Nationwide, median list prices have inched up 5.03 percent from December 2010 to December 2011, according to Realtor.com data.

The following cities are where median list prices have increased the most in the last year, based on December 2011 data of 146 metro areas from Realtor.com:

1. Miami, Fla.
Year-over-year increase: 32.50%
Median list price: $265,000

2. Naples, Fla.
Year-over-year increase: 21.67%
Median list price: $365,000

3. Fort Myers-Cape Coral, Fla.
Year-over-year increase: 21.47%
Median list price: $229,375

4. Punta Gorda, Fla.
Year-over-year increase: 19.42%
Median list price: $179,000

5. Boise City, Idaho
Year-over-year increase: 19.25%
Median list price: $154,900

6. West Palm Beach-Boca Raton, Fla.
Year-over-year increase: 18.38%
Median list price: $219,000

7. Sarasota-Bradenton, Fla.
Year-over-year increase: 17.62%
Median list price: $241,000

8. Daytona Beach, Fla.
Year-over-year increase: 16.06%
Median list price: $179,900

9. Phoenix-Mesa, Ariz.
Year-over-year increase: 13.79%
Median list price: $165,000

10. Grand Rapids-Muskegon-Holland, Mich.
Year-over-year increase: 13.32%
Median list price: $137,000
Would you like to know the Current Market Pricing of your home?  Email me at paul@idahorealtyinfo.com and I’ll provide you a free report today!  I am a Full-Time Realtor and here to help you with all your Real Estate needs.

Contributing article by Melissa Dittmann Tracey, REALTOR® Magazine Daily News

An overstock of households with loans higher than their current market value will continue to restrain prices and create obstacles for sellers in a year that is starting out to continue as a homebuyer’s market. With that said, even the most conservative forecasts are calling for growth in home sales this year. Locally we are experiencing multiple offers more frequently on newly listed properties. Over one-third of the home sales made last year were to first-time homebuyer’s. Both are good signs.

While we are in a state of recovery, here are seven tips you may consider before selling.

#1 Price it right from the start.

Now is not the time to go old school and “fish” for offers. Most homebuyer’s will look right past you. Consider that of the homes that took more than 4 months to sale last year, almost half of homeowner’s accepted less than 90 percent of their asking price, according to the National Association of Realtors. Be sure your agent produces the latest comparables (no more than 90 days) and that they include short sales, foreclosures and bank owned properties. As a seller, I know it is difficult to compare your home to distressed property sales, but it is necessary. Also, ask for a summary of sales price as it compares to original asking price. The last thing you want is to be tied up in escrow only to have the appraisal come in low and be faced with either losing this buyer or making a concession on price.

#2 Don’t do comps on the internet for your home.

Checking seemingly reputable websites to find a value to place on your home is a huge mistake. Are you perplexed by the value being 25% lower than you expect, but going to trust the value if it is 25% higher? An appraisal is the truest form of value. Online values don’t have access to all of the facts in order to evaluate the property properly. Nor have they been in your home or any of the competition. They don’t know if a recent sale allowed $10,000 of buyers closing costs being paid by the seller. They don’t know if your home is custom built or mass production built. An appraiser will know, as well as, any highly regarded, educated real estate agent.

#3 Put your best foot forward.

Paint, stage, clean, de-clutter, make small improvements and repeat. If it squeaks or sticks, oil it. If it is chipped or leaks, repair it. If it has spots on it, clean it. If it is overgrown, trim it. Make your home say “buy me” from the sidewalk and hug potential buyers upon entering.

#4 Be flexible.

You no longer have the luxury of showing disinterest in “low ball” offers. Every offer should be reviewed and considered. If a buyer has a misgiving about your home, which is likely the driving force behind the offer price, then find a way to start a conversation with them. Listen to what they have said and find a way to meet in the middle with repairs, credits, etc. That’s not to say you have to give away the farm, but be accommodating to your needs (not wants) and those of the buyer.

#5 Finance 101

Even though rates are low, understand that it’s harder to qualify for loans. Credit records are under greater scrutiny and lenders are sometimes requiring a 20 percent down payment. Have your agent provide loan information at your home, just in case the potential buyer isn’t aware of special financing for the state, county, city or specifically the property.

Consider cash offers, even if they’re not the highest. Reject too-low offers gently (preferably with a counter-offer to keep the conversation alive). These days, meeting halfway usually means meeting buyers on their half.

#6 Don’t fall prey to fraudulent investors.

Unfortunately when the chips are down, some will find a way to use that fear to serve themselves. Con artist investors may offer you “help” by offering to let you stay in your home, while they take over payments. They encourage homeowners to sign over their home with a quitclaim deed. Do not sign without consulting an attorney. You may be surprised to find out that some attorneys review documents for minimal fees and do accept payments. Additionally, your own mortgage company can review the documents and cannot charge you for the service. Others will approach homeowners with “deals” that sound legit. They offer their assistance and knowledge for an up front fee. Remember that a law barring firms from charging upfront fees for mortgage relief or mortgage modification took effect last year (The Mortgage Assistance Relief Services Rule).

#7 Embrace technology.

Hire a listing agent that uses social media, Youtube, Craigslist and dozens of other online sites to get the most exposure for your home. Sellers and buyers are routinely using these types of sites to sell and search properties. Ask (if not, insist) your agent saturate the online market with the details of your home.

WANT TO KNOW YOUR HOMES VALUE…  email me at paul@idahorealtyinfo.com for a free pricing analysis!!

Paul Wallin, Professional Realtor
Office: 208-288-2976
Cell/TXT: 208-407-8127

Thanks Crista Martin for the great insight here!

There are two types of 203K loans: Streamline and Consultant. The streamline is just exactly what it says…faster and easier. It can provide financing in renovations up to $35,000, including, but not limited to, the following: roofing, HVAC, flooring, electrical, plumbing, painting, replacement of appliances, door and window replacements, well repair, weatherization, and improvements for accessibility for persons with disabilities. You should use a lender who is 203K certified and he/she will roll you into the loan.

Example: The house in question needs a roof, furnace, and the kitchen is a mess. The construction estimate is $10,000 to provide for a new roof, a new furnace, and upgrade the kitchen. The price of the house is $110,000; the renovation costs are $10,000. The loan amount would be $120,000, less 3.5% down. The house would be financed at the current applicable FHA interest rate and could close in 45 days.

The consultant 203K provides for more improvements, and can go to the loan limit. It provides for structural changes. It needs a higher level of approval and can take several months of complete. All work must be supervised by a 203K HUD approved consultant. It can also provide up to 6 months of living costs if it is not habitable.

The 203K will help you get into a house you want, at a price you can afford.

Paul Wallin, Professional Realtor
208-288-2976
paul@idahorealtyinfo.com

thanks Gail… great info!