If you’re a homebuyer and you’re “on deck” you may want to get ready to step-up to the plate!
CNBC’s Diana Olick reports today “Home Buyer Tax Credit: Final Deal?” that Congress may be close to extending the popular First Time HomeBuyer Tax Credit program! Good news, but there’s even better news – the revised plan may allow for “step-up” buyers to benefit. That’s right they are finally considering doing for the middle market homebuyers what they’ve done for the lower end / first time buyer! In fact there is some early buzz that a “step-up” homebuyer tax credit would apply on homes up to $800,000! We’ll believe that when we see it, right! But I am optimistic that some help is coming for that stagnant $300K-$500K part of the market and well it should.
First time homebuyers are most often strapped for cash and focused on the down payment – “step -up” buyers on the other hand are much more likely to have cash and will use the tax credit on things like below…. look how many businesses are impacted by the purchase of a home
So please keep an eye on congress and be sure to support any effort to help the middle end of the housing market – it is very important that we get this part of the market moving again to support NOT ONLY the housing market!
Homebuyer catnip, huh – sounds like Mike has been nipping on something that has nothing to do with cats! So let me explain. You’re thinking OK, “I have a house but I’m not sure I have a HomeSTORY?” Good news if you have a home you have a HomeSTORY and it’s just waiting to be told! A HomeSTORY is simply all the stuff that makes your house a home. The problem is most people selling their homes are sharing stats, data and pictures but not their story! So thinking different (as always) I came up with the Charlotte HomeSTORY concept to change all that!
Regular readers know that I am big on getting back to the basics, to the joy of real estate read my post Looking or a 1974 Buick Century? I’m Your Realtor for more on that. We all know the market stinks for everyone; buyers are stymied by tight financing or because they can’t sell their own home and sellers face the double whammy of low prices and oversupply. We’re all trying to navigate real estate’s “perfect storm”.
But here’s the thing people are buying and yes, selling plenty of homes ~ in fact Charlotte’s $250k and below market is booming (OK that’s relative) but the market IS active, there are a lot of first time buyers out there. But not every house is selling – the homes that stand apart sell (are bought) first. It is more important than ever that sellers position (price and preparation) their home to shine from day one.
But I’m afraid you need to do more than that, you need to do things that no one else is doing and that is where the HomeSTORY idea comes in. Absolutely price your home smartly, repair, paint, declutter, clean spit and shine do all that and then make your house a home – personalize it. That does not mean you want your walls to look like a family reunion or that you leave out your Rush Limbaugh fuzzy slippers on purpose – it’s not that kind of personalization! Rather you want potential buyers to see themselves in your house, they may look at 20 similar houses and the house they pick is the one they feel they can make their own!
Here are a few examples of HomeSTORY in action:
Writing your own HomeSTORY is like catnip to buyers – because you are sharing the personal story about your house and helping them visualize living there. I work with my clients in writing the HomeSTORY encouraging them to be authentic and candid including things that are special to them: (what the buyer’s thinking)
This is all the stuff that only you the homeowner knows – the little secrets, the good stuff.
Now a little goes a long way here so I council my homeowners to handwrite the story and keep it to one page, two max. We are getting awesome feedback from homeowners and buyers alike. Buyers like the personal touch and buyers remember, they remember the HomeSTORY homes! For sellers it helps them focus on and highlight the positives – the things they love about the house which are often the very same things the buyers want! Writing the story brings a lot of things into perspective and I think makes for a smoother and more successful transaction.
So if you’re in the market to buy a house in Charlotte look for the HomeSTORY ribbon on the sign – you can be sure there’s a story behind that front door. And if you’re looking to sell I hope you’ll consider letting me help you share your home’s story – it might just make all the difference! Drop me an Email
I don’t usually do this but this company seems so neat and fun and I know that this time of year many of you are looking for fun gift ideas. I rave about Seth Godin and he raves about Little MissMatched and even wears their mismatched sox from time to time. So enjoy and remember if sometimes things don’t work out perfectly (like sox) that may be just fine! “Think outside the Socks”
I share my friend, Miami Realtor Ines Hegedus-Garcia’s appraisal that whether you’re in Miami or Charlotte nobody is happy with the current state of residential real estate appraisals.
Home appraisals used to be, more or less a check off (not a good thing), a part of the process to ensure that someone did not buy a home that was wildly over or under priced (as Martha would say that’s a good thing). Nevertheless the exact and only true value of a house is the price that a buyer is willing to pay and a seller is willing to accept, today – kinda like a share of stock – yes the free market is funny (and works great) that way! Sarcasm aside appraisals are important and (when done right**) they do provide an invaluable measure for homeowners and lenders alike. Here’s the rub there is no right way to do an appraisal and the most professional appraisers will tell you even the best appraisals are subjective and as much art as science.
The problem started about 15 years ago when Americans stumbled on a treasure chest literally under their feet - the home equity line – the mother lode first for home improvements (good), then boats (worse) and ultimately even bottles of three buck chuck (bad) at Trader Joes (now in Charlotte). We went crazy using our newfound “home-wealth” to bankroll (most of) our American dreams. There was only one pesky hitch to get into the chest (your own chest) you had to have a key which was held by the bank – and to get to the key you had to go through a gatekeeper, the appraiser! Long story short – equity lines flowed like mountain springs as many appraisers checked off on treasure chests bigger than the house – not a problem since American home values would increase forever and ever (we’ve always been an optimistic lot). Well in 2007/2008 the party ended – the treasure chests slammed shut, fingers and dreams were crushed.
Past is always prologue and all that treasure hunting inflated home values beyond belief. As we know banks (and regular Joes) got their heads and foreclosure notices handed to them as home values and loans unraveled.
What now? Well the lenders have predictably overdosed on reality and the appraisal process is feeling the brunt of this fervent – albeit understandable fiscal conservatism. The home valuation pendulum has now swung as far right as it was left and we are left with the scarily governmental HVCC Home Valuation Code of Conduct which in part “…attempts to curb inflated appraisals by refusing reports from people selected, retained or compensated by mortgage brokers and real estate agents.” Appraisers are selected by “round robin” – many are not familiar with the neighborhoods they appraise and the unintended consequence of this abject objectivity is the process has become a black hole where …
A new code of conduct, that sounds great, right? Well as @Ines so deftly describes in her MIAMISM blog post Appraisals Kill Deals ~ in practice that code of conduct seems more like a cloak of Teflon – no over-values are gonna stick to me says Mr. or Ms. Appraiser – undervalue is de rigueur. Result? Inconsistent, uniformed appraisals are killing reasonable real estate transactions (indiscriminately and unnecessarily). What should you do — now more than ever make sure you’ve got the right agent – look for the most smart, the most informed, the most candid agent you can find and for now anyway, pray for a return to common sense!
Stick a yard sign in it…the Charlotte residential real estate market is dead…or is it!? The media of course would have you believe no-one is willing or able to buy a home ~ foreclosures are climbing, credit scores are dropping and now interest rates are on the rise. Well…. [Jane] It just goes to show you it’s always somethin’ if it’s not one thing it’s another…
I know you’re thinking what happened to Friday Fun? what’s with all the real serious, real estate — well we wanted you to know the news of real estate’s death has been exaggerated — The TalkCharlotte Team Bunch and our clients are doing quite well here in Charlotte…just sayin’
In the past few months we’ve helped clients close on eleven beautiful homes over $2,000,000 with another seven homes ($2.5mm) closing soon! And we’ve got eleven more homes listed with a few more almost ready to go! Talk Charlotte Homes
So while there’s no doubt the Charlotte real estate market is tough...it’s NOT DEAD. We’re busy and if you’re looking to buy or sell a home in Charlotte you should be too! It may not be the “bitter bottom” but common sense says it’s a good time to get serious about a home! We’re not about to get on this wagon…are you?
And you’re a first time home-buyer please, please, please don’t forget that the $8,000 tax credit expires November 30. For you it could be a “perfect storm” of home buying opportunity — prices are down, interest rates are low and there are lots of home to choose from. Remember to close by November 30 you need to be putting your purchase offer in at the latest mid-October which is only 4 months away! We really can help you~drop us an note right here
RE/MAX International Team in Charlotte, NC. Team of 6 agents that have been in the business and are not going anywhere. Coached by Brian Buffini and treat our clients right! Relocation is our Forte'!
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