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ON THE MARKET
Newsletter Archive
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Welcome to ON THE MARKET – June 2, 2007
A free newsletter from Hal & Jean Ward, Associate Broker and Sales Associate, Coldwell Banker Preferred Properties. www.centralutahhomes.com
Click here to subscribe.
WHAT’S NEW?
Exiting news for low income families!
An affordable, new home can be yours, if you have kept your debts within reason – and if you are ready to roll up your sleeves and go to work.
The ‘Mutual Self Help’ program is again underway this year, as part of the U. S. Dept. of Agriculture (Rural Development) and administered locally through the Six County Association’s housing program. Mutual Self Help allows people who qualify to participate in building their own homes under the supervision of a licensed contractor. The homes will be built in groups.
A house plan has been selected and approved for the program. Nine lots in the Monroe area have been purchased. Construction is set to begin in June. Currently, there are still applications open.
To qualify, you must have the ability to make a mortgage payment each month, and be credit worthy. For more information, go to the Rural Development office, or call the Six County office, at 435-896-9222, ext 20, or ext 21.
A hint of change coming to the market?
At the end of May, here’s what we are seeing in the market:
Buyer activity slowed down in May. However, May is traditionally is a little slow as attention turns to family gatherings, graduations and early vacations.
With the coming of Home Depot, enough new jobs may be heading our way to stabilize what otherwise might be seen as a slowing market. By the end of June, we should be able to more accurately track the market’s trend.
Interest rates are up, currently at 6.5% for a 30 year fixed loan. Expect them to inch up a little more as more dollars are dedicated to bailing out the subprime loan mess. (see our April newsletter)
Sellers may want to pay attention to good offers. You may not want to pass up a ‘good offer’ in hopes that a better one will come next month, especially if interest rates continue upward.
Best Market Prices continue strong in the affordable housing sector. A home priced under $170,000, in good condition and well cared should continue to sell quickly. Condos are enjoying an especially healthy late spring market, and prices are moving upward rapidly.
All things considered, the month of May ended in a continued Seller’s Market.
Preparing Your Home To Sell:
Even in a seller's market your house needs to "shine" in order to keep buyers from discounting your price in their offer.
In coming newsletters, we'll share tips that will help your home to stand out above the rest! Here are a few:
Repair and Disclose!
A critical word of caution: Don’t ever try to hide or cover up problem areas.
Repairing the problem areas will help you get the best price out of the market. If left unrepaired, buyers almost always discount their offer price by more than the repair costs, not knowing for sure the full extent of repairs needed.
Once repaired, always disclose the problem and describe when and how it was repaired. A seller’s worst nightmare is having a neighbor tell the new buyer things about the house that the seller never disclosed. No seller needs a lawsuit that deals with misrepresentation or fraud!
Pet Odors?
When a house you’re trying to sell smells like a pet, it’s time to act, preferably before you put your home on the market!
First, consider calling a professional. They’ll use a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes. They will use the best product to remove the problem.
Don Aslett, owner of Varsity Contractors, one of the country's largest cleaning companies, suggests that you never use ammonia, which takes on the smell of what it's supposed to be cleaning, and can trigger more accidents.
He also suggests the most effective and safest disinfectant for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.
Last, call a professional! One professional house-call can put top dollars in your pocket at closing!
Less than desirable location?
Obviously you can’t move your house, but you can turn your house into the most appealing house in that location.
Our homes are part of our lives, and as with our children, we don’t always see the faults. Look at your ‘home’ as a ‘house’. Then walk out of that house and look at it objectively – like a buyer.
Getting advice from a real estate agent who spends lots of time with buyers can also help you determine where to spend your time and energy to maximize the return on your most important investment.
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