Quick Tips for Today's Real Estate Market!

 It’s Tax Time!

I know that it is only 20 degrees this morning but yes, April 15this right around the corner. If you are planning on buying a piece of real estate in the next couple of months, do not delay in the filing of your taxes. Especially if you are self-employed, tax transcripts are required. If we need to factor in 2013 income, a delay in filing will delay our ability to obtain your transcripts in a timely manner.

Beware!

There are multiple fraud scams around tax filing. A popular ploy is stealing a tax payer’s identity and then filing a tax return and taking the refund. One of the best ways to combat tax return/identity theft is to file your returns as early as possible.

For more information on this alarming new fraud trend read this: http://www.examiner.com/article/irs-overwhelmed-by-tax-return-identity-theft-scams

What’s happening with the real estate market?

That is a complicated question. Recently released numbers indicate a large drop in sales this year as compared to last. However one important reason for this drop is the decline in foreclosure and short sales. What this means to you is that as values rise the number of distressed sales falls. Rising home prices should eventually lead to a more normalized market as more and more people can finally sell their property at a gain so that they are in a position to move up! For more details on this trend:

http://www.keepingcurrentmatters.com/2014/03/25/the-truth-about-the-nars-home-sales-numbers/

Survey Thoughts

Thanks to all who participated in our short survey as part of ourFirst Time HomeSellercommentary. 

Realtor Responses:

Most realtors believe the biggest concern sellers have about listing their home now is fear that they will not be able to find a new home, followed by a fear of the timing of the transaction i.e., will they have enough time once they sell to buy, which was tied with not having enough equity in their current home to make selling/buying an option.

When asked what they are doing differently in this market, most responded with various types of networking and outreach activities to reconnect with past clients.

In a reflection of current trends, some referenced using social media and blogging more as ways to reach out to clients. 

And finally, when asked how they coached buyers through this aggressive offer marketplace, the answers varied widely, from: “On a wing and a prayer!” to more specifics like “set realistic expectations”… “Offer thorough CMA’s,” “build trust,” and above all, “be patient.”

Client Responses:

On the client side, all mentioned getting ready to sell within the next 6 months to a year, with the most often cited reason for selling being to purchase a bigger/move up home, with one respondent downsizing.

Biggest concern was being able to buy a home without selling first and tight turn-around times for transactions if their own home sells before they have found a new one. Also mentioned was current interest rate being too good to move.

66%of respondents said they would be interested in attending a seminar to learn more about navigating the current market, so stay tuned for more information about that!