The Wyatt Advantage

Several Housing Markets Head for Appreciation in 2012

2012-01-03T11:31:00.001-08:00

Several Housing Markets Head for Appreciation in 2012

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 03, 2012
A boom in farm prices has caused many Midwest cities to emerge as leaders for some of the strongest predictions for housing appreciation in 2012. Kansas City, Kan., came in the top spot in HousingPredictor’s annual survey, forecasting an appreciation of 5.8 percent for this year.

“The recovery is starting in housing with these cities and will eventually spread to other communities throughout the nation as the U.S. recovers from the worst collapse in real estate since the Great Depression,” according to HousingPredictor.

Here are the top cities expected to have housing appreciation in 2012 and by how much, according to HousingPredictor’s latest report:

1. Kansas City, Kan.: 5.8%

2. Topeka, Kan.: 4.7%

3. Charleston, W.V.: 4.5%

4. Oklahoma City, Okla.: 4.3%

5. Minot, N.D.: 4.2%

6. Overland Park, Kan.: 4.2%

7. Wichita, Kan.: 4.1%

8. Huntington, W.V.: 4%

9. Wheeling, W.V.: 3.9%

10. Bismarck, N.D.: 3.6%

11. Casper, Wyo.: 3.5%

12. Lake Charles, La.: 3.4%

13. Rapid City, S.D.: 3.2%

14. El Paso, Texas: 3.2%

15. Cheyenne, Wyo.: 3.2%

Source: “Best Housing Markets 2012,” HousingPredictor (January 2012)

Price it right when selling in today's market

2011-11-01T00:30:00.000-07:00

We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.

The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low.

If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well.

HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy.

A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season.

Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result.

Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.

The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs.

Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway.

The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.

It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.

THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.

By Dian Hymer

2011-11-01T00:16:00.000-07:00

Dwayne Wyatt
Wyatt Real Estate
323-718-8953
323-588-2181
dwyatt@dwaynewyatt.com
www.dwaynewyatt.com

New Los Angeles Real Estate Website Features Listings, Rental Property, & Vacation Properties

Los Angeles, California - November 1 2011 - Los Angeles, CA Real Estate Website Features Homes & Information for First Time Buyers, Sellers & Investors. Residential and Commercial Rental Property, & Vacation Properties Serving the Southern California cities of Los Angeles, Carson, Compton, Torrance, Watts, Bell, Bell Gardens, Gardena, and the surrounding area this Los Angeles real estate website offers unique features, full service and a perspective on the Los Angeles, California Real Estate market.

Los Angeles, California - Los Angeles real estate agent, Dwayne Wyatt is pleased to announce the launch of his new Los Angeles real estate website: www.DwayneWyatt.com The newly designed website is designed to bring those interested in Los Angeles, California real estate a wealth of information through a single online point of access. The user-friendly website provides information, insights and listings for prospective property owners and real estate investors covering all aspects of Los Angeles, CA real estate including, homes for sale, buyer’s, sellers, first time home buyers, bank owned properties, condos for sale in Los Angeles and foreclosure properties in the Los Angeles California area.

The interactive real estate website features on www.DwayneWyatt.com include complete and searchable Los Angeles real estate listings for Los Angeles, California real estate, Gardena California real estate, Carson California and Compton California, and all of the Los Angeles California area. There are also unique articles on www.DwayneWyatt.com that help and give advice on all the steps on the selling, moving and the home purchase process. Wyatt Real Estate is a full service company that deals with first time home buyers, home sellers, investors, bank owned properties, foreclosures, condos and town houses. Wyatt Real Estate continuously strives for excellence and the satisfaction of their clients. The enhancements to www.DwayneWyatt.com reflect their continued commitment to finding better ways to serve clients and prospects.

Wyatt Real Estate is a family owned firm that was originally started by Mable L Wyatt. Wyatt Real Estate has been a fixture in the Los Angeles community for over 40 years. Located just south of downtown Los Angeles and currently operated by Dwayne Wyatt, Wyatt Real Estate offers assistance with the purchase and/or sale of residential and commercial property. Our full service website, www.DwayneWyatt.com offers free helpful information and advice for sellers and buyers. There is also information for first time buyers, foreclosures and general articles of interest. It also features a fully searchable database of homes for sale.
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Price it right when selling in today's market

2009-09-19T23:38:00.000-07:00

Timing is key to making a fortune in real estate

2009-09-19T22:45:00.000-07:00

Knowing when to buy, hold and sell property is the key to making a fortune in real estate. For homeowners, however, making a home purchase or sale decision is complicated by the fact that the investment involved is also the place you will call home.

To further complicate matters, timing your real estate transaction may be governed by factors beyond your control. Your boss could issue transfer orders at a time when the market is soft. It might not be the best time to sell. Or you could be expecting and discover that you're going to have twins. Before you know it, your two-bedroom home is too small so you decide to move. Perhaps the market is hot and you'll have no trouble selling. But, because the market is hot, you'll pay a premium for your replacement home.

The real estate market, like any market, tends to be cyclical. Ideally, you want to buy when the market is low and sell when the market is high. Recently, the real estate market in many areas around the country has been on an upward trend, with record sales volumes and appreciation rates running in the double digits in some areas. But, the market won't go up indefinitely. At some point, it will cool off.

It's usually recommended to plan on holding real estate for 5-10 years. This way you can ride out a dip in the market and sell when the market is on an upswing. However, after a couple of years of appreciation in the 10 to 20 percent range, it's tempting to sell and take the profit.

Before you make such a move, consider the following. Currently, the federal law governing capital gains on primary residences is a boon to homeowners who experience a lot of appreciation in a short time period. Once every two years, a homeowner who sells a primary residence is entitled to claim up to $250,000 of tax-fee gain. The exemption amount jumps to $500,000 for a married couple filing jointly. That is, providing that the homeowner has claimed the property as his primary residence for two of the last five years.

So, regardless of the recent appreciation rate, it usually makes sense to postpone a move until you've passed the two-year holding period. Check with your accountant if you're transferred before you reach the two-year deadline. You may be entitled to a portion of the tax-free gain exemption.

Another factor to consider if you're thinking of selling relatively soon after buying is the costs of sale. There are costs going in and costs when you sell. You may have earned good appreciation in a short time period. But, when you factor in the costs of sale, you may find that you barely break even. Unless you've found a great property that better suits your long-term needs, or you're paying a discounted price on the new place, you may be better off staying put.

Market value issues can affect the feasibility of a profitable sale for owners who bought relatively recently. After only a short period of ownership, the market may not support a price that's high enough to pay off your mortgage and cover closing costs. In a down market, you may have to dip into savings to make up the difference between the selling price and your costs of sale.

THE CLOSING: Even if you find a buyer who's willing to pay a high price for your home, you may have trouble getting it appraised for the price. The sale could be in jeopardy if there aren't any comparable sales in the neighborhood to support your high selling price.

For Immediate Release

2009-09-09T11:20:00.000-07:00

Dwayne Wyatt
Wyatt Real Estate
323-718-8953
323-588-2181
wyattre@juno.com
www.dwaynewyatt.com

New Los Angeles Real Estate Website Features Listings, Rental Property, & Vacation Properties

Los Angeles, California - September, 9 2009 - Los Angeles, CA Real Estate Website Features Homes & Information for First Time Buyers, Sellers & Investors. Residential and Commercial Rental Property, & Vacation Properties Serving the Southern California cities of Los Angeles, Carson, Compton, Torrance, Watts, Bell, Bell Gardens, Gardena, and the surrounding area this Los Angeles real estate website offers unique features, full service and a perspective on the Los Angeles, California Real Estate market.

Los Angeles, California - Los Angeles real estate agent, Dwayne Wyatt is pleased to announce the launch of his new Los Angeles real estate website: www.DwayneWyatt.com The newly designed website is designed to bring those interested in Los Angeles, California real estate a wealth of information through a single online point of access. The user-friendly website provides information, insights and listings for prospective property owners and real estate investors covering all aspects of Los Angeles, CA real estate including, homes for sale, buyer’s, sellers, first time home buyers, bank owned properties, condos for sale in Los Angeles and foreclosure properties in the Los Angeles California area.

The interactive real estate website features on www.DwayneWyatt.com include complete and searchable Los Angeles real estate listings for Los Angeles, California real estate, Gardena California real estate, Carson California and Compton California, and all of the Los Angeles California area. There are also unique articles on www.DwayneWyatt.com that help and give advice on all the steps on the selling, moving and the home purchase process. Wyatt Real Estate is a full service company that deals with first time home buyers, home sellers, investors, bank owned properties, foreclosures, condos and town houses. Wyatt Real Estate continuously strives for excellence and the satisfaction of their clients. The enhancements to www.DwayneWyatt.com reflect their continued commitment to finding better ways to serve clients and prospects.

Wyatt Real Estate is a family owned firm that was originally started by Mable L Wyatt. Wyatt Real Estate has been a fixture in the Los Angeles community for over 40 years. Located just south of downtown Los Angeles and currently operated by Dwayne Wyatt, Wyatt Real Estate offers assistance with the purchase and/or sale of residential and commercial property. Our full service website, www.DwayneWyatt.com offers free helpful information and advice for sellers and buyers. There is also information for first time buyers, foreclosures and general articles of interest. It also features a fully searchable database of homes for sale.
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Start house-hunting now to qualify for tax credit for first-time home buyers

2009-08-21T23:49:00.000-07:00

First-time homebuyers—those who have not owned a home for at least three years—may be eligible for the
$8,000 federal tax credit, but the window of opportunity is closing rapidly. To qualify for the credit, the buyer
must close escrow by midnight on Nov. 30, when the tax credit expires. Buyers hoping to take advantage of
this benefit are advised to start house-hunting early, as the buying and lending processes takes time.

Finding the right house can take some time, so REALTORS® recommend home buyers start
looking for a home as soon as they are able and ready to purchase. Buyers also should build in
extra time to accommodate the lending process, which is taking approximately two weeks longer to
process this year compared with last year.
• The tax credit is equal to 10 percent of the purchase price, up to $8,000, subject to income limits.
Single taxpayers are eligible if their modified adjusted gross income is $75,000 or less, while
married taxpayers filing jointly must have a modified adjusted gross income of $150,000 or less.
• Only primary residences are eligible for the federal tax credit, including new or existing single-family
homes, townhouses, condominiums, manufactured homes, custom homes, and houseboats.
Vacation homes and investment properties do not qualify.
Purchases must be arm’s-length transactions, meaning the seller cannot be the buyer’s parent,
grandparent, child, grandchild or spouse.
• Married people filing as such cannot claim the credit if either spouse has owned a primary
residence within the last three years. However, unmarried joint purchasers may allocate the credit
in any way they see fit, as long as it does not exceed the $8,000 maximum.
• The government will allow those who finance their purchases with a federally insured loan to apply
their anticipated credit immediately toward closing costs or as additional down payment, rather than
waiting until they file their 2009 taxes to receive the refund.

2009-08-19T16:48:00.000-07:00

Visit www.DwayneWyatt.com for more information

What to do if your home won't sell

By Dian Hymer

Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough?Many of the homes that aren't selling are priced too high for the current market. The median sale price of homes sold nationally in February 2008 was down 8.2 percent from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR). This percentage was even higher in cities like Miami and Las Vegas that were speculative hotbeds in 2004 and 2005, and now have high foreclosure rates. Some areas are doing better than others. For example, the median sale price of homes sold in the San Francisco Bay Area in February 2007 dropped only 5 percent compared with a year ago. There are few areas in the country where prices have actually increased during the past year. Even so, sellers often have a difficult time coming to grips with the fact that the value of their property has declined. It has often been said that sellers are the last to know when it comes to the value of their homes. Buyers, on the other hand, are often ahead of the game. They know the market better than most sellers. They are aware of the risks involved in today's market, and they gauge the price they'll pay accordingly.

HOUSE HUNTING TIP: Sellers whose homes aren't selling should analyze the price they are asking with the help of their real estate agent. It's useful to look at similar homes in your area that have sold recently. Why did these homes sell when yours didn't? If price is the key determinant, adjust your price accordingly, if you can.Sellers who are unable to accept a reasonable price for their home should take it off the market and wait for a better time to sell. Letting your home sit on the market overpriced won't accomplish your goals. And, it could hinder your sales effort at a later date when you get serious about selling. You don't want to be known as an unrealistic seller.Some listings need more than a price adjustment to sell in this market. If modifications can be made to the property to make it more salable, consider removing the listing from the market temporarily until changes can be made. Then, adjust the price some to give the listing an entirely new look when it is re-marketed.Finding a tenant rather than a buyer might seem like a good option for some sellers. Before taking this approach, talk with a tax advisor. The tax laws affecting single-family residences differ from those relating to income-producing properties. One tax benefit of owning your home is that you are entitled to $250,000 of tax-free gain ($500,000 for a married couple filing jointly) when you sell. But, restrictions apply. For instance, you need to have owned and occupied your home for two of the last five years. If you were to move out of the area, with no plans of returning, this could pose problems when you decide to sell.It can be difficult to sell a tenant-occupied property, particularly if the tenants are content to stay where they are. Also, your home might not show well with a tenant living in it. Ideally, plan on selling after the tenant has vacated.

THE CLOSING: This way you can have the property repaired, painted, cleaned and staged for sale before it goes on the market.

visit http://www.dwaynewyatt.com/ for more information.