Earlier in this foreclosure cycle we are currently experiencing, local real estate agents and appraisers in Sun Valley would discount the value of the bank owned foreclosure properties. In other words, the foreclosure properties were considered less valuable than non foreclosures and therefore not seen as equal. As in, “yes, that property sold but it was a foreclosure so it’s not a good comparable.”
Often we didn’t want to include them as comparables when in determining value of other properties. Now it’s unavoidable. Bank owned and distressed properties are defining our market, they aren’t just influencing it. And not just in entry level properties.
The process started out in the south valley in Hailey and Bellevue but then it started creeping Read the rest of this entry »
In the last week, I have submitted offers for two different clients on two different bank owned properties. On both properties, there were multiple offers from other agents being submitted simultaneously. On one of the properties, there were four offers. Yes, four.
Both of the offers I submitted were for more than the bank’s asking price and one was much higher than the bank’s asking price. Both of the offers were rejected by the bank in favor of offers that “were substantially higher” than our offer. Wow!
So what the heck Read the rest of this entry »
I’ve said it before, real estate buyers and sellers are pretty much looking for one thing when they go online to look at properties, MLS listings. But they are also looking for other key information, too.
People want answers to real estate questions that they are actually asking. What’s going on with the market? What do you think they will take for this property? How does this property compare to that one? Which is a better deal? What’s the best location? How much are the association dues? Are there any good comps for that property? Can you send me a plat map? Are there any other offers on that house? Can you send me the CC&R’s for that project?
I just pulled the above questions out of about a weeks worth of emails in my in box.
That’s really the key information that a good website and a good real estate blog need to provide. The rest of it is just fluff and filler. The fluff is not necessarily bad information, some of it can actually be quite helpful. It’s just not the core information that buyers are after.
Don’t get me wrong, my website has it’s fair share of fluff on it, too. I’m just making a light hearted poke at a lot of websites I see out there…mine included.
So visit my site for the key information you really need to know and I’ll give you the fluff for free. But be sure you check out my testimonials and face shot while you are there!
Amanda at the Sawtooth Board of Realtors told me about this class for first time home buyers. It seems like it could be valuable. Have a look.
The College of Southern Idaho’s Community Education Center is offering the non-credit homebuyer’s education course, Finally Home. The course is specifically designed for first-time low to moderate income home buyers and addresses some of the issues that potential home owners face as the take the steps to purchasing a home.
The Finally Home Homebuyer Education program is Read the rest of this entry »
I was writing an email to a client yesterday and it seemed to me the same information would be valuable for everyone.
Referring to an upscale townhome project in Ketchum, “These are for sale at or below replacement cost for the construction alone, not including land value. I believe they are worth a lot more than they are asking. The only reason they are not gone is that people are still edgy about the economy… but it seems to be changing. The deals available on the market are great deals. Great deals even for a down market.”
Just as a commentary Read the rest of this entry »
Welcome to the fourth and final installment of How to And How Not to Sell Your Home!
4. Get rid of your clutter! While things like furniture and lawn chairs are ok, a potential buyer doesn’t want to see pictures of your dogs and cats, family mementos and other bits and pieces you leave around your house. They would much rather picture their things in your house, and your child’s stuffed animal collection could be preventing them from doing so.
4. Limit yourself to your broker. Two out of three buyers start their search online, so put yourself out there! Put your home on yahoo.com, craigslist.com, trulia.com, zillow.com, homes.com. You can even sell your house on ebay (it costs $150, and it’s noncommittal, so you can back out even if someone bids.) Many a good house has gone unnoticed because no-one knew about it. This doesn’t mean you shouldn’t necessarily sell through a broker, it just means you have many other options instead of or alongside with.
Good luck and happy selling!
Welcome to the third installment of How to And How Not to Sell Your Home.
3. Add curb appeal. Not only is a house with a nice garden attractive to the eye, its attractive to the buyers interest– a house that comes with a nice yard means less work for the buyer if they buy the house, whereas a house with a trashed yard can not only hide or push aside the other (better) qualities of your house, it makes the buyer think of spending hours weeding the garden, mowing the lawn, planting flowers/hedges/trees. You don’t need to spend a lot of time or money in the garden to get this desired curb appeal: simply keeping the lawn mowed, the weeds at bay and adding a couple of flowers or other foliage here and there can do wonders.
3. Not take the first bid. Many homeowners will get a bid right away and not accept it. Because someone was so interested in your house right away, that means there must be loads of other people who will make a bid. Wrong. Chances are, the buyer has been looking for a while and your home happened to fit the bill. That does not mean that there will be a bidding war over your home. If that first offer is good, then don’t be so quick to reject it: if you do, you might have your house on the market for hundreds and hundreds of days. Of course, if the offer isn’t right then you don’t have to accept it just in case no one else bids. But if the offer is what you were looking for, then why wait?
Good luck and happy selling!
Real estate is local. The CBS evening news isn’t going to tell you what the market is doing in Hailey, Idaho. Individual markets vary and they vary a lot. So what is really happening on the little real estate island we call the Wood River Valley? What is really going on in our hyper local real estate community? How do we see the big picture?
Well, in order to see the local picture, sometimes we have to look at the big picture first. Even though real estate is local, and often hyper local, each market will still follow a general series of market stages. All real estate markets essentially follow the same cycle, they just do it at different times and at their own pace. Historically, Read the rest of this entry »
If advertising and local buzz has anything to do with it, all of the 11 units up for auction in the Chilali Lodge in Ketchum should sell like hot cakes. The auction, which is scheduled for February 19th has been highly publicized by the auction company who will be holding the sale.
Accelerated Marketing Partners has created quite a local buzz by widely publicizing the acution in local newspapers and through online media as well as through the local Read the rest of this entry »
Enjoy this dramatic & magnificent log home in the Twin Creeks area of Elkhorn. This property offers stunning views of the Boulder Mountains. Surrounded on all sides by thousands of acres of open space and other estate lots. Private, yet only five minutes to Baldy and Ketchum. Ski & hike out your back door and rarely run into anyone. Four suites with full baths in each. Thirty foot ceilings in great room, separate private apartment, master bedroom w/ steam room, wine storage, and access to all Elkhorn amenities.
This home s one of the lowest price luxury homes per square foot in the Sun Valley area. This home sits on an impressive 4.76 acres and the seller owns adjacent 3.68 acre lot which is currently listed separately for $995,000. Purchase together for a total of 8.44 acres of privacy. Exceptional location, classic log styling and custom features throughout. Offered for $2,795,000.
Offered by Coulter Properties.