Staging for First Impressions

Do it Yourself or Hire a Pro?

In today’s Truckee real estate market, sellers and their Realtors are looking for new ways to get homes sold. Staging, or creating vignettes, can be an important and strategic move in facilitating a positive first impression. It can also be fun and creative. You can do it yourself or hire a pro.

DOING IT YOURSELF: In real estate, first impressions matter! We often suggest to sellers that they approach the home they want to sell as though they are the buyer seeing it for the first time. Start at the street. Does your driveway need to be repaired or sealed? How does the yard look? Is it clear of pine needles, debris and are the trees trims trimmed and thinned appropriately? Does the house need staining? Are there any exterior repairs that have been neglected? What about the front entry? Now step inside the house. Does it feel inviting? Be honest about the clutter – do you need to put a few things away? Does your furniture arrangement show off your home’s potential? Does your home need a fresh coat of paint? Are you missing any key pieces of furniture? Does the carpet need to be cleaned? Clean out the refrigerator. Put nice towels in the bathrooms. Get rid of ugly bedspreads. Make sure the windows sparkle. Are your pantries and closets organized? Ask yourself, “Am I impressed”?

HIRING A PROFESSIONAL: Some sellers choose to hire professional Staging Consultants. We see this more frequently in brand new homes or spec homes. The staging consultant will typically come to your property (for a fee) and evaluate your home. The consultant will then come up with a plan that proposes the scope of their project including labor and materials. In new homes, the staging consultant will usually recommend that she stages the front entry (inside and out), kitchen, great room / living room, dining area, master bed & bath and a powder bath. Bonus rooms are often staged as well. The next step, if you choose to hire a staging consultant, is that they will bring in a houseful of furnishings and stage your home. The fee for this usually encompasses a delivery fee and set-up fee (the actual staging). A monthly fee is then assessed that is typically a percentage of the value of the furnishings placed in the home. Most staging consultants have a 3 month minimum for staging. Every Staging Consultant is different and it is very important to work with the one that you feel comfortable with. Keep in mind, staging is not meant to make your house sell for more but rather staging entices and captures the attention of your prospective buyers. You still need to make sure your house is priced strategically for the market you are in. Call us today to review what your home is valued at in this market and we’ll also be happy to provide a list of qualified Staging Consultants.

Real Estate, You, the Fed and Interest Rates

The Fed has certainly been affecting our economy with their bailouts. What effect will this have on real estate in Truckee and Tahoe Donner?  The Fed’s Mortgage Bond purchase program has artificially created demand in the bond market, and in turn kept mortgage rates near all times lows even as the stock market had some upturn. The Fed has now confirmed the MBS (mortgage backed security) purchase program will end on March 31^st.  This means mortgage rates will creep higher in the months ahead. Bond prices, which drive mortgage rates, will once again be dictated by normal economic factors. 

So, here are some things to keep in mind for the coming “real market” conditions:

1. Inflation leads to higher interest rates.
2. If you are a seller, it is time to cut your price and be decisive. If you’re serious about selling your property, adjust your price to where the market is moving, take your lumps and move on, or you’ll be waiting a long time.
3.  If you are a buyer, it is time to purchase or miss out on the current opportunities. Don’t make the mistake of waiting for everybody else to make a move before you feel comfortable enough to purchase. Many people have made a purchasing decision already, and we never know what the bottom of the market is until it has passed. Here’s one thing you can take to the bank—higher interest rates are the equivalent of a price increase. Don’t wait for prices to drop, the market is indicating we have reached the bottom. When rates go from 5% to 7%, it is the equivalent of a 20% increase in price to the borrower.

Look at the difference just 1 point makes in these loans:

Loan Amount               Type of Loan                Interest Rate                 Monthly Payment

 $250,000                                 30 Year Fixed              5%                               $1342.05

$250,000                                 30 Year Fixed              6%                               $1498.88

$250,000                                 30 Year Fixed              7%                               $1663.25

Frequently Asked Questions…

What is the best way to view properties I am interested in…?
A good starting point is to come up with a list of things that matter to you in a home or lot. Based on what you tell us, we can help you dtermine which area(s) of Truckee would best suit your wishes. Once the area and criteria are known we can then narrow the search to homes that meet your needs. Call us or send an email at Karen@HuntoonRealEstate.com and we’ll get started.

Why do I need a Real Estate Agent?
As your Realtors, we will do far more for you than show you property. We will work with you to establish an offer strategy and negotiate the best price and terms. After an acceptance, we will ensure the escrow process goes smoothly. Even for years after your purchase, we are here for you as your local resource and connection with local vendors and people who will assist you with your property.

What Real Estate office does the most volume in Tahoe Donner…?
Keller Williams Realty does almost half of the sales in Tahoe Donner. All other offices in Truckee do the remainder of the business. Our office is the most widely recognized real estate office in Tahoe Donner – more buyers and sellers come to our office than any other office in Tahoe Donner.

When is the best time to buy property in Truckee …?
The largest inventory of homes for sale in occurs in the summer months, typically from mid July to the end of September. For choices in available homes this may be the time to buy. However, don’t rule out the winter months, the market dynamics change and it could be a great time to buy.

What is escrow?
Buying or selling a home (or other piece of property) usually involves the transfer of large sums of money. For the protection of the buyer, seller and lender, the escrow process was developed. As a buyer or seller, you want to be certain that all conditions of the sale have been met before the property and money changes hands. It is imperative that the transfer of these funds, and related documents, from one party to another be handled by a neutral third party, in a secure and knowledgeable manner. This third party (Escrow Company) holds the money or items until the happening of a specific event or the performance of a specific condition.

What is title insurance?
Title insurance is a written guarantee as to an interest in a particular parcel of land, along with a detailed list of the rights or interest that others have in the parcel. Some examples would be: taxes, liens, loans on the property, easements, the rights others to use the land, etc. Unlike many forms of insurance which protect against events that may take place in the future, title insurance protects against events that may or may not have happened in the past – at any time prior to the date that the written guarantee (policy) is issued. Title insurance may insure a variety of interest in the land. The proper amount of title insurance (liability) is determined by such things as the value of the property, the loan under negotiation, and other factors. Unlike many other forms of insurance, once the title policy is paid for, no additional title insurance premium will be due in the future for that particular policy. Therefore, if you bought a piece of land and received a policy of title insurance, the protection afforded under the policy would continue, with no additional premiums, for as long as you own the property. Some of the things a title search uncovers are: any unpaid taxes or mortgages, judgments against previous owners, easements and many other court actions or recorded documents which can affect title to real estate.

Take your next step in real estate with us…

The listings provided to you here can only get you so far in the process of purchasing real estate. Sure, you need to know the market, what is available and the prices. Now is the time to work with a professional Real Estate Agent. Robbie and Karen can provide the local knowledge to help you make intelligent choices in the purchase process.

Wouldn’t it be nice to have your selections “pre-screened” or just talk to a knowledgeable person about the property?

Could market data, such as recent sales prices and time on market be beneficial in your analysis?

In addition to providing local knowledge, Robbie and Karen will guide you in making an appropriate offer on the property you have decided on. Beyond purchase price, there are a myriad of things to consider when presenting an offer. A good agent works on your behalf, helping you to get the best price possible as well as keeping the whole transaction as smooth as possible. We work with lenders, appraisers, builders, home inspectors, movers, and a variety of local service providers. We are really your link to completing the real estate transaction.

Isn’t it time for some personal communication?

Take the next step with us!

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Martis Camp – Hottest Real Estate Buy in U.S. Today!

$35 Million Sales in 2009 for Martis Camp Defies Economy, Making Tahoe’s Four-Season Family Retreat Hottest Real Estate Buy in America
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TRUCKEE, Calif., Dec. 7 /PRNewswire/ – Developers of Martis Camp, a very successful private real estate community located in North Lake Tahoe, announced 50 sales in 2009 equaling $35 million during the worst economy in 70 years, making it the hottest real estate buy in the U.S. today.

Sixty-one percent of the sales were from buyers in the San Francisco Bay area, and 20 percent are from Southern California, according to Martis Camp Sales Director Brian Hull. “Martis Camp embraces everything that the iconic Lake Tahoe area has to offer and is engaging families with a mountain lifestyle that is not found anywhere else in the Western US,” says Hull. “Even in this economic climate, families are still making the financial commitment, which affords them the incredible lifestyle experience at Martis Camp.” Since sales were launched in 2006, more than 240 homesites, representing approximately $200 million in sales have been made.

Why? Martis Camp is a private, premier playground, offering families a year round, four-season retreat on the finest piece of land in Tahoe. “And Tahoe is really becoming the “in” destination now by wrapping the best every season has to offer into one place,” says Hull. ” Many families have a favorite ski destination and a favorite summer destination in a different resort area. But in Tahoe, you can enjoy all your favorite recreational activities anytime of year. Ski Magazine just recognized the area for an abundance of winter amenities and with the Ritz Carlton opening its newest hotel here, the area is simply hot!”

In the winter, club members at Martis Camp can enjoy direct ski access from Martis Camp to Northstar(TM)-at-Tahoe Resort via the Martis Camp Express quad lift. In the summer, they can enjoy exceptional golf on the 18-hole Tom Fazio-designed course, classes at the Martis Camp Folk School, reading in the Lost Library, listening to an evening concert at the Martis Camp Amphitheater, multiple outdoor adventure activities and much more. The Family Barn is a family recreation and entertainment complex that anchors the 2,177-acre private gated community. With a summer swimming venue, bowling alley, art loft, movie theater, indoor basketball court, soda fountain and outdoor concert park, the Family Barn is the consummate gathering place for year-round social events including dances, wine tasting, karaoke, volunteer events and summertime concerts. Owners view Martis Camp as a family playground offering unlimited access to the natural world with authentic experiences.

“From the design of the community Gatehouse to the Family Barn, Martis Camp is a big family place offering a National Park-like experience,” said Dean Rider of San Francisco. “I looked all over the country, coast-to-coast, for the ultimate family community. Martis Camp is exactly what I was looking for. We were looking for a vacation home where everyone in our family could bike, ski and hike.”

As 2010 approaches, Martis Camp is bustling with construction activity with 30 single-family custom homes currently under construction along with the $42 million clubhouse called the Camp Lodge.

Martis Camp is growing rapidly thanks to a financially sound and responsible development team. DMB/Highlands Group, LLC, is comprised of two of the country’s premier recreational-residential community developers, DMB Associates and Highlands Management Group. The team is responsible for the creation of Lahontan, North Lake Tahoe’s premiere golf course community. The developer’s track record and strength provides security to owners/prospects. “Martis Camp is an intelligent choice for second home buyers who want something year-round that appeals to all age groups,” says Hull. “We are successful in these difficult and challenging times because a ‘legacy’ purchase is in demand. Our Owners want something that’s useable year-round plus something every person in their family will enjoy that can be passed down through the generations.”

Keller Williams Real Estate Update: Aug 09

Keller Williams Real Estate Update – YouTube Broadcast

Truckee Real Estate – Buying, Selling & Market Conditions

Selling your real estate in Truckee is not about guessing- it is both a science and an art.  The science is in the numbers and the art is finding the balance between a special property and market conditions. We have all heard the terms “sellers market” and “buyers market”. These are fundamental measures of market conditions.

• “Sellers Market” conditions exist when there are between 1 and 4 months of inventory.
• “Balanced Market” conditions exist when there are between 5 and 6 months of inventory.
• “Buyers Market” conditions exist when there are 7 months and more of inventory.

So what is “Absorption Rate and Months of Inventory”? 

Absorption rate and months of inventory are mathematical calculations, based on current and past market trends that help us estimate how long it will take to absorb the current active inventory in a given area or market segment. The total number of available homes is divided by the total number of homes sold in the previous month. The resulting number represents the number of months it would take, at that same pace, to sell the entire inventory of homes.

For example, let’s say that there are 24 similar homes currently on the market in Tahoe Donner and last month 3 comparable homes sold. The absorption rate is 3 (3 sales/1 month = 3) and the months of inventory is 8 (24 current inventory/3 absorption rate = 8).

The chart above shows us absorptions rates and months of inventory for Tahoe Donner single family homes. The absorption rates were based on a monthly average of sales over the last 3 months (2nd QTR stats) for each price segment. Current inventory for each price segment was divided by the corresponding absorption rate and months of inventory were determined.

The market segment for homes up to $500K, with 6 months of inventory, is the most balanced while all other segments are strong  ”buyers markets”. There have been no sales prices over $1,250,000 in 2009 therefore it is not possible to calculate an absorption rate (nothing has been absorbed) nor months of inventory.

Understanding market conditions is powerful knowledge for both buyers and sellers. It can help in the following ways:

1. For Sellers – Realistic Selling Prices:
   As a rule of thumb…The longer your property is on the market the more likely it is that you will see price reductions. This means that it is of utmost importance that you price your property correctly for the current market conditions. If you need to sell your home, it must be better than its competition. In a given market segment, the most desirable home at the best price will sell first. Absorption rate is a concept and practice that is often over looked by many Realtors and lack of knowledge can lead to properties that don’t sell, expired listings, numerous price reductions and disappointed sellers.
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2. For Buyers – Realistic Purchase Offers:
   Knowing the market conditions in the specific areas you are looking to buy in will prepare you for negotiating.  As a buyer you may have greater success negotiating in an area or market segment where there is more inventory and the seller may be more motivated to sell!

If you have considered the idea of selling, please give us a call at 530-412-0583 or send an email to karen@huntoonrealestate.com .We will establish a value for your property and design a selling strategy and marketing plan. We thoroughly research market areas both before and during our listing periods as good knowledge of the market is critical in selling a home and allowing Sellers to get the most money out of their homes and to sell in the shortest period of time.

Now, more than ever, it is important to take the guess work out of selling and talk with a Realtor that understands the art and science of pricing a home in todays market conditions. Give us a call 530-412-0583.

Keller Williams Real Estate Update – July 09

Keller Williams Real Estate Update – YouTube Broadcast

Keller Williams Market Report: June 2009

This Month is Real Estate – June 2009 YouTube

What is My Truckee Home Worth?

Understanding the Truckee Real Estate Market….

The most common questions we hear from our clients that own second homes in the Truckee real estate area, including Tahoe Donner are, “How much is my home worth and  what is the market doing?”

While prices have declined over the last few years it is important to remember that prices escalated dramatically just before the drop. Research from Wellesley College tells us that, historically, homes typically appreciated about 5% per year. During the first six years of this decade, however, average home appreciation was almost 15% per year! This type of growth is unsustainable and the current drop in prices is a market response. The market is now trying to stabilize and in the long run this will make the Truckee real estate market stronger and healthier.

It is very important to price right for today’s market. If you price your home too high, it will sit on the market and receive little, if any, attention. Meanwhile, you are making mortgage payments, paying property taxes and in many cases, HOA fees as well. One good indicator of how you should price your home for a successful sale is to look at the absorption rate or month’s supply of inventory (total inventory divided by the number of homes sold per month) in your neighborhood.

For example, on average this year we have seen 13 houses per month close escrow in Tahoe Donner and we have 158 active listings currently on the market. That means that we have a little over a 12 month supply of houses to sell in Tahoe Donner.

To put this into perspective, industry guidelines suggest that a 1-2 month supply is equal to double digit appreciation of home values. A 5 to 6 month supply is considered the balance point and on the other end of the spectrum, a 12 month supply, which is where we are currently, signals as much as a double digit depreciation. The bottom line is that you have to price with knowledge of where our market is today.

If you are thinking about selling your home, you can get started by clicking on “What is my Home Worth?” We will carefully determine an appropriate value for your home and we’ll create a marketing plan to get your property sold. We look forward to working with you to facilitate the sale of your Truckee real estate. Click here to view a variety of articles written for Sellers courtesy of Robbie and Karen Huntoon.

Mortgage Rates…Hitting the Bottom?

Each week, and sometimes more, we get updates from our Truckee real estate lenders commenting on mortgage rates. The following is an excerpt from a mortgage update we got from O’Dette Mortgage Group last week:

“We have been talking the past month about the “bottom” for mortgage rates, have been quite vocal that the 4% mortgage was a myth, and that I believe it prudent to consider this the bottom for mortgage rates. Although today was a relatively good day and we would love to see bond prices/mortgage rates return to all time low, I would not hold my breath for an immediate return to where pricing closed last week. I will be impressed if we see rates return to last week’s level in the near future.

Is there a silver lining? Perhaps. Rates going up will be plastered across the news, yet terms on a conforming 30 yr fix are still the best they have been in over 50 years. Might this inspire those sitting on the fence to take action capitalizing on this once in a lifetime combination of prices and mortgage rates? We hope so, and it’s, in part, our responsibility to help our clients see such opportunity. Also, the rate increase should slow down the refinance boom, allowing banks to catch up, improving turn times.”

If you are a buyer and you have been sitting on the fence “waiting” to buy your perfect piece of Truckee real estate now may be a good time to make a move!