Wakefield Reutlinger Realtors Nov 2009 Newsletter

Wakefield,Reutlinger

W

AND COMPANY/REALTORS

m o c . s r o t l a e r R

Insider REAL ESTATE A Publication of Wakefield, Reutlinger and Company/Realtors

Vol. 1 No. 21

November 2009

Buying A Home Just Got Cheaper First time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, Congress has just passed a bill to extend and expand the tax credit to include many buyers who already own homes. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First time homebuyers—or anyone who hasn’t owned a home in the last three years—would still get up to $8,000.

iPhone Users! You can now download Wakefield, Reutlinger’s free iPhone app and easily search for homes while on the go! Download at:

WRrealtors.com

Louisville

Real Estate

Month at a Glance Residential Sales Stats Single Family Residential & Condo Oct - 07

Houses Sold Average Selling Price Median Selling Price

To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30, 2010. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership. Visit our website at WRrealtors.com for more details.

Oct - 08

UPDATE

Year to Date at a Glance Residential Sales Stats Single Family Residential & Condo

Oct - 09

1137 957 1210 $173,995 $152,206 $162,899 $137,000 $130,000 $133,500

Units Sold January 1-October 31

1/1-10/31 07 1/1-10/31 08 1/1-10/31 09

12763 Houses Sold $174,301 Avg. Selling Price Median Selling Price $140,000

9989 $167,345 $135,000

Average Price January 1-October 31

FACEBOOK By next year, Generation Y will outnumber Baby Boomers. 96 % of Gen Y have joined a social network. If Facebook were a country, it would be the 4th largest in the world. YouTube is the second largest search engine in the world and has 100 million videos. By Erica Christoffer, Contributing Editor, REALTOR® Magazine

Year to Date at a Glance Sales by Price Range Single Family Residential & Condo

FEATURED PROPERTY

Price Range

1/1-9/30 08 1/1-9/30 09 % Change

$29,999-$99,999 $100,000-$199,999 $200,000-$299,999 $300,000-$399,999 $400,000-$499,999 $500,000+

2,549 4,147 1,370 517 205 244

ALL THE WAY HOME...425-0225 Source: Greater Louisville MLS.

2,497 3,915 1,229 403 155 168

-2.0% -5.6% -10.3% -22.1% -24.4% -31.1%

9568 $158,927 $132,500

There's never been a better time to buy with the extended and expanded home buyer tax credits and low interest rates. Call me and let me help you take advantage of this once in a lifetime opportunity!

Mortgage Rates 30 year fixed—5.00% 15 year fixed—4.75% FHA/VA—5.5% This is not intended to solicit a currently listed property. Information is deemed reliable, but not guaranteed.

10 Biggest Real Estate Mistakes 1. Failing to Showcase Your Home When you are selling your house think about it from the viewpoint of the house hunter. Make minor enhancements and maybe hire a professional stager. Home staging is designed to increase the potential selling price and reduce the amount of time the house stays on the market. 2. Setting Too High of a Sale Price As a seller, it’s really important to do your research. Have your REALTOR® research what comparable homes in your neighborhood have sold for. Price yours at the average sales price unless you have something special to offer. It’s always better to price a home that way than to start too high and have to reduce. Once you reduce, it always looks like something is wrong with the home. 3. Buying a Home Without a Professional Inspection

There are a lot of things a home inspection can reveal about a property that are not visible to the naked eye. Hire someone who comes with a good referral basis, who's been in the business a while and

knows what to look for. Your REALTOR® will have a list of inspectors that they have had success with. Once you find an inspector, insist that they compile a written report, complete with photos. 4. Skipping the Loan Pre-Approval Step When you are pre-approved, the bank is saying, "We will give you a mortgage of up to this amount, so now all you have to do is find your home." That indicates to the seller that you really are serious about buying a home. 5. Buying the Most Expensive Home on the Block The most expensive house will appreciate more slowly in value, which is not what you want. Also, those houses are often not the first house to sell because they are usually overbuilt for the neighborhood. It's absolutely critical that you research the neighborhood before you buy to find out what the price point should be. 6. Not Hiring an Agent Buying and selling real estate is a complex matter. Real estate professionals know how to navigate the maze of forms, financing, inspections, marketing, pricing and negotiating it takes to buy and sell property.

Greater Louisville Association of Realtors Economic

Summit

The first Greater Louisville Association of Realtors Economic Summit took place October 29th at the Crowne Plaza. This was the first major event for members of the Louisville Board of Realtors by Board President and Wakefield, Reutlinger Realtors’ manager, Linda Gibson Cecil. An outstanding group of speakers shared their views on the local and national economies including Dr. Paul Coomes of the UofL, Mayor Jerry Abramson, Dr. Lawrence Yun, Chief Economist for the National Association of Realtors, David Kittle, former Chairman of the Mortgage Bankers Association, Steve Giacobbe, Chief Investment Officer, Commonwealth Bank & Trust and John Vinsel, Senior Portfolio Manager, Fifth Third Bank. Highlights from the panel: • Economy coming out of recession • Home values in Louisville held up better than nation • Local housing market overbuilt • Weak economic recovery expected with weak job growth • Unemployment rate expected to peak at 10.3% • Unemployment rate forecast at 9% by fall of 2010 • Job cuts to end by Spring of 2010 • Housing Affordability Index at best level ever • Federal budget deficits could cause dollar to collapse, inflation to rise and lower nation’s standard of living • More regulation and higher taxes will blunt future economic growth • Higher interest rates forecast for mid-2010

7. Not Thinking About Resale When you are decorating and renovating your home, think about what is going to appeal to a broad section of buyers when it comes time to sell it. Buying houses and being in the real estate market is like chess: You always want to look two or three steps ahead in the game. 8. Waiting Until Spring to Sell Your House Spring is the busiest real estate activity period, but that does not mean that people don't buy houses 365 days of the year. 9. Not Researching the Neighborhood It's absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. 10. Not Providing Easy Access for Showings Make your house easily accessible to potential buyers. If there's no place to park or it's difficult to get into, buyers may just skip it and look at someone else's property.

Wakefield Reutlinger & Co. Realtors

Art Show Art abounds in the Wakefield, Reutlinger Office. While it is not a pre-requisite to be artistic to work with Wakefield Reutlinger and Co. Realtors, it seems to be a common thread among the agents and staff. The annual WR Art Show opened Wednesday, October 21st with a wine and cheese party. Original art pieces were produced by the WR agents or their immediate family members. Among the works on display are several oil paintings by agents Susan Hewitt, Linda Gibson Cecil and Cindy Droste, as well as Jan Nuss Corum, Lee Jolly and Lurline Arnette (mother of agent Dave Arnett). Ellen Bland submitted several watercolors by her mother, Jane Stone. Included in the show were handmade greeting cards, enhanced photography, jewelry, and painted furniture.