Central Office Real Estate

Wow! Here we are in the middle of June and so much has happened. I can remember starting the New Year with a sense of hope and a feeling of optimism which I'm sure my fellow Realtors would have considered a little nuts back then. While interest rates were still at historic lows, there were very few lenders making loans and the ones that were, were pulling the prospective borrowers' through every knot hole they could find. It is a little like closing the barn door after the horses had escaped.

Well, it seems that my optimism wasn't unfounded. The market has definately improved and in some areas we have hit the bottom. Yes, it's true, I have been involved in several offers on homes where there were multiple offers and the seller in several cases received more than they were asking.  Now all of this doesn't mean that if you are thinking of selling your home you should jump into the market. It does mean that there is light at the end of the tunnel and it isn't a train. If you are a prospective seller, and have the financial staying power to wait until next spring, I believe that we will see a much better market. Currently the market between $650,000.00 and $1.0 mil is showing some signs of life as FHA is busy lending money with loan amounts up to $729,000.00. There are also some tremendous "buys" out there under $650,000.00.

This is not to say that next Spring will be a sellers market. As the market shows signs of improvement the inventory will increase which will serve to keep prices from rising too fast. If you are a homeowner and are looking to sell your home, now is the time to start the process of fixing all of the little things that need to be fixed around the house, apply some paint, upgrade the floor coverings and appliances and anything else that will add to the emotional appeal to your home. It is also a good time to talk to an agent or real estate broker about what you might expect around the corner. Here are a few tips that might help:1. Find and agent or broker with a fair amount of experience. (Most of us who have survived this market have a great deal of experience). 2. Listen carefully to what they say about the value of your home. Pricing your home right the first time is imperative. ( Many people think that you can "start high and always come down", this is a huge mistake.) 3.Look at the way they market their listings and find out why they do it the way they do. 4. Ask them if they have an advertising budget or the money to spend up front to get your home noticed. These are just a few insights from someone who has been involved in this profession for over 35 years. If you would like more information or are one of those who might be interested in selling your home in the near future please give me a call as I have many more insights that can help you.