Realtor Jared Jacobs – Rochester MN Real Estate Blog

New home on the market in Plainview, MN.

Garage lovers dream! One car attached with large workshop and large 3 car detached with loads of storage space. Home features 4 bedrooms on main level, large kitchen, den/office on both upper and lower level, gas fireplace, deck, fenced yard with attractive landscaping and much more! Home priced to move at $159,900.

Selling your home can be a challenge, especially if you are going to really miss your home, or have been there for a long time. Add to this the fact that you’ll more than likely not get what you would have only a couple years ago.

I was in this position only a few months back when I was selling a condo I’d owned for several years. I absolutely loved everything about this property, however life was taking me in a different direction so it was time to sell and move on.

I set my price based on what comparable properties were selling for two years ago as there weren’t many sales in the complex in the last year and a half. I was confident I’d have action as the tax credit was in full swing and I knew “First Time Home Buyers” were out in force!

Over the first two months I had a few showings and a few people through open houses but no offers. The tax credit was starting to wind down when I finally received a call from a fellow REALTOR with an offer! I excitedly scanned the purchase agreement and, I admit, was a bit disappointed at the offer price. I decided to sleep on it and make my decision in the morning.

As a REALTOR I’ve seen numerous sellers in this same position but this was the first time I was there myself. The shoe was on the other foot and it was a reality check to say the least. Several thoughts went through my head: Would I get another offer? Did I really want to rent out my property instead of selling it? If I did get another offer would it realistically be better?

I decided to take out all emotion out of the decision and think realistically through the process. Given the facts I had to work with I decided to counter the offer. The buyer countered back at a price I was willing to accept. We closed on the sale roughly a month ago.

I knew the buyer was concerned with the property appraising for the purchase price if they would have gone higher. I looked at recent comparables and, after swallowing hard, I guess I had to agree. This along with the fact that finding financing for these condos was only getting tougher made my decision easy when I looked at it from the buyers perspective! In hindsight I’m glad I made the decision I did.

Many sellers have a hard time looking at their home from an unbiased perspective – and you may too, since you have built many memories while living there.

So, are YOU looking at your home simply as the seller, or as a prospective buyer??

Traditional sellers in the Rochester Minnesota real estate market are certainly not finding this the most joyous time to be marketing a home. With the market inundated with foreclosures and short-sales, distress is often felt by sellers not in the same financial crisis as some homeowners, who are either trying to weather dramatically increased mortgage payments, while finding themselves owing more on their mortgage than the house is now worth. Still others face the foreclosure specter.

Buyers are bottom fishing for homes with the full knowledge there is blood in the streets stimulated by the number of home foreclosures. And these Buyers are fishing for the lowest possible prices, further driving down price. Therefore Sellers NOT living under threat of foreclosure, still need to compete with properties, which are.

There are a number of things a “traditional” Seller can do to successfully market their property, and remain competitive. (1) Price the home appropriate to where the market is currently with good comparative sales data in your area. (2) Because many foreclosed homes aren’t in good repair, make certain your home is in tip-top shape. (3) Most bank-owned properties (foreclosures) are being sold “as-is”. Offer your home with a home warranty and preinspection. (4) Make certain your home shows perfectly and appears inviting. Most bank-owned properties are vacant and cold appearing.

Overpricing your home in the current market will cause it to sit idly unsold, and possibly delay any move you anticipate making, indefinitely.

However, slightly under-pricing a home can bolster attention and buyer activity, improving chances to sell more quickly.

As in all housing markets, price and condition are paramount!

The seller that can weather the storm on the selling side can find some great deals as they make the move and purchase upward!

More than ever before, acquiring an experienced Real Estate professional, will pay dividends in assisting you in getting your home SOLD. I look forward to hearing from you!

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!

1. Ask lots of questions of your lender.
The home buying process really starts with the pocket book. Not only do you need to know how much you can afford to buy now, but you need to look at what the closing costs are, as well as what the long term cost of the loan is. Most lending programs available today that include some sort of special deal are geared towards 1st time buyers. Tap in.

2. Do your studying before you do your shopping.
Analysis by paralysis. Study long, study wrong. This is the deal: It is wise to do your studying before you do your shopping. Once you ask a seller to neglect their dinner for you to walk in and “think about it” you should be beyond the “thinking about it” stage. Be ready to make a decision at that point. Don’t think about it — you already did that last week.

3. Find the right agent who’s willing to help you through the home buying process.
Agents are a dime a dozen. How do you know you have a good buyer’s agent? My opinion is they give you some basics. They explain buyer rep to you because they have it memorized and it’s important. They commit to you and ask you to respectfully commit to them. They listen to what you want and need, nail down your budget and set realistic expectations. They answer your phone calls and emails with tact and speed. They get to work finding you what you want. You work together like a hand in a glove.

4. Make your offer look appealing to a seller.
In a buyer’s market with a lot of media hype, it can be challenging for buyers to make offers that will get them what they want. They think no matter what the list price is, hey, it’s a buyer’s market, so low ball. This is not true. Even in a buyer’s market, there is a pretty firm value the market places on each property. The value is set by willing buyers, willing sellers. What you are low balling today is what someone else is fighting for saying this is the one. So, know that you, as the buyer, are not the only factor here.

5. Think about resale before you buy! The average first-time buyer only stays in a home for roughly four years.
This is where the pro steps in. You may not have any idea what contributes to resale — all you know as a first timer is what you want. The pro really brings you a lot of value here when they tell you what you will be up against in the future when you try to sell. There is value assessed to every good and bad feature of the property. Appraisers and realtors understand what specifics give what value to what, so when they start talking resale, your ears should perk up. It’s important.

Per local MLS data here are some statistics for the Rochester MN Real Estate market for May 2010.

195 listings sold in the month of May.
182 new listings were taken in May.
There were 1,239 active listings at the end of May.
We’ve currently got 8.67 months worth of inventory based on current average days on market and active listings.
New median list price is just over $181k while active median list price is just under $175k.
Sold median sale price is just over $149k while sold median list price is just under $150k.

There were a total of 1,187 listings active at the end of March. There were a total of 409 new listings added in March. There were a total of 98 properties sold in March.

We were sitting with just under 8.4 months worth of inventory at the end of March.

Active median list price was just under $170k in March. New median list price was $167.5k. Sold median list price was just over $142k while sold median sale price was just under $139k.

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!

In order to hold a real estate license in Minnesota you’ve to take an average of 15 hours of continuing education per year. Certain classes are required but the balance of the credits can be from electives (so to speak). This past week I attended “Septic System Introduction and Advanced Topics for Realtors” which was put on by the University of Minnesota. I have to say I’m not sure I’ve ever learned so much from a continuing ed class in my roughly 10 years in real estate!

I’ll admit the prospect of sitting in a room listening to someone speak for 4 hours about septic systems wasn’t something I woke up very excited about. However, the topic was one I knew I needed more education on to better serve my clients so had to grin and bear it. I was actually very surprised at how interesting the topic was and the speaker, Sara Heger, was exceptional to say the least! I walked out of the class with a much better knowledge of the subject which will not only benefit myself but, more importantly, the clients I represent on a daily basis.

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!

According to local MLS data there were 1,005 properties on the market at the end of February. 281 listings were added to the market in February and 68 properties sold. There is roughly 7 months worth of inventory currently on the market.

Active median list price was just under $175k while new median list price was just under $170k. Sold median sale list price was just under $150k while sold median sale price was just over $147k.

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!

Just listed in Rochester MN 1822 Deerhaven LN NE #11 has plenty to offer! Property features 2 bedrooms, 1 bath, heated garage, vaulted ceiling & much more! MLS #4018618 listed by Jared Jacobs REALTOR Counselor Realty of Rochester.

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!

Just listed in Rochester MN 1445 Graham Ct SE has plenty to offer! Property features 4 bedrooms, 2 baths, completely fenced in yard & much more! MLS #4018238 listed by Jared Jacobs REALTOR Counselor Realty of Rochester.

Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.

If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!