Rapid City, SD

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

For several years I have been doing this analysis on a weekly basis to determine market conditions. My full report has more details on it. It is really helpful to determine what price ranges buyers are looking at. I also compare activity for this year with the past several years. If you would like to see a copy of the complete report, or would like for me to help explain how to read this info, just send me a note. I'd be happy to help!

For several years I have been doing this analysis on a weekly basis to determine market conditions. My full report has more details on it. It is really helpful to determine what price ranges buyers are looking at. I also compare activity for this year with the past several years. If you would like to see a copy of the complete report, or would like for me to help explain how to read this info, just send me a note. I'd be happy to help!

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