We'd Like to Better Our Deal

Question: We signed a contract to sell our Home  contingent on the buyer getting a loan approved & closing it by a given date.  The buyer did not get the loan & the deal was off.  We started showing the house again, but have now found out that the buyers got financing through a different bank & they can close by the original deadline. Are we still obligated to close or can we change the contract to better ourselves?

Answer:    Wait a second. Go back to the part about the “deal was off.” Did the buyers agree the  transaction was finished?  Did they get their earnest money back? Or did they simply find a financial bump in the road? Their offer was fair & acceptable— otherwise you would not have had a contract. The offer from the buyers may be the best you’ll get. Instead of seeking advantage from their difficulty, congratulate them for trying to meet the terms of the agreement & enjoy your check at closing!

I know why your Home isn't Selling

Question: I’ve had my home for sale now for almost a year. I don’t know why my home is not selling. I have a newer furnace & central air. My agent says it is too high in price. I know my house is worth what I’m asking.  Any suggestions?

Answer:   The real truth is "Location, condition, and price." And price trumps every other factor.
Location affects the value of a home, but it’s price that sells a home.
Oceanfront, mountainside, or penthouse, the most desirabl location in the world won't sell at the wrong price.
A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won't be as a high as it would be for a good location.
A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won't be as high as a comparable home in better condition.
But neither location or condition will sell any house. Only one thing does that - price.

So if you're a seller waiting for that "special buyer" who will appreciate your 1970’s décor and flowery wallpaper, and is willing to pay you top dollar for your home because of your real estate prowess, you're going to have a long wait.
Maybe you didn't listen to your agent when he said you are pricing your home above the market. Maybe you got mad at the first few buyers who looked at your home and didn't make offers.
When the showings stopped completely, maybe you accused your agent of not doing a good enough job.
You put the blame on everyone except where it belongs - on you. It's not about you, what you want, or how much you need for your retirement.  It's about the price.”

Foreclosures

 Foreclosure activity in the United States dropped last month to the lowest level since July 2006, before the housing bubble burst, and likely will continue to drop through the first half of next year, an industry group said Thursday. Over the next six to nine months, nationwide foreclosure numbers should start to flatline at consistently historically normal levels," RealtyTrac vice president Daren Blomquist said in a statement. June was the 45th consecutive month foreclosure activity was down on an annual basis.

Real Estate Market Report for many Local Areas

This is new to Coldwell Banker agents, for our Clients. It will give you a local Real Estate market report for your Area. Indiana is coming soon.  Check back every Month for a new report. Click on the Norton Safe Link:
http://www.coldwellbankeronline.com/MarketWatch/default.aspx

New Listing in Munster's Fairmeadow Subdivision

Know of anyone looking in Munster? Elliott grade School. Convenient to I-89/94.
Check out the Home on the Norton safe Link:
http://www.coldwellbankeronline.com/ID/3679534

Buyer discount in a slow Market?

Question: In a slow real estate market, what percentage can a buyer expect to save from an original asking price. Can a person save 5 percent? Ten percent?

Answer: There's no general rule which says that buyers are somehow entitled to a given discount in a slow market. Instead, you have to look at every transaction as being unique and consider such issues as the initial offering price, any seller contributions or concessions, the condition and location of the property, demand in the local area, the interest rate and the need for the owner to sell. Add it all up and a 10-percent discount may be too little, meaning you'll overpay for the property; just right, meaning both you and the seller will agree to a given price and terms; or too much, meaning the owner can do better with another buyer and you'll lose the house.

The American Dream

It is so nice to go into the homes of homeowners and actually give them good news. They can sell their home with a profit. It maybe a break even or small profit, but it is a profit. The market, especially in Indiana, is improving. The stalled engine in Illinois is showing signs of starting.          Could increased home values be far behind?
Maybe the Illinois legislators will stop raising property taxes. Increased taxes will cause higher inventory and lower demand. Basic economics says with this formula, home prices will continue to fall. By lowering taxes, demand will increase and supplies will fall. This will raise home values.