Golf Season---Finally!!

For me, it began just a few days playing 18 holes with my younger son Jeff. Great day for early March with little wind and temps in the low 60’s. Posted an 84 with a poor 5 hole stretch of 7 over. All in all not discouraged with the results—it’s a decent start for me after 3 months away from the game. The State Senior Series kicks off in 3 weeks and that will be fun playing so many different courses well into October. Jeff had a good day as we both can see the results of his practice sessions as the “light bulb” starts to cone on. Silo Ridge remains in good shape as the grounds crew is always working hard and long on the fairways, greens, tee boxes, rough and bunkers.

Competition Can Be High for Foreclosures

Wow!! Over the past 3 weeks or so I have seen as many as 10 offers on a single foreclosure! Seems some of the asset management companies are being very aggressive on the list price. Offers exceeding that list price are not uncommon. I am advising my clients that if they have an interest, don’t delay in following thru on their plans as some homes are really in pretty decent condition.

Finish the Appraisal--It's the Right Thing To Do

With all we realtors must do in this difficult market to get a home under contract, why won't all appraisers establish full value instead of stopping at or slightly above the contract price?? All too often with transactions that the appraised sales price was obviously cut short after reaching the contract terms. I am involved with a home that the seller had paid for an appraisal 8 months, the current appraisal comes in nearly 13% lower!! Area sales actually gained 2.6% in 2007. With unforeseen problems, this "short " appraisal has given us fits as we are now locked into this value as far as the underwriter is concerned. My own CMA done prior to writing the offer was significantly greater than the now current appraisal. With underwriters on high alert for any signs of fraud or misrepresentation, appeal to reason seems to be useless. This has caused sacrifices to be made that should never have been considered. Mind you this was not some uncommon home, it is a pretty straight forward style with adequate comps. The buyer should be getting his money's worth and the people involved ought to be doing the right thing and not the easy thing. There is a bigger picture here.

Reverse Mortgage

Has anybody have any experience with Reverse Mortgages?

* “Reverse Mortgages are becoming popular in America. The U.S. Department of Housing and Urban Development (HUD) created one of the first. HUD's Reverse Mortgage is a federally-insured private loan, and it's a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more.”
This looks like a wonderful and extremely timely program for those friends or family members of yours that are having a tough time making ends meet. I first read about this some 5 years ago. Obviously it has gained in popularity and use. It also appears to be well regulated and overseen with plenty of awareness. Whether the cost is taxes, insurance, energy, medical or just supplemental the answer may be in this program. While I am not the expert, I can put you in touch with the information you way need. I am getting a DVD and some brochures sent to me.
“ *From theU.S. Department of Housing and Urban Development website

Real Estate Market Conditions in Greene & Christian County

Sadly, it is a fact of life that we often people or industries get painted with the same incorrect brush. While our real estate market may be down in some areas, it is not the disaster that the national media would lead us to believe. Our two major counties that most realtors work in here show units down by 11% plus but the average price is up 2.9% in Greene County when compared to the same period as last year, and Christian County is off some 15% in sales with average prices virtually unchanged. In both cases days on market have only increased by one week! Think about that—Sales have fallen but prices haven’t!! If 2006 was a record year, is it really that bad of a market to be 11-15% behind?? Sure it is an adjustment but it can’t be a record every year.
I would venture to say when you talk to most realtors about their business they will say it is less, total units sold is off just some 450 units from last year. Calculated thru the end of July, that averages to 2 less sales per day!! I am more inclined to think that the sheer increase in the number of agents over the last 3-4 years has more of an impact on our ability to make a living than anything else (aside from the collapse of the non conforming mortgage market). Too many agents chasing a limited number of opportunities.