Fargo Real Estate Tips: 8 tips for pricing your home in a buyer's market

Getting ready to sell? The more you know about conditions in your local Fargo Moorhead market, the better your chances of getting the best possible price for your home.

1. Recognize that housing markets are local.

Home prices are like the weather -- very different in different areas.

2. Analyze who is buying and selling in your fargo market.

What's your competition? Who are the buyers, and why are they shopping?

3. Ask the professionals in fargo moorhead.

Don't ignore the elephant in the living room. When you interview real-estate agents, ask about the market conditions for your area and price range.

4. Know what your house is worth.

Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

5. Consider strategic pricing.

Here's how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.

6. Rebate your "commission."

If you're selling it yourself and need to move quickly, consider subtracting half of what would have been the commission from the sale price. The standard commission is about 7%, so if you subtract 3%, your $300,000 house would go on the market for $291,000, he says.

7. Evaluate whether you really have to sell now.

8. Assess the market where you plan to buy.

If you're selling one house and buying another, look at the market where you plan to move. "It might be that, with the housing there, it's a great time to buy."

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Fargo Real Estate: Price appreciation as of Sept. 30 in housing.

Fargo Nationwide is 134 in home price appreciation. Fargo real estate is up 31.93% over the past five years. Up 2.9% this year alone.


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Fargo Real Estate: 5 REASONS TO BUY

5 REASONS TO BUY

1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. If you have to move and don't like apartments, the small penalty you pay for missing the bottom may not mean much.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, economists say you’ll probably ride out any downturn and come out ahead on price.

3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes.

4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home.

5. You've built equity in your house and are moving to a place where homes are cheaper. In your new market, your money will go a lot further.

5 REASONS TO HOLD OFF

1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. Indeed, you may have negative equity, if you live in many areas such as California, Florida, Arizona or Nevada.

2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until the smoke clears.

3. You don't plan to stay in your next house at least five years. While it's not important to buy at the exact bottom of the market, it is important to stay long enough to ride it out completely.

4. You don't have good credit or a decent down payment. Do you have a job and income you can document? As a result of the subprime lending crisis, lenders are much more careful about whom they're giving their money to.

5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm.

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Fargo Real Estate: When I find the home I want, how much should I offer?

Answer: Again, your fargo Moorhead Real Estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professional home inspection before you make your offer. Your real estate broker can help you arrange one. 3) How long has the home been on the market? If it's been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house. Take full advantage of all your realtors resources.

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Fargo Real Estate: Welcome to the Valley.... Renaissance Women

Record Number of women buying homes If you're a single woman in Fargo who wants to buy a house, the good news is the market is wide open for you. The stats from the Joint Center for Housing Studies say:
More than one in five home buyers is a single woman.
Twice as many unmarried women are buying homes than single men.
Single women make up more than one-third of the growth in real estate ownership since 1994.

Top Three Reasons Unmarried / Single Women Buy a Home
Strong desire to own her own home.
Need more space or want smaller home.
Relocate closer to job, school or family.

Real Women Who Buy Real Homes

Women home buyers come in all sizes, shapes and ages. They are divorced, never married, separated, widowed; some have children, others live with friends or partners and many live alone.

Trends for Single Women Home Buyers

*3 out of 4 women spend less than $200,000.

*Prefer 2 bedrooms or more.

*Less likely to choose new construction.

*Buy in city over suburban areas.

*Will compromise size & cost to get other amenities.

*Will not compromise on location or quality of neighborhood.

*Prefer condominiums over single family homes.

*Smaller spaces are acceptable.

*Desire security and / or gated access.

*Like to engage in social interaction with neighbors.

*Want close proximity to stores, shopping and fitness centers.

Fargo Real Estate: Helping Kids with the Move

Although relocating can be one of life's challenges, it is also an adventure. By guiding your child through this experience with knowledge and patience, the transition can be a piece of cake!

The home you are moving from may be the only one your child has ever known. There's a sense of familiarity there, not only with the house, but everything around it. The neighborhood friends, parks, and schools will no longer exist for them. That's why moving can be especially
troubling for children. But if parents understand what their child's concerns and needs are, a lot of distress can be avoided.

What are your kids concerned about?
· Preschool children tend to worry about being left behind or separated from their parents.
· Kids aged 6 to 12 can be concerned with how their daily routines will be affected.
· Teenagers are concerned primarily with fitting in and having their social life disrupted.

Ideas for easing their concerns include: Communicate with your child about what the new house will be like. Take them on a visit of the new home and neighborhood, but if you can't, take lots of pictures or videotape it to make them feel more comfortable with their future
surroundings.

Get information on the schools and childcare available in fargo moorhead. If you can, visit the school with your child and meet some of the teachers.
Try to get your child involved in the moving process. Have them pack some of their own special belongings and younger children can decorate the box with stickers and/or markers. Be sure to keep this "box of necessities" close at hand during the move.

Make plans together on how to decorate their room. You may want to leave their surroundings the same, but this could also be a great time for change. Maybe let them pick a color of paint for their new room or a new bed set.

Ask your child what some of the favorite things in their life now are and try to make those happen at the new house.

Most kids will have lots questions, so answer them in a positive way and be understanding of the fears they're facing. Focus on things for them to look forward to, like a first snow or their own room!

Starting over in a new place is never easy even in a great city like Fargo. If possible, find pen pals in the new location before you move so your child will have someone to interact with and learn about the area.

Contacting the Fargo Moorhead Chamber of Commerce for pamphlets on the area is another great way for your family to sit down together and visualize what the new town will be like Leaving friends behind may be one of the harder things your child has to do. Throw a going away party with their friends and take lots of pictures to make a nice scrapbook for them to look back on. Give them a stationary set or prestamped cards so they can stay in touch with friends too.

Just think, when you relieve the stress your children are feeling, you reduce your own stress and are able to focus more on other aspects of your move!

Sponsored By:
fargohomes.com
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Fargo Moorhead Culture

Marquee of the Fargo Theater in downtown Fargo
Fargo offers a relatively wide variety of cultural opportunities for a city of its size. This is likely due, in part, to the presence of three universities in the metropolitan area. Most theatre and events are either promoted or produced by the universities, although there are a few private theatre companies in the city including Fargo-Moorhead Community Theatre (FMCT), Theatre 'B' in downtown Fargo, Ursa Major Theatre Company, and The Entertainment Company. Music organizations in the metropolitan area include the Fargo-Moorhead Opera, the Jazz Arts Group, the Fargo-Moorhead Symphony Orchestra, and the Fargo-Moorhead Youth Symphony.
The Fargo Theatre is a restored 1926 Art Deco movie house that features first-run movies, film festivals, and other community events. The Fargodome routinely host concerts, Broadway musicals, dance performances, sporting events, as well as fairs and other gatherings
The Plains Art Museum is the largest museum of art in the state. It is located in downtown Fargo and features regional and national exhibits. It also houses a large permanent collection of art. There are several other museums in Fargo including The Children's Museum at Yunker Farm, The Fargo Air Museum, The Courthouse Museum, The Roger Maris Museum in West Acres Shopping Center, and the North Dakota State University Wall of Fame in the Scheels All Sports store.
The Fargo Public Library was established in 1900 and for many years was housed in a Carnegie-funded building. In 1968, the library moved into a new facility as part of urban renewal efforts in the downtown area. In 2002, the Fargo Public Library established the first branch library in North Dakota with the opening of the Southpointe Branch. In 2004, voters passed a 18-month sales tax measure for new library facilities with 62% of voters in favor. As a result of this vote, the new Northport Branch opened in 2006, the expanded Dr. James Carlson Library will replace the current Southpointe Branch in late 2007, and a new main library downtown is scheduled to open in 2008.
Sponsored By
The Fargo Phantom

Important Information When Starting the Home Buying Process in Fargo Moorhead Real Estate

One of the most common misconceptions that is shared by a large number of home buyers is that when working with a Real Estate Agent, he or she will "automatically" represent you as a buyer. As we will discuss, unless this is specifically disclosed in writing, in all probability the Agent will be representing the seller.

The traditional relationship (probably going back to when the first thatched hut was sold by someone other than its owner) has been that a Real Estate Agent's primary loyalty was to the seller of the property. This relationship was in effect whether the Agent was the listing agent or working with a buyer. This situation caused many home buyers to be confused: they assumed that the Agent that had been driving them around showing them houses for the last 3 weeks was representing them. In reality, the Agent was representing the owners of the houses they saw, and was bound to reveal to those owners any information he or she knew about the buyers.

Buyer Agency, which is almost universally available now, changed all that. The buyer now often has a choice in representation: the Agent with whom they were working could continue to represent the seller in the transaction, or the Agent could represent them as buyers. The buyer is now able to compete on a more level playing field.

Although there are state to state variations (please verify the situation in your particular locality), the following is a basic summary of the types of agency, and who the Agent represents.

SELLER AGENCY: The "default" situation. Unless disclosed to the contrary, all Agents involved in a Real Estate transaction (and their Brokers--with whom a listing agreement is actually with) represent, and owe their allegiance, to the seller. If you contact an Agent who has a property listed, that Agent will always represent the seller.

BUYER AGENCY: When an Agent represents the buyer, that Agent "rejects" the implicit seller agency and thus owes loyalty to the buyer. For more information on this subject, see the section devoted to Buyer Agency.

DUAL AGENCY: This occurs when 2 Agents--or the same Agent--working for the same Broker each represent a buyer and a seller in a transaction. This situation must be disclosed to both the buyer and the seller. Privileged information (e.g. the price that a buyer will pay or a seller will sell at) cannot be disclosed to the other party without the express permission of that party.

The future Looks Bright in Fargo Moorhead Real Estate

Buying A New Home in The fargo Moorhead Area

Dear Future Homeowner:

Homeownership is becoming a reality for more and more Americans even in the Red River Valley. During 2000, the US homeownership rate reached 67.7%, the highest rate ever. Yet many Americans don't realize that homeownership is within their grasp.

A home in fargo is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community. That's why we at the U.S. Department of Housing and Urban Development want all Americans to have an opportunity to enjoy the benefits of owning a home. And we are especially proud of our work to help first-time homebuyers: thanks to our special programs, more than 81% of FHA-insured loans went to first-time homebuyers during 2000.

Knowledge is said to open doors. This is literally true when it comes to buying a home. To become a first-time homebuyer, you need to know where and how to begin the homebuying process. The following questions and answers have been carefully selected to give you a foundation of basic knowledge. In addition to helping you begin, this brochure will give you the tools necessary to navigate the entire process - from deciding whether you're ready to buy, all the way to that final proud step, getting the keys to your new home.

If you are ready, contact a real estate agent, lender, or a housing counseling agency. They can help you decide your next step.


Good Luck!


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