July 30th HERA laws

On July 30, 2009: The new Housing and Economic Recovery Act (HERA) laws go into effect today to protect home buyers. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed.

These changes are the standards to which I, and the other Real Estate Professionals at Jamison Realty have been adhering to throughout, however, not everyone has, and this has, in part produced the current housing market crisis. We applaud the government for making these practices into law

While these changes are all positive, they will take additional time to comply with, and therefore affect closing dates. Most of the changes will be transparent to the home buyer and the REALTOR® or Builder.

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

Why Use a Realtor?

The other day, I drove past two houses on the same street in Mint Hill that had “For Sale by Owner” signs out front.

I bet those signs will be there a very long time, especially in this market.

People who attempt to sell their own homes are usually doing so to save a Realtor’s fee. In a seller’s market, you may be successful in attempting to sell your own home. In a buyer’s market, it’s usually a recipe for failure-- in the high-demand area of Mint Hill. Without a Real Estate Agent, you won't have the ability to list your house in the Multiple Listing Service (MLS), meaning you don’t have a broad reach and therefore have a much smaller pool of potential buyers to balance out the many homes on the market. Additionally, a Real Estate Agent does a lot that helps to sell a house, as quickly as possible, and at the best price.

Before you put that “For Sale by Owner” sign in your yard, consider whether you’re up to these tasks:

· Doing the research to make sure your home is priced properly
· Write, schedule and run ads in local papers and real estate publications
· Produce attractive handouts for potential buyers
· Pre-screen callers to see if they’re qualified buyers
· Run open houses
· Be available days, evenings and weekends to show your house
· Listen to critical comments about your home without being offended
· Negotiate offers and counter offers
· Know when to lower the price
· Qualify buyers
· Prepare proper disclosure paperwork
· Stay on top of the buyer’s mortgage application and approval
· Be available to coordinate inspections and appraisals
· Gather all necessary buyer’s and the seller’s legal documents

There is an art and science to selling real estate, especially during an economic downturn Shouldn't you put your home in the hands of an experienced and licensed Realtor?

Rich Ferretti
Jamison Realty
Mint Hill and Matthews

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out http://www.minthillrealty.com/

Staging a home to sell!

Dear Rich,

My husband and I are going to sell our house in Charlotte and we of course want it to sell quickly and at a good price.

Since you see hundreds of homes with dozens of buyers each year, can you tell us what we can do to make the house more attractive and inviting to prospective buyers? Are there things that you hear over and over--things that are obvious or not that we can do before the house goes on the market?

We understand that the market has slowed, but we also know we are in a great city for real estate right now. We are lucky to be in Charlotte---but we also want to move as quickly as possible.

Regards,

Eleanore R . Charlotte, NC


Dear Eleanore:

It is true...I have walked in to literally hundreds of homes in the Charlotte area - all shapes, sizes and conditions and while I try not to give away my own personal feelings on a house--it is always obvious as we walk in, what the buyer thinks about it--usually before we get past the front entrance.

Sometimes it is the little things that turn a prospective buyer off... the smell, the paint color, clutter... So I certainly have some advice to share with you:

1) Make all repairs now. If the doorknob is loose, the sink is leaky, or the step on the front porch is broken...fix it now. If your home is in need of obvious minor repairs, a buyer may start to wonder 1) what else is wrong? 2) that the price is too high, 3) that the house needs more work than they want to put into it. I often also recommend that the seller invest in a home inspection as well. This will help you pin-point trouble-spots as well as be more attractive to the prospective buyers.

2) Remove clutter. Removing clutter will make your home appear larger, cleaner and will allow prospective buyers to picture the house as their own.

3) Paint and clean. A fresh coat of paint in a neutral or popular color will make the house look clean and well maintained. Have the carpets cleaned, (replace old and worn ones), in addition to a thorough cleaning of the whole house.

4) Smell. Smell is one of the things that can produce strong feelings about a house -- good or bad. Having your house clean will make it smell good, but generally you want your home not to have a smell that is memorable. Pet odors, mold, mildew and cooking grease all are offensive when you walk in. The smell of cookies or vanilla is very pleasant, but you should never use a smell to cover another. If your house has pet odors or mold...any bad small...then definitely get it cleaned before you put the house on the market.

5) Turn on the lights. Make sure that the lights are on, especially in rooms with few windows. Lighting will produce a feeling of a bigger and brighter space.

I wrote to another seller recently -- I recommend reading my response to this letter as well. It has several other suggestions. Good luck selling your home in Charlotte and best of luck with your move.

Rich Ferretti
Buyer's Agent

www.richferretti.com

Want more information about the Charlotte area real estate market? Check out www.richferretti.com