I Dislike “Appointment Only”

Selling a home in this market is not easy.  The obstacles seem endless, from competing with foreclosure prices,newly renovated homes,better locations and now what seems an unfairly matched battle of obtaining correct appraisals..why would any seller want to add to the challenge?
I’m sure you wouldn’t, but YOU may be adding to this unknowingly.
Currently, we have just about 200 single family listings  “available” in the 30310 zip code.  I present my sellers with as much data as possible to prepare for the challenges we may face when listing, and to understand that this process will not be completed over night, in a week and may even take a few months before we obtain a solid buyer.
Initially this could be fine, but once the home is on the market-anxiety often sets in and “is my home being viewed?’ becomes a constant thought.
As an agent, there are a few punch list items we can do to make sure your home is being viewed, but most importantly- availability is KEY.
It is more of a challenge to sell a home listed as “Shown by Appointment Only” or a home that is occupied by a tenant with an unpredictable or varying work schedule.
Buyers AND agents love the flexibility of being able to show a home anytime- at the buyers request and this could come as soon as they see a listing. Often giving the agent less than 24hrs notice.  While working as a buyers agent, it has been my experience to schedule appointments to show a home, and then to line up readily available homes to show my buyer THAT DAY.  Usually, after we view the ‘available and vacant’ homes, we have an idea of which we would like to make an offer on, leaving us to either cancel our appointment or briefly view out of courtesy but without the intention of moving forward.
I have lost many viewers by not having my homes available “now” to view while an agent was out touring my community with their buyer.  Keep in mind, buyers and agents may not live locally and it isn’t always convenient for them to come back another day to view 1 home.
If you are listing a home, although you may feel a bit uneasy with it, having a Supra (agent computerized) lockbox really is best! There are many
ways to ensure your home(and personal items)are protected. Your home should be available for your listing agent to adequately preform their job.
Also, Surpa boxes are a great way to track viewers! Your agent and print off a list with contact information to agents that have shown your home. It’s a good reporting tool and a great way to measure your homes performance.
Another challenge, which could hinder the sale of a home is listing a home currently occupied with a tenant who has a lot of furniture.
I remember viewing one home and feeling immediately over whelmed, and I do this professionally– I can’t imagine what my poor buyers felt.(Well, I can since we did NOT go back to view nor did we make an offer)
Once we left-neither of us could remember if the home had hardwood floors or carpet.
It is difficult for buyers to feel comfortable going through closets, and even bathrooms of these homes. No matter how neat and clean the tenant may be, it feels very intrusive-as if we’re snooping.  Buyers spend less time in these listings and therefore walk away feeling unsure or not at all familiar with the layout.
In this day, no one wants to lose money- so I do not recommend losing a tenant to list your home, however you must make it very clear to have the home in “show” condition daily, and that a lockbox will be added to the home. You might even want to offer a bonus or incentive for your tenant to motivate them to help the process.
Asking agents to “courtesy call” the tenant prior to showing is reasonable and could make your tenant feel better about the process and lockbox.
These are just a few challenges I’m up against on my listings,and hope this will help you when you make your decision to list!
Nia

Did you know…

Seventy-six percent of workers drive alone to work. Another 11% carpool, and 5% take public transportation. Average time it takes for people in the nation to commute to work: 25.5 minutes.

More women (26.4 million) work in managerial and professional-related occupations than men (24.7 million).
Of the total American workforce, 10.1 million workers are self-employed and 5.9 million work from home.

There are 16.1 million labor union members nationwide. About 12% of wage and salary workers belong to unions, with Alaska, Hawaii and New York having among the highest rates of any state. North Carolina has one of the lowest rates at 3%.

Randy Crisp

 Asst. V.P..

Academy Mortgage 

5565 Glenridge Connector

Suite, 400

Atlanta, GA 30342

404-557-8934 / Cell

404-574-2606 / Office

404-574-2200 / e-fax

http://academymortgage.com/randycrisp

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Experience the Difference!

Tight Credit Standards Halt Some Buyers

Lenders continue to reject borrowers with otherwise good credit when they diverge from the standard approval checklist.

Would-be borrowers facing the most problems include the self-employed.

One reason bankers are so nervous are the standards held out by Fannie Mae and Freddie Mac. Not only are Fannie and Freddie demanding credit scores above 720, they are refusing to buy back defaults when the original mortgage application had small discrepancies from the norm. To avoid losses, lenders are being extra careful.

The result is that some borrowers are being rejected for problems that seem completely inconsequential.

Source: The Wall Street Journal, James R. Hagerty and Nick Timiraos (07/10/10)

Home Buyer Tax Credit: How It Works

First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.

The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.

If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.

The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit

Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.

[Editor’s Note: The credit is set to expire in mid-2009, although industry groups, including the NATIONAL ASSOCIATION OF REALTORS®, are encouraging Congress to extend it. NAR is also encouraging Congress to make the credit available to all buyers and to eliminate the repayment requirement. More detail on how the credit works is available from NAR on REALTOR.org.]

Source: Chicago Tribune, Mary Umberger