Tim Gilmour's Blog

Don't believe everything you read.........

Tim Gilmour (Exit Realty) — Tue, 13 May 2008 14:06:03 -0700

As a real estate professional, it seems almost all conversations I have eventually lead to real estate. This has been happening even more since the extensive media coverage of the "mortgage crisis".

I am constantly asked "How's the real estate market?" My answer is always the same. If the media would stop telling us the sky is falling, it would be awesome!

I recently pulled some statistics from the Northeast Board of Realtors web site. These statistics will show you how strong the market could be in northeast South Dakota if people paid less attention to what everyone is saying and paid more attention to the statistics.

I compared January 1, 2008 through May 13, 2008 to the same time period in 2007. Here is what I found:

Total active listings were up 7%
The total number of properties sold was down 19%
The average sale price was up 11%

I don't think most people realize property values in our area are still appreciating! Please keep in mind this is residential only. It does not include any commercial property, farm land, etc.

I hope you can see the same trend I do. If consumer confidence wasn't shaken so badly by the national media, home sales in our area would be booming!

Unfortunately, there are many parts of the country where these statistics don't look nearly as promising. There are many parts of the country where homes are selling for just pennies on the dollar. South Dakotan's, for the most part, were much more conservative when it came to their home purchases. We tended to stay away from the ARM, interest only, and other "creative" financing options. For this reason, we are not affected nearly as much as the rest of the nation by the "mortgage mess".

So, if you see me on the street and ask me how the real estate market is doing, my answer is: It is going GREAT! The average residential home sale price is up 11% compared to 2007!

As always, if you or anyone you know is in the market to buy or sell their home, please call me anytime.

Sincerely,

Tim Gilmour

Exit Realty Connection

(605) 237-8959

timag@iw.net

Kids say the darndest things.....

Tim Gilmour (Exit Realty) — Sun, 27 Apr 2008 09:00:08 -0700

I was always a big fan of the television show, Kids say the darnedest things. But it wasn't until I had children of my own that I realized just how true it was.

A few days ago my kids had one of those "moments"....

As I met my 3 and 6 year old boys at the bottom of the stairs, my 3 year old informed me he had some news to tell me. He went on to tell me:

"DAD! Did you know that Mom doesn't dance and you don't rock and roll?"

How do you answer that? I didn't, I just burst into laughter!

It's true, kids do say the darnedest things!

A milestone!

Tim Gilmour (Exit Realty) — Tue, 08 Apr 2008 09:59:35 -0700

Okay, it may not seem like a big deal, but it is to us! Our little girl sat up by herself for the first time yesterday and has repeated the amazing feat 3 more times this morning!

Payton is our 3rd child and 1st girl. She has had some health problems and was born with Down Syndrome so to us this is a HUGE milestone.

She is doing awesome and I wanted to share our excitement! :0)

Does this mean sring is here?

Tim Gilmour (Exit Realty) — Mon, 07 Apr 2008 10:06:37 -0700

April is starting out with a bang! I was just looking at our NE South Dakota MLS and saw some promising statistics.

So far April '08 is kicking April '07's butt! The number of units sold is up 20% vs. the same time period last year. Plus the average sale price is up. (Only 1%, but it is up!)

I can only hope this trend carries through the month. Man I love springtime!

2007 vs 2008

Tim Gilmour (Exit Realty) — Sun, 09 Mar 2008 17:17:22 -0700

I was looking through our local MLS (Northeast SD) today and found some interesting stats. I ran a comparison from January 1st to March 9th. (2007 vs. 2008) Here is what I found:

Closed sales were down 29% 90 in 2007-----------------64 in 2008
Sales volume was down 16% $12,019,504 in 2007------$10,075,731 in 2008
Average sale price is up 18% $133,550 in 2007---------$157,443 in 2008

Maybe 2+ months isn't a long enough snapshot of the market. (Especially since it was SOOO cold here in January and February compared to last year.) Only time will tell...

The surprising stat to me is the average sale price. 16% seems like a very significant jump. Is anyone else seeing this trend?

Maximizing the trade show....

Tim Gilmour (Exit Realty) — Sat, 08 Mar 2008 21:36:13 -0800

This weekend was our local home builder's show. My time slot to man our booth was from 2pm to 5pm. At first I was dreading sitting for 3 hours at a trade show booth. But, to make sure I was in the right mood, I decided to go to the show about a half an hour early.

It turns out this was the best time to go... I spent half an hour just milling around talking to builders, friends, aqaintences, etc. While I didn't get any listings or buyers, I feel my time was productive. I now know for a fact there are over a dozen people that know I am the go to person for all their real estate needs.

I even was able to talk to a few people about recent mailings I have put out. Several people even told me they have my card on their refridgerator. I know the seeds I planted today will pay off in the long run.

So remember, if you are attending a trade show, your most productive time may not be spent sitting behind the table.