Continued Happy New Years to everyone from Archer and family. I thought Id post a sample of some of the Buyers and Sellers Tips that have been generously provided for us by the NAR. There is some really good information and common sense in these hand outs. Take advantage of the free offer and request any of the handouts listed previously.
I am working on getting the Handouts for Sellers Table of contents list posted too.
Can you believe that almost 45% of the homes reported sold in December were Foreclosure properties or Short Sale candidates.
Short Sales require a patient Realtor who understands the complexity of the process. But short sales are not for everyone. In fact not everyone "upside down" in their home can even qualify for a short sale. Frankly there may be other (better ?) options for homeowners who are now having payment issues with their homes. Ask your RE professional if you are a candidate for loan modification, short sale, or one of several other measures designed to get you through the hard times. A Realtor worth his salt will have a handle on the options that distressed home owners are facing.
I will be happy to discuss your situation personally and privately, and can give you resources that may be able to help.
It's even possible for Sellers to sell traditionally (with little or no credit damage) if the debt and value numbers are not too out of balance.
Buyers handout 19 is posted below. Good information especially for the FIRST TIME HOME BUYER or for the Buyer who has been away from the market for awhile...
10 Things to Take the Trauma Out of Homebuying
1. Find a real estate professional who's simpatico. Homebuying is not only a big financial
commitment, but also an emotional one. It's critical that the practitioner you choose is
both skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If
you find a home now, don't try to second-guess the interest rates or the housing market
by waiting. Changes don't usually occur fast enough to make that much difference in
price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision,
but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you
and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate
process, but trying to"win" by getting an extra-low price may lose you the home you
love.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical
aspects of the house itself--room size, kitchen-that you forget such issues as amenities,
noise level, etc., that have a big impact on what it's like to live in your new home.
7. Don't wait until you've found a home and made an offer to get approved for a mortgage,
investigate insurance availability, and consider a schedule for moving. Presenting an
offer contingent on a lot of unresolved issues will make your bid much less attractive to
sellers.
8. Factor in maintenance and repair costs in your post-homebuying budget. Even if you buy
a new home, there will be some costs. Don't leave yourself short and let your home
deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home,
especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S.
homes have appreciated an average of 5.4 percent annually from 1998 to 20A2, a home's
most important role is as a comfortable, safe place to live.
Chapter 19
Reprinted from Realtor Magazine Online by permission of the NATIONAL ASSOCIATION of REALTORs
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
RETURN TO DREAM HOME NEW MEXICO
Tuesday, January 6, 2009
Sunday, December 28, 2008
Free Handouts for Consumers - Table of Contents - Buyer
Just wanted to let you know that I am able to pass along some real estate tips and thoughts courtesy NAR (National Association of Realtors)...
The Table of Contents for Buyers below lists the many tips sheets which are available for email.
See something you like? Please request a copy (by name and number), and I will email it to you in Adobe (.pdf) format. As many as two documents can be requested per visit.
8 Steps to Getting Your Finances in Order..... 4
Budget Basics Work Sheet.....5
8 Ways to Improve Your Credit.....6
5 Factors That Decide Your Credit Score.....7
Your Property Wish List.....8
Tips for Finding the Perfect Neighborhood.....9
Tips on Buying in a Tight Market.....10
The Pros and Cons of Condos.....11
5 Reasons You Need a REALTOR@.....2
Questions to Ask When Choosing a REALTOR.....13
10 Steps to Prepare for Homeownership.....4
How Big a Mortgage Can I Afford?.....15
7 Reasons to Own Your Own Home.....16
LINK - 5 Common First-Time Homebuyer Mistakes.....17
LINK -10 Tips for First-Time Homebuyers.....18
LINK - 10 Things to Take the Trauma Out of Homebuying.....19
How High Tech Is Your Home?.....20
Hidden Home Defects to Watch For.....21
l0 Questions to Ask a Home Inspector.....22
What Your Home Inspection Should Cover.....23
How Comprehensive Is Your Home Warranty?.....24
5 Property Tax Questions You Need to Ask.....25
10 Questions to Ask Your Condo Board.....26
10 Questions to Ask Your Lender.....27
10 Things a Lender Needs From You..... 28
6 Creative Ways to Afford a Home.....29
Choices That Will Affect Your Loan.....30
5 Things to Understand About Homeowners Insurance.....31
10 Ways to Lower Your Homeowners Insurance Costs.....32
5 Things to Understand About Title Insurance.....33
What Not to Overlook on a Final Walk-through.....34
Common Closing Costs for Buyers.....35
What to Keep From Your Closing.....36
Tips for Packing Like a Pro.....37
Reprinted from REALTOR Magazine Online by permission of the NAR
Copyright 2005. All rights reserved. www. REALTOR. org
Coming next time are the Consumer Handouts for Sellers. I hope you find these helpful.
Buyers get ready to score.
You should be doing some things now:
Get pre-qualified! I see 4.5% 30 yr fixed rates in the immediate future with possibilities of 4% (maybe even lower). Good credit a must, but there are loans available "right now" for 3.5% down. Wow. A decent job history and Good Credit and you're probably good to go. I didn't say you need great credit. Good credit will do. Need help finding a reliable lender? Let me help you get started with a list of silver city and area lenders who want your good business..
Start the online search to get a feel what value means in your target market. Free search engines like Dream Home let you see all of the listings in all of the categories - and no registration or fees... You need to know a bit about market values and what to expect when you interview your potential Realtor. Is he / she showing me stuff that pays him more, or am I seeing everything that's available - regardless of the Realtor commission involved. Hmmmm. Do some due diligence and you will be ahead of most.
Choose your Realtor carefully. You want experience (and not just in years) and solid knowledge of changing market conditions. You want someone who seeks properties that have intrinsic and actual value, as well as helping you understand why other properties may not provide value for the buck spent.
RETURN TO DREAM HOME NEW MEXICO
The Table of Contents for Buyers below lists the many tips sheets which are available for email.
See something you like? Please request a copy (by name and number), and I will email it to you in Adobe (.pdf) format. As many as two documents can be requested per visit.
Please visit www.dreamhomenewmexico.com and use the CONTACT US link to request specific handouts. You may also email me directly to request information
silver_blogger "at" dreamhomenewmexico.com
silver_blogger "at" dreamhomenewmexico.com
8 Steps to Getting Your Finances in Order..... 4
Budget Basics Work Sheet.....5
8 Ways to Improve Your Credit.....6
5 Factors That Decide Your Credit Score.....7
Your Property Wish List.....8
Tips for Finding the Perfect Neighborhood.....9
Tips on Buying in a Tight Market.....10
The Pros and Cons of Condos.....11
5 Reasons You Need a REALTOR@.....2
Questions to Ask When Choosing a REALTOR.....13
10 Steps to Prepare for Homeownership.....4
How Big a Mortgage Can I Afford?.....15
7 Reasons to Own Your Own Home.....16
LINK - 5 Common First-Time Homebuyer Mistakes.....17
LINK -10 Tips for First-Time Homebuyers.....18
LINK - 10 Things to Take the Trauma Out of Homebuying.....19
How High Tech Is Your Home?.....20
Hidden Home Defects to Watch For.....21
l0 Questions to Ask a Home Inspector.....22
What Your Home Inspection Should Cover.....23
How Comprehensive Is Your Home Warranty?.....24
5 Property Tax Questions You Need to Ask.....25
10 Questions to Ask Your Condo Board.....26
10 Questions to Ask Your Lender.....27
10 Things a Lender Needs From You..... 28
6 Creative Ways to Afford a Home.....29
Choices That Will Affect Your Loan.....30
5 Things to Understand About Homeowners Insurance.....31
10 Ways to Lower Your Homeowners Insurance Costs.....32
5 Things to Understand About Title Insurance.....33
What Not to Overlook on a Final Walk-through.....34
Common Closing Costs for Buyers.....35
What to Keep From Your Closing.....36
Tips for Packing Like a Pro.....37
Reprinted from REALTOR Magazine Online by permission of the NAR
Copyright 2005. All rights reserved. www. REALTOR. org
Coming next time are the Consumer Handouts for Sellers. I hope you find these helpful.
Buyers get ready to score.
You should be doing some things now:
Get pre-qualified! I see 4.5% 30 yr fixed rates in the immediate future with possibilities of 4% (maybe even lower). Good credit a must, but there are loans available "right now" for 3.5% down. Wow. A decent job history and Good Credit and you're probably good to go. I didn't say you need great credit. Good credit will do. Need help finding a reliable lender? Let me help you get started with a list of silver city and area lenders who want your good business..
Start the online search to get a feel what value means in your target market. Free search engines like Dream Home let you see all of the listings in all of the categories - and no registration or fees... You need to know a bit about market values and what to expect when you interview your potential Realtor. Is he / she showing me stuff that pays him more, or am I seeing everything that's available - regardless of the Realtor commission involved. Hmmmm. Do some due diligence and you will be ahead of most.
Choose your Realtor carefully. You want experience (and not just in years) and solid knowledge of changing market conditions. You want someone who seeks properties that have intrinsic and actual value, as well as helping you understand why other properties may not provide value for the buck spent.
RETURN TO DREAM HOME NEW MEXICO
Tuesday, December 23, 2008
November 2008 - Existing Housing Sales - HO HO HOLY SMOKE
Things continue to look less than grand from a national viewpoint. A ray of light in NM? Isolated regions and some local markets, Silver City New Mexico included, seem to be bucking the huge continued downward real estate trends seen elsewhere.
OK here is 11-2008 from the NAR:
INVENTORY: Total housing inventory at the end of November rose 0.1 percent to 4.2 million existing homes available for sale, which represents an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October
PRICES: The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less
SINGLE FAMILY HOME SALES: fell 8.0 percent to a seasonally adjusted annual rate of 4.02 million in November from a level of 4.37 million in October, and are 8.8 percent below a 4.41 million-unit pace a year ago. The median existing single-family home price was $180,800 in November, down 12.8 percent from November 2007.
Prices nationally should continue to slide, and buyers in many markets are starting to get the heat. Interest rates heading towards snail butt bottom. What a great time to be qualified to buy. First Time Home Buyers delight too with FHA and 3.5% down - gifted down allowed from family member...
I predict that prices will find a way of sliding a bit more here in Silver before we see a firm bottom. Buyers are getting some nice deals here it seems, with virtually no sellers getting full asking price. That last sentence will probably provide momentum and reason for sellers to continue to ask higher prices than what conditions imply BUT please read the following....
DO NOT OVER PRICE YOUR LISTING! The price it gigh just in case and "WE CAN ALWAYS TAKE LESS" theory has about run its course - cause it isn't getting the wished for result. Look at the listings that are stubbornly kept on the market at a price that barely gets the properties shown. Duh! Days on market is a stat that most savvy buyers look at.
I have long thought we (as sellers) have had an overinflated sense of value in listing properties in this community, and therefore potentially the market could be a bit unstable. In spite of all of the negatives that might warn of the worst scenarios, the market has been managing to hold up very well with only occasional use of smoke and mirrors (s+m) adding to a sense of stability.
S+M The market has been sustainable at least in part because of the high percentage of sales made to folks coming from outside this area. To many folks who choose to make this their area their homes, our asking home prices must seem reasonable (if not darn cheap) compared to where they have come from. And because so many of the database homes are priced with (perceived) blue sky added in to the list price, it doesn't seem unreasonable to someone who is not familiar with our values to make what to them is a "reasonable" offer. Offers and closings continue to take place with some regularity. And offers and closings in a range of value will beget offers and closings of a similar nature.
(My concern and the rub) There's a theory that says real estate markets can't be considered truly stable until historical average rents and average selling price ratios are in balance. If mortgage payments average $1200 a month but I can rent similar houses for $700-850, there is a market imbalance. When the spread gets really wide, it hints at extreme imbalance and awaiting correction. Parts of So Calif. have ratios mortgage payments in the range of 2500-3000 a month and yet rents are in the $1200 range. That ratio has proven/ is proving to be a disaster. Even in our little town, rents need to be raised or property values need to come down for proper market balance.
Realtors must do what is in the best interest of their selling clients and in most cases what is best for their customers. Some Realtors help artificially inflate values in the market by allowing listing prices to be at the high range of fair up to unreasonable - but if there is some chance that someone will pay a higher price, it has to be considered in the strategy... Price it right the first time and you will be much more happy with the results that you get.
Merry Christmas and a Happy New Year to everyone. May you and your family have a Happy Holiday Season. ---aarcher---->
OK here is 11-2008 from the NAR:
INVENTORY: Total housing inventory at the end of November rose 0.1 percent to 4.2 million existing homes available for sale, which represents an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October
PRICES: The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less
SINGLE FAMILY HOME SALES: fell 8.0 percent to a seasonally adjusted annual rate of 4.02 million in November from a level of 4.37 million in October, and are 8.8 percent below a 4.41 million-unit pace a year ago. The median existing single-family home price was $180,800 in November, down 12.8 percent from November 2007.
Prices nationally should continue to slide, and buyers in many markets are starting to get the heat. Interest rates heading towards snail butt bottom. What a great time to be qualified to buy. First Time Home Buyers delight too with FHA and 3.5% down - gifted down allowed from family member...
I predict that prices will find a way of sliding a bit more here in Silver before we see a firm bottom. Buyers are getting some nice deals here it seems, with virtually no sellers getting full asking price. That last sentence will probably provide momentum and reason for sellers to continue to ask higher prices than what conditions imply BUT please read the following....
DO NOT OVER PRICE YOUR LISTING! The price it gigh just in case and "WE CAN ALWAYS TAKE LESS" theory has about run its course - cause it isn't getting the wished for result. Look at the listings that are stubbornly kept on the market at a price that barely gets the properties shown. Duh! Days on market is a stat that most savvy buyers look at.
I have long thought we (as sellers) have had an overinflated sense of value in listing properties in this community, and therefore potentially the market could be a bit unstable. In spite of all of the negatives that might warn of the worst scenarios, the market has been managing to hold up very well with only occasional use of smoke and mirrors (s+m) adding to a sense of stability.
S+M The market has been sustainable at least in part because of the high percentage of sales made to folks coming from outside this area. To many folks who choose to make this their area their homes, our asking home prices must seem reasonable (if not darn cheap) compared to where they have come from. And because so many of the database homes are priced with (perceived) blue sky added in to the list price, it doesn't seem unreasonable to someone who is not familiar with our values to make what to them is a "reasonable" offer. Offers and closings continue to take place with some regularity. And offers and closings in a range of value will beget offers and closings of a similar nature.
(My concern and the rub) There's a theory that says real estate markets can't be considered truly stable until historical average rents and average selling price ratios are in balance. If mortgage payments average $1200 a month but I can rent similar houses for $700-850, there is a market imbalance. When the spread gets really wide, it hints at extreme imbalance and awaiting correction. Parts of So Calif. have ratios mortgage payments in the range of 2500-3000 a month and yet rents are in the $1200 range. That ratio has proven/ is proving to be a disaster. Even in our little town, rents need to be raised or property values need to come down for proper market balance.
Realtors must do what is in the best interest of their selling clients and in most cases what is best for their customers. Some Realtors help artificially inflate values in the market by allowing listing prices to be at the high range of fair up to unreasonable - but if there is some chance that someone will pay a higher price, it has to be considered in the strategy... Price it right the first time and you will be much more happy with the results that you get.
Merry Christmas and a Happy New Year to everyone. May you and your family have a Happy Holiday Season. ---aarcher---->
Wednesday, December 3, 2008
Interest Rates possibly going below 5% - IMO
Wow.
It appears that Buyers will be looking at rates at or below 5% soon.
This could prove to be a big step in stimulating some more purchase activity nationally.
It's nice to be in Silver City where declines have been minimal - at least they haven't been anywhere near as substantial as elsewhere. There must be some local pain being experienced with retirement accounts having been hammered, jobs lost, and some loss in value in their real property. Obviously the real estate market has softened. It had too. Before the "bailout," some folks weren't sure we would have a private banking system when all was said and done. Hmmmm.
To be honest, we may still have to give back a bit more before the national financial situation is resolved. Still I feel reasonably comfortable that we (in Silver City) will be spared the worst case scenarios associated with this mess. Fingers crossed and hoping the powers that be have the common sense to do what's right for the USA.
Really sorry to hear about recent FCX events. We really do need the jobs and associated income going to businesses in the community . Go copper...
Good Buying Opportunities! - coming soon
View the entire database and search by Silver City MLS number with mouseover image controls.
FREE NO REGISTRATION
It appears that Buyers will be looking at rates at or below 5% soon.
This could prove to be a big step in stimulating some more purchase activity nationally.
It's nice to be in Silver City where declines have been minimal - at least they haven't been anywhere near as substantial as elsewhere. There must be some local pain being experienced with retirement accounts having been hammered, jobs lost, and some loss in value in their real property. Obviously the real estate market has softened. It had too. Before the "bailout," some folks weren't sure we would have a private banking system when all was said and done. Hmmmm.
To be honest, we may still have to give back a bit more before the national financial situation is resolved. Still I feel reasonably comfortable that we (in Silver City) will be spared the worst case scenarios associated with this mess. Fingers crossed and hoping the powers that be have the common sense to do what's right for the USA.
Really sorry to hear about recent FCX events. We really do need the jobs and associated income going to businesses in the community . Go copper...
Good Buying Opportunities! - coming soon
View the entire database and search by Silver City MLS number with mouseover image controls.
FREE NO REGISTRATION
Thursday, August 7, 2008
More June 2008 data
NAR reports this morning that June 2008 Pending Sales (houses that have gone into "under contract" status) are up 5.3% over May 2008. However the pending sales number is down a BIG 12.3% over the same period a year earlier (June 2007 data).
Pending Sales by area:
Pending sales in Northeast are up +3.4%
Pending sales in South are up +9.3%
Pending sales in West are up +4.6%
Pending sales in Midwest are up a modest +1.3%
Interesting note here that the areas showing the greatest drop in prices recently are the areas showing the greatest recovery. This substantiates my recent theory that there are savvy buyers in the pipeline who are taking action and buying homes in the distressed markets on the pullbacks in pricing.
NAR also states that the housing stimulus package bill should improve overall conditions (On a national basis) for the 4th quarter.
Interested in picking up a value property in Silver City? See all of the available properties at Silver City's premier real estate web site. Dream Home New Mexico
Need help in weeding through the blue sky listings and finding real value in the market here?
Contact Dream Home New Mexico Dream Team member - a GMAC Premier Service member
Pending Sales by area:
Pending sales in Northeast are up +3.4%
Pending sales in South are up +9.3%
Pending sales in West are up +4.6%
Pending sales in Midwest are up a modest +1.3%
Interesting note here that the areas showing the greatest drop in prices recently are the areas showing the greatest recovery. This substantiates my recent theory that there are savvy buyers in the pipeline who are taking action and buying homes in the distressed markets on the pullbacks in pricing.
NAR also states that the housing stimulus package bill should improve overall conditions (On a national basis) for the 4th quarter.
Interested in picking up a value property in Silver City? See all of the available properties at Silver City's premier real estate web site. Dream Home New Mexico
Need help in weeding through the blue sky listings and finding real value in the market here?
Contact Dream Home New Mexico Dream Team member - a GMAC Premier Service member
Thursday, July 24, 2008
June 2008 Housing National Data
Hot off the ticker information courtesy of NAR and the talkin heads at CNBC...
Existing Home Sales fell in June by 2.6% (a seasonally adjusted rate) with 4.86 million sold units, the lowest sales reported since 1998. Existing Home sales dropped 15.5% from June 2007.
Inventory of existing homes is up another .2% to a total of 4.49 units. This represents an 11.1 month supply of available homes. Ouch. This number just keeps growing. Note - Silver City inventory has inched up as well, but days on market for sold properties has declined substantially..
Median Home price for existing homes sold was $215,100 which is down 6.1% from June of 2007, and this is the lowest since 2004.
Regionally:
The Northeast reported -6.6% sales of existing homes
The Midwest reported --3.4%
The South reported -3.1%
with the West showing an increase of 1%.
Why an increase out West???
Perhaps because the West has seen prices drop across the board a big 17%. When a market takes a crapper, some of the good deals get washed out too, and create potential value for bottom fishing. Some savvy buyers are obviously active and some are scoring big out West.
Disturbing News - Well Yes IMO
Western State Realtors (California) have polled that 33% to 40% of the existing homes being sold are in some form " foreclosure properties". Wow..... Enough said...
Existing Home Sales fell in June by 2.6% (a seasonally adjusted rate) with 4.86 million sold units, the lowest sales reported since 1998. Existing Home sales dropped 15.5% from June 2007.
Inventory of existing homes is up another .2% to a total of 4.49 units. This represents an 11.1 month supply of available homes. Ouch. This number just keeps growing. Note - Silver City inventory has inched up as well, but days on market for sold properties has declined substantially..
Median Home price for existing homes sold was $215,100 which is down 6.1% from June of 2007, and this is the lowest since 2004.
Regionally:
The Northeast reported -6.6% sales of existing homes
The Midwest reported --3.4%
The South reported -3.1%
with the West showing an increase of 1%.
Why an increase out West???
Perhaps because the West has seen prices drop across the board a big 17%. When a market takes a crapper, some of the good deals get washed out too, and create potential value for bottom fishing. Some savvy buyers are obviously active and some are scoring big out West.
Disturbing News - Well Yes IMO
Western State Realtors (California) have polled that 33% to 40% of the existing homes being sold are in some form " foreclosure properties". Wow..... Enough said...
Things are going surprisngly well now in Silver City with the common expression "slammed" being used by many of the recently "Maytag" like real estate professionals. Yep we are getting busy. Buyers and sellers have found some level of comfort in our somewhat stable market.
You gotta love this place for any number of reasons..... ---aarcher--->
Thursday, July 10, 2008
Silver City Real Estate - 2nd Quarter stats and projections
Hi Friends of Silver City,
Activity seems to be on the rise (as normal and as expected) with the arrival of summer. In light of the national real estate crisis, things in our market continue to be "ok to about average" in our community. The word on the street is that things have picked up a notch or two and are increasing and improving - I echo this sentiment, especially over the last 4-5 weeks...
The 2nd Quarter of 2008 shows a total of 80 units SOLD (for all classes of property). Quarter 1 reports show 64 units reported sold in comparison.
Breaking this down for Residential sales - Quarter 2 reports 51 residential class listings selling at an average of $161,902 per unit. The residential number is up 2 units (from the 49 residential listings sold in Q1), but the average price has seen some slippage with the Q1 average being $169,751. Interesting that the DOM (Days on Market) have actually decreased for this important category - from 183 DOM in Q1 to only 140 DOM in Q2. (CORRECTION MADE 7-23-2008) Stats were re-posted and were corrected from 183 DOM listed in 2007 and should read 139... Virtually no change in DOM...
When we explore how the sales of residential listings for the 2nd Q of 2008 stacks up against 2007 and 2006 results, the following interesting data turns up:
2006 2nd Q - residential sales reported were 102 with an average sales price of $164,709
2007 2nd Q - residential sales reported were 96 with an average sales price of $191,575 (?)
2008 2nd Q - residential sales reported were 51 units with an average price of $161,902
Search all of the listings for free at the Premier Real Estate website serving Grant County
Go with the trend! Following the trends is the way to go if you are picking stocks. I don't believe we should put too much faith in trend lines for real estate as in the decline which the annual comparison of number's suggest. Those of us who watch the market data closely KNOW that we are in turn around mode in many of the nation's hardest hit communities. IMO -There will be additional (considerable) pain for some very specific regions ahead. The areas most discussed by the talking heads (San Diego, Phoenix, Las Vegas, and Miami, etc..) are reeling from the hurt, and they have much more to give back before they are done I fear. In areas like Silver City, however, we have been saved from the "big pain" that others are feeling - and our market is seeing signs of an up-tic. Perhaps we are seeing the flat to slight downtrend here reversed. I believe that the next Quarter numbers will accurately reflect additional recovery for our local market.
It is a great time to be looking at investing in the real estate market in this area. There are a few sweet deals to be had, and savvy Buyers are in somewhat aggressive mode. (Savvy) Sellers have started giving up the dream of making obscene profits in very short time frames as well, and a reasonableness in pricing is starting to be displayed. There are profits to be taken, but not EZ "blue sky" profits as before. The not so savvy Sellers may find their properties (currently priced above fair market value) likely to continue to sit with little activity from potential buyers.
State of Affairs -Properties without functional or environmental obsolescence and that are priced reasonably, are seeing decent to good activity, with many offers to purchase in well below average DOM...
It takes a good Realtor to help you price your home properly so that it sees good activity, just as it takes a good Realtor to keep you from snapping up the deal that really isn't a deal. Don't place an offer based upon what someone is asking. You need to understand and study the current market values for Sold and Active listings. You really need the aid of a service and brokerage with a network of skilled professionals to be effective in this kind of market. What you don't need is someone who looks primarily at the commissions* to be earned when identifying and helping you find potential properties.
The rainy season has started, and we are loving it. It's cool and virtually perfect sleeping weather for me. Fire danger is seriously reduced, and we are blessed for that. Our best to those in California who have not been so fortunate.
--aarcher--->
*If it seems your Realtor wants to only show his own office and personal listings, well.... just be wary of the potential for conflict of interest...
The 2nd Quarter of 2008 shows a total of 80 units SOLD (for all classes of property). Quarter 1 reports show 64 units reported sold in comparison.
Breaking this down for Residential sales - Quarter 2 reports 51 residential class listings selling at an average of $161,902 per unit. The residential number is up 2 units (from the 49 residential listings sold in Q1), but the average price has seen some slippage with the Q1 average being $169,751. Interesting that the DOM (Days on Market) have actually decreased for this important category - from 183 DOM in Q1 to only 140 DOM in Q2. (CORRECTION MADE 7-23-2008) Stats were re-posted and were corrected from 183 DOM listed in 2007 and should read 139... Virtually no change in DOM...
When we explore how the sales of residential listings for the 2nd Q of 2008 stacks up against 2007 and 2006 results, the following interesting data turns up:
2006 2nd Q - residential sales reported were 102 with an average sales price of $164,709
2007 2nd Q - residential sales reported were 96 with an average sales price of $191,575 (?)
2008 2nd Q - residential sales reported were 51 units with an average price of $161,902
Search all of the listings for free at the Premier Real Estate website serving Grant County
Go with the trend! Following the trends is the way to go if you are picking stocks. I don't believe we should put too much faith in trend lines for real estate as in the decline which the annual comparison of number's suggest. Those of us who watch the market data closely KNOW that we are in turn around mode in many of the nation's hardest hit communities. IMO -There will be additional (considerable) pain for some very specific regions ahead. The areas most discussed by the talking heads (San Diego, Phoenix, Las Vegas, and Miami, etc..) are reeling from the hurt, and they have much more to give back before they are done I fear. In areas like Silver City, however, we have been saved from the "big pain" that others are feeling - and our market is seeing signs of an up-tic. Perhaps we are seeing the flat to slight downtrend here reversed. I believe that the next Quarter numbers will accurately reflect additional recovery for our local market.
It is a great time to be looking at investing in the real estate market in this area. There are a few sweet deals to be had, and savvy Buyers are in somewhat aggressive mode. (Savvy) Sellers have started giving up the dream of making obscene profits in very short time frames as well, and a reasonableness in pricing is starting to be displayed. There are profits to be taken, but not EZ "blue sky" profits as before. The not so savvy Sellers may find their properties (currently priced above fair market value) likely to continue to sit with little activity from potential buyers.
State of Affairs -Properties without functional or environmental obsolescence and that are priced reasonably, are seeing decent to good activity, with many offers to purchase in well below average DOM...
It takes a good Realtor to help you price your home properly so that it sees good activity, just as it takes a good Realtor to keep you from snapping up the deal that really isn't a deal. Don't place an offer based upon what someone is asking. You need to understand and study the current market values for Sold and Active listings. You really need the aid of a service and brokerage with a network of skilled professionals to be effective in this kind of market. What you don't need is someone who looks primarily at the commissions* to be earned when identifying and helping you find potential properties.
The rainy season has started, and we are loving it. It's cool and virtually perfect sleeping weather for me. Fire danger is seriously reduced, and we are blessed for that. Our best to those in California who have not been so fortunate.
--aarcher--->
*If it seems your Realtor wants to only show his own office and personal listings, well.... just be wary of the potential for conflict of interest...
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