Ennis & The Madison Valley Real Estate Trends
With so much information in the news about lenders’ crises and foreclosures, it can be difficult to determine what that means for the MadisonValley real estate market. In an effort to help people navigate through the hype, here are a few statistics about 2007 provided by the local MLS boards and Fischer Realty.
In 2007, home sales were higher than they’ve been in over two years, with 78 homes selling between January and December. That’s about 25 more home sales than in 2006! In addition, the total amount of the inventory sold was over $27 million, nearly double what it had been in years past. This was contributed in part to a number of high-end home sales which greatly increased the overall sales amount. The median sales price of $250,000 was still slightly above the median price of $248,000 in 2006 showing that values continue to increase, although at a slower rate than in previous years.
Two significant changes were a decreased number of bare land sales, and a slightly longer sales period due in part to a higher number of homes on the market, creating increased competition for each home.
As we look forward to 2008 we expect to see many of the same trends. Interest rates for home loans are once again at historic lows as the government attempts to help control housing issues in other parts of the country. That makes this a good time for people to consider buying homes, or refinancing their existing loans. We hope this will help to contribute to another strong year in the Madison Valley.
The following are articles that will appear in the Madison News Paper on a weekly basis. The dates have been added for each week, so if you see one in the paper and need to review the information be sure to check here!
March 10, 2008
The Real Estate Corner: Buying Vs Renting
Submitted by Fischer Realty
Examine the "For Rent" section in the Madisonian and it is clear that the cost to rent a home has increased substantially in the last ten years. The rental market in the Madison Valley is made more complex and costly due to the influx of summer-only residents willing to pay more for a six-month May through October lease or property owners moving their homes from long term rentals to weekly vacation rentals. Rental rates over $700 a month are common for the majority of homes in the area.
Even with the recent increase in home prices throughout the valley, the cost to purchase a home is still competitive with current rental costs. Right now there are 12 homes on the market in the Madison Valley below $200,000, the least expensive of which is priced at $114,000. Homes in the Ruby Valley are even more affordable. While these may seem like big numbers to those that remember the home prices of 15 years ago, the low interest rates we have right now make monthly mortgage payments manageable.
The monthly payment of a $200,000 mortgage with 6% interest is around $1200, the monthly payment on $165,000 is less than $1000, and the monthly payment on $114,000 is less than $700. So by paying an amount similar to your rent you can own your own home!
In addition, there are many programs available to help first time home buyers. Public and private grants (free money), guaranteed loans, and income tax breaks are all tools you can use to make purchasing your own home an affordable reality. For more information on these programs call or visit the Fischer Realty office: 222 E. Main Street in Ennis.
March 17, 2008
Preparing Your Home For Sale
Common sense tells you it is important to clean your home prior to listing it for sale, but sometimes a deep clean is not enough. Sometimes you need to dress your home up a bit.
When preparing your home for sale there are many things you can do that are quick, easy and inexpensive that can make a difference in the time it takes to sell your property.
The Outside. The feeling a buyer gets the first time they drive up to your home is critical. Sweep and remove clutter from the sidewalk and porch for a clean path into your home. Remove all yard clutter such as toys, garden tools and fallen branches. Wash all windows and window screen and remove any cobwebs. For an added touch put out a new or clean doormat.
Repairs. Now is the time to make all those repairs you have been ignoring. Replace all burned out light bulbs throughout the home including the closets and pantries. Repair broken windows and window screens. Tighten any loose hardware on all doors including cabinet doors and do not forget to oil any squeaky hinges. Remember if it is broken or does not work properly it will be revealed in a home inspection.
The Inside. The best way to improve how well the interior of your home shows is to open up as much space as possible, so every extra thing needs to be cleared away. Extra items need to be removed from kitchen and bathroom countertops, shelves, tables and closets. Clutter distracts the buyer from mentally moving their belongings into your home. Remember when selling your home, less is more.
All your hard work and little expense will be noticed and appreciated by potential buyers. For more information on preparing your home for sale contact Fischer Realty at 682-5352.
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