I have finished reading a fascinating article in the Realtor@ magazine, published by The National Association of Realtors@. This is a trade magazine for real estate professionals and has many excellent up to date articles on trends in the market.
Regardless of what the news says about the market today home sellers can achieve their goals of a successful sale of their house. The most important thing a seller must do is be realistic on the listing price of the property. Over pricing your property and waiting to negotiate with a buyer will not work in today's market. Sellers and their agent need to look at comparable sales in your neighborhood in the last 3 to 6 months and price your property at what those houses sold for. Always remember to compare apples with apples i.e. similar bedrooms and square footage.
Make sure the sellers know that the market will ultimately determine what your house sells for. If you are the seller don't blame the Realtor for the market. If you need to sell your house employ a real estate professional who understands your market and listen to them and price your house accordingly..
Which brings me to my final point price reductions. Don't put a "price reduced" sign out front of your house. Price reduced sings show sighs of desperation and that this house has not sold and something may be wrong with the property. Also if your house is being shown regularly and there have been no offers then it is time to correct the price (reduce it). Make sure your agent solicits feedback from all Realtors who showed your house. Have your Realtor specifically ask about the pricing of your house. This feedback is invaluable.
It's best to price your house correctly than to have steep price reductions. However, if you priced it too high in the first place it's best to correct the price ASAP.
Well that's my two cents on pricing, backed up by the Realtor@ Magazine April 2008 issue. To read more on this subject go on line www.realtor.org/realtormag.
Appreciate you reading this blog
Chaz Rothenberg
I like to keep up to date on real estate trends, especially in this ever changing and evolving market place. Being a Certified Residential Specialist (CRS) allows me the advantage to unitize their vast data resources. In the March/April issue of the Residential Specialist one topic of interest is the value of specific home improvements.
"According to Remodeling magazine's 20th annual Cost vs. Value report, the top five midrange home improvements that bring the greatest returns are: a wood deck addition (85.4 percent); siding replacement (83.2 percent); minor kitchen remodel (83 percent) wood window replacement (81.2 percent); and vinyl window replacement (79.3 percent). For more information, go to www.costvalue.com.
The home improvements with the lowest returns are: home office remodels (57 percent); installation of backup power generator (59 percent); and midrange sun-room addition (59.1 percent).
Remodeling is still a good idea. It appears the most bang for the buck in improving your real estate in Taos is to remodel the outside of the house and leave the interior design for the buyer. Remember buyers are particular about what they want in a kitchen or bathroom or specific floor plans. So if you are thinking about changing the interior of your home think twice. Better make the outside, curb appeal, look great and maintained and let the buyer come up with their own creativity on how to change the interior.
Remember the first impression is what counts. Make the outside of your home look great and buyers will want to see the inside even more. A clean and neat and well maintained inside will go a long way in impressing potential buyers.
Well so much for cost and value of home improvements. If you have questions on this subject please email me at chaz@taoshomeand.com.
Appreciate your views,
Chaz Rothenberg
Hell has frozen over!!! Taos Ski Valley finally gave in and today is the first day for snowboarding. The old regime said that Hell would have to freeze over for snowboarding to be allowed at Taos Ski Valley. Well it has and skiing at Taos Ski Valley is now "free" for all types of non motorized snow actives.
Enough said about Boarding and Skiing, the next best thing at TSV is "The Birdhouse". This is a single family A-frame fully furnished home above the ski valley. There is a deck, hot tub, plenty of parking and it is located at the end of Dolcetto Lane. Within minutes of the base of the ski valley this property is by far the best deal available in TSV. There is a 3 year documented rental history with Premier Properties (the best vacation rental business in Taos). There are NO home owner dues, which is a huge financial savings.
Now that snowboarding and skiing are at the World Class Taos Ski Valley property values will only go up.The Bird House will appreciate along with all the expensive condos and vacant land. So bring the family for winter riding/skiing, spring hiking, summer cooling off, and fall foliage-this is the place.
Feel free to email me or call me at 575.770.0516 to find out more about this excellent investment/getaway property.
I appreciate your reading this blog,
Chaz Rothenberg
This beautiful home on Tune Dr about 15 miles west of Taos is reduced from $259,000 to $240,000. In my opinion this is a great value for a house on 2.5 acres with 360' views, an outside hot tub, extra insulation for low heating costs, two porches, circular driveway, private upstairs sleeping loft and many more personal touches that make this property stand out as an excellent investment in your future.
One thing to know about Taos is there is beauty all around. This house is close to hiking and biking trails and has an equestrian easement along the boundary. So if you are an outdoors person, horse person or someone who likes to garden then this property is perfect for you and your interests.
Email me with your questions or if you want to see images of this unique and wonderful real estate property.
Greatly appreciate all who view these blogs.
Chaz Rothenberg
The house at 106 Valverde St in The Town of Taos listed at $259,000 is reduced to $250,000. With the reduced price comes some improvements to the home. There is a new LG Washer/Dryer combo unit, new tile in the front entry and new tile in the bathroom. There is a backup area for easy backing up and a space to park an extra vehicle.
This area of Valverde street is an up and coming area of Taos. There is an upscale condominium complex a block away where units are selling in the $450,000 to $550,000 range. This area will only appreciate in value in the coming years as land and homes become more and more scarce. It is clear this seller is interested and motivated in selling this property.
I recently finished reading an article in the Wall Street Journal from March 9, 2008 and it is very insightful. The Journal says "...it's a buyer's market out there." Being a buyer's broker as well as having numerous listings for seller's I realize that the time has come for both parties to these real estate transactions to start seeing eye to eye. Many times when "working" a real estate negotiation it is clear that the buyers and sellers will not come to agreement and the deal will stall and both parties will "walk". Well in this new "buyer's" market it is time for the sellers to realize that NOW is the time to sell or take you property off the market and wait for the market to catch up to the home's appreciation. However, with rising mortgage payments the appreciation of the property may not go up with the interest payments. Therefore keeping your property on the market and incurring 6 months to a couple of years interest payments may actually cost the seller in the "net" result versus selling at a lower price now and not having the large financing costs for the next unforeseeable future.
To make this topic crystal clear buyer's will walk away if they don't get what they want. Are you, the seller, willing to wait for another buyer to come along and offer you your price many months and many mortgage payments down the road. The old adage a bird in the hand is worth more than two in the bush is the rule of the game today-2008.
If you are a seller it is time to consider being realistic in your listing strategies and negotiating tactics. It is a buyer's market and the buyer's know this.
Feel free to comment or email me your questions on this topic.
the chazman
The book "BUSTING LOOSE From The Money Game" by Robert Scheinfeld is a very interesting read. Some people may find the concept of everything in our lives is an illusion and we creat all of our illusions a bit far fetched and even unbelievable. Well I am here to say that the concepts in this book are beyond amazing. I am on my second read and the information I am getting the second time around is completely mind expanding. I reccomend anyone who wants to dramatically change their life both on the money front and health areas and any other areas that may need to change, read this book.
Feel free after reading "Busting Loose" to email me with questions or comments or success stories.
Most of you out there don't know that we also do consulting as part of our Real Estate business. This is a comment from a client that we recently helped legally split a large lot of land into smaller more attractive lots. We work closely with the Taos County Planning Department and the surveyor to ensure that these types of splits are legal, accessible and sell-able. If you are interested or have questions on what type of consulting we do please give us a call or e-mail us.
Hi guys:
Thanks for the work in getting our land split and recorded. I appreciate your patience and perseverance in working with us.
Sanjay
New Mexico holding its own against foreclosures
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| When the real estate market lowers the potential sale price of a home, it becomes easier for a homeowner to walk away from a mortgage. |
By Patricia Chambers
Tuesday, November 6, 2007 6:58 PM US/Western
Foreclosures are taking a toll on the national real estate market, but New Mexico has not been as hard hit as neighboring states.
New Mexico ranks 42nd in the number of foreclosures, according to RealtyTrac, which compiles a nationwide database on foreclosures.
“There have been a lot more (foreclosures) in other areas of the country, especially where homes are severely devalued or depreciated,” said Taos mortgage broker Ted Dimond.
When the real estate market lowers the potential sale price of a home, it becomes easier for a homeowner to walk away from a mortgage, Dimond said.Taos County properties, and real estate in New Mexico in general, continues to attract buyers, so property owners are less likely to choose foreclosure, he said.
The large number of adjustable-rate mortgages taken on by homeowners during the past three to five years, however, are coming due, Dimond said.
“I think this trend is going to stay with us for the next several years,” he added.
The deflation of over-priced markets could be an advantage for people who have been priced out of the market, Dimond said. “It’s not a bad trend for the locals who haven’t been able to pay the prices of out-of-town buyers,” he said.
The last quarterly report shows that foreclosures throughout the country, however, are growing at an alarming rate.
One in every 196 households in the country filed some level of foreclosure in the third quarter of 2007, according to RealtyTrac www.realtytrac.com.
The online publisher carries the largest national database of foreclosure and bank-owned properties in the United States. RealtyTrac provides foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
The third -quarter report shows one foreclosure for every 1,348 households in New Mexico. Compared to the third quarter of 2006, the state’s foreclosure rate actually dropped 12.3 percent.
Other states, however, are experiencing an extremely high foreclosure rate. The more than 600,000 foreclosure filings reported in the third quarter reflect a 30 percent increase from the previous quarter and a nearly 100 percent rise from over the third quarter of 2006, according to RealtyTrac.
“August and September were the two highest monthly foreclosure filing totals we’ve seen since we began issuing our report in January 2005,” James J. Saccacio, chief executive officer of RealtyTrac, said in a prepared release.
“Although not all areas are being hit as hard as others, the rise in foreclosures is quite widespread, with 45 out of the 50 states documenting year-over-year increases in the third quarter,” the release continues. “Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”
The report includes foreclosure filings, such as default notices, auction sale notices and bank repossessions. It tallies the three phases of foreclosure: default, auction and real estate-owned properties.
We just closed a deal with a return client of mine named Lynnette. Here is what she had to say about her experience with Taos Home and Land. As you can see we will be listing her house at the end of this year and start looking for her new home early next year. We strive to make clients for life and I think it is working!
Dear Chaz,
Thanks you for the lot sale. I will be out of debt today!
I have a note on my calendar to email you on December 21 about an appointment on Friday, December 28, 2007 to list the house. Thanks so much for all your good work.
Best, Lynnette
So its been way to long since I have posted a blog. Summer is a busy time for me. While I spend most of my spare time working in my garden I forget to go and check out what is going on in the area. Summer in Taos is amazing and this year is no exception. We have had cool weather and even frost last week. The Rio Grande is flowing well and rafting is sure to be good. The hiking season has started and promised to be a good one for those of you who love to hunt for wild mushrooms. The Farmers market is in full swing again with lots of goodies. As I sit and write this a gentle rain is falling and giving us a fresh start. Now I remember why I live here.........it is paradise.
-Celia
As I was reading the Taos News this week I came across a little blurb on the fact that Taos plaza is one of 14 places allowed to fly the flag day and night. It all came about when "southern sympathizers" kept tearing it down during 1861. Kit Carson, Capt. Smith Simpson and a few of their friends took it upon them selves to guard the flag day and night. In thanks for their efforts, Congress granted permission to fly the Taos Plaza flag 24 hours a day in commemoration of the event. Now that was something about Taos that I did not know. Did you?
When you live in Taos as some point you become friends with at least one artist. Here at the office we have the luck of knowing two. Don Brackett and PJ Garoutte are dear friends of ours. This month PJ will have an exhibit entitled "Gardens Without Walls" at Walden Fine art. With titles like Parade of Flowers and Exotic Poppy you can't help but to be curious, after all spring is just around the corner. I don't think there is a better way to get inspired than to go and look at other peoples creations. While I don't paint I do garden and find inspiration come easily from PJ's paintings. So get out of the house and go see some art.
Here are some facts and figures from the Taos County Assessors Office on property within the county.
- Of county's 1.4 million acres, 38 percent- or 552,000 acres- is under private ownership
- County has 68,000 properties on record, with 30,000 lots in mainly outdated subdivisions on the sparsely populated west side of the Rio Grande. (this area is also known as Carson Estates)
- The 30,000 lots on the east side of the river range from 0.01 acres to 77,000 acres in size.
- About 25,000 parcels on the east side have owners with out-of-town addresses.
- Structures include 11,078 site-built residences, 839 residential condominiums, 306 nonresidential (nightly rental) condominiums, 140 apartments, 477 manufactured homes on permanent foundations, 3,648 manufactured homes on non-permanent foundations and 1,083 commercial buildings.
- Annual growth in new construction in the past five years have been 230-250 single family homes, 90-145 condos and 105-130 mobile homes.
- Total tax base is $3.2 billion which is approximately 50 percent of actual market value.
- In 1986, when the county first reappraises all properties the total tax base was $318 million.
- The county's population has grown 6 percent per year since 1986.
- From April 2006 to March 2007, 478 homes changed ownership.
| Jan 28 - Mar 04 | | Claudia Kleefeld: Love. Loss and The Ring of Fire | | | An exhibit of oil paintings and sketches accompainied by poetry and words. This exhibit debuted at New Art Center in NYC. | | | Contact: | | 758-2690 x 101 | | Location: | | Taos Art Museum
Fechin Studio
227 Paseo del Pueblo Norte
Taos, NM | | Website: | | http://www.taosartmuseum.org | | Admission: | | $8 adults; $7 seniors; $5 students; $4 children | | Notes: | | View Kleefeld's art at: www.kleefeldart.com | |
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| | | | | Feb 06 - Mar 25 | | Taos Pueblo Closed | | | Taos Pueblo is the only living Native American community designated both a World Heritage Site by UNESCO and a National Historic Landmark. The multi-storied adobe buildings have been continuously inhabited for over 1000 years.
Taos Pueblo is currently CLOSED TO ALL VISITORS from February 5th to March 24th. Info: (505) 758-1028 or www.taospueblo.com | | | Location: | | Taos, New Mexico | | Website: | | http://www.taospueblo.com | |
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| | | | | Feb 07 - Apr 01 | | Free lessons Bond over Pottery | | | *3 Dog Art, the Pottery painting and pet boutique is offering a special evening ''bond over pottery''
painting event on Friday evenings from 5 to 8 p.m. We offer free lessons on glazing our large selection of fired pottery, so bring a friend (sister, brother, kid, loved one...) and spend some quality time in our beautiful studio. Reservations required. | | | Time: | | 5:00 PM - 8:00 PM | | Contact: | | (Kitty) 505-751-1718 | | Location: | | 3 Dog Art, John Dunn Shops | | Notes: | | Friday Evening only | |
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| | | | | Feb 12 - Dec 30 | | New Mexico Women In the Arts 2007 | | | ORIGINALS 2007 Call for Entries
A Juried & Invitational Exhibition of New Mexico Women Artists
Organized & Sponsored by The New Mexico Committee of the National Museum of Women in the Arts, Washington DC
Eligibility: Open to women residents of New Mexico. Open to all media. All works must be original. Up to 3 works may be submitted.
Entry forms available at Santa Fe & Taos museums and galleries
| | | Contact: | | Contact NMWA at www.newmexicowomeninthearts.org 505-986-9695 newmexicowomeninthearts@yahoo.com | | Location: | | Hosted by Harwood Museum of Art & Millicent Rogers Museum, Taos, NM | | Notes: | | Deadline Saturday, May 12, 2007 | |
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| | | | | Feb 22 - Dec 31 | | Hotel La Fonda de Taos ''Forbid | | | The infamous D.H.Lawrence paintings confiscated from the
Dorothy Warren Gallery in London in 1929 are displayed in the
hotel's Karavas Conference room. The $3.00 per person tour
includes the history of the paintings and how their history relates
to that of Taos' oldest hotel. Learn the history of D.H. and Frieda
Lawrence, the Karavas Family, Dorothy Brett, and other important
characters as it relates to development of the Taos Art, Cultural,
and Social scene in the 1930s, 40s, and 50s. | | | Time: | | 10:00am - 5:00pm | | Contact: | | 505-758-2211 | | Location: | | The center of town on the Taos Plaza in the historic
Hotel La Fonda de Taos. | | Website: | | htpp://.www.lafondataos.com | | Admission: | | $3.00 per person/Discounted group tours available. | | Notes: | | Not reccomended for children under 12 years of age. |
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