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Warm and cozy go a long way toward a sale during the holidays

November 21st, 2011

The holiday season is here–well, if you looked in the stores, the season started just before Labor Day!–and our attention focuses on family, presents, food and fun. However, if you are selling your home, all of those things will work for you to attract buyers.

Winter isn’t the peak selling season, but potential homebuyers who are in the market are serious. Another plus for you is diminished competition; other sellers may assume the season is over until next spring. We know better.

The holiday season is the perfect time for your home to embrace buyers. You create an atmosphere of warm and cozy, a place where a buyer wants to sit by the fire or cook in the kitchen.

The experience begins when the potential buyer arrives and walks through your immaculate front door graced with a holiday wreath. The fall holiday theme continues with a few appropriate decorations–candles on the dining room table, vases filled with leaves, pine and a few pieces of real fruit. Lemons are an excellent choice and add to the natural fragrance of your home.

Here we must tackle the de-cluttering issue. Adding decorations on top of personal clutter will not help your buyer envision celebrating the holidays here next year. While it may be a bit painful, pack away personal items and focus on making your home a welcome place. All of those personal items will once again take prominence in your new home.

During the late fall and winter, natural light is hard to come by. Sparkling, clean windows will help a lot, especially with curtains drawn back. Light up your home to show off it’s advantages and space. Dark, gloomy rooms won’t work to your benefit.

With the right price, some patience and a warm, bright setting, it is entirely possible to sell your property during the holidays.

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Posted in Home Buying, Local

GM, our economy, jobs and housing market all win with assembly plant expansion

November 19th, 2011

The General Motors announcement that the company will invest $380 million to expand the Wentzville Assembly Plant, add at least 1,260 new jobs and in the near future expand the present line with a second shift of 400 workers, is all great news for the St. Charles County region. The expansion will produce the mid-sized Chevrolet Colorado pickup truck while the second shift will support demand for the Chevy Express and GMC Savanna.

This commitment to our area and our residents is just what we need to make our way back to economic and housing stability. Jobs and housing are the keys to economic revival; without one we don’t have the other.

Who will be affected by this decision? Just about everyone. Laid off workers will return to their jobs, new workers will be trained and hired. Local construction companies will benefit from building the new expansion, parts suppliers will be kept busy producing and will hire new workers. The housing market will get a huge boost. Along with stable jobs comes the ability to buy a home in our community.

Our public institutions will also benefit–with the infusion of new jobs and business expansion come more tax revenue to help cities balance their budgets, improve public services and take on new projects. School districts are winners too. More taxes may prevent the elimination of vital educational programs and could bring back more teachers.

Local restaurants, grocery stores, bars, retail stores, your favorite gas station always experience the financial benefits of a huge expansion like the Wentzville plant.

The next two years will be the most exciting and positive experience we’ve had in a long time. And, we’re ready to showcase the best homes available in the St. Charles area!

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Posted in Home Buying, Local

Is there a light at the end of the tunnel?

November 18th, 2011
  • For the first time this year, Year to Date Units Sold exceed total units sold in 2010-3379 in 2011 to 3356 in 2010, but total volume sold still lags because Median Sale Price this year is lower, $163,00 to $173,000 last year. We still expect by 2011 year end, total volume may exceed last year.
  • The second half of 2011 is dramatically better than the same time last year. Last year after the tax credit expired, sales tanked. We are now in a true -no sugar added market…a new normal for certain.
  • Important to note, total active listings are down considerably, bringing inventory levels down currently to about 8 months worth compared to a year ago at 12 months worth…hence, absorption rate getting back to near normal. Once inventory drops below 5 months, it begins to transcend into a seller’s market.
  • The key factor to watch is Mortgage Interest Rates. They are poised to increase, but we don’t know exactly when. A simple 1% increase in mortgage rates, say, from 4% to 5%, will cause a typical family to have to scale down their purchase by nearly 15%…or said another way…If you qualify now at 4% for a $200,000 home, but you choose to wait, and rates increase 1% to 5%, the same borrower now qualifies for only $170,000 home. That is the true cost of waiting.
  • Lawrence Yun, PhD, Chief Economist for NAR has noted several indices that indicate there is light at the end of the tunnel. He will be our SCCAR guest Feb, 2011…stay tuned.
  • Thanks again to Cindy Fox, our volunteer statistician, for her unwavering service for PR for over three years now. :)


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Posted in Home Buying, Home For Sale, Mortgage Knowledge

Short Sales? Sometimes not very short. Buyers should enter the process with lots of patience and an agent trained in short sale negotiations.

September 27th, 2011

The term short sale has woven its way into the homebuyer lexicon during the past year. While not a foreclosure property, short sale homes have their own special financial issues that require a real estate agent who is trained in this type of sale.

What is a short sale? When a homeowner is in financial difficulty, can’t keep current on mortgage payments and may see a foreclosure in the near future, the owner and the lending institution decide to sell the home for less than owed on the mortgage.

Buyers are attracted to short sales hoping to score a property at rock bottom price. That could be a misconception, because short sales are much more complicated than price. While the seller and her agent may set the listing price, the lender has final say to approve the sale or not. Dealing with two entities to buy a home can be a long process suited for buyers with patience and an experienced agent. There’s nothing short about a short sale. Here are some tips when you decide on a short sale:

  • Price. Submitting a low-ball offer most likely won’t get you anywhere. Your agent will show you comparable prices in the neighborhood, which should set the tone for your offer. The lending institution has the final say in approving the sale price. If the lender feels your offer is way out of line, they may not even respond.
  • Repairs. Short sales are sold as is. The home may have any number of repairs to be done, so be in the fixer-upper state of mind. Whether you’ll be issued a credit is up to the lender. Another way of thinking is that you are buying a home below market value and that gives you the financial leeway to make repairs.
  • Financials. You and your agent can perform a search on the property to see if the owner has more loans than the mortgage. The more debt, like a line of credit, the more complicated the process becomes.
  • How long? Short sales take a long time. If you don’t have the patience for that, continue looking for properties with your agent that may be easier to purchase and offer what you want in a home.

Short sales can result in amazing properties and a commitment to a very special home. With a generous dose of patience and attention to detail, plus a trained short sale agent, you very well may purchase your dream home.

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Posted in Uncategorized

Getting sellers and buyers together for a happy ending: Current market value will determine a sale, not emotions

July 26th, 2011

The real estate market can be very complex these days; but mix in emotions and the occasional ego, and it can be even more complicated. Enter your real estate agent, who will sort out the best approaches for both buyers and sellers.

For sellers, correct pricing is a must. A recent Zillow survey showed that homeowners who purchased their property in 2007 or later were overpricing their homes by an average of 14.1 percent, and homeowners who purchased between 2002 and 2006 were overpricing about 9.3 percent above market value.

The key here is market value. The market has changed drastically since 2002 and sellers should look at current market value, not the value when the home was purchased years ago. Buyers aren’t taking into consideration what you paid then, but what the house is worth right now.

Both sellers and buyers should review the comparable properties for sale that your agent will provide. These comparables offer a good snapshot of current values for homes similar to yours.

Overpricing a home is very counterproductive in this economy. Most likely, the property will sit on the market for a while. The longer the property languishes, even with subsequent price reductions, the less desirable it is. Follow your agent’s pricing strategy instead of your emotions for a quick sale.

Buyers, too, have high expectations, but for lower prices. With the buyer’s market in full swing, buyers are looking for a great bargain, to “make a steal.” Again, your agent’s comparables will guide you to a fair offer that is a good deal for you.

Some buyers are tempted to make a very low first bid. That’s called low-balling. Just like a seller pricing a property too high, an extremely low bid can be counterproductive. This can insult the seller and shut down any further negotiations. If you really want a property, take your agent’s advice on a reasonable offer and that will assure communication that can lead to a happy ending for both parties.

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Posted in Uncategorized

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