by Shar Rundio on January 13, 2010
Several times recently I’ve been in the position where I have either turned down listings or not “gotten” them because I’ve refused to list them too high. While we may be in a bizarre competitive ”Buyer’s market” in much of the Phoenix market right now, buyers still aren’t willing or able (we’ll talk about appraisals later) to pay too much for a house. Sometimes, I’ll if push comes to shove I’ll allow a seller to list the property higher than I think the market will allow for as long as we have an automatic price reduction in place. Now, all you purest REALTORS who are up in arms that I just said that, I do know that the first couple of weeks is when we’ll get the most showings and activity and I make sure a seller is fully aware of that. But if they still persist and I think more reason can be seen later I’ll allow for it.
So once the house is listed how do we tell if a house is over-priced?
That’s when I use what I call the Rule of Tens.
- If the house is on the market for 10 days with no calls or showings…it’s over-priced
- If the house has 10 showings and no offers…it’s over-priced
That’s it.
Plain and simple…my Rule of Tens.
On a totally personal note: 10 is my youngest daughter’s favorite number. Her name is KiersTEN and this year she’ll be 10…on 10/10/10.
by Shar Rundio on May 18, 2009
With all the first time buyers realizing the opportunity that exists if they buy a home this year in time for the $8,000 tax credit I am frequently asked questions about who qualifies as a first time buyer. I thought this bit from the Q & A section of the National Association of Home Builders website was worth sharing.
What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. (my emphasis)
Now is a great time to be a first time buyer. If you know of anyone who should be taking advantage of the opportunity let me know.
