By: G. M. Filisko, Guest Author

After finding a buyer, all you have to do to make it to closing is to avoid these five traps.

Finding a buyer for your home is just the first step on the home selling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.

Mistake #1: Ignore contingencies

If your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don’t do cheap patch-jobs and expect the buyers not to notice the fixes weren’t done properly.

Mistake #2: Don’t bother to fix things that break

The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn’t in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.

Mistake #3: Get lax about deadlines

Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you’re selling, move out a few days early, so you can turn over the keys at closing.

Mistake #4: Refuse to negotiate any further

Once you’ve negotiated a price, it’s natural to calculate how much you’ll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.

Mistake #5: Hide liens from buyers

Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn’t going to close.

Guest Author: G.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics in Wisconsin.

For a Realtor with 21 years experience in keeping sales together, contact me via this blogsite or phone me at 713-818-2404. I work with both sellers and buyers to create a win/win atmosphere and a happy outcome.

I couldn’t agree more! To separate my listings from the competition, I pay for my sellers to have a free two-hour consultation with a professional stager. Recently, a well-staged listing sold to the very first couple to tour the home. While I can’t promise these results, I can guarantee that professional staging is now an important part of the marketing process.

Ready to sell your home? To take advantage of my staging program, contact me. I have sold Katy and West Houston real estate since 1989. Experience does matter!

]]> http://fuellingkaty.com/2010/07/03/two-free-hours-with-a-stager-help-katy-homes-sell-faster/feed/ 0 http://fuellingkaty.com/2010/05/05/real-estate-in-katy-is-the-feeding-frenzy-over/ http://fuellingkaty.com/2010/05/05/real-estate-in-katy-is-the-feeding-frenzy-over/#comments Wed, 05 May 2010 15:53:20 +0000 Julie Q. Fuelling http://fuellingkaty.com/?p=2874

I’ve had the busiest spring of my 21-year real estate career!s As the April 30th deadline to qualify  for the tax credits, $8,000 for first-time home buyers and $6,500 for existing home owners, loomed, home sales got really crazy.

It was not unusual for brand new listings to have multiple offers. Bidding wars ensued. Here in Katy, particularly on the southside of I-10, it was impossible to believe that a real estate recession exists.

Nationwide, the tax credit bills created a strong upswing in home sales. To read the rest of this story, see OnlyKaty.com.

A short sale is a transaction in which the lender, or  lenders, agree to accept less than the mortgage amount owed by the current homeowner.

Recently, I earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan.

“Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS^® stay current on national and state-specific information as the market for these distressed properties evolves.

For assistance with a short sale, foreclosure or any other residential real estate issues, feel free to contact me at 713-818-2404 or via email. You can search all of Houston MLS from this site.

Let’s look at the last six months of statistics. Below, see pricing. While, it does not show a truly positive change, it is moving upward from its recent low. Today, the average price is approximately $122,000.

Another dominant factor is days on the market, see below. How long does it take a home to sell? What is the average? As plotted below, the average days on the market in 77449 is 155. This is a decline from July’s high of 160. Some of these quicker sales represent foreclosures and short sales that do not remain on the market for long but conventional sales are doing better, too.

What’s the current status of inventory? Increasing or decreasing? Decreasing is far better for sellers. Guess what! The number of houses on the market in 77449 is going down. For a more detailed explanation of how inventory affects the market, read my earlier article on absorption rates. See the details of the inventory decline below.

To obtain detailed data on Zip Code 77450, see OnlyKaty.com.

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404 or via email. I have specialized in Katy real estate for over 20 years. Experience does count!

77450 Days on Market June Market Report

However, Days on the Market is relevant if we keep in mind that the highest priced homes are fewer in number and usually slower to sell. Less  people can afford to purchase in the highest-end price range.

High-end home sellers find that competition is tough. This buyer has a real choice, due to other extremely prestigious areas of Houston such as the Memorial Villages. While Katy schools are the greatest motivator for home purchases in our area, those who can afford million-dollar-plus homes can also afford private schools. Many chose to live closer to downtown Houston.

Still, if marketed correctly, the highest end listings will sell. Statistics prove this and sales are consistent.

The above graph represents the last six month’s data for Days on the Market. While at first glance, it appears to represent a negative shift, if you look closely you will see that the time from listing-to-contract is stabilizing. The extreme upward spike has leveled out. The great influx of spring and summer homes contribute to a longer sales period.

As far as how long a house takes to sell, an extreme  contrast exists between houses that are priced aggressively and over-priced property. Houses priced at market value sell relatively quickly. At this time of year, many sellers try to-push-the-envelope with respect to pricing.

Another factor is how the home shows. A clean, neat and uncluttered home sells far more quickly. To accomplish this important edge in selling, professional staging has grown in importance. In almost all cases, it easily pays for itself.

Six months ago there was a glut of property on the market as represented by the above chart, Inventory for 77450. By mid-March, a significant number of houses were off the market.  Some sold and others were taken off.  Numbers rose again with the traditional influx of spring and summer houses.  Inventory has stabilized in the last 45 days. There are approximately 357 homes on the market.

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I offer financial incentives to my sellers/buyers. I have specialized in Katy real estate for over 20 years. Experience does count!

About today’s real estate market:

Courtesy of federalhousingtaxcredit.com

It seems like every time we turn on the evening news or read a newspaper headline, the bad news deepens our fear and concerns about the economy. With the news media in full throttle, using terms like “meltdown” and “crises”, it’s easy to see why you might lack confidence in buying and selling a home.

We have to remind ourselves that the media reports negative news, not positive. Their key objective is to pull in an audience and advertisers, not to make you feel good about yourself. They announce the unemployment rate rising despite the fact that millions of people are still working, making money, eating at restaurants and even buying and selling homes.

Are we really spinning out of control? Let’s look at the facts remembering that Katy is far ahead in financial recovery than other parts of the nation. The following data in based on national averages:

• The U.S. Gross Domestic Product is greater than Japan’s, Germany’s and China’s combined.
• Approximately 30% of American homes are owned free and clear and do not have a mortgage.
• Of the 70% that do have a mortgage, a full 96.7% are not in foreclosure.
• When mortgage rates fall to a record low, housing affordability surges to a record high.
• The Housing Affordability Index is at the highest level of affordability in history.
• First time home-buyers have more flexibility when entering into the real estate market because they aren’t concerned about selling another house. Given the low home prices, plentiful supply and low interest rates, its an optimal time for first-time buyers with a long-term view.
• First time home-buyers can get a tax credit for as much as 10% of a primary residence purchase up to $8000.
• If you own a home that doesn’t meet your current needs or you prefer to be in a different neighborhood, it’s the time to take advantage of so many homes in inventory. It’s a perfect time to find a home you love!
• If you are an investor, in certain areas, houses are on “sale”. If you are looking for a long-term investment in real estate, than you should be looking now. With the built in discount on interest rates and housing prices, smart investors can hold onto the property to build equity and long-term wealth.

  For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404.I have specialized in Katy real estate for over 20 years. Experience does count!

You will find this data on my new “live” page, How’s the Market?. For far more detailed data, you can subscribe to my free weekly market report. The subscription link is found on the How’s the Market page.

For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404.I have specialized in Katy real estate for over 20 years. Experience does count!

For more information about Katy    area homes, you can search the entire Houston MLS from this blog. For questions about Katy real estate or to tour any area homes, contact me directly at 713-818-2404. I have financial incentives for my buyers and sellers. I have specialized in Katy real estate for over 19 years. Experience does count!.

All Kelliwood  subdivisions are named to celebrate Kelli, (see photo), the daughter of award-winning builder and developer Vincent Kickerillo. Kickerillo is the developer of all the Kelliwood sections and the primary builder. In some areas, he is the only builder.

Developed in the 1980’s and continuing even today, the large collection of subdivisions that make up Katy’s  Kelliwood range in price from the $200,000’s to over $1 million. Having been under development for such a long time, the older sections have very established and stately landscaping such as the Kelliwood Section of  Nottingham Country.

Kelliwood  is south of I-10 and predominately feeds off of Fry Rd. It is made up of 13 different subdivisions. There are several very exclusive gated sections,  including Lakes of Buckingham-Kelliwood, pictured above.

Kelliwood neighborhoods are all in the revered Katy Independent School District. This is an important reason that values stay stable. Another critical  factor is the standard of upkeep found throughout the different sections. Residents take great pride in their Kelliwood homes which is apparent from a quick drive-through.

The Willow Fork Country Club, a private club with golf course, is located at the south end of Kelliwood. It is a reasonably priced full-service country club. The general public is allowed to hold certain events, like weddings and meetings, at Willow Fork Country Club.

It makes little sense to quote  “average” Kelliwood prices as the sales prices throughout Kelliwood reflect a tremendous spread. I will be glad to prepare you a detailed financial analysis of a specific area where you live or want to buy. (No obligation, of course!) Just contact me at 713-818-2404.

For more information about Katy area homes, you can search the entire Houston MLS from this blog. For questions about Kelliwood or to tour any area homes, contact me directly at 713-818-2404.  I have specialized in Katy real estate for over 20 years. Experience does count!.