Archive for the 'Market Trends' Category
After 16 years of being my own boss as a restaurateur, I’ve changed careers and am now a licensed realtor! Everything is new. New products. New lingo. New protocols. New associates. The list is long, but I’m excited, enthusiastic and eager to become a high producing agent.
Last week, I took some new clients, along with their four year old daughter, out and showed property for the first time (yet another new). Naturally, I was a bit nervous, but mostly thrilled, as I pulled up to my very first showing. These days, most homes have electronic lock boxes that open with a key you insert into your Iphone. Once your key registers on your phone, you simply point (and shoot) at the lockbox, the lockbox opens and out drop the keys to the house.
As fate would have it, I couldn’t get my key working properly and consequently, couldn’t get the lock box open. Yikes! Starting to stress and hearing my internal dialogue, “Are you kidding me?!?” “Is this really happening?!?”
Well, because of my experience as a business owner, I’m used to problem solving on the fly. So, trying to keep my cool, I began checking the doors for the off chance one was unlocked. No such luck. As I made my way around back, the four year said, “What if I go in there?!?” as she pointed to the doggie door. YES!! She crawled in and with a little guidance from outside she unlocked the door.
Shazam…we were in!!! Needless to say, we had more than a few laughs. The clients ended up loving the house and are about to write up an offer….all because of the dog door.
To say the Sun Valley real estate market is recovering is beginning to sound like an understatement. Rebound is quickly becoming a better term to describe our local market. Short sales and foreclosures in Ketchum and Sun Valley have all largely passed through the market. The few remaining distressed and bank owned properties in Hailey are selling like hot cakes.
As our market shifts, lack of available inventory is quickly becoming our biggest issue. So what happens when you have lack of supply and high demand? Upward pressure on pricing, that’s what. Multiple competing offers on properties and buyers chomping at the bit in anticipation of new listings. That an increased demand for land and even, you guessed it, new construction which we are beginning to see in Hailey as well in the higher end markets in Ketchum and Sun Valley.
It’s an exciting time to be in the business of real estate here in Sun Valley. We’ve weathered the storm of the recession, licked our wounds, learned our lessons, got stronger and smarter and we are ready to go to work for you as we spring ahead into what promises to be an incredible summer selling season here in Sun Valley. Ready to get started?
Brand new construction in the prestigious Valley Club, the Wood River Valley’s only private country club. Located on a pond overlooking the 18th green of the new Tom Fazio 9. Exceptional finishes throughout this well designed home offer an inviting setting for family and friends to enjoy for years to come. Bank ownership means excellent value and priced to sell immediately. Call for a showing today!
Most everyone is familiar with a traditional auctions. Well, reverse auctions are a different and interesting sort of beast. As a leading and widely accepted real estate site states, “The popularity of reverse auctions in recent years has increased, as auctions in general are becoming the preferred way of buying real estate and goods of all kinds.”
As the name suggests, reverse auctions are those transactions in which the roles of buyers and sellers are reversed. For example, en a traditional auction, most commonly known as a forward auction, buyers compete to obtain a property, with the selling price increasing as the buyers keep raising their bids in an effort to outlast each other. A real estate reverse auction, is just the opposite. In the case of a reverse auction, the seller steadily drops their price until they find the price point. Sellers drop their price until they reach market demand.
Aside from the distressed property sales, the “reverse auction” is essentially Read the rest of this entry »
Here is a pretty interesting article from a mortgage broker in Boise, named Shanna Wroten-Tucker. If you want to give her a call here is her contact information and bio. Enjoy this guest article:
Is it better to give my house back to the bank or short-sale it? As a mortgage professional, I hear this question all the time from real estate agents and frightened homeowners.
I have to preface this article by stating that loan guidelines and credit scoring algorithms change frequently… please bear in mind, what’s true today might be different tomorrow. Adding to the confusion is the fact that many lenders impose more restrictive guidelines than those referenced below. Having said that, here is a basic guide for those facing short-sale or foreclosure:
Short Sales and Short Refinances
When a bank agrees to settle for less than the full amount owed on a loan, otherwise known as a “short sale” or a “short refinance” it will typically Read the rest of this entry »
No one wants to sell their house at a loss, but in this economy, no one is coming out on top. What can one do? What many people don’t realize is that selling isn’t the be all, end all. An increasing number of homeowners are starting to rent their properties. But how do you know whether you should take the plunge and rent your house or stick with selling? Vera Gibbons from Real Estate on msnbc.com outlines the factors you must consider:
Crunch the numbers
Calculate your carrying costs: your mortgage payments, taxes and insurance. Compare that number to how much income your are expecting to receive from renting out your place. Would you come out ahead? Ideally, the rent should be at least 125 percent of your mortgage payments to make it a sensible option. Read the rest of this entry »
I think we can all agree we are in a buyer’s market. So why sell your house right now? Why would it make sense?
Selling in today’s means SELLING for less than you would have sold for several years ago. That’s a given. But buying today means BUYING for much less than you would have a few years ago. In other words this market cuts both ways. It can be a neutralizer or perhaps even an improved situation for a home owner. What you may lose on the selling end, you can make up for on the buying end.
Possibly an opportunity to move into a better home in a nicer neighborhood for an equivalent monthly payment. Plus, since mortgage rates are at all time lows, there is a good chance you would be able to lower the interest rate on your mortgage.
Would this make sense for you? Would this be a good time to find opportunity in a tough market? It’s something to think about.
It’s the ABC’s of real estate…..Always Be Creative. Give me a call to roll around some ideas.
These days, the vast majority of people who are thinking about buying real estate start their search right here. On the computer. And the information they are after is the listings posted on the local MLS.
I hear all kinds of stats. For a while the percentage of real estate searches started online was around 70%, then 80%. Now there are indications that up to 90% of people looking for real estate start online.
So, what has this created?
Real estate agent evolution for starters. Pretty much every residential agent and office worth its salt offers search-able MLS listings on their sites. The general public is essentially privy to everything licensed real estate agents can see, except for some private information that can only be shared between fellow Realtors. This is huge for Read the rest of this entry »
250 Cranbrook in Hailey. Located in Hailey’s most popular neighborhood, Northridge.
I like everything about this deal and here’s why. The property hit the market on February 25th, 2011 at $585,000. My clients had been seriously following the Hailey market for a long time for just the right property. Nothing had quite fit the bill. We dismissed this Cranbrook property because it was overpriced at $585,000. So, we didn’t even look at it.
A few days later I was meeting them in front of a house in Deerfield. Sitting in my car checking the “hot sheets” on my i phone, I noticed Cranbrook had been reduced to $499,000. Down from $585,000, which was a huge drop for just a few days after it was listed.
Needless to say, we flew over there to check it out. And it turned out to be a great property match. So we made an offer that same day and struck Read the rest of this entry »
You should check out the movie Inside Job. It’s a documentary about the mortgage mess we have been dealing with for the past 5 years. Government deregulation, greedy bankers, academics posing as financial consultants and the “Wall Street Government” that has driven national and global economics condition into the ground. Both in the past and evidently, even today. Curl up on the couch with a bowl of popcorn this week end and let me know what you think. It’s narrated by Matt Damon, too.