Paula Henry

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Leave the House

September 28th, 2008 categories: Indy Home Sellers, Random Thoughts, Selling My Home

As a matter of preference, I recommend my home sellers don’t hang around when the buyer is performing a final walk-through. A final walk through is the buyers opportunity to ensure all requested repairs were completed and the home is in the same condition as it was when they wrote the offer.

Because of circumstances beyond my control (movers, moving trucks and the day the buyer chose), I had to be home when the buyers came through for their final inspection of my home. My REALTOR did ask if I wanted them to come by, but…..Hey, I’m a big girl and besides that, I’m a REALTOR; I know to just stay out of the way, give them the receipts for the repairs and let them inspect.

Well, not so fast there – I still have an emotional connection to this place I have called home and I know the work we have put into it. If they want to know how the pool works or what day the trash gets picked up, well, I can answer that. The question I wasn’t prepared for caught me off guard and left me wondering what happen to the professional REALTOR I am. So my emotions got the best of me, but, at least I waited until the new buyer left. Now there’s the professional in me  :)

What was the question? What’s underneath the carpet in the fire-pit conversation area around the fireplace? A seemingly innocent question, until, they tell me they plan on taking out the carpet, level the floor, replace the flooring, tear out a wall, remodel the kitchen, take out the pantry……………………etc.

It’s not that I don’t believe this home needs some more updates or remodeling. But, today, it is still MY home and I wanted to believe someone bought my home because they would love it as much as I do.

The truth is, they will come here and make it their home – I just didn’t want to hear about it – at least not today.

Home sellers, get out of the house when the buyers come by and inspect. Leave them a nice note and imagine how much they will love your home. I guarantee you’ll be glad you did.

 

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Authored by Paula | Discussion: 2 Comments »

Moving On

September 25th, 2008 categories: Indy Home Sellers, Random Thoughts, Selling My Home

Not Like Any Other Day

Door to HomeToday was an early morning as I got my youngest daughter on a plane and now I sit here at the Indianpolis International Airport, waiting for my flight to join my daughter in Phoenix. It is a vacation of sorts. My son will fly in for the weekend, as we have one last hooray at our Phoenix home. If you remember, we were supposed to have that last blast back in January, but time got away and we didn’t put the house on the market until June.

A Home Sold

I intended to chronicle the details along the way – but somehow time passed and the specifics don’t seem quite as important. Yes, my husband and I had differences of opinion about the price, when to reduce the price and how to respond to the offer, once we received it. It was not all that exciting to me, being a REALTOR, but I know every detail was important to my husband. I think REALTORS should sell their own home occassionally to remind themselves of the impact the whole process has on our clients and their family.

While, I have been able to rationalize price reductions in light of the reality of the current market, it wasn’t easy. We had two price reductions and an offer within days of the last price reduction. Yes, I wanted to make more money, but am glad I don’t face the prospect of having to bring money to close. I feel blessed in that respect. 

So far, I have been able to keep an emotional distance. Not so, today!

A New Life

Yes, we sold our home, but we also sold every spring where my husband would plant another plant or buy another yard ornament. We sold every summer where the pool and patio became a place of relaxation, a place where family and friends gathered. We sold the home where our last child became an adult. We sold a part of our lives which we both cherish and miss.  Our memories are deeply planted in our hearts, soul and a few thousand pictures, but the loss; it’s still the same.

On Tuesday – I will step into my clients shoes with a bitter sweet victory. Sometimes selling a home is a happy occasion; other times not so much. It’s always a transition. Along with every other transition life brings us, we will move forward with hope, optimism and another chapter in our lives. We have our new life in Indianapolis, another home to create memories together, this time with grandchildren.

It’s difficult moving on., but there’s another door waiting to be opened.

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Authored by Paula | Discussion: 4 Comments »

FHA Makes Homeownership More Affordable — But Not Until October 1, 2008

September 24th, 2008 categories: Real Estate Financing

The FHA established a moratorium on new loan fees, effective October 1, 2008Earlier this year — and for the first time in its history — the FHA changed its funding fees and mortgage insurance structure.

Effective October 1, 2008, it’s repealing those changes.

Partly to keep FHA home loans affordable, and partly to comply with new laws, the FHA is rolling back its up-front fees and ongoing mortgage insurance requirements and replacing them with new ones.

The new up-front FHA fees are as follows:

  • 1.750% : All purchase and “standard” refinances
  • 1.500% : All “streamline” refinances
  • 3.000% : All FHASecure programs for delinquent mortgagors

These fees are paid as a one-time cost at closing, and are calculated by multiplying the loan size by the fee.  A $200,000 FHA purchase, for example, now carries a $3,500 one-time charge.

Ongoing mortgage insurance requirements have changed, too.  These changes are based on the loan type and the amount of equity in the home.

  • 15-year fixed with 90% borrowed or less: 0.000% annually
  • 15-year fixed with more than 90% borrowed: 0.250% annually
  • 30-year fixed with 95% borrowed or less: 0.500% annually
  • 30-year fixed with more than 95% borrowed: 0.550% annually

Mortgage insurance premiums are calculated by multiplying the initial loan size by the annual premium.  The same $200,000 FHA purchase outlined above, using a 95% 30-year fixed mortgage, would require a monthly mortgage payment add-on of $83.33 until the loan is paid in full.

FHA-insured mortgages have grown in popularity this year because, while the guidelines of other mortgage products have tightened, FHA guidelines have remained relatively loose.  FHA allows 3.500 percent downpayments on purchases, for example, and allows “cash out” refinances to 95 percent.

Fannie Mae and Freddie Mac do not.

Authored by Paula | Discussion: No Comments »

Please Don’t Put Your Home on the Market!

September 21st, 2008 categories: Indianapolis Real Estate News, Indy Home Sellers

Put it ‘in” the Market

Really, I mean that! Probably not the way you think I do, though! See, there’s a huge difference between putting your home on the market and placing it “in” the market.

I’ve written before, not too long ago, actually, about pricing your Indianapolis home to sell. I honestly admit I do allow my clients to test the market “for a time”, especially if there are not enough comparable sales in their neighborhood or if they have an outstanding or unique home. I also let them know we must be ready to adjust the price based on activty, feedback and lack of offers. It rarely earns me bonus points, but I prefer honesty above all else and have walked away from listings I knew I had no chance of selling when the homeowner is stuck on their price.

A Current Example

So, why do I write this again? I have to tell this story; it is exactly the type of homeseller who needs to take their home off the market.

This particular seller is wasting their time and their agents time! It is a home I was personally interested in buying. I made an appointment, but was turned down because it was an inconvenient time. Hmmm……in this market, if you can possibly accomodate a buyer, you really should.

At the time, the home had been on the market for almost one year and they were on their second agent. So let’s look at the history:

Agent #1 had the home listed at $###,###. for 4 months. The information provided was accurate. The pictures used to market the home were just okay. The agent didn’t use a wide angle camera, which failed to capture the true beauty of the home.

Agent #2 did a fabulous job capturing the beauty of this home with professional photography which made you want to make an appointment to see the home. It made me want to go see it! It was originally priced at $###,### with agent #2 and reduced by $15,000 over the next six months it was listed. $15,000 represented less than 4% of the original listing price.

And…………………………..it expired last week without selling.

This week it came back on the market, listed with another agent, who is only marketing with 6 outside pictures, nothing impressive and here’s the big difference – they raised the price $10,000 more than the price it was originally listed for with agent #1, which is $35,000 more than the price when it expired with the last agent.

It Still Won’t Sell

If they really wanted to sell, this is NOT the way to do it. They should just take it off the market, because they are not “in” the market.

Raising their price will not sell this home. Now, though, it has been on the market for over a year, which makes homebuyers wonder what is wrong with the home. It also tells me they are stubborn about their price. This homebuyer – that’s me, will not look at a home where it is apparent the sellers are stubborn AND overpriced.

 

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Authored by Paula | Discussion: No Comments »

Indianapolis Home Prices in Your Neighborhood

September 20th, 2008 categories: Indianapolis Real Estate News, Indy Home Sellers

Homeowners want to know what the home sales in their neighborhood are. Here at IndyRealEstateTalk.com, we offer an easy way for you to track the sales of homes in your neighborhood and the surrounding area.

We know you want details, which is exactly what we provide. When you sign up for your Indianapolis neighborhood market report, you will receive detailed reports and graphs. Here’s a few samples of the market reports you receive:

A report on the Average Days on Market.

Market Snapshot

A Report depicting the asking price versus sales price of recent sales.

Market Snapshot2

The high and low sales prices in your neighorhood.

Market Snapshot3

A graph representing the number of homes on the market, new homes on the market and recent sold homes by amount of homes available.

Market Snapshot4

Your report also contains a map indicating the location of your home and the homes sold, homes for sale, the asking price and sold price of the homes sold. You’ll also get neighborhood and school reports.

Get Your Market Report Today!  Once you sign up, you will automatically receive monthly updates.

Sign up today and keep track of your investment.

MLS Market Snapshot

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