North Idaho Janna

There is a lot of good information in the 2008 National Association of Realtors Profile of Home Buyers and Sellers.  What REALLY caught my attention were the statistics for just how rapidly the use of the internet is increasing.

In 2006, the number of buyers who began their home search online hit a whopping 80%.  In 2007 it reached 84%.  In 2008, that number topped out at 87%!  Almost all buyers are beginning their search online before they ever contact a Realtor!

What does that mean?  It means buyers are ELIMINATING homes online, and zeroing in on ones they would like to see.  Usually they will contact the listing agent for more information.  If you are a seller, it is critical that your home has a wonderful online presentation, or it will most likely be passed over!  Most of the time, the buyer ends up purchasing a different home, which the listing agent is only all too happy to find for them if the listed property isn't a fit.

Another eye opening fact from the Profile is the number of home purchasers who end up buying a home they first learned of through their Internet search.  In 1997 that percentage was a tiny 2%.  What a difference a decade makes, in 2008 it was 32%.  A third of all homes purchased were found by the buyers online, before they ever called a Realtor!  Conversely, the number of purchasers who found the home they bought through a Realtor has been declining, from 50% in 1997 to 34% in 2008.

If you're a seller, hold your agent accountable for high-level internet marketing.  Take a look at how your home is being presented to the online marketplace.  It needs to pass the muster there if you want the best possible chance for a successful sale. 

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.comto search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com

My friend Maryellen at KMG Mortgage Group posted this great information on different types of loans.  I don't think there has EVER been a better time to be a buyer than right now! If you are a fence sitter, consider jumping down and taking advantage of the many opportunities available to buyers right now. 

With the U.S. economy a mess, and consumer confidence at an all-time low, we are all waiting to see what 2009 will bring in our North Idaho real estate market.  Are you hoping to sell your home this spring?  If you are, you are in good company based on the number of homeowner requests I have been getting to prepare a CMA, or comparative market analysis. 

If you would like to sell your home this year, take time now to size it up in preparation for the placing it on the market.  Your best chance for success will be if your home shows well when compared to its competition.

Moving forward into 2009, local home buyers will find a good inventory of homes for sale, most of which will be competitively priced and polished up for sale by motivated sellers.

Selling prices remain low, down about 3% in 2008.  Buyers will find eager mortgage lenders with money to lend at low interest rates. 

Our current market conditions offer benefits in each of the four main categories of buyers: first-time buyers, relocating buyers, move-up buyers and investors. 

A first-time homebuyer is someone who has not owned a principle residence in the past three years.  These buyers have the advantage of not having a home to sell.  This is a great position to be in when negotiating.  Call me for information about the $7,500 tax credit that will end on July 1, and other great assistance programs designed for first-time homebuyers.

Move-up buyers will find the market supply and demand is working in their favor.  A typical move up is around 25 to 35 percent increase in price.   There is less inventory in the lower price ranges, making it more of a balanced market, and in some price ranges, a seller's market.  The higher the price, the more supply there is, making it more of a buyer's market.  You may be pleasantly surprised at how well you can do in this situation.  Another good option for move-up buyers is to consider holding onto your existing home as an investment.

Relocating buyers without an existing home to sell can make a strong purchase offer that will get the seller's attention.  Typical relocation buyers are at the higher end of the price scale where inventory is high, sellers are motivated and great deals are being made. 

Investors will find an active rental market and rental income compared to home value about as high as it has ever been.  Interest rates on nonowner occupied properties are about as low as they have ever been.  It still is relatively easy to convert your home equity into a down payment on an investment property. 

I offer buyer consultation and representation 100% FREE of any cost or obligation.  Lert's talk! Give me a call to find out how you can take advantage of the best market conditions for buyers that we may ever see!

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.comto search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com

Now here is something that almost reads like an April fools joke! Can it be true?  My sister sent a link to an article about how a developer staged some new homes with teenage bedrooms out of control - complete with wadded up underwear on the floor and empty pizza boxes!  Funny thing is, they credit the increase in sales to this unconventional tactic!  Supposedly it makes the home seem more comfortable, livable, to the prospective buyers.  Huh?

Let's see now.  I am several years into my 5th and final teenager right now.  I am a survivor of thousands of battles over bedrooms that look like a bomb went off.  I can't think of one positive thing about any of those disaster zones that would appeal to ANYONE! 

When I represented a builder we would stage our new homes with a teen room.  But rather than an unkempt mess, we would use trendy posters, the hottest clothing (on hangers in the closet), the latest techie gadgets...  Never in my wildest dreams would I have thought dirty clothes on the floor would be a nice touch!

I credit the quick sale of my own home last summer in a slow market to staging by the book.  Doing everything I knew I should do in that regard.  It became the family joke that my 14 year old couldn't walk on the carpet to leave a footprint, or drop a crumb, or actually use the stove. 

Now I find out that if I would have just let him mess everything up I could have saved myself a lot of trouble? Nah, I don't buy it.  Not for a second.  Perhaps things are different across the Atlantic, which is where this story originated.  But I will continue to advise my sellers to follow my advice and stage by the book.  My experiences have PROVED that a properly stage home sells faster, and for more, than the others.   

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.comto search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com

'Tis the time of year the most folks are enjoying having a fresh start with their business plans and personal goals.  My friend David at Keller Williams in Columbia, South Carolina wrote a great post I would like to pass along.  Whether or not you are in the real estate business, these resources will be valuable to anyone seriously trying to crank it up a notch. Thanks, David, for the links to some great destinations.  I can see you're on track for a great 2009!

My friends in Chattanooga posted their candidate for the worst MLS photo of the week.  These photos are all to frequent, and truly make me feel like my head is going to explode! I can't even tell WHICH room in the house this is!

I thought about challenging them, but after a look at their photo, decided to concede!  I does beat my last Horrible Photo entry, at least you could tell mine was the kitchen!  Here's my all time favorite Horrible Photo.  I actually drove by it to see what it REALLY looked like, and it was a really cute little house!

 Via Andy Hodes (Keller Williams - The Scenic City Team):

By David Israel, Business Manager

New limits on the maximum mortgage amounts FHA will insure on one-, two-, three- and four-unit houses took effect on January 1st. 

In Kootenai County, the maximum insurable loan amount for a single family home dropped from $286,250 in 2008 to $271,050.  The maximum for a duplex fell from $366,450 to $347,000.  Three-unit property limits went down from $442,950 to $419,425.  The maximum for a four-unit property went to $521,250 from $550,450.

The maximum HUD insurable mortgage for properties in the HOPE for Homeowners program is $550,440.

$417,000 is limit for HECM loans (Home Equity Conversion Mortgages).  These are sometimes referred to as reverse mortgages.

Give me a call if you would like to explore which mortgage product might be best for your real estate objectives in 2009.

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com

Whether you are a first time home buyer or a veteran, buying a home is a complex process.  It's always a stressful time, no matter how well you plan for it.  But doing your homework will definitely pay off in the long run.

Beginning this month, CAR becomes one of eight regional training partners with The Idaho Partners for Homebuyer Education to administer its Finally Home!® program.  A training partner since 2002, North Idaho College resigned from the program at the end of 2008.

If you are a first time homebuyer, this is a wonderful opportunity for you to prepare for homeownership now, or at some point in the future.

Class Schedule

The class series is 8 hours in length and is offered monthly in 2009.  The first class will be held on January 20 and 27 from 5:30 to 9:30.  Registration is required and can be made by calling the Coeur d'Alene Association of Realtors at 667-0664.

Designed specifically for first-time home buyers, classes are taught throughout the state. Participants who successfully complete Finally Home!® may be eligible for the following incentives:

•  Down payment and closing cost assistance
•  Programs that accept higher debt ratios
•  Using gifted funds at closing 

More than 14,000 students statewide have been educated through the program since its inception in 1999. Approximately 200 classes are offered statewide each year through eight regional training partners.

The Curriculum

Finally Home!® will cover everything from whether you can afford homeownership to information about mortgages, closing costs, budgets and home maintenance. It will address financial issues such as:

•      Can I qualify for a mortgage with bad credit or no credit?
•      How much cash do I need to have on hand for closing?
•      If I can’t buy a house now, how can I prepare myself for a future purchase?

The class will also explain how to shop for a home that is both affordable and appropriate for your lifestyle:

•      How do I choose a REALTOR®?
•      What should I look for in a house?
•      How do I make an offer?

Other important issues that will be addressed are:

•      Accessing affordable mortgage programs
•      Filling out a loan application
•      Ongoing responsibilities of homeownership
•      Credit and budgeting issues
•      Predatory lending

The Idaho Partners for Homebuyer Education, Inc., is a 501(c)(3) created by IHFA and several organizations statewide.

The Idaho Housing and Finance Association is a uniquely created and organized financial institution and administrator of affordable housing resources. In its simplest form, IHFA's mission is to provide funding for affordable housing opportunities in Idaho communities where they are most needed and when it is economically feasible.  It is a self-supporting corporation that must generate all revenue necessary to cover the cost of its operations. It does this by earning fees for work performed and does not use any state-appropriated funds for its operations.

IHFA raises millions of dollars in the national capital markets and forms partnerships with banking and lending institutions throughout the state. It functions as an agent for the U.S. Department of Housing and Urban Development and performs a wide variety of tasks associated with financing, developing or managing affordable housing.

Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

Janna Rankin Scharf, 208.651.9700  NorthIdahoJanna@gmail.com