Delaware Coastal Modulars

Those of you that have been holding out purchasing Real Estate may have made a very good move! The Senate has just approved adding a housing tax credit of 10% up to $15,000.00, to the Stimulus Package, for purchasing a new or preowned home!

From what I understand this bill will need to be passed by the Congress, so write to your Congressman today to request that this bill be put forth.

Read what this Senator had to say about this bill and how it worked when he was feeding his family on a Real Estate commissions in the 1970s:

"But Senator Johnny Isakson, Republican of Georgia, a former real estate broker, who was the prime sponsor of the homebuyer credit, said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975.

“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” Mr. Isakson said at a news conference.

“Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy. The only reason I know all of that is I was selling houses in 1974, that’s what I was doing to feed my family and make a living.”

Kudos to Senator Johnny Isakson

You can write to your Congressman about this bill at:

https://writerep.house.gov/writerep/welcome.shtml

Read the entire article here:
http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html?hp

There are several reasons that we are in a buyer’s market; the major reason is that the housing prices were so high that the homes then became unaffordable for the average homebuyer. The bubble burst and prices are now realigning. What does this mean to you, the seller? You have found your perfect home elsewhere and you want to move, or you are ready to retire and the large home no longer fits your needs, or you are going through some type of financial crisis. Whatever the reason, you need to sell!

Here are some tips to help you sell your home, even in a stagnant market.

1) The price is right! One of the main reasons a home will not sell in this market is that it is overpriced for the current events. A home that was worth $300,000.00 2 years ago, many now only be worth approx. 250,000.00. An appraiser once told me that the value of a home is what someone is willing to pay for it! So, listen to the realtor, but also do your own homework. Also realize that the number of foreclosures in your neighborhood will also affect your house value, so that means if the family 2 streets away had financial problems and had to give their home back to the bank you are now going to be affected! Sad, but true! So bear that in mind when pricing your home for the resale market. The best advice that can be given is that you must price your house to sell!

2) Evaluate any offers prior to becoming personally involved. The biggest mistake any seller can make is to get offended by offers. Sure, you don’t enjoy hearing any ridiculous offers, and they can make the thickest skin become thin. Before you answer your agent that presents your offer, do yourself one favor…tell him or her that you will call them back. Do not; offer any feedback at that time. Ask your agent questions about the offer, and take notes of all their advice. Let your agent know that you will get back to them after your have given thought to the offer and their *advice. Now, of course they want you to get the best price for your home. But remember, we are dealing with a different market then we had seen in the past. Homes do sell, but usually at bargain pricing. If you do not want to give your home away at a low price, then do not put it up for sale at this time; wait until things turn around. Bear in mind, if you need to sell your home, then you must face facts. Sit and talk about the offer with family members or friends. Take a look at how much you will net after improvements and paying off any mortgage liens. If you really sit back and rethink any offer, no matter how low, you will start to see the offer from different angles. Perhaps they want to purchase your home for 20,000.00 less that the selling price? Sounds ridiculous unless you look at other facets of this offer. Perhaps the offer means that they do not want a house inspection and they are purchasing the home “as-is”, this type of offer can be very attractive if you have an older home. Another offer could be that they folks are paying cash and want to settle ASAP, again, this also could be very attractive if you are in a hurry to sell or if you can gain a bargain purchasing a home elsewhere rather quickly! So, take a look before coming back with any counter offers or rejections. Also, remember that counter offers can cost you a sale in this type of market.

3) Regardless of any market, your home needs to show well! Hopefully you have already done this and will continue to make certain that al realtors are proud to show your home. If there are pets, make certain that there is no pet odors in your home, if the rooms need painting, and you can afford it, then paint! Keep clutter to a minimum and if at all possible “stage” your home to make it look like a model home. If you cannot hire someone for this service, then read tips to improve the look of your home. Sometimes it’s the little things, such as keeping the Dining room table set, with flowers (artificial is fine) as a centerpiece, etc. This will help your home stand out from the others that the potential buyers have seen!

*bear in mind that we are not experts in the sale of your personal home, if you have hired an agent to help you sell your home you need to listen their advice we are not to replace your agents expert advice, this is simply a guide to help you take a deep breath and rethink an offer before you accept, reject or counter an offer.