Podcast?

I am thinking of putting together a Knoxville podcast - some real estate, some culture, some general info - is there anything you would like to see on it? E-mail me: robsellsknoxville@gmail.com

Government Auctions

There are tons of properties around the nation that are seized or foreclosed with government guarantees. One of the key locations in Knoxville - a significant portion of Market Square is going on the auction block next month. You can see the bidding info here now.

You can also see the government guaranteed property foreclosures for your area here.

Both sites have other things that are to be auctioned than real estate, but

New Format: Real Estate + Life = Rob the Realtor

I think I'm going to loosen you on the requirement for this to be totally about Knoxville Real Estate - I think it will be more toward what I'm thinking about while in or around Knoxville Real Estate.

Today, I am thinking of a new listing I took, but also about how bad Britney Spears looked last night and how I'm really not into VMAs, though it played twice while I was sitting in the room on the computer.

I met with Rexpete - from feedthemonkeys today. He has a great office and some interesting ideas.

The Slump

What a mixed bag of real estate we've found ourselves in. The 80s bail-out looks to be in for a repeat. What does this mean for Knoxville? Well, no doubt the sales have slowed down, many investors looking for a quick flip are holding their breath and not too happily.

I recommend that this is the time to buy. There are tons of foreclosures on the market in all areas of town right now - the interest rates are still low - in the 6%s - that's an awesome rate. The heady days of 4.875% (the lowest rate I've ever gotten on an investment purchase) are long gone, but for those looking to build something real now, I recommend rental investment.

I am purring my money where my mouth is and it's always been in a conservative place. Rentals have always been the way to go if you're buying a house - what does the current real estate slump mean for the rental home investor? More people need to rent your homes. What do real estate booms mean for a rental investor? The cost of the homes that others are buying for you are increasing in value more quickly - making your current investments more easily leveraged for more purchases.

True, I haven't seen the bottom fall out of the market in Knoxville, there's no reason to think it will. Flipping in good times is easy. Renting in good or bad times is not hard.

Real Estate Weekend

www.robsellsknoxville.com

I have had an interesting weekend. My wife and I decided to go to Atlanta to a real estate conference, but once we were there, we realized it was designed for the very first beginners. We stayed for three meetings/presentations and went to Ikea. That is a great place to get materials to stage your home if you are considering selling. It has low-priced, good quality housewares that you can leave with the home if you have a buyer in need of furniture.

I also listed my friend's house and had much interest, one low offer, but we're still working on it.

I finished painting on my rental house, that was interesting, I had never painted a foundation or thought that it would make much difference, but it really made the house POP! Photos later.

I have been participating in a really cool forum on the Get Real REI investor page. If you're interested in buying rental or investment homes it's a great starting point.

Thanks for all your interest!
Rob

Knoxville Real Estate Outlook for 2007

Last night I attended the Knoxville Housing Summit on campus at the University of Tennessee. The presenter Dale Akins presented an overall positive picture of the Knoxville economy, there was a small decrease in new housing starts and permits pulled, but it trended along the lines of job growth. Dr. Bill Fox, Mayor Bill Haslam and others also participated in the presentation. They all had insights on the future of Knoxville, Tennessee and the US as a whole.

Modest growth, a slight decline in new home starts and an overall positive outlook for 2007.

Real Estate Investing

I was on a radio podcast show a short while ago called Get Real REI. Judson and Lynn Voss have created a wonderful podcast that has something for all facets of investing. You should really check it out at www.getrealrei.com. I am active on their forums and have learned a lot more than I've contributed.

I highly recommend it!

If you'd like to get my interview do a search for rental investing in their archive. It's the May 2006 show.

Fantastic Websites for Investors

These places have great information if you are considering getting into home investments. I know I learned a thing or two!

Get Real REI
North Georgia Real Estate Investments

Check 'em out!
Get Real has a great forum.

Of course, my website has lots of good information as well. It is more Knoxville-specific though.

Tips For Sellers: How To Price Your Home

Rob Howard's Guide To Setting Your List Price
Setting the list price for your home involves evaluating various market conditions and financial factors.

During this phase of the home selling process, Rob Howard will help you set your list price based on:

1.Pricing considerations 2. Comparable sales 3. Market conditions

4. Offering incentives 5.Estimating net proceeds

Pricing considerations
In setting the list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors: If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told Rob to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale, your home simply looks too expensive to be considered. If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

TIP: Never say "asking" price, which implies you don't expect to get it.

Using comparable sales
No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market. The best guide for pricing you home is the list of similar homes that have sold in your area within the past year. Rob can furnish data on sales figures for those "comps", and analyze them for a suggested listing price. The decision about how much to ask, though, is always yours.

The list of comparable sales Rob brings to you, along with data about other houses in your neighborhood presently on the market, is used for a "Comparative Market Analysis (CMA)." To help in estimating a possible sales price for your house, the analysis will also include data on nearby houses that failed to sell in the past few months, along with their list prices. This CMA differs from a formal appraisal in several ways. One major difference is that an appraisal will be based only on past sales. In addition, an appraisal is done for a fee while the CMA is provided by Rob and may include properties currently listed for sale and those currently pending sale. In a normal home sale, a CMA is probably enough to let you set a proper price.

TIP: If you do order a market value appraisal, make it clear you don't need an elaborate, or full narrative report -- the kind that's complete with photos of the house and neighborhood, a map specifying the site, and floor plans is sufficient.

Consider market conditions
A Comparative Market Analysis (CMA) often includes Days on the Market (DOM) for each comparable house sold. When real estate is booming and prices are rising, houses may sell in a few days. Conversely, when the market slows down, average DOM can run into many months. Rob can usually tell you whether your area is currently a buyer's market or a seller's market. In a seller's market, you can price a bit beyond what you really expect, just to see what the reaction will be. In a buyer's market, if you really need to sell promptly, offer an attractive bargain price.

Offering incentives
Some sellers list at the rock-bottom price they'd really take, because they hate bargaining. Others add on thousands to the estimated market value "just to see what happens." If you want to try that, and if you have the luxury of enough time to feel out the market, Rob will sit down with you and work out a schedule in advance. If there haven't been many prospects viewing your home after three weeks, you may need to lower your list price. If that doesn't bring any prospective buyers, you may need to lower your list price again. Plan on doing that regularly until you find a level that attracts buyers. Make a written schedule in advance, before emotion takes over and you're tempted to dig your heels in.

Sometimes cash incentives are as effective as lowering the price, especially in the lower price range where buyers may be "cash poor." You may offer to pay some or all of a buyer's closing costs and discount points required by the buyer's lending institution. If you haven't had much traffic through your house and you’re in a hurry to sell, you may want to add the offer of a bonus to the selling broker, in addition to their commission. An example of the wording for such an offer may be "to the broker who brings a successful offer before Christmas."

Estimating net proceeds
Once you’ve been given an estimate of market value by Rob, you can get a rough idea of how much cash you might walk away with when the sale is completed. This can be particularly useful as you start looking for another home to buy. From the estimated sales price, subtract:

• Payoff figure on your present loan(s)

• Broker's commission

• Any prepayment penalty on your mortgage

• Attorney's fees, if any

• Unpaid property taxes

In addition, Rob can tell you whether local customs or rules dictate that the buyer or seller to pay for the following items:

• Title insurance premium

• Transfer taxes

• Survey fees

• Inspections and repairs for termites and other pests

• Recording fees

• Homeowner Association transfer fees and document preparation

• Home protection plan

• Natural hazard disclosure report

As far as closing costs are concerned, you and your eventual buyer may agree on any arrangement that suits you, no matter what local practice dictates. Rob, along with a lender who you trust, can assist you in estimating what your final closing costs will be.

Real Estate Matters at the Knoxville News Sentinel

I am slated to be featured with others in my office in a forthcoming edition of the Knoxville news sentinel article . Here is some of the associated text:

Rob Howard recently received his Broker's license and GRI designation as well growing sales as a multi-million dollar producer. Joining Wood Realtors in 2003, Rob has been a real estate investor and rental property manager of more than a million dollars in private single family properties since 1999. His personal expertise has been a source of advice and information for real estate investors in California, Texas, North Carolina and other areas beginning with research materials on his personal website www.robsellsknoxville.com and through phone and other interviews– he may be contacted at robsellsknoxville@gmail.com or by phone at (865) 385-9070 or toll-free at 1-800524-3135 ext. 0.

Welcome to RobSellsKnoxville.com Real Estate Talk!

Hello,
Welcome to Knoxville Real Estate Talk. My name is Rob Howard. I am a Realtor and a Real Estate Broker in Knoxville, TN. I would invite you to take a look at the homes currently available for sale in Knoxville on my website.

I have been a homeowner since 1999 and have bought, previewed, shown, listed and sold hundreds of homes in the Knoxville area as a REALTOR, investor and landlord. I am in the process of developing training in buying and selling homes, pricing your listings and more. Check back to keep an eye on the progress!