THE 13 STEP PLAN

I found these tips in a recent article at Bankrate.com. I know many of you have seen at least of them before, but I think they are worth sharing again. This article is a little longer than I like to put on my blog, please bear with me. Sure, there are fewer buyers and the skies are gloomy. So warm and brighten up the place; make it look like a refuge from the weather. What makes selling a home more stressful? Selling it in the middle of winter.
1. Keep snow and ice at bay.
The top tip from realtors: If the buyer can't get in easily, the house won't sell. That means keeping walkways and driveways free of the frozen stuff.
2. Warm it up.
If you're showing during the winter, think "warm, cozy and homey," Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming.
If you have a gas fireplace, turning it on right before the tour can give the house a little ambience, Libby says. With a wood-burning fireplace, you've got to be a little more careful. If the house is vacant, don't chance it. But if you're still living there and will be there during the tour, it can be a nice touch.
3. Take advantage of natural light.
"Encourage showing during the high-daylight hours," Ledebuhr says. At this time of year, "if you show after work, you're totally in the dark."
Make the most of the light you do have. Have the curtains and blinds cleaned and open them as wide as possible during daytime showings. Clean all the lamps and built-in fixtures, and replace the bulbs with the highest wattage that they will safely accommodate. Before you show the house, turn on all the lights.
4. Get the windows washed.
"Buyers act on the first impression," Ledebuhr says. Windows are one thing that many sellers don't even consider. In winter, that strong southern light can reveal grime and make it look like the home hasn't been well-maintained.
5. Play music softly in the background.
To create a little atmosphere, tune the radio to the local classical station. Turn it down so that you barely hear it in the background. "It's soothing," says Libby, who finds that soft classical music tends to have the most appeal to buyers. "I think people tend to stay around a little longer and look a little longer."
6. Make it comfortable and cozy.
Set the scene and help the buyers see themselves living happily in this house. Consider things such as putting a warm throw on the sofa or folding back the thick comforter on the bed. Tap into "the simple things this time of year that make you feel like you're home," Phipps says.
7. Emphasize winter positives.
Is your home on a bus route or some other vital service that means it's plowed or de-iced regularly in bad weather? Be sure to mention that to the buyers.
8. Set up timers.
Look at the outside lighting around the door. Is there enough illumination to make it inviting? If not, either get the fixtures changed or have new ones added.
9. Make it festive.
Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a party, Phipps says. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider or even chilled bottles of water.
"First impressions are so powerful," Phipps says. "If it looks like you're expecting me and greeting me as company, that's a powerful impact."
10. Give the home a nice aroma.
The No. 1 favorite? "Chocolate chip cookies," Libby says. "Just about everybody likes that smell."
Other popular scents: cinnamon rolls, freshly baked bread, apple pie, apple cider or anything with vanilla, cinnamon or yeast.
11. Protect your investment.
Some sellers (or their agents) will ask buyers to either remove shoes or slip on paper "booties" over their footwear before touring the house. Many buyers like that, Phipps says. It indicates a "pride of ownership and meticulousness that resonates with buyers," he says.
12. Use the season to your advantage.
While the holidays are over (and the Christmas and Hanukkah stuff should come down), you can still use winter wreaths and dried arrangements around the door to spark interest.
13. Consider the area.
In some parts of the country, such as ski areas or warmer regions where the snow birds flock, winter weather can actually be a selling point. "We're right in the middle of our selling season," says Libby, who is located in Vermont. "It's not always spring and summer."

MEDIA BITS

Have you noticed how the media is quick to jump on every gloom and doom fragment of real estate news. You hear the "bubble is bursting!". "Sales are down a gazillion per cent!" "Real estate prices are rising." They don't report that serious buyers are still out there and spring is just around the corner.

The reality is that while sales of homes are off, there are several factors to consider. One it's winter in Cheyenne. Historically this is a slow time of the year. Yes, buyers have been some what reluctant to commit, but that may be because they have been listening to the media and being cautious. Interest rates have recently risen. This may or may not inspire buyers to get out and find that perfect home while interest rates are still low.

Freddie Mac reports that the average 30-year fixed mortgage rate rose to 6.34 percent this week from 6.25 a week ago. Meanwhile, the average interest on a 15-year fixed loan climbed to 6.06 percent from 5.98 percent, and five-year hybrid adjustable-rate mortgages drifted up to 6.04 percent from 6 percent during that same time span. "Interest rates moved higher following the latest upbeat economic news," says Frank Nothaft, Freddie Mac chief economist. He added that while 2006 saw measurable declines in most housing activities, it still ranked as one of the top three years for total home sales on record.

A HINT OF OPTIMISM

It is good to be able to find some positive information on real estate in general. David Lereah, NAR Chief Economist in a Real Estate Insights article said. "We begin the New Year with a hint of optimism. The glass was half empty in 2006 – home sales fell throughout the year. But the glass looks to be half full in 2007. While property speculation has ceased, signs of a return to home buying have surfaced and inventory levels have topped out. REALTORS® and lenders alike are encouraged, but guarded, about 2007.

Last year was a year of contraction, a correction that was sorely needed after five years of a booming housing market expansion. Home prices were inflated and property investors (and speculators) were everywhere at the end of 2005. That set the stage for 2006 to spiral downward. Home buyers stayed on the sidelines because they could not afford the lofty-priced homes in the boom-inflicted regions. Some households also postponed buying because they believed prices would eventually drop, making them better off buying later rather than now. Property speculators fled, dumping inventories. Meanwhile, homeowners looking to sell sat stubbornly tied to their listing prices. Let’s be clear, though. The sky never did actually fall in 2006— or, to use that phrase that the media love, there were no “bubbles” bursting. But air did come out of some inflated balloons. According to our National Association of REALTORS® latest estimates for last year, existing home sales were down 8.2 percent from a year earlier. Similarly, new home sales were down 17.4 percent and housing starts were down 12.5 percent. Our nation’s housing sector suffered a contraction, inhibiting overall GDP growth.

Looking back, 2006 was a year of contraction. But looking forward, 2007 will represent a year of stability. Cheers to the New Year!

You know, I agree with him. Cheers to the New Year!

December 2006 Residential Statistics

Single Family Homes
Active 509
Sold 80
Average List Price $158,575
Average Selling Price $155,982
Average DOM (Days On Market) 111

Rural Residential
Active 168
Sold 29
Average List Price $284,808
Average Selling price $278,022
Average DOM (Days On Market) 111

Condo/Townhome
Active 139
Sold 28
Average List Price $141,047
Average Selling Price $139,781
Average DOM (Days on Market) 126

Mobile Home
Active 29
Sold 3
Average List Price $39,433
Average Selling Price $37,68
Averager DOM (Days on Market) 107

WHAT DO YOU THINK?

It's the first month of the new year and already we know what is going to happen in the real estate market in 2007. Or do we? I recently ran across this article. I would like to know what you think.

A round table was held recently with some of the top industry prognosticators and was covered in the Sun Sentinel . Three top experts gave their opinions on what will happen with the real estate market in 2007.

David Seiders, chief economist for the National Association of Home Builders: In 2004 and 2005, there was an “unsustainable housing boom,” with sales levels and price appreciation running above what he considered to be sustainable. As a result, 2006 brought an “impressive correction” that might threaten the nation’s economic expansion.

David Lereah, chief economist for the National Association of Realtors: Some economists are predicting that the housing market will get worse before it gets better, but Lereah thinks we’re pretty close to bottoming out. “That’s good news,” he said, because it means the contraction in the housing market will be shorter than it was in the previous two contractions we experienced the last 20 years.

David Berson, chief economist for Fannie Mae: The housing downturn is “close to an end; it will not continue throughout 2007.” Prices and sales will continue to decline slightly, but by mid-2007, sales will start to pick up and prices will stop declining. Real estate is highly regional. Even if prices decline in some parts of the country, growth in other areas will sustain the industry as a whole and the national economy

It sounds like they have it all wrapped up for us. Won't it be interesting to see what actually happens. I may have to come back to this article in December of this year to see if their predictions come to pass.

A COOL WIND BLOWING?

The strong winds are blowing in a cool 2007 real estate forcast. The news is not "Red Hot", but it isn't "ICE COLD" either. The Daily Real Estate News, reported on January 5, 2007 that 30-year mortgage rates are holding. The financial markets during the first week of the year were still trying to determine how much the economy is likely to slowdown, according to experts. For the second consecutive week, Freddie Mac reported 30-year fixed loans averaged 6.18 percent. However, other rates remained mixed. Interest on 15-year, fixed mortgages rose slightly to 5.94 percent, rates on five-year adjustable-rate mortgages moved up to 6.02 percent, and one-year ARMs slipped to 5.42 percent."Currently, the market is waiting for a clearer signal on the direction in which the economy is headed," says Frank Nothaft, Freddie Mac chief economist. Rates on 30-year loans declined over much of the second half of 2006 as the housing market continued to falter.

Ingman News agreed that mortgage rates are still low, inventory at an all time high and a great time to buuyers to enter the market. If you are looking for a home, don't let the winter weater stop you from finding your "dream Home".

Happy 2007!

Happy 2007! There is still a lot of time ahead of us in 2007 to buy or sell a home. It should be and interesting year ahead. Many experts are projecting that a buyer’s market will continue, at least for the time being. For those of you who are considering putting your home on the market, here are a few tips from MSNRealEstate.com . Some of them are standard, and just common sense, but there are new things out there too. Either way, it is good to review these tips.

Don't let your property languish while new, competitive inventory is building up. Price it right initially to give buyers a sense they are getting a value for their money and to avoid numerous, incremental price reductions that reek of desperation.

If you get a lot of activity -- visits and second showings -- don't respond instantly to an offer. Tell buyers you'll allow a couple of days to give adequate time for multiple house hunters to view your home.

Educate yourself about your local market. Ask me for these statistics, including comparisons from last year.

Inventory. The number of homes currently on the market.

Days on the market. The length of time properties are staying on the market.

Average sale price. This is helpful information, but it can be skewed by, for example, numerous high-end properties sold. The average price in your market may still be $150,000, just as it was last year, but today $150,000 may buy a lot more house.

Median price. This is the price at which half of the homes sold for more and half sold for less.
List-to-sell ratios. This ratio, expressing the list price of homes over the selling price, will reveal drops in prices. Ratios are given for periods of time -- say, a month or a quarter -- showing the effect of price reductions on time on the market.

Find the agent who can expose your property to the most buyers. Call or e-mail me to show you how together we can make this happen