Appraisals

How important is the appraisal in the home buying or selling process.  Pretty important!  I was involved in a recent transaction where the closing hinged on the appraisal.  The buyers and sellers had agreed on a price.  The earnest money was in escrow, the inspection was done and the "i's" were dotted and the "t's" were crossed.  The appraisal was all that stood between the buyers getting a new home and the sellers moving on.

Financial institutions and mortgage companies require an appraisal to be sure that the collateral (the house) that they are lending the money for is worth the amount the buyers and sellers have agreed upon.  In this case, the house did not appraise for the agreed upon price.

All turned out fine.  The price was adjusted to reflect the appraised value and the transaction did go to closing.  But a valuable lesson was learned by both the seller and the buyer. 

For the buyer, no matter how much the buyer is willing to pay, if the market won't support that price the sale won't happen.  Unless of course, the buyer has cash. 

As for sellers, most believe their house is worth a lot.  And in terms of memories and value to the seller, it is.  But again, the market will determine what the final price should be.

The moral of the story:  Be realistic about price when buying or selling.

Good Taste

It always amazes me what people like.  I have a sweet little house listed that would be a great starter home or an investment property.  It's in a nice neighborhood, with a large yard.  But I'll be honest, it needs some work.  The remarks on the MLS data sheet say "Fix me up!"  Don't get me wrong, it has beautiful hardwood floors and great bones.  But like I said, it needs some cosmetic updating.

I held an open house recently and a young couple came through.  They did the obligatory walk through and whispered out of earshot, but they also made some comments I could hear.

"I love the bathroom," said the wife.  "I wouldn't change anything."

"Really?," replied the husband.  "I'd have to the change the tub."

The bathroom has original pink fixtures.  You can't buy those anymore!

They continued through the house and made their way to the basement.  On the way back up the stairs, they stopped in the kitchen and spent some time opening cabinets and looking in drawers.

"It's a nice size kitchen," I offered.

"I like it a lot," said the the wife.  "I even like the gold appliances.  It's cute."

The husband was silent.

The couple wandered through a few minutes longer and then were on their way.  I thanked them for coming and asked them to contact me if they had any questions.

As they walked down the front walk, I heard the wife exclaim once again, "I love this house!"

I don't know if I'll hear from this couple again.  But, I do know I learned something.  Good taste is subjective.  What I like isn't necessarily what you like.  My taste is not your taste.  And I may not like pick bathroom fixtures, but the gray wall paint sure helps!

Downsizing the New Year

Every January, New Year's resolutions are the norm.  Millions of people make dramatic resolutions; lose mega pounds, remodel the house, save lots of money.  I'm no different.  The problem is that most years, those resolutions are long forgotten by mid-February.

This year I've decided to downsize my resolutions.  I'm after small successes.  No less noble and certainly as satisfying!  My declarations are simple and include promises such as smiling at 10 people everyday, stocking up on necessities like printer cartridges and stamps, being helpful to others, buying flowers for a friend and responding to e-mails when they arrive in my inbox rather than letting them stack up for days.

While these resolutions may not be as remarkable as most, they are sustainable.  Of course, I'll be the only one who knows whether I've succeeded at the end of the year.  But I'm thinking my year of resolution downsizing will certainly last past February!

Happy New Year!

Firsts

In our lifetime, there are many "firsts".  First steps, first tooth, first Christmas, first day of school, you know what I mean.  As we age, those "firsts" become less common, but no less memorable. 

I was a part of a "first" for a young couple a few weeks ago.  I was hosting an open house and greeting guests as they entered.  The young couple walked in the door and announced that this was their first open house...ever!  I was delighted!  If I'd had balloons, I'd have launched them and sprinkled them with confetti!

Of course, an inaugural open house isn't perhaps as exciting as a 6-year-olds first visit from the tooth fairy, but for a young couple out searching for a new home it might be close.  The anticipation, excitement and joy that accompanies that experience is hard to imagine if you haven't experienced it, and hard to remember if it's been a while since you have had a "first" in your life.

The young couple wandered through the house, picked up the necessary material and went on their way.  I hope their maiden voyage into the house hunting arena was positive.  For me, it was a life lesson to remember the special feeling of a "first".  Here's to more "firsts" in the new year!

Lucky Day!

Twelve days of Christmas.  Twelve months in a year.  Twelve citizens sit on a jury.  And 12 is the number worn by Green Bay Packers quarterback Aaron Rogers.  It could be said that 12 is a lucky number.

According to an article in the New York Daily News, some people are betting on it!  Lottery tickets are being purchased at a fast and furious pace and weddings will be taking place on 12/12/12.  Why not?  We won't see another triple digit date for another 100 years!

This isn't the first time it's happened.  If you recall, just last year was the year of the "1's".  We had significant dates such as 1/1/11, and 11/11/11.   Those days were also heralded as people were sure the unusual numerical sequence was going to bring something noteworthy.  It probably did for some!

I don't have anything extraordinary planned for the day, although I may sneak in a few "twelves".  Maybe I'll do 12 reps in my workout, or call 12 friends just to say hello.  What's your plan for 12/12/12?  Getting married?  Flying to Vegas?  Whatever you do, make it special!

Who has a Realtor?

My kids attend a school on the west side of Madison that asks parents to work lunch duty a few times a year.  Sometimes it's inside helping kids open milk containers or washing off tables.  We also work outside on the playground which requires a general supervision of children playing.

I have some clients who have a daughter who attends the same school.  I was working inside lunch duty the other day when this young daughter of my clients' entered the lunch room.  When she saw me, she asked her teacher if she could say hello to her Realtor...me!  The teachers and the lunch ladies thought it was hilarious that a 4-year old had a Realtor.

Needless to say, I have spent many hours with her and her parents looking at houses for sale and getting paperwork in line for the sale of their home.  I've evidently made an impression on her, since she referred to me not by name, or as her friend, but as her Realtor!  I expect I've left a positive impression on her and one that will last until she is ready to purchase her first home.  I can only hope that she'll enlist the help of a Realtor.

So, who has a Realtor?  Even some 4-year olds have Realtors.

Catalog Craziness

The holidays have officially arrived.  I know this not because of the Christmas lights strung from tree branches around town, or the holiday music playing on the radio but rather by my mailbox.  Yes, my mailbox! 

Yesterday I received 13 catalogs in the mail.  Yes, 13!!  Everything from cooking guides to clothing catalogs were stuffed into my postal box.  The poor postal carrier!

I rarely order from catalogs.  At some point I did and my name has now been sold to companies I have never heard of.  I know this because I receive their catalog!  In the past catalog shopping was more mainstream, but with the advent of the Internet, I find shopping with the keyboard much easier. 

But companies still believe catalogs work.  Perhaps they trigger an idea for the hard-to-buy for relative or maybe they spur customers to visit a store or go online.  Whatever the reason, I think catalogs are here to stay, at least for the short term.

As for mine, they are destined for the recycle bin!