John Gallagher’s Blog

 Check out this new Single-family property that I just posted on my Web site. It is at 177 Gala Drive in Roanoke. This Single-family property has 3 bedrooms and 3 baths.

Here is our economic stimulus for 2009!

I’ve just sold a Resale - single family property at 6106 Renoir Ln in Roanoke. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

 The 2008 Profile of Homes Buyers and Homes Sellers was recently release by the National Association of Realtors (NAR).  There were some very interesting findings:

Certainly the most useful information for sellers and their agents is to be found in the section on the home search process. While the survey results are not significantly different from those of recent years, the trends continue. For example, this year 69 percent of buyers said that they used the internet frequently during the search process, up from 60% last year. In 2003 that number was 42%. Thirty-three per cent of buyers went to the internet as the first step in the home search process. 17 % contacted a real estate agent first, and 9% began by driving through neighborhoods looking for homes for sale. Buyers use multiple sources of information in the process of looking for a home. Far and away the most used sources are the internet (87%) and real estate agents (85%). What is the third most used information source? Yard signs (62%). Multiple Listing Service (MLS) websites were the primary source of information for buyers who used the internet in their search process. 60 percent of those buyers went to MLS sites. Of course, many went to a variety of different sites. 48 percent used Realtor®.com, 46% went to real estate company websites, and 43% went to sites hosted by individual agents. While there is a lot of intriguing information about the sources of information used by prospective homebuyers, certainly the most relevant has to do with where they actually found the home that they ultimately purchased. It is still the case that, more than any other source, a real estate agent is responsible for informing the buyer about the home that is ultimately purchased. That is how 34 percent of buyers found their home. But the internet is a very close second (32%). Moreover, the differences in less than a decade are fascinating. In 2001, 48 percent of buyers learned about their home through a real estate agent, and only 8 percent found their home on the internet. The times they have changed. Some things though, remain persistently the same – or close to it. In 2001, a yard sign was the third most likely source of information leading to the home that was purchased (15%). And this year? Fifteen percent.

The WhiteGallagher team used the internet as a primary marketing tool for its listings.  If you are interested in buying or selling, please contact us.  Our 30+ years of experience, coupled with the marketing tools available to us on the Internet will make your search much easier.

The office of Federal Housing Oversight reported that housing prices fell again in October 2008 vs. September 2008.  Another sign that while the bottom may not have been reached, there are still great values out there!  An excerpt from the article:

WASHINGTON, DC – U.S. home prices fell 1.1 percent on a seasonally-adjusted basis

ending in October, U.S. prices fell 7.5 percent. The decline since the April 2007 peak is8.8 percent. To see the full article - click here

With the Fed’s decision yesterday to lower the federal funds rate to a historic low of .25%, the mortgage market is in a frenzy.  As I posted recently about whether or not “Is it a good time to refinance?” (OR BETTER YET, BUY or SELL), this is just fuel to the fire!

Click this link to see the full article about the Fed’s actions.

If I can be of any assistance in your real estate needs, just let me know.

I had a family member ask me if it was a good time to refinance right now.  Now, this is a dangerous question to ask a Realtor.  You see, Realtors want to SELL homes.  So, that comment is out of the way.

 Certainly, it is a good time to refinance right now IF the following is true:

1. Do you plan on being in your current home at least 2 more years?  If yes, refinance.  If no, you may want to hold off as it may be tough to recoup the closing costs.
2. Is your credit score in line?  You will need to have a strong credit score to obtain the really good interest rates out there right now!
3. Do you have equity in your current home?  To truly benefit, you need to have at least 20% equity in your current home.

Now, the Realtor in me also says that it is a great time to be a BUYER AND SELLER right now.  If you are looking to sell and move up, the rates will bring more buyers to your home if priced correctly.  If you are renting and want to buy and have a good credit score, now may be the time to get in the game!!  Get off the sidelines and contribute to the economic recovery in 2009.

If I can be of any assistance, just let me know.  Have a great week!!  John

Rates have dropped to their lowest level in over 40 plus years.  However, they have not fallen to 4.5%…yet.  

Two important factors to understand with the news that mortgage rates ‘could’ hit 4.5%

1) Lobbyists are proposing to the government to make a cut that would help stimulate people buying homes.  There was no story yesterday that said the government is TAKING action to make this happen.  There are lobbyists in Washingtoneveryday trying to sell their ideas.  Clearly; however, 4.5% interest rates would be a great assistance to the market buyers and not just provide bailout support for foreclosure loans.

2) This would be for PURCHASE loans only.  The whole idea is to get people buying homes so the odds of values decreasing are erased.   

Despite this proposal, the rates are still at 40-year lows!!  It is a great time to buy a home and NOT a bad time to sell, as folks can get into your home cheaper with the lower rates.  So, if you are ready to jump back into the market, then the time is now.  Call the WhiteGallagher team at 540.521.9291 and let us help you to buy your next home.  You won’t be disappointed.

If you want the whole scoop, click on this link:  http://money.cnn.com/2008/12/04/news/economy/low_mortgage_rates/index.htm?postversion=2008120419

Source:  Office of Federal Housing Oversight

As you can see, in Virginia, the pricing quarter over quarter (2008 vs. 2007) shows that our pricing is off by 3.9%.  The biggest impact is in Northern Virginia, so while volume is off in Roanoke nearly 29%, the pricing is only off by 3.9% statewide!  Clearly, things are NOT as bad as the media would have you believe.  When you think of the media’s bad news, you can see that Florida, California, Nevada, and Arizona are off from 10% to 21%

 What do you think about this data?

Open houses can be an effective way to market the home you are listing, as well as market yourself as a Realtor to garner future buyers.  The traditional Open House on Sundays leaves a little void in me with regards to ‘effectiveness’.

I would be curious:

Realtors - What are some creative ways you have used to ‘change’ the way you do open houses and continuously improve your results?

Buyers - What other ways could Realtors do ‘Open Houses’ to get the home to you?  (Open house webinar, for example?) 

Sellers - What are your expectations when your Realtor does an Open House? 

I appreciate your feedback.