To Tweet or not to Tweet?

How much time should I spend on social networking? Where should I concentrate my time? I'm not sure what the answer is. I have my own website which has lots of helpful tools for my clients and customers. It also lists references and a short bio. I also have a spot on delicious.com where I have links to interesting web articles; most are real estate related but some are just of general interest. I have a Facebook page and a Twitter page but I'm not really doing much with them. Since my main objective is to assist buyers and sellers, the question becomes - am I spending too much time or not enough on maintaining an Internet presence? Where is the best place to be on the Internet for that purpose? If any of my readers have a suggestion on how best to use such sites as Facebook & Twitter to achieve my business objective, I would appreciate your comments!

The Pricing Gap

The actual statistics of real estate markets are local: you've heard it time and again. But what IS nationwide is perception, both of the buyer and seller. (In the Hays market, the seller's perception is that there is no decline in values. They haven't seen it in their county appraisal so why should they lower the list price of their house they are trying to sell.)

According to a recent national survey by HomeGain, 36% of homeowners think their homes should be listed 10 to 20% higher than what their Realtors’ recommend. Conversely, 64% of homebuyers think that homes are overpriced versus 59% who believed the same in the first quarter.

This perception creates a pricing gap: sellers won't come down, buyers won't come up. Markets become stagnant until all parties, including the REALTORS, take on a positive perception that prices are stable and real estate is still the best long term investment anyone can make! Until then, sellers that need to sell may have to meet the perceptions of the buyers or wait until perceptions change, not a happy solution for most sellers! The pricing gap is indeed a dilemma for all parties - one that all parties need to be aware of to better negotiate their position when buying & selling real estate.

Are you in the Happiest State?

I just read this article about MainStreet.com’s Happiness Index where they examined household income, debt, employment, and foreclosures to choose the states that are best surviving the current economic crisis. They discovered that despite disastrous conditions in parts of Michigan and Ohio, overall, the Midwest is navigating the financial meltdown with the highest average salaries, lowest unemployment, and fewest foreclosures. In fact, Nebraska, in the center of the corn belt, scores highest on MainStreet’s Happiness Index. Here are the top-10 happiest states according to this index:
1.Nebraska
2.Iowa
3.Kansas
4.Hawaii
5.Louisiana
6.Oklahoma
7.Wyoming
8.South Dakota
9.West Virginia

Excerpts from WisconsinSource: MainStreet.com, Stephen Dalton (04/06/2009)

$8000 giveaway!

The federal government wants to give you up to $8000!!! If you are a first time home buyer, or you have not owned a home in the last three years, buy a home by November 30, 2009 and get a tax credit of up to $8000, even if you have no tax liability at all. Please call or email me for more information on this great opportunity!

Thoughts on the Current State of the Economy

*Saw my first tax protest this weekend - in Olathe, KS of all places. Looks like people might be starting to get involved again! I must say, it does this old 60's heart good to see such a thing!

*The first-time home buyer's tax credit of $8,000 is out there, ready for the taking. No pay back required - just take it and spend, once you close on a house. So, where are all the first-time home buyers and why aren't there droves of them taking advantage of this?? Could it be that the long overdue more stringent rules imposed on mortgage lenders are dampening any effect this tax credit would otherwise hold?

*We waited in 30 minute lines at 4 different restaurants in Hays America 2 weekends ago before we finally settled on one. This past weekend we ate at the Hereford House in KC. We had reservations this time; there was no waiting line but the restaurant was packed. Interesting phenom - are people willing to spend their money on eating out even though the economy is uncertain? Not sure what this means - are Kansans just not as affected as other places??

*Is it a buyer's or seller's real estate market in Hays? Buyers are being told by the media it's their turn, that they can get a real deal; is that really the case or just a perception? This gap between perception and reality creates a dilemma for sellers and REALTORS and may not be solved any time soon.

Mortgage Rates

Mortgage rates continue to drop, this week tying an all time low last seen in 2003. We're seeing an increase in the number of buyers who seem to be looking for that "all time great deal in house prices" as well. Normally, the two (low interest rates & low housing prices) do not go hand in hand, but with an increase in foreclosure rates we're seeing it happen more often. In the Hays area, sales prices seem to be dropping, but only a mere 1-2%. Of course, in this area the foreclosure rate is fairly low compared to the more populated parts of the country. Still, it's a great time to buy but our buyers seem to be hesitant, waiting for prices to fall even more. Personally, I don't believe it will happen. We're not seeing an increase in prices but I doubt that prices will crash around the Midwest. What occurs as a tsunami on the coast, appears to be a ripple in the Midwest, or so we are hoping. Buyers need to take advantage of these all time low rates to get more house for their money.

Map Provides Median House Prices

Blogging should not be about reiterating items found elsewhere but I couldn't pass this one up. Recently I received a link from the Kansas Association of Realtors telling me about a link to an article from REALTOR® Magazine Online. The link provides a national map with median home prices from several cities across the country, including Topeka, Wichita and other Midwestern cities. The data shows the median home price in the community, as well as the percentage (higher or lower) than number is from the previous quarter. It’s a great way to see how different Kansas is from the coasts! LINK TO MAP