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Tuesday, 22 March 2011

Why Even Qualified Homebuyers Are Standing Still

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RISMEDIA, March 21, 2011—Despite the uptick in sales of homes worth one million dollars or more last year (up 18.6% in 2010 according to DataQuick) the average American homebuyer is still proceeding with a large degree of caution. Below are six reasons why even qualified homebuyers are holding out on the decision to purchase a home.

• ATTITUDES: Attitudes toward homeownership are shifting. It is no longer viewed as an investment with a guaranteed positive return. Healthcare, education and other costs are rising so much faster than incomes, making it difficult to picture a future where you can afford both a mortgage and these other essential costs of living.

• SAVING FOR A RAINY DAY: Individuals don’t want to tie up their funds in an illiquid asset if they don’t have a commensurately large amount of liquid funds to weather difficult economic times. In addition, many people’s retirement funds were decimated in the economic and stock market downturn of the Great Recession, making saving for the future even more important and challenging.

• CONFIDENCE: While an individual or couple may be able to afford a home today, uncertainty about the economy and the stability of jobs have many holding back until the economy stabilizes. The Joint Center for Housing Studies of Harvard University reports that real median household incomes across all age groups under 55 have not increased since 2000. It’s been posited that this will be the first decade in 40 years where real median household incomes will end lower than where they started. Simply, many Americans just don’t feel comfortable about their financial futures and are choosing to hold off on homeownership until they feel more secure.

• THE CREDIT HOOP: Credit remains tight and lenders are making borrowers jump through hoops in the credit application process. For those who are not really sure about their decision to buy or if they are likely to find something they like in their price range, jumping through hoops for credit may present a significant barrier to getting the home-buying process started.

• TIMING: Potential buyers are unsure if housing prices have hit bottom yet. Home values are expected by many experts, including Yale Economist, Robert Shiller, to continue falling in the short term by as much as 15-25% more. With the job market still on very rocky ground, the foreclosure crisis continuing to unfold and the homebuyer tax credit gone, it’s anticipated that demand for middle market homes will remain relatively weak.

• MOBILITY: Americans realize that moving in order to attain or keep a job is more likely when economic times are tough vs. when jobs are plentiful. In this regard, home ownership offers far less flexibility than renting.

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RISMedia welcomes your comments and questions. Emailrealestatemagazinefeedback@rismedia.com.

Posted by: RISMedia AT 12:16 pm   |  Permalink   |  Email
Tuesday, 22 March 2011

Real Estate Veteran Offers Cure for Home Seller’s Blues

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RISMEDIA, September 1, 2010—With existing U.S. home sales diving to 15-year lows and millions of homes stagnant on the market, home sellers are suffering increasing anxiety, uncertainty and financial stress. To address these symptoms, motivational author Joan Gale Frank has published Home Seller’s Blues (And How To Beat Them).

“This is the first book of its kind to cheer people on and up when their home isn’t selling,” says Frank, a long-time real estate investor domestically and abroad. “It also provides hundreds of practical tips on how to sell a home faster using buyer/seller psychology.”

When her own Arizona home didn’t sell for a year, Frank gathered extensive home selling advice from top real estate experts, home stagers, landscape artists, psychologists and marketing whizzes. Her research paid off. Frank said, “I was able to pinpoint potential buyers and appeal directly to them, which helped sell my house faster. I also discovered how to be happy instead of miserable while waiting for a buyer.”

Home Seller’s Blues was created to share Frank’s findings with other frustrated home sellers. It features comprehensive home selling tips, including quick, inexpensive ways to make a house memorable, attracting more buyers, finding the best Realtor, win/win pricing, easy ways to get a house ready to show in minutes and identifying little problems that cause home rejection.

Several chapters of the book are dedicated to overcoming negative emotions ranging from fear and frustration to insomnia and helplessness. The book also emphasizes how to enjoy life during the entire home selling experience. “Ms. Frank’s insights into the emotions, psychology and real estate strategies of home selling are right on,” says Alexis Halmy, a Portland, Oregon Realtor.

Home Seller’s Blues is available for $9.99 at the Apple iBookstore, on Amazon’s Kindle, and at http://www.homesellersblues.com. Frank also provides inspiration and often humorous home selling advice on her blog, http://www.housesellingblues.com.

RISMedia welcomes your questions and comments. Send your e-mail to:realestatemagazinefeedback@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Posted by: RISMedia AT 12:15 pm   |  Permalink   |  Email

Barbara Watkins, Associate Broker
Benson & Mangold Real Estate

27999 Oxford Road
Oxford, MD 21654
Office: 410-822-1415 ext 306
Cell: 410-310-2021

Email: barb.c.watkins@gmail.com

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