Dear [NAME],
The time is definitely now to start planning the purchase of a beach oriented property. There are a number of reasons why you should not wait until spring or summer.
Homes and villas that are conveniently located to the beaches are less likely to be rented this time of year. Therefore, access to see a greater number of properties is substantially better than later in the season. In the summer, many of the good properties are occupied every week. This means that showings can only take place at change-over – usually Saturday between 10:00 and 4:00 and are often seen before the cleaning crew has arrived or finished their work – less than ideal!
Buyers frequently try to combine their real estate search with vacation time when they are traveling with children, grandchildren, or good friends. Being torn between spending fun time with them and focusing on their purchase can be very difficult. Two full days of real estate searching without distraction is more beneficial than a week working around various activities and visiting family.
While there are no crystal balls for predicting the future, the last quarter appeared to be very active and there are indications that 2010 will bring a leveling of prices with the potential of a slight increase if supply is diminished. This is one more reason to consider a purchase now while great rates are still available. Another bonus is that there are reduced rates for accommodations in the off-season. It is also a good time to try some of the local restaurants without reservations and enjoy some great service at a less busy time of the year.
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One of my colleagues used this quote from Charles Dickens recently. As a fan of Dickens, I thought it might be appropriate to share it with you as well.
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief, it was the epoch of incredulity; it was the season of light, it was the season of darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us; we were all going directly to Heaven, we were all going the other way.” - Charles Dickens.
The real estate market has been like this in 2009. Here are just a few of the things we saw during the past year:
While many people suffered and lost their homes, many first time buyers had the opportunity to purchase using the tax credit available to them.
Lending has become extremely difficult as buyers now must qualify as they did years ago with verification of assets and income to insure they can purchase a property. However, they will likely be able to stay and enjoy this home they really can afford with the stricter guidelines.
Appraisers are under pressure from lenders to consider both pending and recently closed sales. Older data is no longer acceptable to them resulting in short appraisals. Foreclosures and short sales are affecting value requiring sellers to list their properties with these sales in mind. On the other hand, some great buying opportunities are now available for those who are in a position to take advantage of the lower values.
The luxury market depreciated in the 30% range or more which created an opportunity for pre-retirees to purchase a dream home in 2009 that they will be able to enjoy for many years to come at affordable prices.
Lending is now in the hands of a few with regulations, guidelines, and qualifications resulting in substantial control which is bad for consumers and competition. Hopefully, in the process, the fraud and deception will be reduced wherein buyers were greedily put into properties they could not afford for the benefit of others. While 2009 began the New Year worse than anyone could have imagined, if 2010 begins as the last quarter ended, there is hope and optimism that the market has found its bottom plateau. Although values are not likely to increase this year, the decline may be over and the low interest rates create an excellent purchasing opportunity.
All in all, it is likely that blessings should be counted, lessons have been learned, and that recent history will not reoccur. When 2011 begins, hopefully there will be no Dickens analogies necessary and everything will be back to a very positive place.
Happy New Year, Everyone!!!
What a difference a day makes is the beginning of that old favorite song. How about what a difference a decade makes? Let’s take a look at some of the changes that occurred in real estate.
At the beginning of the decade, most home buyers had never seen their homes online. The top 3 marketing tools were yard signs, newspaper ads and open houses. Yes, I was definitely part of that generation of agents – listing properties exactly at the right time, just before the weekend, in time to get my ad in for the Sunday Open House in order to snag the first buyers.
These buyers also focused on 30 year fixed rate mortgages. The qualifications were specific and they worked: 28% for the house principal, interest, taxes, and insurance and 36% total indebtedness which took few owners down the wrong path.
In the past 10 years, the use of the internet jumped from 37% to a current 90% of buyers using this powerful tool. Realtor.com alone has over 12 million visitors per month!
Median home prices jumped more than 25% from $137,600 to $172,600 since the end of 1999, even with the decline in property values in recent years. At the same time, purchases in suburban neighborhoods increased from 46% to a current 54%. However, the median age for home purchase is 39, remarkably just as it was 10 years ago.
The buyer has changed profiles in some surprising ways during this decade. Married couples used to comprise 68% of the buying public and are now only 60% of the market. Single men are up 3% to a record 10% and single women are up 6% to comprise 21% of the total sales.
As for the American Dream, I am delighted in having participated in helping people fulfill this dream for most of my adult life. After all of these years, 8 out of 10 homeowners still feel that purchasing a home is an investment in their future. Many changes have been required by government, lenders and the buying public, particularly in the last 10 years, causing much more work for every transaction. Realtors have and will continue to evolve their business practices to meet these changes in the next decade just as they have done in decades past. Statistics supplied by NAR.
Dead Bolt Secure
How about this one? Dead Bold Secure is an ingenious solution to a burglar’s easy entry into homes with standard locks or deadbolt locks by using a bump-key or simply picking the lock. Of course, there have been expensive pick-proof locks for this in the past, but now Dead Bold Secure is affordable for everyone.
This device installs in minutes and prevents the dead bolt’s handle from turning with a spring-loaded device that flips down. The problem is, even a legitimate key holder isn’t going to gain entry when this is on – something to be considered prior to installation. But for locations where this works, all of this at a price of $9.95 and it can be ordered online at www.arclink.net. How’s that for a new affordable gadget???
This Is My Favorite!
Schlage, the well known hardware company, has developed a keyless entry lock with a wireless link option. It is an electronic keypad for entry locks and deadbolts that uses a four-digit access code. Available in the $120-$150 range, it can eliminate the need for giving visiting guests and service providers keys. In addition, they also offer Schlage Link, the first and only do it yourself wireless system that allows full time remote access for keypad locks and other home management functions via the internet. Lock or unlock doors from anywhere anytime.
For those of you with second homes, some of the other options include adjustable thermostat, cameras to see people coming and going, and of course, locking and unlocking the doors. Monthly subscriptions are $12.99 but the initial starter kit which includes everything to set up Z-Wave wireless is $299. It is available at Lowe’s or you can visit www.consumer.schlage.com for retailers and more information.
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“An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves.” - Bill Vaughn, Kansas City Star.
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