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All the talk among Realtor’s, Mortgage Brokers, Investor’s and first time home buyers is about whether or not the first time home buyer $8,000 tax credit will be extened past May 1, 2010.  Everyone working in Real Estate has enjoyed the surge of sales this tax credit has provided during the past several months. 

It appears certain that the $8,000 First Time Home Buyers tax credit will not be extended past May 1, 2010.  Everyone is wondering what the impact will be while enjoying the final surge of people buying during this last week of April.  Mortgage Brokers and Realtor’s are secretly asking one another what will happen next to the real estate market. 

I am an investor and from my perspective we are still working right in the heart of the Perfect Storm caused by the glut of distressed properties on the market.  Never before has there been such a transfer of real estate wealth caused by the greed of Wall Street.  Today’s home buyers can purchase property as if shopping at Macy’s inventory reduction sale.  Just like finding your favorite clothes marked down 30%, homes can readily be purchased at sharp discounts in most markets across America.   I expect to continue to see some strong movement in the real estate market for the coming months due to the incredible deals that are readily available to home buyers.

The second reason I believe the market will stay strong for several months is the second condition of this perfect storm.  Very low interest rates.  With decent credit home buyers are still financing homes with interest rates in the low 5% range.  In fact we have a closing on a home that was purchased from us scheduled to close may 7th and the borrower qualified for a rate of 4-1/8%.  The very low interest rates will not last forever and the fact is they worth far more than the $8,000 tax credit, assuming the average American spends the $8,000 and does not re-invest it for a profit over the next 15 years.

The third reason I believe the market will stay strong for a while is the wide availability of grants.  In Virginia where I live, and in many states across our nation there are many grants still available to first time home buyers.  We recently sold another home in Virginia where the borrower qualified for a $10,000 grant.  Again, that grant exceeds to return of the $8,000 tax credit.

The good news is that I believe homes will continue to sell for the next several months.  The key to your sales is the same as always:

1.  Property condition:  There are a lot of homes still on the market; to make yours stand out from the others be sure it is 100% clean, clutter free and well maintained inside and outside.  Be sure the outdoor space is appealing with a well cut lawn, mulched flower beds and trimmed bushes.

2.  Marketing:  The majority of home buyers begin their search on-line.  Be sure that your home is marketed heavily on the internet.  You should be sure to have your home listed onto the MLS either list it yourself with a great flat fee MLS listing service such as http://www.justlistem.com or find a strong realtor.  Your home should be listed on craigslist, zillow and trulia along with the MLS.  In addition to internet marketing and the MLS, be sure you have a property flyer along side a great for sale sign that is easily read when people are driving by your home.

3.  Price:  In this market you need to consider your listing price carefully.  Take time to review the comparables of recent homes sold in your neighborhood, speak to a strong Realtor or simply have it appraised.  You will want to price your home competetively and be sure to offer the new Buyer assistance with their closing costs to make it easy for them to purchase your home.

Sit back, relax and enjoy this perfect storm.  There should continue to be strong sales for the next several months due to low interest rates, readily available grant funds and the continued great opportunities to buy.

What do you think the impact of no longer having the $8,000 first time home buyers tax rebate will be?  Leave me your opinions in the comments.  I would love to know your thoughts.

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From acquiring, to investing, to repairing, to staging, to appraising, to inspecting, to putting it on the market, to open houses, to listing, to contracts, to actually selling… the process of investing in and selling a home from start to finish can be confusing and a daunting task. We want to make it easy! We are working with a new home that a private lender has invested his money in to yield a great percentage. We are the experts in the field of home acquisition and investments. This particular home has just been acquired and is in the process of getting repairs and getting ready to go on the market… SO we have decided to do a series of blog entries following this home and it’s investors from the beginning to the day it sells.

Welcome to WEEK TWO of our entries: the process of investing in real estate from START to FINISH.

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The Bolling house -- Week TWO.

Our project -- Week TWO.

Of course, there are no surprises this week!  Renovating a house is just like peeling an onion–you never know for sure what you have until you peel it all back.  We had TEN people working on this house for the better part of this week.  It is critical to be prepared to start the work the very first day that you close on the home. Our first trip to Lowe’s home improvement center was fun. It was like a parade with about four carts full of materials.  [BTW: ANYONE can save 10% at Lowe’s by getting the coupon from the “change of address packet” at their local post office.  This week we spent $1,400 in materials at Lowe’s and saved $140. Pretty sweet, right?]

Here is what we did this week:

Constructing the new full bathroom

Construction of the new full bathroom

  • New dimensional shingle roof
  • New deck in the back yard
  • New full bath (almost done)
  • New heating and air conditioning installed (WITH a 2.5 ton heat pump)
  • Prepped all walls for painting

Here’s what’s happening NEXT week:

  • Completing all interior work
  • Refinish all hardwood floors
  • Lay new kitchen floor
  • Lay new bathroom flooring
  • Replacing shutters
  • Painting of exterior trim
  • Complete all landscaping work
  • Determine sale and listing price
  • List home using Just List ‘Em: http://www.justlistem.com

Our investor is very pleased with the progress of the renovations on the property. By using his IRA to fund the project, he is receiving an 8% interest return on his overall investment–something he would never have received from a bank. We are so happy to be collaborating with a private lender on such a great project. By becoming a private lender and investing in real estate when the stock market is not at it’s best, you are able to achieve greater financial gain in an easy and reliable manner. After last week’s post, we received A LOT of questions regarding this process. We would be happy to answer them, but I would also like to refer you to this website:http://www.entrusttexas.com. [The contact is Quincy Long.] The Entrust Group provides a lot of GREAT information regarding self-directed retirement plans–this is a great place to start when considering investing in real estate and properties.

Look forward to next week when we discuss the completion of the renovations, sale-price, and MORE.

In the meantime, follow us on Twitter! @justlistem

-Jim Ingersoll

 

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This blog post is courtesy of Just List ‘Em: a Flat Fee MLS real estate company geared towards helping YOU sell YOUR home.
We love them. You should too.

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There we go, throwing that term “MLS” around again. The MLS (Multiple Listing Service) can be a confusing subject if you’re not privy to the latest and hippest news in the real estate arena. It’s understood that the MLS is a service which lists homes for sale in many different locations. But WHY should you bother listing your home on the MLS? How does it benefit you?

photo courtesy on google images.

photo courtesy of google images.

Well, before the MLS, real estate companies had their own exclusive listing services that sellers had to go through. That exclusivity caused homes to have limited visibility for buyers — making it more difficult to show and sell a home. Companies only had rights to their exclusive listing services, and sellers couldn’t sell or show homes that were not on their specified list. All of these circumstances created a formula for a tough seller’s housing market. 

SO, how does listing a home on the MLS benefit a BUYER?

  • It allows a buyer to have greater access to what is actually on the market
  • Allows buyers to look outside of their designated locale
  • Creates a relationship with a seller
  • Allows for more trusted and reliable service (this way a buyer knows they aren’t getting taken advantage of)

How does listing a home on the MLS benefit a SELLER?

  • Allows for the home that is for sale to be listed in multiple venues, creating a wide exposure
  • This wide exposure will help the home sell FASTER
  • By going through a website like justlistem.com, the flat fee saves sellers thousands of dollars on broker’s commission rates
  • By listing on the MLS, you are no longer tied to a local market — your home is now visible in markets all over the country and the WORLD. 
  • Creates a trusted relationship with buyers

Just List ‘Em provides all those things for a seller at a very reasonable price, and we do all of our business online — saving you time and money. So, if you, or someone you know is looking to sell their home, come to us! We are where the conversation of selling your home begins.

Jim Ingersoll

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