In real estate it's important to remember: there isn't one market out there, there are hundreds of thousands. And the factors driving these markets vary from city to city, neighborhood to neighborhood, even from street to street.
There's no denying that the mortgage meltdown has meant tragedy for many home owners. But take a look around.
You'll see there's very positive activity in many vibrant markets throughout the US. By focusing on the good news and passing the message around, we can help speed up the market recovery.
Wednesday, August 27, 2008
Monday, August 25, 2008
Mortgages: More Documentation Required
With the fallout in the mortgage market, new requirements and higher costs will be part of equation for home buyers if they need a mortgage. However, with home prices where they are, the opportunity to buy at these lower prices may offset the effort and cost necessary to obtain a mortgage.
Tuesday, August 19, 2008
Arden Hills: TC Army Ammunition Plant Development To Get New Name
Before development begins on the 500-acre plot that sits east of 35W and south of County Rd. I, city officials want to give it a new name in hopes of changing the public's perception of the area. Formerly the site of weapons and equipment manufacturing during WWII, the property could house condos, shops, quaint streets, parks and be called, The Ridges at Arden Hills, or Capstone at Rice Creek or Arden Crest.
Monday, August 11, 2008
Minneapolis: 100 Boarded Up Houses May Fall To Wrecking Ball
After a news conference, a backhoe went to work on 2914 Dupont Ave. N, the first of scores of foreclosed houses in Minneapolis that will be razed with $1.25 million of aid from Hennepin County. The aim is to double the number of demolished and boarded properties to 100 this year and give some people hope to the patch of Minnesota most damaged by foreclosures."We need productive properties on the tax base, not shells," said Mike Opat, a Hennepin County commissioner, at the third news conference held on the block in less than five months. He pushed for the $1.25 million in aid the county is providing. The city is required to pay $875,000 back to the county by the end of 2010 for the average collection rate on demolition assessed against the properties and paid by the current or future owner.
Monday, August 04, 2008
How To Beat Your Neighbor To A Fast Sale
If you're getting ready to sell your home, news reports of foreclosures, a buyer's market or slower home sales may not sound encouraging. The good news? You're not really competing with the entire world—you're competing with your neighbors!
Remember: All real estate is local. What's happening nationally, in other regions or communities, has little relationship to your local real estate micromarket, which has a buyer demand, housing supply, location and amenities that are unique to your area. Even neighborhoods within larger markets can differ a lot in home prices and the pace of sales.
Also understand that buyers typically narrow their sites to a particular neighborhood; then they zero in on the best value among the homes for sale in that neighborhood. Value means more than price—it's a combination of amenities (location, size, style, condition, conveyances, etc.) and financial considerations (price and monthly payment, closing costs, utility bills, taxes and so on).
To sell quickly today at the best price, you must show buyers that your home offers better value than competing neighborhood homes. Accomplishing that in a buyer's market calls for a creative approach. Consider the following strategies.
Price Right From The Start
Many home sellers are tempted to start their home sale with the highest listing price they could hope to get. Unfortunately for sellers, today's buyers are more educated about home values than ever before—and they're comparison shopping. In a buyer's market, a creative strategy is setting your home's price at the lower end of its market-value range, maybe even below neighborhood comparables. This attracts pent-up buyer attention fast and generates competition that could result in a full-price (or higher) offer. We'll be happy to conduct a comparative market analysis (CMA) to determine the best listing price for your home.
Maximize Visual Appeal
We've discussed in previous newsletters how important it is to create curb appeal, clean everything, declutter, remove personal items, paint and recarpet, update fixtures and repair anything that's not working properly. Those are necessary basics to home selling in today's market. Here are some creative strategies to consider:
Hire a professional to “stage” your home. Using proven design techniques, “stagers” rearrange furnishings to best complement a home's unique features. The stager may ask you to place some of your furnishings and possessions in storage or might bring in furniture to create a particular look.
Add fresh flowers for scent and color in rooms throughout the home and, weather permitting, in flowerbeds and pots outside.
Decorate dining tables with beautiful cloths or placemats and full place-settings to emphasize the entertainment possibilities of the space.
Focus on first impressions. Pay special attention to the front-door area outside and the area a buyer first sees upon walking inside.
Get The Word Out
Having your agent include your home in the local multiple listing service is important, of course, but you can do other things yourself to turn up the volume on your home-sale announcement.
Make sure your home's property flyer highlights the unique and attractive aspects of your home: upgrades to structure or systems; new appliances; energy-saving features; landscaping; etc. Enlist a child to keep a brochure box filled. Consider a map showing proximity to amenities such as public transportation, parks, schools, supermarket and so on. Include a floorplan showing location and sizes of rooms, so buyers can plan how their furniture might fit.
Use your e-mail signature to promote your home sale. Even if recipients aren't interested, they may know someone who is.
Inform your most likely buyers (first-timers, young families, empty nesters, retirees, etc.) through organizations you and/or they may be involved with. Use bulletin boards, newsletters, websites, meetings, etc.
Remember: All real estate is local. What's happening nationally, in other regions or communities, has little relationship to your local real estate micromarket, which has a buyer demand, housing supply, location and amenities that are unique to your area. Even neighborhoods within larger markets can differ a lot in home prices and the pace of sales.
Also understand that buyers typically narrow their sites to a particular neighborhood; then they zero in on the best value among the homes for sale in that neighborhood. Value means more than price—it's a combination of amenities (location, size, style, condition, conveyances, etc.) and financial considerations (price and monthly payment, closing costs, utility bills, taxes and so on).
To sell quickly today at the best price, you must show buyers that your home offers better value than competing neighborhood homes. Accomplishing that in a buyer's market calls for a creative approach. Consider the following strategies.
Price Right From The Start
Many home sellers are tempted to start their home sale with the highest listing price they could hope to get. Unfortunately for sellers, today's buyers are more educated about home values than ever before—and they're comparison shopping. In a buyer's market, a creative strategy is setting your home's price at the lower end of its market-value range, maybe even below neighborhood comparables. This attracts pent-up buyer attention fast and generates competition that could result in a full-price (or higher) offer. We'll be happy to conduct a comparative market analysis (CMA) to determine the best listing price for your home.
Maximize Visual Appeal
We've discussed in previous newsletters how important it is to create curb appeal, clean everything, declutter, remove personal items, paint and recarpet, update fixtures and repair anything that's not working properly. Those are necessary basics to home selling in today's market. Here are some creative strategies to consider:
Hire a professional to “stage” your home. Using proven design techniques, “stagers” rearrange furnishings to best complement a home's unique features. The stager may ask you to place some of your furnishings and possessions in storage or might bring in furniture to create a particular look.
Add fresh flowers for scent and color in rooms throughout the home and, weather permitting, in flowerbeds and pots outside.
Decorate dining tables with beautiful cloths or placemats and full place-settings to emphasize the entertainment possibilities of the space.
Focus on first impressions. Pay special attention to the front-door area outside and the area a buyer first sees upon walking inside.
Get The Word Out
Having your agent include your home in the local multiple listing service is important, of course, but you can do other things yourself to turn up the volume on your home-sale announcement.
Make sure your home's property flyer highlights the unique and attractive aspects of your home: upgrades to structure or systems; new appliances; energy-saving features; landscaping; etc. Enlist a child to keep a brochure box filled. Consider a map showing proximity to amenities such as public transportation, parks, schools, supermarket and so on. Include a floorplan showing location and sizes of rooms, so buyers can plan how their furniture might fit.
Use your e-mail signature to promote your home sale. Even if recipients aren't interested, they may know someone who is.
Inform your most likely buyers (first-timers, young families, empty nesters, retirees, etc.) through organizations you and/or they may be involved with. Use bulletin boards, newsletters, websites, meetings, etc.
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