Just Listed! - 530 Maupas Avenue

Charming Baldwin Park home with four porches, separate living room and dining room, four fireplaces, wood floors and impressive entry. The home is situated on a fantastic block and has awesome gardens. The summer kitchen in the rear garden can be used as a workshop or studio.

For additional information on this property or any of our other listings please visit our website at http://www.doncallahan.com/.

Click on the image for a visual tour of the home.

"Real Estate Outlook: Signs of Rebound"

by Kenneth R. Harney

Unemployment and foreclosures continue to be huge weights holding back the economy, but housing's performance is just the opposite: Its signs of rebound keep getting stronger and stronger.

Take a look at this week's numbers: Pending home sales rose again for the ninth straight month, up by nearly 4 percent.

Dr. Lawrence Yun, chief economist for the National Association of Realtors, says the combination of tax credits, affordable prices and rock-bottom mortgage rates are “helping unleash a pent-up demand” from tens of thousands of financially-qualified renters and other buyers who'd been glued to the sidelines for months or even years.

Pending sale, where contracts have been signed but closings have not yet occurred, are a key indicator of where we're headed in housing over the coming several months.

The Northeast region led the country this time around -- up by an exceptional 20 percent for the month. In the Midwest, pending sales jumped nearly 12 percent, while in the South they were up by 5 percent.

Only the Western region saw a decline -- a sizable one at 11 percent.

Yun said the strong sales outlook in most parts of the country is beginning to make a real dent in unsold inventories -- now around a seven month supply -- and that sometime in the first half of next year, the housing market should reach a “self-sustaining” point where prices are moving up moderately and demand is strong.

Meanwhile, sales of newly constructed houses nationwide jumped by 6.2 percent in the latest monthly survey by HUD and the Census Bureau. The rate of total sales is now 31 percent higher than it was in January.

Mortgage rates continue to make both new and resale home purchases easier: Thirty year fixed rates declined to just below 4.8 percent on average last week, according to the Mortgage Bankers Association.

Fifteen year rates dropped below 4.3 percent, which is the lowest recorded by the MBA since it began its national rate survey in 1970.

There was even a hint of better news coming on the employment front last week. The consulting firm of Challenger, Gray & Christmas reported that layoffs by employers dropped sharply in November to about 50,000, down from 182,000 in November of 2008.

That's obviously still a lot of people losing jobs, and the unemployment rate is still stuck in double digits, but even the smallest hints of stabilization on jobs could prove to be hugely important for housing and real estate.

Published: December 8, 2009
www.realtytimes.com

NEW LISTING - 1519 Spalding Road

Mid-Century Modern ranch with spacious rooms, swank maple cabinets in the kitchen with granite counters and stainless steel appliances, living room / dining room combo with fireplace. Many rooms open out onto deck and large shady fenced yard. Four bedrooms, two baths, and approximately 2,275 square feet.

For additional information on this listing or other real estate in Savannah, Georgia please visit DonCallahan.com. Click on the image to view a visual tour of the home.

A Tour of Historic Homes - Sunday Nov. 1st from 2-5pm

This Sunday November 1st from 2-5pm I will be participating in a multi-broker open house in Savannah's Downtown Historic District. This is a rare opportunity to view 26 select homes through the Historic District. You can pick up your brochure at the Keller Williams Realty office at 48 Abercorn Street (corner of Abercorn and Broughton) or view the list of open houses below. Just look for the balloons!

1. 23 Houston Street - $950,000 - 3BR/2.5BA

2. 527 E. Broughton Street - $597,000 - Townhome

3. 204 W. Broughton Street - $349,000 - 2BR

4. 411 W. Congress Street, #1 - $275,000 - 2BR/1.5BA

5. 316 E. State Street - Starting at $765,000 - Condos

6. 135 Lincoln Street - $389,000 - 2BR/2.5BA

7. 126 E. Oglethorpe Avenue - $1,175,000 - 1895 Inn

8. 425 E. McDonough Street - $389,900 - 2BR Condo

9. 312 E. Liberty Street, Unit C - $399,000 - 2BR/2BA

10. 107 W. Perry Street, Unit C - $299,000 - 1BR/1BA

11. 201 W. Liberty Street, Unit 101 - $199,900 - 1BR

12. 22 W. Harris Street - $1,295,000 - 5BR Townhome

13. 407 E. Charlton Street - $890,000 - 4BR/3.5BA

14. 349 E. Broad Street - $298,000 - 2BR/2BA

15. 554 E. Jones Street - $319,000 - 2BR Cottage

16. 212 E. Jones Street - $389,000 - 2BR/2BA Condo

17. 214 W. Jones Street - $759,000 - 4BR/2BA

18. 301 W. Taylor Street - $799,000 - Townhome

19. 540 E. Gordon Street - $312,500 - Townhome

20. 415 E. Huntingdon Street - $418,000 - 3BR/1.5BA

21. 408 E. Hall Street - $399,000 - 2BR/2BA with pond

22. 402 E. Hall Street - $1,750,000 - Historic Estate

23. 612 Barnard Street - $985,000 - Up to 6BR/4.5BA

24. 703 Whitaker Street - $1,095,000 - 4BR/4BA

25. 911 Whitaker Street - $1,475,000 - Mansion

26. 202 E. Park Avenue - $274,900 - 2BR/1BA

Just Listed! - 601 East 57th Street

Classic Ardsley style bungalow constructed in 1941 and tastefully restored in recent years. Entertain gracefully with a generous dining room adjacent to the living room set around a fireplace. There is a fully equipped eat-in kitchen and a sunroom. Master and guest suites are situated on the first floor with two additional bedrooms and a bath on the second floor. The tremendous rear deck has a retractable awning for shad or afternoon BBQ's and overlooks a well landscaped yard. All this set on an attractive corner with garage and off street parking. Click on the image to view a visual tour of the home.

For additional information on this property or any other of my listings please visit my website at http://www.doncallahan.com/.

The Squares of Savannah Named One of The "Great Places in America: Public Spaces"

The original four squares of Savannah date to 1733 and were a distinctive part of James Oglethorpe's plan for the city. Eventually squares were located in the center of each of the city's 24 neighborhoods or "wards." The foresight of Oglethorpe's design continues to provide an extraordinary example of how public space provides a timeless and lasting amenity to a community. Very much used and beloved, the squares are essentially public "living rooms" where residents and visitors alike go for morning and evening strolls, afternoon games and activities, and special events and celebrations.

Savannah's 22 squares are located across a one-square-mile area of downtown. Each square is typically 200 feet north to south and 100 to 300 feet east to west.

Twenty-one of the 24 original squares, all located within the boundaries of the city's National Landmark Historic District, exist largely the way they did when originally built during the 18th and 19th centuries. Each square has its own identity, reflecting a sense of place that mirrors the character of its neighborhood and surroundings. The 22nd square, Ellis, is being rebuilt after having been used for the site of a parking garage.

The squares help calm traffic, making the pedestrian and bicyclist experience in Savannah safer and more enjoyable.

Three Centuries of Planning

- In 1733 James Oglethorpe, Trustee of Georgia on behalf of the British Parliament, founded Savannah and personally laid out the first six squares (initially four followed by two more) in order to create a classless agrarian society
- City officials recognized the value of the grid-with-centered-squares design; in 1796 nine additional squares were included to accommodate city growth; the pattern continued until the 24th square was set aside in 1856

- In 1935, three squares were destroyed to make way for U.S. Hwy 17; one of the lost squares, Franklin Square was rebuilt in 1985

- Georgia's state legislature established the Savannah-Chatham County Historic Site and Monument Commission in 1949 to oversee the restoration of monuments and public art in the squares and the building of new ones; commission remains active, recommending to city council new monuments and public art for squares

- Engaged citizens help draft Downtown Master Plan now under final review; one principle entails retaining elements of Oglethorpe Plan in order to promote the squares' quality public space and amenities throughout downtown

Defines Savannah Town Plan

- Downtown Savannah comprises seven-acre wards or neighborhoods, each centered around a square with four trust lots and eight larger tithing blocks; trust lots typically contain a civic institution such as a church or government building, tithing lots generally contain residential with offices, small retail shops, and inns interspersed

- For approximately 100 years, Ellis Square was home to four public markets and a social gathering place; between 1954 and 2004 the city leased the Ellis Square property as a multi-story parking garage; parking garage has been removed and the square is now being rebuilt as a public space (completion expected by December 2009)

Iconic Community Space

- Most squares contain at least one feature in the center, such as a monument, statue, fountain, obelisk, gazebo, public art

- All squares contain benches, period lighting, brick sidewalks, and shade trees; extensive landscaping and vibrant colors from flowers including azaleas, camellias, and seasonal blooms
- Approximately 15,000 people use the squares each day

- Squares used for private and public events, including the St. Patrick's Day Parade, summer concerts, and private events including weddings and receptions

Promotes Walkability

- Squares located at intersections of two streets, thus calming traffic and making the pedestrian environment safer and more pleasant

- Walkways through squares connect to various close-by destinations in neighborhoods and downtown

- Monuments, other architectural details make squares interesting and engaging places to walk and experience

(From the American Planning Association)

"Bull Street in Savannah Designated One of 10 Great Streets in America"

October 2, 2007SAVANNAH, GA — The American Planning Association (APA) announced today that Bull Street in Savannah, Georgia, has been designated one of 10 Great Streets for 2007 through APA's Great Places in America program. APA Great Places exemplify exceptional character and highlight the role planners and planning play in creating communities of lasting value.

APA has singled out Bull Street as one of this year's 10 Great Streets in America for the historic architecture and craftsmanship, diversity of uses, and integration of a variety of transportation alternatives — as well as the commitment of Savannah to preserve the street's legacy.

"We're honored that the American Planning Association has recognized Bull Street," said Mayor Otis Johnson. "Savannah is preparing to celebrate its 275th anniversary, and Bull Street exemplifies the rich history of our magnificent city," he said.

APA Great Places offer better choices for where and how people work and live. They are enjoyable, safe, and desirable. They are places where people want to be — not only to visit, but to live and work there everyday. America's truly great neighborhoods are defined by many unique criteria, including architectural features, accessibility, functionality, and community involvement. Through Great Places in America APA recognizes the unique and authentic attributes of essential building blocks of great communities — streets, neighborhoods, and public spaces.

"We're excited to select Bull Street as one of this year's Great Streets," said APA Executive Director Paul Farmer, FAICP. "Bull Street retains its 19th century grace and charm as it meets the challenges and needs of today's users. That helps make Bull Street unique and worthy of this recognition," he said.

The portion of Bull Street nominated for this honor extends from City Hall to Forsyth Park. Most distinctive are the five public squares located along the street — two of which were included in the original plan for Savannah created by General James Edward Oglethorpe. In his unusual orthogonal plan, streets and building lots are arranged around a central open space. The repetitive street grid connects one neighborhood to another and one public square to the next.

The squares are adorned with monuments commemorating citizens and events that have contributed to Savannah's history. Bull Street's Chippewa Square, for instance, was laid out in 1815 and named for a battle in the War of 1812. The square, featured in the movie "Forrest Gump," hosts a bronze and marble monument to General Oglethorpe who founded Savannah and the colony of Georgia.

Chippewa Square, like the rest of Bull Street, features a range of architectural styles, from the classical First Baptist Church to the Greek Revival Moses Eastman house designed by Charles Cluskey. Other architectural styles found along Bull Street include examples of Gothic, Italianate, and Second Empire dispersed among early 20th century buildings. Such diversity gives the feeling that the street has evolved over time.

Zoned for mixed use, Bull Street is home to churches, government buildings, residences, offices, shops, and cafes. Granite curbs, brick sidewalks, benches, and mature trees line the street and further enhance its character to make it one of the best walking streets in town. A nearby parking garage offers users a free shuttle into the downtown core; however, many choose to walk along Bull Street to enjoy its ambience.

As Savannah looks to its future, the city has put in place height and design standards to help ensure that new infill development along Bull Street is compatible with existing buildings. As part of the Downtown Master Plan process, these standards are undergoing further refinement. Underground parking and environmentally sound practices, such as green roofs, will be encouraged.

The nine other APA Great Streets are Canyon Road, Santa Fe, New Mexico; Delmar Loop, University City and St. Louis, Missouri; Main Street, Northampton, Massachusetts; Monument Avenue, Richmond, Virgina; North Michigan Avenue, Chicago, Illinois; Ocean Drive, Miami Beach, Florida; 125th Street Harlem, New York City; South Temple Street, Salt Lake City, Utah; and St. Charles Avenue, New Orleans, Louisiana.
(From the American Planning Association)

Increase Your Home's Value - Home Improvements Under $100

 Tip 1: Spend an hour with a pro.

Invite a Realtor or interior designer over to check out your home. Many Realtors will do this as a courtesy, but you will probably have to pay a consultation fee to a designer. Check with several designers in your area -- a standard hourly fee is normally less than $100.

In an hour, a professional can give you lots of ideas for needed improvements. Even small suggestions, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.

Tip 2: Find inspiration.

Want an even cheaper alternative to a professional consultation? Search for remodeling and decorating inspiration in design-oriented magazines, books, TV shows and Web sites. Simply tear out or print off the ideas you want to try and start your to-do list. Keep it simple: when remodeling on a tight budget, do-it-yourself type projects are best.

Tip 3: Inspect it!

Not every home improvement is cosmetic. Hidden problems like deteriorating roofs, termite infestation or outdated electrical systems can negatively impact your home's value. Hire an inspector to check out the areas of your home that you don't normally see. Small problems, like a hidden water leak, can become expensive headaches if you put off repairs. A little investment now can save you loads of cash later.

Tip 4: Paint, paint, paint.

One of the simplest, most cost-effective improvements of all is a fresh coat of paint. Newly painted rooms look clean and updated -- and that spells value. Neutral paint colors appeal to the greatest number of people, therefore making your home more desirable. On average, a gallon of paint costs around $25, leaving you plenty of money to buy rollers, tape, drop cloths and brushes. So, buy a few gallons and get busy!

Tip 5: Cut energy costs.

Add caption

If you think your utility bill is a fixed amount, call your local utility company to find out. Many energy providers offer free energy audits of their customers' homes. They can show you how to maximize the energy efficiency of your home. A power- and water-saving home will conserve your money now, and is more valuable in the long run. Plus, you can use the money you save for more updates!
From FrontDoor.com)

New Listing - 118 Brandywine Road

Classic brick ranch with quality finishes including wood floors, marble surround on the fireplace, crown and chair molding and original baths. The kitchen features granite counters and a breakfast area. Detached studio/office, walled garden and off street parking.

For more information on this listing or any other listings visit my website at DonCallahan.com. Click here to view a visual tour of the property.

Mortgage Applications Jump

Industry group says mortgage activity surged 16.4% last week as consumers took advantage of low interest rates.

By Ben Rooney, CNNMoney.com staff reporter
Last Updated: October 7, 2009: 10:34 AM ET

NEW YORK (CNNMoney.com) -- Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday.

The Mortgage Bankers Association said its index of mortgage application volume rose 16.4% last week versus the previous week.

The surge in activity came as rates on 30-year fixed rate mortgages, the most widely used loan, remained below 5% for the third week in a row.


The average interest rate for 30-year fixed-rate mortgages fell to 4.89% last week from 4.94% the week before, according to the MBA. It was the lowest level since May 2009 when 30-year rates were 4.81%.

The MBA said refinancing applications jumped 18.2%, climbing to the highest level since mid-May. Purchase applications rose 13.2% to reach the highest level since January.

The report bodes well for the U.S. housing market, which has been stabilizing following a major slump. In addition to low interest rates, home sales have been supported by affordable prices and government tax credits.

But analysts say the market remains hampered by rising unemployment and warn that the budding recovery could falter if a popular $8,000 tax credit is allowed to expire at the end of the year.

Meanwhile, the average rate for 15-year fixed-rate mortgages eased to 4.32%, the lowest rate ever recorded in the survey.

Rates for one-year adjustable rate mortgages, or ARMs, rose to 6.56%.

First Published: October 7, 2009: 9:58 AM ET

New Listing! - 310 East 53rd Street | Beautiful Craftsman Bungalow

Outstanding brick craftsman style cottage on a great block in one of the best neighborhoods. This bungalow was built in 1930 with 1,627 square feet. It has a separate living room. dining room, a beautiful kitchen with SileStone counters, a breakfast bar and generous cabinetry. There are two bedrooms with a charming bath on the main level and a tremendous bonus room or fourth bedroom. The master suite is upstairs with another fantastic bathroom, as well as a comfortable sitting room. The rear garden is a place to entertain or simply sit and enjoy coffee or cocktails. There is a detached artist studio with a water closet and kitchenette for entertaining. This is a special property at a reasonable price.

For more information on this property please visit my website.

New Listing - 512 E. Bolton Street

Handsome fully restored Victorian Townhouse built in 1900 and recently fully restored. Outstanding kitchen with Granite counters, stainless appliances and well crafted cabinets. There are 2 fireplaces, tall ceilings, and original heart pine wood flooring that are rich and warm. Graced with a deep front porch, a generous rear garden and off street parking.

Please visit my website for more information on this property or click here to view a visual tour.

New Listing - 402 East Hall Street | The Elizabeth Thompson House c.1885

The Elizabeth Thompson House circa 1885. A handsome and prominent residence in the Landmark Historic District with tremendous ceiling heights, spacious rooms and natural wood trim throughout. The main house is currently two units, each with three bedrooms and two baths, double parlors for entertaining and a side porch overlooking the garden. The lane side of the property has an adorable cottage that has four fireplaces, wood floors, private sun-room and a shady front porch. For added income there is a a duplex with well equipped rental units over a four car garage. This is a very unique property and has zoning that would allow for an office or Bed and breakfast to operate here. This is a rare opportunity to own a spectacular property in Savannah's acclaimed downtown Historic District.

Please visit my website for more details on the property or click here to view a visual tour.

Location, Location, Location

What Does Location, Location, Location Mean?
by Elizabeth Weintraub, About.com

It's like the real estate agents' mantra: location, location, location. You've certainly heard the phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations -- perhaps an excellent location, a mediocre location and a lousy location.

I'll put your mind at ease. It means identical homes can increase or decrease in value due to location. It's repeated three times for emphasis, and so you will remember the phrase. It's the number one rule in real estate, and it's often the most overlooked rule.

The Epitome of Location, Location, Location
You can buy the right home in the wrong location. You can change the structure, remodel it or alter the home's layout but, ordinarily, you cannot move it. It's attached to the land. The best locations are those in prime spots such as:


•Within Top-Rated School Districts
Home buyers with children are concerned about their children's education and often will pay more for a home that is located in a highly desirable school district.

•Close to Outdoor Recreation and Nature
Homes abutting the ocean, rivers, lakes or parks will hold their value because of the location, providing they are not in the path of a possible natural hazard. People want to be near water or visually appealing settings.

•Homes with a View
Some homes sell quickly and for top dollar because they provide sweeping panoramic views of the city at night, but even a small glimpse of the ocean out one window is enough to substantiate a good location. Other sought-after views include mountains, greenbelts or golf courses.

•Near Entertainment and Shopping
In many cities, you will find homes that are located within walking distance of movie theaters, restaurants and boutiques are more expensive than those located further outside of town. Many people would rather not drive if they can walk to nightlife.

•In Conforming Areas
People tend to gravitate toward others who share similar values and their homes reflect it. Home buyers mostly prefer to be surrounded by similar types of properties in age and construction, where people just like them reside.

•In Economically Stable Neighborhoods
Neighborhoods that stood the test of time and weathered economic downfalls are more likely to attract buyers who want to maintain value in their homes. These are people who expect pride of ownership to be evident.

•Near Public Transportation, Health Care and Jobs
Most people do not want to endure long commutes to work, the doctor's office nor the airport. They prefer to be located close to emergency services and conveniences, so naturally homes in locations that shorten travel time are more desirable.

•In the Center of the Block.
I prefer corner locations, but most home buyers want to be in the middle of the block. I suppose they feel less vulnerable with neighbors around them, but they definitely enjoy less traffic.

Undesirable Locations
It's almost easier to talk about what constitutes a bad location than to discuss good locations. That's because the qualities that make a good location desirable can vary, depending on whether you're looking in the city, the country or the mountains. Bad locations, by their general nature, are easier to pinpoint:


•Next to Commercial / Industrial
Unless you live downtown, commercial buildings on your block will diminish value. Part of the reason is because home owners cannot control those who loiter in front of their home. Homes next to gas stations or shopping centers are undesirable because of the noise factor, and nobody really wants to listen to truck engines idling at night or during early morning hours.

•Near Railroad Tracks, Freeways or Under Flight Paths
When I take the El through Chicago, I often wonder how city dwellers with homes right on the railroad line put up with the rumbling and racket. I've also owned a home under a flight path and moved within a year. The noise was so loud I couldn't hear a caller on the phone, much less sleep in on the weekends.

•In Crime Ridden Neighborhoods
People want to feel safe. If your neighbor covers the windows with sheets instead of regular window coverings, and you hear cars coming and going at midnight, you might be living next door to a drug house, especially if the flashing lights of police cars are readily visible at any given time.

•Economically Depressed Areas
If your neighbors show zero pride of ownership in maintaining their homes, evidenced by lack of maintenance, poor landscaping or you spot discarded mattresses, junk car parts or old appliances lying in the yards, you might want to think twice about moving into such an area. On the other hand, some areas like this are on the edge of development and going through rehabilitation. But you're taking your chances.

•Close to Hazards
Name me one person who wants to live next door to a nuclear power plant, and I'll show you a mutant moron. Few home buyers want a transformer in their yard, either. If the neighborhood was built on a landfill or was recently swampland, nix it. Always order a natural hazard report when buying a home.

Pending Home Sales on a Record Roll

Washington, September 01, 2009
Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said. “Other buyers are taking advantage of low home values before prices turn higher.

Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

The Pending Home Sales Index in the Northeast declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008. In the Midwest the index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago. In the South, pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008. In the West the index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he said.

“To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sectors of the economy,” McMillan said.

NAR’s Housing Affordability Index2 stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery’.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #
1The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

2The Housing Affordability Index is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home, taking into account the relationship between median home price, average effective interest rate for loans closed on existing homes, and median family income. The higher the index, the better housing affordability is for buyers.

The calculation assumes a downpayment of 20 percent and a qualifying ratio of 25 percent of gross income for mortgage principle and interest payments. The index is a general gauge with conditions varying widely around the country. Affordability conditions are lower for first-time buyers with smaller downpayments and less income.
Monthly publication of the index began in 1981 with annual data calculated back to 1970.

Existing-home sales for August will be released September 24; the next Pending Home Sales Index will be on October 1.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

(From Realtor.org)

Just Listed! - 325 W Charlton Street

Just Listed! 325 W Charlton Street - Offered at $333,000.

Gardens on Jones. Coveted ground floor unit with double balcony over central courtyard. Living room / dining room combination with fireplace, built-in TV, and kitchen with granite. Spacious bedrooms and well appointed baths. Gated underground parking and private storage room. 2 bedrooms, 2 baths and approximately 1,336 square feet. Click here to visit our website for more details.

And the rest of your post here

Top 10 Strategies For Choosing the Right Real Estate Agent

Whether you're buying or selling, use these tactics to find a top-notch professional
By Shannon Petrie, FrontDoor.com Published: 7/22/2009

#10: GET TESTIMONIALS AND REFERRALSA good real estate agent will come with a good reputation. Getting recommendations from friends and family is a tried and true method of finding an agent, but you can also turn to the Web for further research.

"A lot of Realtors are blogging, so I would look for blogs in my local area and see who's writing and watch what they post," says Bernice Ross, CEO of RealEstateCoach.com. "See if they're on Facebook and Twitter. Type their name into Google to see what comes up. Do they have a presence online? What's been said about them online? It's kind of a matter of doing your homework ahead of time."

In a competitive industry like real estate, an agent who is respected and admired by his/her peers also says a lot.

#9: CHECK OUT THEIR CREDENTIALSWhile it may be tempting to hire your old friend from college or your cousin who just got his real estate license, you should only hire him if he's truly the best person for the job.

"If you're going to use a Realtor, it's extremely important that you use a qualified one, particularly if you don't have a lot of experience," Hahn says. "I would be very leery of going with someone who's a rookie because the bar to entry in the real estate profession is very low."

Look for a full-time, full-service agent with several years of experience. Find out what professional designations they hold.

"The more advanced education the better," Hahn says. "Not only do they know more, it's a sign of their commitment to their profession."

A well-seasoned agent also has built an extensive network of contacts and can put together a team of professionals who can help with your purchase or sale, including other agents, mortgage brokers, contractors, appraisers, title companies and the like.

#8: FIND THE EXPERTS IN YOUR TARGET NEIGHBORHOODS
If you're shopping for a home, you likely have a rough idea of where you want to buy and where you don't. If you're selling a home, you have to "sell" the neighborhood to potential buyers. A real estate agent who specializes in the area you're buying or selling in and -- ideally -- lives there himself will be able to offer a lot more expertise than an agent from outside the area.

"You want to look for experience in the neighborhood you're looking in and knowledge of that neighborhood," says Bruce Hahn, president of the American Homeowners Grassroots Alliance and the American Homeowners Foundation. "You want to ask them how many sales they've had or purchases in that neighborhood."

Look for someone who not only has knowledge of local sales, which can help you price your home if you're a seller or shape an offer if you're a buyer, but also knows the neighborhood inside and out, including its schools, amenities, zoning laws and other details.

#7: LOOK FOR A SOLID MARKETING STRATEGEYSticking a "For Sale" sign in the front yard and posting an ad on Craigslist won't cut it in this market. You want a real estate agent with a detailed plan for promoting your home for sale. Find out where they plan to market your home, at what frequency, how many open houses they plan to hold and other specific information about their marketing plan.

"What I have done as a seller is incorporate that plan in the listing agreement," Hahn says. "That way if the listing agent drops the ball and doesn't do all he or she promised, I can cancel the listing and I can point to our agreement."

#6: LOOK FOR A TECH-SAVVY REAL ESTATET AGENT
Not only do you want a real estate agent with a solid traditional marketing plan, you also want someone who will promote your home online -- aggressively.

"More than 90 percent of buyers do home searches on the Internet," Hahn says. "You definitely want someone who's knowledgeable about Web marketing."

If you're selling your home, ask potential agents exactly what kind of Web-based marketing they use. You want someone who will get your listing on multiple Web sites and get it noticed with plenty of high-quality photos and video.

#5: AVOID "DUAL AGENCIES"
Many homebuyers think their real estate agent is representing them, but come to find out later that the agent is actually representing the seller in the negotiation of price and terms. Real estate representation is a tricky subject with complex laws that vary from state to state, so homebuyers -- particularly first-time buyers -- should consider hiring an exclusive buyer agent to be sure their interests are being protected.

"By not taking listings, exclusive buyer agents don't have the danger of trying to represent both parties in the transaction," says John Sullivan, president of the National Association of Exclusive Buyer Agents.

Exclusive buyer agents aren't available everywhere, but you can visit naeba.org to find one in your area.

#4: LOOK FOR A LISTING AGENT WHO CAN THINK LIKE A BUYER
Any agent can set a listing price and wait for your home to sell. Some may even claim they can sell your home at a high price, to get your business. But great agents know it's not just about the price, but the buyer's impression of the home. They know what buyers are willing to pay extra for and what updates and repairs will lead to a quick sale.

When Ross sold her home, her agent instructed her to have her home inspected, buy new appliances, tear down the wallpaper and replace her brass chandeliers. The first day her home was listed, it sold for all cash.
"I needed someone who understood what current buyers wanted -- someone who had that level of expertise and could direct me," Ross says.

#3: CHOOSE SOMEONE WHO WILL LISTEN AND UNDERSTAND
Some agents are so intent on making a sale, they ignore your wants and needs and show you houses that clearly aren't right for you. When you're buying a home, choose an agent who will listen to you and advise you, but won't be pushy or patronizing.

"I want someone who's going to sit down with me and ask questions about my lifestyle and what I like to do," Ross says. "They have to take the time to get to know me."

Even if the agent doesn't agree with you, he/she ultimately answers to you. So choose a professional who can voice a contrasting opinion, but won't keep you from seeing a property you want to see.

"I recently wrote an article on short sales and why they're not good for the buyer," Sullivan says. "But as much as I abhor short sales, if a client comes to me and says, 'I want to look at this short sale,' I don't have any problem showing it to them. I just inform them of the process so they know what to expect."

#2: INTERVIEW AT LEAST THREE AGENTS
Once you've narrowed down your search to a handful of agents, schedule individual appointments so you can evaluate them face-to-face.

"You want to interview them as if you're interviewing them for a job, because that's basically what you're doing," Hahn says. "There's a lot of money involved. You take your typical 6 percent commission on a $200,000 house, and the Realtor's going to make $12,000. So you have the right to ask a few questions."

Not sure what to ask? Try these suggestions from Iverson Moore, spokesman for the National Association of Realtors:
--How long have you been in residential real estate sales?
--Is it your full-time job?
--How many homes did you and your real estate brokerage sell last year?
--How many days did it take you to sell the average home? How did that compare to the overall market?
--How close to the initial asking prices of the homes you sold were the final sale prices?
--Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction?
--Can you recommend service providers who can help me obtain a mortgage, make home repairs and help with other things I need done?
--What type of support and supervision does your brokerage office provide to you?
--How will you keep me informed about the progress of my transaction? How frequently?
--Could you please give me the names and phone numbers of your three most recent clients?

#1: TRUST YOUR GUT
You may interview a real estate agent who seems competent and experienced and has a great marketing plan, but if you just don't like or trust him, you shouldn't hire him.

"When you hire a Realtor, you're adopting them into your family, so you have to make sure their personality fits," Ross says. "Do you want this person in your home every day for the next however many months your house is on the market?"

Bottom line: trust your instincts. The agent you choose will represent you and your home to the world, so hire someone you can comfortably entrust with that job.
(From Frontdoor.com)

"National surveys show growth of Keller Williams"

According to two of the industry's most comprehensive annual surveys, Keller Williams Realty brokerages continue to expand.

RISMedia's Power Broker Report and REAL Trends' 500 rank the largest residential real estate brokerages in the US based on transaction sides and sales volume. This year, Keller Williams Realty had more brokerages on both lists than any other real estate brand.

In the REAL Trends 500 report, Keller Williams Realty dominated, with its offices comprising more than a quarter of the entire list. Of all the major brands represented in the report, Keller Williams was the only company to boast growth in both number of agents added to its ranks and in total transactions closed.

Within RISMedia's Power Broker Report, Keller Williams Realty again had the largest majority on the list - accounting for 35 percent of all the brokerages listed. The report also ranked Keller Williams Realty #1 in number of agents and total closed transactions.

"These results prove what we already knew - Keller Williams Realty is experiencing the next phase of our growth during this shift," said Mark Willis, CEO of Keller Williams Realty, Inc. "Our agents and offices are capitalizing on the opportunities presented in today's market and powering forward."

"We're confident we're in businesses with some of the most talented and focused individuals in the industry and we are so proud of all they've achieved," added Willis.

(Published August 2, 2009 in Southern Homes Weekly Savannah Morning News)

Market Conditions

by Realty Times Staff

The National Association of Realtors reports that pending home sales continued their rise in June. The largest jump was seen in the South, where pending home sales rose 7.1 percent, coming in 8.9 percent higher than a year ago. All regions saw at least a minimal increase. The smallest increase was seen in the Northeast, at just .4 percent.

All regions, except for the West, were also at significantly higher levels than in June of 2008. The West was .2 percent below June 2008.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes," he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."

For more information on your local market, visit Realty Time's local market conditions.
(From RealtyTimes.com)

When Is a Real Estate Agent a REALTOR®?

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS® provides a facility for professional development, research, and exchange of information among its members.

Check out the Public Awareness Campaign television and radio spots that encourage consumers to rely on the expertise and integrity of REALTORS®.

Now in its ninth year, the NAR advertising campaign runs February through November on network and cable television and network and satellite radio. This year's commercials help consumers understand the real value of working with REALTORS®. From their voluntary adherence to a Code of Ethics to their incomparable knowledge of real estate processes, REALTORS® are the experts of residential and commercial property transactions.

Hiring Buyer's Agents

Should Buyers Sign Exclusive Broker Agreements With a Buyer's Agent?
By Elizabeth Weintraub, About.com

Ask any buyer's agent who has been practicing real estate for a while, and you'll hear sad stories from those buying agents who wished they had signed a buyer to a buyer's broker agreement. In defense of buyers, however, it's rarely the buyer's fault. It's the agent's fault for not explaining how the business works.
What often happens is an agent will work with a buyer for a few weeks to several months or longer. This effort includes:

Introducing the buyer to lenders and obtaining loan preapproval letters

E-mailing listings that fit the buyer's requirements

Calling listing agents to determine availability

Making appointments with sellers before showing homes

Driving the buyer from one neighborhood to the next, sometimes touring up to 10 homes a day
Then one day the buyer calls, in breathless excitement, to announce that he and his wife had driven by a new subdivision, stopped to look at a model home and signed a contract to buy a new home from the builder. Sometimes they add, "Isn't that fabulous?" It's not fabulous from the agent's perspective.

Buyer's Agents Expect CompensationJust as listing agents sign formal listing agreements with sellers, buying agents expect formal agreements, too. Like listing agreements, buyer's broker agreements are typically bilateral, which spell out the rights and duties of both parties. Because bilateral contracts are essentially a promise for a promise, if the agent doesn't perform, you may have the right to fire the agent.

Finding a Buyer's Agent
Many buyers are referred by family, friends or co-workers to a buyer's agent. A referral is the best way to find an agent. However, buyers who are relocating to a new area rarely have the luxury of building contacts quickly enough to trust a referral source. Alternatives buyers can use to find an agent are:

Internet Searches
By finding online listings of homes for sale, a buyer can quickly figure out which agents in certain neighborhoods list most of the homes. But that would mean those agents are likely to specialize in seller representation and not buyer representation. Instead, run keyword searches such as "downtown denver buyer's agent" from a search engine. You can also search Web sites where agents maintain national profiles such as activerain.com or realtor.com, in addition to finding exclusive buyer brokerages that specialize solely in buyer representation and do not take listings at all.

Open Houses
An agent hosting an open house may or may not be the listing agent. You should ask. Open houses provide an excellent opportunity to interact with the agent and find out more about the agent. If a certain agent appears knowledgeable and your personalities mesh, ask for a business card. Then later, look up the agent's Web site for more information.

Should You Sign an Exclusive Agreement?
Little turns off buyers faster than an agent from the Internet who e-mails a buyer's broker agreement before meeting in person. It's common for agents to expect a buyer to sign a buyer's broker, but most buyers need to feel comfortable with an agent before signing.

Interviewing a real estate agent can help to ease a buyer's uncertainty. But many buyers are leery of signing agreements because they are concerned that the relationship might not work out. They don't want to be stuck with a crummy agent, and that's understandable. Here are a few precautions you can take to relieve that anxiety:

Ask For Short-Term
The term of a buyer's broker agreement is negotiable. Although many agents might request a 90-day commitment at minimum, you are free to ask for a 24-hour, seven-day or 30-day term; it's whatever you can negotiate.

Request a Non-Exclusive Agreement
These agreements provide compensation to the agent if you decide to switch agents midstream and buy a home introduced to you by the first agent. It protects the agent by establishing procuring cause. But you are free to pursue any other homes with another agent.

CompromiseYou can tell the agent that you prefer to spend a little time getting to know the agent before signing an exclusive buyer's broker agreement. It's reasonable to say, "Let's spend an afternoon looking at homes, and if I think we can work together, I will sign an agreement with you before we go out again." I would caution against working with an agent who is too eager to work with you before she has interviewed you, as well.

Specify Areas and Terms
Most contracts contain a description of the property. If you are undecided about areas, you might want to specify the terms and area in the contract, which will allow you to work with other agents in other areas or at different terms. For example, you might specify a price range or a neighborhood. If you later decide you do not want to buy a home in that price range or in that neighborhood, you can choose a different agent to show you homes in another price range or new area.

Ask For a Guarantee
I give my clients a guarantee. Many agents will accommodate that request if you ask. That means it's a two-way street. I guarantee buyers that if either of us decide that the relationship is not working out or our personalities clash, I will release them from the agreement, and they can do likewise. That way you're not cemented to a business arrangement if the agent is too pushy, argumentative or stubborn, and I'm not just talking about myself.

Love at First Site? : Get the lowdown to get a prince of a residence

Houses are like spouses --- some grow on you over time, some strike your heart like a thunderbolt. But true love is true love, so don't worry about how it happens. Look at available homes with open eyes and an open mind, and evaluate each one as thoroughly as possible.

1) Location, location, location.
a. What's your job commute going to be like? Is the traffic heavy or light at the times of day you'll be on the road?
b. How's the school district? Even if you don't have kids, the quality of the school district affects your home's value, so it pays to find out.
c. Is there much crime?
d. How convenient are shopping centers, libraries, churches and so on?

2) Decide which home features are most important to you.
a. Do you have pets? You may want to narrow the field to homes with substantial backyards.
b. Is your family growing? Make sure there are enough bedrooms for your family today and five years from now.
c. Be shrewd about storage space. Houses with cavernous rooms may be impressive to look at, but they sometimes compromise storage space to achieve that effect. Would you rather have a place to hang your crystal chandelier or a place to hang your coats?
d. Will any remodeling be required to make the home move-in ready for you? If so, are you handy with a hammer or would you prefer to find a home that needs little work?

3) Ask questions.
Resist the temptation to traipse starry-eyed through each home you tour. Look at any pros and cons as honestly as possible, and ask questions. Some good questions to ask your agent or the seller:
a. What service providers (cable, Internet, telephone) are available in the area, and is the house completely wired for each?
b. How much do you pay yearly in city and/or county property taxes?
c. How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?
d. How old are the major appliances, and which are included with the house?
e. Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
f. Ever had problems with insects, spiders or rodents?

4) Scrutinize.
Look inside cabinets, inside closets, at baseboards, at window casings, at door frames, where walls meet floors and ceilings. Look for any signs of damage, wear or poor construction.
(from Frontdoor.com)

The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

(from Realtor.org)

New Listing! 541 Columbus Drive

Just Listed! 541 Columbus Drive - Adorable midtown bungalow with low maintenance siding and windows. Featuring spacious rooms throughout, living room with fireplace, separate dining room, adorable office/sunroom which opens to deck and large rear garden. Especially deep lot. Off street parking and one car garage. Two bedrooms, one bath, 1,328 square feet. Offered at $193,000.

Don't Skimp on Title Insurance

by Dian Hymer
Inman News

Most people are trying to cut costs these days. Some even wonder if it's necessary to pay for title insurance when they buy or sell a home. Skimping here could end up costing plenty if you discover a title defect after you own the property.

Title insurance is paid for once at closing and covers the property for as long as you own it. It protects the purchaser from financial loss deriving from defects in the title to the property. The premium cost varies depending on the title insurance company, and is usually based on the purchase price.

Who pays the title insurance premium often depends on local custom and can vary from one county to the next. For instance, if you were to sell a home in Los Angeles County where the seller usually pays for title insurance, and buy in Alameda County where the buyers usually pay, you'll pay for title insurance twice during one move. Buyers typically pay the premium to cover their lender's interest in the property.

The payment of title insurance is not set by law and can be negotiated between the buyer and seller, although local custom usually prevails. Whatever is agreed to in the purchase agreement will dictate who pays the premium.

A buyer who was an attorney thought title insurance was expensive and a waste of money. Given his legal expertise, he decided he'd search the title record himself to avoid paying the title premium. In the end, his agent talked him out of the do-it-yourself approach based on the risks involved.

Title insurance companies search the title to a property to make sure that there aren't any defects in the chain of title. They also look for liens and easements recorded against the property, as well as establish who has marketable title to the property.

In one case, the title company discovered when searching the chain of title that when the property sold to the current owner, an heir to the estate had not signed the deed transferring title. This meant that person still had rights to the property.

Fortunately, the title company located the heir, who was reputable. She relinquished any interest she had in the property. If the heir hadn't been cooperative, the current owner could have made a claim against the title insurance company that issued title insurance to him when he bought the property.

Title companies usually issue a preliminary title report, which is an offer to provide title insurance on the property. It is not the insurance policy, but it shows the results of the title search.

You and your real estate agent or real estate attorney should examine the preliminary report carefully to make sure the person who has marketable title to the property is the person who signed the purchase agreement. Also check for liens secured against the property.

Easements grant the right to use the property to someone other than the owner. Common easements are for utilities, sewer and drainage. Ask the title company to provide written copies of any easement and CC&Rs (covenants, conditions and restrictions), and to locate the easements in color on a copy of the parcel map. You can't build over an easement.

Both CC&Rs, typically found in condominiums and planned-use developments, and easements restrict your use of the property. Make sure you understand how these will affect your ownership interests before you complete a purchase.

If you find defects in the title, make it a condition of the purchase that the seller cures the defects before closing. Make sure that your purchase agreement includes a clause that gives you that right.

THE CLOSING: Ask your title officer, real estate agent or attorney for answers to any title-related questions.

Dian Hymer is a nationally syndicated real estate columnist and author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.

Putting the 'short' back in short sale

Tips on how to make process go smoother written by Steve Bergsman for Inman News

Lately, homebuyers are seeing more and more short-sale opportunities, but it seems as if fewer purchases are actually being completed. The perception in this case is correct. The short-sale process has become a nightmare: it goes on forever, sometimes never coming to a satisfactory conclusion even after months of effort.

All I can say is, "Hang in there, folks, help is on the way."

According to industry sources, the playing field will soon begin to make more sense to buyers as servicers (the folks who actually handle your loan) will either move at-risk loans to special servicers that are experienced in this field and/or set parameters ahead of bids.

"There are going to be a lot more short sales coming into the system," predicts Scott Thompson, a principal in Mortgage Resolution Services Inc. in Rancho Cordova, Calif. "Servicers have done a lousy job. They know it and are now looking to solve the problem."

This is a necessity, Thompson adds, "as right now the queues are long and getting longer day by day."

The short sale seems complicated -- mostly because it takes so darn long to accomplish -- but it's not. The basic short sale happens when the proceeds from the sale of a property are less than the balance owed on the loan (secured by the property being sold). The key in all of this is the lender accepting a price that is less than the amount owed on the property -- and the lender would do that to avoid a foreclosure situation, which can be a lengthy and sometimes costly process.

For buyers, a short sale is the chance to acquire a property at discount.

More often than not, however, the process has been gummed up. The numbers I hear are: just one to three out of 10 applications get accepted; and while the process can take as little as 45 days, it has been taking on average 90 to 120 days with some wayward dealings going on for nine months.

Here are some things that can be done to smooth the process:
1) Prequalify the listing agent. If the listing agent hasn't even started getting from the seller the key documents -- tax returns, bank statements, pay stubs, in short, the completion of the "hardship package" -- then the property should not be listed because the agent is nowhere near ready to close a deal.

2) When a property is found, demand a commitment from the seller. In lots of areas, such as California, there is a provision in regulations that allows the seller to continue marketing the property during the short-sale process. However, your agent should have written into the contract that you are the primary buyer and any other offers that come in are backup offers.

3) Many lenders don't look at a short sale unless there is a viable offer in hand. Every agent should have an arsenal of investor clients. If the agent representing the investors can't bring them to the table, she can then go to her investor base and say, "Would you make a fair offer on this property? That allows us to start the foreclosure process. We will give you a 72-hour clause to perform and then substitute a higher offer in there."

4) Broker price opinions are needed for sales, but since brokers doing the valuations are paid so little, they often do no more than a drive-by. However, if you can give the broker background on the property, list what repairs are needed and offer comparables, the valuation can be more accurate.

"The agent," says Valasakos, "is the gatekeeper to getting the short sale accepted."

Steve Bergsman is a freelance writer in Arizona and author of several books, including"After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade."

Why Use an ABR®: REALTORS® Experienced in Buyer Representation

Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of homebuyers.

The ABR® Designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

From the Real Estate Buyer's Agent Council of the National Association of REALTORS

FrontDoor.com's Top 10 Ways to Beat the Sluggish Housing Market

Don't let the slow market get you down. Whether you're a home seller looking for offers, or a homebuyer facing stricter loan requirements, rev up your real estate potential with these helpful pointers from FrontDoor.com.

FOR SELLERS:
Give your house a makeover that adds value and keeps it up with the Joneses'. That doesn't mean you should run out and install Italian marble. But if hardwood floors are the norm in your neighborhood, replace the carpet.

Use the secrets of staging experts, or hire one. Staging can be as easy as a fresh coat of paint, new cabinet hardware and strategically-placed lighting. Think of it as a creative, inexpensive facelift for your home.

Find out what's wrong with the house and get it fixed. Don't wait until that serious buyer finds faulty wiring or a termite problem and then pulls the plug on the deal. Be proactive. Get an inspection before hitting the market.

Come up with a comprehensive home-selling strategy. Don't put an ad on Craigslist, stick a sign in the ground and call it a day. Whether you're going FSBO or using an agent, selling your home in a buyer's market requires a well thought-out plan with accurate pricing, targeted improvements and focused marketing and exposure.

Hire an aggressive, well-connected real estate agent. Find an experienced agent with a proven track record and knows how to pound the pavement. In this market, name recognition is important, so find the go-to person for buyers and their agents in your community.

Help a buyer buy it. Offer incentives that put money in the buyer's pocket, such as buying down the interest rate, absorbing more of the closing costs or offering seller financing.

Consider renting or offering a lease option. Minimize the impact of two mortgages by renting your house out until you find a buyer. Or offer a lease option to a motivated buyer who doesn't have enough cash to buy a home outright.

Make the house move-in ready. Throw in the furniture, flat-screen TV, washer/dryer, appliances, backyard jacuzzi AND the kitchen sink. The less money a buyer will have to shell out to furnish the house, the higher the perceived value.

FOR BUYERS:
Use calculators and tools to evaluate your potential purchase. Be careful not to get caught up in the hype of a buyer's market. Make calculated decisions with FrontDoor.com's "Return on Investment" tool, for instance, which helps you determine your potential IRR (internal rate of return) on a property.

Evaluate and boost your financial profile. If you're having trouble finding favorable terms or interest rates on a mortgage, make yourself more appealing to lenders by boosting your credit score.

By FrontDoor.com Published: 12/21/2007

Why testing the market could backfire

by Bernice Ross Inman News

With the credit crunch and huge amount of competition from distressed properties, "normal sellers" have had a tough time getting their properties sold. If you must sell in this market, it's absolutely critical that you price your property right.

Pinpointing the best possible price for your home can be a challenge. If you overprice your property in today's market, it can stay on the market for months. If values in your area are declining, the longer you take to sell, the less money you will net. If you want to net the most from your real estate sale, avoid these common seller pitfalls:

1. Basing the list price for your home on the list price of other properties
This is probably the most common mistake that sellers make. They look at what other properties are listed for in their neighborhood and base their price on those numbers. This is a huge mistake. To correctly price your property, the only accurate "comparable sales" are those properties that have closed either for all cash or where a lender has funded a loan. While properties may be selling, many are not closing due to the credit crunch. Appraisals are a huge issue. The reason is that a property worth $200,000 today may be worth $196,000 when it closes 60 days later. Appraisers are aware of the issue and often set values more conservatively as a result.

You can obtain comparable sales information online from real estate brokerage sites, Realtor.com and multiple listing service (MLS) Web sites. These online resources are a great starting place. The challenge is that they often lack up-to-date sale and/or price-reduction data. The best source for comparable sales information is a competent local broker who has access to the most up-to-date MLS data.

2. Basing your list price on what you paid for the property
Many sellers believe that what they paid for the property influences their current sales price. "We paid $200,000 for the property three years ago. We have to sell it for at least $218,000 to break even." This reasoning is based upon a very common fallacy. Many people believe that the agents and the sellers determine the price at which a property will sell.

The truth of the matter is that the real estate market is like the stock market. The buyers -- not the sellers or agents -- determine whether a property is saleable in any given market. For example, if you paid $80 a share for IBM stock and today it's selling for $50 a share, if you wanted to sell for $80 per share, you wouldn't be a seller in today's market. The same is true for your real estate. The price you paid for the property has no bearing on what the buyer will pay. (It does make a difference in terms of your tax liability and a host of other issues.)

3. Overestimating the value of your improvements or upgrades
Many sellers have a challenge understanding how the improvements or upgrades that they have made to the property impact value. Some improvements do increase value. Generally these include adding square footage or bringing your property up to the same standards as most other properties in the area. Most improvements, however, make your property more saleable, but they don't necessarily add to the value.

For example, assume that you have white travertine marble countertops throughout your home and distressed walnut floors. These features make your home more attractive to potential buyers, but normally don't add much to your sales price. The reason is that those improvements have no value to a buyer who prefers dark granite and plush carpets. Also, if you overimprove your property by making your home substantially larger than that of your neighbors, you probably won't recoup that money either.

4. Testing the market
Sellers often want to "test" the market. "Let's list it at a higher price for a few weeks and see what happens." This is a huge mistake. Real estate professionals know that all listings have a "honeymoon period" where the listing will have the most showings. This normally takes place during the first 30 days the property is on the market. The reason is that buyers who have not yet found a property attempt to see new listings as soon as they come on the market. This initial rush normally drops off after the first 30 days. After that, showings are normally limited to new buyers coming into the market. If you don't sell during the honeymoon period, there's a high probability that your property will be on the market for an extended period of time. You can generate additional interest with a price reduction, but it never creates the attention you receive when you first list the property.

To get the most from your real estate sale, avoid these costly mistakes. If you need more help on how to price your listing correctly, look for Part 2 next week.

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author of "Real Estate Dough: Your Recipe for Real Estate Success" and other books.
You can reach her at Bernice@RealEstateCoach.com and find her on Twitter: @bross.

New Website Launched

Check out the new and improved DonCallahan.com website for The Don Callahan Real Estate Group. This new site features a section dedicated specifically for Buyers, where Buyer's Agent David Costrini provides valuable insight and a Buyer's Roadmap to outline the buying process. Visit the Properties Search tab to search the entire Savannah MLS for a property just for you! The My Listings link showcases all of Don's listings in the Savannah area. Click on any listing for an image slideshow, virtual tour links, and more details about the property. Our Concierge section provides visitors with Don's recommendations to all things Savannah; from restaurants and lodging to spas and galleries to all things real estate. Visit different communities in Savannah without leaving the comfort of your home. Find a brief history of each community, home styles, and local landmarks by visiting the Communities section. Last, but certainly not least; ever wondered what the back story on the members of The Don Callahan Real Estate Group was? Well, visit The Team tab for a mini bio on each team member.

Take a look around and let us know your thoughts! Feel free to email us or give us a call. We'd love to hear from you!

6 Landscaping Tricks That Wow Buyers

Landscape designer Michael Glassman has cooked up a recipe for guaranteed curb appeal.

1. Add splashes of color.
With every changing season, a landscape should provide a new display of colors, textures, and fragrances. "It’s best to use one or two and repeat them," Glassman says. Example: white iceberg roses that bloom in spring, summer, and fall as a backdrop; in front, a contrasting punch of purple salvia or lavender that will flower at the same time; and as an accent, a crape myrtle tree that provides changing leaf colors in fall and interesting branches come winter.

2. Size trees and shrubs to scale.
These should be planted in the right scale for the house so that they don’t block windows, doors, and other architectural features on the home’s facade. A large two-story house can handle a redwood, Chinese pistache, sycamore, or scarlet oak, but a one-story cottage is better paired with a flowering cherry, crabapple, or eastern redbud. Too many trees cast too much shadow and cause potential buyers to worry about maintenance and costs.

3. Maintain a perfect lawn.
A velvety green lawn demonstrates tender loving care, so be sure your lawn doesn’t have brown spots. Some rocks, pebbles, boulders, drought-tolerant plants, and ornamental grasses will generate more kudos, especially in drought areas.

4. Light up the outside.
Good illumination allows buyers to see a home at night and adds drama. Sellers should use low-voltage lamps to highlight branches of specimen trees, a front door, walk, and corners of the house. But less is better. The yard shouldn’t resemble an airport runway.

5. Let them hear the water.
The sound of water appeals to buyers, and you shouldn’t just reserve this for your backyard. A small fountain accented with rocks provides a pleasant gurgling sound, blocks street noise, and is affordable.

6. Use decorative architectural elements.
A new mailbox, planted window boxes, and a low fence wrapped in potato vines add cachet, particularly during winter months when fewer plants blossom. Colors should complement the landscape and home. Just don’t overdo it: Too much can seem like kitschy lawn ornaments.

Source: Michael Glassman, landscape designer, Michael Glassman and Associates, Sacramento, Calif., www.michaelglassman.com.