Let's Get Real!
Happy New Year!
Last week my husband & I were in Portland visiting family and friends. We had a dinner date with one of my husband’s clients one evening. That afternoon there had been a surprise snow storm and the roads were in total gridlock. Of course we had no idea how bad things were until we left our hotel. We thought about canceling, but they were game so we set out to drive 10 blocks to the train station.
We finally made it to dinner and we were talking about all sorts of things, and one topic that came up was cars. Our friends were driving their parents all wheel drive Subaru and it had handled just great in the snow. I mentioned that I would like to trade in my car for a front wheel or all wheel drive to deal with our snow & ice in the winter. Then, our friend Rob started talking about a BMW that he had & needed to sell for the same reasons... beautiful car, low miles, immaculate condition. He really loves that car! However, the Kelly Blue Book said the car was worth 8 thousand dollars & he thought because of the condition and low miles he should ask 18-20 thousand.
You may be wondering how this is related to real estate, so I will explain. This is no different from the real estate market! Everyone thinks they have the best house, in the best condition, and the best lot in the neighborhood. Very few sellers contact an agent with a realistic selling price. They want to start high and then come down in two or three months, after all they don't want to leave money on the table!
As a Realtor, we have access to market data, we track sales trends, we compare and analyze numbers and then we look at property, both online and in person, to compare homes. After doing all of that research we come up with a realistic number we think the house will sell for...much like the Kelly Blue Book does.
But do people take our advice as experts? Some do, but many do not. You see, we do all that research because we don't want to just LIST houses, we want to SELL houses.
If you are thinking about selling your home in 2010, be realistic! If you are not sure about a pricing recommendation from a prospective real estate agent, ask them to show you what data they have looked at and analyzed to come up with the selling price. Trust the numbers, they don't lie.
I am optimistic about 2010 and the real estate market in Whatcom County. We are not out of the weeds yet, but things are definitely looking up.
If you want a realistic, well researched selling price for your home this year, call me.
Buy Your Kids a House for Christmas!
Jingle Bell Run/Walk for Arthritis...Bellingham
Tax Credit Extension Approved
Oct 28, 2009 Tax Credit Update
Here is the latest report on extending the 1st time homebuyer tax credit. As a Realtor I am feeling optimistic that this will pass in one form or another. The details seem to be changing daily, but we should have a final plan within the next week or two. If you have questions about the tax credit or want more up to date information, don't hesitate to call me.
Financial Stability Plan...You May Qualify!
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.
Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.
If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links below and completing the forms for each company.
Fannie Mae
- 1-800-7FANNIE (8am to 8pm EST)
Freddie Mac
- 1-800-FREDDIE (8am to 8pm EST)
