Real Estate Advice

" This property sold. For 450. I'm just a prank because in my mind and really even sent a comparable unit -- me. -- thank you feel like home and this feels just like the apartment that we moved out of a couple of years now."

" Sure I can tell you that all day long you make great points. If you can go find you to buy your house. While and that's what is known as the doctor -- real estate. And this morning realtor might dog -- the host of HGTV's real estate intervention. Telling it like it is not only about how to get your house sold but also about the possible extension and expansion. Of the home buyer tax credit good morning to you might. Hey good morning Dave how are you I'm fantastic let's talk about this that tax credit first -- extension appears to be again 8000 dollars for first time homebuyers. There's also part of this that I don't know much about 6500 for people that currently already own a home tell us about the extension. And expansion."

" Well I think that's. You for the majority leader Harry Reid says that congress could pass this extension as soon as Tuesday. And I think that that's really good as far as the 6500 dollar credit goes that's for current homeowners who have been in their health for at least five years. And I think that it allows that move up process to sort of work its way all the way. All the real estate market in order sort of bolster what's going along with this credit. Now the nice thing about the 8000 dollar tax credit extension which does in fact go for contracts that are written prior to April 30 when he can. And that close prior to June 30 when he -- Is that. Home buyers to get to take advantage of that now have higher income limit single people in the amount of about a 125000. American couples 250000. I'm really behind this tax credit because I think that it has allowed us to reduce inventory during the housing crisis and as we see a potentially. Impending wave of more foreclosures or short -- secondary to -- setting option arms. I think it's the shot in the arm that the real estate market needs are there any cons because -- solid cash for clunkers to kind of delayed the inevitable. They've they've boosted sales for month but as soon as it wore off. The industry slumped 40%. Well I think that what it whenever you have something like this the potential exists for some kind of drop off after -- get done. When you talk about -- I mean obviously this create debt for the federal government and to that end I think that you can certainly see that. There can be -- negative negative impact with that that you have to remember real estate. And the real estate market is an engine that drives the recovery of our economy and I think that that's something that we really need right now."

" And the clip we suck coming in as you talk to people about selling their home I know people this morning wanna hear some your tips about what to do. If they are looking to sell their homes and number one I think it's the most important one. Don't get emotional why is that so important how do you do that."

" You don't want a -- has decided that they want to sell their home they really need to approach this process clinically. Emotion can often affect you in negative ways when -- trying to sell your house you have to remember. This is business you wanna leave their money on the table but you also have to be able to operate within the realm of reality. Worth as a matter of what the market will bear."

" And the final -- the number two is look at -- neighborhood but number three stay ahead of the market. How do you do that --"

" You know one of the things that I do one real estate intervention is I take home sellers to look at it acted too terrible property in their neighborhood. And that's the property that they're going to be competing against when they're on the market and I also take them and I showed them a sold can terrible property. That property really should give them an idea of what the value of their home is because both people actually got it done. I think that you know really the big thing is. Real estate pricing is an art not a science and as much as you wanna use empirical data to decide where that beginning prices the beauty of real estate is. That the market's going to tell you you're priced right if you come morning you're getting looks -- no offers. You're probably overpriced and you know. All -- sellers who get ahead of the market always end up with more net proceeds than those sellers it takes."

" It's a tough lesson to learn Mike is I had to deal with the trying to sell -- home it is it is emotional. And the shows HGTV's real estate intervention that's -- can see Mike operate. Again they call the doctor Phil of -- they appreciate you being here this morning. Thanks so much that aren't coming up."