Selling Tip #2: Your Asking Price Determines If and When You Sell...Period.

I had been jotting down notes, preparing to write a post: Selling Tip #2 when I came across this post by Danilo Bogdanovic. Danilo is an agent in Ashburn, VA - but I believe strongly, in this case, your location doesn't matter. 

His tip:

Your Asking Price Determines If and When You Sell...Period

goes beyond state lines. It is a timeless tip for Virginia. It is a timeless tip for your Missouri property as well.

Read on, as Price does matter.

 

Via Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County:

Pricing your home correctly

Not all sellers understand that their asking price is the ultimate determination of whether they will sell their property or not. Not only does the asking price affect if you'll sell, but when and for how much. The longer it takes you to get to the correct fair market value asking price, the greater your Days On Market are and the more of a negative stigma buyers will have of your property. This can translate into lower offers and ultimately, a lower selling price.

Sure, how well your agent markets the property matters. But even the best agent in the world can't fool today's buyer and a good buyer's agent. Today's buyer has access to way too much information and data to overpay for a property. And a good buyer's agent will provide comps and their personal expertise to even the most uniformed buyer so that they don't make a bad decision and overpay for a property.

If you're wondering how much of an effect getting the asking price right has on if and when your property sells, consider this...

I took a look at the last 30 properties (not including foreclosure/REO or short-sale properties) that have sold (gone under contract) in Loudoun County. Here's what I found:

  • These properties went under contract in an average of 25.4 days of their last price change/adjustment
  • Some of these properties had been on the market for months, but once they adjusted their price to or below the correct current market value, they sold in less than a month
  • Some of these properties went under contract in as little as 4 days and had multiple offers
  • Some of the properties that sold were at the $700K mark and a few were over $800K so even the properties in the upper price brackets are selling quickly when priced correctly

No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.

It takes a good and gutsy agent to be honest and share with you your property's real and accurate market value - no matter how much lower it is than you thought. It's then up to you to listen to them, review the comps and data (aka CMA) and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.

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Georgia and Missouri Realtors Ask: Is real estate REALLY local?

Those of you that know me, know that I read - a lot.

I read books, novels, magazines and blogs. I read the back of the cereal boxes and I read the local newspaper.

Every once in a while I come across a blog that prompts the old "Boy, I wish I wrote that." Of course, that is because I am usually agreeing with the author.

In this case the author is Lane Bailey, REALTOR & Car Guy from Georgia. (the state not the country)

I often find myself in this discussion with people - yes, real estate is local and for the most part, yes Missouri has been spared the brunt of the problems. BUT, we do not live in a bubble.

We are just now starting to have difficulties with obtaining financing for some of our buyer clients. This is not due to what is happening in Missouri - it is due to the fallout around the country. We are now seeing a decrease in our sales, mainly I believe due to the problems of California, Nevada and Florida. There is less NEW money coming into our state from around the country.

I will keep you no longer... Lane Bailey is asking, Is all real estate REALLY local?

Via Lane Bailey - REALTOR & Car Guy:

The NAR has been rallying around a new battle cry since the real estate market went from rampage to challenge. Most everyone has heard it by now...

All Real Estate is Local...

Well, it is, right? Isn't it? Well, yes and no.

I used to be firmly in the "real estate is local" school... in fact, before the NAR thought it was cool. But, as the NAR has shifted positions, I felt the need to re-examine MY position. I don't like it when I agree with the NAR too much.

Are you fer it?

No, that isn't a typo... it's a Southern thing.

Obviously, if there is an oversupply of homes in Atlanta, they can't get shipped to Charlotte to fix their shortage. What gets built in Lilburn stays in Lilburn... (did you recognize that?)

Or are you agin it?

The other half of that Southern thing.

But, when the cost of living, which is dramatically affected by home values, decreases in one area and increases in another, companies may find the lower cost area more attractive for relocation.

And what I came up with is this...

Real estate is a lot like the weather. The average temperature for the US is between about 53° and 54°. But that has almost no relevance to anyone... except for comparison. Right now in Atlanta it is a cool August day... about 90°. In a few months, International Falls will have a balmy afternoon with a temperature around -14°. Either of those would be a far cry from the US average.

But, there is a relevance to the national weather. You might think that Hurricane Katrina doesn't affect you in St. Paul, MN, until the price of gas goes up and refugees wander into town. You might think that the cold winds of Montana don't affect you until the price of beef goes down and then up from a cattle freeze.

Just as there are national effects from local weather, as well as regional and of course, local... there are local, regional and national effects from the real estate market.

Real estate IS local...

And it is regional and it is national. The "national market" that some claim doesn't exist, DOES affect transactions almost everywhere.

 

*** From GarageHomesUSA.com ***

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Selling your Southwest Missouri Home? Selling Tip #1

You've decided it's time to sell your SouthwestHwy 64, Lebanon, MO Missouri home.

You've done some research and you've talked to family and friends. You've decided to call a REALTOR®, see what services they offer, what "price they charge" and what they think your home is worth. You've done a little homework.

But, you can't stop there. There is more work to be done - your assignment book is not complete.

As part of the listing process, there are three things you will need to do for me, your new listing agent from United Country VIP Realty:

1. Be clear in your motivation in selling.

  • Are you relocating?
  • Trading up or downsizing?
  • Divorce?
  • Pre-foreclosure?
  • Just because rates are low?
  • Because it's been two years and you have the itch?

If you are not motivated to sell, there is very little I can do to facilitate a sale for you. I am a REALTOR®; most days I am not a magician.

If you love your home and are only moving because your husbands step sister just moved into an all brick home and you now think you need the same - a REALTOR® is probably not want you really need.


2. Know what your financial situation is.

  • How much money to you expect from this sale?
  • Do you have a mortgage? If so, what is the current payoff.
  • Do you have a second mortgage or home equity loan? If so, what are the balances.
  • Any other liens on the property?
  • Do you have a pre-payment penalty?
  • Are you being forced to sell your property? Is foreclosure just around the corner?
  • Are the taxes current?


3. Have your "little black book" ready.

  • Find your latest tax bill. 
  • Have copies of any and all covenants and restrictions.
  • Copy of your deed, if available. How do you hold title on your property - in your name or perhaps in the name of a trust?
  • Average utility bills
  • Has the property been surveyed? If so, do you have a copy?
  • Make a second set of keys. 
  • Do you know where all the garage door openers are?
  • If you have a mortgage, what is the name of the company, their phone number and your policy number.
  • Any receipts for repairs, warranty information if applicable on appliances, roofs, etc.
  • Any manuals for appliances, the pool, etc.
  • Make a list of any personal property in the home that would not convey -your favorite curtains in the master bedroom, the washer/dryer. 
  • Make a list of any other items in the home that could be seen by the buyer that would not stay - the hall bathroom mirror, the mail box your Uncle Cecil made for you. 


Arthur Rd, Falcon, MOOnce you complete steps one and two, you are ready for step three.

Doing your homework before our listing appointment will save you time and grief. When someone is sitting across from me, asking for that one piece of paper I received from the County Collector last year - that is when I'll have no earthly idea which file I put my tax bill in.

Doing your homework before our listing appointment will also allow you to more fully concentrate on the process, on the questions you wish to ask me and the answers you receive.

Real estate selling tip No. 1 - just in time for back to school!

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How Does Housing Recovery Act change buying Missouri Real Estate?

I've been doing a lot of reading lately on The Housing and Economic Recovery Act. If you haven't already taken a look, there is a ton of information and many components of the Act.

My United Country partner in Vermont, Irene Gaffigan, recently summarized the Recovery Act. While Irene makes reference to Ludlow and Okemo Mountain VT home buyers, this information also applies to buyers in the Lebanon, Marshfield and Buffalo areas of Missouri.

Thanks to Irene for such a great summary! After reading Irene's post, I do believe there are some strong points in the Act which will assist those wishing to buy Missouri real estate. Read for yourself - what do you think?

Via Irene Gaffigan:

President Bush signed into law recently The Housing and Economic Recovery Act. This is the most sweeping change to housing reform since the New Deal of 1934. It is designed to assist more Americans invest in home ownership and shore up the faltering housing and mortgage markets. Like any legislation, it comes with the good and the bad. I encourage you to write your Congressmen to see if we can get legislation to revoke some of the bad.  For example, effective October 1, 2008, FHA will increase the minimum required down payment from 3% to 3.5% for Ludlow and Okemo Mountain home buyers. The legislation also calls for the elimination of seller down-payment assistance programs such as AmeriDream and Nehemiah by October 1, 2008.

 

As of July 14, 2008, upfront MIP premiums became risk-based on credit scores and the annual premium increased across the board. Instead of the original plan of making FHA loans more affordable for potential Okemo Mountain home buyers; the new legislation is doing the exact opposite and makes it more expensive.

Details of the Housing and Economic Recovery Act:

Here are some key provisions of the Housing and Economic Recovery Act that most affect Okemo Mountain home buyers:

  • GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
  • FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The down payment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
    View 2009 FHA and GSE loan limit estimates (PDF)
    FHA Reform Chart (PDF)
  • FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
    FHA Foreclosure Rescue Chart
  • VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
  • Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.
  • GSE Stabilization - includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
  • Mortgage Revenue Bond Authority - authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
  • National Affordable Housing Trust Fund - Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
  • LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient.
  • Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

It remains to be seen the overall effect the Recovery Act will have on both the individual home buyer and the housing industry as a whole.

From the Experts: 

"We're going through a major financial crisis...let's be clear: Fannie and Freddie can't be allowed to fail. With the collapse of subprime lending, they're now more central than ever to the housing market, and the economy as a whole."
- Paul Krugman, Professor of Economics at Princeton and New York Times columnist, 7/14/2008

Search all Okemo Mountain real estate and homes for sale.

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Webster County MO Real Estate Market Report for July 2008

The Webster County MO real estate market report for July 2008 includes: Marshfield, Niangua, parts of Conway, Seymour, Rogersville and Fordland.

Webster County MO Real Estate Market Report - July 2008

Residential Property:

  • 39 Residential properties sold in Webster County MO in July 2008
  • Average List Price: $125,264
  • Average Sold Price: $119,556
  • Average Days on the Market: 61
  • Least Expensive Property Sold: $30,000
  • Most Expensive Property Sold: $274,900
  • 20 pieces of property sold with 2 acres or more

Vacant Land:

  • 3 Vacant land parcels sold in Webster County MO in July 2008
  • Average Days on the Market: 139
  • Least Expensive Property Sold: $18,000
  • Most Expensive Property Sold: $122,500
  • 3 pieces of vacant land sold with2 acres or more

Commercial Property:

  • 1 Commercial property sold in Webster County MO in July 2008
  • Days on the Market: 142
  • Sales Price: $122,000

 

 286 Bracken, Niangua MO 65713

 

 

286 Bracken Rd
Niangua, MO 65713

 

Offered For Sale:United Country VIP Realty in Marshfield MO

 

 

 

 

 

 

** Based on information from the Greater Springfield Board of REALTORS Multi List System for the period of July 1st, 2008 through July 31, 2008. The GSBOR and the Multi List System does not guarantee this information nor does the GSBOR MLS claim responsibility for the accuracy of said information.

*** Please remember, this information is from the MLS and may not reflect all the sales recorded for the said time period. There may have been other real estate activity handled outside of the GSBOR Multi List System.

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Laclede County MO Real Estate Market Report for July 2008

The Laclede County MO real estate market report for July 2008 includes: Lebanon, Phillipsburg, Conway, Stoutland and Sleeper.

Laclede County MO Real Estate Market Report - July 2008

Residential Property:

  • 30 Residential properties sold in Laclede County MO in July 2008
  • Average List Price: $138,733
  • Average Sold Price: $130,122
  • Average Days on the Market: 143
  • Least Expensive Property Sold: $8,000
  • Most Expensive Property Sold: $450,000
  • 7 pieces of property sold with 2 acres or more

Vacant Land:

  • 3 Vacant land parcels sold in Laclede County MO in July 2008
  • Average Days on the Market: 118
  • Least Expensive Property Sold: $12,500
  • Most Expensive Property Sold: $60,000
  • 2 pieces of vacant land sold with2 acres or more

Commercial Property:

  • 1 Commercial property sold in Laclede County MO in July 2008
  • Days on the Market: 410
  • Sales Price: $190,000

 

Lebanon, MO home sold in July 2008

 

 

2322 Cranberry
Lebanon, MO

SOLD BY:
United Country VIP Realty in Lebanon, MO 

 

 

 

 

** Based on information from the Lebaon Board of REALTORS multi list system for the period of July 1st, 2008 through July 31, 2008. The LBOR does not guarantee this information nor does the LBOR claim responsibility for the accuracy of said information.

*** Please remember, this information is from the MLS and may not reflect all the sales recorded for the said time period. There may have been other real estate activity handled outside of the LBOR multi list system.

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200 W Route 66, Phillipsburg, MO 65722 Foreclosure Property!

Foreclosure Property
Located on Historic Route 66 in Phillipsburg MO
Offered for sale: $69,900


This three bedroom, 1 full bath home is located on Historic Route 66 just off Interstate 44. Featuring one bedroom on the main level with the bathroom, plus living room, family room, kitchen and sun room. Going up stairs you'll find much of the wide trim still in place - two large bedrooms up there. Downstairs, you'll find the walk out basement with your laundry room, furnace and extra storage area.
Route 66 Phillipsburg MO
Plenty of room to add a table to the kitchen or the family room could be a formal dining room area.

Built in 1900, the home has had many updates including maintenance free siding. Home is on county water and city sewer with blacktop road frontage.

If you need out buildings - you'll find them here. A two car detached garage, workshop building plus a barn with loft area.
Barn on Route 66 Phillipsburg MO

Nestled in the Ozarks, Phillipsburg MO is located in Laclede County and the Laclede County R-1 (Conway) school district.

With a population of 200 or so, you'll find a close knit community. Walk to the convenience store complete with candy shop, the post office or the library. A new fire station building is almost complete.

 

 

Perfect home to live in or use for your home based business. Antique store? Book store? Wood working? What do you like to do?

Let us help you, Find Your Freedom in South Central Missouri.

Family Room, Route 66 Phillipsburg MORoute 66 Phillipsburg MO 

 

 

Contact Debbie DiFonzo, Broker, United Country VIP Realty, at 417-532-2031 to list your property for sale or to purchase a property in Marshfield, Conway, Phillipsburg, Lebanon, Long Lane, or Buffalo, Missouri.

Copyright © 2008 By Debbie DiFonzo, All Rights Reserved. The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed.

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Cubs win! Could this be the year?

I am not a huge baseball fan. I'll go on record on the world wide web to tell you - I don't really understand the game. You either hit the ball or you don't. I've been told there is more to it than this, but I just don't "get it."

But, being from the Chicago-land area, born and raised up there, I have a soft spot in my heart for the Chicago Cubs. They go through so much, year after year.

As of today, they are ahead of Milwaukee by 4 games, ahead of St. Louis by 5 games.

Now that I live less than 3 hours from St. Louis I know I'm suppose to be a Cardinal fan, but I've got to say, GO CUBS!

Maybe this year will be THE YEAR! 

Chicago Cubs

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Your Roving Lebanon MO reporter let you down: Sen. Barack Obama only 1/2 mile away and I missed it!

Sen. Barack Obama makes tentative stop in Lebanon MO a reality
July 30, 2008

Bell Restaurant, Lebanon MO

 

All seemed back to normal this morning at the Bell Restaurant, located right off I-44 on Elm Street in Lebanon MO.

Yesterday, the scene was much, much different.

Presidential contender Senator Barack Obama made a tentative visit a reality - stopping at our local diner for lunch. Sen. Obama was making his way across Missouri, from Springfield to Rolla.

 

 

 

For those that know me, it's hard to believe I missed this opportunity. I am a huge presidential buff, collecting Richard Nixon memorabilia, having the opportunity to see Ronald Reagan in Illinois some years back and just fascinated in general with American politics. History was made, and I wasn't there!

Billie, one of our agents, came into the office wondering what "was up with the big bus and the swarms of police by the Bell Restaurant." I had been talking to another agent about postponing a closing and my automatic response, without really thinking: "I don't know." Had I not been so preoccupied, I would have been out the door, in my car, and down the road a 1/2 mile with my Flip video in hand!

Didn't happen. I missed it.

Lebanon MO has been and remains today a primarily Republican town, located in a heavily populated Republican county.

I find it interesting that he is reaching out to rural American in a very down to earth sort of way.

I can assure you, the Bell Restaurant is not the kind of establishment you'd find in the neighborhood where Sen. Obama lives. One of our oldest diners in town, the food is down home cooking and the decor is what I would call dated. Here you'll find some of the best biscuits and gravy in town - and most of the locals have been dining there for years. The Bell has a loyal group of regulars, for breakfast and lunch; don't forget the guys for afternoon coffee. (Guys gossip too - don't think they don't!) All problems are solved during afternoon coffee with the guys.

Bell Restaurant, Lebanon, MO

 

 

 

 

 

 

 

 

 

 

 

Rural American has many of the same concerns as others in the country - we're concerned about gas prices, about food prices, about the quality of our schools, about health care costs. We're concerned about the safety of our families and of the nation.

I'm sure Sen. Obama heard all those things yesterday in Lebanon MO and probably a few ear fulls more!

Only time will tell if he actually heard what was said yesterday in this rural town of 13,000 people.

His visit is now part of history. A part that I can only hope will repeat itself - next time, I'll be ready!

 

KY3 TV Coverage: Click HERE

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Tractor Supply Co - opening soon in Lebanonn MO

 

Tractor Supply CoAccording to their website, Tractor Supply Company is the largest retail farm and ranch store brand in America -  owning and operating more than 750 stores in over 40 states. They supply daily farm and ranch supplies to their target customer base: farmers, horse owners, ranchers, hobby farmers and part time farmers as well as rural homeowners. 

Ironically enough, their target customer base is exactly the same as mine. Our two offices cater to the country lifestyle, specifically to people who are horse owners, hobby farmers and rural homeowners. Or specifically to those outside our area that want to live like this!

While I don't have any "employees", I have heard that TSC will employ as many as 95 people in their new Lebanon Missouri store.

TSC is located within the city limits, purchasing an older building in need of a major over haul. TSC has taken the building, worked their magic and are about to open a beautiful looking store. They have upgraded the interior of the building for their feed, livestock supplies, lawn care items, clothing, footwear and gift items. Also adding an outside fenced area for their larger items, such as fencing, log splitters, lawn mowers, garden tillers and tires.

They are not only adding jobs to our area but promoting beautification in the area as well.

Next time you're in Lebanon Missouri, be sure to stop by TSC. Sounds like they'll have everything you need -

TSC in Lebanon, MO

TSC in Lebanon, MO

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