Several local homeowners are no doubt disappointed by the lack of potential buyers in the market. According to the following article in USA Today, existing home sales fell 1% in April compared to one year ago... the midwest saw a 6% decline. Meanwhile, the number of homes for sale on the market is 'surging'.
Find the details in the following USA Today article. There is a little bit of a rosy outlook (for homebuyers), but you have to read all the way to the end!
http://www.usatoday.com/money/economy/housing/2008-05-23-existing-home-sales_N.htm
In my opinion, there is no better time to consider selling fsbo. After getting a professional appraisal of your home, you can be much more flexible with your price- knowing you won't have to pay a six percent realtor commission.
Saturday, May 24, 2008
Wednesday, May 21, 2008
More on Mortgages
A few days ago I blogged about my conversations with some local mortgage lenders discussing a decline in applications this spring. Today, I see this related article at USAToday.com
http://www.usatoday.com/money/economy/housing/closetohome/2008-05-21-mortgage-demand_N.htm
http://www.usatoday.com/money/economy/housing/closetohome/2008-05-21-mortgage-demand_N.htm
Monday, May 19, 2008
Mason City Housing Market
While the housing market in Mason City and North Iowa isn't experiencing a severe value decline as in other parts of the country, the market is definitely soft.
I've spoken to several mortgage lenders in the past few weeks. All of them agree that fewer people in general are applying for mortgages locally compared to one year ago. No longer do buyers enjoy 100% loan programs. They're needing more money down.
According to one mortgage lender "The market is definitely softening. Values are not as high so owners are hanging on to their current homes."
The good news for buyers with good credit, interest rates are still under 6%. A great time to buy if you have your ducks in good order!
I've spoken to several mortgage lenders in the past few weeks. All of them agree that fewer people in general are applying for mortgages locally compared to one year ago. No longer do buyers enjoy 100% loan programs. They're needing more money down.
According to one mortgage lender "The market is definitely softening. Values are not as high so owners are hanging on to their current homes."
The good news for buyers with good credit, interest rates are still under 6%. A great time to buy if you have your ducks in good order!
Sunday, May 4, 2008
April 2008 Best Month Yet!
Just wanted to let North Iowa real estate owners know that April 2008 was our best month yet for visitors to http://northiowahobo.com!
We averaged a total of 3,581 unique visitors, or approximately 119 per day. These potential homebuyers also opened a whopping 12,601 pages full of information about homes for sale by owner in North Iowa.
That beat our previous record-holding month of July 2007 which averaged 107 visitors/day.
We averaged a total of 3,581 unique visitors, or approximately 119 per day. These potential homebuyers also opened a whopping 12,601 pages full of information about homes for sale by owner in North Iowa.
That beat our previous record-holding month of July 2007 which averaged 107 visitors/day.
Thursday, April 17, 2008
Tips for Selling FSBO
As someone who has sold two homes 'fsbo', I want to share what I think are common mistakes made by others trying to do the same. It comes down to three main culprits- a lack of marketing, patience and showcasing.
Ask any homeowner who has tried to sell 'fsbo' and they will tell you the biggest challenge is getting the word out. Let's face it, putting a sign in the front yard probably isn't going to generate the amount of interest you need. But this is exactly what a lot of fsbo's are hoping. Then if the sign doesn't work in a month, they call a realtor. You need traffic!
So what options do you have? There are several possibilities- two of which stand out the most. You can advertise using the newspaper and/or the Internet. In my opinion, the newspaper is extremely expensive, the information is difficult to find and the audience is very local. On the other hand, 80% of home buyers are already using the Internet to search for homes. Why not advertise where your audience is currently searching? FSBO websites, like www.northiowahobo.com/ offer lots of information and several pictures. Plus, people from all over can access the information.
Those fsbo's with the most success recognize good marketing requires variety. Take for example, one of my clients. She's trying to sell a home without a realtor. She's always advertising on my website because it's very affordable. But right before holding an open house, she advertised for a day or two in the local newspaper and she sent out Open House post cards to all the homes in the surrounding neighborhood. Her Open House attracted 140 people on a cold, rainy day!
If you're really serious about selling 'fsbo', it's going take an upfront investment to market your home. While it may cost money in the beginning, it won't compare to the cost of a realtor's commission fee after the sale.
The second mistake I see fsbo's making is giving up too soon! Patience is hard to come by when you want to sell a home. According to the latest statistics, the average home for sale in Mason City, Iowa took 181 days to sell with a realtor. That's six months! Of the homes that have sold on http://www.northiowahobo.com/ the average sale period is four to six months. A few have sold within a month or two and the longest sale period was seven months.
One of my favorite clients was a sweet older woman with a beautiful house. After one week of trying fsbo, she told me she hadn't had any calls so she was going with a realtor. I told her she had to do what she felt was best. Let's face it, selling FSBO is not for everyone. The ironic thing is, her home was still for sale 11 months later with a realtor.
The third and final mistake I see being made by fsbo's (and any homeseller for that matter) is the house simply isn't ready to show. Clear the kitchen counters. Clean the closets. (I think the average person should get rid of at least 60-percent of what is in their closets.) Wash the windows. Get rid of the clutter- which includes picture frames and knick-knacks on tables, extra furniture and side tables. (One living room does not need four LazyBoy Recliners and two sofas.) Get the crud out from around the sinks and toilets. Fix things that aren't working- closet doors that don't open, door knobs that aren't working. And while we're at it, clear the yard of all those ornaments. They may be precious to the homeowner, but when you're selling a home, you want it to appeal to the homebuyer. And finally, freshen the air. When a homebuyer walks into the home, first impressions often come through the nose.
Ask any homeowner who has tried to sell 'fsbo' and they will tell you the biggest challenge is getting the word out. Let's face it, putting a sign in the front yard probably isn't going to generate the amount of interest you need. But this is exactly what a lot of fsbo's are hoping. Then if the sign doesn't work in a month, they call a realtor. You need traffic!
So what options do you have? There are several possibilities- two of which stand out the most. You can advertise using the newspaper and/or the Internet. In my opinion, the newspaper is extremely expensive, the information is difficult to find and the audience is very local. On the other hand, 80% of home buyers are already using the Internet to search for homes. Why not advertise where your audience is currently searching? FSBO websites, like www.northiowahobo.com/ offer lots of information and several pictures. Plus, people from all over can access the information.
Those fsbo's with the most success recognize good marketing requires variety. Take for example, one of my clients. She's trying to sell a home without a realtor. She's always advertising on my website because it's very affordable. But right before holding an open house, she advertised for a day or two in the local newspaper and she sent out Open House post cards to all the homes in the surrounding neighborhood. Her Open House attracted 140 people on a cold, rainy day!
If you're really serious about selling 'fsbo', it's going take an upfront investment to market your home. While it may cost money in the beginning, it won't compare to the cost of a realtor's commission fee after the sale.
The second mistake I see fsbo's making is giving up too soon! Patience is hard to come by when you want to sell a home. According to the latest statistics, the average home for sale in Mason City, Iowa took 181 days to sell with a realtor. That's six months! Of the homes that have sold on http://www.northiowahobo.com/ the average sale period is four to six months. A few have sold within a month or two and the longest sale period was seven months.
One of my favorite clients was a sweet older woman with a beautiful house. After one week of trying fsbo, she told me she hadn't had any calls so she was going with a realtor. I told her she had to do what she felt was best. Let's face it, selling FSBO is not for everyone. The ironic thing is, her home was still for sale 11 months later with a realtor.
The third and final mistake I see being made by fsbo's (and any homeseller for that matter) is the house simply isn't ready to show. Clear the kitchen counters. Clean the closets. (I think the average person should get rid of at least 60-percent of what is in their closets.) Wash the windows. Get rid of the clutter- which includes picture frames and knick-knacks on tables, extra furniture and side tables. (One living room does not need four LazyBoy Recliners and two sofas.) Get the crud out from around the sinks and toilets. Fix things that aren't working- closet doors that don't open, door knobs that aren't working. And while we're at it, clear the yard of all those ornaments. They may be precious to the homeowner, but when you're selling a home, you want it to appeal to the homebuyer. And finally, freshen the air. When a homebuyer walks into the home, first impressions often come through the nose.
Thursday, April 3, 2008
How Our Advertising Is Helping You
I often have to remind people that I'm not a realtor. I don't sell homes. Instead, I advertise them fsbo using the Internet. The homeowners who list their homes on my website are doing the selling with the help of their own real estate attorneys.
So what's my job? My job is to get potential buyers to come to my website, http://www.northiowahobo.com/, and see those homes. I do this in a couple of different ways.
First, every month I spend a set amount of money on advertising. Keep in mind I'm a start-up business and funds are limited. So, I've focused on one main venue- the local television station and its website, http://www.kimt.com/. I have to admit, I'm extremely pleased with the results. During the months of February and March of 2008, my website has had more than 1.5 million ad views and more than 1500 clickthroughs from kimt.com.
I also am an active member/volunteer with the Mason City Chamber of Commerce. It's a wonderful organization with great ideas for growing the city and region. When people from out of town are relocating they often 'check out' this area by visiting the chamber's website, http://www.masoncityia.com/. I average 30 to 50 clickthroughs from the chamber's relocation section of its website every month.
Thirdly, word of mouth is extremely invaluable. I recently signed up a woman's home in Clear Lake and asked how she found out about http://www.northiowahobo.com/. She said her brother sold his home in Fertile using the website last fall. Now she's giving it a try. Wow! Now that's the best advertising I can get!
So what's my job? My job is to get potential buyers to come to my website, http://www.northiowahobo.com/, and see those homes. I do this in a couple of different ways.
First, every month I spend a set amount of money on advertising. Keep in mind I'm a start-up business and funds are limited. So, I've focused on one main venue- the local television station and its website, http://www.kimt.com/. I have to admit, I'm extremely pleased with the results. During the months of February and March of 2008, my website has had more than 1.5 million ad views and more than 1500 clickthroughs from kimt.com.
I also am an active member/volunteer with the Mason City Chamber of Commerce. It's a wonderful organization with great ideas for growing the city and region. When people from out of town are relocating they often 'check out' this area by visiting the chamber's website, http://www.masoncityia.com/. I average 30 to 50 clickthroughs from the chamber's relocation section of its website every month.
Thirdly, word of mouth is extremely invaluable. I recently signed up a woman's home in Clear Lake and asked how she found out about http://www.northiowahobo.com/. She said her brother sold his home in Fertile using the website last fall. Now she's giving it a try. Wow! Now that's the best advertising I can get!
Number of Visitors to Website Doubles
The number of visitors to North Iowa Homes Offered By Owner has doubled from one year ago!
Our March 2008 numbers are in. I'm excited to announce we saw a total of 3,227 visitors- an average of 104 visitors per day. Compare that to March 2007, when 1,649 visitors came to the site for an average of 53 per day.
I'm extremely pleased with the consistent and steady growth we are experiencing. Now that spring is here, I see no reason why those numbers shouldn't continue to grow. Word is getting out as more and more homeowners have success advertising their homes 'for sale by owner' on http://www.northiowahobo.com/.
Our March 2008 numbers are in. I'm excited to announce we saw a total of 3,227 visitors- an average of 104 visitors per day. Compare that to March 2007, when 1,649 visitors came to the site for an average of 53 per day.
I'm extremely pleased with the consistent and steady growth we are experiencing. Now that spring is here, I see no reason why those numbers shouldn't continue to grow. Word is getting out as more and more homeowners have success advertising their homes 'for sale by owner' on http://www.northiowahobo.com/.
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