Please read some of our blog posts to help you understand any questions you may have about purchasing a home or more information on Sioux Falls. 

July 18, 2017

605 Sheds

When moving, you must ask yourself a few questions about your new potential house such as location, size, and number of bedrooms. However, one of the questions we receive at Falls Real Estate quite a bit is "How much storage does this house have"? Many times, the answer is "not enough". That's why we have decided to parter with 605 Sheds in order to bring you the most when moving into a new house.  If the storage situation in a house is low, 605 Sheds can meet with you and discuss your needs by offering a portable storage shed for your backyard.  Furthermore, because of the partnership with Falls Real Estate, any time you mention the business name to them you will receive a discount on the shed. 

 

 

 

Posted in About Sioux Falls
June 6, 2017

Choosing the Right Agent in Sioux Falls

 

Choosing the Right Real Estate Agent in Sioux Falls can be tough. Especially with the over 500+ agents that are practicing here. With all these options, what should one look for when deciding on an agent?  Experience, dedication, knowledge, and personality are all big factors when deciding on an agent. However, those are not the only decisions one should rely on when choosing an agent.

 

For example, an agent with less experience may not have had as many closings as a seasoned vet. However, they still have their broker and other agents in the office to rely on. Also, they may work even harder for you since you are a new client to them and their livelihood may depend on the success of finding and closing a house for you.   This is not the case for all seasoned and experienced agents, but it’s an example on why experience alone shouldn’t determine the agent you choose.

 

Buying a house can often be one of the most important decisions in your lifetime. So, what really should be the driving factor on an agent you choose? At Falls Real Estate, we recommend simply choosing an agent you feel comfortable with.  You should be confident with your agent that he or she will do everything they can to not only find you your dream home, but also make the process as smooth as possible.

 

We recommend asking these three questions before choosing the right agent:

 

1)    How will you make this process smooth for me?

 

An agent should always explain the process from beginning to end. What you should expect, and all the steps from putting in an offer on a house, to signing paperwork.

 

2)    What is the best way to communicate with you?

 

What makes a real estate successful? Answering the phone. Honestly, agents should be effective in their communication to their clients. This means responding to emails, texts, and phone calls at any time during the day. At Falls Real Estate, we pride ourselves in our communications and openness to our clients.

 

3)    What questions do you have for me?

 

This may be the most important question you should ask your potential agent.  This is where the real estate agent can build rapport by getting to know you more, what you want in a house, and how you expect the process to be.  This is where agents can also explain how they will work for you, and what they may do differently. For example, our agents at Falls Real Estate have teamed up with Affordable Moving to help you with one of the steps in the home buying and selling process.

 

 

 

Call us at Falls Real Estate to interview one of our agents today!!

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.

Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

 

Posted in About Sioux Falls
May 23, 2017

FREE Moving Services

You're excited because you just bought a new house, and you should be!! Buying a house is one of the most important and best decisions one can make in their life. However, there is one dreadful experience that we hear time and time again at Falls Real Estate when it comes to buying a new house --- MOVING!!!! 

 

That is why we are excited to offer our partnership with Affordable Moving of Sioux Falls, SD.  After selling your house, or buying a new one our agents will help you move.  By doing this, it is our hope that we will take away one of the pain points of moving and make it a more enjoyable experience for YOU!!! 

 

Contact us today to find out more about our moving services and how we can help you in every aspect of buying or selling your house. 

 

 

 

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.

Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

 

Posted in About Sioux Falls
May 16, 2017

Homes for Sale by Owner in Sioux Falls

 Homes for Sale by Owner in Sioux Falls

 

When selling a house, many times an individual will ask should I sell my house with an agent, or should I list it myself?  Obviously, an agent has more tools, training, and experience at their disposal. However, is this worth the 6% you’ll typically have to pay the agents who make your deal come together? It depends on a few variables:

 

 

1.     TIME: This may be the biggest variable when deciding if you need a realtor to sell your house or not.  Real Estate agents have access to the MLS, and can therefore list your house on that.  A person selling their house can list in on craigslist, Zillow, and other venues; however, those pale in comparison to the MLS. All agents use MLS for their primary search engine. You are therefore excluding most agents who search homes for their clients if it is not listed on the MLS. This doesn’t mean your home will not get viewings. It just means you will get fewer, and therefore, your house will take longer to sell.

 

 

2.     EXPERIENCE:  Selling a house involves a legal and binding contract. Real Estate agents are trained in real estate contracts and know their way around certain situations that may arise.  Contingencies, earnest money, title transfer, due diligence, are examples of terms that real estate agents are familiar with.  In certain situations, the fee paid can be worth the legal experience a real estate agent brings. In some cases, it may save you from certain litigation.

 

 

3.     NEGOTIATIONS/KNOWLEDGE: If you do not have experience in negotiations or have the knowledge to effectively negotiate, you may want to hire a real estate agent.  Not only does an agent have experience in negotiations, they have knowledge in the current market and know certain metrics. For example, houses may be selling at 99% of listing price, meaning you can be more aggressive on the seller side while negotiating. This knowledge can help you get the most for your house.

 

 

Falls Real Estate agents will also do the dirty work. In addition to searching, negotiating, and helping you through the process, are agents are notorious for going above and beyond.  In the past, they have ripped down a shed in the pouring rain, answering their phone at all times during the night, and many other items that show their commitment to customer service.

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.

Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

Posted in About Sioux Falls
May 9, 2017

Should I Rent or Buy?

This is a question that we hear frequently, especially for first time home buyers. Here is a calculator to help you decide!!

Rent vs. Buy Calculator by MortgageLoan.com

Rent vs. Buy Calculator by MortgageLoan.com
Posted in About Sioux Falls
May 1, 2017

What is the MLS?

What is the MLS?

 

The MLS stands for stands for Multiple Listing Service. It was developed by a collaboration of Realtors who have spent many resources developing a place where transactions can be more efficient.  Technically speaking, the MLS is a place where listing agents place private offers to other real estate brokers in return for cooperation and compensation.  https://www.nar.realtor/topics/nar-doj-settlement/multiple-listing-service-mls-what-is-it

 

However, the MLS is much more than that and as technology evolves home buyers are reaping the benefits of the MLS.  MLS gives certain individuals access to not only their set of data on the website, but they also give access to their API (Application Program Interface). This means that certain individuals can download or transfer data between the MLS and other websites.  In other terms, that data can be shared across the internet for home buyers to see. This is how websites such as Zillow.Com, Trulia.Com, and SellSiouxFalls.com have come into existence. We transfer the MLS data onto our website and share it for potential home buyers to see. However, there are some things you must know when searching for homes on certain websites such as Zillow.com and SellSiouxFals.com.

 

1)    Know the MLS Lingo:

·      ACTIVE – This house is for sale and showings can be scheduled. Contact your agent for more information on it.

·      ACTIVE- Contingent Misc – This house is under contract and typically contingent upon the inspection, appraisal, and financing. More times than not, this house will close. However, it’s something for your agent to keep an eye on.

·      ACTIVE – Contingent House – This house is also under contract, and is contingent upon inspection, appraisal, and financing as well. However, it is also contingent upon the new buyers selling their other house.  These offers typically have what is called a “kick out” clause. This means that after another offer is received, the first offer buyers have around 24 or 48 hours to perform on the contract or let the house go and make way for other offers.

 

2)    You are not seeing everything on the MLS real estate agents see:

An MLS listing has many fields on them, and only a portion of these are shared on a website such as Zillow or SellSiouxFalls.com. Therefore, a homebuyer is not seeing the whole picture of that listing and should always contact their agent for additional information. The main piece that is missing is called “Agent Remarks”.  This is a private piece of information that only the agents will see and will usually give more information about the house such as if the bank has foreclosed on it and showing information.

 

 

3)    The information is not updated in real time:

Many websites will tout their quick upload time, but none of them are in real time. SellSiouxFalls.com updates are information just as quick as Zillow or Trulia, but it is not real time like the MLS. Therefore, information is reaching home buyers just a bit slower than real estate agents. In today’s fast selling market, information is vital. For example, an MLS listing may get uploaded on Sunday night, but because the information doesn’t reach other websites like Zillow until a bit after, the homebuyer may have gone to bed. After getting up and going to work, they check Zillow and see a house they would LOVE to see. However, it’s already under contract.  Information is everything and your agent will have the information quicker than any other website.

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.

Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

Posted in About Sioux Falls
April 24, 2017

Search Sioux Falls Foreclosures

Sioux Falls Foreclosures and short sales were a hot commodity after the real estate bubble popped in 2008. However, a lot has changed since then so one might ask eight years later, are they still a desirable property to buy?  The answer is "it depends".  Foreclosures and short sales have some advantages and disadvantages that we will discuss in detail: 

 

Advantages:

1) PRICE - This is the most obvious advantage on why someone may or may not buy a house that is bank owned or in foreclosure.  Deals can be made when buying a bank owned property, which is due to how bank financing works. Banks are not in the business of owning homes that are not occupied. They want to sell the bank owned house as fast as possible. This is due to the added cost associated with holding on to the property such as insurance, property taxes, and repairs and maintenance. Therefore, a bank wants to sell the house fast and typically what they have it on the books for. If there is not much owed on the property, a potential buyer may get a good deal. 

 

2) LIEN - Once the bank foreclosures on a house all liens are cleared up. The bank will always provide a clear and lien free title on the house. If there is a lien on the property, the bank will clear that up before selling it. 

 

3) INSPECTIONS - Most bank homes are sold "as is". However, it's a common misconception that you can't do an inspection on an "as is" property. Although the bank may be less likely to do repairs or other maintenance work, a potential buyer can still get out of the contract if the inspection of the house came back faulty. Make sure your real estate agent thoroughly explains the contract with you if you do put an offer in on a foreclosure house.

 

Disadvantages:

1) TIMEFRAME - This can be one of the most annoying parts of buying a foreclosure and especially a short sale. Many times you are operating on the bank's time and you will not get a definitive close date. I know this one personally by experience as I bought my home via short sale.  I waited month's before getting an answer from the bank, and finally one day they said the offer was accepted, you close next week. I was lucky as I had another place to live that was flexible, but that may not always be the case. 

 

2) REDTAPE - Getting connected to the decision maker when buying a bank owned property is a very daunting task. Many simple questions take days to get answered because of this and can be quite frustrating. Be prepared to wait, and wait, and wait when dealing with a bank. When you finally do talk to the right person, be prepared as it may be days or weeks until you can get a hold of them again. 

 

3) DISAPPOINTMENT - When submitting an offer for a foreclosure or a short sale, do not get personally attached to the house. The popularity of buying bank owned properties have brought an influx of investors and house buyers. Shows on TV make it look easier then it is. So when you do put in an offer, prepare to be rejected. 

 

If you are looking for a foreclosure, check out our website to search all Sioux Falls and surrounding area foreclosures. For more information, contact us today! 

 

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.

Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

 

Posted in About Sioux Falls
April 14, 2017

Is Sioux Falls a seller's market?

Is Sioux Falls a seller's market? I keep hearing that and wonder it myself sometimes. Houses are selling fast and pushing prices higher. Sellers are getting 97% of their asking price and with continued low interest rates, there are many buyers. Simply put, it is a seller's market BUT with anything real estate, there are some contingencies. 

 

1) Price Range Matters:

An article just published by SiouxFalls.Business and shared on KSFY featured homes over $1,000,000 are selling 45% faster then last year. Also, Sioux Falls homes under $200,000 continue to fly off the shelves.  However, homes in the $300k to $600k are not selling as fast as these other priced homes. My analysis is that as Sioux Falls continues to grow the boundary also does. This means that homes that were once in the "exclusive" outer boundaries of Sioux Falls are now surrounded by other homes. This takes away the "close to Sioux Falls but not in Sioux Falls" feel of a home. 

New homes are also being built at record pace. Home buyers are finding that building a house may be close to the same price as buying a "used" house. It also lets the homeowner build equity by finishing a basement for example. I'm not a huge believer in building a new house verse buying as I do believe there are deals to be made with existing homes, but I do think it is affecting homes in the $300k to $600k price range. 

 

2) Get the Price Right: 

Pricing your house right is the single most important thing when selling your house. In an quote by John Knight and published in Real Estate Economics he states “Homes that underwent a price revision sold for less, and the greater the revision, the lower the selling price. Also, the longer the home remains on the market, the lower its ultimate selling price.”

Furthermore, NEVER price your house with negotiation room. As I stated earlier, houses are selling at 97% of listing price. Get the price right and receive the most for your home. 

It's important to hire the right agent that will be honest when giving you a CMA on your house. Falls Real Estate will be honest, and not try to "sell" you on why you should sell your house by giving you an inflated price on the house. 

 

3) Stage, Stage, Stage: 

Human nature makes it hard for people to visualize. This is important as you get ready to sell your house. Home staging is important in luxury homes and I would always recommend hiring a professional if your house is considered a "luxury" home. Lower priced homes should also get some level of staging, especially if you are moving out and plan to take everything. A first impression goes a long way, so at the VERY least you should have furniture and decorations in your pictures.  To get the best luck out of selling your home, I would recommend keeping your home as close to "livable" as possible. This means keeping your furniture and decorations, however, it's important to remember not everyone has the same taste as you. 

 

Falls Real Estate has an expert home stagger in house that will give you recommendations before listing your house. Her opinion is honest and even though she may tell you something in your house needs to go, it will give you the best opportunity to sell your house.

 

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.
Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

 

 

Posted in About Sioux Falls
April 10, 2017

March 2017 Monthly Market Indicators

 (Information from Rase-Inc.org)

March 2017 Monthly Market Indicators


We can comfortably consider the first quarter to have been a good start for residential real estate in 2017. There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.

New Listings in the Sioux Falls region decreased 13.6 percent to 597. Pending Sales were up 78.6 percent to 534. Inventory levels fell 26.3 percent to 1,247 units.

Prices continued to gain traction. The Median Sales Price increased 10.1 percent to $185,000. Days on Market was down 8.0 percent to 92 days. Sellers were encouraged as Months Supply of Homes for Sale was down 33.3 percent to 3.0 months.

The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases should be thought of as little more than a byproduct of a stronger economy and stronger demand.

 

Housing Supply Overview

Low supply and steadily rising rates and prices have been the story so far after the first quarter of the year zipped by. The storylines are not expected to change as we work our way into the busiest months of the real estate sales cycle. For the 12-month period spanning April 2016 through March 2017, Pending Sales in the Sioux Falls region were up 10.2 percent overall. The price range with the largest gain in sales was the $700K to $800K range, where they increased 116.7 percent.

The overall Median Sales Price was up 5.4 percent to $183,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.9 percent to $178,500. The price range that tended to sell the quickest was the $100K to $150K range at 73 days; the price range that tended to sell the slowest was the $800K to $900K range at 215 days.

Market-wide, inventory levels were down 26.3 percent. The construction type that lost the least inventory was the New Construction segment, where it decreased 21.4 percent. That amounts to 3.0 months supply for Single-Family homes and 3.5 months supply for Condos.

Posted in About Sioux Falls
April 3, 2017

How do I get pre-approved for a mortgage in Sioux Falls?

How do I get pre-approved for a mortgage in Sioux Falls is a question that surfaces in the very beginning of the home buying process. In fact, it is arguably the very first thing one should do before searching for homes.  One does not want to put the cart in front of the horse and look for homes that may or may not be in their price range. Instead, reach out to a lender to get pre-approved so you know what price range you and your realtor can work with. Once that is done, the lender can forward the pre-approval letter to your real estate agent. This will not only make you, the home buyer more comfortable, but it will also make the realtor comfortable by showing that you are serious in buying your dream house. Also, a pre-approval letter is required when putting in an offer. Since homes in Sioux Falls are selling fast, you will want to have that pre-approval letter ready in case you do find a house that you like. 

 

There are many different ways that one can go about getting pre-approved for a mortgage in Sioux Falls. However, one can break it down in 5 different segments. 

 

1) Small Local Banks:  This option provides an individual the most flexibility and decision making. Most of the decision makers in the small local bank, are located in that particular branch or somewhere very close. Therefore, many times a decision can be made quickly. The risk with a small bank is the potential of that bank experiencing a buyout, sell, or going out of business. The great service you may have had with these banks may change overnight. 

One example of a Small Local Bank is Plains Commerce Bank.

 

2) Regional Banks:  These banks provide a hybrid service in which they typically don't require the levels to get pre-approved, and they can also offer other services that a small bank may not. The management may be in a different location, but they are usually very responsive in making decisions. These banks also have a much lower risk of getting bought out or closing, thus you will typically work with the same bank the whole life of your mortgage.

Great Western Bank is an example of a Regional Bank.

 

3) Large National Banks: Everybody has heard of these large banks. They are the five largest banks that own nearly half of all the banking industry.  The decision making is very slow in a large bank and you may be required to go through some red tape. However, there are some pros in working with a large bank such as ease of ATM use and being able to find a branch almost anywhere in the United States. 

 Wells Fargo would be an example of a Large National Bank. 

 

4) Online Lenders: A relatively new kind of lending is making its way into the mortgage industry. These lenders offer some unique advantages as they simply collect information and shop this information out to numerous lenders. The lender that offers the best rate will be shown to the person interested in receiving a house mortgage.  Some of these services have good reviews, and some have bad reviews. Obviously you don't get to work with a personal mortgage lender so questions may take time to get answered. Also, the mortgage company may be in a different state all together.  However, if you are looking for a pre-approval letter quick, this may be the way to go.

 

An example of an online lender is Lending Tree.  

 

 

 

Falls Real Estate
Sioux Falls Homes for Sale
Address :
230 S Phillips Ave,
Sioux Falls,
SD - 57104
United States.
Tel : 6055530155
Fax : 6055530155
Email : karelstim@gmail.com

 

Posted in About Sioux Falls