Truckee Real Estate Sales: July 09

Tahoe Donner Single Family Home Sales
are the Strongest Segment of the
Truckee Real Estate Market

This chart represents the number of homes sold in the last three months in Truckee.  The chart also shows the median sale prices for these homes.  Tahoe Donner continues to be the strongest  segment of that market with 44% of the total sales in the past three months (May, June and July combined). July sales in Tahoe Donner were up 25% from June.

The pie chart shows single family home sales in Truckee broken down by neighborhood. 46.5% of the homes sold in Truckee during the month of July were homes sold in Tahoe Donner.

Truckee Real Estate Sales: June 09

Tahoe Donner Single Family Home Sales
are the Strongest Segment of the
Truckee Real Estate Market

This chart represents the number of homes sold in the last three months in Truckee.  The chart also shows the median sale prices for these homes.  Tahoe Donner continues to be the strongest  segment of that market with 49% of the total sales in the past three months (April, May and June combined). 
Tahoe Donner continues to be the strongest  segment of that market with 44% of the total Truckee real estate sales during the period June 1 -30, 2009. Sales in Tahoe Donner are strong and steady.

Truckee Real Estate Sales: May 2009

Tahoe Donner Leads the Truckee Real Estate Market

 

 

 

 

 

 

 

 
.

.
This chart represents the number of homes sold in the last three months in Truckee.  The chart also shows the median sale prices for these homes.  Tahoe Donner continues to be the strongest  segment of that market with 43% of the total sales during the period May 1 to May 31 and 49% of the total sales in the past three months (March, April and May combined).  Sales in Tahoe Donner were steady March through May with 12 single family homes “closing” in March; 15 in April and 15 more in May.

Truckee Real Estate Sales: April 2009

Once Again Tahoe Donner Leads the Truckee Real Estate Market

This chart represents the number of homes sold in the last three months in Truckee.  The chart also shows the median sale prices for these homes.  Tahoe Donner continues to be the strongest  segment of that market with 65% of the total sales during the period.  Sales in Tahoe Donner were steady January through April with 9 single family homes “closing” in January; 12 in February and 12 more in March.  According to data provided by the Tahoe Sierra Board of Realtors, 15 homes closed escrow in Tahoe Donner in April.

Truckee 1st QTR 2009 Market Update

---

Truckee 1st QTR 2009 Sales Analysis

---

This chart illustrates:
1) Number of Homes Sold in the 1st QTR from 2004 through 2009
2) Comparison of Median List Price to Median Sold Price for the 1st QTR from 2004 through 2009.

An analysis of the sales data concludes Median Sold prices are currently 8% ($550,000)  higher than they were in 2004 ($504,000), however; the number of homes sold, when comparing 2004 (113 homes sold) to 2009 (74 homes sold), shows a decrease of 44%.

---

Price Category Comparison of Homes Sold

---

This chart illustrates:
1) Number of Homes Sold QTR 1 in Truckee
2) Comparison of Price Categories of Homes Sold in Truckee

73 single family homes sold in Truckee during the 1st quarter of 2009. 72.6% of these homes sold for under $750,000, 12.4% of the homes sold for between $750K and $1 million dollars. The remaining 15% of Truckee homes sold for prices above $1 million dollars with 3 of those homes selling for over $2 million dollars.

Greater Truckee includes MLS areas 007, 008, 009.

Truckee Market Report: March 1 – March 31, 2009

Month After Month Tahoe Donner Leads the Real Estate Market

This graph shows the numbers of homes sold and median sales prices of homes sold in Truckee during the first three months of 2009. Tahoe Donner continues to be the strongest segment of the Truckee market with 46% of the total homes sold in Truckee being represented by Tahoe Donner sales. Sales in Tahoe Donner were steady January through March with 9 single family homes closing in January, 12 more closing in February and 12 homes closing again in March.

Truckee Market Report: Feb. 1 – Feb. 28, 2009

Tahoe Donner Leads the Truckee Real Estate Market

 

 

 

 

 

 

 

 

.
This graph shows the numbers of homes sold and median sales prices of homes sold in Truckee during the first two months of 2009. Tahoe Donner continues to be the strongest segment of the Truckee market with 50% of the homes sold in Truckee being represented by Tahoe Donner sales. Sales in Tahoe Donner were steady January through February with 9 single family homes closing in January and 12 more closing in February.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Mortgage Rates Take a Big Dip This Week

Daily Real Estate News  |  Realtor Magazine | December 5, 2008

For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January.

The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period.

Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago.

Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year.

Source: Realty Times (12/05/08)

10 Steps to Selling a Home

10 Steps to Selling a Home

STEP 1 – DEFINE NEEDS

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, reasons for selling include: a growing business that needs more space or a job opportunity that necessitates a move to another city. Things you want to accomplish with the sale may include the time frame in which you’d like to sell or a particular profit margin.

Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

STEP 2 – PRICING STRATEGY

Your next objective should be to determine the best possible selling price for your house. You will need to take into account the state of the local market, the condition of your home and sales of comparable homes in your neighborhood. It is often hard to maintain a non-biased view of your property, so you will want to gather the necessary information in the most objective way possible. If you want a truly objective opinion about the price of your home you could have an appraisal done. This may cost between $300 and $500.

Be reasonable about the price you set. You will always be better off setting a fair market value price than setting your price too high. If your home stays on the market too long because it is overpriced, potential buyers may think that something is wrong with it and you may end up selling it for less than what you could have gotten if you had started out with a realistic asking price

STEP 3 – PREPARE YOUR HOME

It’s time to get your home in “showing and selling” condition. Most of us don’t keep our homes in the condition they need to be in to be sold. Piles of boxes in the garage, a broken porch light and even an overgrown garden just seem normal after awhile. It’s time to break out of that owner’s mindset and get your house in tip-top shape. How your home looks will impact how quickly it sells and the price the buyer is willing to offer.

First impressions are the most important. Work with your real estate agent to help you take a fresh look at your home. Do the shrubs need pruning? Do you need to repaint? What’s normal for you may be unacceptable to the buyer. Make your interior appear more spacious by removing appliances from countertops, and clearing knickknacks off coffee tables and shelves.

• Organize your closets and kitchen cabinets.
• Make sure items stored in the attic or basement are tidy.
• Open the curtains or blinds during the day to maximize the natural light.
• Turn on the lights at night to create a welcoming environment for prospective buyers.
• A home with too much “personality” is harder to sell. Consider painting walls white and removing clutter. This will help the buyer to visualize the home as theirs.

STEP 4 – MARKETING STRATEGY

Now that your home is ready, it’s time to put it up for sale and market it. Establishing a marketing strategy with your real estate agent is a must. Your agent will expose your home to the greatest number of potential buyers possible. He or she will use a marketing plan that will bring not only the most buyers, but also the most qualified buyers to your doorstep.

There are many different ways to get the word out that your home is for sale. A yard sign, flyers, and direct marketing are just a few of the many options available. If you are in a buyer’s market you will have to be extra careful when choosing a plan. You don’t want your property to sit unnoticed. You and your agent should structure your marketing strategy so that the first 3-6 weeks that your house is on the market will be the busiest.

STEP 5 – RECEIVE AN OFFER

When a buyer decides they like your home, they will make you a written offer. Your real estate agent will advise you as to whether or not the prospective buyer is qualified to purchase your home. After all, who needs to review an offer from a buyer that is unable to buy it?

After determining the buyer’s qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction. The contract should protect the interests of all parties.

After you accept the offer, it may be too late to make any changes. The contract, though not limited to this list, should include the following:

• Legal description of the property
• Offer price
• Down payment
• Financing arrangements
• List of fees and who will pay them
• Deposit amount
• Inspection rights and possible repair allowances
• Method of conveying the title and who will handle the closing
• Appliances and furnishings that will stay with the home
• Settlement date
• Contingencies

Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.

STEP 6 – NEGOTIATE TO SELL

Most offers to purchase your home will require some negotiating to come to a win-win agreement. You real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Your agent will review the written offer with you to make sure you thoroughly understand what the buyers are offering and what they are asking you for in return.

After you accept the offer, it may be too late to make any changes. The contract, though not limited to this list, should include the following: Some negotiable items:

• Price
• Financing
• Closing costs
• Repairs
• Appliances and fixtures
• Landscaping
• Painting

Once both parties have agreed on the terms of the sale, your agent will prepare a contract. Remember…bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

STEP 7 – SELLING SERVICE PROVIDERS

Once you accept an offer to sell your house you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Depending on the specifics reached during the negotiations, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. Depending on the contract, you or the buyer may decide to walk away, open a new round of negotiations or close.

STEP 8 – PRE-CLOSE PREPARATION

A few days before the closing you will want to contact the entity that is closing the transaction and make sure the necessary documents are going to be ready to sign on the appropriate date. It would be a shame to get this close to selling and have the deal fall through because of a missing form. Begin to make arrangements for your upcoming move if you have not done so. Check out our Relocation Center to get started.

STEP 9 – CLOSING

“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to help explain the process and forms to you and make sure everything goes as planned. By being present during the closing, he or she can mediate any last minute issues that may arise. In some states, an attorney is required and you may wish to have one present.

As the seller, you will need to be prepared to hand over any necessary documentation regarding the property and, depending on the arrangements made during negotiations, you may be required to have done something specific in order to close.

Be sure to read all the documents and ask questions. It is important you understand every document you are signing.

STEP 10 – POST CLOSE

Congratulations on the successful sale of your home!

Now that you have closed, prepare to vacate your home in the time frame agreed upon. You should make a list of all the items you will need to do to turn the property over to the new owners. For example, make sure to cancel electricity, gas, lawn care, cable, etc., or if the new owner is going to retain some of the services, change the name on the account. The home and all items specified by the contract should be prepared appropriately for the new owners.

10 Steps to Buying a Home

10 Steps to Buying A Home…STEP 1 – DEFINE NEEDS FOR YOUR NEW HOME

Congratulations on your decision to purchase a new home! Your first step toward buying your new home will be to analyze your needs. We can help you determine exactly what you want your new home to look like and how it should function for you and your family.

First, write down why you are looking for a new home. For example, are you currently renting and would like to begin building equity? Maybe you recently married and have outgrown your current residence. Or, maybe you received promotion that requires you to move to a new city. These factors will all have a bearing on how you approach your home search.

Second, establish a time frame for buying your home. Depending on your reasons for wanting a new property and the current state of the market in the area you are looking to buy, you should be able to come up with a rough guideline.

Finally, you probably have a mental picture of what your dream house looks like. Turn these ideas into two lists: one should describe your dream home and the other should list features that are absolute must haves. In a perfect world, your new home would fulfill both lists 100 percent, but it is more likely the two lists will turn into a list of priorities, as you get clearer about what you want and what is available.

STEP 2 – PRE-APPROVAL VS. PRE-QUALIFICATION

Now that you know what you want in a home, you need to find out what you can afford. There are two ways to go about this: prequalification or pre-approval for a loan. Either way, you can contact your agent about choosing a mortgage company. Prequalification is the simpler of the two processes. It can even be done online or over the phone. When you contact a mortgage company, they will ask you for some basic information about your finances ? how much money you earn, your debt load, etc. They will take this information and give you a rough estimate of how much of a loan you might qualify for.

Pre-approval is more a more in-depth process. The lender will perform an extensive check of your finances including your credit rating, whether or not you’re a first-time buyer, what your debt load is, how much money you have to put as a down payment, etc. This figure will be a much more reliable estimate of what you can afford.

In most markets, pre-approved buyers are preferred over those that are merely pre-qualified. Being pre-approved lets the seller know you have gone through an extensive financial background check and there should be no unexpected obstacles to you buying their home.

STEP 3 – NEIGHBORHOOD INFORMATION

Now that you have your list of needs and wants and know how much you can afford to spend, it’s time to look at some houses, right?! Well, don’t forget, people don’t just buy a house; they buy the neighborhood the house is in. Think about that…if you found the perfect house but it was in a neighborhood that was not to your liking, would you make an offer on it?

You will need to make another list for the type of area you want to invest in. Consider things like drive time to work and major destinations, amenities such as swimming pools, tennis courts, parking, etc., area schools and the demographics of the surrounding area.

STEP 4 – HOME SEARCH

At this point you will have a good idea of what you can afford and the type of area you will want to invest in. Taking that information into consideration, you are ready to embark on your home search. If you don’t know much about the city to which you are moving, you will want to start by finding areas that meet your criteria and then narrowing your search to particular properties in those areas.

There are a few ways to go about this. Possibly the most efficient way to find homes is to allow your real estate agent to keep you up-to-date on available properties that meet your criteria, and then allow your agent to screen them for you. When your agent presents you with a home that interests you, he or she can arrange for you to tour it at your convenience.

You can find available homes by reading local real estate publications, contacting local Neighborhood Associations, visiting the local Chamber of Commerce, looking on the Internet, or driving through neighborhoods that meet your needs. Driving around a particular area looking for a home that is for sale is good because you can actually see the house, but it can be very time consuming and very “hit or miss.”

Now that you’ve found your dream home, it’s time to make an offer. Your real estate agent will help you determine the offer price by reviewing recent sales of homes that are similar in size, quality, and conveniences and amenities. Your real estate agent will advise you on how to create an offer that will have the best chance of being accepted.

After consultation with you, your agent will create a written contract with your offer that meets all the local and national legal requirements. This document details what needs to be done by both parties to execute the transaction. It should protect the interests of both parties and will ensure your financial position as the buyer.

The contract should include, but is not limited to, the following:

Legal description of the home
Offer price
Down payment
Financial arrangements
List of fees and who will pay them
Amount of the deposit
Inspection rights and possible repair allowances
Appliances and furnishings that will stay with the property
Settlement date
Contingencies

Remember the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.

STEP 6 – NEGOTIATING TO BUY

Once your offer is made you may need to negotiate with the seller to reach an agreement. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process, that is, if you have adequate information and you use it in an appropriate manner.

After consultation with you, your agent will create a written contract with your offer that meets all the local and national legal requirements. This document details what needs to be done by both parties to execute the transaction. It should protect the interests of both parties and will ensure your financial position as the buyer.

• Price
• Financing
• Closing costs
• Repairs
• Appliances and fixtures
• Landscaping
• Painting
• Occupancy time frame

Counter offers happen frequently. Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember…bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.

STEP 7 – SERVICE PROVIDER COORDINATION

Once your offer is made you may need to negotiate with the seller to reach an agreement. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process, that is, if you have adequate information and you use it in an appropriate manner.

After your offer is accepted, your agent will help you coordinate the activities of service providers and serve as your advocate when working with them. Your agent will make sure these vendors have access to the property to perform their procedures and will oversee the execution of those procedures on your behalf.

One service you may need is a home examination. An inspection of the property, the foundation, and the surrounding environmental may be needed to make sure the property meets the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract.

Insurance is another item that will need to be taken care of. Experts recommend you obtain title insurance equal to the full replacement value of the home. This kind of insurance is purchased at closing and protects the buyers in the unlikely event that the title to the property becomes invalid. Homeowners insurance protects against theft, fire and liabilities. It often includes things such as bicycles, furniture and jewelry. Flood insurance is generally only necessary for flood-prone areas. The federal government issues this kind of insurance.

In addition to aforementioned types of insurance, you may want additional assurance for your new home. Home warranties are one way to protect yourself after you buy. Warranties for new homes protect against plumbing, wiring and structural defects. Existing home warranties cover things like major appliances and structural problems.

Having these procedures done in a timely and professional manner is a must. Investigate each service provider to make sure they are reputable and have a clean operational history. Your agent’s experience in this area will be invaluable.

STEP 8 – BEFORE YOU CLOSE

As the closing date (otherwise known as settlement or escrow) draws near you will need to be in contact with the escrow company or closing attorney and your lender to make sure all necessary documents are being prepared and will be delivered to the correct location on the appropriate date. Find out what form of payment you will need to bring to the closing for any unpaid fees. Make sure that your payment is made out to the appropriate party.

These days, buyers and sellers don’t even have to be in the same room to close a deal. Thanks to computer automation, signed paperwork can be delivered overnight to both parties.

STEP 9 – CLOSING ON A HOME

Closing is where ownership of the home is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the process will attend. Closing procedures are usually held at the title company’s or lawyer’s office. Your closing officer coordinates the document signing and the collection and disbursement of funds.

In order for the closing to go smoothly, each party involved should bring the necessary documentation and be prepared to pay any related fees (closing costs). There may be more than one form of acceptable payment for your closing costs so ask the closing officer which form of payment will be required and to whom it should be paid.

Sellers sometimes pay for a portion or all of the closing costs, depending on local market conditions, terms of the purchase contract, and the seller’s cash and timing considerations. Any such concessions should be acknowledged in writing. Most lenders will allow a credit from the seller to the buyer for the non-recurring closing costs. However, they usually won’t allow a credit that reduces the amount of the buyer’s down payment or any of the buyer’s recurring costs, such as expenses for fire insurance premiums, private mortgage insurance (PMI) or property taxes.

STEP 10 – POST-CLOSING

Congratulations on the purchase of your new home!

Now that you have taken ownership of it you will need to have your electricity, cable and phone set up. Also be aware of typical homeowner expenses such as Neighborhood Association fees, landscaping costs, and annual taxes and budget for them accordingly.