Tristan Emond, Rapid City Home Specialist

As things continue to change in the mortgage and real estate industry, more and more details get considered. The "t"s not only need to be crossed, but with a perfectly straight line.

I had a listing of a great Rapid City home recently which inspired the title of this blog. I looked at the home, noticed there was some peeling paint on some of the exterior trim around the windows and pointed that out to the homeowner. The intention was to have her grandchildren get it done, but that didn't happen. We got a contract on it pretty quick and just went forward with the sale. But, of course, when the appraiser came by, he noted the paint and called for repairs prior to the close.

There we were in October. And for some reason we skipped fall. Temps were down, rain/snow was frequent, and I was getting laughed at when getting quotes for the job to be done. (not really...) Fortunately, the lender allowed us to escrow the amount at closing (at 1.5 times the amount!) to be done in the Spring or when we actually got our fall.

So here is what I knew, but have thus been reinforced...

Paint it.

If you are looking to sell your home, but have peeling paint on the eaves, trimwork, or siding, you'll need to get that repaired before an appraiser will approve it for a VA, FHA, or First time homebuyer loan. (which is a big percentage - especially under $200,000) So get it done before the appraiser comes by. Before or shortly after you list would be even better!

Other things to watch out for:

Roofs. (shingles looking frayed and curling? be prepared for the "Needs to be replaced" from the inspector or appraiser)
Decks. (are there railings in place on decks over 3 feet high?)
Gutters. (make sure your downspouts are in place and running AWAY from the home)
Broken window panes. Missing window seals.

Basically, anything that would present an issue to the structural integrity or safety of the home needs to be looked at.

Get them taken care of as soon as you can. It will sell quicker. You won't be stressed 1 week before closing trying to get all this stuff done.

Ease the stress. Just paint it.

Here's to more stress free stuff,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

And the rush is on!

With just over 30 days left to get a home bought before the expiration of the tax credit (pending extension, of course), activity has been high and deals have been flying. Our inner office sale board is full. (which means a pizza party!)

As for the September Market...look at the total residential graph below - you'll see last month sprang ahead from last year on the number of homes under contract. The active listings are just under last year's numbers, showing that sellers are ready to put their homes on the market and move on. The rest of the stats remain quite similar to the rest of the year - a bit behind, but holding steady...with the exception of the new construction market. We will see how long it takes before that scenario corrects itself.









I've sold a number of homes the past months to first time homebuyers and am working with another on a get-it-in-before-the-bell-rings deal. I certainly can't complain, and I don't see any reason for anyone to be!

It's a winter storm watch. Again. Already. Maybe we'll get our normal warm winter in December...

Take care!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

So I have been working on a commercial real estate designation called CCIM - Certified Commercial Investment Member. It is a national designation that covers the analyzing of commercial and investment properties for many different applications. My desire for the designation is to have the knowledge to price Rapid City commercial real estate for sellers and determine what is the best investment for buyers. It is also great to have for the networking and referrals. All kinds of fun stuff such as Internal Rate of Return, Cap Rate, Gross Rent Multipliers, Annual Debt Service, Debt to Credit Ratio and other fun stuff.

There are a total of 4 courses to take that are a week long. Then I have to take a national test and provide a portfolio of qualifying experience. It has been said it's kind of like a graduate degree.

So last week I was in Minneapolis for CCIM class 104. Not exactly the normal continuing ed class you can fall asleep at. It was more like:

"Here is module 1, 2, and 3. This is what they talk about. OK! Now let's go to case study 1. Here's what you are going to be doing. Go to work. If you have questions, refer back to the modules. And for homework, study the modules and answer the questions at the end of each chapter."

Uffda. (that's Norwegian for...well...uffda.)

Fortunately, we were in groups of 5 or 6, so we worked together to get through the case studies and help each other understand the concepts.

So that was 8:30 to 5:00 every day (except Wed - which was a day off for the locals to get caught up on their work - but I studied all day long, so I count it) and then the test on Saturday for a couple hours. Talk about brain fry! Driving home, I was getting bored because my mind had shut down...

Good news on the end of all this. I passed the test! Now for 2 more classes...

Onward and upward. As always!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

The market in August typically seems to slow some. I attribute that to the various big events around town (the Sturgis Rally and Central States Fair), the summertime vacation schedule, and getting ready for school.

It looks like preowned single family homes were down 9% YTD from 2008, and new construction is way down - 35% YTD from 2008.

Average sold prices on preowned homes remain pretty stable, with only a 1.4% decrease from 2008.
Average sold prices in new construction are down 8% from 2008.

Days on market on preowned homes rests 3 days higher (70 to 73), while new construction is up 14.5% at 134 days. AND - across the board, the number of total residential properties under contract is up 75% - so there are things happening!

That being said, more deals are falling apart than normal due to various lending, appraisal and other issues.

So my read is about the same - sales are slower than last year, but the home prices remain relatively stable.


Here are the number of homes sold in Rapid City and surrounding areas by price points this month:

I've developed the following graph to show the selling price points the past 2 months for comparison purposes:




I'm putting together a new radio ad to let first time homebuyers looking to cash in on the tax credit not to wait...it's best to get a deal put together by October 15 to make sure we close by the Dec 1 cutoff.

It's gonna be interesting to see how things happen the next few months. Will we see a wave of buyers trying to jump on the boat at last minute, or is it old news that everyone has kinda turned a deaf ear to? Time will tell.

I do look forward to a positive future and won't be offended at all with an extension of the tax credit or a new one in 2009. It has certainly been the driving force in Rapid City home sales.

Moving forward,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

It's all about the first impressions...a sale can be made or lost as a direct result of your home's curb appeal. When it comes to selling your home, the first impression is probably the most important impression. If the outside of the property doesn't create interest or appear well-maintained, a buyer may choose to not even come inside the home. Here are five ways to create curb appeal.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry. Re-condition your deck. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain.

Manicure the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home's roof or outer walls. Add some color to your landscape by planting annuals and placing planters of flowers in strategic spots. You can even spruce up the property by hanging flowering baskets. Add flowering plants in the back yard, too.

Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Make sure winter's cold weather didn't leave any gutters sagging or loose. Replace any missing shingles from the roof. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don't forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.

Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting. Put away gardening tools and toys. Clean up the barbecue area. Eliminate any "evidence" of pets, and restrict them to the back yard when showing the home. Move extra vehicles from the view of passersby.

Clean. Clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.

The old saying about making a good first impression couldn't be truer than when you are selling your home. Even the smallest enhancements can make a big difference in creating love at first sight for buyers. Come up to your home and look at it through buyers eyes. What do you notice that could be brushed up?

I'm not out to make you work all night long - just present your home in the best possible shape for your buyers to bring you a sale as quickly as possible!

Here to help...

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com