Real Estate Associates Cape Cod Real Estate News

FRIDAY FACTS
June 11, 2010

The Case Schiller Index reports that home prices fell in the first quarter of 2010 compared to the fourth quarter of 2009, but were up 2% from the first quarter of 2009.

From an article, “Tracking Homebuyer’s Fickle Tastes” by Mary Umberger in Inman News:
Say good-bye to the subdivision clubhouse, whirlpool tub, home theaters, traditional living and dining rooms, mud rooms, and hobby/game rooms. Still in demand are walking paths, energy efficient windows, big kitchens with islands and granite, oversized showers with seating, home office space and “green”.

Mark Zandi, chief economist for Moody’s Economy says, “The tougher circumstances for twenty “something’s” and fifty “something’s” will weigh on housing demand over the coming decade. The first time buyer and second home markets will be most directly impacted.”


Think Big Work Small gives two warnings:
On some sold short sales, accounts are being marked as delinquent for up to ten months after closing. Have the seller call the ex-servicer and insist they not continue reporting “lates” after the close.
An under-reported story is the delay some buyers may experience when they expect to close at the end of June. If they don’t have a tax credit, but do have an end of June closing date, they may be moved to the back of the line.

Kathleen Kuhn, President of HomeMaster notes: “Approximately 40% of resale homes have at least one defect that can cost a buyer a minimum of $500 to repair. She recommends that the buyer:
1. Inspect the inspector. Ask for length of time in the business, training and ongoing education, and E&O insurance.
2. Ask for a sample of a report.
3. Arrange for ancillary inspections such as septic, water, radon, termite and mold.
4. Go on the inspection