CITY LIFE SPRING 2017
MARKET UPDATE 2017 OUTLOOK PAGE 2
HOME VALUE
WHAT IS A CMA? PAGE 3
PREPARE FOR LISTING 5 STEPS TO CONSIDER PAGE 3
*jcrhomes.com/20-3525
REAL ESTATE MARKET UPDATE ▐ 2017
▐ LOCAL
OUTLOOK
It is hard to predict what 2017 will look like in the local real estate market. Since we do not have a crystal ball it is pretty much impossible to say. However, we have looked at the past years and reviewed some national data including economic indicators to understand the local real estate market better and will provide you with an “outlook”. Looking at the 2015 and 2016 statistics we know that the local real estate market has been strong and growing. Both years have been record sales years in the past decade’s time period. It looks like we have overcome the housing crisis of 2007/2009 and during the past 8 years we have experienced not only a regrown national strength of the economy but also found stability in the real estate market. The local housing market in Lakes Country is impossible to compare to markets like Florida, Arizona or California and even hard to compare to a Minneapolis market. Even the Fargo-Moorhead metro area is substantially different from Lakes Country. Therefore, it is in the best interest of Buyers and Sellers to consult with local real estate agencies who live, work and know the local real estate market best. Statistics show that average real property prices went up by 8% in 2016 over 2015
▐ LOCATE
and we believe that 2017 will continue to drive prices at least slightly. Despite the fact that interest rates for home loans are on the rise we predict an increase in property sales nevertheless. A majority of the people buying in Lakes Country are adding a second home to their lives and only some re-locate their families. Another big group of buyers are retirees and pre-retirees finding their home in Lakes Country to enjoy another chapter of their life. Increasing interest rates will not slow down these buyer groups to purchase in the area and possibly accelerate their decision to buy this year. With a predicted interest rate of 4.5% by the end of this year according to The Wall Street Journal the affordability for a home loan is still given. This means that we are predicting a stable and growing real estate market for 2017. Our group of experts will answer all your questions when considering selling your property this year. At Jack Chivers Realty we offer the largest marketing services for sellers in the region and are the most successful agency with the highest brand recognition. If it’s not listed with Jack Chivers, is it really for sale?
STATISTICS 2016
1,296 260 20 1 ▐ 2015
TOTAL CLOSED TRANSACTIONS MILLION DOLLARS PLUS IN PROPERTY SALES PERCENT MARKET SHARE JACK CHIVERS REALTY NUMBER ONE AGENCY IN LAKES COUNTRY
VS 2016 $197,071
Average List Price
2015 $212,166
2016
+7.6%
$186,333
2015 Average Sold Price
$201,303
2016
+8%
SOURCE: LCAR (02.28.2017)
PROPERTIES
*jcrhomes.com 2
CITY LIFE!*
Since 1966
▐ BEFORE
LISTING
When putting a home for sale, we have some tips to consider. Experience shows that buyers take these measures into account while searching for a home.
1
ORGANIZE AND CLEAN
Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, light fixtures and baseboards to make the house shine.
2
4
GET REPLACEMENT ESTIMATES
Are there big-ticket items that may need replacement soon, such as your roof or carpeting? Get estimates on how much it would cost to replace them. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
5
CONSIDER A PRE-SALE HOME INSPECTION
Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of any trouble areas that may stand out to potential buyers, and you will be able to make repairs before open houses begin.
FIND YOUR WARRANTIES
Gather up user manuals, warranties and guarantees for the furnace, washer and dryer, dishwasher, and any other items or appliances that will remain with the house.
3
SPRUCE UP CURB APPEAL
Pretend you are a buyer and stand outside of your home. As you approach the front door, what do you see? Do the lawn and bushes look neat? Is the address clearly visible? Curb appeal is the first impression of the home. Make it a good one.
*jcrhomes.com/20-3608
▐ PROPERTY
VALUE FACTS
When thinking about selling real estate the first question coming to mind is usually its value. What is my house worth? To determine the sales price of real property we use a CMA, which stands for “comparative market analysis”. This study of sold and closed properties shall be as similar to the property to be evaluated as possible. Several aspects such as number of bedrooms, bathrooms, square footage, year built, style and location will be compared. What homes “have sold for” in the past is the foundation for this analysis.
The final list price can be determined by multiple factors such as sellers price goal, CMA suggested price and not to forget, other available properties competing on the market. Therefore, a CMA is a valuable and highly recommended study of property value, but is only one element to price real estate. The more unique a real property is, the more resources need to be considered to determine a sales price. Consult with a real estate expert if you are interested to know your property value.
Sometimes sellers have a list price in mind based on their own research. The CMA gives direction for pricing a house but other factors may be included, too. CITY LIFE!*
3
PRSRT STD U.S. POSTAGE PAID FARGO, ND PERMIT #1159
JACK CHIVERS REALTY 1110 HWY 59 SOUTH DETROIT LAKES, MN 56501
▐ MEET
THE CHIVERS
▐ JCR
NEWS UPDATES
City Life in Perham, Fergus Falls, Vergas and Detroit Lakes.
JACK CHIVERS (218) 841-7624
BLAKE OLSON
(701) 866-5297
JASON WITZKE (218) 234-1904
We are growing to reach you locally and service you even better. After we opened our Perham office last fall, we will now add a location farther south in Fergus Falls to conclude our market outreach. Our newest office is conveniently located in the downtown area with a street level window storefront to showcase properties for sale 24/7. Meet the Chivers in Fergus Falls at 133 S Mill Street in the historic River Inn building. ▐ LAKE
LIFE LOUNGE
While living City Life in lakes country, stay updated on news and events in the surrounding areas on our blog www.lakelifelounge.com
JENNIFER MAXWELL (218) 849-5144
LISA JASKEN
(218) 841-8211
MARLYS AILIE
(218) 234-7613 ▐ CONTACT
JACK CHIVERS REALTY DETROIT LAKES, LLC 1110 Highway 59 South Detroit Lakes, MN 56501
TERRI USHER
(218) 849-2242
PAULA OKESON (218) 234-9726
MICHELLE FALK (218) 979-2003
Office (218) 847-3112 Fax (218) 847-5242 info@jackchiversrealty.com www.jackchiversrealty.com