Real Estate Outlook: Home Prices Fall

Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.

The indices found that while levels were below third quarter 2010 numbers and the annual rate of decline for the last quarter range from 3.6 to 3.9 percent.

“Home prices drifted lower in September and the third quarter,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices. “The National Index was down 3.9% versus the third quarter of 2010 and up only 0.1% from the previous quarter. Three cities posted new index lows in September 2011 – Atlanta, Las Vegas and Phoenix. Seventeen of the 20 cities and both Composites were down for the month. Over the last year home prices in most cities drifted lower. The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.” Read more

Before You List, Must-do Showing Tips

Staging pro Sharon Brown with Homescapes by Design in Roseville, Minn., offers her clients a checklist before they list their home for sale. The point of the checklist is to make sure the home is show-ready before the for-sale sign goes up and the first potential buyer walks through the door, and even before photos are snapped for the MLS.

The following are the changes Brown most recommends to her clients in getting a home ready to list:

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More Home Owners Become ‘Accidental Landlords’

More home owners who are unable to sell their home or afford to drop the price any more are opting to rent out their homes until the market improves. But some “accidental landlords” are now having regrets.

The number of formerly owned-occupied homes turned into rentals has soared in recent years, according to Harvard’s Joint Center for Housing Studies. In 2009, nearly 25 percent of single-family detached rentals had been owner-occupied two years earlier.

But while home owners are turning their homes into rentals to generate cash flow, many say it’s not enough. They say the cash flow being generated from the property is hardly enough to cover expenses, and in some cases, they’re even losing money. Accidental landlords also say the role is time-consuming and can be stressful, as they have to worry about everything from finding tenants to handling any repairs.

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Why You Hate Me: I Need More Money – By Charlie Mather

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After reading an article that said real estate agents are one of the most hated professions, Charlie Mather, the founder, owner and broker in charge of The Mather Company, Inc., decided to write a series of posts called “Why You Hate Me”. To read past articles in this series, please click here.

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Wikipedia states: “A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the “principal”): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.”

In real estate school, ALL agents learn that we have a fiduciary relationship with our buyers or sellers as soon as they become our client.

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Top 10 Home Cleaning Supplies

A clean home shows better, sells better, and feels better. How do you know which product works best, though? There are hundreds of products on the market, all claiming to be the winning solution.

Having a clean house is not only healthy, it can help you sell when the times comes. Buyers have a tendency to zero in on grime instead of seeing your home for what it really is — a great house with lots of potential. Don’t let a dirty house hold you back from making the sale!

Realty Times’ cleaning maven has swept together her list of favorite supplies that scrub, dissolve, and sparkle. No more guesswork! Here’s the top 10 cleaning supplies you need in your home.

The Top 10

1. Green Works All Purpose Cleaner:

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Relocation Tips to Help You Make Your Move Stress-Free

Relocating for a job or personal reason is not easy. Relocating these days can be even more difficult especially if you have to sell your home first.

According to USA Today, “The leap is especially big for the nearly 25 percent of U.S. mortgage holders who owe more than their homes are worth–or will likely bring at sale.”

However, the housing slump may not have as much of an impact on employee mobility as some may think. The U.S. Census Bureau reported that moves associated with job opportunities remained steady from 2007 to 2009.

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The Basics of Tile

Today’s homeowners are short on cash. While the remodeling market is on the upswing, many homeowners are choosing to do-it-themselves. Making improvements to your home can be a great way to add value, especially if you keep costs low.

One popular project among DIYers is tiling. Local home improvement stores offer weekend classes on how to tile. Check for the times available in your area. There are also a wide range of instructional videos available on YouTube that can steer you in the right direction. Sometimes it helps to see what to do in addition to reading what to do.

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364 Summit Hills Circle Price Reduced

364 Summit Hills Circle
Columbia, SC 29229

(Map)

Listing Price: $179,900
Listing Price: $174,900
Square Footage: 2,000
Bedrooms: 3
Bathrooms: 2

Click “Read More” for a description, video and photographs of the house.

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Staging Enables Sellers to Portray a Lifestyle That Prospective Buyers Can Relate and Aspire To

Check out the following article from MarketWatch.com…

Craig and Amy Smith always felt quite confident, even cocky in their abilities to tastefully design the spacious interior of their steel-and-concrete loft in downtown Denver. That was until they decided to sell it and a consultant hired to help them “stage” their home told them to neutralize a dramatic accent wall, put away family photos and place most of their furniture and artwork in storage.

“The hardest part was not taking it personally,” said Craig Smith, who as chief executive of ServiceMagic.com, an online business that connects homeowners with prescreened home-service professionals, decided to take his own advice. “When you think you’re the best designers in the world and you have someone saying your taste in things might not be appreciated by others—that could be an ego hit.”

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Pre-Sale Renovation: Home Seller Do’s and Don’ts

You’ve probably seen those depressingly cheery home-themed TV shows: a couple needs to sell their house, they have an outdated kitchen, and a designer comes in and proceeds to convince them to renovate the kitchen into a stainless-steel-clad shrine to culinary greatness—for tens of thousands of dollars. In an ideal real estate market, that would add value, but in today’s market, expensive pre-sale renovations, for the most part, aren’t worth it. The numbers bear this out: In general, a home remodel will cost quite a bit more than you’ll get back when you sell; remodels done in 2010 will only recoup 60% of their price when the house is sold, according to Remodeling magazine’s 2010 Remodeling Cost vs. Value survey, done in partnership with the National Association of REALTORS® (NAR).

Two of the areas that potential buyers are often most pressured to remodel before selling are the kitchen and bathroom. Here, we’ll tackle both of those rooms, and let you know what to do—and what to avoid—when considering a pre-sale renovation:

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