Laura & Rod Watson

7 Keys to Selling Your House When Sales are Slow

What was once a booming residential real estate market across the country has slowed to a trickle.

Interviewing agents

You'll want to interview at least three real estate agents to determine who will do the best job for you. What you are trying to determine is who has a finger on the pulse of the real estate market, and can offer his or her professional guidance to get your house sold for a reasonable amount. Finding top agents in your hometown is helpful - out-of-town agents may not have the in-depth market knowledge, or the accessibility to motivated buyers.

Ask these questions before listing with an agent:

• How many homes have you sold in the past year?
• How many in the past six months?
• How did the selling price of those homes differ in relation to the list price?
• What do I need to do to the outside of my home to increase curb appeal?
• What do I need to do to the inside of my home to make it more attractive to potential buyers?
• What can I do to make my home sell quickly?
• How many homes like mine are currently for sale in this town? How much are they listed for?
• How will you determine the list price of my home?

Notice the list price question came last. Too often sellers interview agents and list their home with the agent who comes up with the highest price. In a slow market, a price that is the highest may very well mean that your home will languish on the market, resulting in a much lower sales price months down the road. Find the agent who will partner with you to get your house sold in a reasonable amount of time for a reasonable amount of money.

Rising mortgage rates are lowering the affordability of homes and an increase of sellers looking to cash in on the rapid price appreciation over the past few years has led to a dramatic reduction in buyers and a rapid increase in the number of homes for sale. These factors have led to too few buyers looking at too many houses, putting buyers back into the driver's seat.

It's a whole new world for home sellers. So, how do you make your house stand out so it will sell when sales are slow?

1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. When things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying, If your home is priced too high, you many never get buyers to even consider looking at your home.
2. Quickly cut the price if you don't get action. Everyone wants to sell their home for as much money as possible. Nobody wants to "give" their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to make the sale more quickly.
3. Finding the right agent is critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They'll help with everything from pricing to advising you on the other 6 points in this article. Finding leading agents who outsell other agents in your home town are the type of professionals you'll need on your side. Talk with your family, friends, and neighbors to identify the best agents in your area. Interview several - hire the one who you believe will do the best job for you.
4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work.
5. Consider home staging. The quickest way to add home value to a home for sale is a fresh coat of paint. But after you do that, you may want to consider home staging. Either do it yourself or hire an outside firm to do so. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it more appealing to prospective buyers.
6. Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don't have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
7. Offer flexible terms. Flexibility is the key now. You'd like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home, but the buyers make a bid near the asking price - including the appliances. Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high - you don't want to lose the only buyer who has looked at your home in a month.

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com

Chances are, you or someone you know in Houston is facing the possibility of foreclosure. But you need to understand that you are not alone.

Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.

Through my experience handling distressed properties at RE/MAX Prestige, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners.

You may also have noticed that I'm offering you a FREE Report to explain your options and help you decide on a course of action. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision.

As an agent experienced with handling distressed properties, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you.

If you would like to know more about your options, please call me at 281.797-3841.

We are here to help ... in any way I can.

Laura Watson

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com

$8,000 Tax Credit Deadline Is Nearing. Find Out If You Qualify!

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and Nov. 30, 2009.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

You just provide your HUD1 or a.k.a. Settlement Statement you receive at closing, to your CPA when you file your taxes for 2009 and you should receive the credit at that time.

If you are someone you know is in the market to purchase a home and would like assistance with finding the right home before the tax credit deadline. Give us a call at 281-797-3841 or e-mail us at laurawatson@remax.net.

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com

Facing Foreclosure, Behind on Your Mortgage Payments? The Watson Group Can Help!

Foreclosure is something that many people think can never happen to them. The reality is it can happen to anyone. There are many reasons that may leave us facing foreclosure:

• Rising Interest Rates
• Unemployment
• Personal Tragedy
• Health Problems
• Death of a Family Member

These are just some of those very real reasons. In desperate times, the last thing you need is to lose your home and potentially break up your family.

At The Watson Group, we are committed to assisting you with keeping your home. We will act on your behalf and negotiate with your lender. Whether your goal is to stay in your home or simply get out of it without going through foreclosure... We may be able to help make it a reality. For more information click below. STOP FORECLOSURE!

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com

The Short Sale

Did you know that there are actually options available to you should you find yourself in this situation?

One of these options is a Short Sale, which occurs when a lender agrees to accept less than the actual balance of the loan as payment in full, allowing you, the homeowner to get out of the property and start over.

Why are banks willing to do this? Because the alternative is foreclosure, and the foreclosure process is usually far more expensive than the discount that lenders take on a Short Sale.

How the Short Sale Affects Your Credit

What happens to your credit as a result of this, you may ask? In almost every case we have ever worked, the homeowner walks away from the situation free and clear with no further damage to their credit beyond the effect of the late or missed payments that led up to the situation.

The bottom-line: a Short Sale proves to be a "win-win" solution for everyone involved.

How Do We Get Paid?

In the Short Sale transaction, we primarily act as the real estate agent, which enables us to be the liaison between you, the homeowner and your bank, as well as all other parties in the transaction. For this service, the bank pays us a commission on behalf of the homeowner. The homeowner doesn't pay us anything!

Are we Investors?

So you might wonder, why don't we actually purchase these properties as investments, since we could buy them at a discount. Well, as any smart investor knows, to make an investment worthwhile, the property must be purchased at no more than 65-70% of its after-repair-value. Generally, in a Short Sale, unless the property is in horrific condition, the bank will not discount the loan below 75-85% of its appraised value.

Since 95% of the calls we get come from first-time homebuyers who have bought brand new homes in the last 2-5 years, the banks simply cannot discount the property enough for it to qualify as an investment opportunity for us.

When we first started our Short Sale business, our primary objective was to purchase investment properties through this process. We quickly learned, however, that it was like looking for a needle in a haystack to find a good investment candidate.

We Knew We Could Help

We began to realize, however, that we could develop a business helping homeowners get through this process and walk away from a potentially devastating situation with hope, our focus quickly shifted to simply offering our services as real estate agents. Furthermore, because so few real estate professionals have the information and experience to help their clients navigate this process, we have dedicated ourselves to providing a professional service to distressed homeowners in the Houston community.

If you have any questions or would like a free consultation on how we may be able to help you avoid foreclosure with a Short Sale. Contact us at 281-797-3941 or just click on the link below to request more information. http://www.laurawatson.remax-texas.com/remaxtx/modules/global/forms/consumerrequest.asp?AccountID=128831

Brought to you by!

Laura & Rod Watson

The Watson Group Realty

Re/Max Prestige

11143 Huffmeister Rd.

Houston, TX 77065

Office: 281-797-3841

Direct: 281-797-3941

E-mail: thewatsongorup.remax@gmail.com

www.thewatsongrouprealty.com