As I mentioned on my other blog, the homebuyer tax credit expires today. Although the tax credit is over, i’m confident that homes will still sell. Click here to read my original post. If you have any questions, give me a call at 262-694-2141, 608-770-4568, or 262-320-SOLD (7653), or email me at: soconnor@shorewest.com.
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Should I or shouldn’t I move? Often this question comes up with those potential home buyers and home sellers that are sitting on the fence directly after the start of the New Year. “What’s the right choice?”, “Am I making a mistake?”, “Will I be able to afford this home?” In each and every instance these are normal questions to ask, and of course all the pros and cons need to be evaluated. Certainly in these unsteady financial times a mistake could prove to be costly.
However, if you happen to be one of those people that are sitting on the fence, there is no better time than now to purchase a home. Whether you’re a move up home buyer and qualify for the $6,500, or a first time home buyer and qualify for the $8,000 tax credit these most assuredly are enticing. As a seller, if you over price your home you’re more likely to lose money and the sting of selling your home may be a bit more abrasive that if you’d priced it accordingly. See, even though we homeowners always think our home is worth a little more than it really is (me included), there is the reality check of the Buyer and Appraiser both.
In this market, the wise thing to do is to price your home just below market value. Insert long pause here….. I can understand the skepticism that follows those words above, but consider this. When you and the rest of the world are shopping for a specific item and it’s got a great price on it what’s the natural reaction of the shopper? Demand, correct?
In this instance pricing (as well as all the other components of selling a home) is key. This strategy is more likely to net you multiple buyers, and multiple offers on your home! Positively the best of all scenarios as you’ll more than likely have multiple offers from which to choose and multiple buyers trying to get your home.
So, take this New Year and be the master of your destiny and don’t be afraid of selling your home, especially when the government will compensate you. Remember, that both of these tax credits have expiration dates on them so act now! If you’d like more information on how these programs work, of if you’d like to see what your home is worth, please feel free to contact me at your convenience. I can be reached at 262-694-2141, 608-770-4568, or 262-320-SOLD (7653). Or, email me at: soconnor@shorewest.com.
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This holiday shopping season is expected to be a brisk one! Not because its cold outside and there’s white stuff on the ground, but because there are values to be had for the savvy shopper. Specifically, the first time home buyers, and the move-up home buyers! With the Federal Government providing a $8000 and $6500 incentive respectively, now is the time to buy a home! That however is somewhat old news; most everyone is aware of the tax credit, but what may not necessarily be flashing in neon lights are some things that can affect the home buyer’s ability to purchase a home. Primarily, I’m thinking of the overall economic state of the union and interest rates.
With all time low interest rates, it doesn’t get any cheaper to borrow money than now. Rates in some areas are hovering around 4.5 to 4.875 percent. From the rumblings I’m hearing, it sounds as if after the first of the year rates are expected to go up, and maybe by a full point. But the question remains… “Why are interest rates going up?” One of the key factors affecting interest rates is the bond market. When bond rates go down, interest rates go up. Rumblings that I’m hearing from folks are that bond rates are going down after the first of the year.
On a final note, a few other issues that the potential home buyer should consider are two things. First, when taking advantage of this home shopping season, be sure that you ask for a home warranty in your offer to purchase, and also, something new called “Job Loss Protection”. Job Loss is a great tool and is just that. Who wants to buy a home and then unexpectedly get a pink slip. I’ll blog more about Job Loss Protection tomorrow.
In the mean time, check out some great homes by clicking here. Or view streaming digital video of more great homes by clicking here.
If you have any home buying or home selling questions, please don’t hesitate to give me a call or shoot me an e-mail, I’m always happy to help! 262-694-2141, 262-320-SOLD (7653), or my mobile phone: 608-770-4568. Email me at: soconnor@shorewest.com, or visit me on the web at www.peteoconnor.com. Happy shopping!
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This year has seen an unprecedented number of foreclosures and short-sales that are available for sale. The housing market is flooded with both of these homes available for sale, and this year, I’ve had many, many buyers interested in these types of homes. Specifically, some of my buyers this year seemed to zero in on foreclosures, namely due to the advertised sale price.
Foreclosures can be a good deal, but they aren’t necessarily for the faint of heart. Most times these homes need a great deal of work just in order to become habitable. One home in particular that I was in earlier this year with my buyer ranked as the number one, most awful home I had ever been in. Seriously, on a scale of 1 to 10 with 10 being the worst possible ever home I’d seen, this one was a 12! When we walked into the home the first thing that caught our attention with full measure was the distinct and very pungent smell of cat urine. This was not just a little smell, but a “punch you in the nose squarely between the eyes” smell. From what we could gather the foreclosed owner had about six or seven cats and they did their business where they saw fit. The second thing that caught our attention (after gagging badly) was that the owners had left, period. They took nothing with them, the house was an absolute wreck, and it looked as if a tornado had gone through the house entirely. Open, moldy food and trash as well as personal possessions were scattered to and fro. It gets worse… the basement had obviously had a water issue and that in turn brought mold. Lastly, the foreclosed home owner, during better days obviously was an avid fan of HGTV, and attempted many, many home projects, none that appeared to be in good quality.
Remember, if the homeowner didn’t have the money to make the house payments, what makes a person think that that quality would be a consideration in their home improvement projects? Or, equally as important take care of the routine maintenance items that a home requires on a daily basis?
So, with buyers in tow we toured the home holding our noses and wading through, in some instances calf deep trash. The buyer was obviously oblivious to costs involved in turning this “good deal” into a habitable home for her and her children. Consider that while the above grade structure was in decent shape, the roof and studs, just a few of the obvious costs involved to get this home ship shape would be:
Remember, these are just a few of the easy costs to target. Nevertheless, in an easy guesstimate of what it would cost just to make the home livable, in this instance my guess would be a cool $45,000 and that’s being liberal too.
While most foreclosures may not be in this poor condition, what’s amazing are those buyers that will still entertain the thought of purchasing them, because they’re “a good deal”. When determining value, make sure that you consider all the costs involved in the rehabilitation process of the home. There are underlying costs that should be considered. Don’t get me wrong, I’m not saying that all foreclosures are a bad deal, but make sure that common sense is applied. For a complete list of foreclosures and short-sales available in your area give me a call or drop me an e-mail. I can be reached at 262-694-2141, 608-770-4568, or 262-320-SOLD, or at soconnor@shorewest.com. On the web, visit me at www.peteoconnor.com. So, for now, happy shopping and Caveat emptor!
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Just a very small sampling of what’s available in Kenosha, Wisconsin is this beautiful, turn-key, ready to move into two bedroom, one bath home. Neatly situated in Kenosha and close to brand new schools and brand new shopping centers, this home boasts a full basement, fenced in back yard and a shed too. The price, a cool $79,900! Believe it or not.
More, and more, home prices are more affordable than ever for the first time, or move-up home buyer! Just think, buy a home and get up to $8000 (for the first-time home buyer, or $6,500 for the move-up home buyer). Where else can you get that kind of a deal? Sure, there are deals and everyone appears to be out to make a quick dollar, but through the ages real estate has, and always will be the single most stable investment for wealth building.
Just like any other investment, real estate has its ups and downs, but there has never, ever been a better time to buy, or invest in real estate as there is now. Whether you’re looking to purchase a home for your self, or buy land for building your dream home in the future, or looking to build wealth through investment properties, NOW is the time. Don’t let this once in a lifetime, golden opportunity pass you by. If you’d like more information on these exceptional properties in all of Southeast Wisconsin, please don’t hesitate to call or e-mail me. I can be reached at 262-694-2141, or 608-770-4568, or Google Voice at 262-320-SOLD. Better yet, e-mail me at soconnor@shorewest.com.
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Earlier this year at one of our weekly Tuesday sales meetings, my office was visited by a representative of Brookstone Homes who was introducing an almost unbelievable concept; brand new spacious homes starting at $154,900. These homes, located in the Grandview Meadows subdivision located at 39th Avenue, and 42nd Street are very well built and very affordable homes. More than just a starter home, these homes come in ranch and two story homes. Featuring two car attached garages, full basements, which by the way are stubbed for a third bath, three and possibly four bedroom, two bath homes are turn key and ready to go.
Giving the Buyer a choice of amenities, the builder presently has four models ready to go…err, three models ready to go, I’ve got one of them sold to my clients. Not only is the builder putting good quality into these homes giving the buyer a good value, but also includes some nice extras such as full basements, and in the case of my Buyer a basement that is already stubbed for a full bath. That is indeed a nice value in and of itself. Most of these homes come with seeded lawns; however, Brookstone Homes went an extra step further for my clients and made sure that they were getting a sodded yard! In any case, don’t hesitate to check out these homes in this new subdivision. When you’re ready, give me a call (262-694-2141, or 262-320-SOLD) and I’ll be happy to help you get that home.
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With all the holiday season in full swing, many of us are touched by the spirit of giving and helping our fellow man. Thanksgiving and Christmas are wonderful times of year to do just that, and all of us get a great deal of satisfaction from helping. What a joyous time of year.
However, let us not forget that November and December quickly fade into January and February. The holidays are over, the bills are coming due, it’s winter, the skies appear cloudy and it’s also cold outside! Where have the good feelings gone?
This November 2009, Shorewest Realtors, Kenosha has started an initiative dubbed “Pay it Forward 2010”. See, in the spirit of giving and caring for our community all year long, Shorewest Kenosha has taken the challenge forward to feed a family a week for all 2010; 52 weeks, 52 families! We all know that it’s easy to give in the good times and when the festive, holiday spirit is in the air, but what about in late February, early May, mid-August, or… the holiday season again? All too often we get caught up in our busy lives throughout the year, and, well, there’s nothing wrong with that, but let’s not forget our fellow man who struggles throughout the year, during the rut of the year, just to put food on the table.
We’ve already collected enough food at Shorewest Realtors, 5708 75th Street, Kenosha, WI to carry us through the first thirteen weeks (13 families) of 2010. If you’d like to help us meet our challenge to pay it forward, please contact me, Pete O’Connor, Shorewest Realtors at 262-694-2141, or 608-770-4568.
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Without a doubt, this is the best time ever to buy a home. Interest rates are lower than they’ve ever been, and home prices are at record lows. Far and away this is how savvy buyers build wealth. For too long most Americans have over-borrowed and over-spent. This coupled with job losses, medical problems, divorce, etc., have led us to where we are today. However, not all is lost. You see, one of the best kept secrets to building personal wealth in today’s market in real estate is… Short Sales!
A short sale is when a the owner of a property owes more on a home than what it’s really worth, and usually is in default. With that in mind, you as the buyer are in a prime position to get a home that is an outstanding deal. For example, a home that just a year ago would have easily sold in the $300K’s, is now for sale for roughly $259K. This is an outstanding deal, as this home has been well kept, newer, very large, almost 3300 square feet, four bedrooms, two baths, three car garage… you get the drift.
Where’s the wealth building part of it you may ask? See, market value is determined when both buyer and seller agree on a price of something. In this case that something is a house. AT THIS TIME, there is no better place to put your money than in real estate. As the economy continues to rebound, and it always will, the house that just a year ago was valued in the $300K’s, and is now selling in the mid $250K’s… That’s a no brainer! Where else (other than your job) can a person get that much equity that quickly? All this being said, use common sense. Seek out a professional that knows the market well, and can guide you seamlessly through the short sale process as a Buyer. I would recommend that buyers seek out only those real estate agents that are certified as an Accredited Buyer’s Representative (ABR), as these agents have achieved a level of competency that many other agents have not yet achieved. These agents know the in’s and out’s and intricacies of the home buying process like the back of your hand. Additionally, and there’s not a lot of these out there, but when you can, also seek out agents that are intimately familiar with the short-sale process, for example, those agents that hold the Certified Short-Sale Professional (CSP) designation. Not only do they know the buyer side of the transaction, but know the seller’s side of the transaction in great detail.
For more information on short-sales, (or foreclosures), please don’t hesitate to contact me, as I specialize in both of these areas, and by the way, yes, I am an Accredited Buyer Representative (ABR), and also a Certified Short-Sale Professional (CSP). There you go, happy shopping and remember you’re building wealth!
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