karen feltman: How Fast Are Homes Selling in Cedar Rapids?
- 04/13/19 01:49 PM
Let's put it this way....it doesn't matter whether the home is listed at $90,000 or $400,000, if your home is clean, updated and priced right, it is gone within a week or less. Sometimes selling in the first hours on the market to the first buyer that scheduled a showing with their agent.
I listed a home a couple of months ago in the $235,000 range. It received 7 showings in the first 24 hours and over 30 people came through the open house. We received 6 offers, all over the asking price. So how did the seller choose? Ultimately, it was … (4 comments)
karen feltman: Buyers: Getting on the Same Page is the First Step
- 02/04/19 05:15 PM
When I first meet with a homebuyer, whether they have purchased a home previously or if they are first time buyers, I give all prospective buyers their own wants and needs survey. It is important that they complete these independently for a couple of reasons.
1. You may not realize how important something is to the other person. For example, I helped a young couple last summer in their home search. They had been married for about 2 years and when completing their surveys, the wife indicated a must have of a formal dining room. The husband had no idea that this … (0 comments)
karen feltman: Sellers: Should You Cancel a Showing Because of the Weather?
- 01/23/19 06:56 PM
In the past week, we have received over 12 inches of snow in our part of Iowa. And this is normal for our winter months. Especially now that with the snow cover, the temperatures are in the teens and with the wind chill, well below zero. I was showing homes on Monday to a relocation buyer, which was a holiday for many people. It was cold. And the houses that we wanted to see were all vacant except for one. Because the last one was occupied, I had tried several times on Sunday to schedule a time to see it before … (4 comments)
karen feltman: Grateful Thursdays Week #4
- 01/23/19 06:10 PM
I am thankful for hats, mittens, and warm winter coats. In the last week, we have received over 12+ inches of the white stuff here in Iowa. And with the wind chill, we are well below zero for the next few days. Although the sun was out on Wednesday, that wind.....brrrrrr. Thank goodness for hats! I would rather have flattened hair than frozen ears!
Stay warm out there!
Keep smiling!
Karen
… (1 comments)
karen feltman: Is the Listing Agent the Best One to Show the House?
- 09/08/18 09:07 PM
It is not the first time that I have thought about this. I am not in the practice of performing dual agency, even though it is allowed in Iowa. In fact, I have sold over 200 homes in the last 15 years and I have only acted as a dual agent less than ten times! Since I rarely host open houses on my own listings, I have been able to avoid putting myself in a dual agent position. For those of you that might not understand what a dual agent is and how it works.....here is your crash course!
A dual agent is … (4 comments)
karen feltman: The Insurance Company Will Rat You Out!
- 09/07/18 09:20 AM
As a followup to my post earlier this week regarding property disclosures, I got to thinking about the handful of transactions that turned south once the buyer realized that the seller had been less than forthcoming about the condition of the property.
In this case, it had severe consequences for the buyers in the first week of their ownership.
The buyers had a thorough inspection and the seller had disclosed that they had a few inches of water in the basement a few years prior to the sale. They had filed an insurance claim and because the basement was unfinished, there was what … (15 comments)
karen feltman: Buyers: Is a Condo a Good Fit for You?
- 06/26/18 08:01 PM
When you are looking for a home, do you picture yourself in a single family home with a fenced yard? Or do you picture yourself in a high-rise or townhome where you can leave on a work trip and not need to worry about what the lawn might look like when you return? What stage of life are you currently in?
There are many reasons that you might want to consider condo living. If you are single or married to your work, you travel a lot, or you just really hate to mow your lawn or shovel snow....you might be a great … (3 comments)
Buyer question: I called to see a home and was told that the seller is accepting backup offers. What does this mean?
There are several reasons that a seller may be willing to continue to show their home after an offer is accepted.
1. The accepted offer is contingent on financing through FHA or VA. This means that there could be additional inspections and repairs required of the seller in order for the buyers to obtain financing. The seller may be thinking that they could get a conventional offer that will not have … (2 comments)
Most buyers look at the home that they are going to buy at least twice. But they will see different things each time...and forget some other things that they might like to know. The home inspection is the buyer's opportunity to see the house again and it will be the only time until the final inspection closer to the closing. I was recently reminded by an international buyer how important that it is to know as much as possible about the house that you are buying. They are only here for the week and … (1 comments)
In the home buyer consultation, I talk to buyers about my role in our "partnership". My role is point out all the little stuff. The flaws in the house, the quality of the remodel, the location, the way that they want to live in the house, etc. I am the proverbial "mom" that is showing them all the negative things that they shouldn't overlook in the process of making a decision. If the house survives after they know the good, bad and ugly...I didn't sink it.
It is my job to read through the seller disclosure with you and look for warning … (7 comments)
As a listing agent, I have learned and stumbled along the way when it comes to discussing showing expectations with my sellers. What is a normal for me as a buyer's agent is not everyone's normal procedure, even in the same market.
Ultimately, the homeowner hired the listing broker to keep their home safe. The responsibility falls directly on the listing agent. So I let my sellers know ahead of time the following:
1. The buyer's agent may or may not leave a business card. (depending on the market) 2. All or some of the lights may be left … (2 comments)
Every day, I spend some time looking at the "hot sheets" on the MLS. They will show me at a glance the properties that have:
An accepted contract Have closed/sold Have canceled their listing with the current agent Have withdrawn their listing from the market Or have expired.
And most of the time, especially on the expired listings, I can see the reason why they failed at selling the first go around.
Sometimes, it is the agent that you chose. Whether it be lack of accurate information or remarks with typos, poorly lit photos or lack of photos, or an unrealistic … (25 comments)
You will love all that this ranch home has to offer including a huge 750+ sq ft garage! Partially finished basement with bar and family room, plus room for a future 4th bedroom and 3rd bathroom too! Huge storage area/storm shelter in the basement under the front porch. New carpet on the main level and neutrally painted. Main floor laundry room. All appliances will remain for the new owner along with a one year home warranty. Center Point/Urbana Schools, convenient to the Cedar Valley Trails, Cedar Rapids, and Waterloo! Quick possession available!
In negotiating an offer with a first time homebuyer today, the seller countered back at a higher than expected price. This prompted my buyer to ask the question: At what point does it make more sense to buy new construction instead?
In this case, the existing condo is 10 years old. It includes the kitchen appliances, but the washer and dryer are not included. There is also a finished basement that is also a walkout. Again, everything is 10 years old including the flooring, mechanicals, roof, and appliances.
When listing your home for sale, there are many different types of buyers out there and their financing requirements are very different. Here are some of the common types of financing that we see in the Cedar Rapids/Marion/Iowa City area:
Conventional financing: Typically this is for buyers that have at least 5% down payment and are not usually first time home buyers. This is the most common and the terms are a fixed rate for 15, 20, or 30 years. The inspections and appraisal with this type of financing are the easiest … (1 comments)
1. Save money by making one extra payment per year. Whether you pay 1/12 of one payment towards the principal each month, or you set up bi-monthly payments for your mortgage (since there are two months with 5 weeks, this will result in an extra payment), you will increase the equity and reduce the interest paid over the life of the loan.
2. Now is the time to update with more energy efficient windows, HVAC systems or appliances. Not only will you save on your energy bills, … (4 comments)
karen feltman: Being Prepared Counts!
- 12/29/15 02:13 AM
One of the top things that sellers are looking for in a REALTOR is a process. This could not be more true! As I compete with almost every listing that I obtain, I can tell you that most agents do not take this seriously. They are ill-prepared and take for granted that their "brokerage" or market share will be enough to secure the listing. But homeowners are sold on the agent as a person, not their company. They are SOLD on your enthuiasm, passion for what you do, and your knowledge. Whether by experience or through mentors, your knowledge is the … (19 comments)
Whether you are relocating from another state or you are moving within the market area, there is always some adjustments to be made! My focus is on the well-being and safety of your family. A house is very important, but making the Cedar Rapids area your home takes a little more effort. My clients call me long after the closing for advice on a veternarian for their new puppy or the best daycares in the area. Meeting new people is always fun for me and I love my job! Call me if you would like to know what your home is worth in the current market or if you think that you might want to move up to another home somewhere else. We will miss you, but I will happy to get you on your way to your next adventure as quickly as possible!
Let's put it this way....it doesn't matter whether the home is listed at $90,000 or $400,000, if your home is clean, updated and priced right, it is gone within a week or less. Sometimes selling in the first hours on the market to the first buyer that scheduled a showing with their agent.
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