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NAR Housing Report March 2013

I don’t know about you but just reading through the report made my head spin.  One place says that the median price for a home is $173,600 in February another sections says “The median price of an existing single-family home averaged $176,500 over the last six months, down from $180,000 in the previous six months”. And the final paragraph said “The median price in the West rose to $237,700, 22.7 percent above February 2012, but off 0.4 percent from January.

   So what is the take away from the report?

I think what the report is showing us is that there is still strong interest and activity in the housing market nationally and in individual areas. Median prices in February reflect some of the slowest times historically in Real Estate and not much is news there.

One of the bigger issues is the lack of inventory, where sellers are reluctant to list their homes as the market continues to vacillate. When you take into consideration that many of us have seen the equity in our homes dry up over the past 6 – 7 years, it is no wonder that sellers are reluctant.

Here in the west we are seeing recovery in the values in some segments, while others are continuing to decline. The truth is that while these facts remain, the shortage of homes on the market will bring more buyers to your home and an opportunity to sell at a positioned advantage.

Picture this – a few months ago an open house was lucky to generate 5 viewers, while recently we are seeing 20 – 35 people coming to see what is available. These same viewers are visiting multiple homes because there are so few to see that meet their needs. And we are seeing these buyers actually move into a closed sale.

 

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Housing Trends

March 2012 – Housing Trends Update is derived from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey

Investors Set Home Buying Sights on Short Sales

 

Latest HousingPulse Survey Finds

Investors continued to boost their activity in the housing market during the month of February, according to the latest results of the monthly Campbell/Inside Mortgage
Finance HousingPulse Tracking Survey. And short sales have become a new target for investors now that other homebuyers have lost their enthusiasm for these popular
but often lengthy and unpredictable transactions. The total share of distressed properties in the housing market in February, as represented by the HousingPulse Distressed Property Index (DPI), continued to climb, reaching a near-record of 48.7%, using a three-month moving average. This was the second highest level ever recorded by HousingPulse and the 25th month in a row that the DPI has been above 40%. All of the growth in the distressed property share of the housing market over the
past six months has been driven by an increase in short sales. Over the past six months, the proportion of short sale transactions in the market has climbed from
17.0% to 19.8%.
Investors buying homes surged from 20.9% of all transactions in September 2011 to 24.2% of all transactions in February 2012, the latest survey results showed. The
investor share of short sales likewise grew from 25.9% to 30.6% during the same six month period. In contrast, the proportions of first-time home-buyers and current
homeowners purchasing short sales have dropped since September.

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The waning interest of first-time homebuyers and current homeowners in short sale transactions is largely driven by dissatisfaction with the long-approval times of
mortgage servicers and unpredictable closing dates. Investors find short sales more attractive because they do not have to deal with the complications of breaking rental leases or moving from another home on short notice. Mortgage servicers have been using “cash-for-keys” payments to motivate delinquent homeowners to engage in short sales. Cash-for-keys payments are often $3,000 or 1% of home value, but can reach up to $25,000 and more for high value homes in areas with long foreclosure timelines, HousingPulse respondents reported.
“The typical amount offered to homeowners with ‘cash for keys’ is $3,000. Approximately 1/3 of my short sale transactions are qualified for the cash for keys program,” commented a real estate agent in Virginia.

 

Housing Trends Update is published monthly and is available only to real estate agents who are part of the Campbell/Inside Mortgage Finance HousingPulse survey panel. For information on joining the panel contact John Campbell at Campbell Surveys. 202-363-2069 john@housingpulse.com
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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Real Estate Relationships in Montana

Agency Relationships In Montana

Unless or until you enter into a written agreement with the Company/Licensee for agency representation, you are considered a “Customer” of the Company/Licensee, and the Company/Licensee will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.

Customer service does not require a written agreement; therefore, you are not committed to the Company in any way.

Remember, however, that until you enter into a representation agreement with the Company/Licensee, you are considered a customer and the Company/Licensee cannot be your advocate, cannot advise you on price or terms, and cannot keep your confidences.


Once you enter into a written agency agreement you become a client. Your rights under these agreements are explained below.

What agency relationships are available in Montana?

There are four basic relationships available under the Real Estate Licensing Act. Those four relationships are seller agency, buyer agency, dual agency and statutory brokerage. The Real Estate Licensing Act, in particular Montana Code Annotated §37-51-102 and 313, describe how these relationships are created and what each entails.

A seller agency relationship is established in one of two ways, either by a broker entering into a listing agreement with the seller or by a broker accepting an offer of sub-agency from the listing agent.

Similarly, a buyer agency relationship is established in one of two ways, by the broker entering a buyer’s broker agreement (Agreement to Locate Real Property) with the buyer or by the broker accepting an offer of sub-agency from the buyer’s broker. It is worth noting that the statutory definition of buyer agent (Montana Code Annotated §37-51-102(8)) anticipates that a written buyer broker agreement will exist between the buyer broker and the buyer. It is this buyer broker agreement that creates the relationship, not the statutory disclosure.

A dual agency relationship may arise in the situation where the broker is both the agent of the seller (pursuant to a listing or accepted offer of subagency from the listing agent) and the agent of the buyer (pursuant to a buyer’s broker or accepted offer of subagency from the buyer’s broker). As a prerequisite to a dual agency relationship arising, the seller and buyer must review the mandatory disclosure form and consent to the dual representation.

A statutory broker relationship is presumed to exist, unless the broker has entered into a listing with the seller, a buyer’s broker agreement with the buyer or has disclosed a relationship other than that of a statutory broker. The statutory broker relationship was designed as the default relationship. It automatically arises unless a seller agency, buyer agency or dual agency relationship is established in the manner as is described above. Neither the Real Estate Licensing Act, nor any interpretations of it with which I agree, prohibits a statutory broker, from dispensing advice or making recommendations. The only limitation on that is the advice and recommendations have to be given while the statutory broker is exercising reasonable skill, diligence, and care. Thus, a statutory broker does not change his or her relationship with a buyer or seller by giving advice or making recommendations.

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Energy Tips

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Economic Stimulus, Tax Credit & Foreclosures

Back in November President Obama signed a $24 billion economic stimulus bill and extended the first time home-buyer’s tax credit until June 2010. Commenting on the bill, the President said that unemployment was at its highest rate since we began measuring it in 1948.
Well two months later unemployment does not seem to be doing any better. Here in Missoula with the closing of the Pulp and Paper Mill it seems anything but … 400 more added to the unemployment rolls. And while the President is taking a trip from the White House to Main Street, we are left wondering if this will lead to change or just another Rah Rah snapshot.

The Five Top Cites In America Experiencing foreclosure
McAllen, Texas – 1 in 251 homes are foreclosures up 1,197%
Burlington, Vermont – 1 in 4,436 homes are foreclosures up 400%
Lincoln, Nebraska – 1 in 2417 homes are foreclosures up 240%
Gulfport-Biloxi, Mississippi – 1 in 492 homes are foreclosures up 140%
Sioux Falls, South Dakota – 1 in 492 homes are foreclosures up 116%
A staggering headine today from Massachusetts : 398 new foreclosures were filed in Massachusetts over this past week, ending Friday, December 25, 2009

Each month, Bank of America starts new foreclosures, and shortly thereafter they become public record and appear on their site. The dark blue bar shows how many foreclosures have been filed in a given month, and the light blue bar shows how many foreclosures have become public record in a given month.

From the local perspective we did see a small recovery over the summer this year in the real estate market. Homes were still selling, albeit slower than in the past two years. Market adjustments have been made to lower the rampant home prices of 2007 and 2008. That’s good news if you are in a smaller more modest priced home. Even some of the highest priced homes in Missoula and area were selling – it seems bargain hunters shop at every price point.
Sherry Fields

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Finding Real Estate Listings

Real estate listings – Internet Vs newspaper

Whether you are looking to buy a home for yourself or whether you are just looking to just in real estate, you will need to find out what is available in the market place.Internet and newspapers are the most common ways of searching real estate listings.

With internet gaining popularity, internet real estate listings have become one of the easiest ways of checking out the real estate market. Though the traditional method of looking for real estate listings (through newspapers) is still one of the most used methods, it is a very time consuming one. You have to read through various listings and sort out the ones that seem more suitable to you (and possibly write down the phone numbers and contact details on a piece of paper) and then call up the owners/brokers to fix an appointment for viewing the property (which may turn out to be a waste of time in the end).

Moreover, the newspaper listings generally happen on a weekly or bi-weekly basis. So if a deal has materialised in the meanwhile, there is no way you can check it without actually calling up all of the local real estate companies. On the contrary, the internet real estate listings (on a good real estate listings website) are updated everyday. And new real estate listings go up live as they happen on the internet(i.e. they don’t wait for the newspaper to get published).

So, if you have been using only the newspaper as your source of real estate listing information, you might end up getting stale information and missing the home of your dreams, or the ideal investment. As such, making the first offer can make a big difference when it comes to real estate.

Further, you don’t need to go through all the real estate listings in order to determine the listings that look suitable to you. Much like Google many sites today allow you to specify various search criteria/ filters in order to get only those real estate listings that you really want to look into. This is a big advantage when compared with newspapers where listings are generally classified just on the basis of location of the property. Thus you can save a lot of time here by browsing only through the real estate listings that are of interest to you.

There is no need to note phone numbers etc; you can just take printouts of the listings you want. Some websites also provide tools/ facilities to track the search criteria for you. You could even contact the listing agent by sending a message through the website (some websites provide such email type of facility). Another important benefit from real estate listings on internet is that some of them also contain images of the property. So you can have a look at the images and see if you like the property at all.

So, real estate listings on the internet do seem to offer a lot of convenience. However, internet or newspaper is really a matter of personal choice too.

Reflections of a Newsosaur: Realtors repudiate newspaper ads

Real estate advertising in newspapers boomed along with the funny money-fueled housing market, rising to what probably will be an all-time high of nearly $5.2 billion in 2006 from annual levels of approximately $3 billion at the …

Why advertising real estate online is so much more effective than …

During his 7 years working at the company, online Australian ad spend in real estate grew from around $7 million a year to over $180 million a year. In developed markets around the world, print advertising has pretty much dropped off.

Using Real Estate Internet Marketing To Reach Out To Customers

It has always been customary for realtors to do a heavy amount of print advertising. The best marketing campaigns had real estate professional’s faces on the backs of phone books, on bus stop benches and all over the weekly newspapers. 

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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A Real Estate Broker

Real estate is a popular investment avenue. Currently there are a lot of people who invest in real estate. For some real estate is their primary job. They perform as real estate brokers, sales agents, buyers agents, investors, attorneys and still others who work mainly in the real estate industry. However, there are folks who just want to invest in real estate (as it is an attractive avenue for investment). For such people, getting a good real estate broker can make a big difference between a good deal and not-so-good one.

So how does one choose a good real estate broker?

The first thing to look for is the reputation of the real estate broker. A real estate broker who has good reputation would have earned it over a period of time by helping buyers get the property of their choice (and as per their needs), at the same time getting a good price for the property seller. In fact, experience is the second important thing to look for in a real estate broker. Bad real estate brokers can’t exist for long (since the bad news about anyone travels much faster than the good news). So experience is a good measure because you know that the real estate broker is still in business. Call your local Chamber of Commerce and the Better Business Bureau and ask if there have been any complaints made against the Broker. If the broker is a Realtor, contact the local multiple listing office to find out if there have been any complaints, charges or reprimands against them.

In speaking with the broker you will be able to assess their personality – are they helpful and willing to listen – or are they interested in telling you what you need? A good real estate broker will not act just as the salesperson for the seller (from whom the real estate broker is due to receive commission/fee when the deal materializes) but will also pay heed to the needs of the buyer.

They will normally have a lot of properties available for sale at any point in time. Brokers will generally have a small team of people working in an organized way to get the deal closed between a buyer and a seller (making both parties happy at the same time). Grouping the properties they have listed in a way that is easy to understand e.g. group them on the basis of location, price, house types etc. for the buyer allows the buyer an opportunity to consider different options than they may have originally thought about.

A good broker will also offer advice to the seller on small repairs or things that can help them to get an even better price for their property. Spending time with clients, a real estate broker will patiently listen to the requirements of the buyers and point them to the properties that best fit their requirements (instead of just showing them the list and asking them to review the ones they might be interested in viewing).

Checking with friends/family that have previously used the services of a good real estate broker is another way that can sometimes help you find a good real estate broker fairly quickly.

NewsGeni.us | The news source for sharper real estate agents …

One of the most powerful features of Twitter is its ability to find what people are saying about a topic. For real estate, this is a great tool and agents and homeowners alike can use it to find out the latest market statistics or news. See article» http://www.sfgate.com … PropertyMaps.com is a listing site that hopes its partnership with independent brokers around the country will lay the groundwork for a future national MLS built and owned by the brokers….

How to Find a One Percent Real Estate Broker – Tips For Buy Home Blog

Real estate brokers operate all across the United States. Some individuals operate on a national level, but most operate on.

TRULIA – Truly A Good Idea! | Your Atlanta Real Estate Agent

Trulia is a Real Estate site for consumers and realtors alike. Consumers can find properties and ask Real Estate related questions. Realtors can post blogs, post their listings and answer consumers questions.

Real Estate Investing: The Basics

In addition, you can find deals that simply would not exist in a booming economy. In fact, real estate investing can turn the tide for a poor economy. When the economy is not so good, short sales, bulk reo sales and virtual real estate …

 

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Real estate agent

All about real estate agents

Real estate agents are professionals who help buyers find property and sellers sell property. In Montana some real estate agents also do rentals where they help tenants find rentals. In some cases real estate agents are also licensed property managers who maintain the property on the behalf of the landlords. The real estate agents are paid a commission for their services, but do not receive a salary from the brokerage they work with. Real estate agents generally calculate their fee as a percentage of the selling price. People, who want to list their property for sale, leave the details of their property with the real estate agent to market and sell the property, to arrange showings of the property and present all offers to the sellers. The buyers can find the property listed on line and contact their own agent (called a buyers agent) or can call the listing agent for details and access to the property. Providing information about the property to buyers and buyers agents is part of the marketing plan.

Home buyers use real estate agents when it is a sellers market so that they have a better chance of buying a home at a price they can afford. But buyers also use agents in a buyers market where the competition is stiff and making the right offer the first time wins the bid. Agents with experience can guide buyers through the process to help them achieve their goal.

Many agents have mastered the art of negotiation and this can benefit both buyers and sellers when it comes to getting what they want out of the transaction. A seller can often get the best price for his/her property by using the advice received from an experienced real estate agent. An agent will also analyze the needs of a home buyer and show them homes available within their budget. Real estate agents will discuss their needs and make a suggestions.

A licensed Realtor is required to taking ongoing education classes every year to represent you with the sale of your home. They are required to know the local and state laws concerning the transaction whether they are representing you as the seller or the buyer or both (dual agent).

Agents work with lenders, banks, title companies, home inspectors and a host of support business and all of this networking and relationship building works for you to ensure that your sale, your purchase is handled legally and timely.

These are just many of the reasons for staying away from the pitfalls that “FSBOs” [For Sale By Owner]  have found themselves in after a sale which has ended up costing them money they did not expect to pay.

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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About Us

SherryFieldsRealEstate.com is dedicated to providing quality information on the subject of Montana Real Estate and in particular, on Real Estate opportunities in Missoula and surrounding area. Our agency has membership in three MLS systems covering all of the western part of the state to the Idaho border on the west and south and Canada to the north.

Here you will find helpful reviews, informative information and tips and much more. This site is in the format of a ‘weblog’ so that each time I post new information, it will come to the top of the front page. This means that you can check back here frequently to see new updates to the information found here.

You can navigate through the site by using the menus on the sides of the page. Also don’t hesitate to follow the links you see in bold throughout each post to learn more about the product being written about.

I hope you find the information I provide valuable and helpful.

All the best,

Sherry Fields

"Building Relationships so you can buy and sell with confidence"

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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Contact Us

If you have any questions regarding the content in this website, about the products that are mentioned, or just any questions at all don’t hesitate to contact me at the following address. I’d also love to hear any feedback on the site if you’ve found it helpful or have some ideas about how I can improve the site in some way.

Please contact me at  Sherry@SherryFieldsRealEstate.com

I will reply to all messages as soon as possible.

Sherry Fields
“Building Relationships so you can buy and sell with confidence”

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© 2018 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com
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