As I take potential home buyers around to look at properties, one of the questions that often comes up is "How Long Has This Home Been On The Market?". I just added a feature to my website that makes it easier for you to answer this question.

When you do a home search, you will now be automatically told how long a home has been on the market. On both the search result page, as well as the details for an individual home, there will be a bullet item indicating the number of days that a home has been on the market.

You might wonder why the answer to the question even matters. It can actually make a lot of difference! Here are a few reasons why:
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You might have noticed on my mortgage calculator page after you’ve done a calculation that it has a paragraph at the bottom that looks like:

Did You Know…
If you paid just $40 a month more, you would have your mortgage paid off 54 months earlier? You’d save $20,797.14 in interest and your total payments would be $195,735.89.

I sometime get told that the above paragraph doesn’t make any sense (after all, if you owe $100,000, you owe $100,000, right?), so I thought I would explain what is happening.
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You have probably heard the news about the housing slump, and the “buyer’s market” that we are currently experiencing. A buyer’s market occurs when supply and demand factors shift to cause a drop in price. Due to the increased supply of homes from excess building and foreclosures, with demand remaining constant, prices of homes drop. The Champaign-Urbana market does not experience the large fluctuations that other areas do, but it is not completely immune. This buyer’s market is a great time to buy. Although this seems to be bad news if you are wanting to sell, it is really not bad news if you have been thinking about purchasing a larger home.
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When you search for a home on my website and view the "Detailed Information" link for a home, you will see something like this:

If you look at the "Lot Size" field, you will see a set of numbers. If the numbers are something like 100×100, it’s easy: a square lot with each side measuring 100ft. But 72x70x99x45x26? Which side is which dimension, and what is the total overall size?

Let’s start with the basics. Standard convention says that the street side is the first dimension listed, and then the other dimensions follow clock-wise. For example, if you have a lot size of 60×130, the street side measures 60ft and the lot goes back 130ft. (more…)

These last several weeks have been very busy! As I have been taking buyers around to view homes, I have begun to notice a pattern that has solidified my views regarding the importance of curb appeal. I have been amazed at the striking correlation between curb appeal and the overall condition of a house. (read more and view photo)

Existing homes overall are currently taking longer to sell than they used to, but the average selling price has gone up an average of 7.4% since 2005/2006Not bad, considering the widespread belief that 2005/2006 was the “peak” of the housing market.

It is a slightly different story for new construction homes, though. (more…)

In my continuing series on “unique” homes, here is a bathroom that is very worthy of this title: (Click for photo!)

Why am I writing about how sellers should behave? Isn’t it the Realtor’s® job to deal with every aspect of the sale? Aren’t I neglecting to fulfill my duties if you are possibly forced to deal with buyers face-to-face? (more…)

Have you ever gone into a house, whether it is while home-buying or visiting a friend, and thought “What were they thinking?!”? Whether it is outlandish wallpaper, clutter everywhere, everything being one color, or creepy art, some touches of “character” in a house can lead to a slower sale, lower asking prices, or simply no interest. (click for picture!)

About 90% of Realtors® work as independent contractors. This means that they do not have an employee relationship with the firm that they are working for. All of their income is commission-based, and they receive no health benefits. The other 10% of Realtors® may have some sort of employee status with their real estate firm, or may be licensed assistants for Realtors® who are independent contractors. (more…)