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But not Texas hot, is what I would add. This week one of my tasks is to pump up an Open House I have scheduled for this weekend. I have my websites all set with the information. I have postcards made and two thirds of them are already handed out. Yes, you heard me correctly. I walked the farm neighborhood for the home I have for sale in hopes of finding that one family that is ready to move up to the nicer house.
I am looking for the family that is doing well in this economy and feeling good about their prospects enough to move from a smaller house to a larger one. I am looking for the person who is ready for the nicest house of the block. My belief from much of what I have read about real estate is that that person lives in a house that is twenty to thirty percent smaller, and less expensive than the one I have for sale. These people, according to NAR stats, will move within a five mile radius of where they live now because they have chosen the community, the just want to upgrade the house.
Tagging one hundred houses a day for four days in 105 degree heat is a chore. As I have been walking the neighborhoods new to me I am not thinking of the heat for the most part. I am observing the lawns, the artifacts of children in the home—like bikes in the yard and baseball gloves, I am looking at the roof and the front door that this family is so familiar with and wondering if they would like to walk through the door of the home I am hired to sell in the market. As I wipe the sweat and push off to the next front door and the next I am imagining all the families I am touching and what that message I am sharing with them is. Our desire to move forward in life is always about the attitude in which we approach each and every task. Would I prefer not to have to walk around in this heat, yes! Would I trade it for something else, yes, if I could be assured my message is conveyed. But here is the thing, I can’t be sure my message is being delivered unless I deliver it. Sure I could hire someone to do my work, but then I am not in the neighborhood understanding it from their perspective. So today the last batch will be delivered and on Sunday night I will know if it worked or not. I am anticipating success for this underpriced and wonderful home.
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Anyone out there looking for a home has seen lots of distressed property. There seems to be two markets, the distressed properties than need lots of work and the homes you can move in to and live with little or no changes. The economics of these purchases should be looked at because buying the least expensive house can cost you far more in the short run than purchasing a home that is move in ready with new systems, paint and fixes.
Take for instance the Creek Crossing section of Mesquite Texas. In this neighborhood there are76 houses bought, sold, pending or withdrawn within the last 6 months. Almost a third of these were distressed properties that were purchased at below market rates. The houses had issues like no AC, bad roofs, ruined walls and rugs and other costly repairs.
As with all distressed properties there is deferred maintenance. When you add these costs up you will find that buying a distressed property will cost you more time and dollars in the long run than purchasing a property that is “move in” ready at a below market rate because of the distressed properties in the neighborhood.
Interest rates are at an 80-year low. Getting the right house at the right price should be easy with all the properties on the market. It is a buyer’s market, kind of. While there are more sellers now than buyers that doesn’t mean the road to loan approval is easy. In fact the hoops that the banks are making people jump through are more difficult than they ever have been. When you purchase a house that has no physical or repair issues this makes the closing on that deal much easier for the bank.
2508 Waterloo Lane is just such a property. Visit the website and see the home to prove for yourself that you could live there today. You will not have to spend anything unless you need a new Welcome Mat out front. Once the smart homebuyer realizes that buying a home in move in condition will be cheaper in the first year than buying someone else’s distressed property this house will be gone.
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