Columbia, MO -- April Ferrao

State of the Columbia Housing Market

April Ferrao (Re/Max Boone Realty) — Fri, 10 Oct 2008 06:28:35 -0700

I went to a great presentation this week given by Jeff McClellan of First National Bank here in Columbia, MO. He spoke a great deal regarding the national economy and the Columbia economy. As we know, the national news media reports about how terrible and devestating the real estate market it and that it has been the downfall of the financial markets. What we do know is that real estate is local, so yes, there are areas of this country that have been very very hard hit by the devaluation of homes and increased foreclosure rates. So what is going on in the Columbia housing market? Well, regarding foreclosures... forclosures are up from last year by about 34%. Boy that sounds like a horrible number. But the foreclosure rate in Boone County is actually only about 1/2% of all homes, as opposed to 7% in Ft. Myers FL which reports one of the highest foreclosure rates in the country. So that is great news actually. Only 1/2% of homes are in foreclosure. Though if you are looking for a market with great foreclosure deals Boone County may not be the one you want to try. What is some other good information about the Columbia economy? The National unemployment rate for September stood at 6.1%, in Columbia we are at that highest rate in years -- Again sounds really bad doesn't it. That rate is about 3.5% nearly 1/2 of the national average. That's great. Another bad/good number. Home sales in Boone County and in particular Columbia are down approximatley 20% from last year. Again, sounds bad. The good number -- Prices are actually INCREASING -- for example, Last September average sale price was 180,083, this year it was 198,813. Thats an increase on the average sale price of $18,000. The median sale price INCREASE approximately $17,000 from 153,500 to 170,000 this September. All in all the Columbia housing market remains strong and stable. Are there homes that are overpriced, in foreclosure, up for short sales, are their motivated sellers, the answer to all those questions is yes. But in Columbia, most homes do end up going for about 97% of asking price. Interest rates today are the same as they were in Dec of 2007 and June 2006 so with the low interest rates still available today is a great day to buy.

Question about Florida Law or Tradition

April Ferrao (Re/Max Boone Realty) — Thu, 08 May 2008 17:34:45 -0700

Can a buyer write an offer contigent on the sale of another home? Is this customary or rare? In the State of Missouri we actually have an addendum you can check that states the contract is contingent on the sale of a home or the closing of a home already under contract. The contingent sale on a home can be subject to a 24, 48 or 72 hours kickout where another buyer writes and offer and the first buyer must decide in that time frame to let the home go or waive the contingency. I realize that this doesn't make for an extremely strong contract, but it is something we are seeing more and more of and I certainly advise my buyers to do if they have a home to sale and can't afford two payments. I have a seller looking in FL and has already lost 5-10,000 in earnest money because he says in Florida they can't have this contingency. I'm just wondering if he is misinformed. Any insight or information you can provide would be greatly appreciated. April FerraoRe/Max Boone RealtyLicensed in the State of Missouri

What finding the right home is all about

April Ferrao (Re/Max Boone Realty) — Thu, 08 May 2008 01:02:40 -0700

I've been thinking about this all night and I guess it has woken me up and I can't sleep. Tommorrow morning I close on a deal to help a man restart his life. A couple of months ago I was contacted by this man who told me he had $20,000 and wanted to buy a house. I thought "Great, this will be hard and will probably go nowhere" This man rents a room out of house, shares a phone with others, has no car, no computer and has to call me at appointed times. So every few days he would call to see if I had found anything.Unfortunately, there are some out there who would not have helped this man either because of his price, time involved, or income potential. Finally in March a property came up. We went to see it. The best thing about the house is the roof does not leak. He can move right in. I could actually see past the condition of the home and see what he could turn it into. The paint on the outside of the home is pealing off, some boards need to be replaced. The plaster is cracking off the walls in some areas of the home, the wood floor is broken in some areas and the carpet is glued to the floor, worn bare in some places and it smells. But we are both are very excited for him to get into this home. He has been buying little things here and there every couple of weeks to outfit his home, he has plans to clean up the yard, plant some flowers, get the paint off the house and repaint and then get to work on the inside. It will be a long process as he is on a fixed income but over time he knows and I know it will all come together. I never thought I would be so excited over a $20,000 fixxer upper. But this is what this business is all about. Finding the right home for a buyer. Getting a person into homeownership who is starting his life over and turning his life around is an incredibly rewarding experience. It goes to show that you can't prejudge your clients, they may surprise you. And that sometimes the feeling of helping someone better thier life and start over is more rewarding than anything else!

A Happy end to a rough week

April Ferrao (Re/Max Boone Realty) — Fri, 02 May 2008 14:59:31 -0700

I started the week writing an offer on a home that my buyers have been eyeing for months. It's been on the market for A YEAR! Who knew apparently several other people have been eyeing it as well and lo and behold another offer came in 'slightly' cleaner than ours. No counters nothing, Sellers took the other offer. We wrote or attempted to write 3 more offers this week, either losing them to buyers removing contengecis, not coming together on the deal, or the other one that was the best, and offer being accepted by the seller 5 minutes after we walked out the door. These offers would have netted me about 8-9,000 in commission. Today was originally set to show an out of state buyer homes all day in the 300,000 price range (great for our area). So I was looking forward somewhat to a hectic and tiring weekend of showing property. He called two weeks ago and said alas his home has not sold and he should just rent. Hey I've been working via e-mail with this guy for two months so I was determined to continue with my quest. I've scoured town looked for an upscale single family rental that he could rent. There are VERY FEW, I'm thinking MAYBE 6 in the whole town. I was worried about meeting him, he had very specific needs, I was worried that there just was nothing to show him. I picked him up at his hotel at 9:00 we were done by 1:00 with a beautiful high-end home for his family to rent for the next year! He was incredible pleasant, and a joyful way to spend my morning. In the end I'll get about $300 maybe, but what made this worth so much more than that was the happy topping to my weekend, the satisfaction that I was able to assist him and knowing I'd done everything in my power to pull it off for him.Sometimes the joy and satisfaction of a job well done is PRICELESS!

Property Tax Increase propsal in Columbia MO

April Ferrao (Re/Max Boone Realty) — Mon, 24 Mar 2008 14:18:36 -0700

I, like everyone this year, am closely watching my budget, both professionally and personally. There are many items on our ballot up for Election by the public on the April 8th ballot, among those are school board members and various wards will be electing many new city council members. However, the item that is most important to me is the vote on the property tax increase for the public schools operating budget. Financial constraints on the operating budget have compelled the school district to ask for a property tax increase. Basically they need to make up 10 million dollars. In order to do this they are asking for a property tax increase to raise 5 million for the operating budget in addition they are cutting 5 million from their current operating budget. That cut will happen even if voters do not pass the property tax increase. They have tried to cut from areas that will not directly impact the education of our children and I believe they have done a pretty good job at cutting in those areas. However, if the property tax increase is NOT approved they will be forced to make further cuts which will affect staffing, directly teachers who teach our children, raise classroom sizes, it could affect transportation of students to a magnet school in the city and would likely affect the ability to hire good qualified teachers to our schools, among many many other items. For a $200,000 home your taxes will increase less than $1.00 per month. So I urge those who will be voting in this election to vote for the property tax increase so that our school can continue to provide the fine education that has been a cornerstone of our schools. You can get complete information on the cuts that WILL be made even it the tax is not approved as well as the complete list of those cuts that will be considered if the tax is not approved at: http://www.columbia.k12.mo.us/

2008 off to a great start

April Ferrao (Re/Max Boone Realty) — Thu, 10 Jan 2008 15:23:34 -0800

If the activity I've seen in the first 10 days of 2008 is any indication I think we are off to a strong year. I've had multiple showings on listing that I have, I've gotten several internet leads -- One on New Years Day! I've got several clients tooling around my website saving their favorite listings. It appears people are looking again and hopefully with interest rates in the low 6 high 5's they will be ready to jump off the fence that found so comfortable sitting on last year. I've talked to other agents and they are equally busy showing properties, following up with the internet leads, writing contract, listings, etc. Good luck to all of you in 2008! Make it Great!April FerraoRe/Max Boone RealtyColumbia, MO 65203www.aprilbringsuhome.com

Marketing it Right

April Ferrao (Re/Max Boone Realty) — Wed, 09 Jan 2008 16:25:45 -0800

Here is a story about marketing. I've had a listing for about 11 weeks. In our market, as many of yours showing most likely slow down between Thanksgiving and New Years. So for about 1/2 the listing time right? This home was on the market before. During the "HEIGHT" of the season, SUMMER. I listed it in Oct. and promptly put out flyers, notified our agents, placed in on REALTOR.COM, advertised in the REAL ESTATE BOOK, and placed it on multiple local sites and let the agents know about it again. I have not had an offer yet, however, I have had multiple showings when the previous agent had 1 during the SUMMER season. This just goes to show how much marketing does. You can just place it on MLS and expect the buyers to appear. The agents need to know about it as well.By the way for those wondering why it hasn't sold yet, the feedback has been excellent. It is clean, nicely decorated, shows very very well and is at the top of several lists. Moral of the story -- Market your listing EVERYWHERE you can. You MUST place a sign in the yard and provide flyer. YOU MUST get it on the internet, EVERYWHERE. Especially if is free!!

CC City Broiler - THE PLACE TO EAT

April Ferrao (Re/Max Boone Realty) — Wed, 09 Jan 2008 15:50:08 -0800

I know most that read this won't care too much about Columbia, MO, however, I just had the BEST meal of my life. I lived in the Chicago area for many year as a newlywed. My husband and I sampled various places and I must say this is BEST MEAL I HAVE HAD IN MY LIFE CC City Broiler on Forum in Columbia, MO. It was an excellent meal in a quick time frame. We were in an out in one hour and 15 minutes. I had the filet which was pheonomenoal! If you are in Columbia, or from Columbia you must check this out. The steak I had alone was $32.++ but well worth every penny! The salad was exceptional and the service was very professional! Now I know what doctor candidates are taken there for dinner interviews.

134,900 in SW 3 bed, 2.5 baths

April Ferrao (Re/Max Boone Realty) — Sun, 06 Jan 2008 11:19:07 -0800

Remodeled within last 2 years this walk-out ranch is magnificent! Incredible Kitchen -- custom wood cabinets, tile counters, and tile backsplash. All appliances, washer/dryer convey, Large master suite features walk-in closets plus master bath with stand alone shower, jetted tub and partially tiled walls. Completely fenced backyard, tiered planting garden and large deck are waiting for your Spring enjoyment. The 3 bed, 2.5 bath home is located in SW at a very affordable price of only $134,900. April Ferrao - 424-2512

Columbia Market Report

April Ferrao (Re/Max Boone Realty) — Sat, 15 Dec 2007 02:31:20 -0800

Last week I attended our Board of Realtors Installation and Awards Ceremony. At this ceremony I also learned from our CEO that Residental homes sales for the Columbia, MO market is only down 150 units as of Dec 7th. When you think about hard hit they say the market is I just don't feel that 150 units is that significant. We've had nearly 2500 residental sales this year and a total of over 3200 total properties have sold. This is actually up 100 properties from last year. So the market in Columbia remains stable and the low interest rates in the upper 5% and lower 6% should mean the market will continue to remain stable or likely improve in 2008.

Video Listings

April Ferrao (Re/Max Boone Realty) — Thu, 06 Dec 2007 08:30:01 -0800

I have an amazing home co-listed with my business partner. She does such a great job with public speaking that we thought it would be a great idea to do a video tour of one of our listings. A few weeks ago I blogged about decorating this particular home. We purchased some items, borrowed some items and we and the builder spent the evening decorating this home. So please check it out and let us know what you think. http://www.youtube.com/watch?v=wN3L_pEMtmY

Video Listings

April Ferrao (Re/Max Boone Realty) — Thu, 06 Dec 2007 08:29:57 -0800

Video Listings

April Ferrao (Re/Max Boone Realty) — Thu, 06 Dec 2007 08:29:20 -0800

Re/Max on History Channel

April Ferrao (Re/Max Boone Realty) — Sat, 01 Dec 2007 16:39:53 -0800

For those interested at 7:00 AM Central time Sunday Dec 2 there will be a 1/2 program with an interview with Dave Liniger about the start up of Re/Max. The program will air on the History Channel on the program entitled History's Business. If you can't catch it then or tape it check out the History Channel website for additional showings of the program.

E-Neighborhoods Experience

April Ferrao (Re/Max Boone Realty) — Sat, 01 Dec 2007 16:35:08 -0800

Is anyone using E-Neighborhoods. I recently signed up for a trial and tried to start using it. When I tried to do the MLS connect it tried to connect to the MLS system we stopped using last fall. I'm thinking that's a bad sign that this is a program that doesn't work that well in my area. I've contacted them, but no reply yet. Let me know your thoughts on this program. Thanks

mortgage Rates

April Ferrao (Re/Max Boone Realty) — Mon, 19 Nov 2007 17:33:51 -0800

What are people hearing about mortage rate? Here is what I heard:Right now, we are seeing 30 year mortgage rates at 6.25% and a 15 year rates at 5.875%. Be watching out going forward though, Fannie Mae is implementing price adjustments for lower credit scores. Those will be going into effect on all mortgages delivered after March 31, 2008. Sell or Lock those homes fast. I don't think buyers know right now how good they could have it. Education is the key.

Update from NAR - Thursday -- Hispanic Markets

April Ferrao (Re/Max Boone Realty) — Thu, 15 Nov 2007 15:19:18 -0800

Today's favorite speaker was Brenda who spoke about the Hispanic Market. Do you know that 40% of baby boomers are in the Hispanic Segment. That is HUGE! Do you need to speak Spanish or be of Hispanic origin to target this segment? NO! provide them with what they want and need and they will be your clients for LIFE. Better yet, they will refer their friends to you!An overview in General. Those people age 30-87 want information provided to them. The older crowd need you to walk (talk) them through the information, the mid set want you to provide them with paperwork detailing the process, and the younger of the set want you to confirm for them what they already know from the research they have actually already done. The crowd younger than this ---- they probably know more than you do, but if you can meet their needs first and fast they will move quickly. This market in general is the fastest growing segment of our market. They are highly educated, have disposable income, and spend their money on what they truely want! Having done transactions with the same Hispanic family 3 times in the last 2 years this is certainly a segment of the population that is great to work with. I can say that my Hispanic clients have become some of my closest friends, are great to work with and help provide meaning for this career.

Update from NAR

April Ferrao (Re/Max Boone Realty) — Wed, 14 Nov 2007 19:16:07 -0800

NAR is Great. Went to the Expo opening last night. Too little time, too much to see and do. I've been 2 more times and still haven't seen everything I want to get to. My only complaint is that the expo is only open during the same times as the classes so today closed at 4 and tomorrow at 5. Way Way to early since there are also so many great classes and speakers to go to. It's hard to decide what to do. Went to the General Session this afternoon. The first hour was okay. Of course, it was great to hear Pat speak, however, most of what was presented I'd already read in the REALTOR magazine so it was a repeat. Bill Cosby of course was wonderful and funny as could be! Another session I went to today was a New Homes Sale Trends all about selling new construction, and alliances with builders. This was very informative since I am currently representing two builders in our area. There are lots of opportunity in that market if you have the patience to foster that relationship and truely create a win win with your builder.I'm already looking forward to next year in Florida!

NAR Update

April Ferrao (Re/Max Boone Realty) — Tue, 13 Nov 2007 17:33:35 -0800

This is Great!Everyone should come. There are some sessions that I have been to that seem like a repeat. However, th others more than make up for it, plus the Expo is great! I've learned about streamlining my advertising to those who actually want to recieve my adverstiing. This is great, This is what the consumer wants. I'll write more tommorrow.

New Columbia Mo High School

April Ferrao (Re/Max Boone Realty) — Tue, 13 Nov 2007 17:22:30 -0800

Just announced today.... The new high school for Columbia, MO will be located on St. Charles Road. This is north of I-70 and East of 63. No one can know at this point what subdivisions will be includeded but to give you a perspective of what is near by: Lake of the Woods, Watersege, Deer Ridge, Maryland Heights, Wyatt Lan Acres, Breezewood Estates, Meadowlands, Thessilia, Garden Park, most likely anything east of 63 but of course not an absoloute.

NAR

April Ferrao (Re/Max Boone Realty) — Wed, 07 Nov 2007 17:33:35 -0800

Off to National Association of Realtors convention next week in Sin City (Las Vegas). Not only is the location great, but the learning opportunities will be phenominal. I think this is a very important event that anyone who is serious about this chosen profession should attend. I've worked in various aspects for the last 23 years, but always held to the belief that you have to have a passion for what you do and do what you do the best possible regardless of what the payment is. I'm serious about this and just eat up everything related to Real Estate. I'll post a blog upon my return to share with you the most exciting things that I learned. Hope to meet many of you there!

Break down of market conditions

April Ferrao (Re/Max Boone Realty) — Wed, 07 Nov 2007 17:26:31 -0800

As mentioned in a previous blog I thought I would break down a few numbers. So here you go: IN the 350-400,000 price rangeSales are down 22.4% (BAD)New listings are also down 30% (good less competition coming on the market)Days on the Market down 40% (good what is there is staying on the market less time) = 102 daysOn the other end of the scale: In the 150-200,000 price range in the Columbia School DistrictSales are down 15.64% (Bad)New lisings are also down, but only by 4.26% (bad when compared with the amount that sales are down). Days on the Market is also down 8% but this only translates to an average of 73 days on the market. While I've indicated bad and good, really over time will tell. It's a great time for people to buy. My gut tells me these great interest rates won't last forever.

Columbia MO Property Tax Increase?

April Ferrao (Re/Max Boone Realty) — Sun, 04 Nov 2007 15:26:16 -0800

Election Day Nov. 6th. The only item on our ballot is to approve a 1/2% sale tax increase. I received the "sample ballot" which spoke aobut the 1/2% sales tax increase. At first I thought, another tax increase, gee I can't handle more. However, after learning more about it, I found out that this is a tax we are ALREADY paying. It should state, to extend the 1/2% sales tax increase to a certain time. What the ballot does not go on to say is that if we DO NOT approve this measure then the property taxes of Boone County residents will increase! I certainly don't want that either.It's clear that it is one or the other, I would rather be nickled and dimed (that I'm already used to) when I'm making a purchase than have a big huge lump sum come out at the end of the year. Plus all those people who use the roads to come to the University of Missouri, Show Me State Games, True/False Fest, Twilight Fest, Football, Basketball, Youth games, etc can help share the cost, not to mention the thousands of people who drive I-70 (one of if not the #1 major highways traveled) who stop here to gas up, get a burger etc, EVERY DAY.So there you have it, if you are in Boone County and voting (you should be) on Nov. 6th (THIS TUES) vote YES!. Spread the wealth (pain) throughout everyone on our roads to help our roads.

Market Conditions Columbia MO

April Ferrao (Re/Max Boone Realty) — Sun, 04 Nov 2007 15:16:15 -0800

Thought I would share some market research with you.In the Columbia MLS which includes towns such as Ashland, Fulton, Harrisburg, etc the number of months of inventory we have for residental property currently stands at: 9.53 months of inventory. A balanced market is 6 monthsIn the Columbia School District (Columbia is reaching 100,000 pop) it is 9.51 not much difference. Interesting item though: IN August we only had a 3.37 month of inventory indicating a seller's market. In fact, since Nov. 2005 September 2007 is the first month we have actually gone over 6 months of inventory in the residental market in Columbia, MO. Just this week I saw another agent post that her buyers had lost a deals on 2 homes to other buyers. I had the same situation in the spring. The Columbia, MO market over all is pretty balanced.Though it truly is normalizing... There are items going down as expected in a normalizing market. Closed Sales are down overall for the year 18%, New Listings are up 10% with new listings for Sept up 56% and Oct up 86% over last year (accounts for the increased inventory months), Volume is down 17% but days on the market are only up 3% (which on average is 83 days on the market over all.Now while you digest all of that, perhaps my next blog will be a break down by price range for each of these stats.Please feel free to contact me regarding any of these numbers.

Great Client Experience

April Ferrao (Re/Max Boone Realty) — Sun, 04 Nov 2007 14:53:42 -0800

I just have to write about this amazing experience. I obtained my license in late 2005 in April 2006 I met some clients from Alaska who wanted to relocate. They found a home, closed and decided not to relocate. They decided to rent the home out, which I took care of and managed for them. This year they decided they wanted to relocate and purchase a business in the area. We will close on that in January, in the meantime they decided they wanted to purchase an additional home to live in, since the first was rented out. (Yes that is three sales, 1 client, 21 months)They arrived from Alaska Friday, are thrilled with their home (which they had never laid eyes only except through some pictures), love the weather, and are very excited. I had them over tonight for a cook out and they are so happy with EVERYTHING.One of the many reasons why I love real estate. I've heard the saying "It's all about the money" For me, of course I have to feed my kids, but this is so much more than "about the money." I love what I do and make lifelong friends through it and help people realize their dreams! YEAH!