FHA Lowers Loan Limits

I just received some information about FHA loans. This will have an effect on some of my clients. Overall this is still a great program with 3% required downpayment. 3% down in combination with low interest rates (3.75% last week) makes this is a great product.

Here is the breakdown for the North Atlanta Metro area effective September 1st

FHA has lowered the maximum loan amount from $346,250 to $320,850 in Metro Atlanta counties (includes Forsyth and Dawson)

HallCounty remains at $271,050 max loan amount

The Wells Team has a list of lenders that we have worked with in the past. If you would like a name please let us know.

QR Codes The New Technology

Another new technology! At least for me it is new!

The QR (Quick Response) code resembles a bar code. It was created by Denso Wave, of Japan, in 1994 and has been a popular item in Asia.

The company that does all of our virtual tours, Obeo, has introduced these QR codes on all of our virtual tours. All we have to do is save the QR code as a jpeg file and then paste on our flyers. It is that sample. When a buyer pulls a flyer they scan the QR code with their mobile phone and they are immediately connected the internet and that particular website. Another great source of inquiries!

As for the software: I did not think I could download any software on my cell phone because I have an older model. No problem. Go to the following website: http://www.mobile-barcodes.com/qr-code-software/ On this website I was able to find the correct software and download it on my phone (remember you have to have internet access on your phone to use this product).

Now just open the software on your phone point to the QR code using your camera. The software will scan the QR code and open up that site on the internet.

Love them or hate them QR codes are new wave of technology that is here to stay

At The Wells Team we are constantly trying to provide our clients with the best technology

Invest in America- A Campaign from The Norton Agency

We are at an interesting and somewhat frightening era in America. The stock market and world markets change daily and we watch our 401K’s and investments vacillate. With all this in mind, The Norton Agency has launched its new mantra – INVEST IN AMERICA – BUY REAL ESTATE. Despite the down turn in the real estate market over the past four years, it is still one of the best ways to invest your money. Interest rates are at an all time low – 3.75% for FHA and VA and as low as 3.5% for a 15 year Conventional.

We are seeing prices stabilize although there are still many short sales and foreclosures occurring. We are also hearing about more owner financing since many buyers cannot qualify for more traditional loans and seller’s receive a lot more interest than they would with CD’s or money market accounts.

The Wells Team is prepared to help both buyers and sellers make the most of the ever changing real estate market. We keep up with the latest trends, watch the daily interest rates, and change our business to reflect the most up to date real estate marketing strategies’.

Real estate is the truly buying American. Unlike automobiles, appliances and clothing, real estate is American timber, American insulation, American concrete, and American dry wall. We can make the American dream a reality. INVEST IN AMERICA - BUY REAL ESTATE!

Time to Throw in the Towel

This is something all Realtors dread doing: Throwing in the towel! In this case it involved friends/clients of mine who had their home listed with me.

The home appeared to be priced correctly but as time went on that did not appear to be the case. We watched other houses around them go for lower prices. My clients grew more frustrated because buyers would not appreciate all of the extras that were put into the home. (does any buyer appreciate this)

After four months of multiple showings (the most we have ever had), plus two offers that did not work out, my sellers said they had enough. They withdrew their listing.

My opinion on the whole situation: Buyers cannot expect to regain all of the money they spent on upgrades to their home. That has become an unfortunate situation in this market. If you receive feedback about the pricing of your home and you see other homes sell around you for less, it is time to get aggressive or throw in the towel.

My clients decided to throw in the towel. They did not have to sell and will continue to live in the home until the market changes. If and when the market actually changes.

There are times when it is not meant to be.....

Now This is What I Call Service

I admit it. I have another career besides real estate. Yes I have been an airline pilot for 20 years. I have been in real estate for 6 years. This was a chance to combine the two and give incredible service to a client.

The night my clients were leaving for a two week vacation to England I received an offer on their home. Figures! They really wanted to enjoy their vacation and not endure the stress of constant emails, counteroffers, and the other joys of negotiating.

Instead I happened to be flying to London on a scheduled trip for the airline.

Contract in hand I boarded the "tube" (London subway), met my clients at their hotel, and proceeded to have dinner with them.

After finishing a wonderful Indian meal we pulled out the contracts and went to work.A couple of changes made, contracts signed, and I was on my way home.

I presented the contracts to the buyers agent upon my arrival home. It looked good

However...

My clients had made enough changes that the buyers changed their mind, terminated the contract, and started looking for other homes.

Next time I will ask Queen Elizabeth for her help...

I can honestly say one thing: You cannot offer better service then that!

Paint the Door

My wife does the marketing for The Wells Team. One of her "things" is to have the door painted on a home when we list it. I have to admit that I never thought it was a necessity in many cases but I have been proved wrong.

Our highest priced listing had a showing last week. This home has been upgraded inside and out and has captured a lot of serious inquiries.

However last week I received some feedback from a recent showing. The agent said that the door was in bad shape and appeared worn. It gave a bad initial impression and subsequently lost the interest of these potential buyers.

A small point but one that had big ramifications.

When buyers are looking at multiple homes in a day a good first impression is crucial.

Painting that door might help!

I Had to Stop the Bleeding

I have been "preaching" that at times you have to cut your losses and move on when it comes to real estate.

Unfortunately I had to listen to my own advice.

After meeting with my financial planner I decided that I had to take the hit and sell my condo in Florida. From an emotional standpoint it was very difficult, from a financial standpoint it was an even harder decision.

I will be going to closing with cash. That is a very tough pill to swallow.

However my financial planner showed me the situation from a different perspective. The condo would have to appreciate 6% a year just to cover the cost of running the property! That does not even include the property actually going up in value!

If you find yourself in a similar situation meet with a financial professional. Have them show you the numbers, and formulate a long term plan.

This is going to hurt in the short term but in three years I will be ahead of the game.