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HOME OWNERSHIP RATES: ARE THEY CRASHING?

“You can make all the excuses you want, but if you are not mentally tough, and you’re not prepared to play every night, you’re not going to win. “ ~ Larry Bird

 

Homeownership Rates: Are They Crashing? | Keeping Current Matters

The Census recently released their 2014 Home ownership Statistics, and many began to worry that Americans have taken a step back from the notion of home ownership.

Easy… Chicken Little

The national homeownership rate peaked in 2004, representing a 69.2% of Americans who bought vs. rented their primary residence. Many have noticed a decline in rates since then and taken that as a bad sign.

However, if you look at the national rate over the last 30 years (1984-2014), you can see that the current homeownership rate has returned closer to the historic norm. 2014 ended the year with a rate of 64% just under the rate in 1985 and 1995.

Homeownership Rates Historically | Keeping Current Matters

Bottom Line

With interest rates and prices still below where experts predict, evaluate your ability to purchase a home with a local real estate professional.

REAL ESTATE HEADING IN THE “RIGHT DIRECTION”

“If you view all the things that happen to you, both good and bad, as opportunities, then you operate out of a higher level of consciousness.” ~ Les Brown

Real Estate Heading in the “Right Direction” | Keeping Current Matters

The housing market has taken a great turn toward recovery over the last few years. The opinions of the American public toward real estate took longer to recover, until recently.

For the first time since 2006, Americans have an overall positive view of real estate, giving the industry a 12% positive ranking in a Gallup poll.

Americans were asked to rate 24 different business sectors and industries on a five-point scale ranging from “very positive” to “very negative.” The poll was first conducted in 2001, and has been used as an indicator of “Americans’ overall attitudes toward each industry”.

America's View on Real Estate | Keeping Current Matters

Americans’ view of the real estate industry worsened from 2003 to the -40% plummet of 2008.  Gallup offers some insight into the reason for decline:

Prices Dropped

“In late 2006, real estate prices in the U.S. began falling rapidly, and continued to drop. Many homeowners saw their home values plummet, likely contributing to real estate’s image taking a hard hit.”

Housing Bubble

“The large drops in the positive images of banking and real estate in 2008 and 2009 reflect both industries’ close ties to the recession, which was precipitated in large part because of the mortgage-related housing bubble.”

Bottom Line

“Although the image of real estate remains below the average of 24 industries Gallup has tracked, the sharp recovery from previous extreme low points suggests it is heading in the right direction.”

If the news of recovery has you considering homeownership, meet with a local real estate professional to discuss the opportunities that exist in today’s market.

WHAT TO DO IF YOU HAVE MULTIPLE OFFERS ON YOUR HOME

“We all have ability. The difference is how we use it.”~ Stevie Wonder

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6 TIPS FOR CHOOSING THE BEST OFFER FOR YOUR HOME

Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a pre-qualified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures — such as appliances, furniture, or window treatments — to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the down payment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a pre-qualification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

By: G. M. Filisko

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

3 REASONS TO LIST YOU HOME WITH A LOCAL AGENT.

3 REASONS TO LIST YOU HOME WITH A LOCAL AGENT.

“Always desire to learn something useful.Sophocles

During my daily reading, I came across this piece that I found to be good advice. Enjoy!

3 reasons to list home with a local agent.

50 YEAR OLD COMMERCIAL THAT IS RELEVANT TODAY

50 YEAR OLD COMMERCIAL THAT IS RELEVANT TODAY

“Government does not solve problems; it subsidizes them.” – Ronald Reagan

This is a 50-year-old commercial that first came out on vinyl. I don’t know when the video was put to the audio, but it is so relevant to today’s new health mandate from Obama that it is scary.

Click HERE to see this one minute video. Just give it a few seconds to load and turn up your speakers.

UPDATE

UPDATE

“If you’re trying to achieve, there will be roadblocks. I’ve had them; everybody has had them. But obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.”  –  Michael Jordan

Wow, a lot has happened since I last posted something on my blog. Believe it or not, I feel guilty for not posting in the past three weeks, but I have been very busy.  I’ve changed firms and in so doing had to learn a new platform for working with my leads.  I’m still trying to find a place for all the stuff I brought home from my office and I am also learning the Equator platform for dealing with short sales. One good thing is I did get all my files straightened out, so at least I can find a document when I need one.  To top things off, I’ve got my foot in an air cast.  It seems that it’s not broken, it’s a torn ligament.  I think I would have been better off breaking something.  Oh well this too shall pass.

I find it truly amazing that a small firm can get so many leads and a large firm such as the one I left, only gets a few leads per month.  So far in the three weeks I’ve been with this firm, I have received about 100 leads. Even if only 10% pan out – that’s 10% more than I would have had with the firm I was with before.

Now that I’m getting the hang of utilizing the lead platform, I believe I will be able to find some time to get back to blogging.  I actually miss blogging. I didn’t think blogging would get under my skin the way it did but it sure has; although there are times I struggle with what to write.

For this evening, I would like to leave you with something to ponder.  It is Werner Erhard’s definition of responsibility.

“Responsibility starts with the willingness to experience yourSelf as cause.

It starts with the willingness to have the experience of yourSelf as cause in the matter.

Responsibility is not burden, fault, praise, blame, credit, shame, or guilt.  All of these include judgments and evaluations of good and bad, right and wrong, or better and worse.  They are not responsibility.  They are derived from a ground of being in which Self is considered to be a thing or an object rather than context.

Responsibility starts with the willingness to deal with a situation from and with the point of view, whether at the moment realized or not, that you are the source of what you are, what you do, and what you have.  This point of view extends to include even what is done to you and ultimately what another does to another.

Ultimately, responsibility is a context – a context of Self as source – for the content, i.e., for what is.”

OUT OF MY COMFORT ZONE

OUT OF MY COMFORT ZONE

“If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success.” – John D. Rockefeller

I know I have not posted much lately and it is due partly to the new and exciting change in my life.  I’m not talking about a man…. it’s all about success!  I just left one of those big national, highly successful, firms to join a smaller firm.  Although moving 7 years of files and 7 years of stuff from my comfortable, cozy office was very stressful, I know I will be happy and successful at this new company.  Leads are coming in left and right, and yesterday I showed property to three different customers.  It felt like 6 years ago, before the market tanked.

Between the work I do for a specific bank on short sales and now all the leads I am receiving from this new firm,  between what I have learned and what I am now learning, I believe my life is going to change dramatically for the better.  Watch out Gainesville, here I come!

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