It's A Buyer's Market in Moses Lake

In a seller's market, when homes are priced right, the average DOM, or Days On Market, houses are on the market an average of 50-60 days. When the conditions are perfect, homes sell in just a few days or weeks. (When we bought our home, it was on the market one day, we made an offer that night, and our offer was accepted the next day!) So, I've tracked the DOM of all homes of all numbers of bedrooms, and all sales prices for Moses Lake, Ephrata, Warden, and Othello, from January 2006 through January 2008. Below is a chart of what the statistics show from our Northwest Multiple Listing Service. In January of 2008, the average DOM was 119. One thing, the DOM includes the window of time from the time an offer is accepted to the day it closes. That could be anywhere from 1-30 days, but it's typically closer to 30 days. (There are so many variables.)

What does this mean to you as a buyer? It means that it's a good time to buy because sellers who have had their homes on the market for a longer period of time have more incentive to sell their homes than they did when they first listed their homes.

What does this mean to you if you are a seller? It means that it's even more important now than ever to make sure that the price at which you want to sell your house is not inflated above the market value of your home. If you are getting ready to sell your home, make sure your real estate agent gives you 3-10 comparables of other homes in your neighborhood that have recently sold. This will give you the most accurate value at which to price your home.

If your home has been on the market for two months or more with no offers, ask your real estate agent to prepare a new market analysis of your home to get it priced at market value so it will have a better chance of selling sooner. This would be a wise decision of your financial investment for you and your loved ones.

Have a great week!

Connie Suehiro

Real Estate Agent

Gary Mann Real Estate

305 E. Third

Moses Lake, WA 98837

509-431-5804 cell (Call me for a free list of homes in your price range!)

When You Want To Sell Your Home

You might be thinking about selling your home. After all, Spring is coming, right? When is the best time of year to sell your home? Is it Spring, Summer, Fall, or.... Winter? The answer might surprise you, or you might even think I'm pulling your leg. Many think that Winter isn't a good time to sell because the real estate market is "slow."

Well, it certainly has been harder to get around in Moses Lake because of the snow, but that hasn't kept me inside. I went to all of the open houses on our Broker's Open House Tour on Tuesdy, and they were wonderful to go into. In fact, there were only four on tour instead of the usual 10-16 or so, so I was able to go see every one of them, and I'd love to sell each one of them. So, if you are selling your house in the winter time and there are just a few homes on tour, then the agents will get to see every one of them in the 3 hour time span of tour, and the more likely that if they SEE your home, they will want to sell your home to the buyer they have, waiting to purchase their dream home. So, when is the best time to sell your home? THe answer is: anytime there's a buyer and an agent who gets to show your home. I have four clients who are preparing to sell their home with me as their real estate agent, and it's an exciting time of the year for them!

May your home be on the next Tuesday Tour!

Oh, and if you're snowed in while you're reading this, how about playing a fun game? Scroll all the way to the bottom and play the GYRO GAME.

So, You Want To Be A Real Estate Agent?

That's great that you are working on getting your real estate license. Two words I consistently have for real estate is that it is FUN and it's also CHALLENGING. It's never balanced between the two, and there is SO much on-the-job-training.

Here are some tips that I would have appreciated when I was working on my Rockwell Online Class...

Do all you can to pass ALL of the short quizzes throughout the course in order to pass the chapter exams and final exam with flying colors. You have three attempts at the end of the course to pass the final exam. Study the chapter exams and study the answers. They will help with the final exam. Now, as for the state licensing exam, it's more on common sense regarding real estate, but it's also a difficult exam. A large percentage of what you learn in the class won't be in the state exam. (Ironic!)

I have been in real estate as an assistant before, and have worked in the legal field, so I had some experience under my belt. You find out right after you take the state license exam whether you pass or fail. They don't give you a percentage either way. Get a good night's rest before you take the exam and expect a good outcome because of excellent study habits throughout the course.

Set aside a minimum of $3,000 to get started. There are LOTS of fees, association dues, membership dues, possibly franchise fees, desk fees, office supplies you buy, wardrobe changes....

Depending on where you work, you'll need business cards, a desk (possibly provided), a phone, a computer that you provide, a cell phone with 450-900 minutes per month ($60-$90/mo), a lot of determination and drive, a work-hard attitude, and a love of helping people. Interview two or more real estate companies before choosing one. I love the company I work with. Everybody in the office is incredibly helpful and the competition is very friendly. The broker/owners are always ready with advice, but ready to let you make your own decisions and mistakes, and believe me, there are plenty of mistakes to learn from, but try not to let those mistakes be ones that compromise client confidentiality or broker advice. Find a niche (homes, land, commercial) and become an expert at one before trying another. Have a plan for finding new clients. Read some good books by Danielle Kennedy. She is AWESOME for helping with details in getting started.

Read a book called "21 Things I Wish My Broker Would Have Told Me." Buy your real estate books on http://www.half.com/. They're cheaper! And last, but not least, when you interview a real estate company, try to have someone you can "shadow" while you're in training. This helps to shorten the learning curve, though it will still be high.

I hope this helps! I am excited for you! And for you spouses of up-and-coming real estate agent, it will be very important for you to be incredibly supportive of your spouse because the first year in real estate is tough! The average agent doesn't make their first sale for six months. One didn't make his first until his ninth month. I was fortunate and made two sales so far. But this is unusual.

Good luck and God bless you!

Connie Suehiro, 509-431-5804

Call me for a free list of homes in Moses Lake in your price range!

January 21, 2008 Economic Update from Mike Bess

Connie,

Here is a link to my
"January 21, 2008 Economic Update":
http://realtytimes.com/ncmeu/30/1.MikeBess

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes the following topics:
"Are You Leaving a Tax Deduction on the Table?"
"Investor Report: College and University Towns"

Plus a Calendar showing the most important economic indicators and their upcoming release dates.

I hope you enjoy this bi-weekly Newsletter.

If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Sincerely,
Mike Bess

Michael Bess
Mortgage Banker
National City Mortgage, a division of National City Bank
31620 23rd Ave S #200
Federal Way, WA 98003
Office: 253-839-6500
Mobile: 253-632-0105
Fax: 253-839-6520
Email: mike.bess@ncmc.com
Web Page: http://www.ncmc.com/mikebess

(reproduced by permission from Mike Bess - Thanks, Mike!)

Can You Believe The Interest Rates??

My friend, Heidi Backus, of Ascendant Capital Mortgage, here in Moses Lake, keeps me up to date on home loan interest rates. I'm sure you keep tabs from the news how the federal government is doing in bringing down rates because of our nation's economy.

The GREAT news for you buyers AND sellers for today is that today's interest rate for a 30 year loan, with five percent down, is 5.5%!! That's wonderful for buyers so your monthly payment can be easy on your family's budget, and it's great for you sellers simply because it's an incentive for the potential buyers for your home.

Let's say you want to buy a house for $100,000 at 5.5% interest rate.

When I plug in the numbers in our NWMLS financial calculator, here's what your financial statement could potentially look like with a $100,000 sales price, $5,000 down, and a 5.5% interest rate on $95,000 for 30 years, taking into account the monthly payments of principal, interest, PMI (mortgage insurance), property tax, and homeowners insurance: a house payment around $700 to $750 per month. Now, would those numbers work for you?

Are you renting? What is your monthly rent? $700 to $750 per month? It's time to buy and invest in your financial future. Think about it, and then call me at 509-431-5804. I'll help you find a home you can afford and a lender you'll really enjoy working with.

Here are some other potential monthly payments:

Sales price: $125,000, 5% down, 5.5% interest: approx $868/mo.

Sales price: $150,000, 5% down, 5.5% interest: approx $1,024/mo.

Sales price: $150,000, 10% down, 5.5% interest: approx $946/mo.

Sales price: $250,000, 5% down, 5.5% interest: approx $1,645/mo.

Sales price: $350,000, 5% down, 5.5 interest: approx $2,270/mo.

Naturally, these numbers also depend on your credit rating among other factors that the lenders are experts at, but you get a general idea of what your monthly payment could be if you bought a house today. My disclaimer here: I'm not the lending expert, and these are approximations, so consult your lender as soon as you read this, or contact Heidi Backus at Ascendant Capital Mortgage at 509-771-1061, and she will give you her expert advice on obtaining a home loan. She's GREAT to work with.

Call me for a free list of homes in your price range: 509-431-5804 - Connie Suehiro

Do You Want To Buy A Home at a GREAT price?

Today in the Moses Lake area, there are 83 homes for sale for $180,000 and less. The interest rates keep going down, so now is a GREAT time to buy!

Did you go to the Gary Mann Real Estate Showcase of Homes last Saturday? Wasn't it fun? I went out to Joyce DeLeon's listing in Cove West, behind the old State Park (Blue Heron Park), and oh, the fixtures and accessories are just gorgeous! Everything is high quality like J&J Construction always puts in their homes. Be sure you go out to our Showcase of Homes this Saturday too. Look for our full page ad in the Friday Columbia Basin Herald newspaper or come in to our office at 305 E. Third for a full color brochure and a mapped route, with the details on each home we're showing this weekend from 12:00 - 3:00 p.m.


See you there!


Connie

Moses Lake Open House - Showcase of Homes

Gary Mann Real Estate is hosting our weekly Showcase of Homes in Moses Lake. For a list of open houses on Saturday from 12-3, come down to the office at 305 E. Third or pick up the Friday Columbia Basin Herald and take a look at the back side of the front page. We have about 10 open houses in our Showcase of Homes this weekend. Look for our open houses every Friday. You can also stop by any of these locations for a flyer with a mapped route inside: Michael's, The Lake Inn, Bob's Cafe, Azteca, Perkins, Travelodge, and many other hotels and restaurants in Moses Lake.

If you would like your home showcased in our Showcase of Homes, come on down to Gary Mann Real Estate and ask for Connie, or give me a call at 509-431-5804 and I'll help you get your house ready for sale and ready for an open house. I look forward to meeting you!

Connie Suehiro

Real Estate Agent

509-431-5804

Gary Mann Real Estate, Moses Lake, WA