interesting article from active rain blog...
Selling My Home "As-Is"
If you find yourself in the position of having to sell quickly, you need to let your agent know that up front so they communicate to you and prioritize what items need to be addressed. Also, the "As-Is" seller should be aware that FHA requires certain Minimum Property Standards that apply and therefore limits some of your market segment planning on an FHA loan.
Many sellers just want or need to sell their home and move quickly for a variety of reasons, still others don't have the financial ability to make a lot of necessary repairs and consider selling "As-Is". Selling As-Is may get your home sold, but the risk is inviting "low-ball" offers or no offers at all with many buyers wanting a "move-in ready home.
Success of selling your home "As-Is" depends on a few factors that are in my opinion tied to the market segment and economic conditions in a given area. In my experience it's always best for a seller to do as much as they possibly can to improve the condition and curb appeal of their home before listing it on the market for sale. Tasks that are not too expensive and provide a big bang for the buck such as; a fresh coat of paint, patching cracks in drywall and ceilings, repairing plumbing leaks and signs of leaks, broken fixtures and windows, perhaps removing or replacing old worn out carpet if the budget permits, but at least a good cleaning! The idea is to make your home as appealing as possible to a potential buyer and give them less to complain about, pick apart or use as a negotiating point! If there was a roof leak be sure to remove signs of a leak after making necessary repairs.
Also, pay attention to the outside of the home, a fresh coat of paint, replacing any rotted wood and landscaping will go a long way towards making a great first impression. Spend some time sprucing up the front entrance...paint that front door! When you think about it, that's where a buyer will spend a little time before the home is unlocked and they go inside.
What is the market segment interested in "As-Is" properties?
Investors
Investors or flippers want to purchase an "As-Is" home as cheaply as possible, make the needed repairs or cosmetic updates and sell the home quickly. Typically this buyer will make many very low offers in the hopes that one will work out.
DYI Buyers
Do it yourself buyers also want to get a great deal on a distressed property, but usually plan on living in the home while they make repairs and may make this their home.
First Time Home Buyers
First time home buyers either have never owned a home or have not owned one in the last three years. They may not have the cash to work with because of a previous distressed sale of their own, but might possess the skills of a DYI to take advantage of a lower priced "As-Is" sale.
Land or Location Buyer
Another type of buyer is one who sees the value in the land or location an "As-Is" property might provide. Rezoning, neighborhoods in transition or a run down property in a highly desirable area can get the interest of this type of investor who's plan most likely would be to demolish and rebuild...buying for location!
These types of buyers are out there and may be a source or buyer pool for your home, however, there is an expectation they have of getting a good deal and discounted price because of additional work and repairs they will have to make.
Tuesday, August 26, 2014
7 Signs of a soon to be hot neighborhood
interesting article from inman news....
New Generation of Home Buyers Has a Different set of values...
Real estate is an industry that’s all about your hyperlocal expertise. As an agent, you specialize in specific ZIP codes, home types, client types — you name it. This industry is as much about niche specialties as it gets.
That said, if you want to be the agent who blows away the competition and makes your business go gangbusters this year, you need to know how and when to expand your expertise into new areas of interest. And that means that you need to anticipate what neighborhoods are going to be super hot in the near future. If you establish yourself as the go-to agent in those markets now, there will be no stopping you in the future.
Here are the top telltale signs of a soon-to-be hot market. Play your cards right, and your business (and clients!) will thank you for it!
1. On-trend businesses are moving in.
In my neck of the woods, when a co-working space, a Whole Foods or a Blue Bottle coffee moves into the neighborhood, it’s a sign that the nature of things might be changing. This is just as true for small, local businesses that attract people with disposable income as it is for businesses that sell the basics with flair. In fact, most larger businesses do a fair amount of economic research and projections on the neighborhood before moving in. Watching big industry and business moves can be a great way to spot emerging areas with strong fundamentals way before other agents might otherwise be able to see them
2. Uber-convenient location in a land-impacted metro.
If you live in a densely populated metro area — especially one that is coastal — or an urban setting with intense governmental restrictions on building, demand for homes will continue to grow as the population does, but the supply will remain somewhat limited. In many of these situations, neighborhoods that have been downtrodden but have very convenient proximity to employment centers, public transportation, freeways and bridges tend to be prime for whole-neighborhood remodeling in times of population growth or rapid real estate price rises in already prime areas.
3. Downsides have an expiration date.
If there’s one major issue that has caused an area to be less desirable for decades, and that issue is being eliminated or ameliorated, it could set the neighborhood up for a turnaround. For example, striking crime decreases or a major employer moving into the area where none were before can spark a serious real estate renaissance in an area that has some of the other desirable features on this list.
Also, keep in mind that a new generation of homebuyers has a new set of values, and might simply not be concerned or deterred by things their parents might have viewed as turnoffs. Living above a commercial unit might have been a deal-killer for my parents, but my son thinks it’s cool — even desirable, depending on the business on the ground floor. Similarly, gritty and urban might not be the descriptors of your dream home, but some 20-something first-time buyers in major metros are seeking exactly that feel.
4. Architectural themes with a following.
Many up-and-coming neighborhoods find themselves pulled by aficionados of the particular type of architecture that characterizes the neighborhood. Often, down-at-the-heels neighborhoods that are riddled with Tudors, Victorians, Spanish-style homes or even midcentury moderns will see a surge of revitalization when a fresh generation of frugal homebuyers falls in love with the style and realizes the deals that can be had there vs. other, already prime areas in town.
5. At least one major economic development is brewing.
Never underestimate the power of a major economic development to overhaul a neighborhood’s fate. From Google and Microsoft building cloud storage data centers in Des Moines, Iowa, to a new light rail station going live in Denver, Colorado, one large-scale employer or infrastructure development can be a very early, very strong sign that an area will see its real estate fortunes rise. (That said, areas dependent on one near-obsolete employer or industry can see their fates decline rapidly. Look for industrywide investment in an area vs. a single company’s investment.)
6. Fixing is in the air.
When you see that an area long known for its run-down homes has a number of homes being renovated and rehabbed from the inside out, this can be a sign of fledgling neighborhood turnaround. If you spot these sorts of projects visually, it might be worth taking a trip down to the city building permit counter to see whether the staff has seen the same uptick in individual owners’ investment in the area, and if so, what they think the story of the neighborhood might be — or might become. City staffers often have a wealth of information at the ready, everything from pending commercial development applications that could change the whole landscape of an area to projects the city itself has funded or will prioritize due to its own development initiatives.
7. Slow but steady decrease in DOM (days on market)
Ten years ago, I listed a charming, pristine home on a not-so-charming, less-than pristine street — the location was its fatal flaw, and the place just lagged on the market as a result. Now, millennials buying their first homes are salivating over that precise location, for its mix of urban feel, new trendy restaurants and yoga studios, and complete convenience to both the subway and the Bay Bridge.
In between now and then, though, those who were watching carefully would have noticed how homes that once took 90 days to sell gradually were selling in 45, then in a couple of weeks — and would have noticed that this decline in the number of days an average listing stayed on the market occurred way before the home prices themselves increased. A slow, steady decrease in DOM is a smart, early sign that a neighborhood might be poised on the precipice of up-and-coming status.
So, there they are — our top signs of a soon-to-be super hot market. Learn to spot these signs early and stake your claim and you may just be the soon-to-be super hot agents to work with!
New Generation of Home Buyers Has a Different set of values...
Real estate is an industry that’s all about your hyperlocal expertise. As an agent, you specialize in specific ZIP codes, home types, client types — you name it. This industry is as much about niche specialties as it gets.
That said, if you want to be the agent who blows away the competition and makes your business go gangbusters this year, you need to know how and when to expand your expertise into new areas of interest. And that means that you need to anticipate what neighborhoods are going to be super hot in the near future. If you establish yourself as the go-to agent in those markets now, there will be no stopping you in the future.
Here are the top telltale signs of a soon-to-be hot market. Play your cards right, and your business (and clients!) will thank you for it!
1. On-trend businesses are moving in.
In my neck of the woods, when a co-working space, a Whole Foods or a Blue Bottle coffee moves into the neighborhood, it’s a sign that the nature of things might be changing. This is just as true for small, local businesses that attract people with disposable income as it is for businesses that sell the basics with flair. In fact, most larger businesses do a fair amount of economic research and projections on the neighborhood before moving in. Watching big industry and business moves can be a great way to spot emerging areas with strong fundamentals way before other agents might otherwise be able to see them
2. Uber-convenient location in a land-impacted metro.
If you live in a densely populated metro area — especially one that is coastal — or an urban setting with intense governmental restrictions on building, demand for homes will continue to grow as the population does, but the supply will remain somewhat limited. In many of these situations, neighborhoods that have been downtrodden but have very convenient proximity to employment centers, public transportation, freeways and bridges tend to be prime for whole-neighborhood remodeling in times of population growth or rapid real estate price rises in already prime areas.
3. Downsides have an expiration date.
If there’s one major issue that has caused an area to be less desirable for decades, and that issue is being eliminated or ameliorated, it could set the neighborhood up for a turnaround. For example, striking crime decreases or a major employer moving into the area where none were before can spark a serious real estate renaissance in an area that has some of the other desirable features on this list.
Also, keep in mind that a new generation of homebuyers has a new set of values, and might simply not be concerned or deterred by things their parents might have viewed as turnoffs. Living above a commercial unit might have been a deal-killer for my parents, but my son thinks it’s cool — even desirable, depending on the business on the ground floor. Similarly, gritty and urban might not be the descriptors of your dream home, but some 20-something first-time buyers in major metros are seeking exactly that feel.
4. Architectural themes with a following.
Many up-and-coming neighborhoods find themselves pulled by aficionados of the particular type of architecture that characterizes the neighborhood. Often, down-at-the-heels neighborhoods that are riddled with Tudors, Victorians, Spanish-style homes or even midcentury moderns will see a surge of revitalization when a fresh generation of frugal homebuyers falls in love with the style and realizes the deals that can be had there vs. other, already prime areas in town.
5. At least one major economic development is brewing.
Never underestimate the power of a major economic development to overhaul a neighborhood’s fate. From Google and Microsoft building cloud storage data centers in Des Moines, Iowa, to a new light rail station going live in Denver, Colorado, one large-scale employer or infrastructure development can be a very early, very strong sign that an area will see its real estate fortunes rise. (That said, areas dependent on one near-obsolete employer or industry can see their fates decline rapidly. Look for industrywide investment in an area vs. a single company’s investment.)
6. Fixing is in the air.
When you see that an area long known for its run-down homes has a number of homes being renovated and rehabbed from the inside out, this can be a sign of fledgling neighborhood turnaround. If you spot these sorts of projects visually, it might be worth taking a trip down to the city building permit counter to see whether the staff has seen the same uptick in individual owners’ investment in the area, and if so, what they think the story of the neighborhood might be — or might become. City staffers often have a wealth of information at the ready, everything from pending commercial development applications that could change the whole landscape of an area to projects the city itself has funded or will prioritize due to its own development initiatives.
7. Slow but steady decrease in DOM (days on market)
Ten years ago, I listed a charming, pristine home on a not-so-charming, less-than pristine street — the location was its fatal flaw, and the place just lagged on the market as a result. Now, millennials buying their first homes are salivating over that precise location, for its mix of urban feel, new trendy restaurants and yoga studios, and complete convenience to both the subway and the Bay Bridge.
In between now and then, though, those who were watching carefully would have noticed how homes that once took 90 days to sell gradually were selling in 45, then in a couple of weeks — and would have noticed that this decline in the number of days an average listing stayed on the market occurred way before the home prices themselves increased. A slow, steady decrease in DOM is a smart, early sign that a neighborhood might be poised on the precipice of up-and-coming status.
So, there they are — our top signs of a soon-to-be super hot market. Learn to spot these signs early and stake your claim and you may just be the soon-to-be super hot agents to work with!
Saturday, August 16, 2014
Denver August Market Update: Market Trends Show Gradual Stabilization, Record Setting Growth Streak Ends
spot on article from DMAR....this is directed to realtors, but spot on assessments and good data for buyers/sellers...
The Denver Metro Association of REALTORS® (DMAR) August Real Estate Market Update shows encouraging rise in the number of new homes placed on the market last month. According to this report, July activity shows an increase in the number of new listings for single-family homes and condos, of 6% and 9% respectively, compared to prior month.
July brings relief to year-long inventory shortages in the metro-Denver real estate market.
With first-time homebuyers coming back into the market across the Denver metro area, competition in the market remains tight. Multiple offers, coupled with reports of metro-area home values hitting all-time highs month after month, cause many prospective sellers to hesitate listing their home, citing uncertainty in the fact that they will easily find a property to buy in return.
According to Rael, however, the Denver market is still strong and the strategy for both buyers and sellers to successfully navigate the market is simple:
More and more sellers are contemplating whether to list their property now or wait for a more balanced market, with promising prospects of finding a replacement home. At this point, it’s critical, for sellers to honestly ask themselves: “what am I actually waiting for?” Simply hoping for prices to increase can be a double-edge sword. When they sell at the peak of the market they’ll likely end up buying at the peak as well, so it becomes a relative point.
Both sellers and buyers are influenced by the incessant media buzz about Denver’s “hot” real estate market, including stories of multiple offers, lack of inventory, lack of move-up possibility, etc. In my opinion, the Denver market is still strong and sellers need to note that homes that are priced right and show well, sell quickly (sometimes even within days). Also, buyers should be reminded that they should be patient with, quite possibly, the biggest transaction of their life. It’s high time to feel inspired by the potential that Denver holds, as one of the fastest growing cities and economies in the country.
A big challenge for REALTORS® is to manage seller’s expectations by providing creative and effective ways to list/sell their property, while simultaneously putting the seller in a good position to become a strong contingent buyer. In order to facilitate a smooth transition into a replacement home, it’s ideal for sellers to have backup offers in place on their current home, in case the first buyer drops out. Open communication between the listing agent, selling agent, and mortgage lender is vital to holding these types of “domino” transactions together.
There’s a feeling among the DMAR membership that prices will begin to stabilize as a result of gradual increase in inventory returns to the market. We hope to see a healthier and more balanced market for the rest of the year and in 2015.”
.
Market Insights:
⇒The traditional prime “selling season” is wrapping up – yet the pent-up demand for housing remains very strong and does not appear to be cooling off as we head into fall.
⇒Unfortunately, with only three weeks of inventory in the $100,000 to $300,000 price ranges –which typically represents the first-time buyer market – finding enough to choose from continues to be a major challenge for buyers & brokers alike.
⇒The Median and Average SOLD prices for Single Family Homes remained unchanged from June.
⇒The Condo market saw a slight uptick in Median price, while the average price remained unchanged during that same period.
⇒Interest rates remained stable in July – hovering in the low-to mid 4% range for a 30-year fixed loan.
⇒First-time home buyers are lining up to get into the market and new household formations are happening.
⇒Our month-over-month market comparison of Single Family Homes showed a sharp drop in actual sales for all price points except the luxury market from the $1,000,000 to $1,999,999 range which saw a 15.7% spike from the previous month. The Condo market showed improvement in the number of sales in the $200,000 to $299,999 and $400,000 to $499,999 ranges respectively.
⇒Our year-over-year market comparison of Single Family Homes showed significant drops in actual SOLD properties from $0 to $299,999, but improvements across the board over $300,000 and an astounding 17% rise in properties over $2,000,000.
⇒The Condo market showed improvement in the number of SOLD units in every price range – in particular the $500,000 to $699,999 range where SOLD units have skyrocketed 161% year-over-year. The exception to the strong condo market is in the under $99,999 range, but that can be attributed to the fact that prices are increasing, and therefore it’s becoming more and more challenging to find condos in this price range.
The Denver Metro Association of REALTORS® (DMAR) August Real Estate Market Update shows encouraging rise in the number of new homes placed on the market last month. According to this report, July activity shows an increase in the number of new listings for single-family homes and condos, of 6% and 9% respectively, compared to prior month.
July brings relief to year-long inventory shortages in the metro-Denver real estate market.
With first-time homebuyers coming back into the market across the Denver metro area, competition in the market remains tight. Multiple offers, coupled with reports of metro-area home values hitting all-time highs month after month, cause many prospective sellers to hesitate listing their home, citing uncertainty in the fact that they will easily find a property to buy in return.
According to Rael, however, the Denver market is still strong and the strategy for both buyers and sellers to successfully navigate the market is simple:
More and more sellers are contemplating whether to list their property now or wait for a more balanced market, with promising prospects of finding a replacement home. At this point, it’s critical, for sellers to honestly ask themselves: “what am I actually waiting for?” Simply hoping for prices to increase can be a double-edge sword. When they sell at the peak of the market they’ll likely end up buying at the peak as well, so it becomes a relative point.
Both sellers and buyers are influenced by the incessant media buzz about Denver’s “hot” real estate market, including stories of multiple offers, lack of inventory, lack of move-up possibility, etc. In my opinion, the Denver market is still strong and sellers need to note that homes that are priced right and show well, sell quickly (sometimes even within days). Also, buyers should be reminded that they should be patient with, quite possibly, the biggest transaction of their life. It’s high time to feel inspired by the potential that Denver holds, as one of the fastest growing cities and economies in the country.
A big challenge for REALTORS® is to manage seller’s expectations by providing creative and effective ways to list/sell their property, while simultaneously putting the seller in a good position to become a strong contingent buyer. In order to facilitate a smooth transition into a replacement home, it’s ideal for sellers to have backup offers in place on their current home, in case the first buyer drops out. Open communication between the listing agent, selling agent, and mortgage lender is vital to holding these types of “domino” transactions together.
There’s a feeling among the DMAR membership that prices will begin to stabilize as a result of gradual increase in inventory returns to the market. We hope to see a healthier and more balanced market for the rest of the year and in 2015.”
.
Market Insights:
⇒The traditional prime “selling season” is wrapping up – yet the pent-up demand for housing remains very strong and does not appear to be cooling off as we head into fall.
⇒Unfortunately, with only three weeks of inventory in the $100,000 to $300,000 price ranges –which typically represents the first-time buyer market – finding enough to choose from continues to be a major challenge for buyers & brokers alike.
⇒The Median and Average SOLD prices for Single Family Homes remained unchanged from June.
⇒The Condo market saw a slight uptick in Median price, while the average price remained unchanged during that same period.
⇒Interest rates remained stable in July – hovering in the low-to mid 4% range for a 30-year fixed loan.
⇒First-time home buyers are lining up to get into the market and new household formations are happening.
⇒Our month-over-month market comparison of Single Family Homes showed a sharp drop in actual sales for all price points except the luxury market from the $1,000,000 to $1,999,999 range which saw a 15.7% spike from the previous month. The Condo market showed improvement in the number of sales in the $200,000 to $299,999 and $400,000 to $499,999 ranges respectively.
⇒Our year-over-year market comparison of Single Family Homes showed significant drops in actual SOLD properties from $0 to $299,999, but improvements across the board over $300,000 and an astounding 17% rise in properties over $2,000,000.
⇒The Condo market showed improvement in the number of SOLD units in every price range – in particular the $500,000 to $699,999 range where SOLD units have skyrocketed 161% year-over-year. The exception to the strong condo market is in the under $99,999 range, but that can be attributed to the fact that prices are increasing, and therefore it’s becoming more and more challenging to find condos in this price range.
Denver home sales drop slightly in July, inventories rise
allot of what I'm seeing in the market now...sell now...
from Denver Post
Metro Denver's housing market continued to see strong demand in July, but sales dropped slightly, home price gains leveled off and the inventory of homes available for sale rose, according to a report Friday from Metrolist.
The number of active listings in July in Denver and surrounding areas rose to 9,772, up 7 percent from June's total, but still remains about 8 percent lower than a year ago. Sellers put about 5 percent fewer homes on the market in July than they did in June.
"Inventory levels remain tight in the Denver metro and surrounding area, showing strong demand and a competitive marketplace," said Kirby Slunaker, president and CEO of Metrolist.
The number of homes sold declined 2 percent, from 5,854 in June to 5,762 in July. The average number of days a home took to sell in July dropped to 26, down from 27 days in June and 36 days in July 2013.
Price gains, as they have done in past months, continued to show signs of leveling off. The average price of a home sold in July was $335,427, only $153 more than the average price in June. The median price was $283,000 in July versus $285,000 in June.
from Denver Post
Metro Denver's housing market continued to see strong demand in July, but sales dropped slightly, home price gains leveled off and the inventory of homes available for sale rose, according to a report Friday from Metrolist.
The number of active listings in July in Denver and surrounding areas rose to 9,772, up 7 percent from June's total, but still remains about 8 percent lower than a year ago. Sellers put about 5 percent fewer homes on the market in July than they did in June.
"Inventory levels remain tight in the Denver metro and surrounding area, showing strong demand and a competitive marketplace," said Kirby Slunaker, president and CEO of Metrolist.
The number of homes sold declined 2 percent, from 5,854 in June to 5,762 in July. The average number of days a home took to sell in July dropped to 26, down from 27 days in June and 36 days in July 2013.
Price gains, as they have done in past months, continued to show signs of leveling off. The average price of a home sold in July was $335,427, only $153 more than the average price in June. The median price was $283,000 in July versus $285,000 in June.
4 Questions to Help You Time the Market
interesting food for thought tips from trulia tips...
4 Questions to Help You Time the Market
Making the decision to buy or sell a home is a big deal, and when you do, it can have a huge impact on your wallet. Not sure how to evaluate whether it’s a good time to make a move? These questions are a great place to start.
#1: Should I Buy/Sell Now, or Wait?
Let’s start with the million dollar question (literally): Is this a good time to buy or sell? Ask local real estate agents what they think, and listen closely.
The key here is to look beyond a basic “it’s a great time to buy!” answer. A good agent will back up their claim with cold, hard, local facts. For example, a South Florida agent might tell you that Miami has seen a 14.1% increase in asking prices year-over-year. Or, they’ll tell you how homes in a specific neighborhood are getting multiple offers, which might mean paying full list price if you really want to live there.
That’s the hallmark of a strong agent: They’re familiar with current data and trends, and they’re willing to give you advice that’s in your best interest. Then you can use those insights to form your own opinion.
#2: How Much Will Seasonal Trends Affect My Results?
Almost every agent knows that—broadly speaking—homes tend to sell during the spring and summer. Most people don’t want to drive from house to house during the frigid winter months, so springtime releases pent-up demand. This continues into the summer, as families try to find new spots and settle in while kids are on summer break.
But those are broad points. Does weather affect behavior in your city or town? Are there other neighborhood events that may affect the local market? Maybe fall or winter are great times to find deals in your neck of the woods!
An agent will be able to walk you through the data that influences buying and selling behavior at different times of year.
#3: Are 2014′s Seasonal Trends in Line with Previous Years?
Let’s take the above question a step further: You’ve seen the seasonal trend data from the past few years. Will this year’s buyer/seller behavior be the same?
If you’re buying in Chicago, a local agent might know that the average listing price for homes in Chicago is rising rapidly—from July 2013 to July 2014 it grew by 12.9%.
A good agent should be able to give you some historical context, commenting about whether or not that type of rise in asking price is “normal” relative to other summers. They may advise you—based on this year’s trends—to make decisions in a way that’s different from what they would have recommended in previous seasons.
#4: How is My Price Range, Relative to Homes on the Market?
Comps are key. If you’re considering selling your home, ask how it would be priced relative to similar homes sold in the previous three, six, and twelve months. If you’re buying, ask what your price range gets you today versus what it might have gotten a year ago. In both cases, you should be looking at:
•Median prices
•Price-per-square-foot
A good agent will tell you how your home (or your budget) relates to median prices in target neighborhoods. They’ll help you understand what trade-offs you may need to make to get what you want now, versus a few months down the road.
4 Questions to Help You Time the Market
Making the decision to buy or sell a home is a big deal, and when you do, it can have a huge impact on your wallet. Not sure how to evaluate whether it’s a good time to make a move? These questions are a great place to start.
#1: Should I Buy/Sell Now, or Wait?
Let’s start with the million dollar question (literally): Is this a good time to buy or sell? Ask local real estate agents what they think, and listen closely.
The key here is to look beyond a basic “it’s a great time to buy!” answer. A good agent will back up their claim with cold, hard, local facts. For example, a South Florida agent might tell you that Miami has seen a 14.1% increase in asking prices year-over-year. Or, they’ll tell you how homes in a specific neighborhood are getting multiple offers, which might mean paying full list price if you really want to live there.
That’s the hallmark of a strong agent: They’re familiar with current data and trends, and they’re willing to give you advice that’s in your best interest. Then you can use those insights to form your own opinion.
#2: How Much Will Seasonal Trends Affect My Results?
Almost every agent knows that—broadly speaking—homes tend to sell during the spring and summer. Most people don’t want to drive from house to house during the frigid winter months, so springtime releases pent-up demand. This continues into the summer, as families try to find new spots and settle in while kids are on summer break.
But those are broad points. Does weather affect behavior in your city or town? Are there other neighborhood events that may affect the local market? Maybe fall or winter are great times to find deals in your neck of the woods!
An agent will be able to walk you through the data that influences buying and selling behavior at different times of year.
#3: Are 2014′s Seasonal Trends in Line with Previous Years?
Let’s take the above question a step further: You’ve seen the seasonal trend data from the past few years. Will this year’s buyer/seller behavior be the same?
If you’re buying in Chicago, a local agent might know that the average listing price for homes in Chicago is rising rapidly—from July 2013 to July 2014 it grew by 12.9%.
A good agent should be able to give you some historical context, commenting about whether or not that type of rise in asking price is “normal” relative to other summers. They may advise you—based on this year’s trends—to make decisions in a way that’s different from what they would have recommended in previous seasons.
#4: How is My Price Range, Relative to Homes on the Market?
Comps are key. If you’re considering selling your home, ask how it would be priced relative to similar homes sold in the previous three, six, and twelve months. If you’re buying, ask what your price range gets you today versus what it might have gotten a year ago. In both cases, you should be looking at:
•Median prices
•Price-per-square-foot
A good agent will tell you how your home (or your budget) relates to median prices in target neighborhoods. They’ll help you understand what trade-offs you may need to make to get what you want now, versus a few months down the road.
John Denver's Onetime Rocky Mountain Home Lists for $10.75 Million
interesting Colorado related home news from WSJ.com article....
John Denver's Onetime Rocky Mountain Home Lists for $10.75 Million
The late singer's 6,000-square-foot house on a six-acre property in Aspen has six bedrooms.
John Denver was famous for songs that extolled the beauty of nature and his Colorado home, including "Rocky Mountain High."
Now home buyers have a chance to experience firsthand what he meant.
The late singer-songwriter's longtime home in Aspen, Colo., is on the market for $10.75 million, according to listing agent Carol Dopkin of Aspen Snowmass Sotheby's International Realty. Ms. Dopkin, a friend of the family, also handled the sale of the house for $3.68 million to the current owners after Mr. Denver's death in 1997, she said. Those owners, whom she declined to name, used the house as a vacation home and are now selling it because their children are grown and they no longer use it as often.
Located in Aspen's Starwood subdivision, the house was Mr. Denver's primary home until his death, she said. Mr. Denver and his first wife, Annie, built the house in the early 1970s, said Ms. Dopkin, and expanded it over the years.
On roughly 7.6 acres, the house is over 6,000 square feet with six bedrooms and 4½ bathrooms. It has four wood-burning fireplaces, plus an outdoor swimming pool, and decks strategically placed to take advantage of the mountain views, Ms. Dopkin said. The current owners made some renovations, such as expanding the living room, but kept the home largely as it was in Mr. Denver's time. For example, the master suite has a fireplace and curved walls of custom-made stained glass that are "very John Denver," she said.
A path leads from the main house to the guest house, part of which Mr. Denver used as a recording studio, Ms. Dopkin said. There's a barbecue area with an outdoor fireplace where Mr. Denver liked to play horseshoes and sit around the fire with friends, she said.
John Denver's Onetime Rocky Mountain Home Lists for $10.75 Million
The late singer's 6,000-square-foot house on a six-acre property in Aspen has six bedrooms.
John Denver was famous for songs that extolled the beauty of nature and his Colorado home, including "Rocky Mountain High."
Now home buyers have a chance to experience firsthand what he meant.
The late singer-songwriter's longtime home in Aspen, Colo., is on the market for $10.75 million, according to listing agent Carol Dopkin of Aspen Snowmass Sotheby's International Realty. Ms. Dopkin, a friend of the family, also handled the sale of the house for $3.68 million to the current owners after Mr. Denver's death in 1997, she said. Those owners, whom she declined to name, used the house as a vacation home and are now selling it because their children are grown and they no longer use it as often.
Located in Aspen's Starwood subdivision, the house was Mr. Denver's primary home until his death, she said. Mr. Denver and his first wife, Annie, built the house in the early 1970s, said Ms. Dopkin, and expanded it over the years.
On roughly 7.6 acres, the house is over 6,000 square feet with six bedrooms and 4½ bathrooms. It has four wood-burning fireplaces, plus an outdoor swimming pool, and decks strategically placed to take advantage of the mountain views, Ms. Dopkin said. The current owners made some renovations, such as expanding the living room, but kept the home largely as it was in Mr. Denver's time. For example, the master suite has a fireplace and curved walls of custom-made stained glass that are "very John Denver," she said.
A path leads from the main house to the guest house, part of which Mr. Denver used as a recording studio, Ms. Dopkin said. There's a barbecue area with an outdoor fireplace where Mr. Denver liked to play horseshoes and sit around the fire with friends, she said.
10 Tips Every Homeowner Should Do Immediately to Save Money
10 Tips Every Homeowner Should Do Immediately to Save Money
from axium inspections....
1. Check the insulation in the attic.
If it's an unfinished attic there should be at least 6 inches of it everywhere. If there doesn't appear to be enough or if it's damaged install more.
2. Lower the temperature on your hot water heater down to 120 degrees Fahrenheit.
This is the optimum temperature for your hot water heater. Most people don't use water hotter than this. Lower the temperature, save money on the energy bill!
3. Install ceiling fans in most rooms
ceiling fans are a cost effective way to keep the air circulating in the home which is money in your pocket. If your home is well insulated and the ceiling fans can also be used in place of air conditioners, which will save a large amount of money during the warmer months.
4. Install a programmable thermostat
The importance of a programmable thermostat is being able to have the capability to schedule automatic increases and decreases in the home's temperature. This allows the house naturally warm or cool while you are at sleep or at work, saving energy!
5. Hang a clothes rack in your laundry room or outdoor clothesline
A clothes dryer can really eat up your energy costs and can actually wear on clothes faster than letting them air dry. Battle the inconvenience by hanging a clothes rack. Try hanging 20% of clothes, running your dryer less than 20% which gives you not only cash in your pocket but fresh, clean clothes
6. Check all toilets and under-sink plumbing for leaks or constant running
It's important to understand the plumbing in your home and check to be sure there is not any drippy leaks. Leaks can not only cost you money but expose you to mold.
7. Make sure the vents in all rooms are clear of dust and obstructions
Your vents in the home should not be covered or blocked by anything - doing that will make your heating and cooling work overtime. Make sure they are all dust free as possible.
8. Install LED light bulbs
LED bulbs can save you money on energy over the a long period of time. Now that your clients understand homeownership be sure the inside of their home is as healthy as the outside.
9. Replace you air handling filter
It's good to replace the air handling filter once a year. Usually when it's time to turn on the heat after the summer months is a good time to run to the hardware store. It literally takes about 10 seconds. An outdated filter will block the air flow, meaning your air handling system to work harder.
10. Plant shade trees near your house
Shade trees naturally cool the house during those hot summer months, reducing the amount of direct sunlight. Lowering the temperature of the home saves significantly on the cooling bills plus it increases the curb appeal.
Homeowners who take the initiative to make these changes usually discover the energy savings are more than worth the effort. Happy savings!
from axium inspections....
1. Check the insulation in the attic.
If it's an unfinished attic there should be at least 6 inches of it everywhere. If there doesn't appear to be enough or if it's damaged install more.
2. Lower the temperature on your hot water heater down to 120 degrees Fahrenheit.
This is the optimum temperature for your hot water heater. Most people don't use water hotter than this. Lower the temperature, save money on the energy bill!
3. Install ceiling fans in most rooms
ceiling fans are a cost effective way to keep the air circulating in the home which is money in your pocket. If your home is well insulated and the ceiling fans can also be used in place of air conditioners, which will save a large amount of money during the warmer months.
4. Install a programmable thermostat
The importance of a programmable thermostat is being able to have the capability to schedule automatic increases and decreases in the home's temperature. This allows the house naturally warm or cool while you are at sleep or at work, saving energy!
5. Hang a clothes rack in your laundry room or outdoor clothesline
A clothes dryer can really eat up your energy costs and can actually wear on clothes faster than letting them air dry. Battle the inconvenience by hanging a clothes rack. Try hanging 20% of clothes, running your dryer less than 20% which gives you not only cash in your pocket but fresh, clean clothes
6. Check all toilets and under-sink plumbing for leaks or constant running
It's important to understand the plumbing in your home and check to be sure there is not any drippy leaks. Leaks can not only cost you money but expose you to mold.
7. Make sure the vents in all rooms are clear of dust and obstructions
Your vents in the home should not be covered or blocked by anything - doing that will make your heating and cooling work overtime. Make sure they are all dust free as possible.
8. Install LED light bulbs
LED bulbs can save you money on energy over the a long period of time. Now that your clients understand homeownership be sure the inside of their home is as healthy as the outside.
9. Replace you air handling filter
It's good to replace the air handling filter once a year. Usually when it's time to turn on the heat after the summer months is a good time to run to the hardware store. It literally takes about 10 seconds. An outdated filter will block the air flow, meaning your air handling system to work harder.
10. Plant shade trees near your house
Shade trees naturally cool the house during those hot summer months, reducing the amount of direct sunlight. Lowering the temperature of the home saves significantly on the cooling bills plus it increases the curb appeal.
Homeowners who take the initiative to make these changes usually discover the energy savings are more than worth the effort. Happy savings!
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