Chance Gates' Blog

In the local Reno/ Sparks real estate market, it takes more than painting and trimming the bushes to get noticed, to stand out, to make your home memorable.

1. Have your agent post ads  online listing sites: The more the better, I would recommend over 200 different sites at least to start.  Remember more than 80% of new buyers will start their new home search online.

2. Have a Toll Free Number: The main reason for this is so prospective buyers can get information on your house without having to talk to anyone.  It is important to remember that people love to buy things but hate having something sold to them.

3. If you or your agent are hosting an open house, be sure to serve light snacks and hand out something that attendees will remember. You want something that will be a positive reminder of your home—seasonal gifts are the perfect way to stay top of mind. Be sure to at least have pens and key chains with your agent’s name and contact information on them.

4. Create an informational flyer with all the local conveniences you can find: shopping, schools, universities, hospitals, malls, restaurants, gas stations and attractions in the area, in addition to local police and fire stations, even school bus pick up locations. Assume your open house attendees don’t know the neighborhood.

5. Hand out information pertaining to your home as well as information on the other listed properties in the area showing that your house is the best value.

6. Do some staging to make sure your home looks its best.

7. Be sure to offer incentives. Some examples include a Lowe’s gift card, paying for a year’s worth of yard care or a free session with a landscape architect, offering a $1,000 landscape allowance, paying for a years worth of homeowners fees…

8. Paint the garage floor (concrete paint). Making the garage look fresh and clean will make the whole house feel newer. Plus scrub out any oil stains that may be in the driveway.

9. Send letters to all the neighbors inviting them to “pick their neighbor,” and be sure to include information about your home and the open house. Give them an incentive to talk about your home with other individuals in their sphere of influence. (i.e. a $200 gift card if they find your buyer).

10. Put up signs in your front yard and be sure to hang up as many directional signs as the neighborhood allows. Also be sure your sign always has informational  fliers telling prospecting buyers about your house.

11. Have your agent create a video of your home and put the virtual tour on the Web. Make sure this is done by a professional with the right equipment so the screen does not bounce up and down.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com or  http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

RISMEDIA, April 15, 2010—The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.88%, down twenty basis points from 5.08% compared to this same time last week. The 30-year fixed mortgage rate rose last week, spiking Sunday at 5.05% before falling to 4.88% Monday.

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for 15-year fixed home loans is currently 4.29%, while the rate for 5-1 adjustable-rate mortgages (ARM) is 3.49%.

The total volume of mortgage requests in the past week was up 4.5% from the prior week. Of last week’s requests, 21% were for refinance loans, 77% were for purchase loans and 2% were for home equity loans. The prior week, 25% of requests were for refinance loans, 73% were for purchase loans and 2% were for home equity loans.

As a Reno/Sparks real estate professional I encourage all questions and comments on the Reno/Sparks real estate market of any of the articles posted.  You can email me at chance@ballard-company.com or http://www.myspace.com/chancegates

For more information, visit www.zillow.com.

RISMEDIA, February 12, 2010—Thirty-year fixed mortgage rates on Zillow Mortgage Marketplace are currently 4.81%, down six basis points from 4.87% at this time last week. The 30-year fixed mortgage rates hovered at or below 4.80% for most of the past weekend and neared 4.75% on Monday.

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers through the site, and reflect the most recent changes in the market. These are not marketing rates or a weekly survey.

The rate for 15-year fixed home loans is currently 4.27%, while the rate for 5-1 adjustable rate mortgages is 3.70%.

The volume of mortgage requests in the past week fell 9.4% from the prior week. Of last week’s requests, 34.7% were for refinance loans, 63.5% were for purchase loans and 1.9% were for home equity loans. The prior week, 34.5% of requests were for refinance loans, 63.5% were for purchase loans and 2.1% were for home equity loans.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

The Nevada Rural Housing Authority launched a new $25 million bond program.  To try and help thaw the frozen market for buyers of manufactured housing in Northern Nevada.

The bond program provides $4500 for first time purchasers.  This money doesn’t need to be repaid, and is available in communities with less than 100,000 people.

A 30 year loan with the down payment assistance would carry a fixed rate of 5.357%.  If a borrow opts out of the down payment assistance the 30 year loan would carry a fixed rate of 4.875%.

Either way, purchasers who have signed a contract by 4/30/2010 and close by the end of June may still qualify for the $8,000 federal tax credit  to first time buyers.

Understanding Pricing
I realize it is hard to stomach, but short sales and foreclosures have driven the value of homes way down. The good news is houses are starting to sell if they are priced right. It use to be: that a seller could find the highest price house that compares to his, price his house a little higher, wait a couple months and he would sell the house. Now if a seller prices his house to high and waits a couple months the actual selling price is less than before. In order to sell a house, the price must be accurately determined to get a fast sale for the most money possible. If the house stays on the market longer than 7 days, with no activity, a price adjustment is needed. A seller needs to stay updated on other houses for sale, in his neighborhood, at least once a week.

Marketing
The way to market a house has really changed in the last few years. A seller use to be able to put an ad in the newspaper or magazine to create interest in his property. Now only about 20% of home buyers go to a newspaper or magazine before buying a house. Wayne Gretzky once said “A great hockey player skates to where the puck is going”. In real estate that is also true, a seller needs to advertise where the buyers are going. That is the internet; over 80% of buyers start their search by looking at houses on line. A seller should get his house on as many web-sites as possible, over 200 different sites is highly recommended.

Internet marketing is a good start, however in today’s market a seller can not stop there. He needs to have fliers made up and passed out to all his neighbors. More than 50% of houses sold come from neighborhood activity.

Open Houses – Good or Bad?
This is a question that will be different for every seller. It is very true that less than 5% of open house actually sell the house. There is no telling if a potential buyer is actually inspecting the house to rob later. However, it does remind people that the house is on the market and helps create conversation about the house. It also gives potential buyers a noncommittal way of seeing the house.

As a Reno/Sparks real estate professional I encourage all questions and comment on the Reno/Sparks real estate market or any article posted.  I can be reached by email at chance@ballard-company.com or http://www.myspace.com/chancegates