Rochester Real Estate News

Walther REALTORS is looking for
new agents. Why is now a good time
to begin a career in real estate?
The market has slowed down but real
estate transactions never cease. Life
changing events such as relocation,
expanding families, death, and the
need to downsize continually occur;
thus, houses go up for sale and people
are in the marketplace looking to
buy. The mortgage rates for a 30 year
conventional loan dropped to historical
lows and may continue to drop. People
will be buying and selling. Also, it is
important to understand that building
a career in real estate can take time.

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With the seemingly dozens of shows on buying and selling real estate, decorating, & staging there is so much information in the media that it is hard to keep track of what can really enhance your home and what is just a passing fad. There is a big difference between decorating and remodeling to add equity in your home with the goal to sell or making improvements to simply live and be happy with your home. In today’s world, decorating on a budget is the most popular concept. How can you make your home, your most valuable asset, look and feel better without breaking the bank?

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Stocks have plummeted on Wall Street over the past few months. Big national banks and financial institutions are going bankrupt or being bought out. However, smaller locally owned banks and credit unions that have been serving the public for 50-100 years are still going strong, lending money and keeping their customers happy. There is a lesson to be learned about smaller businesses in general; in order to have continued success they need to work harder to keep your business. Customer service supersedes everything, and it is the key to longevity. Small to medium businesses build their reputation on performance and word of mouth. Walther Realtors has been in business for 37 years helping people make wise decisions about real estate transactions
Anyone can spend a ton of money building their “brand.” However, trends show that the television market is fractured because digital cable offers hundreds of options for people. Print advertising is no longer an effective way to market a home because less people are paying attention to that medium to find homes for sale. Survey’s done by the National Association of Realtors reflect that the Internet is often times the first place buyers find the home they purchase or they find it through their agent. In economic times like this what really sells homes? Success is attributed to the skill and experience of real estate agents & their office. Deals are harder to make and keep together. Time on market is extended and Walther REALTORS will guarantee the same high level of service throughout the entire listing period.

In the real estate market there are two different kinds of cycles where we see a slow down in the market, seasonal and economic. Seasonal cycles happen around the same time every year- July when people are vacationing and December due to the holiday season. These vary depending on the price range of properties. After the first of the year first time buyers start looking because their leases generally end in early Spring and they want to become homeowners. But, contrary to public opinion the mid-winter months are still a good time to put your house up for sale.
The cyclical economic slow-down is based on consumer confidence. As of now people are wary of making any large purchases. And, Rochester is also now facing the tightening of the credit market. Many people who once qualified for a mortgage are finding themselves deadlocked and unable to purchase a property. We have not seen a real estate market similar to this since the early 90’s prior to the first war in Iraq. But, even then the market bounced back fairly quickly. It seems as though this economic slow down in the real estate market may take a longer period of time to work itself out.
If you have to sell there are two key elements to try and maximize your sale price and ability to get a purchase contract: (1) Price according to the market; remember buyers determine the value of a property and (2) It is worth taking the extra time and a few dollars to spruce up your home. Buyers are very picky because they can be. If they don’t like one thing about your home, they can move onto the very large selection of other properties for sale. At Walther Realtors we have seen the various cycles of real estate over our 37 years of business and know how to handle the changing marketplace.

It seems obvious that a first time buyer can take advantage of getting more bang for their buck in this real estate market. But, if you are looking to purchase your second or third home, how can you take advantage of a down market when selling? It is possible.

All prices go down, but not always equally. If you are looking to purchase in the same area then the values are most likely reflecting the same down-turn (or up-turn). The value of real estate tends to decrease or increase in percentages. Let’s use a 10% decrease in value of properties for an example. If you want to upgrade your home, you too can take advantage of getting a good deal on home because of the decrease in overall sale prices. You may receive less money on the sale of your home, but you will receive a bigger savings on your purchase. For example, if your property sells at $100,000-10% less that what it would have sold for at a loss of $10,000, and you purchase a home for $200,000 (a house that potentially would have sold for $220,000 in a different market) what you are gaining more than you are losing on the sale of your house.

When you are buying and selling, you can take advantage of a “buyer’s market.” Interest rates are lower and sometimes the inventory is greater; therefore, you will have more houses to choose from. However, you must be the best possible buyer in order to receive that “deal” you are seeking. This means being able to go non-contingent. If you are approved for purchasing a home without selling your house first, that is the best way to compete. Or get your house on the market! Be realistic and price it competitively! Get a firm purchase contract, and then put your offer on the new property.

The 2007 Referral Bonus Program Winner is Nancy Collins. She won a trip to Key West, Florida and you could too.

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