The Value of your home

 Dave Ramsey has some great information and it's spot on in most markets;

4 Steps to Know How Much Your Home Is Worth

Here are four easy steps that will help you understand your home’s market value:

1. Learn the facts about your house and local market.

Believe it or not, your home’s market value is not based on the following:

• Your monthly mortgage payment
• Your opinion of how great your home is
• Your memories of your home

In a nutshell, market value is what buyers are willing to pay for your home. And just because Fred and Suzie next door sold their house for twice what they paid for it, that might not be the same for you.

As a homeowner, it’s tough to see your home the way a buyer would. Although you think little Danny’s handprints in the front porch pavement are cute, a potential buyer will see them as just one more thing to fix.

Facts About Your House

Keep in mind that a serious buyer will take critical mental note of the following:

• Location, location, location: Is your house in a desirable part of town with good schools? How close is it to highways and shopping centers?

• Safety: Does your neighborhood have sidewalks, underground electrical lines and a low crime rate? To learn about your local crime rate, check out crime stats on FBI.gov.

• Curb appeal: Is your house pretty to look at? Or is it an outdated eyesore?

• Square footage: How big is your home? Does it have any weird layout issues?

• Number of rooms: Does the ratio of bathrooms to bedrooms make sense?

• Updated appliances: Does your home still sport a harvest gold stove from the 1970s? Will the buyer need to plan for the cost of a new fridge, dishwasher or other items?

• School district: How are the schools rated in your area? Are there multiple options? If you’re not sure, try online resources like GreatSchools.org.

Facts About Your Market

Some factors affecting your home’s market value are out of your control. For instance, if the economy is tanking, no one’s going to pay top dollar for a house. The final price tag may also depend on:

• Mortgage interest rates: A mortgage is a huge financial commitment, so a high interest rate will keep some buyers from pulling the trigger.

• Time of year: Homes just sell better during certain months than they do in others. For example, most buyers won’t choose to move during the middle of the holiday season or after the school year has started. Expect to get more or fewer offers depending on the time of year.

• Supply and demand: If there are a ton of houses on the market, that means you’ve got competition. On the other hand, if there are more interested buyers than there are “For Sale” signs, raise the price like the savvy seller you are!

• How similar homes in the area have sold: How much are people willing to pay for a home like yours in your neighborhood? Are there many foreclosures in your area? This will give you a lot of insight into how desirable your home may be—or how much someone might be willing to pay.

If you’re trying to sell your home, an expert real estate agent can help you analyze all this information to create your ideal listing price. Want to investigate on your own? A quick online search can give you a ballpark number.

2. Enter your address into a free online home value estimator.

If you search for your address on an online real estate marketplace, you’ll likely find all kinds of facts about your home that are public record, including:

• Type of home
• Year the home was built
• Number of rooms, bedrooms and bathrooms
• Square footage of the home
• Square footage of the lot
• Heating and cooling systems
• Number of parking spots
• How much you and each previous owner paid for the home

Along with these home facts, you’ll see an estimated market value. Online tools like home value estimators put this number together by looking at the sales of homes in the area that are similar to yours, local tax assessments, and whether homes in your area are increasing or decreasing in value over time.

Warning: Online Home Value Estimators Aren’t 100% Accurate

Before you get too excited about this number and slap a price on your house, dig a little more. While these online estimates are helpful, they’re not always accurate.

The estimates are only as reliable as the amount of public record data the real estate websites can access. The less data gathered for your particular neighborhood, county and state, the less you can depend on this number.

3. Compare your home’s value to others in your neighborhood.

As a home seller, the real value you’ll get from these sites comes from the information you find about your housing market. Scroll through the data and see if you can answer any of these questions:

• Is my home value trending upward or downward?

• How does my home value compare to other homes in my neighborhood or zip code?

• How does my home value compare to those in other zip codes in my area?

• What’s the market temperature? Is it a hot or cold time to sell?

That’s useful information you can discuss with your real estate agent when it comes time to set a price for your home.

4. Work with a real estate agent to find the most accurate price.

If you’re ready to sell your home, contact a real estate agent no matter what you find online. Your agent will have the most accurate information to help you decide on the right home price.

That’s because a real estate agent doesn’t pull stale information from the shelf. Unlike online tools, real estate agents have access to a multiple listing service (MLS) database of homes for sale in the area that will allow them to run an accurate comparative market analysis.

How a Real Estate Agent Determines Home Value

A good real estate agent will take the time to come and look at your home. They’ll consider the landscaping, the condition of the house, any upgrades you’ve added, and all those things that aren’t listed in public records but make a real difference to potential home buyers.

Agents use the power of real-world experience to compare your home’s nitty-gritty details to recent sales and current listings.

Let’s say you installed a new roof last year but your furnace is on its last leg. An experienced agent knows how to weigh those factors and still come up with a competitive price. Remember, the market value is not based on formulas. It’s based on how much someone is actually willing to pay for your home.

No computer can determine that, and your success as a seller rides on it.

Why It’s Important to Know Your Home’s Value

Knowing how much your house is worth helps you sell it for the right price from the start. Not really understanding your home’s value could lead you to undersell or oversell.

Price your home too high and buyers will pass you up without ever stepping through the door—which could end up forcing you to slash the price later. Price it too low, and you could lose thousands of dollars. The right price gets you the most money in the least amount of time.

Home value is also important in helping you make decisions when it comes to handling things like:

• Home insurance
• Property taxes
• Refinancing
• Private mortgage insurance (PMI)

How Often Should I Check My Home Value?

Getting an idea of your home value at least once a year could be useful. But you probably don’t need an expert’s opinion each time—unless you’re doing something big like selling or refinancing.

Since the value of your home influences things like insurance and taxes, keeping a pulse on how much your house is worth on a yearly basis could help you save money.

For example, if you bought your house with a down payment lower than 20%, you’re probably paying for PMI—an insurance that protects your lender (not you) in case you stop making monthly payments.

If your home value goes up to the point where you now own 20% or more of the house, you can ask your lender to get rid of PMI and save yourself a ton of money!

Price Your Home With an Expert Real Estate Agent

If you’re ready to sell your house, work with a real estate professional. For a fast and easy way to find a Ramsey Trusted agent, try our Endorsed Local Providers (ELP) program. We only recommend top agents with years of experience so you can sell your home on your timeline and for the right price.

! Deb Fowler is a Ramsey TRUSTED Provider.

 

Rentals and Real Estate

 Rocking Rentals

In 22Q4, for the first time since at least 1974 when data became available, the quarterly number of housing units built-for-rent at 133,000 exceeded the number of single-family units built-for-sale at 126,000. Historically, the only times these numbers came close were during the recessions of 1982 and 2008/09 when single-family production collapsed. Single-family built-for-sales starts are down about 40% from their recent peaks, built-for-rent activity is nearing its 1986 high.

Elliot Eisenberg, Economist. 

This is very interesting food for thought.....

Do we have to many rentals in our market?  let me know what you think

in an email:

Deb.Fowler.c21@gmail.com

Pictures are worth a thousand words ...

 that about sums up this week... - Spring is near - I am ready 

Friday afternoon at my office

Here's what I am doing.....

It's Friday afternoon and I am updating files for recent listings and sales - February is sometimes the start of the "spring market"  - this may seem early but as tax returns start rolling in it's often a good time to have the needed down payment for a new home !  So if you are thinking of listing give me a call ! Or if you have your pre approval and are ready to look let's talk! The cold days are sure to be fewer as we head into a much anticipated Spring! 

Is it a good time?

 

    

• If you're planning to make a move but aren't sure if now's the right time, here are a few reasons why you shouldn't wait to sell your house.

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• The supply of homes for sale, while growing, is still low today. Plus, serious buyers are out looking right now, and many are hoping to avoid falling into the rental trap for another year.

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• Motivated Sellers are open to offers.

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• Interest rates are still reasonable.

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• Typical closing dates are 30-45 days depending on financing. 

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• Realtors are ready to help! most agents will do a market analysis with no cost and no obligation.

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• Reach out to a real estate professional to determine if selling your house before the new year is the right move for you.

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Thinking of Selling in the Spring?

 If you are thinking of  waiting until spring to list, get past the holidays and the weather that comes with living in the midwest, now is the time to take your pictures. Let's be one step ahead and get the best pictures before the snow falls!   I use a professional photography service and the results are amazing! 
Here are some examples!

If you are interested in a no obligation market analysis to see what your home is worth in today's market email me at :

Deb.Fowler.C21@gmail.com

 and get free professional photography when you list with me! 

Staying Relevant

Seems like a long time ago that I started in the real estate business - 1996 to be exact.  I know

 the industry needs to change and grow, and so I feel I need to do that also.  By growing and

 expanding our knowledge, education and ways of doing business I believe that is the way to

 stay relevant in today's market.

 I recently attended the Iowa Realtors Convention in Des Moines, the instructors were among the best I have had the pleasure of listening to. 

 We have a  Realtor Code of Ethics that Realtors vow to uphold, also the standard of having continuing education ( 36 HOURS) every 3 years.  Mandatory are the Ethics and Law Update classes.

I will attach that Code of Ethics below so that you can also see what we Realtors practice in our daily business.

It's fall - time to spend some time daydreaming under a tree

https://cdn.nar.realtor/sites/default/files/documents/2022-COE-Standards-of-Practice-2021-12-15.pdf

Century21

 Having just recently attended the Century21 International convention I was struck with just how big the Century21 reach is... at the convention there were more than 62 countries represented there!

My small contribution to this global organization, however did not go unnoticed.  I was flattered several times when staff and organizers remembered my name and my company!

Imagine my surprise when I was invited to have a photo with the President and CEO of Century21 Mike Miedler- he is a great guy and has a good vision of what the future will be for Century21 not only in this country but the world.  For my self and my company we are elated to be in the line up with this well organized and visionary team of leaders.

Is it here?

 Those morning sounds are music to my ears.. the sounds of geese flying overhead and the formation of miles of migrating birds.  I love the sights and sounds of spring and this is just one of the signs we are getting closer to warmth and sunshine.  The robins are back and the cardinals never left! the little birds in the morning tweet and twitter! I like the sunrise and am fortunate to have a eastern view and can watch the sky change colors and the sun rise before the day takes over.  

I know the housing market is changing again and we are getting lots of new listings, this too is a sign of spring market ramping up!  If you are in the market to buy or sell - feel free to reach out for more information on how I can help with that move.

Until next time, take a moment to enjoy the sights and sounds of the spring! 

Tax Season

Tax Season 

It's that time of year when we start searching for all the records, receipts, expenditures from 2021 and wondering... now, where did I file that (?) Or is that just me that waits until year end to round it all up- make those Quickbook
entries and hope I haven't forgotten something important~

To this I would add, I am grateful to have a tax accountant - those folks are so versed in taxes and keeping up with changing laws, keeping me from being stressed out and open to audit~ I applaud all they do... it surely is not my line of work now or ever!

Take time to thank you tax person, mail carriers, hair dresser, delivery services,  all those folks we rely on but don't thank often enough for all they do. 

💟

 

Homes in January 2022

 Historically January is a little slower in the real estate world - this year is no different - I imagine as a buyer this time of year is not the best time to trudge into homes and compare them to see what fits - but if you have to move in the winter - let's go!  I work with first time buyers and move up buyers, sellers and investors.  

Listings are picking up right now - so the inventory is already growing and should continue to gain momentum as we start to warm up, looking forward to both the warm up and the increase in property listings.  What can I sell for you? 

I am curious  - I know how much my home means  what does home mean to you? leave me a message and tell me what it means to you to come home and how it makes you feel.

Goals for 2022

Welcome to 2022  - try to imagine the world 100  years from now! and looking back at 100 years how we have changed the world! 

I enjoy this first part of the year, much like waking up early and getting the day started with a workout 5 days a week. I enjoy the discipline of it, the challenge of being accountable to myself.  

Its much the same for work, discipline and accountability to my clients.  I take this time to set my goals for the year.  Looking back at the previous year and working on the things that worked and tweaking the things that didn't.  2021 was a great year in the real estate world, I am blessed and grateful for the business.  

The goal is to become better and I am committed to that always.  I want each client feel their experience with me was unforgettable!

 Looking forward to this bright new year as I hope you are also.

 

Merry Christmas

It's Christmas !

Its the magic of Christmas season and even though there is not a chance of a white Christmas its still, for me, a blessed time of gratitude and giving. 

I am reflecting on the many exceptional clients and friends I have made this year!  Beyond blessed to have assisted so many buyers and sellers.  I am grateful beyond measure to have this job, it's incredible and so rewarding. 

Who could have guessed that 25+ years ago, I would interview for a reception job after the news of  lay offs from my salaried job at Fruehauf, at 10 P.M. with shorts and T shirt and wind blown hair from being on a motorcycle.! 

Pretty sure that both owners at the time did not agree on my potential!  Funny to look back and think how I soon became  a partner and together Jon and I have built this incredible firm that continues to grow and expand our services and service areas.  We do have the best of the best agents ! 

My heart is full of joy and I wish you all blessings and good health, safe travels and a happy and prosperous 2022.  

Websites

 I was curious about websites and what we look at when searching for homes.  So, I did a little searching and here is what I find.

There are more than 500 websites ! 

 Lets start with your Zillow, Realtor.com,Trulia (owned by Zillow) type sites - here they are syndicated through the local MLS ( Multiple Listing Service).  The information provided is based upon the information stream (RETS Feed) that is established between the MLS and the site. 

 That information is often then disseminated to the website and often into a different format.  Often the agent is not able to make changes to these sites as it is proprietary to the sites creator.  These sites offer searches to the public to assist in the home search at no cost, however, they are a lead capture site.  The Zillow and Realtor.com sites then have a program whereby agents and brokers can sign up to have leads "referred" to them for a fee. 

Then we have those just dedicated to their brand such as Century21.com - they have what is known as an IDX feed .  An IDX (Internet Data Exchange) offers listings of the MLS through their site and is a convenient way to search the MLS and still be "in brand" .

Most real estate companies locally offer this on their websites, it assists consumers in their search and populates website with content to keep the consumer searching at one website and not having to seek other sites for listing information.  The listing office is noted in the IDX feed though it is often hard to find even for seasoned agents.  These also can be lead generating to the agent/office if they are asking for your email to continue searching, the lead then goes to the company/office or listing agent. 

For the best service call a LOCAL REALTOR! that is your best bet for getting quality answers and real time information on a listing.  Most of us work nights and weekends so no time is a bad time to reach out! 

The good news is that if you are listing with an agent your property is likely to show up on so many websites and have exposure to a larger pool of buyers looking to purchase.  The down side is that some information may be incorrect and need attention that an agent may not have control of.  

For buyers there is a good chance you will find your next home on a website - maybe before you see it in person you will see it online and feel that emotion of seeing yourself in a new space.  If that happens be sure to call your agent and make the appointment to walk through and see it in real time.  The market is still challenging, but there are opportunities out there and new listings are coming your way! 

Picking your agent

For many consumers in the real estate market the yare unsure of how the process works.  Do I call the agent on the sign do I call the office?  how do I know who to pick as my agent?

1. Past client referrals are a great way to find an agent.  Testimonials and word of mouth are a good basis for getting an agent who is dedicated to the profession.  Choose an agent who works for you and with you, find a relatable agent. Honesty and  transparency are also good qualities to look for in your agent.

2. Google your agent ; most agents have been around long enough to have a track record on Google. Ask lots of questions - 

3. Be sure your agent is geographically competent - knowing the area and the market are important factors in making offers and listing properties... if the agent is unfamiliar with the area it could cost you.  Some agents are trained in many types of real estate - commercial, multi family etc. ask your agent if they specialize in residential property sales, or if they are experienced in other area's of property. 

4. Discounted fees aren't always the best deal.. if you are unsure get a 2nd opinion. If it sounds to good to be true it may be!  Interview several agents to get the fit you are looking for. 

Agents and Brokers are independent contractors who work for a broker or brokerage that has a Managing Broker within the firm...there are franchises such as Century21 and Re/Max as well as many others as well as independent agencies.  All are licensed through the state and are members of the National Association of Realtors and the local board of Realtors.

Realtors work on commission basis and are typically not paid a salary so they depend on listing and selling property to make a living.  

10-8

Realtors - Your Trusted Partner

It's easy to look at real estate agents and think all they do is show homes and collect checks.  Truth is there is so much more that goes into being a Realtor.

 Your full time agent is licensed by the state, has  knowledge of the area and stays informed on new listings  coming on the market daily, has systems in place to alert you to those new listings,  maintains a data base with past & present clients to help sell your home in the most efficient time frame as well as develops marketing plans and advises sellers and buyers  on best practices . 

 A full time agent is in the office or in the field listing and selling homes, keeping clients informed and watching the market constantly. Stays current on lending guidelines and what mortgage options are available in your area . Most agents work nights and weekends for the convenience of buyers and sellers work schedules. In addition agents are trained negotiators and remove the personal emotion of home buying and selling for you. 

Realtors are required to stay current on laws and ethics and are mandated  36 hours of continuing education every 3 years to renew their license.  Realtors prescribe to a Code Of Ethics that is the model for ethical behavior. 

There is a minimum of 183+ steps to get a listing in the market and make sure that all state and national laws are followed, disclosures are accurate and fair housing laws are not violated.  The agent will take time to know you and your needs and has the time to be available to assure the transaction is moving towards closing and has access at all times to be accountable to you and your transaction. 

At your first consultation with an agent be sure to ask if they are full or part time.  Plan to move with a trusted Realtor.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® ..

Salesperson/Broker - Iowa licenses Salespersons and Brokers - Illinois licenses Brokers 

Salespersons -after 2 active years in the industry can take additional training and exam to pursue a Brokers license

Managing Broker - this is the licensed "manager" of the agents within his/her firm

Board of Realtors - local association 

Iowa Association - State association in cooperation with Iowa Real Estate Commission

NAR - National Association of Realtors