Our Active Listings

November 18, 2007

Well it's official, we have now been posting to this blog for over one full year. It is interesting to to go back and see where the real estate market was then and where it is now. It is also fun for us to go back to the early days of this blog and see how it has changed & progressed over the last 12 months. We like to think it has changed for the better. We know we have a number of loyal readers that visit regularly and we would love to have comments about what you like or dislike about what we are posting here. Our intention is to continue posting to this blog and in the near future start an additional blog that allows us to povide more in-depth information on buying and selling a home. A very big thank you to all of you loyal visitors for sticking with us.

November 18, 2007

Current listing inventory - 226 active listings in Owatonna as of today. Average days on the market has risen to 167 days (that's 5.6 months gang). The number of pending listings has dropped to 30 houses. This number has not rebounded as well as we would like to have seen and is of some concern. Average days on the market for pendings is up to 140 days. There have been 361 properties Closed since 01-01-07, with an average days on market time of 111 days. We are again seeing the gap continue to grow between the days on market of the Active vs Closed listings.

Folks we have said it before, but it bears repeating. You have to be realistic with your pricing , when bringing your home on the market. In addition, your home must sparkle & shine or the price must reflect the fact that there is work that needs to be done. DO NOT TEST THE WATER FOR A FEW WEEKS WITH A HIGHER PRICE. There are sharks and piranhas out in that water and you will not like what happens if you come on the market at the wrong price.

A few more tips this week for home sellers:

• Keep the grass cut and the weeds pulled during the growing season
• With winter almost upon us make sure the driveway and sidewalks are shoveled and any icy spots are sanded and salted.
• Now that it is getting dark ealry, make sure to have ALL lights on inside & outside for all showings.
• Put a rug in your front entry for shoes and boots as we enter into the snow & slush season.
• Put up some outside holiday decorations & lighting to increase curb appeal.
• Keep in clean, with the average time on market now almost 6 months, the tendency is to let the cleaning slide a bit after several months, keep your home sparkling.

You can view our complete Home Sellers Guide or you can always call or e-mail us any real estate question you might have. 507-390-2121 or info@BartleyGroup.com

Interest Rates have remained stable at 6.125% on November 18, 2007.

Check out our Market Absorption Chart. It shows the market activity by price range and can assist you when pricing your home for sale.

November 6, 2007

Current listing inventory - 229 active listings in Owatonna as of today. Average days on the market has risen slightly to 161 days. The number of pending listings has dropped to 33 houses. Average days on the is up to 117 days. This drop in Pending listings was expected as we reached the end of October but would like to see that number rebound a little bit faster. There have been 349 properties Closed properties since 01-01-07, with an average days on market time of 113 days. We are again seeing the gap grow between the days on market of the Active vs Closed listings, Pricing a home realistically is paramount

A few more tips this week for home sellers:

• Remove a bulky piece or two of furniture, the room will appear larger
• Pack up all of the of season clothes and shoes from your closets and store them in the basement or garage (or better yet rent a offsite storage facility)
• With the winter season upon us, make sure to keep the thermostat set at 70 or above, you want the house to be cozy when buyers walk in (now is not the time to try & save a few $$$ on heat)
• Offer rewards to your children for keeping their things picked up
• Make sure to leave All Lights on for all showings

We'll try to include a few additional tips with each of the next several posts. You can always call or e-mail us any real estate question you might have. 507-390-2121 or info@BartleyGroup.com

Interest Rates climbed a bit yesterday to 6.125% on November 6, 2007.

Check out our Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

November 1, 2007

Current listing inventory - 224 active listings in Owatonna as of today. Average days on the market has ecome down slightly to 159 days. There were quite a few listings that expired at midnight last night and we will have to wait a few days to see if some of those sellers re-list their homes or will stay off the market. This is a fabulous thing to see the listing count drop down and we are crossing our fingers and hoping the count continues to keep going down. As we have posted before, our group is hoping to see 200 or less listings by 01-01-08. The number of pending listings has dropped to 34 houses. Average days on the is up to 115 days. This drop in Pending listings was expected as we reached the end of the month because end-of-month is always a busy closing time. There have been 346 properties Closed properties since 01-01-07, with an average days on market time of 114 days.

We do understand the frustration that many of you are experiencing in our current real estate market. We are listing a few tips below that may help you get you home sold a little quicker. The number one item of course is price, however if financial circumstances preclude you from reducing the asking price any lower, try a few of the tips below.

• Reduce the price (price might not be the problem, but it is always the solution)
• Clean!!!!! (we can't stress this enough, today's buyers want it ready to move into)
• Paint (same as cleaning, paint is low cost, high impact choose neutral colors)
• Reduce clutter (pack up the knick-knacks and faily treasures)
• Clean!!!!! (we continue to tour houses weekly that are not clean and picked up)
• Open the blinds and drapes for showings, brighten it up inside
• Replace any energy saver fluorescent bulbs with standard light bulbs (incandescent light is more warm and inviting, go with the highest wattage bulb the fixture will take)
• Clean!!!!! (pick-up the dirty clothes from the floor and wash the dishes in the kitchen sink)
• Get rid of pet & cooking smells, do not use scented candles or air freshners (today's buyers become suspicious and will think you are trying to hide something)

We'll try to include a few additional tips with some of the next posts. You can always call or e-mail us any real estate question you might have.

Interest Rates climbed a bit yesterday to 6.000% on October 31, 2007 after the announcement that the Fed dropped interest rates. The bond market got a little bit iffy yesterday after the announcement and this helped to drive up mortgage rates.

Our new Market Absorption Chart is available. It shows the market activity by price range. This allows you to see which price ranges are selling more quickly than others. For example, instead of pricing your home at $305,000, where there is a 12.8 month supply of homes it would be better to price it at $299,999 where there is only a 4.3 month supply of homes to be sold.

Just a reminder, in addition to this market condition blog, we represent buyers and sellers in real estate transactions in and around the Owatonna area. If you are thinking of buying or selling a home or know of some one that is, please give us a call (507) 390-2121 or drop an e-mail to info@BartleyGroup.com

We hope this Blog helps point out how knowledgable we are on what is happening in the local real estate market.