Exit Realty North Star's Blog

I am frequently asked what should be done before listing a home to help it sell. Some things never change and the answer to this question is one of them. Definitely a thorough Market Analysis to determine the market value and spruce up the front of the home.

Price and Curb Appeal are the two most important considerations in marketing your home. Your home needs to be priced correctly from day one in order to get the best sale price. There are several factors that go into determining market value and experience in the market is important.

Secondly, a buyer will form an opinion about your home before they ever get inside. The way your home presents itself from the outside says volumes about the rest of it. An important fact that many people don’t consider is that a buyer spends a significant amount of time at the front door while their agent is getting the key out of the lockbox and then unlocking the door. During that time they will be studying the front entry, so this area especially needs to really sparkle.

The month of April was a busy month in the Norwalk real estate market. According to the Des Moines Area Association of REALTORS, there are currently 60 residential homes for sale in Norwalk compared to 75 a year ago. The median list price of the homes currently listed is $202,400.

During the month of April there were 15 offers accepted compared to 14 last year and there were 21 homes that came on the market compared to 17 a year ago. Incidentally, of the 21 homes listed last month, 5 have accepted offers already.

April saw 12 closed sales with a median sale price of $162,000 which was 96% of the list price and spent 152 days on the market.

EXIT IS ILLUMINATED ABOVE EVERY CORPORATE DOOR IN NORTH AMERICA!

MILLIONS and MILLIONS of EXIT signs across North America point to the way. You see EXIT every place you go. Think about it…

EXIT is the most advertised name in the world. EXIT signs must be illuminated by law. The word EXIT suggests “Safe Passage”. EXIT signs are always strategically located. EXIT has a tremendous subliminal effect. EXIT is memorable – the real purpose of advertising. The Seller is making an “EXIT”. EXIT has four letters/two syllables. EXIT signs are paid for with other people’s money! Everybody is looking for a way out!

Nearly a quarter of the real estate market nationally has been from Short Sales. I am sure nearly everyone has heard the term “Short Sale”, but maybe you aren’t quite sure what they are.

When someone owes more to the bank than the mortgaged property is worth, they are considered to be underwater. If they are forced to move while in this situation, a Short Sale may be the only way to avoid a foreclosure or handing the keys over to the bank. A Short Sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan.

You may be thinking a Short Sale sounds like an easy fix to a bad situation, but it isn’t.  The process is complicated, long and WILL hurt your credit. Because of this, a Short Sale should be considered as a last resort, along with foreclosure or deed in lieu of foreclosure.

Did you know that if you purchase a home in the Des Moines area for the current median sale price of $148,000 with 20% down and finance the rest for 30 years at 3.625% your monthly payment would only be $539.96? Rent vs. Own? No brainer.

We have just completed the first quarter of 2012 and the real estate market in Norwalk has been active. According to the Des Moines Area Association of REALTORS, there are currently 64 residential homes for sale in Norwalk compared to 86 a year ago. The median list price of these homes is $196,450. During the first quarter of 2012 there were 44 offers accepted, up from 32 last year and there were 58 homes that came on the market compared to 51 a year ago. The number of homes being sold saw a larger increase than the number of homes coming on the market.  Currently, there is approximately 3 months of inventory in Norwalk which is a nicely balanced market and could lead to some appreciation.

The last 30 days have been a busy time for the real estate market in Norwalk, IA.  According to the Des Moines Area Association of REALTORS, at the time of this writing 2/23/2012 there are currently only 69 residential homes for sale in Norwalk compared to 89 a year ago. There were 15 offers accepted in the last 30 days, up from 8 last year. At this rate it would take only 4.6 months to sell all the inventory of homes in Norwalk. Last year at this time we had 10 months of inventory. This would be considered to be on the Sellers Market side of a Balanced Market. In the last 30 days there were 9 transactions that closed with an average sale price of $120,452, which is very telling of the market price range that is selling. Homes priced less than $150,000 are the lion’s share of the market right now. Those homes sold at 99% of the List Price and were on the market about 104 days. In the last 30 days there were 24 homes added to the market with a median list price of $150,000.

I suspect that we will see a record number of homes come on the market in the next few of months. There are many homes that were on the market in the past, but didn’t sell and were pulled from the market to wait for a better time. I believe we will see those homes, plus many more foreclosed homes come on the market this spring.  I also suspect that there are many buyers that have been waiting for the bottom of the market and this will show up as pent up demand. This year cou

Housing affordability rose to a record high during the fourth quarter of 2011 reported in the February 17, 2012 edition of the Daily Real Estate News, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

"While today's report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels," says Barry Rutenberg, chairman of the National Association of Home Builders.

We are excited to announce our new affiliation with EXIT Realty, a Toronto-based real estate corporation with locations in Canada and all 50 states. Formerly known as Darwin Smith Realty LLC, our name may have changed, but our service to Norwalk and the surrounding areas remains to be efficient, reliable and sincere. Welcome to EXIT Realty North Star. Having just returned from EXIT Realty’s annual convention in Nashville, TN, owner/broker Jon Niemeyer is invigorated with ideas and strategies to meet the needs of a technologically-sharp clientele. EXIT Realty North Star is set to be the place for you to get your bearings positioned in the real estate market. We also have an exciting new website and hope that you will check it out at www.ExitRealtyNorthStar.com. Make it your source of real estate information for the entire Des Moines Market.

If you are interested in receiving local real estate statistics from me on a regular basis just send me a request at Jon.Niemeyer@ExitRealtyNorthStar.com. We also provide property management services.

Information provided by Jon Niemeyer, Broker/Owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, IA 50211, 515-981-5131.

We are very excited to announce that real estate agent Becky Webb has joined our company. She brings over 11 years of real estate experience from the Omaha, NE market. Becky is a great compliment to EXIT Realty North Star. Join us in welcoming her to Norwalk.

Information provided by Jon Niemeyer, Broker/Owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, IA 50211, 515-981-5131.

October was a slow month for real estate activities in Norwalk, but higher priced homes have been selling. According to the Des Moines Area Association of REALTORS® MLS, there are 86 residential homes currently (at the time of this writing 11/1/11) on the market in Norwalk which is up from 80 a month ago, with an average list price of $228,694, which is nearly identical to last month. In October there were 8 offers accepted, down 50% from September and the average list price for those homes was $207,012, which is up 17%.  At this rate it would take 10 months to sell the current inventory in Norwalk, up from 4.7 a month ago, compared to the Des Moines Metro current average of 4.4 months. In October there were 14 new listings added to the market, down from 17 in September with an average list price of $203,435 which is just slightly lower than the previous month.  There were 8 closed sales with an average sale price of $212,800 which was on average 98% of the list price and up 24% over the previous month. Those sold listings spent an average of 132 days on the market before being sold.

If you are interested in receiving local real estate statistics from me on a regular basis just send me a request at Jon.Niemeyer@ExitRealtyNorthStar.com. We also provide property management services.

Information provided by Jon Niemeyer, Broker/Owner, EXIT Realty North Star, 1039 Sunset Drive, Norwalk, IA