Why Now is the Best Time to Buy a Home

Today's Blog Post is from the National Association of Realtor's and tell us why the next three months are the best time to buy a home: http://realtormag.realtor.org/daily-news/2015/10/06/next-three-months-best-time-buy

Low mortgage rates, declining home prices, and homes that are lingering on the market longer are three main reasons why the next three months could be the best time to buy so far this year, says Jonathan Smoke, Realtor.com®’s chief economist.
“The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” Smoke says. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.”

The biggest challenge buyers will likely face buying in the next three months is the limited number of choices. There are fewer homes for-sale this fall than last year and housing inventory has already peaked for 2015, Smoke says.

In many markets, real estate is making its seasonal transition and is tilting in favor of home buyers lately.

Also, buyers are locking in low mortgage rates as the Federal Reserve continues to delay raising rates. For the past 10 weeks, the 30-year fixed-rate mortgage has averaged below 4 percent, according to Freddie Mac.

Here are some more factors pointing to a slowdown in the overall housing market:

• Median home prices dropped 1 percent month-over-month in August (however, prices are still up 6 percent year-over-year).
• Homes are staying on the market longer: The median age of home inventory is 80 days, up nearly 7 percent from August.
• Mortgage applications dropped 6.7 percent week-to-week.

Source: “Mortgage Rates: Three Reasons to Buy in the Next Three Months,” Nerdwallet (Oct. 2, 2015)

6 Remodeling Projects That Can Add to Your Resale Value

6 Remodeling Projects That Can Add to Your Resale Value

Home remodeling has become more popular than ever to attract buyers, thanks to an improving economy, strong job growth, higher disposable income, more home sales, low interest rates, and a more competitive housing market. Home owners looking to sell their home this year may want to complete a few upgrades and renovations that will help make their home get noticed among the competition.
The following are the remodeling trends recommended by both PJ & Company Staging and Interior Decorating as well as Remodeling Magazine’s Cost vs. Value report:
1. Curb appeal. According to Remodeling Magazine’s report, the key improvements with the highest ROI include the front door and garage door replacements, manufactured stone veneer front steps or foundations, vinyl siding, and replacing windows. Each of these upgrades will boost both buyer interest as well as the value of a home.

2. Deck addition. At a fraction of the price of an indoor addition, a new deck both enhances the landscaping of a yard as well as offers additional living space for al fresco dining, relaxing and entertaining. Most people use their decks for at least six months out of the year so it’s a worthwhile investment.

3. Kitchen remodel. Without having to completely gut the kitchen, replacing cabinet doors and drawer fronts, new appliances, countertops and flooring continues to rank as one of the top renovations for the last 10 years.

4. Bathroom remodel. Buyers are looking for a bathroom that doesn’t feel outdated. Even the smallest bathrooms can look more attractive with the right finishing touches. The key features that will sell a bathroom are updated vanities, wall color, tile, sink, faucets, toilet, and lighting fixtures.

5. Reinventing an existing room. Buyers and home owners want as much space as they can get. Remodeling an attic into a master or guest bedroom or converting a basement into a playroom, home theater, or exercise room are popular and profitable ways to add usable space to an older home as opposed to the bigger expense of an addition.

6. Painting and removing outdated wallpaper. Finally, if you don’t have time or money to invest in a remodel, one of the simplest and most affordable solutions is to remove dated wallpaper and add a trendy wall color. Don’t go too bold, though. Painting walls a neutral color will also bring out the home’s best features. This simple update provides a boost with instant universal appeal to buyers who want to envision living in the space.

Conway Builders Enjoying Boom as City Expands

From Arkansas Business: Conway Builders Enjoying Boom as City Expands




Officials at the University of Central Arkansas hope that the work along Donaghey Avenue will provide additional residency options, but also provide community spaces where students and residents of Conway can gather.  (Mike Kemp)

The city of Conway is on the verge — if it hasn’t reached it yet — of a boom in commercial real estate availability.
Just up Interstate 40 from Little Rock, the city has been the host of several recent development projects and is set to begin more in the coming years.
And from the city’s first Sam’s Club to a variety of clothing stores and restaurants, companies are lining up to move into the spaces. News about the developments has trickled out over the past few months, but many people involved in the projects are still holding their cards close as they finish up deals and inch closer to completion.
Brad Lacy, the president and CEO of Conway Development Corp., ticked off the list of projects in a recent interview.
In addition to Lacy’s main project — development of the old Conway Municipal Airport into a shopping destination known as The Shoppes at Central Landing — he said there were at least three other large-scale developments in the works across the city. All of the simultaneous development, at least on the scale in effect now, is something new for the city, Lacy said.
“It’s really historic. We’ve never seen, to my knowledge, this much commercial construction either underway or soon to be underway, and it really redefines the city in a lot of ways,” Lacy said.

Conway Mayor Tab Townsell, who was first elected in 1998, said he has seen “stairstep” commercial development in the city over the years with other projects, such as the Conway Commons shopping center in the mid-2000s. But he said that the redevelopment of the airport and the introduction of new businesses such as Sam’s Club and Dillard’s, is allowing the city to take on a bigger role as a “gateway” to the Little Rock metro area.
“It’s a transition period for us,” Townsell said. “It’s our opportunity to become more of a market town than we already have been.”

Superior Chevrolet
One of the more recent developments in the works in Conway is the transformation of the old Superior Chevrolet at 915 E. Oak St.
Planners behind the project have said they want to divide the 6.2-acre site, which was purchased in September for $3 million, into several plots and anchor the development with a hotel.
T.J. Lefler, a partner at Sage Partners in Fayetteville who is lining up tenants at the development, declined to say which businesses would be moving in. But he said in an email interview that Conway’s growth, boosted by opportunities in higher education and stable businesses, makes it an attractive place to do business.

“They have just reached a point where it fits [in] line with new retailers and large national chains all at the same time,” Lefler said. “They have been ready for this retail for a while, but the available sites were slim. Now that the sites are starting to become available, retailers are heavily focused on getting a location because there are few opportunities available.”
Lacy said the Superior Chevrolet development is one of several along Oak Street. He noted that recent projects along the street have included a CVS Pharmacy and Arvest Bank and a recently opened MedExpress.
All of the development is breathing new life in a part of town that was previously “a little bit tired looking.”
“I think that’s significant too, because it’s really starting to push downtown and the look of downtown a little closer to the Interstate,” Lacy said.

Lewis Crossing
Kitty-corner to the site of what will be a new Baptist Health hospital along Interstate 40, Lewis Crossing has already lined up several tenants to move in.

The 441,871-SF development will be anchored by a 135,500-SF Sam’s Club, which has plans to open in early 2016. The company in charge of that development — Collett & Associates LLC of Charlotte, North Carolina — has also said that Academy Sports, Bed Bath & Beyond, Petco and Ross Dress for Less among others have signed on for sites there.
The company did not return phone messages seeking information about the project.
In a flier describing the development published on the company’s website, Collett & Associates notes Conway’s growth and the benefits of doing business there.
“Conway ... has sustained consistent population growth and has an essentially recession-proof economy, anchored by three higher learning institutions, the burgeoning natural gas industry, a regional health facility and approximately 2,500 government jobs,” the company wrote in the flier.
The flier later adds that the “Conway trade area, which has a population of about 165,000, is one of the most vibrant in the state.”

Old Airport Changes
The Central Landing project is the largest development in the works in Conway, but few details about the project have been released. The estimated 750,000-SF mixed-use development will be laid atop the 151-acre site of the old municipal airport, which closed in January.
The Shoppes at Central Landing — the first 250,000-SF phase at the site — will be home to a 100,000-SF Dillard’s, but its other tenants have not been announced by Jim Wilson & Associates LLC of Montgomery, Alabama, which is working on leasing for the project.
Anita Carter, vice president for Jim Wilson, said the company was not ready to release more tenant names.

Lacy said he also did not have new updates to share, but said Jim Wilson was expected to speak at the annual meeting of the Conway Area Chamber of Commerce, which was scheduled to be held the evening this edition went to press.
Development at UCA
T.J. Johnston, the director of special university projects and community affairs for the University of Central Arkansas, is overseeing the Donaghey Hall mixed-use development on campus at the corner of Donaghey Avenue and Bruce Street.

He said the university plans to break ground on the project in May and open in the summer of 2016, although some commercial space may be available before then.  The 67,500-SF development will include about 15,000 SF of commercial space on the ground floor. Johnston said that no tenants have been announced but that the university expects to do so in the next 30 days. The development will also double as a residential space with 165 beds designated for sophomores and juniors at the university.  The project is funded through a bond issue that was approved by the UCA board in January. But the project cost came in below estimates at $16.3 million after the interest rate on the bonds came back lower than anticipated, Johnston said.

The Donaghey project is one of several projects in various phases at UCA that are also expected to drive attention to the area. Johnston said he expects the residence hall to also be the beginning of similar developments in the Donaghey District.

“The aim was to create a sense of place for both the UCA community and the citizens at large in Conway,” Johnston said. “In our opinion, this type of development is one of the main ingredients you need in order to better recruit and retain the best students, faculty and staff to this campus.
“To put it simply, we’re officially in the business of place-making now, and Donaghey Hall was our first critical step for that.”

Five Mistakes That Could Decrease the Value of Your Home

Today's Blog post comes courtesy of the Century 21 Blog.

Renovating or improving something too much sounds like an oxymoron, however when it comes to attracting a buyer and generating a return on investment, it is possible. The decisions you make may be best for you and your family, but it is crucial to consider the mindset of potential buyers.

Here are five common renovation mistakes that may decrease your home value:

1. Over improvement: Your home should be similar to other homes in the neighborhood. If your home costs much more than other homes in the neighborhood, potential buyers may choose that the updates you made do not outweigh the increased cost.

2. Over personalization: You may love bright paint, built-ins, and elaborate tiles but the potential buyer may see changing it as too much of a hassle. You want buyers to be able to picture themselves living in the home so it is helpful to have a neutral design aesthetic when you show your home.

3. Inconsistency: It is better to spend smaller amounts on many projects than spend a large amount of money on one project while neglecting other parts of the home. Instead of spending upwards of $30,000 installing a pool while keeping old and outdated appliances, it is a wiser decision to update the appliances.

4. Removing a wall: It may seem as though knocking down a wall between two small rooms to make one larger room is a no brainer but having more rooms is almost always better when it comes to increasing the value of your home. Your family may be smaller than the potential buyers and, for them, it may be better to have more rooms regardless of their size. Removing bedrooms can also decrease the value of your home. Turn an extra bedroom into an office or gym while you are living there, but switch it back to a bedroom when you are getting ready to sell.

5. Functional Obsolescence: Make sure that your renovations make sense. For example, potential buyers will probably not want to have the only way to enter one bedroom be to go through another bedroom. Another example would be turning a garage into a guest house. Although having a guest house might be better for your family, many families would prioritize having a garage. Remember these mistakes when you are choosing renovation projects around your home. What seems like a good idea might not actually lead to a return on investment or, worse, may detract someone from buying your home.


To get started on the journey of selling your home, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood check out all the property listings in central Arkansas. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Market Information

We recently compiled local stats to examine our local Real Estate Market in Conway and Faulkner County, Arkansas as well as interest rates.  Take a look at our condensed version of the facts and see why now is the time to consider buying or selling your home. 

To learn more about the Real Estate market in Conway and Faulkner County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas or watch our television show. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

HBA Table Top Night

We were fortunate to reach out to Faulkner County's Building Community last night.  Our theme comes from the Century 21 System's sponsorship of the National Soccer Teams. We celebrated the Women's team gold medal at the Olympics this summer in London. 

To meet with a Bolder, Smarter, Faster agent, call Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas or watch our television show. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Conway, Arkansas named among the Top Afforable Places to Live by Money Magazine

Conway, Arkansas is once again listed among the best places to live by Money Magazine.  This time, we rank 16th in the top small cities with affordable housing.  The magazine noted that the city's three colleges have helped to draw in both potential employers and residents.  Increasing salaries contributed to new industries such as technology with Hewlitt Packard and natural gas with Schlumberger are also cited as factors.  You can read more about Conway and the rest of the winners at CNN's Gallery of Winners as listed by Money Magazine. 

To learn more about the affordable housing in Conway and Faulkner County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas or watch our television show. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Trying To Sell A House? Do This First | Century 21 Blog

Trying To Sell A House? Do This First Century 21 Blog

There are things most homeowners miss when preparing to sell a home. They are simple things. They are easy things. They are things our System members wish every homeowner did.

1. Paint the front door

You only have one chance to make a first impression (so the saying goes). With that in mind, ask your sellers to paint the front door so the first thing the potential buyer sees, the door, is in perfect condition. Victoria Jacobs, www.century21.ca/bjrothrealty

2. Actually clean your house

Hire professional cleaners to come and make the home sparkle from top to bottom. Encourage the sellers to spend some time decluttering counter tops (especially the kitchen and the bathrooms), cabinets, closets and storage areas to help the space appear larger. If you were selling a car, you would have it detailed and take your stuff out of it, do the same for your house! Brandi Nelson, www.c21sre.com

3. Get rid of people and animal smells

As potential buyers tour a home, they want to imagine themselves living there, not smell remnants of the wear and tear from the previous owners. Suggest to the sellers that they have the carpets shampooed to remove any dirt, pet odor and/or cigarette smoke. Gillian Weir-Fall, www.c21smokymountain.com

4. Wash the windows

Ensuring potential buyers have a beautiful, clear, unobstructed view out each and every windows is a must. Shiny, dust-free, streak-free windows make the decision to write an offer a crystal clear one. Johanna Daye, www.century21huntoon.com

5. Up the curb appeal

What do a potential buyers see when they approach the seller’s home? The exterior! Cut the lawn, trim the bushes, plant some nice smelling flowers, power wash the entrance walkway, and lay down some fresh stone or wood chips. If the home’s exterior needs a coat of paint, touch it up. Scott Faletti, www.c21pride.com

6. Say cheese! Take great photographs

The seller’s home should be showcased as a merchandised product. In order to sell in today’s highly competitive market, a home has to be shown at its best. Stellar photos allow you to capture greater interest online and through marketing materials. Angela Batchelor, www.sellingyournest.com

Multi-Family Land Real Estate Auctions

On Thursday, January 27, 2011 Century 21 Dunaway & Hart in conjunction with Jay Atkins Realtors/Auctioneer will be hosting two Multi-Family Land Real Estate Auctions. 

The first auction will take place at 3531 Nutters Chapel Road in Conway, Arkansas at 2:00 p.m. at the property. Development potential is great with this 7.73 acre tract adjacent to a golf course community in southwest Conway. The close proximity to the eighteen hole Links at Nutters Chapel Golf Course and multi family community makes this property an ideal candidate for another multi family development .


Property is currently zoned A-1. 50 feet roadway easement extends across western edge of property. The property features 377 feet of road frontage on Nutters Chapel. It also has the added benefits of being mostly flat and mostly cleared. Conway Corp City water and Sewer is available on property making this property practically perfect in terms of immediate development potential. Property will be sold with reserve. 
 
To get to 3531 Nutters Chapel Road, take Exit 129 and go west on Dave Ward Drive to Salem Road. Turn left on Salem to Nutters Chapel. Turn right on Nutters Chapel. Property is on left next to new golf course.
 

Terms and Conditions: Certified Funds, $10,000 non-refundable per tract, “as-is” by confirmation of seller. Closing within 30 Days. Sealed bids welcomed prior to sale.


Inspection: Anytime by appointment. Contact Mitch Hart at 626-2121 or Matt Mallett at 501-472-2121 for private tour. The auction will be held on property.


The second auction is at 3900 Donnell Ridge Road at 3:00 p.m. on the property site.  Excellent development property with frontage on Donnell Ridge Road. Property is zoned MF-2 allowing 18 units per acre. Property is partially cleared has flat and view property.


Conway Corp City water is available on tracts 2 and 3. Sewer lift station is located 700 feet from southeast corner of tract 3. Current Conway Corporation plans include the creation of a new sewer treatment facility which would convert current forced sewer main extending across western edge of Tract 1 to a gravity flow main which could be tied onto.

New elementary school will be constructed near property beginning in the summer of 2011. Land has been purchased around the corner on Old Military Road for New Conway High School campus. Western Loop in the long term plan for the city of Conway will be east of Tract 3 and is scheduled to start summer of 2011. Property is less than a mile south from the Conway Marketplace Shopping Center anchored by a Super Wal-Mart.

Tract 1 will be sold as an absolute auction and contains 10 acres. Tract 2, with 10 acres and the 13.05 acre tract 3 will both be auctioned with reserves. Only Tract 1, Donnell Ridge selling absolute. Tract 1 may be sold as individual tract, or a combination of tracts.



To get to 3900 Donnell Ridge Road take Exit 129 and then take Dave Ward Drive West to McNutt. Turn left on McNutt and follow to Donnell Ridge. Property is on south side of Donnell Ridge near the intersection of Donnell & McNutt Road.

Terms and Conditions: Certified Funds, $10,000 non-refundable per tract, “as-is” by confirmation of seller. Closing within 30 Days. Sealed bids welcomed prior to sale.


Inspection: Anytime by appointment. Contact Mitch Hart at 626-2121 or Matt Mallett at 501-472-2121 for private tour. The auction will be held on property.

THE SMART WAY TO LOOK AT HOME IMPROVEMENTS

What home improvements really pay off when the time comes to sell your house?

That’s an important question for any homeowner contemplating moving or remodeling. And the only possible answer is a somewhat complicated one.

That answer starts with the fact that really major improvements – room additions, total replacements of kitchens and baths, etc., -- rarely pay off fully in the near term. It ends with the fact that small and relatively inexpensive changes can pay off in a big way in making your home attractive to buyers if your decision is to move now.

It’s a simple fact, consistently confirmed across America over a very long period of time, that even the most appropriate major improvements are unlikely to return their full cost if a house is sold within two or three years.

Does that mean that major home improvements are always a bad idea? Absolutely not. It does mean, though, that if your present house falls seriously short of meeting your family’s needs you need to think twice – and think carefully – before deciding to undertake a major renovation. Viewed strictly in investment terms, major improvements rarely make as much sense as selling your present home and buying one that’s carefully selected to provide you with what you want.

Even if you have a special and strong attachment to the house you’re in and feel certain that you could be happy in it for a long time if only it had more bedrooms and baths, for example, there are a few basic rules that you ought to keep in mind.

Probably the most basic rule of all, in this regard, is the one that says you should never –unless you absolutely don’t care at all about eventual resale value – improve a house to the point where its desired sales price would be more than 20 percent higher than the most expensive of the other houses in the immediate neighborhood.

Try to raise the value of your house too high, that is, and surrounding properties will pull it down.

Here are some other rules worth remembering:

Never rearrange the interior of your house in a way that reduces the total number of bedrooms to less than three.

Never add a third bathroom to a two-bath house unless you don’t care about ever recouping your investment.

Swimming pools rarely return what you spend to install them. Ditto for sun rooms – and finished basements.

If you decide to do what’s usually the smart thing and move rather than improve, it’s often the smaller, relatively inexpensive improvements that turn out to be most worth doing.

The cost of replacing a discolored toilet bowl, making sure all the windows work or getting rid of dead trees and shrubs in trivial compared with adding a bathroom, but such things can have a big and very positive impact on prospective buyers. A good broker can help you decide which expenditures make sense and which don’t, and can save you a lot of money in the process.

To find an agent that can help you in your journey, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

REMODELING YOUR HOME: HOW MUCH IS TOO MUCH?

The classic way for homeowners to increase the value of their house is by remodeling existing rooms or adding on to its current plan.  Some choose to build recreation rooms and studies while others add new appliances, fixtures and cabinets to enliven rooms and make their home more attractive to future buyers.

But, when should you decide to stop sinking money into a home and buy a bigger place? And how much rehab is too much when it comes time to recovering remodeling costs through a home sale.

For instance, if you’ve just spent $1,000 remodeling your living room and didn’t expand your small bathroom, the chances of increasing the number of interested buyers are slim.
With these concerns in mind, Century 21 sales associates offer a few tips for those struggling to add value to their home.

First, always protect the character of your home. Nothing sticks out more than a new addition that is in a completely different architectural style. Be consistent. Recognize your home’s character and stay within its framework.

The most financially rewarding areas to remodel are usually the kitchen and bath. Newly re-done cooking spaces and cabinets can attract more buyers and may command a slightly higher price for the home than a comparable one on the market. Simple repairs that are made to last will bring you the biggest returns upon sale.

Enlarged bathrooms are the most popular attraction for new home buyers, according to the National Kitchen and Bath Association. Today, the most popular additions for younger buyers are sunken whirlpool baths and showers. But be sure to install modest, solid amenities. It’s easy to quickly over-spend on bathroom fixtures.

Buyers are, by convention, more interested in above-ground living space – not basements, yards and walkways. Swimming pools can be a poor investment if installed for the sole purpose of increasing a home’s value; it’s rare that a pool’s cost will be recovered in a home sale. It can also be a negative feature for potential buyers with very young children.

Replacing worn carpeting, tiles and wood floors can give your home an immediate advantage over similar properties in the area. Updating paint colors in all areas of your home can also prove beneficial.

However, it’s recommended that you use neutral colors, such as gray, beige and off-white when adding new floor and wall coverings. Fewer buyers will then turn away because of differing tastes.

Stay simple with your remodeling and look at your home as though you were the buyer. Chances are that if you find the upstairs bedroom could be brightened by a larger window, potential buyers will probably feel the same.

Don’t go overboard. Concentrate on improving two or three deficiencies in your home. More than likely, the time and money you spend adding quality to your home will be rewarded with greater profit at selling time.

To buy homes for sale in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in central Arkansas, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

HOW TO DETERMINE THE PRICE OF YOUR HOME

Why is it that some homes sit on the market for a year while others sell like hot cakes? Frustrated sellers will blame a bad market, while a good real estate professional will tell you that many times, a slow sale is often attributed to the listing price.

If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.

The secret is perfecting a technique that’s as American as apple pie: comparative shopping.

Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.

A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Marketing Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, the agent is able to recommend a realistic price range that will ensure you top dollar and a reasonably

However, factors such as the amount of time needed to sell your home can alter the agent’s price recommendation dramatically.

Typically, people should check with real estate offices in the community to determine the typical duration that listings are on the market. Sales associates will explain that the marketing “norms” vary with prices and properties. Based on this criteria, the agent feels confident that he or she will be able to sell it for a price that both you and the buyer will be happy with. However, if you’re under time constraints because of unexpected job changes or moving agreements you’ve made on another property, this will narrow your chances of selling the home for top dollar in the market.

Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.

The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer and other factors, such as the economy, could cloud your view of how much your home is really worth.

Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to shore with you.

A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.

Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help an agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale.

To find an agent that can help you in your journey, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

How to Spot a Good Buy

Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.

However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.

The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?

Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.

Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.

Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.

Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.

Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.

Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern east-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.

Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.

Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.

Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.

You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.

To find an agent that can help you in your journey, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

How to Give your Home a Facelift: The Sellers' Guide to a Quick Sell

One of the great challenges to selling a home can be showing all of its space, decor and natural light potential. For example, every home has crowded closets and dead space. Sellers should be aware that areas such as these are easy to spruce-up with a little elbow grease and old-fashioned innovation.

Begin by evaluating your closet/storage space, determine which areas can cut-down in clutter. Go through old clothes, shoes, etc., and get rid of anything that will not be used and in turn create more space. Consider organizing shelves and other areas to make better use of your storage space, including your garage and basement. Also, try to throw out or give away any old furniture that is no longer of use. All of the discarded items can be given to Good Will, Salvation Army or even sold at a yard sale.

"Although most sellers keep their homes clean and well-decorated, it can be difficult to convince a buyer of a home's potential when clutter is noticeable. As brokers, it's our responsibility to offer any tips that will expedite the sale and make the experience more enjoyable for the seller," said Mitch Hart, Owner and Principal Broker of CENTURY 21 Dunaway & Hart, Inc.

Once you've eliminated the unwanted items and furniture, begin the 'renovation' process. For non-storage spaces that could use a little more decor, consider adding a small bookshelf complemented with a cozy reading chair. Always be sure you're filtering as much light into your property as possible. Open or replace curtains. For example, light from a window overlooking the backyard offers a room more color, a great view and the illusion of more space.

Always maximize the potential of existing decor; wash old curtains, re-stain old wood casings, anything that refreshes and emphasizes all the potential of the space and decor of the home.

Prospective buyers are often more drawn to homes with features that they don't have, those with clutter-free closets, open sunny rooms, and cozy little corners. To ensure you've realized all of the above characteristics the last step should be to bring in a friend and observe their reaction. Make sure it's an honest friend, who will offer suggestions as well as notice the improvements. Seeing your own home through someone else's eyes is a great way to make a home optimally attractive and more sellable to prospective buyers.

Be diligent in your efforts and be sure the renovations improve the aesthetic appeal of the home. All the hard work will be worth the reward of a successful sale.

To learn more about what to do before listing your home, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. To look at homes for sale in your neighborhood, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

How to buy a Foreclosed Home

Today's article comes to us from Century 21 Dunaway & Hart, Inc.'s Relocation and REO Director, Sherry Atkinson.

There are as many self-help books, videos, web-pages, and experts on buying Bank-owned homes as there are bank-owned homes. So, how does a buyer actually buy one of these homes?

Step one should be contacting your local real estate agent. A large majority of Bank Owned or REO properties are listed by local agents. The bank will ask a real estate broker to list these homes at market value and market these homes to the public.

A common myth is that a buyer can make a low offer and walk away with these Bank Owned Properties. In realty, the Bank is like any other Seller. They want the highest and best price for their home. An informed buyer will inspect the foreclosed property to determine the condition of the home and ask their agent to obtain comparable sales to determine the market value.

The majority of these banks require a buyer to have financing in place before making an offer to purchase. A pre-approval letter from the lender is almost always required. In fact, some Banks require that a potential Buyer get a second pre-approval letter from their own bank. The Bank will not require that the Buyer use their bank to finance but they will require a letter to ascertain that the potential buyer has met all the criteria that they require to finance a home.

Also, be prepared to present earnest money. These banks will look at the amount of earnest money or escrow funds that a buyer is willing to put up. This shows good faith to the Seller and that a buyer actually has some liquid money for closing. A good rule of thumb is $500 for properties less than $25000 and 1% of sales price for properties above $25,000.

Most banks will counter with their own addenda. Be sure to have an attorney review anything that you do not understand before signing. Your real estate agent is there to negotiate the contract but they cannot give you legal advice.

And finally, be patient. Be prepared to wait anywhere from 2 days to 1 week or longer for responses. All banks are different and all have different systems in place for responding to offers. Most banks have to go through several corporate approvals before a contract is signed.

To buy homes for sale in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. Affordability and Mortgage Calculators can be found at our website so you can determine your price range.  To look at homes for sale in central Arkansas, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Conway is named one of the Fastest Growing Cities in Arkansas

The Gadberry Group recently released a report naming the fastest growing cities in Arkansas for 2009.  Maumelle, Bryant and Conway respectively were the top three cities in the state.

In the past decade, Conway has seen exponential growth topping 30% and has also earned the desingation as one of the most educated cities in the state with over 36% of residents earning a Bachelor's degree or higher according to City-Data.com.

The Arkansas Democrat Gazette quoted Larry Martin, a principal with the Gadberry Group, "For years, Conway was known as a bedroom community to Little Rock but that no longer is the case. Conway landed one of the largest economic development projects in the state in 2008, Hewlett-Packard's $28 million customerservice and technology center, which will employ 1,200 by 2012."

The Log Cabin sat down with Mayor Tab Townsell after the report was released.  The Mayor said “We’re trying to grow into the city we wish to become and not just grow out of the city we were in love with. In other words to build smart, to build fine parks, build better roads and bike trails and continue to grow in our police and fire safety forces. They keep our city safe, and that is what is going to dictate whether or not we are a good place to live as we grow.  Now Conway is an independent area. "People now are going from Little Rock to Conway to work.”

Brad Lacy, President and CEO of the Conway Area Chamber of Commerce also weigned in on Conway's standing with The Log Cabin.  “Conway has felt like an island in the storm.  We have been so fortunate to maintain growth in this climate. I think it’s due to our diverse and fundamentally sound local economy.”

To look at homes for sale in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc. today. To look at homes for sale in central Arkansas, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Little Rock, North Little Rock, Conway MSA Named by Forbes among America's Best Bang-For-The-Buck Cities

Forbes has named the Metropolitan Statistical Area (MSA) including Little Rock, North Little Rock and Conway, Arkansas near the top of their America's Best Bang-For-The-Buck Cities in America. The Little Rock, North Little Rock and Conway MSA ranked in second place out of the 100 largest Metropolitan Statistical Areas in the country.  Forbes analyzed a variety of factors including: foreclosures as a percentage of housing units; vacancies; unemployment rates; a three-year job growth forecast; a three-year home price forecast; housing affordability; median real estate taxes; and median travel time to work.

Specifically, the relatively stable housing market was listed as a key component among the top contenders.  Conway's housing market has fared well throughout this recession and now is a great time to buy with the extension and expansion of the Homebuyer's Tax Credit and historically low interest rates.

To look at homes for sale in Conway, Arkansas or in Faulkner County, Conway County or Perry County, contact a Real Estate Agent at Century 21 Dunaway & Hart, Inc today. To look at homes for sale in central Arkansas, check out all the property listings in central Arkansas, watch our television show, or read our Central Arkansas Homes Magazine. You may also call our office at 501-327-2121 or 800-490-0021 to set up a private home or land showing with one of our award winning Real Estate agents today.

Factors That May Affect Your Property Values

1. Location, Location, Location - Location is perhaps the single biggest indicator of worth of property, whether it is land or a home.
2. Availability and Current Location of Utilities - Utilities including water, sewer, electric, telephone and natural gas all help determine the value of land. This is only a determining if you have land. However, in a house the type of utilities available can affect you home value. For example, Conway Corp, offered within the City of Conway has traditionally offered competitive utility rates when compared to surrounding areas.
3. Zoning - Zoning is an important indicator of value assuming the property is within the city limits.
4. Floodplain/Floodway Issues - If the property is in the floodplain or floodway your property value may decrease dramatically.
5. Neighborhood - The area surrounding the property is an important factor when determining property worth.
6. Topography - Flat land is usually more valuable than rocky or hilly terrain. Lowland wetlands are less valuable.
7. Waterfront - Being waterfront can add significant value to property whether it is a home or land.
8. Access - Accessing the property is vital in determining property worth, as well as the quality, type, and traffic count of roadway.
9. View - A scenic view makes property more valuable.
10. Mineral Rights - Mineral rights have the potential to provide long term income to the property owner. Whether or not you own the mineral rights to your property can significantly affect your land value.
These are all general guidelines and not intended to replace a comparative market analysis or appraisal of property.
If you would like a Comparative Market Analysis on your house or land, call one of our award winning real estate agents at CENTURY 21 Dunaway & Hart, Inc. at 501-327-2121 or 800-490-0021.