Welcome to my inaugural blog for Patch. For those of you that have been following my tips and photos from my Facebook page, I'll be cross posting this on Facebook so you'll see this in addition to my regular photo/graphical posts. Those of you Patchians who want more info about homes/land or maybe even little ol' me, my business Facebook page is http://www.facebook.com/SteveburrellRMHG.
Well enough of the introductions let's get to it!
Real Estate blogs abound with titles like “Top 10 selling tips”, “5 ways for buyers to win big in today’s market”, “Don’t let these mistakes derail your next house purchase” and a dozen more you can probably come up with. While there is always good advice to give and relevant questions to answer, sometimes I feel it’s important to stop and ask why all of this IS so important. What makes this aspect of our life occupy so many words from experts, debate amongst friends and speculation by pundits? The National Association of Realtors spends millions of dollars a year telling you how home-ownership is a lynch pin of economic stability in America. But is it? What makes that property a home and why does the concept of hearth and home resonate so strongly with us?
Market trends and pricing are based on supply and demand. But in world of home sales we have a unique product. New homes can be built but there is only so much land to put it on. Location in real estate is often about convenience or views but sometimes it’s about availability and how much that location may cost. In this market many new homeowners are going to be dependent upon current homeowners making the decision to relocate to supply them with a place to call their own. In an area like the Cedar Valley, new construction prices are generally about double what the typical entry level home costs ($110- 130,000 +/-).
So, where does that leave us? With decisions to make! Issues like 100 year old construction, knob and tube wiring, additions put on by previous owners, homes with the same owner for 50 years or a house that was bought 18 months ago that is back on the market. Beyond the selection of a home we have the mortgage and lenders offering 30 year fixed, FHA/VA loans, 10/1 ARMS and 90% Insured Conventional products just to get started. Add to that seller pre-paids and closing costs, result of inspection requests including radon mitigation and the assorted underwriting questions about that $2000 deposit last month…have you glazed over yet?
My hope is to offer a blend of market information, how to advice and explanations of the real estate transaction process but beyond that, to reflect on the most important part; you and the place you call home. I have a close friend who is a pastor. We discussed that both our jobs bring us into contact with you at turning points in life. Graduations, new jobs, marriages, births are part, but we also are called on when there are separations, passing of a loved one or job changes. All these events are far more important than the simple numbers and dates that are often the central points of the paperwork. The feelings and needs of the client often require as much consideration and attention as any home inspection or financing contingency.
So in the time to come I hope you join me in exploring what makes a house a home, a sale or purchase a success and the best way to handle the challenges involved in all of it! Your input is helpful to directing my posts in a productive direction.
As always, the opinions expressed are mine. My wife and my office both grudgingly acknowledge their attachment to me but are in no way responsible for my statements!
Steve Burrell
NAR makes that case that statistical and anecdotal evidence is there to support the idea that a stable market tends to create a more economically vibrant community but that's assuming a transient workforce or population. Long term rental occupancy can also foster such an environment. In the Cedar Valley we find that ownership is primarily the most affordable avenue for quality of residence and access to resources such as schools and proximity to employment.