Last year the Cedar Rapids real estate market was selling a lot of first time home buyers their first home taking advanage of the tsx credit. I couldn't believe my eyes when I noticed that January 2011 is virually exactly the same as 2010. Last year in January, the Cedar Rapids metro area sold 106 homes, this year with one more day left we are at 99 homes. The Cedar Rapids market is still strong with home prices staying steady and rates are sill low. However, the rates are beginning to move upward and buyers should take a strong look at how much inventory their is and think strongly about buying in February. -Gary Call the Wolter team for a great buying and selling experience! Our business is up 20% over last year! www.garyWolter.com wolterteam@aol.com     01/31/2011

I would like to take a minute to talk about listing luxury properties.  In my market in the Cedar Rapids/Iowa City area, this includes homes that are priced above $500,000.  These sellers expect and deserve the best market exposure possible.  After all, in my market, this is the portion of the market that has the smallest pool of buyers and the longest absorption rate. Currently, there are 49 listings that are priced at $500,000 or higher out of 2052 listings in the MLS.  Last year, 35 sold with an average days on the market of 159 days.  The current days on the market for the 40 active listings is 150 days....Let that sink in for a minute.  There are currently 49 listings on the market that have already been on the market for 150 days.  This means that if no other properties come on th... 01/30/2011

Currently, their are 274 homes on the market in the NE side of Cedar Rapids, which is the most of any quadrant. Marion has 280 homes for sale! Their are 132 homes on the market on the NE side priced 99-200K The average 3 bedroom home with 2 full baths is priced at $137,000 and the is listed at $110 per sq feet )above the ground. Over the last 6 months 125 homes have been sold on the NE side. 60% had at least one price reduction before getting an offer. They sold on average 97% of the asking price in 54 days. For more information about Cedar Rapids real estate call the Wolter team at Skogman Realty, Gary & Melynda Wolter at 319-350-7901 www.GaryWolter.com  01/30/2011

It is a hard lesson at times, finding out that you cannot get what you want for the price that you can afford to pay.  I was out looking at homes with a relocation client today.  They are relocating here from Houston, Texas.  It is a much different market here in Cedar Rapids, Iowa.  Managing expectations are very important. Some Differences that I have Discovered between Texas and Iowa:  1.  We have basements.  This can be a huge selling point.  Here in Cedar Rapids there are many ranch options with full finished basements with large daylight windows or walkouts that make you feel like you are in a 2 story home.  No dingy basements here in their price range! 2. Ranches are better for resale than 2 story homes.  In our market, gone are the days where the family 2 story is the most popul... 01/30/2011

Currently their are 82 homes priced $299-$400K on the market in the Cedar Rapids metro area. (Jan. 27th, 2011) 56 of these homes are ranches 9 houses are in escrow and are "sale pending." The average number of days on the market was 95 before they received an acceptable offer. 117 homes have sold in this price range during the last 12 months The average home was 2248 sq feet above the ground and had 4 bedrooms and 2 full baths. They sold at an average of 97% of the asking price in 138 days. 51 had at lease one pricd reduction before they received an acceptable offer. See how we lead the Cedar Rapids area in internet marketing and average a full 1% more on these high end homes. This could add another $3000-$4000 to your net. See how we market homes with 30 high resolution photos, put you... 01/27/2011

Today we got up at daybreak to go to the beach. I promised the kids some shells and although it was cloudy, the water was warm.  The sun was starting to peek out as we left the beach.  Lot of shells out there, too many to pick up.  All the shells out there are all a little different, there were lots of pieces of larger shells, rocks and pieces of coral all over.  Not many people, a few walking their dogs or fishing. When we were done swimming there were several people that gave us that smile...you know, the one where they look at you as though you must be a tourist.  Which of course we are!         In fact, Joe really started to complain that all the broken ones were hurting his feet.  I am so lucky that I cannot feel the bottoms of my feet!  Here a picture of what we were walking and j... 01/22/2011

Buyers seem to ask this question a lot. The status of the listing is reflected on their MLS personal webpage and it is assumed that if it is on the broker's site as an active listing or on Realtor.com, that it is still available to see. What Does Sale Pending Mean? Sale pending means that there is an offered that has been accepted by the sellers on the property.  The sale is pending the inspections, appraisal, financing, title opinion, and closing.  During the first 10 days of the acceptance of the offer, the buyer is required to perform their inspections.  Based on the findings and the sellers' willingness, or unwillingness, to make the required or necessary repairs, this is the contingency that is used most often by buyers to release them from the contract.  Therefore, some listing ag... 01/21/2011

Once we have met for the initial home buyer consultation, we have gone to the lender for the pre-approval and we have discussed all the specific wants and needs for the buyer, we are finally ready to see homes. We will initially sit at the computer together to determine the best homes that are in our price range, list of must haves, school district and other important needs.  Once we have determined the 10 best options, we will list them in the order of most favorite to least.  How do we arrange to see the homes that we like? First, we will map out the most direct route for the showings.  This will make the best use of your time and mine.  It will also make it easier to determine the time that we will need to travel to each showing. Depending on the company and agent that the home is li... 01/20/2011

This was an email that I received this morning from one of my buyer clients: Hi Karen!  We are so excited that the sellers have accepted our offer and we want to get started on what we need to do.  Can you tell us what to expect next?  Is there anything that we should be doing?  Thanks! In the spirit of only answering this question once..... The escrow process, which is the time period between the accepted offer and the closing, goes like this: 1.  We need to receive the fully executed purchase agreement with all counter offers, addendums and disclosures signed by all parties.  I will then send you a copy along with a check list with the dates that you will need to provide all of the below items to make your closing go smoothly.  If you have any further documentation that you have not g... 01/19/2011

Don't get inflicted with "First Time Home Buyer-itis." This is our 10th year of helping home buyers purchase their first home in the Cedar Rapids real estate market, almost everytime the buyer will get 'the disease." It is a form of buyers remorse based on fear. (False Evidence  Appearing Real) Sometimes the reluctance to go ahead with the purchase comes during or after the deal is being negotiated. Sometimes it comes after the home inspection, when the buyer finds out that the house isn't "perfect." Because first time home buyers look at lower end homes the houses need a little work. This should be looked at as a way of gaining a little sweat equity and an opportunity. Your Realtor and a home inspector can help you decide what a red flag is. By purchasing a year long home warranty, thi... 01/19/2011

This question usually comes up after we have met with the lender.  This will be a charge that is between $175.00-$225.00 and it will be listed as one of the closing costs on your good faith estimate from the lender. What is a Title Opinion? Title Opinion is the opinion of the title to the property that is researched by an attorney.  In the state of Iowa, we use an abstract which is the history of the property from the land that goes back to prior to the addition of any improvements. In the state of Iowa, the title attorneys use the abstract along with title guaranty to insure that there are no liens or judgments against the property that will keep the property from having a clear title.  The seller is required to pay for the abstract continuation from the time that they have owned the p... 01/19/2011

Here is Cedar Rapids, there are HUGE beautiful flakes flying outside as I type this blog.  It is a winter wonderland of flurries and it is so beautiful.  We all forget how to drive it seems when the first snowfall happens...and although this is not the first snowfall of the winter, we have not had a lot of the white stuff since Christmas Eve when we got that 10-12 inches.  I think that we all need a reminder on how to keep it safe out there.  Especially for those drivers that may be spending their first winter driving here in Iowa or for the new drivers that have NEVER driven in snow until now. First of all, SLOW DOWN!  You should know this from physics class, but the bigger you are, the harder it is to stop~yes, I am talking about all the 4 wheel drive vehicles that I am seeing that ar... 01/17/2011

Is there just no rest for the weary anymore in our society?  I would love to be able to go back to a simpler time where there was nothing to do on a Sunday but go to church and then spend time with the extended family.  I was reminded of this in the church sermon this morning that God intended us to take a day of rest each week.  Whether it be Sunday or some other day of the week, we all need rest one way or another.  I don't know about you, but I know that I can really get burned out working seven days a week.  You can do it....for awhile....but eventually it takes a toll.  On your family, your mind, your health and your spirit. My elders are always telling me that the world is just moving too fast these days.  There is a reason that the car dealerships are still always closed on Sunda... 01/16/2011

Before you sit down to write a purchase agreement, we will sit down and fill in what is called a buyer's net sheet. What is a Buyer's Net Sheet? Buyer Net Sheet is a list of all of the costs associated with buying a home.  Not only does this include the lender fees that were estimated on the good faith estimate, but also the local closing fees, recording fees, inspections, and other costs associated with closing.  The net sheet will also reflect any credits to your side of the settlement including your earnest money, closing cost or discount point assistance from the sellers, and a tax proration to the date of the closing. We start with the lender's good faith estimate of closing costs.  Included are the following: Appraisal Loan origination fee  (if applicable) Loan commitment fee  (if... 01/15/2011

After 50 plus years Bowman Woods still remains one of the most popular neighborhoods in Cedar Rapids. Close to trails, Linn-Mar schools, and having a neighborhood private pool and tennis courts, Bowman Woods has a lot of advantages. This NE Cedar Rapids neighborhood is close to Rockwell Collins and 10 minutes from I-380. Homes prices range from 120K to 400K, and in a variety of styles. Skogman Realty started this neighborhood in the 1960's and it continues to grow. We have lived in 3 different homes in this neighborhood and know it very well.  Please call us anytime if you have questions about any homes in Cedar Rapids or Marion. To see all the listings go to www.GaryWolter.com Gary & Melynda Wolter Skogman Realty  Licensed in Iowa since 2001 319-350-7901 01/13/2011

We discussed this yesterday in regards to the difference in the possession date and the closing date.  Some buyers may assume that these two dates are one and the same, but in some cases, they are not.  If the seller would like to stay in the home an extra couple of days after the closing to give them time to get all of their things out and the house cleaned, it is called a seller rentback.  If a buyer would like to start moving their things into the home prior to closing, it is called interim occupancy. What is Interim Occupancy? Interim occupancy is an agreement that is an addendum to the purchase contract between the buyer and seller that addresses the possession date in reference to the closing date.  This addendum is required when a buyer requests to have access to the property pri... 01/13/2011

When I first meet a buyer in our initial home buyer consultation, we discuss their current living situation and the time frame that they need to move.  Here is a possible scenario: Your current home is sold and you must close on your existing home in order to close on a new one.  You have to have all of your belongings out of the current home and nowhere to go but to keep them in a truck or in storage if you are moving from out of state.  So what happens if the closing does NOT happen as originally planned on a Friday and now you have to wait until Monday to close.  Oh boy.....you are now homeless!  But you didn't have to be! What is the Difference Between Possession Date and Closing Date? Possession Date is the date that you will have permission to occupy the property at a per day annu... 01/13/2011

This is a question that typically comes up as we are searching for homes.  Sometimes it is discussed in the initial home buyer consultation particularly if there is a need for the ability to store a boat, camper, or trailer on the property, if they need to have fencing, or if they have a number of pets.  What are Restrictive Covenants?  Restrictive Covenants are the rules associated with the development and use of the property.  These are recorded at the time that the subdivision plat is approved.  Some things that are addressed in restrictive covenants: The minimum size of the improvements, meaning that a builder cannot build a McMansion or a shack in the middle of a development of 1400 sq. ft. houses. The setbacks for the houses to be placed on the lots including placement in proximit... 01/12/2011

Don't get inflicted with "First Time Home Buyer-itis." This is our 10th year of helping home buyers purchase their first home in the Cedar Rapids real estate market, almost everytime the buyer will get 'the disease." It is a form of buyers remorse based on fear. (False Evidence  Appearing Real) Sometimes the reluctance to go ahead with the purchase comes during or after the deal is being negotiated. Sometimes it comes after the home inspection, when the buyer finds out that the house isn't "perfect." Because first time home buyers look at lower end homes the houses need a little work. This should be looked at as a way of gaining a little sweat equity and an opportunity. Your Realtor and a home inspector can help you decide what a red flag is. By purchasing a year long home warranty, thi... 01/11/2011

At certain times of the year, and in certain price ranges, and in certain neighborhoods in my city of Cedar Rapids, open houses can be a great way to both showcase a home that is listed for sale AND a way to attract buyers to you as an agent. All over the country, there are THOUSANDS of agents having houses open to the public on Saturday and Sunday afternoons.  It is not without peril, there are safety concerns to think about, timing is very important, marketing and signs, and a lot of preparation.  But obviously, in some areas, for some agents they work!  And you cannot deny it, since some agents LIVE for open houses! Agents that LOVE open houses, continue to do them because they work!  Reasons they are loved: Extra advertising for your seller, be it in the newspaper, the company websi... 01/11/2011