Where do we go from here!

The last day of the Housing Tax Credits is upon us. The Real Estate market has started to rebound. Prices seem to be stabilizing in areas, inventory is high but managable. Offers are being negotiated but they are still a fight to get to closing. Banks are very slow and plodding through the mortgage process! A major factor is house condition. Many are in need of repairs that slow the process, some times grinding the whole mechanism to a stop. Sellers need to be better counseled on what to expect and what issues will help sell their house.
An example; Should you do a new kitchen, or replace a roof? Most would say the kitchen will make my home a showplace, when rthe smart money says check the roof, if it is need of replacement... do it! Because the bank or the home inspector may require it. How about his one; I recommend to my sellers to have the big ticket items checked before they begin marketing. Heating systems, water tests, radon for air and water. Lets look at these cuz if they are defective they will need to be addressed. And these are expensive repairs. (Why wait for the inspector to tell you and you have to renegotiate in the middle of the transaction.)Pennywise and pound foolish can be very costly. Anything that you, as a home owner, can do to ensure the completeness (is that a word?) of your house prior to marketing will result in an easier and more profitable venture.
It will be very interesting to see how the economy flows now that the Tax Credits are ended. What type of stimulus is next on the horizon. Hopefully something that will be beneficial to a larger group of buyers and sellers. My next Blog will discuss my ideas to truely stimulate the economy, promote housing, and help businesses and communities on aa a whole; and the cost is able to be recouped!