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 … (1 comments)
home buyers: A Happy end to a rough week
- 05/02/08 02:59 PM
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 … (0 comments)
home buyers: Columbia Market Report
- 12/15/07 02:31 AM
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 … (0 comments)
home buyers: mortgage Rates
- 11/19/07 05:33 PM
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. … (0 comments)
home buyers: NAR
- 11/07/07 05:33 PM
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 … (2 comments)
IN the 350-400,000 price range Sales 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 days On the other end of the scale: In the 150-200,000 price range in the Columbia School District Sales 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% … (0 comments)
home buyers: Market Conditions Columbia MO
- 11/04/07 03:16 PM
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 months In 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 … (0 comments)
home buyers: Great Client Experience
- 11/04/07 02:53 PM
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 … (0 comments)
home buyers: Holidays are coming
- 10/30/07 05:28 PM
What a great time to sell a home. Get in before the holidays, perhaps get a great tax break on costs, etc. But for us agents, you should eveluate paying $500.00 to decorate a house and get a 10,000 commission. I've been staging a home this evening and expect it to pay off big time. I will certainly post some pictures of it and let you all know how it goes. Let me know how your's goes. … (0 comments)
home buyers: Hype verses localism
- 10/24/07 04:45 PM
As we all know, real estate is local. I know the Columbia, MO market. It is not nearly as desperate at the "national media" would make it to be or as desperate as the "Califorinia or Arizona" market appears to us to be. What has been your experience? Last year our broker had a Holiday Home tour to hype that this is the perfect time to sell. About 5% of the home that were on tour that weeked sold as a direct result of the touir.
Next weekend we will be having another home tour. Seems to bring the lookers out. … (0 comments)
home buyers: Just don't get it
- 10/24/07 03:53 PM
I just don't get it. We have more than 600 + realtors in town. I know many of you have thousands of more, but in a town when three or four years ago we only had 300 + that is amazing. I can't tell you the number of people who have "ethical" issues so I sort of feel that I have a calling even though I didn't know it when I entered this industry. A recent ethical delima came up with bonuses offered to agents. In the state of Missouri, you enter into a buyers agency for a certain percentage. That document … (9 comments)
home buyers: What to look for in a Realtor?
- 10/24/07 03:28 PM
Do you realize you have a choice? You may think the first person you talk to you are obligated to but not so. Especially in this market. If you are a buyer, find a realtor who is going to look after your best interests. One who is willing to input the time. Maybe you are ready in a month, perhaps not for six months. You need to find one who is familar with the market, is honed in on what your needs are and is respectful of what your price range is. Most importantly one you "gel" witrh. If you are a seller.... … (0 comments)
home buyers: Tons of Space Not Tons of Money
- 10/22/07 05:15 PM
Only 199,900 Looking for a great value on a 3 car garage with 4 bedrooms, 2 ½ baths, and walk-in closets? Then come see 5109 Melissa. This full two story home on a walk-out basement is only 2 years old and is sure to please. In addition to the tons of space, you are sure to enjoy barbeques on your deck backing to a partially wooded lot. Call April at 424-2512 for your private tour today or visit her website at http://www.aprilbringsuhome.com/ to view a virtual tour and other listings.
… (0 comments)
home buyers: Elementary School in Columbia
- 10/15/07 06:17 PM
The new elementary school at Waco Road is planned to be opened for Fall 2009 school session. They currently plan to house 525 students. Of course, this means school boundaries will need to be redrawn again. This happened five years ago with the opening of Paxton Keeley. Sometimes the redistricting doesn't make sense to some parents. I remember when they redistricted for Paxton Keeley. We had been in Fairview, we were around the corner from Mill Creek but were redistricted into Paxton Keeley. The furthest elementary school from our home. Doesn't make much sense right? I'm currently in Parkade and don't expect … (0 comments)
home buyers: For the first time home buyer -- How does the process work anyway?
- 10/02/07 02:38 PM
Buying a home can be a delightful yet stressful situation. However, the first-time home buyer has the fear of the unknown. You may have questions about how the whole process works? How do you make an offer? What happens if it is accepted, countered or rejected? Do you have to pay an agent? What sort of expenses can you expect to incur? You may have started your search on the Internet. 80% of home buyers start their search on the internet. Once you contact an agent to discuss looking for home, they will should speak with you about two things: In Missouri they are … (1 comments)
When you build a Riley home you know that it is quality through and throuh. This is quality new construction complete with hand scraped wood-plank cherry floors, tile, gigantic gourmet kitchen with Bosch gas range, over-sized refrigerator, stone fireplace in living room to ceiling, large master suite with separate zen pebble tile shower with massaging jets, oversized jetted tub. Garage is over-sized 2-car with 9' carriage doors. Extra storage is available off the bonus room. Enjoy entertaining on the deck with built-in gas grill. This home has all the bells and wistles. Visit www.aprilbringsuhome.com for more details. … (0 comments)
home buyers: Correction
- 09/29/07 06:25 PM
So I guess I will finally cave and say that the market it correcting itself. Here in Columbia, MO we have been pretty isolated from that fact since really real estate is loca. Lately we have seen a down turn in the 300-400 range of sales. Which is fine except there are so many of those on the market. Still a great time for first home buyers though. There are a lot of great homes out there in the 125-200 range. A great opportunity for those looking to purchase thier first home.
What have other around the county in similar local's … (0 comments)
Can a buyer write an offer contigent on the sale of another home? Is this customary or rare?;)
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