King of the World

As the great fighter Muhammed Ali was once , “King of the World” so to are those serious about buying high-end real estate. As the recession filters its way through the market, an interesting development has occurred. There are now bargains in the high-end luxury home market. For years high-end real estate stood well on its own and held its value but now there is a shift in the landscape on Cape Cod and other luxury markets. Here are some recent articles about high-end real estate and why now it is the best deal in town.

http://www.google.com/hostednews/ap/article/ALeqM5inqwDvP3vJn6sB15FKKpz0sORSwAD9AV3GE84

http://online.wsj.com/article/SB10001424052970204488304574429311693264646.html?mod=googlenews_wsj

http://money.cnn.com/magazines/moneymag/moneymag_archive/2009/10/01/105855726/index.htm?postversion=2009092410

On a local note, year to date as of August 31,2009 versus 2008 the number of sales are down 49% and the sales volume is down a whopping 52% for  Cape Cod real estate listings over a $1,000,000. In plain english there are plenty of listings available and very few of them are selling.  If you are lucky enough to be a buyer of high-end real estate you truely are  ”the king of the world.”

Want $8000 in your pocket? It’s not a magic trick, but time is running out.

The American Recovery and Reinvestment Act of 2009 allows for qualified home buyers to receive an $8000 tax credit on the purchase of a home. However, time is running out very quickly to take advantage of this opportunity because you need to purchase your home by November 30, 2009.

First you need to find a property, have your offer accepted by the seller, and if necessary obtain a mortage. The average time to process a loan is 30-60 days. If you need a mortgage to purchase your home, then time is of the essence.

Thanks to Mass Housing you can use the $8000 as a 0% interest loan to help you with down payment on your new Cape Cod home or to use it to pay for closing costs. If you have been debating to buy a new home over the last few years, the timing couldn’t be better for you know. With the deadline of November 30, 2009 now there is a sense of urgency if you want $8000 in your pocket.

If you are looking to purchase a home one Cape Cod, the estate agents at Engel & Voelkers are here to educate you about home buying process, how to take advantage of the credit, and assist you with obtaining a mortgage. If you would like us to sponsor a webinar on the $8000 tax credit please send an email to osterville@engelvoelkers.com

Related Articles & Links about the $8000 Tax Credit:

Irs.Gov

Mass Housing

$8000 Tax Credit Loan Frequently Asked Questions

Why 320,000 homeowners received free money

The Clock is Ticking

For additional information visit us at www.engelvoelkers.com/osterville

I’m Just Sayin ….

Finally there are indications that the economy is turning around. Realtors have the ability to significantly help the housing market gain momentum and most of them don’t even know it. Supply and demand has always driven the market. Well, don’t take an overpriced listing unless you know you can educate your seller and get  pre-structured price reductions within a short time range. Don’t be afraid to walk away! I know you want a sign out. Well the general public may fall for the perception that you are the best because you have the most for sale signs out. Keep in mind the smart ones are going to see through the smoke and mirrors and see that most of them have rust on them or could make a good place to plant their morning glories next spring.

Your fellow realtors know it and so do you. If you start taking fewer listings (the ones that are going to sell) there will be fewer homes on the market. Now you are doing your job. You are educating your sellers, and you are freeing up your time now that you won’t be thinking up what you are going to say to your angry seller when he wants to know why no one has come to see his house. Or even worse, they come to see it only to see what a good deal they are getting on the house up the street.

It is time we as a profession are held to a standard of excellence. If we all do our jobs and are honest with our sellers about their true place in the market we will all be better off.

Right now we say the buyers aren’t motivated. It’s our own fault. It is confusing like a giant yard sale. The early birds come out and they scoop up the best buys. The items they know won’t be there in the pile with the free sign on it at the end of the day. It’s real simple yet we make it so complicated.

We have to start letting go of our egos and not worry about losing the listing to the other guy. So what, let him have the headaches. You know it’s not going to sell anyway. Now go and find a seller who really wants you to do what you were hired to do and sell his house. So you only have one listing? So what, if it sells in less than 90 days like it should. Just make sure you have also made clear to the seller that they do have to move all that stuff out of the house by then.

I know, I have done it myself. I can change their minds I think. It is like marrying someone and thinking you are going to change them because you are special. I know I have done that too. Doesn’t work.

In a nut shell. Price your listing right, the buyers will notice. If we all do this we can walk around smiling instead of complaining about the market. The markets fine, we are the ones who need the adjustment.

www.engelvoelkers.com/osterville