Something Good Happened Yesterday At the Office … We Were Busy!

Could it be that we are off to a great start? Something good happened yesterday at the office … we were busy! Yep! January 2, 2009 was a busy day!

Well … OK … not 2005 “BUSY” ; but, busier than we have been in quite some time. Regular people walking in the office to ask about real estate possibilities, other agents calling to set up showings of our listings, RE/MAX agents in their offices meeting buyers and sellers! Yeah! Real business going on!

We definitely have a long way to go … but this is a very good start!

Experience is Priceless! Call Lisa and Jim for all your Northern Nevada Real Estate needs! If we can’t help you we know someone who can! Email carsonvalleyland@hotmail.com or dpwtigers@hotmail.com 775-783-6854 or 775-783-6855, cell 775-781-5472 fax us at 775-782-4117.

We Don’t Want To Pack During Christmas … Should We Stop Showings?

Your moving date is a negotiable component of your sale, and can be adjusted according to your Holiday plans … within reason. It is unlikely that a Buyer is going to try to move in before Christmas unless a house is vacant. A contract providing for a 30 day closing will have you moving in mid-January. Work with your agent and the Buyers on an acceptable move-out date. You can close escrow and move out later with the cooperation of your Buyer, or negotiate for a longer escrow. Candid discussions between the parties on “humanity” topics such as this usually result in a reasonable outcome.

If you have the opportunity to sell in this market we highly recommend that you work with your potential Buyer even if it means being inconvenienced. There are Buyers buying in this market, and they are driven by three things – price, price and price. If your home is priced to sell, and you have a serious Buyer, this might be the Christmas that you don’t put up the lights. If your sale is hung up on one item, i.e. the occupancy date, consider the benefits of selling now versus enjoying the perfect Holiday and waiting indefinitely thereafter for another offer. Caveat – it is not a good idea to let your negotiations get down to a single item

regardless of what it is. If the moving date is the only item of contention in an offer that you are negotiating, you must have a great offer. Look at the offer in the context of the whole, not a single item. Keep an overall perspective of your wants and needs when considering the offer.

Buyers will be in the area for the Christmas Season to visit family, ski, or just plain look at houses during their time off from work. If they are looking at houses during their vacation they are usually quite serious about buying. They are taking time from their recreation, or the family members they are visiting, to look at property – that is a good level of commitment. Just the fact that they are looking should reassure you that your time and effort of welcoming them to your home is worthwhile … and it is very much in keeping with the spirit of the season.

Our Advice: Buyers looking at homes this time of year are usually very considerate when entering your festive family atmosphere. Homes rarely look better than this time of year – spruced up, decorated, full of good smells and treats. The energy is positive and the home in its most alluring condition. Welcome Buyers as you would any other friends and family, with a cookie and a smile, and they’ll think better of your home than they will of others that lack the positive emotional impact viewing experience of your home.

Embrace Buyers this time of year. They are investing their Holiday time to find and buy what you have. Show it to them and enjoy the resulting Christmas present…a wonderful offer with terms you love!

When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781- 5472. carsonvalleyland@hotmail.com Visit our website at www.carsonvalleyland.com .

Motivation, Emotion and Circumstance.

Real estate is really about people – their Motivation, Emotion, and Circumstances – their “MEC” Most real estate transactions are put together … or not … because of the above. The real property is what it is – it is the people that change. So how does this help you be confident in your purchase? Understanding this will enable you to examine your motivation, emotion and circumstances as well as that of the Sellers of homes you are interested in buying.

Your wants and needs in a home will impact every aspect of your MEC. If you have five children you won’t want a two bedroom condo. Want horses … you need the right lot size and zoning. Want a short commute … where do/will you work. Specific schools for your children … buy in that district. Great room or formal floor plan … buy accordingly. Two story, basement, workshop, etc. … put it on your list.

If you want to be near family or friends find the nearest neighborhood to them that meets your criteria and then shop in earnest. Don’t want to be near family … do the opposite! How long do you plan to hold the property … plan your exit strategy when you buy- make sure you are buying something that is generally appealing in the market. Make notes of your family needs, your recreation endeavors, and your budget. How much you can/want to spend. All of these should be considered when you decide what and where to buy.

As you go through your MEC preparation understand that Seller’s, too, have their own MEC. The marks in the doorway charting their children’s growth won’t be going with them. Nor will the sink that their babies were bathed in, or the stunning mountain view they enjoyed so much. They might have a family need to move, a job reason, or health ailment necessitating a change. They are selling for a reason – their motivation. If a Buyer and Seller are sufficiently motivated there will be a healthy transaction. Motivation isn’t always a sign of weakness … it is, however, the main factor(s) that will direct a person’s action or decision making. Understanding your motivation and that of the Seller will help you know if you are making the best buy you can get on a specific property.

Our Advice: When you are clear in your MEC you will be able to study the market for properties that meet your minimum criteria. Knowing what you want will help you establish what it means to you will give you the confidence with your buying decision that you aren’t making a mistake. Remember, your agent isn’t buying or selling anything – only you know what the true value to you is. Don’t act, or not act, because of your agent. Assemble the information your agent provides and evaluate it as it relates to your MEC. There will be a very logical course of action … act accordingly. It isn’t always about price – how good of a deal will you get if you compromise on the house you buy to get a “screaming deal”?

Beauty is in the eye of the beholder … and so it is with real estate. Buy for you and your wants and needs and you can buy with confidence. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com , email us at carsonvalleyland@hotmail.com or phone us anytime at 775-781-5472 or toll free at 800-814-8799 #254.

We Want to Sell … Should We Give Something to the Buyer to Get Their Attention?

Incentives in sales have been around a long time, but never in our experience have they been so prolific as they are now in our industry. They come in a variety of forms- from whopping selling fees for the selling agent to give-aways for the Buyers. It is important to evaluate the nature of the incentive and what it really means to a Buyer.

A free trip, luxury car, or plasma television are always welcome … as long as they are truly free. If the Seller won’t come off of the $325,000 purchase price for a $300,000 home, a $5,000 television isn’t going to change a Buyer’s mind. Most noteworthy incentive programs are by builders marketing entire subdivisions. It is important for them to maintain their higher “comp” values for the rest of their project, and to protect their customers that have already bought. Some incentive packages of this nature are quite substantial, but not of public record. It is important for Buyers and Sellers to know what is really going on in those situations since those sales aren’t indicative of the real market. The effective price the Buyer is really paying is much less than the public records show. It isn’t necessary for the typical homeowner to camouflage their reduced price – market is as market is.

Homemade auctions that have made the internet rounds recently offer a different type of incentive – a very low starting price. The Buyer thinks he can steal a home at auction. The Seller is told he can sell his home in 5 days. When they come together and the Buyer won’t pay market and the Seller has a reserve it has proven to be disappointing for all parties. We have an agent friend that does real estate auctions on a national level with a professional auctioneer. They have a specific formula that works for unique properties – not something to appease a frustrated Seller in a typical residential market.

Extreme enticements have become interesting of late. Consider the couple offering that the Buyer of their home be the beneficiary of a $500,000 life insurance policy on the Sellers. If the Sellers die within 10 years of the close of escrow the Buyer will receive $500,000, the price of the home. Then there is the essay approach to selling – prospective Buyers submit an essay and $100. The essays are reviewed by an impartial panel and a winner declared who is then deeded the house. The essay funds are held in an escrow account until either there are enough submittals by the deadline, or they are returned to the submitters.

Our Advice: Enticements are designed to generate traffic or interest, but it is important to remember what is really on Buyers minds … the cost of their home and their monthly payments. Price is something that appeals to everybody – price your home right. No gimmick will overcome price in this market. If you want separation in the market, and you are priced right, consider a good faith gesture incentive, i.e.- lawn service for a year, pay a year’s Homeowner’s dues, or buy a Home Warranty. Really want to reach a Buyer? Help buy down their rate for the term of their loan, pay some of their closing costs, or contribute to their down payment. These are real items that will benefit every Buyer where they are most sensitive right now … in the wallet.

Serious Buyers are looking to buy a home, not a trip or new car. Sellers don’t show your desperation by jumping on the incentive bandwagon. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com , 775-781-5472.

So Many Stories ... Who Should Buy in This Market?

This market isn't for everybody, however it is a time of opportunity for many. With good credit scores and/or ready cash, it is a good time to buy Carson Valley real estate, Search Carson Valley Real Estate.

So who should buy now? If you are a nervous investor, it's a good time. It's kind of like voting early and not having to listen to the political ads anymore. If you buy a property that you want, you can stop listening to the doom and gloom media bombardment. You can be comfortable with your investment and know that whatever happens, you have it. Unlike stocks that leave you with a certificate when their value diminishes, you will always have your real property. Buy quality at a good price and relax. It may go down before it goes up, but you've made a decision and can get on with your life.

If you are a first time home Buyer, count your blessings that the market has checked. Today's prices are much less than what you would have paid a year or two ago. In fact, you likely would have been priced out of the Carson Valley at that time. Are you going to wait and try to time the market drop, or are you going to buy now and start enjoying the many benefits of home ownership? Remember, you aren't making a one year investment - home ownership should be considered with a longer hold perspective. Consider that in Douglas County 48.9% of the people lived in the same house in 1995 and 2000 - just about half the people didn't move in five years!

If you are looking to move up or down in the market you are really moving "sideways", the homes you are selling and buying are relatively priced. If you are moving up - do it before the prices rise and you will enjoy greater appreciation when they do with the more expensive property. Moving down? Do it before the prices rise and you'll enjoy a lower loan amount and, possibly, rate, for the term of the loan. Don't put your life on hold until "someone" says it is time to act - control your own life and real estate happiness by taking action now. Your buy and sell prices are even in their respective market segment.

If you are a savvy investor, this is a wonderful time to make your intentions known to your agent. Opportunities now appear on a regular basis. If your active agent knows your investment objectives, i.e.- a place for your child(ren), appreciation over five years, change portfolio location, etc., you have a much better chance of successfully achieving them in the next six months, or so. Be ready to act and stay open minded.

Our Advice: If you have a credit score below 720 it is probably in your best interest to work on increasing your score before you buy. If you don't you will likely pay a higher interest rate and could very well get the run around when it comes time to fund your loan. When the market was soaring people looked past these negatives figuring that their anticipated appreciation would offset the higher costs of the loan. Today one can't count on short term appreciation - plan on holding. Get yourself ready to act. When the market turns it will be like a dam breaking and you will have a lot of competition for the quality offerings that you don't have today.

Timing the falling market to catch it at the bottom is like the proverbial "catching a falling knife" ... it is hard to do. If you know you want to live/invest here, and have confidence in the Carson Valley community, then you can buy with confidence ... now. Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, carsonvalleyland@hotmail.com , visit our websites at www.carsonvalleyland.com or www.carsonvalleyremax.com call anytime at 775-781-5472.

Can we avoid probate any other way than a trust?

Can we avoid probate any other way than a trust?

In Nevada there is another mechanism that allows your heirs to receive your property without probate other than by you creating and managing a trust. Nevada is one of but eight states in the nation that provide for Transfer on Death Deeds. It has only been available for a couple of years, and can be a very good tool for estate planning. We’ve only recently become aware of it and thank local attorney Karen Winter for introducing and orienting us to this means of conveyance.

With a Transfer on Death Deed (TODD) the owner(s) execute a deed and name the recipients of the property, those they intend to inherit it. The Deed must be recorded prior to the death of the owner. Once recorded, the owner may continue to do with the property what he wants with no restrictions. He can re-finance it, sell it, or even record another Transfer on Death Deed changing the recipients. If it is sold the TODD is voided. Likewise, if a subsequent TODD is recorded the first is voided. The owner even has the right to rescind the TODD at any time. For details read NRS 111.109. It is easy reading as far as laws go.

This is a reasonable tool for estates in which the real estate comprises the majority of the estate’s value. What happens is on the demise of the owner the property is immediately conveyed so it is no longer a part of the estate. In many cases, the result of removing the real estate is the resulting estate value is small enough that probate is not required thus the heirs avoid the expense, time and aggravation of a probate. Note that the property is immediately conveyed – the Executor of the estate consequently has no power/effect on the new ownership of the property. The Executor may be an owner, but the property has absolutely no relationship to or with the estate.

Our Advice: Though the law specifically states a married grantee may receive title as “sole and separate property” without a quitclaim from their spouse, be advised that to get title insurance when selling the property you will likely need to get one. If you are considering using this tool be very careful in assessing who you are going to give your property to. You can give it to multiple parties in various ownership percentages, i.e.- one gets 16%, another 23%, etc. Understand, however, that you are creating a “partnership” of sorts which inherently creates a precarious situation. Make sure they get along. If they don’t they may have to resort to a partition lawsuit to unwind their common interest. Make sure, too, that you address how the mortgage payment, taxes, insurance, utilities and maintenance will be paid while they own the property.

A Transfer on Death Deed can be the best and worst of things – think it through before you use it. Properly used it can put your mind at ease and save your heirs a lot of money, time and aggravation. Make your intentions and desires known, make a plan, and execute your plan. Questions? See your attorney and/or CPA.
Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, www.carsonvalleyland.com, carsonvalleyland@hotmail.com 775-781-5472.