Marsha Marsha Marsha

What is Your Ideal Home Size?

2011-08-26T11:49:00.003-05:00

Remember when bigger was better when it came to houses? Well not anymore according to a Relocation.com survey. 48% of buyers think the perfect size home would be between 1,000 - 1,999 sq feet. 12% less then 1,000 sq ft, 10% 3,000 - 4,999 sq ft. and just 2% would want a home over 5,000 square feet. I wonder if that is because the population is aging and they don't want all the upkeep anymore? I know that is the case for me now that I've crossed that magic age line ( can you say 29? ) where I don't want to have all that extra cleaning to do. I guess the McMansion days are over for now and less really is more.

YOU SAID WHAT?

2011-03-09T15:54:00.003-06:00

I read a short article in my Realtor Magazine about a realtor who had clients that posted a little too much information on their social networking site concerning the purchase of their new home and I thought maybe I should remind everyone to watch what you post online. In this instance a buyer posted not only how much they loved a particular house they had put an offer on but also posted how much they were willing to pay for the house. Word somehow got back to the seller/the listing agent and it seriously compromised their negotiating ability. You never know who will see what you post so just like you should never post compromising photo's of yourself you should not post sensative information, especially when it involves money or major life decisions. You can always post online what a great deal you got after the contract is worked out but until then, YOU SAID WHAT?

House Sleuthing

2011-02-03T09:27:00.003-06:00

How can I as a realor help my buyers make informed choices about home inspections? That question is one that takes time and effort to answer especially as more and more buyers are looking at purchasing a bank owned home or HUD home. Most bank owned homes still allow you as a buyer to have a home inspection but make clear up front that you are purchasing the home in "as is" condition. It is a rare thing indeed to have a bank agree to do any repairs to a home. Most likely they will want to reduce the cost of the sales price for a major problem but for smaller problems you as a buyer are expected to make those repairs. That being said it is still important to have a home inspection for a bank owned home so the buyer can see just what they are purchasing. Usually you will have 10 days or so to do the inspection and notify the bank of any major defects. During the winter months the home will have been winterized and the banks agent will have to have it de-winterized so the inspection can be completed. That simply requires having the water turned back on as well as the gas and/or electric. As a realtor I work with several fine inspectors and can recommend one to you if you do not have an inspector you know and trust. The cost is usually around $200 to $250 depending on the size of the home. The inspection is paid for at the time of service and is not a refundable cost if the house does not close. However, it is better to lose $200 then to be stuck with a house that needs high dollar repairs which you are unprepared to make.

Mortgage Regrets?

2010-12-07T16:50:00.003-06:00

Do you know what type of mortgage you currently have? According to The Residential Specialist Magazine just 2 years ago 26% of people were clueless as to what type of mortgage they had. Today that number is just 8% as consumers have become more knowledgeable about mortgages. 90% of homeowners say they have no regrets about purchasing their home while the homeowners who do have regrets say they regret their inability to resale the home or their inability to make the payments. Fixed rate mortgages are becoming more popular with 4 of every 5 mortgages being a fixed rate mortgage ( a loan where the interest rate is locked in for the term of the loan vs an adjustable rate mortgage where the initial interest rate is low then adjusts upwards every year). If you need help finding a reputable lender to finance your home purchase let me know and I will recommend several lenders who can get the job done with your best interest in mind.

Move vs Remodel?

2010-11-18T11:32:00.001-06:00

Should You Move or Remodel?

When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read

Visit houselogic.com for more articles like this.

FORECLOSURE OPTIONS

2010-11-10T16:24:00.002-06:00

A new website Knowyouroptions.com is up and running with information to help consumers who are behind on their payments and faced with a possible foreclosure. The new website launched by Fannie Mae includes a list of resources including housing counselors, credit score information and Fannie Mae resources. It also provides important tips for recognizing and avoiding foreclosure scams. If you are concerned about your home loan go to www.knowyouroptions.com and check it out.

It's Time to Make Your Voice Heard

2010-10-27T16:35:00.002-05:00

November 2nd is fast approaching and its time to make sure your voice is heard.
I am proud to say I have not missed voting in an election since my first time to vote back when Ronald Regan was elected president in 1980. With a husband who is a politician we are most likely more excited when it comes to politicsl elections but everyone has a huge stake in who is elected to represent us at a local, state and federal level. Regardless of whether you are liberal, moderate or conserative take the time to vote on the 2nd. It is not just a right to vote but also your responsibility to participate in the process. Set a good example for your kids and take them with you to the polls. Whether or not your candidate wins you at least now have the right to praise or complain because you took the time to do your part and make your voice heard. VOTE

Whats the local Market doing?

2010-09-27T12:06:00.003-05:00

The August sales numbers for the Wichita metro area have been released and they show a slight increase of 2.7% in sales from July to August. This is good news however the numbers for July were down about 33% from the spring rush. This spring the buyer tax credit was in effect until April 30th so that helped inflate the numbers for sales during that time. The drop off was dramatic and it could take a few months to really be able to gauge where the market will settle down and reflect a true market condition. New home sales did not fair as well as resale homes and new home sales actually drooped 2.4% in August. Inventory for resale homes was up 25% over this time last year and inventory for new homes is 18% lower this year then last year.

What does all this mean? In a nut shell it means now is a GREAT time to buy a home and a not so great time to sell a home. It means that the market is a strong Buyers market and there is lots of inventory to pick from. There is about an 8 month supply of homes (resale) on the market and about a 12 month supply of new homes on the market. A 4 -5 month supply is considered a balanced market so you can see that buyers are in a great position right now.

Does that mean that as a buyer you can low ball any home and get a steal of a deal? NO, NO, NO. That would assume that all sellers are in a situation that they must sell or loose their home or that all sellers are desperate. There are a few situations where that might be true but for the most part many sellers are not in a position where they must sell or else. They are looking for a fair price and many will offer incentives that will enhance the sell for their buyer. As a buyer look for concessions such as seller paid closing costs for the buyer, flexible closing dates, or maybe some personal property might be included ( a pool table might be left or a hot tub, etc) As they say Every Thing is negotiable in real estate.

Tough Market

2010-09-12T20:40:00.005-05:00

In case you haven't noticed the real estate market in Sedgwick County is SLOW, SLOW, SLOW! No use trying to deny it, there are lots of homes on the market and few buyers ready to deal. It appears to me that if you are a buyer you have a real opportunity to find a great home at a good price. Interest rates are at their lowest levels in many years and while lending rules have tightened up there is money available for responsible buyers. My friend Lisa is a lender and she says that if your credit score is at least 620 and you have a down payment you can buy a home. The money is there waiting for you.

I've talked to a lot of realtor friends recently and the buzz is all the same. Where are the buyers? Some think that everyone who wanted to buy probably did so before the tax credit expired in April. I find that hard to believe as couples are still getting married, babies are still being born (families are growing) and kids are still going away to college and leaving parents at home with to much house for just the 2 of them. Some agents think that the unemployment rate is to blame. Yes, we have about an 8% unemployment rate in the area but that still leaves 92% of folks employed. I think the main culprit is FEAR. Fear of job loss, fear of not being able to get a loan, fear of making a commitment in a time of uncertainty. The truth of the matter is that real estate is still a great investment, much more stable than the stock market, you could lose your job tomorrow but you could also get a promotion tomorrow and climb that corporate ladder, and if you've been diligent in your finances you can get a loan. It is often said "The only thing to fear is fear itself". Lets hope that rational thinking wins out and fear does not continue to rule in our community.

Remember, all real estate is local and what we are hearing on the nightly news out of California, Florida and New York is not necessarily what is happening here in Wichita.

THE HEAT IS ON!

2010-06-27T21:00:00.002-05:00

Wow, summer has arrived with a vengeance. Lots of heat, mosquitoes, and teenagers lounging around my living room. Aah, I love it! I've been busy these past few months getting my Accredited Buyer Representation designation ( ABR) which means I've gotten extra training in how to represent buyers in a successful purchase transaction. Buyers are such fun to work with. Especially first time buyers who are so excited and anxious all at the same time. Now that the Federal Tax Credit has expired most buyers out there can have a pretty good pick of homes since the buyer pool has shrunk. Depending on what area you are looking at I can show you what the market in that area has been doing over the past year and if there is a buyers or sellers market going on. It is amazing to me how each community seems to have a different market going on and you as a buyer really need to know what that market is.
Questions? Shoot me a message and I'll try to help. PS,. The wedding was beautiful and I'm sooooo glad it's over.

Wedding Bells and Baby Booties

2010-03-20T23:16:00.002-05:00

Things have been really hopping around my house this winter. One of my daughters announced she is getting married in June after graduating from WSU in May. Another daughter had her 3rd baby a month early in Feb. Baby Luke weighed in at 3 1/2lbs and came home from the hospital this week, 2 days after his 1 month birthday. He has gained a pound and grown 3 inches. With all the excitement I have neglected my blog site for far to long. One of the things I really must remind everyone is that you only have until April 30th to get in on the tax credit for home buyers. You don't have to close by then but you must have a contract negotiated by then. Don't wait much longer. I have several nice listings ranging from a starter home to a home perfect for a single or couple to downsize into. Let me know if you need help.

LIFT PUMPS?

2009-10-27T20:42:00.005-05:00

What the heck is a lift pump? I learned the hard way just exactly how important a lift pump is this week when mine went out. We bought our home 8 years ago and for the first time had a basement. Wow, how wonderful to have so much extra space and there was even a full bathroom down there. No more kids fighting over who had been in the bathroom too long and who was next. It was sheer bliss until last weekend when I woke up and thought something smelled amiss. After sniffing around to find out where the offending odor was I was dismayed to see a pool of stinky water surrounding a little used area of my basement laundry room. Evidently the bathroom drains into the lift pump hole and is then lifted up through the pump system into the main sewer system and discharged through the sewer line. Well, the lift wasn't lifting anything but rather pooling around the pump area and making a rather strong statement in my basement and up the stairs into the main floor. NASTY! Luckily, the plumber was able to come by on Monday and spent about an hour replacing the old pump. It took another day but finally the house began to smell better and the kids were able to use the bathroom again. Who knew that a little pump could be so important. You can bet I won't take my lift pump for granted anymore. As far as I'm concerned it is one of the most important gadgets in the house.

I'm Going Green

2009-09-23T09:54:00.004-05:00

Last week I completed classes to obtain the Energy Works Certification. This certification process taught me how to understand different "green" elements in a home and how to market those elements when selling the house. Topics covered included Heat Pumps/Geo Thermal units, energy saving lighting, designing energy saving homes and other components of building/buying "green". It was an interesting class and I believe it will help me better inform my clients on money saving improvements as well as help educate potential buyers who are looking to buy my green listings. It is amazing all the new technologies out there which can help families save money as well as the resources we have. I'm glad I took the time to attend and get certified.

1st Time Buyer Alert

2009-09-19T12:33:00.003-05:00

Attention all first time home buyers! The deadline for closing a home purchase in time to qualify for the Federal Governments Tax Credit is fast approaching. As of today all loans must be closed by November 30,2009. The pipeline for closing these loans is becoming clogged and will soon be filled up. If you are waiting to buy a home you need to move quickly to find the right house and get an offer accepted. The length of time between contract and closing is 30 to 60 days depending on your loan type. I would venture to say that if you don't have a contract in process by mid October you will miss out on the tax credit. The government doesn't care if your loan closes one day or one week later than the 11/30 cut off date.When it's over - it's over! There has been some recent talk about whether or not the President will extend the tax credit option but I would not count on it until I see it signed. Get your realtor to work or call me and I'll get the ball rolling. TAX CREDITS DON'T COME AROUND VERY OFTEN, DON'T MISS OUT!

What a Summer

2009-08-18T15:12:00.003-05:00

How in the world did I miss an entire summer? No trips to the pool with the grand kids, very few picnics, a few baseball games and BAM!, the whole summer is gone.
Actually, I spent a lot of my summer changing office locations and getting settled into my new office. I have relocated to Coldwell Banker Plaza Real Estate ( same great Coldwell Banker company, just a new boss and new office). You'll still received my stellar customer service and hard-hitting ( ha) newsletters, you'll just have to come visit me at my new office located at 13th and Tyler behind the Fidelity Bank Building. I recently sent out newsletter to all my friends on my mailing list but in case you missed getting your copy here is the same information:

Coldwell Banker Plaza Real Estate
8442 W 13th #102 Wichita, Ks. 67212
cell #316-253-6177 and email marsha@marshahuebert.com

The market in Wichita is holding steady this summer. Lots of first time buyers are out getting homes that will qualify them for the Federal Governments 1st time buyer tax credit of 10% of the sales price or $8,000 which ever is less. If you know of any first time buyers who need a realtor to represent them and get in on this one time offer let me know. They only have until November to get a contract in place.

Love Is In The Air

2009-05-11T10:54:00.002-05:00

It's that time of year when lovers all over the world are walking down the aisle to say I DO! 2 of my favorite clients will be declaring their love and commitment for one another this next weekend as they say I DO. Congratulations to Brooks Provo and Andrea Neth as they marry May 16, 2009 and close on their new home shortly thereafter. I've had the privilege of working with them thru the whole process by counseling them in their pre-marital counseling sessions, and helping them find their new home. Being a realtor is such fun.

DID YOU GET YOUR BAILOUT?

2009-04-05T22:04:00.003-05:00

With all the money being handed out by the government this year I'm wondering why I'm not being swarmed with new buyers. Why haven't you gotten in the market yet?

What The Heck Does A Realtor Do?

2009-04-02T21:47:00.004-05:00

Do you know what a realtor does, besides showing you houses and collecting a commission check? Belton Jennings, CEO of the Orlando Regional Realtors Association has compiled a list of 180 typical actions, research steps, procedures, processes and review stages in a successful real estate transaction. These services are normally provided by full service real estate brokerages in return for their sales commission. I will list a few of these steps for your review.

Make appointments with sellers for listing presentations
Research all comparable currently listed properties
Research sales activity for the past 12 months from MLS and public records
Download and review property tax roll information
Prepare Comparable Market Analysis to establish fair market value
Compile and assemble formal file on property
Offer pricing strategy based on professional judgement & interpretation of market
Present and discuss strategic master marketing plan
Measure interior room sizes
Review current title information
Verify current loan information with lender(s)
Prepare showing instructions for buyers agent
Discuss possible buyer financing alternatives and options
Explain benefits of Home Owner Warranty to seller/buyer
Arrange for installation of yard sign
Add property to company's Active Listings list
Take photo's of home for MLS and Internet use
Have extra key made for lock box
Assist seller with completion of Sellers Property Disclosure
Enter property data into MLS data system
Create print and Internet ads with seller's input
Order Just Listed postcards
Provide Special Features brochures and brochure box
Negotiate all offers submitted
Help buyer find financing options
Order and attend all inspections
Work with Title company to insure clear title
Schedule closing time and location
Ensure all parties have all forms and information needed to close the sale
Forward closing documents to absentee seller as requested
Respond to any follow up calls and provide any addl information required by office

As you can see there are many little details that must be completed for the sale to close successfully. As a realtor I know what needs to be done and when it must be done. There is much more to selling or buying a home then just looking at 15 homes and then moving in. Let your real estate professional walk you through the details and make the transaction as smooth as possible. The old saying is right "THE DEVIL IS IN THE DETAILS"

NO/LOW COST WAYS TO TWEAK IT!

2009-01-26T18:50:00.004-06:00

The January issue of Realtor Magazine has a list of 8 ways to tweak the look of your home to make it more appealing for potential buyers. There are probably more then a few items in your home that went out of style a decade ago, but your so comfortable that it's impossible to see them for what they are. However, everything needs updating eventually. Here are some ways to "tweak it" for little or no cost.
MOVE IT -Simply rearranging the furniture can re-energize a room. Add and remove furniture,rugs and accessories from other parts of the house to create a whole new look. PLANT IT- House plants are generally undervalued design components that can add texture, warmth and color to any room. Just make sure they are healthy and and well maintained. PAINT IT- Paint is one of the easiest and most cost effective ways to make a substantial change. use dramatic colors in powder rooms and dining rooms and more neutral colors in living spaces. ORGANIZE IT - Clutter just has to go. Buy some storage tubs and fill them with unused items, photo's, anything that your not using in the very near future. HIDE IT - Use paintable wallpaper to help cover up an imperfect wall. It will hide an uneven wall and smooth out bumps. Caution, your intent should never be to mislead buyers, be sure to discuss flaws that would affect the homes value. REPLACE IT - Cabinet knobs, switch plates, and other small pieces of housing hardware can update a home for just a few dollars a piece. Look for things in the home that look worn out or outdated. Faucets, light fixtures and sinks can be other mid cost upgrades. LIGHT IT - Try layering the lighting by adding accent pendants and lamps to a room that is to dark. Add dimmers in the dining room, bathrooms, kitchen and family room for a cozy feel. CLEAN IT - Turn a critical eye to flooring, appliances and woodwork. It takes a little elbow grease but is worth the effort to clean things up for a sparkling shine. Buyers love a clean house.

CAN I BUY THAT FIXER-UPPER?

2009-01-05T16:42:00.002-06:00

Happy 2009 everyone. As I was getting ready to start my yearly after Christmas cleanup ( everything looks so nice and clean (bare) after the holiday decorations are taken down) I noticed that there were several items around the house that could use some fixing up. I've also been working with several first time buyers that are looking at homes that could certainly use some work. With money scarce for many buyers the question is always asked " Can I finance some of the work on this house?"

According to information published by Fidelity Bank the answer appears to be a big YES, you can finance those repairs. FHA has a loan program called a 203KS loan that allows you to finance up to $35,000 for home repairs on top of the loan amount. Covered items are carpeting/floor finish, new roofs, painting, kitchen and bathroom updates/remodel, siding, windows, basement finishing and new appliances. Contractors must do the work and supply bids for each item. Once the sale has closed they have six months to complete the repairs. All of this without affecting the seller or the contract sales price.

Sweet! So don't let the possibilities of a home needing repairs keep you from getting the great price on an "as is" home. Contact you local lender ( or contact me and I'll put you in touch with some great lenders) for more information.

FORECLOSURE HELP

2008-12-16T12:23:00.003-06:00

Recently the National Association of Realtors sent out a call to action for all Realtors to get involved in the housing crisis by connecting with one family/person who is currently looking at a foreclosure sitiuation. They have provided the following websites as information links to provide needed information to homeowners who could be facing a foreclosure crisis. http://www.hud.gov/foreclosure/ and http://www.hopenow.com/ are two sites that can get information into the hands of folks who need it. I have some resources available to help anyone locally who is facing possible foreclosure. We can talk about " short sales" where the lender works with you to get your home sold at a price below the amount you currently owe, HUD has a program to help you stay in your home and get current on your past due payments and I have lenders who have knowledge on refinancing to get your payment down to a manageable amount. The first step is to contact your lender and explain the situation to them and let them know what is going on. Check out these websites and let me know if I can be of any assistance.

Happy Thanksgiving

2008-11-23T15:02:00.002-06:00

Did you know that Thanksgiving was celebrated twice in 1939? Farmers Ins. agent Steve Rogers brought this fact to my attention recently and I thought you might like to know about that double Thanksgiving controversy.

Since 1863 when Abraham Lincoln declared Thanksgiving to be a national holiday, the celebration has always been observed on the last Thursday of November. However in 1933 there were five Thursdays in November and business leaders lobbied President Roosevelt to move the holiday to the 23rd instead of the 30th, believing that the extra shopping week between Thanksgiving and Christmas would help businesses weather the Depression. Their request was ignored, but when the same situation occurred in 1939 Roosevelt did in fact declare the 23rd to be Thanksgiving.

The opposition was overwhelming. Calendar manufactures had already printed their products years in advance. Schools had already scheduled traditional Thanksgiving Day football games as well as planning for students and teachers to be off for the holiday. Many folks were not happy, how dare the President change a tradition to accommodate business.

Some governors declared the 30th to be Thanksgiving and thus depending upon which state one lived in the celebration was either on the 23rd or the 30th. Finally in 1941 Congress put an end to the controversy by making it the law of the land that Thanksgiving is to be celebrated on the fourth Thursday of November.

You can read more about this controversy at the FDR library and museum website: http://www.fdrlibrary.marist.edu/thanksg.html. Thank You Steve for sharing this bit of history with me and my readers.

Home Warranty vs Homeowners Ins.

2008-11-12T10:26:00.004-06:00

Do you know the difference between a home warranty and homeowners insurance? I didn't until I bought my last house. A home warranty is purchased from a warranty company usually at the time of your home purchase and it covers many items in your home, such as appliances, heat and air unit, hot water tank, plumbing stoppages, etc.
AS LONG AS, the repair falls under permitted claims. These warranties usually last from 12 to 13 months, cost any where from $400 to $500 and can be very helpful to a buyer who's stove breaks down 2 weeks after he moves into his new home. I always advise my buyers to ask for a home warranty in their purchase contract and to ask the seller to pay for it. The most important thing for a buyer to read is the exceptions information in the warranty paperwork so they will have a good feel for what is and is not covered. A warranty program provides a central phone number for the client to call if a breakdown occurs. The warranty company then sends out the appropriate repair person to do the work. The client pays a set service fee of approx $75 ( it varies with each plan) and the covered repairs will be completed or if it can't be repaired the item is replaced at no further charge. I also advise my sellers to offer the home warranty up front and use it as a marketing tool figuring that any prospective buyer is going to request one anyway.

Your homeowners insurance is coverage paid on a yearly basis that protects your home from damage from wind, hail, fire, lightening etc. There are many different coverages you can get but all policies should cover both the exterior and interior of the home. At a later post I'll talk about the different coverages you can have but for now lets just say that no one should own a home without homeowners insurance and all the mortgage companies I work with require that there be homeowners coverage at the time of closing. Homeowners coverage is used to protect you from a big loss/damage to the property and also insures that your lender will be paid if the house is destroyed by fire, tornado, etc. The one thing homeowners insurance will not cover for you is if you home floods from anything other than a sudden burst of water ( such as a broken pipe in the house) or, if you have the coverage, from a sump pump back up or malfunction. Many people thought they were covered during the flooding this summer when there was 10 inches of rain and basements were filling up quickly only to find out that flood insurance was needed to cover that kind of damage.

Know the difference between the two kinds of coverage and make your choices wisely. It could be a very costly mistake not to.

Tis The Selling Season

2008-11-08T14:44:00.000-06:00

Does it make sense to deck the halls while you're trying to sell them? That is the question sellers have to address during the holiday months of November and December. Should I set out my fall harvest decorations? How about a Christmas tree and all the outdoor lights that my family loves? According to an article in The Residential Specialist, Nov/Dec 2008 issue, Most agents agree that it is OK to go ahead and embrace the holiday spirit when your home is on the market but the key is to show restraint.

The holiday season presents many challenges and opportunities for Realtors and sellers who are trying to sell properties. The National Association of Realtors research shows that from 2005 to 2007, 66 percent fewer properties sold in January and February compared with the strong selling months of July and August. Fewer people hunt for houses during November and December than at any other time of year. The upside of this fact is that those who are looking aren't just window shopping. Only serious buyers are looking this time of year. With many corporate relocation's often taking place before the New Year this provides sellers with a pool of very motivated potential customers. Add to this the fact that fewer homes are on the market during this time of year and sellers can feel good about a significantly less competitive market.

People have a good feeling when they see a house that is decorated for the holidays. Taste, however is in the eye of the beholder. Sellers should strive for a decorative theme that says "Welcome", not "Hey, look at Us". A good rule of thumb is to do what makes you happy but scale it down a notch. Greenery on the door is a festive touch but an outdoor lighting display like Clark Griswolds on Christmas Vacation is a bit over the top. If you have a collection of Menorahs or manger sets pack up all but your favorite one to leave out.

Remember, this is the best time of year to sell a house due to the law of numbers. Sellers have less competition and more visibility which gives them the best odds possible. Adding an enticing backdrop of holiday spirit can only add to the chance of a very happy new year for all.

Selling Nightmares and Lessons Learned

2008-06-23T09:36:00.000-05:00

Ever have a nightmare you can't seem to wake up from? Every time you close your eyes you continue to have the same bad dream. Well, it happens in real estate too. I've just roused myself from 2 of the most trying and frustrating listings I've ever had. The first situation occurred when a vacant house I had listed for 4 months was signed over to a relocation company. The sellers turned off the electricity without telling me and the relocation company failed to notify us we needed to turn on the electricity in our company name. After receiving a phone call requesting a showing of the home one Tuesday afternoon I arrived at the house and immediately noticed an odd smell. Only it wasn't so odd once I began sniffing out the source of the smell.
After 8 inches of rain the previous week the basement had about 36" of standing water or what I like to refer to as an indoor pool. Black fungi (mold) was growing up the staircase and the prospective buyer was slowly backing up to the front door where he eventually turned and ran down the driveway. Lets just say after 5 days of pumping by a local Service Master and numerous calls to the relo company I was neither surprised or saddened when the house was re listed with a different company and I was very nicely terminated. Lesson learned: Don't trust the Relocation Company or the seller to remember to inform you when the lights are turned off and try to do vacant house checks more than once a week, especially in the rainy spring.

Bad dream #2. After a year of working with a seller to get her home sold for the price she wanted we finally had a contract that was fair but not quite the dollar amount the seller wanted as a new roof was required ( no surprise) for the house. The first time buyer hired a roofer whom my seller agreed to pay $8,000 at closing for the new roof. The roofer started removing the wood shake shingles on a Wed. afternoon and I got a phone call from the buyers agent on Thur evening telling me that the roofer had ceased working as he had not realized that there was no underlayment on the roof under the wood shingles. He was needing $3,500 more dollars to do the job. Needless to say with 1/2 of the roof removed he had us over a barrel and on Friday morning I called him to tell him that we had to have the roof finished. An agreement was reached between my seller and the buyer where as they would each pay $1,500 of the cost and the roofer would eat the other $500. That Friday evening my seller gave the roofer a check for $1,500 so he could buy the extra wood and pay his workers for working that weekend. Of course it rained that night and wonder of wonders the roofer had failed to follow thru on his promise to tarp the house that Friday night and rain soaked the ceilings of 5 of the rooms in the house. By Tue. when the roof had not had any work done on it I called the company that the roofer worked for and was informed that this company did not do roofing and that while the roofer was the owners son he did not work for them when he did roofing jobs. To make a long, sad story short the owner of the company finally had to hire another roofing company to complete the job, the roofer had to pay almost $1,000 to a contractor to fix the ceilings and the house closed almost a week late which meant that the utilities were turned off on the org. closing date and there was not electricity at this home for several day. Since both of these situations occurred during the same 2 1/2 week time frame I immediately began to think about the sump pump being turned off at house #2 and of course it was raining. Fortunately for my seller we were able to find a friend who had a generator and run the sump pump off of the generator for a few days until the buyer got the electricity turned on in his name. The house finally did close, with a new roof and after much screaming by the owner of the company who had to cover for his son the bill was paid and the ordeal over. Well, maybe over as my seller is considering going to small claims court over the whole ordeal. Lesson learned: Never let the buyer hire his own roofer and always use a company you are familiar with. If at all possible convince your seller to replace the roof before a contract is on the house so your seller is in control of who does the work and how the bill is paid.

Selling Real Estate can be a fun and rewarding career but it is also very stressful and can keep you up nights. Of course with nightmares like this going on staying up nights can be a good thing.

Remodeling Cost VS Value

2008-03-10T21:01:00.000-05:00

My latest issue of The Residential Specialist Magazine had a small article on the cost vs value of several remodeling projects. As an avid " do it yourselfer" I love to watch all those do it yourself shows that instruct us on everything from curb appeal to replacing the tile in my bathroom. While I was working the Wichita Home Show 2 years ago I had just analyzed the latest NAR Cost VS Value information and was surprised to find out that the most cost efficient remodels had to do with exterior jobs. Our booth happened to be next to several siding company booths and I decided to get a siding education while on duty. At that time a siding remodel in our Midwest area was recouping about 114% of the cost when the house was sold. The numbers today are still strong. In Remodeling magazines 2007 Cost vs Value report 5 of the 6 projects that earned cost-recovery rates of more than 80 percent were exterior improvements. The top improvements included 1) upscale siding replacement with fiber cement materials 88.1%, 2) Wood deck addition 85.4% 3) Mid range vinyl siding replacement 83.2% 4) Mid range wood window replacements 81.2% and 5) Upscale vinyl window replacements 81%.

On the other end of the scale Home-office remodles re-couped only 57%, and a mid-range sunroom addition only brought in 59.1% of the cost paid.

Looks like my plans to side the house this summer will still be an attractive selling point if and when I decide to sell.

Who would of thought?

2008-01-30T12:00:00.000-06:00

Today, its a new day! Where did I hear that before? Well, it sure is a new day for me as I begin my new blog. For a not so sharp techie I'm hoping to do a good job of sharing information on the local real estate market and how real estate affects ( some would say runs) my life. I hear so many different news stories about the sorry state of the market and how families everywhere are losing their homes to the lenders who made them very questionable loans that I just had to comment on the difference between the National market trends and the actual Local market.

Believe it or not all real estate markets are local. What happens in California or Nevada does not necessarily reflect what is going on in Kansas. To hear the nightly news one would think that home prices are falling here in our area and the poor consumer just can't find a loan to purchase the home of their dreams. I've spoken to several lenders over the last few months and all seem to have the same take on the local lending outlook. Yes, the guide lines have tightened up on credit purchases but a good buyer with a decent credit score is still able to obtain a loan with a very good interest rate. From what I've been told the rates are now around 5% for a 15 yr. fixed rate mortgage and 6% for a 30 yr. fixed rate.

I've been watching the houses for sale in my area and while I do see a large number of homes on the market right now I also see that homes which are priced correctly (within the existing market value) and are maintained in a top notch manner are selling within about a 4 month time frame. Does that mean that sellers are getting top dollar? Not every time. Anytime the market is overloaded with inventory prices tend to go down to an adjusted market value. Its the old supply and demand adjustment. With the local market more than holding its own we can look forward to a solid selling market once the usual spring "pick up" season begins. I for one am grateful that Kansas has not had the 15 or 20 % appreciation rates for homes these past years. One more GREAT reason to live right here in the heartland!