Tuesday, June 25 2013
On Thursday, Bloomberg’s online news service confirmed what we had been hearing in more general terms: “Sales of previously owned U.S. homes climbed more than forecast in May…and prices jumped, indicating more progress for residential real estate.” Agents here in Evansville would also not have been surprised at the national surge in selling prices “by the most since October 2005”. If you were already inclined to sell your own home, it looks more and more as if this summer will be a propitious time to jump on the opportunity. As real estate agents gear up to maximize the market’s improvement, homeowners are also weighing some of the more popular alternatives for boosting valuations when it comes to selling —
Even if you do not intend to sell, a little extra money invested in your home may be a dollar-wise idea. Thoughtful investments can enrich your own living experience AND attract higher prices when the time comes to move on. If you’re looking for a real estate agent in Evansville, call me today to go over other improvement ideas. You can reach me on my cell phone 812-499-9234 or Rolando@RolandoTrentini.com Wednesday, June 19 2013
With housing prices on the rebound, it’s easy to see why some homeowners find buying an additional property an increasingly attractive possibility. Getting into the landlord business offers the appeal of a growth investment coupled with the possibility of a favorable cash flow situation. That said, make no mistake about it: renting a home in Evansville is its own business enterprise. Becoming a landlord means making business decisions that carry elements of risk as well as reward. When renting a home in Evansville, there are a number of common — but avoidable — first-time landlord mistakes: Fair Housing ViolationsFrom the moment you begin marketing your income property, the language in your ad can easily run afoul of the fair housing rules that prohibit discrimination. Avoid phrases that single out any particular group or profile, such as “family-friendly,” “suitable for a couple,” or “singles only.” Since violations can run up to six figures, make sure your ad simply describes the property and the neighborhood in generic terms — and be prepared to accept the first qualified applicant who meets your terms. Credit Report MistakesAnother common mistake when renting a home in Evansville is to fail to adequately qualify applicants. Today, accepting credit reports supplied by the applicants themselves is a gamble. Run credit reports yourself (including an eviction check for every applicant over the age of 18). You want to see the history of ALL applicants who will be living in your income property. Security Deposit MistakesWhen it comes to the security deposit, taking too much – or not enough – is another common first-timer misstep. Too little and you won’t have enough protection; too much, and you risk violating state regulations (with the possibility of jeopardizing your right to use any of the funds!). Renting a home can be an outstanding wealth-building venture, but your responsibilities as landlord must be taken seriously. For anyone unsure about legal requirements, hiring a professional property management agency can make good business sense. I’m here with recommendations for my clients on these and all other matters that accompany your real estate opportunities. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com Monday, June 17 2013
The graduations are just finishing up, most summer getaway are booked, and with the end of June soon to be coming our way, many homeowners may be thinking more about holiday weekends and BBQs than home maintenance. But for those selling a home this summer, keeping ahead of upkeep issues will become an important part of the project. Some items that bear watching: The best time to clean air conditioners is before you fire them up for the first time…but since the AC always seem to be needed sooner than expected, few of us do. Never mind: sooner is better than later — and if you're selling your home in Evansville this summer, you'll want to keep the home comfortable at all times for potential buyers. Your owner's manual should explain how to change filters and clean coils and fins. Everyone knows how important clearing clutter is for selling your home, but don't forget to stash the winter's heating paraphernalia. While you’re storing any portable heaters, pull the filters from the central furnace and pick up replacements next time you’re at the hardware store. When potential buyers see the new replacements neatly placed where they’ll be handy come winter, they are likely to register that this is one property owner who is well ahead of maintenance issues. Cleaning the windows and window coverings is a chore none of us looks forward to. But when you're selling your home in this summer, few touches pay off like windows that shine, shine, shine! Choose one of our sunny days and see if you can get someone to work with you — and if you can spare an extra hour or so, hose off the screens and lay them out in the sun to dry. Selling your home in Evansville is less taxing when you put yourself a step ahead on maintenance. Then call a hard-working agent like me to put the rest of a well thought-out marketing plan into action. I’ll be working all summer to help bring you top dollar for your home. You can reach me on my cell phone at 812-499-9234 or email: Rolando@RolandoTrentini.com Thursday, May 30 2013
Market Watch Although home sales have improved across all regions of the country, including our local market, I believe there are some subtle differences in both the results and the reasons. First, from a national perspective, existing home sales increased again in April to an annualized rate of almost 5 million homes. This is up 9.7% from the same time last year. According to the National Association of Realtors (NAR) median sale prices for existing homes were up 11% in April compared to April of 2012. Nationally foreclosures and short sales accounted for 18% of sales in April, down significantly from 28% last April. Finally the days on market number nationally has declined significantly to only 46 days this April compared to 83 days last April. Locally we have seen improvements in all of the same areas but for the most part they have not been as dramatic. For the first four months of this year unit sales, (both existing and new combined) have increased 9.1% over the first four months of last year. I am confident that trend will continue for the next couple of months based on pending activity which has already occurred. Our improvements in days on market and average prices have been much less spectacular. Both have improved but not by statistically significant amounts. We have however seen a .67% improvement in the list price to sale price ratio or just over $1,000 on a sale price of $150,000. There is a big difference in the reason for today’s sales figures and the real estate boom of 2005 and 2006. In 2005 and 2006 the market was fueled by “easy money”, meaning lending standards were too lenient and a significant number of buyers were ultimately foreclosed upon. Today’s market is based on a more tested economic reality, supply and demand. Nationally in April there was a 5.2 month supply of homes on the market. Locally April supply was similar at 5.65 months supply. Three reasons for this decline in inventory are reduced foreclosures, a return to a more normal level of buying activity and new construction has not caught up to current demand. What does all this mean to you? If you are a buyer, interest rates are at bargain prices and local home prices have not increased dramatically. Both interest rates and home prices will ultimately rise. If you are a seller, housing supply has decreased and new construction has not caught up so there is less competition. If you would like to know what your house is worth give me a call and I can help you determine the market value of your home. If you are thinking about buying you can see what’s on the market at FCTuckerEmge.com or just give me a call. You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com Monday, May 20 2013
When I update local readers about the latest news in housing prices, it’s usually not as ‘latest’ as I’d like. The reason is that there is a delay in most of the truly reliable indexes that measure housing prices. The big indexes are national (local housing prices are another matter), and they have a built-in two-month delay. We can look at trends and directions, but if there is a change afoot, we won’t be sure of that for about 60 days. Last week, The Wall Street Journal found a way to present unusually fresh numbers. Reporter Nick Timiraos ignored the S&P/Case-Shiller Index, which reported statistics from back in March, and leapfrogged into April with the first solid news about our much-anticipated spring selling season. It shows a startling 2.7% one-month increase: the largest March-to-April gain in any of the 17 years since the series was first reported. “The monthly gain blew away all past Aprils,” said an economist at Credit Suisse. The basis of the reports comes from last Wednesday’s release of the Bureau of Labor Statistics’ producer-price index, which measures prices in the whole economy (at least as seen by manufacturers and wholesalers). It’s a backdoor way to gauge housing prices when you examine prices received by real estate agents. The numbers showed a 9.1% gain over housing prices from a year ago…and remember, big price rises were already happening by then. The takeaway, per the Journal, “Don’t be surprised to see continued increases in prices and sales in the next batch of housing reports.” Professors Case and Shiller are certainly standing by to give us those. And in case you would like a more locally focused update on our recent area housing prices, I’m standing by, too — why not give me a call today? You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com Thursday, May 16 2013
You are buying a second home: this will be more than a sizeable investment — by any measure, it’s a considerable personal achievement as well.
That second home may be a family retreat, a vacation property you will be renting out (at least part time); or a pure income-producing rental. When a realistic appraisal says that you won’t be able to devote much time and attention to your new holding, the way to fill that gap is to locate an experienced local property manager.
As you will learn, it’s a specialized field. According to the latest studies, the median income for property managers nationwide tops $80,000 per year — a pretty trustworthy real world indicator that what they do has substantial value. If your second home is going to do duty earning additional income, the last thing you want is to face a commitment that competes with your full-time profession. Yet when tenants experience problems, dealing with them right away is a ‘stitch in time’ that does more than fostering good will. It can wind up saving money!
Your new property is a business, and like any, needs cash flow supervision. A vacation home, for instance, may from time to time incur unforeseen end-of-stay housekeeping costs which could require an extra payment. Your local property manager will handle this kind of problem for you (in fact, he or she probably made sure your rental contract foresaw this in the first place!).
Whether or not you buy your second home for profit, you want it to be more of a joy than a burden. A professional property manager delivers insulation from the smaller details, and corresponding relief from the stress of 2 am phone calls, maintenance worker no-shows, and all the other day-to-day management details.
If you are fortunate enough to be in a position to buy or sell a second home in the area, I offer the kind of first-tier real estate service that will get you what you are looking for. Contact me anytime for reliableproperty manager recommendations — Evansville has some of the best! You can reach me on my cell phone 812-499-9234 or by email Rolando@RolandoTrentini.com Wednesday, May 15 2013
If you are readying your home for sale this spring or summer, one of my favorite tactics to set your property apart from other area listings is to order a pre-inspection. If you’re not familiar with the term, a pre-inspection is a less detailed, less expensive visual inspection designed to report major conditions certain to be noted in the final. Why add this extra expense? Won’t buyers ultimately get their own inspection?
Yes, they will. But the purpose is not to replace a final inspection — it’s to attract more offers and hasten a final sale by minimizing re-negotiation.
Picture yourself as a prospective buyer. Listings which headline the availability of a pre-inspection report automatically seem to be offered by someone who is proud of their property’s condition and unafraid of what the final inspection will reveal. To skittish prospective buyers, it serves to lessen the "fear of the unknown" that can make buyers hesitate before writing an offer. If there were a formula, it would look something like:
Eliminating objections = Attracting more offers
Pre-inspected listings let you document major conditions that have either been addressed or left for the future owner to remediate as he or she sees fit. By noting how your asking price includes precise dollar allowances for named conditions, you display openness and conviction in the basis for your pricing. Local listings written after a pre-inspection are a lot more likely minimize last-minute re-negotiation: if you have ever been asked at the last minute to knock off $20k from an accepted offer, you know the value of that.
It is worth noting that any serious defects that a pre-inspection identify must be disclosed, for better or for worse. But fear of a major discovery shouldn’t dissuade you: any major defect will certainly be discovered by the buyer’s inspector. The old saying applies: knowledge IS power. You also have the option to repair the defects and let the buyer know that repairs have already been made.
If you plan to add your own property to the local listings any time this year, my job is to see that it brings you top dollar. Contact me today to talk over the way we will get that done! You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com Thursday, May 09 2013
With more than 43 million people relocating throughout the U.S. every year, you don’t have to wait until you are surrounded by stacks of cartons to realize how important it is to make your next move the right one. If you’re buying a house in Evansville in the foreseeable future, it’s a particularly valuable idea to take the time to chat with some of your potential new neighbors. And while you’re at it, why not bring up a few relevant questions:
Which schools are best?
School quality affects more than just property values. Especially if you have your own kids, buying a house in Evansville is least disruptive when their new school is the best one available. You’ll make the soundest choice by comparing more than one parent’s opinion.
Is there a neighborhood watch?
You will have already aimed for the safest area possible. Now, getting involved with an active neighborhood watch can further ensure your family’s safety. When buying a house, the presence of a neighborhood watch is a good indicator of some solid community spirit…and if there isn’t one, make sure the reason is that everyone already feels secure in the area.
What events are available in Evansville or the surrounding area?
Buying a house means buying a home base for all your family’s activities. By asking your neighbors which local events and activities they enjoy the most, you’ll get a glimpse of the scope and depth of the cultural life that’s going to surround you. As a side benefit, just inquiring shows you as someone who is sociable — and that you’ll be a good new neighbor to have!
The simple act of reaching out in this way lets you familiarize yourself with a new neighborhood faster, and ultimately leads to a better-informed long term real estate decision. Especially if the area is new to you and your family, buying a house in Evansville is actually a one-time opportunity to make a host of new friends. I have tons of information available for future residents. If you’re even considering buying a house in the area, don’t hesitate to call me! You can reach me on my cell phone 812-499-9234 or email: Rolando@RolandoTrentini.com Monday, April 29 2013
When the Wall Street Journal or Forbes run mortgage rate stories as their lead items, those of us who keep an eye on the local real estate market pay close attention. I frequently share what they say here. But when even the non-financial outlets like USA TODAY and the cable TV news channels give top billing to real estate market news, it’s a real attention-grabber.
That’s what happenedlast week. USA TODAY’s online headline focused on the 15-year fixed mortgage rate, “at a record low 2.61%.” The cable news channels talked about record low rates, too (although if you hit the ‘pause’ button long enough to read the TV graphics, you saw that the national average for 30-year loans was still a shade away from the actual record low).
Never mind that; it’s still surprising that mortgage rates continue to linger at such tempting lows.
The reason is hardly a secret: the Federal Reserve is holding rates down to energize the real estate market — a key element of the overall economy. Yet, with existing home sales notching up in the first quarter at the briskest pace in four years, you would have thought that mortgage rates would have been loosened up at least somewhat. And with new home sales doing their best since 2008…
Of course, it doesn’t matter what anyone expects: the results of dipping mortgage rates is just plain good news for everyone in theEvansvillereal estate market: buyers and sellers alike. Those low mortgage rates act to offset the rising U.S. house price index. The result for buyers is a more valuable home without the expected increase in the monthly payment. What more of an inducement to enter the real estate market could there be?
In short, if you’re considering whether it’s time to buy (or to sell your current home and trade up without busting the household budget), last week’s national and local market signs are even clearer than they have been recently. There are definitely opportunities out there! Why not give me a call for an up-to-the-moment real estate market evaluation for your property? You can reach me on my cell phone at 812-499-9234 or by email Rolando@RolandoTrentini.com
Tuesday, April 23 2013
Market Watch
Over the past few months, I have been pretty optimistic about real estate sales. I have shared statistics based on local information to support my opinions. This month I’m going to share some national and statewide information that demonstrates that the real estate market has indeed shifted into high gear.
First on a national basis, according to the S&P/Case-Shiller composite index, average sale prices have increased 8.1% over the past year. In addition, the housing price index posted its largest gain in the last seven years from January 2012 to January 2013.
I have spoken to several Realtor friends in other geographic areas and inventory shortages and multiple offers seem to be the norm, not the exception. In addition to the decline in listed inventory, shadow inventory, (delinquent mortgages, properties in foreclosure and bank owned property) is down 28% from its peak. This decline in pipeline properties will continue to suppress inventory levels.
On a statewide level, the news is also very positive. Over the past year:
· The number of closed home sales increased 18.4%
· The median sale price of those homes increased 4.5%
· The number of pending home sales increased 11.8%
· The number of closed home sales has increased year-over-year for 20 consecutive months.
· The median sale price has increased for 15 consecutive months
· The number of pending home sales has increased for 17 consecutive months.
Locally the big story is still listing inventory. As an example the number of active listings on the market has been as follows:
Local Housing Inventory # of Active Listings:
January 2010 3,034
January 2011 2,839
January 2012 2,532
January 2013 2,247
The absolute number of active listings is lower than at any point in at least 7 years and the month’s supply is lower than all but one month in the past 6 years.
All of this is good news, so what does it mean for you? It’s “time to get back in the housing game!” If you are considering selling your house, list it now. We have the best tools to market, sell and get you the home you want at the right price. Please note that we provide a free market analysis on your home. To order yours, please call me at 812-499-9234 or email me at Rolando@RolandoTrentini.com | |||||||
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The Trentini Team is the sole owner of the information collected on this site. Neither The Trentini Team nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for The Trentini Team. CONTACT POLICY By submitting personal information such as name, address, phone number, email address and/or additional data, the real estate client/prospect consents that The Trentini Team or their authorized representative may contact client/prospect by phone, U.S. Postal System, or e-mail whether or not client/prospect is participating in a state, federal or other "do not contact" program of any type. Copyright© 2007 The Trentini Team, REALTOR®, All Rights Reserved.
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