/31/2010 and a decrease, -15.72%, over the same period in 2009.

Days on the Market (DOM) for the second quarter of 2010 are 98 which is a sight decrease of 4.12% over the same period for 2009. 

Average selling price was $120,172.28

Overall, we have seen a slight increase in the number of homes sold. The market remains fragile and is definitely affected by increasing foreclosures, unemployment rates and the overall economy. However, interest rates are the lowest we have seen in over 50 years at 4.25%. Unfortunatley, they will not stay there for long. As the economy improves the rates will increase. If you can afford to purchase now is definetely the time!  We have 1174 homes on the market - one of them is just right for you.

I am totally frustrated with bank of America and their processes. We have had several loans delayed lately but one in particular has me ready to take an ad out in the newspapers and cite some facts to steer buyers away from BOA. I wrote and offer for a young couple on one of our office listings. They had saved for quite some time to be able to make a purchase and hoped the First-Time Buyers credit would help them to make moderate repairs and updates within the first year.

They were so excited. They had been doing business with BOA for some time and wanted to get their mortgage thru them. I recommended a local (Utica, NY) loan counselor that I had worked within the past and had been satisfied with his attentiveness and performance. This couple pulled together all of the documents listed by this loan counselor and sent by mail to the underwriter in Florida. The buyers move forward immediately to get the home inspection done. Nothing from the bank. I call to see when the appraisal is going to be ordered..we are approaching 30 days since signing the contract. I'm told it was ordered....the following week, I 'm calling to remind the loan counselor that I need a commitment letter this week - no appraisal yet. Finally next week we get the appraisal done. Issues to be addressed of course are identified. The seller agrees to make repairs. Six weeks from signing still no commitment letter. I call again - I'm told he'll follow-up. A few days later I get a commitment letter. It says that it is good 55 days from the date on the letter - Crap that was 4/21/10...today was 5/27/10 - we're already 30 days into the time frame. Call to see what the deal is ...no response.

Ok, so now we have a commitment letter and we are suppose to close on or about June 12. Only 15 days to go. Call the loan officer and tell him to send the appraiser out to confirm all repairs are done. Call again as we approach June 12thasking for a status update...told everything is in underwriting. It goes downhill from there...documents are lost, requested a second time; explain to the loan officer that we are 3 weeks past potential closing date..we are advised it is with underwriting and we should hear soon. Buyer has everything in.. Loan officer goes on vacation...attempts to reach individual covering is like trying to sneak into Fort Knox. Finally, I get to speak with this charming young lady who apologies for not having all the documents because the loan officer is in another city. She requests we resend documents to her. I call the buyers. They come to the office after work, bring the documents requested by this individual and we make copies and fax them again. Now - I call this individual and confirm all documents rec'd and were posted for the underwriter, plus she sent an e-mail to alert them to the availability of same.

The Loan officer returns from vacation, I spoke wiith him, pushing now for a closing date. I am told he'll check with the processors and find out where we are. You won't believe it but, BOA is missing documents -"this sometimes happens when documents are faxed." We have to submit the same documents again. Now it is July 4th weekend and still no closing in sight. I call again, now - they are questioning a 1040 form submitted in April. Why? Because it is only one page and is hand written. I had to speak up, this is crazy - I told him "Not for nothing but some people when they are young do a short form. Some of these people do their own forms." I guess my response was not satisfactory, the loan officer had to call IRS t verify the tax return. Do you believe it!

The following week, the buyer calls the loan processor and is told they are still waiting for bank statements to be verified by a stamp of the bank - not the ones submitted in June but those submitted for the period Jan to April of this year. Enough is enough already! The buyer goes to the bank and gets the statements stamped, faxes them and hears nothing. It is now July 10th - 2 months past closing. The seller is threatening to withdraw from the contract if we do not have a closing date within a week. everyone - attorneys, listing agent, buyers and sellers are calling BOA....no response. The loan officer is told "Time is of the essence."...no response. July 19th the seller wants to withdraw from the contract, the buyer still wants to buy.

Unbelievable. The seller has put up with 2 months of hell, expended money on repairs and now will opt to look for a new buyer. The buyer, has spent money on home inspections, appraisals, and lost $8,000 tax credit. BOA should have to reimburse both parties for monies spent in pursing this deal that BOA has destroyed.

Has anyone else experienced this type of nightmare lately? I am beginning to think BOA does not want to lend money!

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Who ever would have thought that someone would recognize that women have a large influence in the purchase of a home.  My guess most of us women could have told builders that we make the decisions. But really, the wave of the future is to consider and market to women when building new homes. 

Over the past few months, an associate who is a  builder has been talking to me about this new concept called "Women-Centric" Designs and Builders. I had to admit that I was not familiar with the concept itself but it made some sense.  Now,  it seems the Women-Centric concept is gaining in the market and being talked about in the Wall St. Journal and Smart Money Magazine. 

The most recent article offered some statistics, insight into what women want and prespectives from a few women interviewed. He also shared with me the website for the Women-Centric site where more information is available including some basic designs.

I think this concept is going to grow and we may see a need for Realtors to focus on "Women-Centric" concepts when working with couples to build a new home or maybe some of us may think about marketing niche with single women in mind.

Here are some key points:

(1) The national Association of Realtors say women now purchase 25% of the homes, up from 14% in 1995.

(2) Women are closing the salary gap at 94% of what their male counterparts do.

(3) The beleaguered economy that created the housing bubble may have actually helped women. While in 2008, more men than women, 3 to 1, were affected by layoffs, especially in the financial and manufacturing sectors where men are the predominant employees.

(4) Things that women want: more security, less maintenance, drop zones, plus amenities like walk-n panties, and spas. Then there are noise muffling walls, hidden storage in bathrooms, hairdryer ready drawers and 360 mirrors.

I think their might be something to it!!! My experience with men who call to inquire about homes say their wives have to see it with them and If the wife doesn't like it we'll keep looking.  So I am interested in feedback from other Realtors across the country...what are your thoughts on "Women-Centric Concept"?

Here is the information on the article:

Hungry to jump-start sales, more home builders are aggressively targeting women buyers. Will they bite?

By ALYSSA ABKOWITZ in Wall Street Journal and Money Smart

This exceptional ranch at 18 Jessica Place, Whitesboro, New York has had the same owners for almost 20 years that maintained this fine home.

It offers 3 bedrooms, 1 full bath and 2 half baths. The kitchen cabinets are beautiful, the counter space is awesome and the cooking area is open to the dining area. Plus, you can readily expand to the outside deck from the dining area for summer barbecues.  Maybe your are looking for a more formal entertaining and this home offers a stunning Formal Dining room and Living Room for that purpose.

For everyday relaxing, or a place for the kids to hang out there is a fantastic finished basement. The only limitation here is the imagination... recreation room with a big screen TV, pool table ..maybe an exercise room - add the equipment, a spa area and maybe a hot tub. Plus, there is a separate finished room that could be a 4th bedroom, a half bath on this level, a laundry room and a workshop.

Now that is the inside. The corner lot is great. Lots of space just waiting for a new family.  This Whitesboro home is located in a very desirable neighborhood of well maintained homes. It is a short distance to malls, theaters, restaurants, and schools.

Best Buy!