Royalyn's Blog

Tax Credit Extended what will they do now?

Royalyn Ponder (Prudential Prime Properties) — Tue, 10 Nov 2009 09:16:23 -0600

Since the government has extended the tax credit does this mean that all the buyers are going to get off the fence? When this started we had many buyers still hanging on in the middle because they were either waiting for that great deal or thinking the interest rates were going lower. In some cases maybe this worked for some. Others I am not so sure. I have been talking with my co-workers about this and I know in our firm we had a push in October but things have slowed down again. Does this mean since the tax credit has been extended are they going to wait until the last minute.

I realize the holidays are coming up and most people aren't looking for homes but what better Christmas present then a new home for your family. I think that interest rates are going to change meaning go up a little not go way down like they did over spring of 09'.

In my market we have had a big push from 100,000-250,000 sell. When you get to 260,000 and over it just drops off. We even had a jump in price on our townhouses. Good for me since that is what I live in.

Hopefully for 2010 with the tax credit change for not just first-time homebuyers but for homeowners that have lived in there principle residence for at least 5 years and decide to sell and move up or down this will help out the $260,000 and higher price ranges.

Curious about your thoughts.

Rainy Day Monday

Royalyn Ponder (Prudential Prime Properties) — Mon, 26 Oct 2009 14:06:58 -0500

Started the day out good. Told a potential seller that maybe they should wait to sell there home since what they want for the home is more than someone would pay. Especially since they have started a project and have not finished. Told them to finish the project they have started and set a goal. Then we will talk in the spring. I hated to do that but I wanted to be realistic. Cannot believe October is almost gone and we are counting down the days for the first-time home buyer tax credit. Still not for sure what Congress will do we are just hoping and waiting.

Hope all those new home buyers out there are enjoying their new homes

Home sales are rising and clock is ticking

Royalyn Ponder (Prudential Prime Properties) — Fri, 04 Sep 2009 14:58:36 -0500

According to NAR home sales have been rising in the last few months accross the board. Good for all of us. But for those still out there thinking that the government is going to continue the home buyer tax credit up to $8000 well we will see. I certainly would not put all my eggs in one basket hoping that I will have more time. The deadline to get a home under contract is Oct 15, 2009 if you want to make sure you are closing on time. The tax credit ends Dec 1st. But that means you need to be closed out and recorded; lets not forget that it must record before it is yours. So really the deadline is Nov. 30th that everything needs to take place. For those of you who did not wait good for you. Proud that you have taken a step and were able to accomplish the American dream of homeownership. For some out there that feel this should be a right not a privilege we will talk later but that is for another post all together. Just wanted to remind all of you; you can still buy, there is still plenty of inventory out there and buyers are still getting good deals. I don't mean that the sellers are giving the houses away but are willing to negotiate.

Home sales are rising and clock is ticking

Royalyn Ponder (Prudential Prime Properties) — Fri, 04 Sep 2009 14:56:53 -0500

According to NAR home sales have been rising in the last few months accross the board. Good for all of us. But for those still out there thinking that the government is going to continue the home buyer tax credit up to $8000 well we will see. I certainly would not put all my eggs in one basket hoping that I will have more time.
The deadline to get a home under contract is Oct 15, 2009 if you want to make sure you are closing on time. The tax credit ends Dec 1st. But that means you need to be closed out and recorded; lets not forget that it must record before it is yours. So really the deadline is Nov. 30th that everything needs to take place.
For those of you who did not wait good for you. Proud that you have taken a step and were able to accomplish the American dream of homeownership. For some out there that feel this should be a right not a privilege we will talk later but that is for another post all together.

Just wanted to remind all of you; you can still buy, there is still plenty of inventory out there and buyers are still getting good deals. I don't mean that the sellers are giving the houses away but are willing to negotiate.

Thought of the Day

Royalyn Ponder (Prudential Prime Properties) — Fri, 24 Jul 2009 10:11:02 -0500

Have you made someone smile today? I always ask myself this question by about mid day of every day. I was in Sam’s club yesterday getting some have to have’s and every person that I passed on the aisle I smiled at and said hello. Even if they looked like they were having the worst day possible.
I think that if more people do this then there might not be as many people out there feeling so bad about their own personal situation. I know this sounds all butterflys and rainbows but people really need to get back to basics.
We are always talking about doing the getting back to basics of real estate well I think that should start with a smile to someone you don’t know at the gas station or the grovery store. You never know that person you just smiled at might have thought “well at least someone is being nice to me today”

So today is Friday and for most of us we are glad to see it arrive. Why don’t you over the weeknd make someone smile!

Market Presentation

Royalyn Ponder (Prudential Prime Properties) — Fri, 24 Jul 2009 09:51:04 -0500

I have never been asked before to do a presentation on the current market status but I got my first oppourtunity last night. In the beginning I was very nervous since I was hoping that I did not mess up or have someone in the group ask me a question that I did not know the answer to and look like a deer in headlights. But surprisingly I got through it with not many bumps along the way.

I hope to do some more of these presentations to other social groups in the area since they are great for business and to let the public know what is going on in the area.

Buyers: what are you waiting for?

Royalyn Ponder (Prudential Prime Properties) — Sat, 16 May 2009 09:29:06 -0500

Ok, so I responded a few days ago to another agents blog about it is a good time to buy if you actually buy. I was so happy someone had written about this. I am sure everyone at this point has been trying to tell everyone they know that it is a good time to buy, but are they actually trying to get out there and do it. Meaning are the buyers still sitting on the fence waiting on something that I cannot figure out what. I don't know what more first-time homebuyers want.

Lets see about what they are getting now:

1. Up to $8000 tax credit: ok people that is free money from the gov't that tax paying Americans are going to be paying for a long time from now. I am 29 so I am sure my grandchildren will still be paying for that.

2. Interest rates: I have talked with a lot of my peers that are older than me and they cannot believe that interest rates are so low. Last I checked they were around 4.5%.

3. Inventory: Buyers have so much to choose from I almost think that it is a bad thing. They will not make up their mind because they think that tomorrow there will be something new on the market and they don't want to miss it.

4. Incentives: more incentives than before. Builders are willing to negotiate

I guess from my point of view I don't know what everyone is so scared about. I understand about losing your job and not having the credit right now.

But even now with a USDA loan the loan limits have increased to 1-4 person households to $73,600 per year. And there are many homes in our market that qualify for USDA.

I am sure I have left out a few other things the buyers are recieving that most of them did not get before.

Would love comments and suggestions.

Always be prepared for Open Houses

Royalyn Ponder (Prudential Prime Properties) — Mon, 23 Feb 2009 10:38:35 -0600

So far the open houses in the last three weeks for me has been an accomplishment. I consider a succesful open house is if just one person or couple come. I have had that in the last three weeks. Even with the cold still lingering around people are coming out. This is such a positive sign for me and I hope the blog will give some positive news with all this negative news flying around.

I used to think that open houses were not successful and totally pointless but the last three weeks have proven me wrong. Truthfully I really enjoy an open house event.

If you are doing an open house and there are multiple houses in that neighborhood for sale even if they are not your listing I still print off MLS sheets about them so if that potential buyer comes along and the house they are standing in is not for them, but they like the neighborhood, at least be prepared to show them other options in that neighborhood. And be friendly and try and start a conversation with them. The more friendly you are with them and not try and sell them to much the visitor feels more comfortable.

I also have always put balloons on all directionals. Some agents don't do this but I think that it grabs attention more. And always cut them off after you are finished. Especially in the summer. Down here in Eastern North Carolina we get very humid and the balloons if left on there can stick to the sign and melt. Really not a fun job cleaning that off.

If you are not the listing agent but are doing the open house for the listing agent try and find out as much as you can beforehand. I hate when I get a question come up that I have not thought about ahead of time and look like a deer in headlights when I don't know the answer. This has happened to me a few times.

Just figured I would remind everyone some to-do's about open houses and would love some other ideas as well.

2009 is Off

Royalyn Ponder (Prudential Prime Properties) — Tue, 06 Jan 2009 14:28:55 -0600

So far everyone in my firm has already picked up since 2009 has started. This is a good sign. Also, just for information sake the sales price in the Pitt County NC MLS has actually gone up a little. Not much but it has. When you listen to the news about the market is falling and sellers are slashing prices that is not as true as the media is telling the public. Yes sales were down but on the average sales price had risen. And if you have not heard about the up to $7500 tax credit to buyers who have not owned a home within the last 3 years get off the fence and find out about it. Or visit the website: http://www.federalhousingtaxcredit.com/

Most people do not know about this and with interest rates as low as they will ever be most likely this is the best time to buy. I try not to push people into something they are not comfortable in doing and I will never try and force someone to do something. But buyers get the facts and ask the questions because not every market is the same. I am just so thankful that 2009 has started off in the right direction and remember to have a positive attitude. It makes all the difference

New Years Resolution:Get off the Fence

Royalyn Ponder (Prudential Prime Properties) — Wed, 31 Dec 2008 09:19:07 -0600

It is going to be a new year for a whole lot of people including myself. Yes I have the same New Years resolution (lose weight, eat better, get more sleep, etc…) And of course since I sell real estate do better than last year. With interest rates at the lowest I have ever seen in my lifetime now is such a great time to buy. Buyers if you are reading this and you are still sitting on the fence now is the time to get off. Homes are being reduced drastically right now and just think when you buy at that interest rate, which is now in the mid 4’s, it is almost like you are getting equity as soon as you sign the papers. Because you know that the market is going to swing back the other way. Why not go ahead and be ready. I spoke to a good friend of mine last night who also happens to be a lender and she spoke with a builder who is willing to take a drastic low amount for a home that has been on the market awhile. Builders are even negotiating, which does not happen very often. So if you are looking for a new home go ahead and write that offer.

Buyers really think what you need in a home

Royalyn Ponder (Prudential Prime Properties) — Mon, 29 Dec 2008 13:36:05 -0600

Well we are hearing everyday "the market is terrible"! Actually for buyers it should not be that terrible. True you have to have better credit and you have to have your finances strait and you must have a paper trail. But really wouldn't you want that to be the case anyway. This whole problem we are having now is like the old saying "My eyes are bigger than my stomach." My generation, which is if you are curious of how old I am "29" is that we want everything now. We don’t want to wait for it. I have so many friends and peers that have double what my parents had when they were my age. Their homes are big with double car garages and all of them look like they were decorated right out of Southern Living Magazine. Now I am not trying to put anyone down for having this, but what we have to realize is we need to get back to basics. What really do we need in a home? If you have kids how many bedrooms do you need. Can any of the kids share a room. When the banks say you are pre-qualified for this amount look at that and say well do we really need that right now. Especially when you are a first time homebuyer. I know there are some great deals out there but buyers please get educated about the type of loan you are trying to get. Some of these programs have rules about what kind of home it is. I hope 2009 will be a better year for everyone not just real estate. I know I am trying to figure out what I need and not really what I want right now. And to my generation give it some time we have a long way to go.