I can't believe it's August already and school starts in just a couple of weeks. It feels like the summer has just flown by. I wish I had great news about the real estate market, but the fact is its still in a slump. However, it will be interesting to see what effect the recent Housing Bill passed by Congress and signed by the President will have on the real estate market for the second half of the year. One thing is for sure, buyers are getting great deals on homes. Unfortunately, sellers are not getting top dollar. For more, check out my blog for statistics for both Douglas and Sarpy counties.
Three elements in real estate that determines if a home sells in a timely manner are price, condition, and location. In this market, price is definitely in the driver's seat. The trick is pricing your home so it stands out to buyers as the best value in that price range. Condition needs to be excellent otherwise you need to adjust the price so that buyers overlook or accept the home in its current condition. Buyers seem to over estimate the actual cost it will take to make the repairs. There is not a lot you can do about the location of your home. However, if it backs to a busy road, is located at an entrance of a subdivision or close to a highway, the price needs to reflect those negative influences. Here are some examples to demonstrate that understanding all three elements will help sell your home in a timely manner. I took a listing in June for a home in fantastic condition, with a great location on a quiet cul-de-sac, priced it competitively, and sold it in 14 days. For another listing, the home was in good shape and the owners had done some improvements. But they priced it high for an area that had limited interest, we received only a few showings, and it didn't sell. If you are a motivated seller and are willing to price your house for the current market, you can still sell your house. On the flip side, if you are a buyer, be willing to make an offer on a home that may not be priced where you want it. You just never know what the sellers might be willing to accept.
Family update:
I haven't done a family update lately, so here goes. Nick will turn 6 next week. He played on a coach pitch YMCA baseball team, called the Pirates. He liked it but thought it was kind of hot during the games and there was quite a bit of just standing around. He needs some practice swinging the bat. He swings like he is hitting a golf ball. Maybe we should just play more golf and skip baseball! Taryn took an introduction to dance class and loves it. I asked her if she would rather play soccer or go to dance. She yelled, "Dance class! I love it, love it, love it!" Both kids were in my sister-in-law Kerry's wedding in July as the ring bearer and flower girl, and they did a great job. Boy, were they tired after a long weekend! Nick is ready for school to start so he can be a big 1st grader and Taryn tells me every day that she is going to be a caterpillar soon, which is the next class up in her pre-school. Just two more years and she'll be heading off to kindergarten herself. Time flies!
Trivia Challenge Question:
Thanks to everyone that submitted guesses last month. The correct answer was "Stripes" with Bill Murray.
Name that movie?
I was flipping around the other day (imagine that!) and I came across one of my favorite movies. Here is the quote, "I fit in better than you. At least I'm wearing cowboy boots. Oh yeah, you blend." What's the name of the movie? I know this is way too easy.
Thanks again for taking a few minutes out of your day to read my real estate newsletter. I appreciate it and welcome any suggestions!
Statistics show everyone knows of 3 - 6 people who will buy or sell a home each year. I would really appreciate your referral if you know anyone that will be buying or selling a home in the future. Please forward them my contact information, my website link, or this newsletter.
Finally, check out my Blog called http://www.omaharealtyblog.com/ for recent posts and statistics on the Omaha real estate market.
Steve