October Video Market Update

Posted on October 13, 2011 by

Sharon Hilgers, Park Co. Realtors’ Sales and Marketing Associate for October gives a brief market overview and tips on buying a home.

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4 Buyer Tips to Get the Home You Want

Posted on October 13, 2011 by

In the past few months, buyers have found that even though we are in a buyer’s market, there is competition for homes. When you make an offer on a home, use these four tips to ensure you get the home you want and reduce your risk of losing your dream home to your competition.

1. Check local market conditions. Unemployment, percent of list price, vacancy rates and interest rates are all factors in determining the market climate. Ask your Realtor® for this information and have them explain what it means to your offer.

2. Is there competition? Others may be interested in the same home as you. What can you add to your offer that would make it more attractive than the other offers? Will your Realtor® be presenting your offer in person to bring the personal touch?

3. Understand Short Sales and Foreclosures in Your Market. Only 4% of listings in our market comprise short sales or foreclosures, meaning if you are looking at 100 homes, 96 of those sellers are not in distress nor willing to give their homes away. Offending sellers with low-ball offers can create big road blocks on the road to home ownership.

4. Know the price at which other homes are selling. You should have your Realtor® perform a Comparable Market Analysis for the home you’re writing the offer on. This will give you realistic comparison for a reasonable offer.

Doing your homework and having a Realtor® who understands the market conditions can help you get the home you want at a fair market price!

Posted in Economic News & Trends, Foreclosures & Short Sales, Home Buying, Uncategorized | Tagged , , , , , | Leave a comment

Back to School!

Posted on August 25, 2011 by

It’s the first day of school on the North Dakota side of the river…and we thought it would be the perfect day to “educate” you on making the decision to refinance or move. With low interest rates, it’s something many people are thinking about doing.

To decide if moving or refinancing is the best option, ask why you want to do one or the other?

Move!
Are you running out of space in your current home or is a larger home becoming difficult to take care of?
Has your family grown or have your children moved out?
Are you moving out of the area?
With today’s low interest rates, could you have a larger home for around the same payment as you are making now?
Are you just not in love with your home anymore and want something different?

Refinance!
Do you know the exact interest rate of your current mortgage? A refinance could pay for itself with as little as a 1/4 point drop in interest rates. Find out what rate you are at now.

Is your loan assumable? If you have an assumable loan, refinancing may be a good option for you and an additional incentive you can offer when you sell your home. If rates go up to 7 or 8%, your low interest rate today will be extremely attractive to a potential buyer who can assume the mortgage at your current rate.

How long do you plan to stay in your home? In order for you to come out ahead on a refinance, ideally, you should stay in your home at least one year, but it may vary depending on your situation.

Do you have cash for closing? If you have enough equity in your home, you can roll your closing costs into the mortgage. However, there are situations where you may need cash for closing.

Do you have an adjustable rate mortgage? There are two sides to every coin and an adjustable mortgage is a good example. With rates as low as they are, your adjustable rate is very attractive. However, if you’re looking to the future and don’t think that a higher rate is feasible, it may be a good time to lock that rate into a fixed mortgage.

Do you have an FHA or a VA mortgage? The government has specialty streamline programs that can make
refinancing more affordable.

Can you shorten the term of your mortgage? With today’s low rates, you may be able to switch from a 30 year mortgage to a 20 year without changing your payment and saving thousands in interest.

If you’re still having trouble deciding, visit with a Realtor and a mortgage consultant. They can run the numbers for you and help you to decide what the best option is for you.

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August 2011 Real Estate Market Update

Posted on August 25, 2011 by

Park Co.’s Associates of the Month, Scott Breidenbach and Vicky Sunde share insights on what is happening in the Fargo-Moorhead area real estate market.

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What’s a St. Charles Kitchen?

Posted on July 18, 2011 by

Last Tuesday on our weekly tour, Bette Vandersteen introduced us to her new listing in Fargo’s historic south side at 1409 9th St S. We have several unique homes in our area, but this is the first time I have seen one with a St. Charles kitchen and if you’re wondering “What is that?” like me – here it is…

The first thing that struck me was the color. I LOVE that color! Bette did mention to us that these cabinets are frameless, full-overlay steel casework and could be painted and so if you’re not me and you don’t LOVE the color, it could be changed. My second thought – how cool and funky is this kitchen – I think it would be fun to cook and live in this kitchen (I really don’t like to cook either, but I might here). The stainless steel appliances are the perfect offset to the blue/green cabinets. I am a self-proclaimed IKEA freak and this kitchen clues me in that IKEA may not have been the first company to master clean lines, creativity and functionality in cabinetry.

Check out the St. Charles Cabinetry website – click on the About Us link to read about the cabinets storied history with famous architects like Frank Lloyd Wright and Ludwig Mies van der Rohe. If you look at their gallery, there are plenty more awesome colors and styles.

Don’t stop at the kitchen, take a look at the rest of this unique, Colonial home.

Kristi Hardy
Director, Marketing Services
Park Co. Realtors
701.237.5031
KristiHardy@ParkCompany.com

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July Market Update

Posted on July 15, 2011 by

Our July Market Update with Kari Myhre and Vicky Sunde, June Marketing Associate and Sales Associate

Market Update Broken Down by Area

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Why Not (Help) Minot!

Posted on June 30, 2011 by

The flood pictures and video we’ve seen this past week of Minot, ND are heartbreaking. In the Fargo-Moorhead area, we are no strangers to flood fights and we have been so fortunate that our dikes have held back the spring flood waters and we’ve been sparred the nightmare Minot is experiencing. Minot needs help, lots of help!

We can’t just sit back and not do anything and so we are starting the ball rolling this Friday, July 1 at our West Acres Shopping Center location with a kettle drive, “Why Not (Help) Minot!” We have a gigantic red kettle we use each holiday season to collect donations for the local Salvation Army and we are pulling it out of storage in July to help our friends and neighbors in Minot.

All donations will be forwarded to the Minot Area Recovery Fund that is being administered by the Minot Area Community Foundation. We know the fund will go directly to the flood victims and help make up for some of the costs, etc. that won’t be recovered through federal and state aid.

If you are out at West Acres anytime from July 1 through July 9 – stop by our location in the Sears Wing and drop off your donation!

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Get a Life Craigslist Bandits!

Posted on June 23, 2011 by

The Craigslist Bandits are at it again! We have received almost a call every day for the last two weeks from curious renters who noticed our listings are being offered for rent at unbelievable rates. We have taken a screen shot of one of our most recent listing rental scams to help teach you what to look for.

First of all, if it’s too good to be true – it probably is FALSE. In the Fargo-Moorhead area, a Charleswood (West Fargo) 2-story, 3 bedroom home is not going to rent for $800 per month.

The bandits are getting very tricky to catch as they are not including addresses, they’re using real people-sounding email addresses. We have even had our sellers’ names used in the email address. YIKES!

If you see one of these bandit posts, report it to Craigslist using the link in the upper right hand corner called “Spam/Overpost.” You may also email abuse@craiglist.com with the Posting ID (located at the bottom of the post).

There are many legitimate rental postings on Craiglist, so don’t let the Craigslist bandits discourage you. Just use common sense and good judgment when looking into rentals. If you do happen to fall for one of the Craigslist bandits’ posts and email them and the home owner asks you to wire money to them to receive the keys, just quit corresponding and report the listing to Craigslist.

Kristi Hardy
Director, Marketing Services
Park Co. Realtors
701.237.5031
KristiHardy@ParkCompany.com

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June 2011 Fargo, Moorhead and Lakes Area Market Update

Posted on June 10, 2011 by

Get the latest market update from Scott Breidenbach, Park Co.’s Sales and Listing Associate of the Month.

June 2011 Market Update by Area broken down by area.

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Let’s Talk About the Market – Part 4 – The Condo & Townhome Market

Posted on June 9, 2011 by

As I mentioned on Friday, we devoted last week’s sales meeting to talking about the current market conditions. Today’s topic is “The Condo & Townhome Market.”

Ben Schroeder, Connie Carlsrud and Randy Clark shared their insight on the condo and townhome market.

There are 230 condo/townhomes in the market, 117 have sold in the last 6 months and 39 are pending. 44% of those 39 pended listings had contracts in less than 60 days. The average days on the market for condos and townhomes is 177 days. The original list price to sold price ratio is nearly 98%.

As far as location goes, Fargo has the most condos/townhomes to sell. Downtown continues to increase in popularity among buyers and condo sales have been very good and the market is becoming less crowded.

Overall, the group stated the condo/townhome market is quite stable and there is a lot of selection available for buyers.

Kristi Hardy
Director, Marketing Services
Park Co. Realtors
701.237.5031
KristiHardy@ParkCompany.com

Posted in City Information, Economic News & Trends, Home Buying, Home Selling | Leave a comment