A one year journey through Real Estate: Weeks 13-14
The last two weeks have whizzed by for me. I’ve been busy at home and at work.
I have been attempting to wrap things up for a buyer purchasing a foreclosure. The buyer is out-of-state and I did much of the leg work for them. All has gone well, but the bank took close to a month to get the signed paperwork back to us. I suppose it’s just the way things go these days with short sales and foreclosures.
I had been working with another first time buyer, who had become somewhat frustrated, since the properties she liked best were out of her price range. At the advice of my broker in charge, I suggested she revisit her lender and explore a 5/1 arm, rather than the thirty year fixed she was approved for. She wound up with a rate of 3.75%, versus the thirty year rate of 5.2%. She was so excited that we wound up looking at several more homes and she found one she loved. We made an offer which was accepted and she wound up with an excellent deal.
Both will close by the end of April.
I continued with farming my neighborhood, mailing out the third round of postcards in three months. I was attempting a blitz before the spring selling season. So far, no results, but I’m hopeful. It just takes one listing to be worthwhile.
I also did an e-mail blitz of local builders. The market for new homes is still slow here, especially with upper end custom homes. Earlier this week, I attended a webinar by Builder Magazine. There are several areas of the country with very healthy markets for new construction. Charlotte, NC and Raleigh, NC were in the top ten, with Charlotte being number three. Greensboro is in the middle geographically, but not in the top twenty list. It’s only a matter of time.
Trends showed successful builders changing and adapting to the times and the newest generation of buyers. Smaller is in. Buyers are not concerned with keeping up with the Joneses any longer. In these economic times, it’s all about value. Green is in, especially with younger buyers. Several communities even included ports in the garage to plug-in an electric car. Formal areas are out! No more formal living rooms or dining rooms. They are considered wasted space. Large open areas, suitable for entertaining at home and keeping the family together at home are the future.
This past week also had much positive economic news. Consumer spending is up considerably, which should create more jobs. Consumer confidence is up and the stock market had some major gains. Finally, the media has been reporting positive economic news. The CBS Morning Show did a report on real estate, saying “Now is the time to buy. Don’t wait”
That’s it for this edition. Stay positive and take advantage of the moment.