Selling A Home In A Slump

Despite recent trends suggesting the real estate market has hit an all time low there are still plenty of people buying homes, 1st time home buyers and home owners taking advantage of the low interest rates and upgrading to bigger homes. So how can you improve your odds of selling your home during these hard times?
Eeverything around you is telling you the market is your worst enemy, you have to figure out how to turn your luck around. Fortunately, there are ways you can do that. There are several steps you can take to make luck work for you and not against you.

• First, make sure your home is always available for showing, no matter your situation. This will improve the odds you will sell your home. Don’t let inconvenience stop you from showing your home to anyone interested.
• Make sure your home is clean all the time, even if you are not naturally a clean person.
• Have a professional real estate agent or broker come and stage your home so it presents in the best possible light. This will improve your odds of putting your best face forward and impressing potential home buyers.
• If you have pets, make sure they are contained, clean and that all pet odors are removed from the home, unless you plan to sell only to other pet owners. Even then make sure your pet materials are meticulously clean and your yard free of pet debris and waste. Having pets is fun but showing a home with pets in it can be challenging. If you leave the home for a showing take your pets with your or have them restrained so they do not scare off prospects.
• Set a competitive price if you want people to show your house and if you plan to sell your home in a tight market. You probably won’t get top dollar but you can get a fair asking price even if trends suggest the housing market is plummeting. Remember there are still people that have money and have an interest in plunking it down on a new house and worthy investment.

Bringing the Dream of Homeownership Within Reach

For information on the $8,000 TAX CREDIT call Linda 602-391-8246

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.


The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Tips for Home Sellers

Price correctly from the get-go. Unless you're living in a handful of relatively stable U.S. markets, don't start out too high-priced just to "test the waters." Your backup plan of adjusting on the fly may prove futile. Keep that window of opportunity open from the first time the "for sale" sign appears on your lawn. The first 30 days a home is on the market are when it gets the most attention from potential buyers and their agents.

Looks do matter. Don't underestimate the importance of curb appeal. Not only is there an acute price war going on out there, there's also a beauty contest being staged. You may be strategically located in a quiet cul-de-sac, near great schools, great health-care facilities and fabulous shopping, and you may have easy highway access for that morning commute, but unless your exterior is well coifed and in sparkling condition, other offerings will outshine it.

Don't overdo it. By contrast, if you go too far in improving your place, you likely will not be able to recoup your remodeling investment.

Don't be an ambiguous seller. Either you are going to sell or you aren't. Why waste everyone's time, including yours? If you manage to fetch a decent offer with a test listing in this market, commit to sell. You may be able to buy a better replacement house at a disproportionately lower price with so many steals still out there.

Tips for Homebuyers

Cash is the new king. If you can spare the cash, brother, it has a heck of a lot more buying clout now. In the past, we've tried to persuade people to seek out more liquid investments for their cash on hand and grab an easy-to-get, low-interest mortgage. Now, with the equity markets depressed at the same time that mortgage loans are hard to find, the tables have turned. Those wielding ready cash in a recession are always ahead of the game.

Negotiate extras ... and more extras. This is a no-brainer in the current market. But while sellers continue to offer throw-ins such as built-in appliances, flat-screen TVs and even cars, the best throw-ins are always the ones that take monetary form. Think paid closing costs, a year's worth of property taxes, repair credits and paid homeowners association dues, to name only a few.

Determine your own home-buying budget. Do this before you start talking with lenders. They will tell you what you qualify for, but only you can determine what you can really afford.

Research = savings. Agents will almost always tell you that the time to buy is now. But do your own research. Go online to scour newspapers and other local sources, and look for housing inventory backlogs, the average "for sale" time that the home is on the market and average selling prices.

Watch for foreclosed-property inventory to loosen. Banks will soon be under greater pressure to cut their losses on property they own through foreclosure and to increase revenues. With a smaller percentage of distressed homes selling at auction, banks are loaded up with more of these "nonperforming assets."

If you would like more tips if you are buying a home please email
AZhomes4u@gmail.com