Archive for April, 2007
Buyers Can Cancel Their Contract April 7th, 2007
Ever since I started in real estate in Wasilla and Palmer, it has been my belief that a good transaction means that all parties are happy right up to the closing table. If something comes up between the initial offer and the closing table it is important to communicate the issue to all parties. Usually, good communication can ease the problem and help all to see a way to continue the transaction.
But,if things start to unravel it is usually the buyer who initiates the recission. In Alaska, the buyer has quite a few opportunities to walk away from a deal. Here are a few of them.
- 1. At the beginning of a transaction the buyer should have an inspection done. If issues come up during the inspection, most purchase agreements allow the buyer to cancel.
- 2. The buyer should receive a copy of the seller’s property disclosure before writing an offer but that is sometimes not the case. If the buyer receives the disclosure later, he/she has three days to rescind the contract.
About The Wasilla Real Estate News April 5th, 2007
The Wasilla Real Estate News is written by me, Marty Van Diest of Valley Market Real Estate, for people interested in purchasing or selling real estate in the Matanuska-Susitna Valley.
I work with my brother Jay Van Diest, also a licensed Realtor, to help people meet their real estate needs in this area. I have been a licensed Realtor in this area since 1991, and I think Jay got his license in 1996. We have been working together now for more than 12 years.
Jay and I work as a team. Generally he manages the transactions by lining up engineers, title companies, paperwork and closings. I work directly with buyers and sellers. But our roles overlap and you can call either one of us to get answers to your questions.
Tamara Van Diest also helps out by taking photos, putting up signs, and writing palmeralaska.net
Call Marty at 907 232-7900 or email at [email protected]
Call Jay at 907 232-4852
There is a lot of valuable information on this website. On the right column you can find the different categories:
Statistics…look in Monday Market Memo
Tips for buyers and sellers are there.
Check out Deals of the Week
Just Because You Make An Offer… April 4th, 2007
I received a call recently from a frustrated buyer. It seems she made an offer on a house eight days previously and still had not received an answer back from the seller. She believed that since a deadline was placed on her offer the seller was obligated to answer her within that deadline.
That is a common misconception. In fact many Realtors also believe the same myth.
The only thing the deadline on your offer does is limit the time for which the offer is good. If the seller wants to accept your offer just like you wrote it he must do so before the deadline. If he accepts your offer after the deadline, then it still isn’t a contract unless you agree in writing to the extension.
It is common courtesy for the seller to respond within a reasonable time frame, but there is no legal reason why they need to respond at all. If they completely ignore your offer, then your offer expires after your deadline and you are free to offer on another house or make a second offer on this one.
There are a couple of caveats to the above comments.
- First, the seller’s Realtor is obligated by law to present the offer to the seller as soon as is reasonably possible. There are times that it isn’t possible to contact the seller. If this is the case, the seller’s Realtor needs to communicate this situation to the other party.
- Second, If the offer is for the full price and terms as stated on the Valley Board of Realtors listing agreement, the seller IS obligated for something. The seller is obligated to pay a commission even if the offer is not accepted. This particular fact is usually not communicated effectively, if at all, to sellers.
If you have more questions about this, leave a comment.
Deals of the Week for 4/3/07 April 3rd, 2007
Well, it’s the end of the day, and I just finished looking through 136 new listings or price changes for this week. I don’t see any obvious ‘DEALS”.
I see lots of fair deals. Fair deals are houses priced about where they should be. I think the market is such right now that if a house has good comparables and is able to be priced accurately it will sell if it is only $5,000 under it’s competition. It doesn’t need to be a screaming deal to sell quickly. It just needs to be a fair deal.
How do YOU find a “fair deal”? Just look at enough houses to feel comfortable with the market. Then when you see a house that meets your needs and does not seem to be way overpriced, make an offer. Perhaps make an offer a little under the asking price and see what happens. As long as someone else doesn’t also make an offer, the seller will usually come back with his bottom dollar.
If the seller’s counter is a “fair deal”…take it. You found your fair deal.
If you want someone who will help you find a fair deal and won’t push you to buy anything until you are comfortable. Give me a call 907 232–7900.
Monday Market Memo, 4/2/2007 April 2nd, 2007
Spring has sprung, at least for Wasilla Real Estate and the whole Mat-Su Valley. Even though the air was still chilly this morning, the market is heating up. Just take a look at these two charts below. The first is for this week and the second is for the previous week. That’s quite a difference in just one week.
| Average Price | DOM | ||
| New | 58 | $261,691 | |
| Total Active | 700 | $300,634 | 104 |
| Pending | 49 | $222.261 | 72 |
| Closed | 30 | $236,052 | 84 |
| Average Price | DOM | ||
| New | 48 | $290,665 | |
| Total Active | 762 | $299,805 | 108 |
| Pending | 21 | $234,048 | 80 |
| Closed | 22 | $201,864 | 78 |
In addition this chart from Alaska MLS shows a lower inventory, which if it keeps up will mean higher house prices in the coming months. Click on the chart to expand. The thing that could cool things down would be sharply higher interest rates. But so far, interest are only moving upward slowly.
So sellers are beginning to put their houses on the market, and they are selling. They still have to be priced competitively, but when they are, the buyers are waiting.
More reading.
Ted Jones on Valley real estate
Niel Fried on the valley economy
“This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market. “
Marty Van Diest, Tele 907.232.7900 / marty[at]valleymarket[dot]com
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