Posts from September 2010
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27
Home Prices Up in Our Markets
Our local markets continue to provide much more stable home prices than the rest of the country. Real estate continues to be a great investment in our region – based on the appreciation in our markets over the past five years. While nationally home prices have fallen 4.41%, in our markets prices are up: 5.69% in Cedar Rapids, 7.83% in the Quad Cities, 13.67% in Dubuque, and 5.83% in Iowa City. View our statistics in Ruhl&Ruhl's most recent copy of Facts & Trends newsletter. According to the Federal Housing Finance Agency, of the 303 MSA's (Metropolitan Statistical Areas) ranked by home price appreciation, all of our markets ranked in the top 14% in the nation – Dubuque at 2nd; Cedar Rapids at 10th; the Quad Cities at 41st; and Iowa City at 42nd. Comparing the second quarter...
22
Best Chance to Sell Your Home the First 5 Days on the Market
An interesting new study coming out of New Zealand reinforces the belief that getting home pricing correct on the first try greatly increases your home being sold. A new home on the market gets 4 times as many page views in the first 5 days as it does during the next week. So if the pricing of the home is wrong, odds of the home selling in a reasonable amount of time goes down dramatically. Yet, how many real estate agents will take a listing from a home seller at an inflated price, JUST BECAUSE THEY BELIEVE IT CAN SELL! For some Realtors part of their marketing plan is to say whatever you as the seller wants to hear. Don't listen to it! Do some research. Have a couple different companies meet with you and explain their Comparative Market Analysis. Keep in mind as well that a lot will go into the market v...
17
Understanding Real Estate Representation
Always remember you have choices when selecting representation in a real estate transaction. Here are five tips for understanding which type of legal relationship with a real estate professional, called an agency relationship, will best protect you when you buy or sell a home. 1. Buyer's agency When you're buying a home, you can hire an agent who represents only you; called an exclusive buyer's representative or agent. A buyer's agent works in your best interest and owes you a fiduciary duty. You can pay your buyer's agent yourself, or ask the seller, or the seller's agent, to pay your agent a share of their sales commission. If you're selling your home and hiring an agent to list it exclusively, you've hired a selling representative—an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usually offer or agree to pay a...
9
How to Assess the Real Cost of a Fixer-Upper
Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you'll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you. 1. Decide what you can do yourself TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don't know how to do will take longer than you think and can lead to less-than-professional results that won't increase the value of your fixer-upper house. Ask yourself these questions:
- Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
- Do you really have the time and de...
3
Pending Home Sales on the Rise
Following a sharp drop in the months immediately after the expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator, rose 5.2% to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1% below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. "Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery," he said. "But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the...
