My home isn't selling: Now what do I do?

By Eric Gnau

Real Estate Associate

Cora Bett Thomas Realty

Hardly a day passes that you don't hear something about the sluggish condition of the U.S. housing market. People often tell me that homes just aren't selling. However, that is not entirely true, at least not here. Homes are selling.

Now it is true that there is a larger than usual inventory of homes on the market and that the average days-on-market (DOM) statistic has increased. But homes are selling, just at a slower pace than the breakneck speed of 2005 and a portion of 2006.

For the 12-month period ending Feb. 25, 2008, the Beaufort Multiple Listing Service reported that 862 homes were sold, at an average price of $311,000 totaling more than $268,000,000.But these statistics are little consolation to the homeowner who has had his home on the market for an extended period of time.

Read More... as seen in The Beaufort Gazette

A Lot To Consider!

Buy or build? If you're considering new construction, the first item on your To Do list is to find a suitable lot. The experience of builders and architects points to a few key features you should investigate in your search for the perfect spot.

First, and perhaps most obvious, is the size of the lot. The larger the lot, the greater the cost, depending on location. Consider the property taxes and how much maintenance it will require. Remember that the smallest lots tend to appreciate more quickly than their larger neighbors.

Next, imagine how the terrain will affect aspects like drainage and the positioning of the home. Ask your builder to explain the impact the terrain will have on your plan.

Related to the terrain is the view the property offers. Take great care in discovering how adjoining land will be developed, and how that could affect your view. A gas station may one day be built on that beautiful meadow out back.

And finally, the mantra of real estate is "location, location, location." Want a faster commute? Buy a lot near the entrance of your subdivision. Want to keep your kids safe from traffic? Then plan a purchase further toward the back.

It's all common sense, really, but it helps to take an organized and educated approach to this critical element of home construction

Open House Schedule | Sunday, April 13, 2008

The Merritt
$149,990 - $189,990
Whitemarsh Island
Open House 2-5 p.m.

322 E. 65th St.
$225,000
Midtown
Open House 2 – 4 p.m.

412 Price St.
$315,000
Historic Downtown
Open House 2 – 4 p.m.

6 Wilton Lane
$349,000
Olde Town on Wilmington Island
Open House 3 – 5 p.m.

416 – 418 E. 40th St.
$399,000
Baldwin Park
Open House 2 – 4 p.m.

7 St. Augustine Bend
$399,000
Causton Bluff
Open House 2 – 4 p.m.

Savannah's in BLOOM!

Savannah’s in bloom! Now’s the time to plan your trip to our lovely city. Take a look below at some of our upcoming events…

N.O.G.S. Tour of Hidden Gardens | April 18-19
8 private gardens plus the Massie School Center which was restored and is maintained by The Garden Club of Savannah
Tours are from 2 – 4 PM each day
www.gcofsavnogstour.org
912 961 4805

Liberty Mutual Legends of Golf | April 21-27
Held at The Westin Savannah Harbor Golf Resort & Spa, this golf tournament is celebrating its 31st year and features golfing legends from the past and present.
www.pgatour.com/tournaments/s504
912 236 1333

SCAD Sidewalk Arts Festival | April 26
Annual chalk drawing competition on the sidewalks of Forsyth Park. Food, live music, and fun for artists and non-artists of all ages. Come and get your hands dirty or just wander through the park and marvel at what some people can do with chalk!
www.scad.edu/events/sidewalkarts/2008
912 525 5865

SCAD Sand Arts Festival | May 2
Annual competition held on Tybee’s North Beach is an art competition using sand and objects found on the beach. Categories include sand castles, sculpture, relief and wind wind sculpture.
912 525 5231

Tybee Island Beach Bum Weekend | May 16-17
Get your water guns ready for the world-famous Tybee Island Beach Bum Parade on Friday, May 16 and the Beach Bum Luau is on Saturday, May 17. Enjoy a weekend of free live entertainment and fun for the entire family.
www.tybeevisit.com/
912 786 5393

LOOKING BEYOND THE PRICE!

What pops in your mind when you think of a real estate contract? The price, right? It's the critical term, but far from the only important factor to be considered by buyers or sellers. There are costs, finances, conveyances, and consequences to consider.

Typical costs include commissions, inspections, legal fees and so on. Your representative should firmly negotiate and explain who pays for what.

How about the escrow deposit and financing contingencies? Unless the buyers pay cash, an escape clause should release them from obligation if financing falls through. Specifying that the loan will be secured at a certain interest rate or lower provides further protection.

Also pay close attention to conveyances of personal property, such as some appliances, lighting or window treatments, or furnishing. Avoid argument and further negotiation by assuring there is zero confusion about what is included in the sale price.

Another factor that should be clearly spelled out is the consequences of a breach in contract by either side. This is a binding legal document, whereby buyers in breach can lose their deposit, or sellers in breach can be sued for "specific performance" to force the sale of the home.

It's best for you and your representative to review a standard contract before you make or consider a purchase offer. Know what to expect and be prepared to negotiate to Yes!

Second Home Market Remains Bright

by Peter G. Miller

In the midst of all the gloom and doom on the housing front, one remarkably-bright statistic has just been announced: Last week the National Association of Realtors reported that 12 percent of all existing home sales last year were not primary residences, they were instead vacation homes.

It turns out that a lot of us have second homes at the lake, the beach, in the mountains or just somewhere different. The idea that so many of us have not just one house but two is at least counter-intuitive given that almost 1.3 million homes were lost to foreclosure last year, according to figures from RealtyTrac.com.

What do such numbers say about our housing market?

It takes a given number of dollars each month to support a primary residence, a standard that a large number of owners are not meeting. As the Mortgage Bankers Association explained in its most-recent delinquency report, "the rate of foreclosure starts and the percent of loans in the process of foreclosure are at the highest levels ever."

And yet at a time when many households are plainly having huge problems, it's clear that another group of households is doing very well. Not only can folks in this second group support one house, they can afford at least two.

The implicit reservoir of wealth represented by vacation property owners is important because it means there are large numbers of people out there with dollars that can be used to stroke the economy. If this trend holds up, it also means that about 600,000 second homes will be sold this year, a big and positive number at a time when big and positive numbers should be welcomed.

Published: April 2, 2008 http://realtytimes.com/rtpages/20080402_millerreport.htm

Ardsley Park - SUPER SUNDAY - Open House Event

Sunday, April 6th
12 - 5 PM

Please join us for the Ardsley Park - SUPER SUNDAY - Open House Event Featuring 16 homes in beautiful Ardsley Park.


12 - 2 PM
203 East 53rd Street
215 East 53rd Street
501 East 57th Street
623 East 52nd Street
324 East 54th Street
113 East 53rd Street
112 East 53rd Street
602 East 52nd Street
114 E 57th Street

3 - 5 PM
519 East 45th Street
601 East 44th Street
525 East Victory Drive
402 East 48th Street
611 East 49th Street
3710 Abercorn Street

12 - 5 PM
340 East 50th Street
702 East 44th Street

New Homes: Designing Your Own Wall Plans

by Dena Kouremetis

Whether or not you have the vision of Frank Lloyd Wright, or don't know a casement window from a double-hung, you can now create window and wall designs from thousands of possible combinations that reflect your own personal style.

Bayport, Minn.-based Andersen Windows has developed WindowCentrics Wall Planner, a new online tool that allows users to visualize how walls will look with windows and doors. Four walls and only one floor means that a wall plan design is just as important as a floor plan, according to Cameron Snyder, the company's brand public relations manager.

The idea for an online design tool, customarily used by builders and contractors to design with clients, was designed with consumers in mind -- people who often perform design services with pencil and paper.

The program takes users through the process of computer-aided design, allowing them to choose a wall shape from 16 available templates that include six families of Andersen windows and patio doors. Pre-designed window and door combinations or individual units are then “dropped” into the virtual wall space.

In addition to the design and layout, the tool allows users to personalize their design by selecting window trim stain and color options and adding color and texture to the wall. You can even enhance it with images of furniture, people, pets, and plants also can be used to demonstrate scale. The results can be saved as a PDF file for sharing.

To get you started, the Andersen Wall Planner offers a photo library that automatically generates window combinations inspired by real homes and automatically adjusts the design options to account for the limits of product manufacturing and construction parameters.

For more about WindowCentrics, go to andersenwindows.com/design.


Published: April 1, 2008 http://realtytimes.com/rtpages/20080401_newhomes.htm

504 East Bay Street

You're Invited!

Please join us for an OPEN HOUSE TOUR.

This tour is coinciding with the 73rd Annual Savannah Tour of Homes & Gardens. Please feel free to peruse all of the homes on the OPEN HOUSE TOUR by clicking on the links below.

Friday, March 28 -- Southwest Quadrant
West of Bull Street and south of Liberty Street (Pulaski, Madison, Chatham, and Monterey Squares)

Saturday, March 29 -- Northeast Quadrant
Oldest neighborhoods of Savannah -areas that encompass Warren, Washington, Greene, Columbia, Oglethorpe, and Crawford Squares

These homes below will be open both Friday & Saturday from 2-4pm

347 Tattnall
616 Barnard
108 E Jones
112 E Jones
1 W Jones
316 E Jones
210 W Harris
201 E York
909 Whitaker

Sunday, March 30 -- Ardsley Park
623 East 52nd (2–4pm)
601 East 44th (3–5pm)
702 East 44th (3-5pm)

Curb Appeal: Stamped Concrete

Curb appeal is the first impression of a home or property as viewed from the street. And it can actually increase the value of your property for resale, or better yet, cause envy from nearby neighbors.


One of the hottest trends right now in curb appeal is the creation of distinctive driveways.

Options for driveways used to be pretty simple, asphalt or concrete. But these days the possibilities for concrete are practically limitless, allowing you to take your carport from blasé to beautiful.

Stamped concrete, often referred to as "patterned concrete" or "imprinted concrete," is concrete that has been designed to resemble other more expensive materials such as brick, slate, flagstone, tile or even wood. And the cost effectiveness, easy maintenance and endless design possibilities are making stamped concrete a must-have.

In stamped concrete you can incorporate decorative patterns, even using other elements such as bond brick, hexagonal tile, worn rock or stone. And the use of stains can make your home all the more elegant and inviting. Some of the color choices include Green Lawn, Cola, Aqua Blue, Venetian Pink and Sandstone Cream.

If you have an existing driveway, there are ways to get a lasting makeover without starting from scratch. For instance, you can resurface your concrete with overlay systems to eliminate cracks or blemishes, or you can choose to permanently engrave or sketch patterns for an enhanced appeal.

For more information about concrete stamping and sketching, and for help finding a local contractor in your area, visit www.concretenetwork.com.

Published: March 27, 2008 http://realtytimes.com/rtpages/20080327_curbappeal.htm

OPPORTUNITY IN ANY MARKET!

Whether the market is up or down (and particularly if it's down), buying a "fixer-upper" and updating it can prove to be a profitable venture. As with any real estate investment, however, it's wise to enter with eyes wide open. Knowledge and caution will help you avoid common pitfalls.

The ideal candidate for such a purchase would be priced roughly 30 percent below the value of nearby homes, and located in a community with low crime rates and good schools. The only thing you can't repair or improve is a poor location.

And just because you can improve almost anything doesn't mean that you should! Avoid homes in need of truly major (and unprofitable) repairs such as the foundation, structural plumbing, or complete kitchen and bath renovations. Because these features are simply expected by buyers, they won't necessarily add any value to your offering.

Another aspect that is often overlooked is your fixer-upper's proximity to where you live. Keep it within an hour's drive, because you'll want (and need) to check in regularly, probably daily, while your repairs and renovations are in progress. The cost of fuel is high enough these days that you don't want to blow your profits on your gas tank!

There are many fine homes being offered at lower prices by motivated sellers. Don't overlook the opportunity these properties present!

Realty Viewpoint: Watch The Dates Of Housing Reports

by Blanche Evans

It didn't take long for the bloom to leave the rose. The notoriously pessimistic backward-looking S&P Case-Shiller Index says housing prices fell a record 2.4 percent between December and January and 10.7 percent for the year. Following on the heels of the February report from the National Association of Realtors, the Case-Shiller report appears to contradict the NAR's findings that home sales went up 2.9 percent and home prices fell 8.2 percent over the past year.

Well, there's a reason for that. The two reports don't cover the same period, the same markets, or the same types of housing. The NAR's report covered February, not January, and it includes all market areas where there's a Realtor reporting sales, and it includes multifamily housing such as condos and coops.

So to say the NAR's report is a little more relevant is an understatement.

So you have to be careful what you read and what you pay attention to.

But that didn't stop the financial press from fueling more housing panic.

CBS Marketwatch used this headline - "Housing Prices Fall At Record Rate" to tell this story: "Home prices in 20 major U.S. metro areas have plunged a record 10.7 percent in the past year as prices continued to decelerate, Standard & Poor's said Tuesday."

CNNMoney.com used this headline: "Home prices: Down record 11 percent - The residential real estate market continues to deteriorate in 2008, with 20 key markets reporting steep drops."

Gee, is this happening right now? No, it happened two months ago, to only 20 markets, and to only same-sale homes.

The only comparable report to the Case-Shiller Index is OFHEO's ( the Office of Federal Housing Enterprise Oversight) and it showed only a 3 percent decline in prices for the past year.

There's a reason for that -- OFHEO doesn't include nonconforming mortgages. Just to recap, it's jumbo and subprime loans that have been the most volatile.

No wonder Consumer Confidence is in the dumpster. People don't know what to believe, so they believe the worst.

The Conference Board just reported the lowest consumer view of expectations in 35 years.

"Looking ahead, consumers' outlook for business conditions, the job market and their income prospects is quite pessimistic and suggests further weakening may be on the horizon," said Lynn Franco, director of consumer research.

While consumer confidence is tracked through March, it's still only a short-term forward-looking indicator, and not a credible one at that. Consumers in March were slammed by a plummeting stock market, and many watched their 401k's all but disappear. No wonder they're pessimistic.

They'll pull back on spending, and then prices will come down, and then they'll start spending again, and the whole cycle will start all over.


Published: March 26, 2008 http://realtytimes.com/rtpages/20080326_realtyviewpoint.htm

START MOVING YESTERDAY!

Let's say you've just decided to list your home for sale. You know there's a lot to plan, but when do you start preparing to move? In a word, NOW! Stay focused and don't panic!

The main aspect guiding your planning will be whether you're moving a long distance or just locally. Either way, begin hoarding boxes, packing tape, moving blankets, packing peanuts - and big black markers to indicate contents and locations on every single box.

In many cases, you'll want to consider a professional mover, and your listing agent can make some excellent recommendations. However, be sure your choice is licensed and bonded, and that their employees have workman's comp insurance. Always get an estimate in writing, from more than one company, and inquire about their equipment, training and experience. References should always be available upon request.

Well in advance of The Big Day, hold a moving sale to reduce the amount you have to pay for your move. Items that don’t sell can often be donated to charitable organizations, or taken to the landfill as a last resort.

When you're finally "outta there," make sure you've brought enough cash for your travel, your medications and supplements, and your children's favorite toys, games and entertainment. It could be a few days before you have access to your belongings, so plan ahead and be prepared!

Tybee Island - Best Place to Retire

As seen on The Today Show -- Barbara Corcoran has selected Tybee Island as one of the best places to retire!