Tag Archives: deals

Is this the time to buy your first house?

Saturday, 12 September 2009 17:56

Written by Lane Bailey

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: Image via Wikipedia

Maybe… Maybe not…

Make no mistake, there are some deals in the market. And combined with the $8000 First Time Home Buyer Tax Credit (FTHBTC), this can be a great time to buy a first home. Interest rates have remained low… despite a LOT of predictions to the contrary. In fact, with a projected deficit THIS year of $1.8T for the federal government, there is still an expectation that rates will have to rise because of the pressure on the available investors.

In fact, that would be the case laid out by those that say THIS is the time. The FTHBTC is coming to a close on December 1st. And while that is almost two months away, in the world of home search and financing, two months can go by pretty quickly.

On the other hand…

There are some points that would suggest that for some buyers, waiting a little longer might be just the ticket. In fact, waiting until AFTER the FTHBTC expires could be a better move for many buyers.

Just as with the Cash for Clunkers program, the tax credit is pushing some buyers into the market that might not have jumped in otherwise. And we have seen upward pressure on prices for entry level homes. Buyers, in some cases, are bidding up the prices for some homes.

By waiting until many of the buyers have abandoned the market… after the tax credit expires… there is a belief that prices may drop. Some think that the drops may be more significant than just the $8000. They feel that sellers may become quite lonely by January, and may be willing to offer better deals on their homes.

Others have also speculated that there might be a new program from the government to replace the $8000 First Time Home Buyer Tax Credit. There are plans to offer a $15,000 tax credit, as well as to continue the current offering. Nobody knows if these plans will come to fruition.

What does it all mean?

For “First Time Buyers” with solid cash resources, waiting may be a better plan. For those that would be better off paying a little more, but getting the $8000 in a few months, getting on the ball and buying a home soon could be a better way to go.

Don’t forget, “First Time Buyers” are those that haven’t owned a house in the last 36 months. The credit is for 10% of the purchase price, up to a credit up $8000. In GA, there is an additional credit of up to $1800 that may be available… even for those that aren’t first time buyers.

If you are looking for a home around Lilburn, GA, give me a call and I can help guide you through the process.

from GwinnettGarageGuy.com

Legends of Parkview – Luxurious, New, Bank Owned…

Thursday, 30 July 2009 12:24

Written by Lane Bailey

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Back in February, 2008, I attended an event for agents at Legends at Parkview. At that time I was impressed with the quality of the homes offered in the community. I was also impressed with the philosophy of the builder, Sean Mayfield of Mayfield Homes. I also liked the style of the homes, and the layouts were quite nice.

The problem was that they launched the community just as the market was collapsing around them. And while they were strong at the time, it didn’t last…

This premiere community has slid into foreclosure. The remaining homes (there were 8, now there are 4 left) and the lots are all for sale by the bank. So, now is the opportunity to buy into a luxurious community at fire sale prices… bank-owned prices.

Three of the properties are built on a basement, all have 3 car garages. One is a 5 bedroom/4 bath, and the others have 4 bedrooms/3.5 baths.

The properties that are currently available are priced at:

The Waterford on a basement – $563,400 $489,900 5br/4ba
The Addison on a slab – $589,900 $439,900 4br/3.5ba
The Addison on a basement – $614,900 $479,900 4br/3.5ba
The Victoria on a basement – $735,000 $524,900 4br/3.5ba

As an aside, I really like the Addison. It has an exceptional garage. Aside from the spaces for 3 cars, there is about an 8′ wide area along one side that would be perfect for motorcycles and/or tools.

Obviously the prices are pretty well discounted for the remaining units in the Legends at Parkview. There aren’t that many opportunities to jump into this level of luxury in a bank-owned new home community. The foreclosures have really pushed the prices down here… They have sold 4 homes since June. These will sell before long… There were several buyers coming in to visit while I was there… on a Wednesday afternoon.

from Lane’s Active|Rain blog.

$8000 First Time Home Buyer Tax Credit ends…

Saturday, 04 July 2009 21:44

Written by Lane Bailey

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: Image via Wikipedia

Ok, don’t panic, it doesn’t end until December 1st, 2009. But don’t get complacent, either… That is sooner than you think.

If you aren’t familiar with the FTHBTC (First Time Home Buyer Tax Credit), here is a little reading. The first thing to know is that not owning a home for the last 36 months qualifies one as a First Time Home Buyer for this tax credit…

So, back to the timeline…

Loans are taking a little longer to close lately… The end of November is going to be VERY busy with closing attorneys… The good deals aren’t on every corner…

So, getting a home under contract 45-60 days out from the December 1st date would be a really good idea. That means that you really want to have the right house picked out by September. If there is a failure on a deal… or a short sale… it could add a month or two to the process.

Bottom line…

Don’t let the time get away. If you qualify, don’t leave $8,000 sitting on the table. And finally, don’t think that looking for a house after Halloween gives you a great chance at getting closed by December 1st…

Listing Options… Just so you know.

Friday, 26 June 2009 10:47

Written by Lane Bailey

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: Image by lane.bailey via Flickr

Yesterday I posted about how some companies are adding junk fees to the traditional sales fees for both buyers and sellers. I think this practice is just plain wrong… especially the way it is usually presented.

In order to give my clients options and help them save some money, I offer three different fee structures and two different levels of service for home sellers. Here is the quick rundown:

Flat Fee – $999 listing plan. This is the plan from our discount arm, WhatIf? Realty. This puts your property on the local MLSs, and gets you a standard sign, as well as a lockbox and flyers. I have a couple of extras, as well as some available upgrades that aren’t shown on the company page, for my clients through this plan, so if you are interested, please contact me directly.
Traditional Listing. This includes all of the traditional services, like full marketing, website, video, virtual tour, interactive floor plan, interactive design tools, custom sign, blog support and more. I don’t believe that tossing it in the MLS and then shooting a couple of pictures with my cell phone is a “complete marketing package”…
The Hybrid Option. This is new and experimental, but really exciting. Many sellers want more than they get from a Flat Fee plan, but they want to save a few bucks. In effect, they are looking for a full-service marketing package with a lower overall cost… So, after looking at how we could offer something to meet this need, this is what we came up with. This includes ALL of the services of our traditional listing and adds a staging consultation. In exchange for an upfront fee, covering much of the cost of marketing, we discount the total cost.

For more information, feel free to call.

One other thing to keep in mind is that most real estate agents are actually independent contractors. While we “work for” a brokerage, we aren’t employees. In some cases, we have the ability to set our own rates, services and other aspects of our businesses. So, even agents working for the same office may offer different services or fees.

In the case of Diamond Dwellings Realty, we are a small niche brokerage… we have agents that specialize in different areas or market segments. And as a smaller brokerage, we have a LOT of lattitude to deliver the best fit for a client’s needs.

My goal is to get YOU the best total deal.

Broker Fees?

Thursday, 25 June 2009 10:13

Written by Lane Bailey

1 Comment

I’ve seen an annoying new trend. Buyer and Seller “Broker Fees”. It may go by various names, but amounts to the same thing… what Clark Howard would call a Junk Fee.

Entrance to Baltimore

These are quite different from the other fees that may be involved in a real estate transaction, and there are a LOT of fees. The lenders have fees, the closing attorney has fees, there are state fees, county fees, insurance fees, delivery fees… Simply put, buyers and sellers are paying plenty of fees. Adding some BS junk fee like a paperwork fee, transaction fee, administrative fee or broker fee is just adding insult to injury.

There is already a commission or sales fee that the real estate broker and agent are sharing. There is no reason to add another official sounding fee on top of this that is after the negotiated amounts.

And, that is how it usually works… the seller negotiates the fee for selling their home, and everyone shakes hands… and then the agent mentions that there is a $495 paperwork fee or something along those lines. They say it is required… maybe not saying that they are the ones requiring it…

In the case of buyers, after going through the buyer’s agency agreement and telling the buyer that the commission is generally paid by the seller, they hit the buyer up for a transaction fee… again, saying it is a requirement.

There are various reasons for this… What it mostly comes down to is that people and companies in the real estate industry are hurting for income. But, many of our clients aren’t exactly rolling in money… and even if they were, it isn’t right to tack on junk just because we think we can… Some agents are working for companies that charge US a closing fee for closing a transaction instead of charging a split and the agents are passing it along. It should be part of their cost of doing business.

I just say NO!

No additional fees. You will know EXACTLY what you are paying for my services prior to delivery and prior to completing the negotiations. I try to deliver more for EVERY client than other agents… but that doesn’t mean I need to add junk fees on top of fair fee structure.

And there are some different options available for sellers… but that is another post.

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Tag Archives: deals

Is this the time to buy your first house?

Legends of Parkview – Luxurious, New, Bank Owned…