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Good News: Existing Home Sales Jump
As you wander through life,
whatever be your goal,
keep your eye on the donut
and not on the hole!
-Sign in the Mayflower Coffee Shop, Chicago
This quote came to us through our Windermere Coeur d’Alene Realty newsletter this week, and we thought you would appreciate it.
It’s also a great introduction to the Market News that we want to pass along to you today. It’s GOOD NEWS, especially in the context of the news of recent years.
Daily Real Estate News | January 20, 2011
REALTOR® Magazine-Daily News-December Existing-Home Sales JumpExisting-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.
“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.
We’ve been focusing on the donut instead of the hole – and we’ve already closed several transactions in 2011!
We have strategies that WORK! We can help you buy or sell real estate this year. Call us Today!
Randy or Christy Oetken
208-660-0506
Browser’s Friends in Cougar Gulch
Browser wants to give a “Howl-Out” to our new friends in Cougar Gulch area. We sold them this property last year, and we were so pleased to receive their Christmas Card last month. Here are the pictures of their beautiful family enjoying Christmas in their new home!
We would LOVE to help you find your dream home! With low interest rates, abundant choices, and low prices, now is a great time to buy.
Let us help you Own The Lifestyle.
Visit Browser’s Photo Gallery of all his Friends on his Facebook Fan Page “Browser’s BFF’s“
What is a Craftsman Style home?
What is a Craftsman Style home? Inquiring dogs want to know! Here’s what Ask.Yahoo.com has to say:
Arts & Crafts was an artistic and philosophical movement that began in 19th century Britain. Craftsman refers to a specific style of early 20th century American architecture that was part of the Arts & Crafts Movement. So Craftsman is actually a subset of Arts & Crafts…
According to American Bungalow magazine, classic Craftsman homes usually have these features:
– street-facing gables with composition or shingled roofs
– wide overhanging eaves
-a deep porch
-dark wood paneling
-a large fireplace
-an arched opening that separated the living room and dining room
-built-in cabinetry in the dining room and kitchen
In addition, Craftsman homes are low-slung bungalows. Many of these homes make extensive use of local wood and stone to emphasize the importance of nature.
We have listed a beautiful new Craftsman Style residence, which will be completed by JLR Developments very soon. Of course, it wasn’t built around the turn of the 20th Century, but think of it! Arts and Crafts era charm…no remodeling required!
Classic Design, Current Amenities! This gorgeous Craftsman Style 3 Bedroom 2 Bath home is slated to be completed by JLR Developments very soon!
Fine finishes and amenities, plus the warm ambiance of Craftman design are featured in this lovely home. The large Kitchen features a Breakfast Bar, and comes well-equipped with a suite of appliances. An open-concept Living room flows from the Kitchen, with the Entertainment Center area opposite the breakfast bar. When “the gang’s all here,” the cook can be included in all the fun!
Master Suite features 2 big walk-in closets. The floorplan also features two additional bedrooms plus a Den (which could function as a 4th bedroom).
This home’s living spaces are enhanced with Vaulted Ceilings, & Hardwood flooring Living Room, Kitchen & Den, and features Oil-rubbed Bronze Plumbing & Light Fixtures, and Fully Wood-cased Window Wraps.
Joe Rumore, President of JLR Developments, prides himself on the Quality and Energy Efficiency of every home he builds. This plan features Low-E Hi-Efficiency Windows and a Hi-Efficiency Furnace.
And you’ll have Curb Appeal in spades! Covered Front Porch, Back Patio off the Living Room, Hardiplank Siding, 2-Car Garage are just a few of the attractive outdoor amenities and conveniences.
Check it out at http://www.realestate-browser.com/viewdetails.php?nid=77002&mls=11-279 or call Christy Oetken of Windermere Coeur d’Alene Realty today: 208-660-0506
By the way, Browser highly recommends “Joe the Builder.” Joe is one of Browser’s BFF’S! Visit him on Facebook!
Market News: SOLD Residential Comparison 2005 – 2010
Here’s the data from the Coeur d’Alene MLS.
Are you thinking of selling your home in 2011?
The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6 http://realestatebrowser.wordpress.com/2010/12/07/strong-rebound-in-pending-home-sales/
Find out the true Market Value of your Coeur d’Alene area property. Call us for your FREE Market Analysis.
We’d like to help you decide if the time is right for you to sell your property.
By the way…We Have Buyers!
Top 10 Tips for Selling Your Home During the Holidays
We found this terrific list of Tips for Selling Your Home During the Holidays and thought you might appreciate it!
If you are interested in Buying or Selling during this Holiday Season, don’t hesitate to call us. We can help!
By FrontDoor.com | Published: 11/07/2008
- Deck the halls, but don’t go overboard.
Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
Staging tips for the holidays - Hire a reliable real estate agent.
That means someone who will work hard for you and won’t disappear during Thanksgiving, Christmas or New Year’s. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
How to choose a great listing agent - Seek out motivated buyers.
Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
Learn why selling during the holidays is not all bad - Price it to sell.
No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
Price low to sell high - Make curb appeal a top priority.
When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.
Tips for winter curb appeal - Take top-notch real estate photos.
When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer or spring photo of your home available so buyers can see how it looks year-round.
How to take better real estate photos - Create a video tour for the Web.
You’ll get less foot traffic during the holidays, thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don’t have time to physically see your home or would rather not drive in a snowstorm.
10 tips for filming your own home tour video - Give house hunters a place to escape from the cold.
Make your home feel cozy and inviting during showings by cranking up the heat, playing soft classical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.
Attract buyers with an inviting atmosphere - Offer holiday cheer in the form of financing.
Bah, humbug! Lenders are scrooges these days, but if you’ve got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.
Learn more about owner financing - Relax — the new year is just around the corner.
The holidays are stressful enough, with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don’t sell now, there’s always next year, which luckily is only a few days away.
Tips to ease your holiday selling stresshttp://www.frontdoor.com/Sell/Top-10-Tips-for-Selling-Your-Home-During-the-Holidays/2565
How to Compete Against Bank-Owned and Short Sales Homes
Here’s a blog article that we thought you might appreciate, written by a noted Short Sale Real Estate expert.
Wondering what your Coeur d’Alene area property is REALLY worth in today’s market? Call us for a FREE Market Analysis.
We’d love to help you get the information you need, and to help you decide if selling your property is right for you.
Put us to work for you!
By Elizabeth Weintraub, About.com Guide
If the house for sale next door to you is a bank-owned home, but all the other homes for sale in the neighborhood are not, you don’t have much of a problem. However, if most of the homes that have recently sold in your area were bank-owned homes and short sales, you have a problem. That problem is you must compete with foreclosures and short sales to sell your home.
Your home’s market value is directly related to distressed sales if those short sales and foreclosures dominate the neighborhood.
Prior to the real estate bubble of the mid-2000’s, appraisers would often ignore the distressed sales when appraising a home. Since then, appraisers pay close attention to the number of distressed sales that have closed and those presently for sale. What’s a regular seller with equity supposed to do to compete?
Pricing a Home With Equity Against Foreclosures and Short Sales
Pricing a home is at best a mix of facts, science and emotions. It’s a combination of wearing a seller’s hat and stepping into the buyer’s shoes. Bear in mind that it doesn’t matter much how much you think your home is worth if a buyer disagrees. Try answering these 3 questions:
- What would make a buyer buy your home over a foreclosure or a short sale?
- Why would a buyer’s lender appraise your home for more than a foreclosure or short sale?
- How much more is your home worth than a distressed sale?
You might be surprised at the answers. The truth is your home is not worth a whole lot more than a foreclosure, even if you put in upgrades, if all the recent sales are foreclosures and short sales. Appraisers don’t give a huge allowance for upgrades like they used to do.
Buyers want a good deal. They might buy a home that needs carpeting, for example, if adding the cost of new carpeting still makes that bank-owned home’s price attractive. On the other hand, if your home, with equity, is in tip-top shape and priced within the range of distressed sales, a buyer is much more likely to choose your home.
However, say, a bank-owned home priced at $200,000 needs $10,000 worth of work or improvements. If your home doesn’t need any work, a buyer might offer only $210,000 for your home.
Examine the Foreclosed and Short Sale Comparable Sales
- Look at every similar home that has sold in the neighborhood over the past three months to determine comparable sales. The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural.
- Pay attention to neighborhood dividing lines and physical barriers such as major streets, freeways or railroads, and do not compare inventory from the “other side of the tracks.” Where I live in the Land Park neighborhood of Sacramento, for example, identical homes across the street from each other can vary by $100,000. Perceptions and desirability have value.
- Compare similar square footage, within 10% up or down from the subject property, if possible.
- Compare homes with similar ages. One neighborhood might consist of homes built in the 1950s, co-mingled with another ring of construction from the 1980s. Values between the two will differ. Compare apples to apples.
Tip: I suggest to my Sacramento clients that they price homes among distressed sales a little bit below market value. This tends to drive multiple offers as buyers outbid each other, resulting in a higher sales price for sellers.
http://homebuying.about.com/od/sellingahouse/qt/compete-foreclosure-short-sale.htm
