Price Is Key

I think that Jennifer Allan's article "If Price Is All That Matters, What Do You Need Us For" on RealtyTimes is interesting.

She writes that most agents are found of the notion that "price conquers all" and that if you price a listing low enough it will sell reguardless of any challenges it may present. As a top selling broker I am surprised that she would use a blanket statement like that to describe her peers in the industry, however, to some degree I guess I agree with her.

Her point in the article is that real estate agents do far more than just help to determine price. If fact, Sellers determine price. Real estate agents simply provide information and make recommendations. I certainly can not tell you what to sell your house for. It is your house. With that being said, I will go one step further and add additional emphasis on price.

Price is important because gone are the days of speculative prices, elevated home values, unbelievable mortgage loans, and the "frenzy". You remember the "frenzy". A new house would enter the market and the buyers would swarm the listing like gold fish at feeding time. It was a true frenzy. There was another type of frenzy during those days too.

Not so much anymore. Today, buyers are super educated (thanks to the Internet)and most know as much as I do about the comparable prices in a particular neighborhood or area. Sellers who try and elevate their price without reason are not fooling anyone - least of all the buyer.

When you prepare to sell your house please remember one thing. YOUR HOUSE IS ONLY WORTH WHAT SOMEONE IS WILLING TO PAY FOR IT. And the best way to prepare to sell your house for what someone is willing to pay for it is to "be your own buyer". What do I mean by that? Well, consider the current market, your homes pluses and minues as compared to others in the area and then honestly ask yourself "what would I pay for this house today?"

Hyper Activity In Children

Some mornings I can't get my children out of bed and other mornings they shoot out of the bed with the energy of three Starbucks baristas! This morning is one of those mornings. What is the deal? They are chasing each other around. They are loud and screechy. I am hardly awake and it is dark and rainy out. Oh boy....

November 20, 2009 Mortgage Rates

Mortgage Rates
30 Year Fixed: 4.83%
15 Year Fixed: 4.32%
1 Year Adj: 4.35%
(U.S. Weekly Averages)

Why NOW is the best time to list

Thinking of selling your home? As the holidays approach most sellers think that it is best to wait until AFTER the holidays. I tend to disagree. I think getting a jump on the "spring" market (DC's spring market starts in February)can be a very fruitful strategy. Here are a few things to consider if you are thinking of selling your home within the next 6 months.

There are definitely motivated buyers in the DC Metro area. Some are under the gun to buy for tax reasons.

During the holiday season many sellers take their homes OFF the market leaving less to chose from. Less supply = less competition. Less competion can mean more money in your pocket.

Many people have time off during the holidays, which increases their availability to see homes. Buyers that buy during the holiday season tend to be very serious buyers.

The holidays remind people of family. The home is the foundation of the family and therefore many people become motivated during the holidays. I had a client call me just before Christmas dinner and say "if I survive 28 people for dinner it will be a miracle." She survived and we found her new home 1 week later.

The extenstion of the Home Buyer Tax Credit. Need I say more?

Again, many sellers chose to wait until after the first of year creating a lot of new inventory. The longer your wait; the more competition you create for yourself.

Selling now can give you more buying power later. By selling your home now, you can buy after January when the "spring" market's new listings hit as a non-contingent buyer. This gives you great negotiating power.

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Tips For A Safe Holiday Season

Okay, the holidays are looming before us and it’s not even Thanksgiving yet. So what can we do to alleviate the panic of NET (Not Enough Time)? Shopping on the internet is how many of us deal with the Christmas rush, even though many of us still like to see what we are buying and visit our favorite boutiques and malls.

I have found that there are some great websites offering consumer reviews, comparison prices and even great get-away airfares when it all gets to be too much. I provided a list of my favorites in the previous post.

Since, it recently happened to a client of mine, the holidays are also a great time to review home safety measures. Water and fire can cause the most devastating damage to your home. Water is insidious. It can sneak between walls, underground and across and entire ceiling. If not found, slow leaks can cause potentially toxic mold. Look for signs of water damage on ceilings, walls and carpets (bubbling of paint or plaster, water stains, cracks or dry wall tape that pops up). More destructive water issues are caused by bursting pipes. Secondly, fire is especially a concern during the holidays. Here are my suggestions for safe practices around the house during the holidays and throughout the year.

1. Replace hoses to washing machines (especially upper level ones) every 7 years with stainless steel mesh hoses (they last longer). This happened to a client whose house had to be gutted as water was running down from the third floor for the entire work day.
2. Turn off the water supply to the outside spigots and open them to bleed the pipes dry.
3. If you see signs of water leakage, call an experienced roofer, gutter man or plumber to address right away. (I have a list of home services providers on my website www.exitchaosentercalm.com).
4. Inspect gutters and downspouts quarterly and roof flashings and tiles every couple of years.
5. Make sure drainage pipes take water away from your house and gardens are bermed accordingly.
6. Keep a fire extinguisher in your kitchen and utility rooms and make sure everyone knows where!
7. Have an escape plan in the event of a fire for the entire family, day or night.
8. Make sure your Christmas tree lights are new every year (this is easy today with inexpensive lights) and that your refill tree water daily. Putting sugar in the water also helps.
9. Change your smoke alarm batteries every year at the same time.
10. Have chimney and fireplace flues inspected annually and cleaned when required and use fire screens when burning wood.


Have a safe and happy holiday season!

Websites for the Savvy Shopper

Here are my favorite 2009 Holiday Websites:

ConsumerSearch.com - reviews hundreds of product reviews, analyses them and distills the information shoppers need and recommends the best products.

Metacritic.com - is a website that collates reviews of music albums, games, TV shows and DVD’s

Pricegrabber.com - is a clear winner with results among the cheapest and most accurate. Detailed listings, prices include taxes and shipping, item condition and store availability. Very easy to use

Uncommongoods.com – offers hundreds of unique and specialty gifts created in harmony with the environment

Violet.com – your go-to website for gifts with special meanings

TheStationaryStudio.com – affordable, personalized stationary

PeaceLoveMom.com - great gifts to celebrate moms

Net-a-porter.com –world’s premier online luxury fashion destination

Etsy.com – buy and sell handmade or vintage items whose community includes buyers and sellers from 150 countries

1stdibs.com - marketplace for antiques, furniture, home décor, estate jewelry, vintage watches etc.

Lastminute.com and SkyAuction.com – great deals on last minute getaways

CruiseCritic.com – a definitive resource for cruise reviews and advice

Cheapoair.com – great deals on international flights, but read the fine print regarding baggage fees

Bing.com – plan your travel purchase with “price predictor” which forecasts fares

Girlholiday.vpweb.com – all the help you will need to prepare for, get through and survive the holidays.


Happy Shopping!

The DC Market Is On Its Way Back

You could be one who thinks that the DC Real Estate market has hit the bottom or one who thinks that it is still falling but what I think is that the proof is in the pudding, or in this case the MLS data.

According to the Multiple Listing Service for the period of 10/12/09-10/22/09 versus 10/12/08-10/22/08 there has been a significant increase in the number of contracts being written on properties under $1M as well as over $1M. As much as 110% in Maryland for properties listed under $1M!!!

2008
Number of contracts written on properties listed for Under $1M:
DC - 118
VA - 438
MD - 193

2009
Number of contracts written on properties listed for Under $1M:
DC - 220 (up 86%)
VA - 592 (up 35%)
MD - 406 (up 110%)

2008
Number of contracts written on properties listed for Over $1M:
DC - 4
VA - 15
MD - 12

2009
Number of contracts written on properties listed for Over $1M:
DC - 14 (up 250%)
VA - 24 (up 60%)
MD - 14 (up 16%)

What does this tell you? It should tell you that the market is adjusting accordingly and starting to stabilize. Buyers are qualified and pre-approved and are buying homes in the Washington DC Area. If you are thinking of selling or are in the market to buy it is important to prepare yourself for this NEW market.