First Time Home Buyers

Are you a first time home buyer; if you are you have a limited time to take advantage of the up to $8,000 tax credit. A lot of misunderstandings are out there concerning this program, here are the facts:
1) You need an Adjusted Gross Income (AGI) of less than $150,000 - how do you know that? If your combined income (spouse and you) is less than $150,000 you qualify it your combined income is over $150,000 call your tax advisor, they will know!

2) Have you and your spouse owner a home in the past 36 months?

3) Do you plan to stay in residence for at least 3 years?

If you answer yes to all the above questions, now is the time to buy!

Why should you buy now other than to take advantage of the up to $8,000 tax credit?
Interest rates are lower than they have been for the last 50 years.
Many homes are on the market - a lot of very good deals out there!
You've heard buy low and sell high - well it's the same for real estate, in many areas inventory is up and prices are down. Many good buys are available, in our area. You may qualify for up to $8,000 in tax credit - that's just icing.

How does the tax credit work - a tax credit is not a tax deduction. This specific tax credit does not reduce income that is subject to tax - that is a tax deduction, it is a dollar for dollar reduction in tax liability. An example of how these differ is an $8,000 tax deduction would result in a $2,240 tax savings for a 28 percent taxpayer. But, an $8,000 tax credit would result in $8,000 in tax savings for the same 28percent taxpayer.
Still have questions, please call me 712-574-5426 and I will walk you through it. Now is not the time to sit on the fence if you qualify for this tax credit, it is scheduled to be gone on December 1, 2009. That means you have to have the property closed by that date.
source Pat Zaby, CRS, CCIM, speaker at 2009 IAR Annual Convention. www.patzaby.com

Iowa Statewide Housing Statistics

The Iowa Association of Realtors publishes housing statistical information and summarizes all boards that report.

Statewide the numbers stack up like this:
Comparing 2008 to 2007

January 2008 - Median Price down 18% and number of sales down 36%,
February 2008 - Median Price down 17% and number of sales down 11%,
March 2008 - Median Price down 18% and number of sales down 24%
April 2008 - Median Price down 1% and number of sales down 14%
May 2008 - Median Price down 17% and the number of sales down 15%
June 2008 - Median Price down 1% and the number of sales down 31%
July 2008 - Median Price UP 1% and the number of sales down 9%
I expect to see these numbers getting into positive territory very soon, once the election is over and the economy stabilizes.

New Photos of Storm Lake Iowa Architecture

I hope you enjoy these pictures of the beautiful and unique architecture of Storm Lake, Iowa.

http://picasaweb.google.com/SLRealtyCheck.com/StormLakeIowaBlackAndWhitePictures

Stay tuned for more. Check out some of my other photo collections below:

http://picasaweb.google.com/SLRealtyCheck.com/BarnesOfIowa

Unique and historic barns of Northwest Iowa

Old Ford Sign on Building in Storm Lake Iowa

Annual Real Estate Report

If you are interested in receiving this informative local report (and if you are thinking of buying or selling you need it) that includes: number of residential properties sold, average sales price, average days on the market, the percent change in price and number sold by month and as compared to 2006 and a lot more!
Send me an email and I will get you on the list for January - so far there are 343 people on that list! Just send me an email at Georiga@SLRealtyCheck.com or Gweaver@iw.net and oh by the way, I do love referrals if you know of anyone who needs my services.

Storm Lake and Alta Real Estate Year to Date

The year to date numbers on residential properties sold in Storm Lake and Alta Iowa are very encouraging!

According to the Storm Lake MLS, www.StormLakemls.com

Total Dollars Sold - $16,002,318.00 - 100%

RES - $13,250,600.00
Market Share 41.40%

C-21 - $10,592,586.00
Market Share 33.09%

ReMax - $4,633,900.00
Market Share 16.41%

C&E - $800,500.00
Market Share 2.50%

Stanley - $548,425.00
Market Share 1.70%

Other - 1,624,825.00
Market Share 5.23%

Why should you care about these numbers? Well, these numbers show that our real estate activity is up 100% from 2006, it shows we have a very strong market.
These numbers also show the market share of each local brokerage. Why's that important, it is one tool to help you decide who to use to help you achieve your real estate needs and goals.

Some people think winter is not a good time to sell, well just because some people think that, it limits the number of homes on the market. People will still need to move, businesses will still transfer employees and people will still retire. So what do I think, I think an appropriately priced home will sell home at any time of the year! Call me I'll help you market your home to sell or I'll help you find a great home for you to buy!

KKK Coming to Storm Lake????

Are you kidding me; get real and join the human race. Let me know what you think, I'm sure you can guess what I think.

Storm Lake and Alta Iowa Homes Available

The local market is tight with Buyers matching Sellers very closely. As of 10/4/07 there were 63 homes listed and active (no offers) there were 5 OPCTS (offer pending continue to show. In Alta there were 6 homes listed and active, none of them have offers so far.

Fourteen homes sold in Storm Lake within the last 30 days with prices ranging from $45,000 to $142,000. The sales in Alta ranged from $120,500 to $70,000. Now is a great time to buy or sell as the numbers above show.

If you would like to receive local market updates directly to your email please drop me a request and I will git'er done. Email me at GWeaver@IW.net or go to www.StormLakeIAProperties.com

Storm Lake and Related Home Markets- Still Going Strong!

By the numbers, the local home market is still cranking out excellent numbers of both sales and listings. Unlike the national big city markets our local market is solid. Yes, we are seeing an increase in foreclosures and it is tougher to get a loan if your credit history is shaky but the impact is very little - so far.

What are the numbers?
The local MLS (Multiple Listing Service)reported 21 sales in the last 30 days
1) 14 were in Storm Lake
2) 2 were in Alta
3) 2 were in Early
4) 1 in Aurelia
5) 1 in Sioux Rapids
6) 1 in Rembrandt

25% of the sales were out of the Storm Lake and Alta Market, this may be a reflection of the Buyers decisions being impacted by the negative press concerning the national real estate market.

The properties that sold outside of Storm Lake and Alta had an average sale price of $55,600. The sale price of $55,600 is quite low for the Storm Lake or Alta market.

There were 2 foreclosures in the mix - both in Storm Lake. These sold for $45,000 $50,000. These amounts are good for foreclosures, the sale price for these 2 reflects an aggressive investor market in the Storm Lake and Alta area.

Alta had 2 sales, one at $120,500 and the second at $70,000. There is a new foreclosure listed in Alta - 113 Division Street. This is not an investor property, it is move in condition and it is priced for this condition.

For additional local real estate market info and listings go to www.StormLakeIaHomes.com

New Storm Lake Conference Center, Restrauant and Water Park Open for Business

The AWAYSIS Project is full steam ahead, the water park is open both inside and outside as are the conference center, restaurant and hotel.

The outdoor water park is awesome - if you haven't been there you are missing out. Young and young at heart are trying out the slides. If you are feeling more sedate (chicken) they have provided an area just for swiming both inside and out, but WHY not try the slides just once, you'll be hooked?

The Regetta Grill restaurant has very good food, I felt the service was a bit slow but there may be a method to that and the view makes the service well worth the wait. Having experienced both lunch and dinner a word of advice - make a reservation if there are more than 2 people.

Check out the elegant modern lobby furnishings, very sophisticated with a hint of the 1940's.


On a separate note, the new condo project across the street to the east from King's Pointe is showing signs of life. Huge concrete pillars have emerged from the golf course, I can't wait to see what comes next. A number of these condo's have been spoken for, if you are interested in a condo home on Storm Lake give me a call. A number of floor plans and upgrades are available prior to development.

CNN Money has Storm Lake listed as No. 22 on its Most Affordable Places to Live

WOW!, Storm Lake Iowa home market on CNNMoney!
I am impressed, they have us listed at No. 22, this article will be a huge boost to our local housing market, although our local housing market is very strong compared with the national market. Small towns usually benefit greatly from inclusion in this type of press. It should get more people to view information about our town Storm Lake and see the new developments (AWAYSIS, Kings Pointe, Local Photos, Marina, Dredging Project, new school, and lots more) Check out the CNNMoney website article by Jeff Cox, by clicking on the link below or on the article title.
Let me know what you think of about this article. How do you feel the local housing market is doing and should Storm Lake been included?

NEW Federal Mortgage Calculator

A new tool developed for home buyers who are shopping for mortgages is available from the Federal Reserve. The tool will calculate mortgage payments and home equity accumulation. This great new consumer tool is a must use - it enables you to calculate mortgage payments for different mortgage products like adjustable rate mortgages, interest-only loans and fixed-rate mortgages. All consumers need to shop for the best mortgage product for their specific situation - your mortgage is one if not the biggest financial decision you will make in your life. Ask your Realtor to help you with your mortgage, a good Realtor has financial knowledge and an established working relationship with all the local financial companies. Website for this calculator is www.federalreserve.gov/apps/mortcalc or you can click on the title to get to this calculator.

10 Small Fixes Bring Big $$$ Rewards When Selling Your Home

Think you home is ready to sell - checkout the list of 10 small fixes
1) Remove old calk from tub, shower sinks etc, super clean and dry the area, recalk
2) Clean your stainless sink till it sparkles
3) Clean all bath fixtures until they sparkle
4) Check all floor corners - be sure they are clean
5) Trim all landscaping, especially around walks, beds and trees for a well taken care of look
6) Clean all windows until they sparkle, clean inside window sills too
7) Buy some Old English Oil, it comes in light and dark - go over your woodwork, it will look great and smell great
8)Paint unfinished basement walls white
9) Clean gutters
10) Place blooming plants (vibrant colors like rich red or deep orange) in strategic places inside and out.

These 10 tips will help you sell assuming your home has been accurately prices with the use of a Realtor and a Competitive Market Analysis (CMA).

Call me to look at your home, together we will get it in the best shape to sell in the shortest time and for the highest price! Direct: 712-574-5426

Total Property Remodel? Follow this Plan for Success

For those of us who remodel and do big projects (like whole houses or apartment buildings) this information is priceless. The logical flow of a project is one of the most important lessons you can learn, doing things in the right order can save you thousands of dollars, lots of headaches and time. Time in a remodeling project translates directly in to dollars - usually hundreds if not thousands! We develop a plan for each project, planning is important, as someone said - Failing to Plan is Planning to Fail. I don't know who said that but they knew what they were talking about.

You want your financial partner not just comfortable but happy loaning you money, always have a written, professionally presented, detailed project plan. Your plan should include a time line, along with supplies and contractor's names (if you aren't doing it your self), costs and end results. Do not "fudge" on your plan, to put it simply "fudging" is lying.

If you under fund the project you could end up with an incomplete project, we see this more than we should - we buy these projects - usually at a discount! We calculate a 25-30% over run, and it is noted as "overrun" on our plan to our financial partner - this covers an increase in lumber, other materials, demo surprises and other items.

Check out the link by clicking on the title and check back to see what we have to help you in your Real estate investing adventure!

Why You May Want to Remodel Now Rather than Wait

Check out this article at Bankrate.com, why you may want to remodel now rather than wait until next year.

New Storm Lake Housing Development - not a local contractor

Twenty one residential lots are planned for single-family home development on Storm Lake's north side. Des Moines based Colby Development requested their initial plat and zoning changes to the area be approved by the Storm Lake Planning and Zoning Commission.

Colby Development is planning to build single-family homes on all 21 lots. The Planning and Zoning Commission recommendation will be presented at the Storm Lake City Council tonight at 5:00 pm.

Please respond to this if you have an opinion one way or the other that a contractor out of Des Moines appears to be going to get approval for this project. Should it have gone to a local contractor?

Aurelia Iowa - Next Big Real Estate Investor Spot

Aurelia is 13.1 miles from Storm Lake, 8.1 miles from Cherokee and 7.2 miles from Alta. The real estate market is slow slow slow! A number of houses have been on the market over a year, several apartment buildings are available. Need I mention the new ethanol plant slated for fall - contractors need places to live, employees also need homes.

Shown at left is the dining room of a 3 bedroom, completely remodeled, ranch home with a 2 car garage and shop - listed for $62,000!

So, you say, if it's such a good deal why haven't you invested there? Only one reason, we have two projects inb the works - a 4-plex that is a complete remodel and a laundrymat. Need I say more?

Money is still pretty cheap, so if you want to begin investing check out some of the Real Estate Investor tools and take a drive to Aurelia. Call me if I can help!

State of the Real Estate Market in Storm Lake and Alta Iowa

There's been a lot of negative press on real estate lately, foreclosures up, too much inventory, over building by contractors. The local market continues to be the exception to the rule. Storm Lake and Alta are still solidly in a Seller's market and as a realtor if I don't stay ahead of the market by the time a property list in the MLS (Multiple Listing Service)they already have accepted offers. If you are thinking of selling - Git er done!!!

Acreages are selling fast, but they should be in fairly good shape - including the out buildings. Ranches are the best sellers hands down in our area and have been for several years; the main reason is living on one floor. If you are thinking about building or remodeling keep this info in mind.

The latest rage in local real estate is staging - staging is having someone come in and set the house up like a display in a magazine or furniture store. Does it work, you bet it does! Staging can be done in an occupied home or a vacant one, it is especially successful in new construction and vacant homes. Staging can be done by a number of business or people, and yes there is normally a fee. The fee is usually based on the items used to stage the home and the time the items will be in place.

Storm Lake Properties sold in the last 30 days: 20
Address --- List Price--- Sale Price--- Days on Market
420 Lake Ave Condo D --- $99,900 --- $97,000 --- 522
710 Walnut --- $89,000 --- $80,000 --- 265
315 Lake Ave--- $159,000 --- $147,000 --- 268
123 Superior --- $30,000 --- $15,000 --- 192
111 Superior--- $59,900 --- $55,500--- 102
1516 Hyland Dr --- $69,900 --- $65,000--- 93
716 Barton--- $115,000 --- $110,000--- 58
617 Iowa St--- $137,750 --- $120,000--- 57
1109 Seneca--- $66,900 --- $61,500--- 63
813 Hyland Dr --- $65,900 --- $65,000--- 44
224 Oneida--- $32,500 --- $31,000--- 3
600 W 5th--- $38,000 --- $35,000--- 3
307 Superior--- $33,500 --- $31,000--- 3
602 Otsego--- $31,000 --- $30,000--- 3
112 N Emerald--- $145,000 --- $140,000--- 28
906 Highview Dr --- $116,000 --- $107,500--- 6
305 E 10th--- $93,500 --- $93,500--- 28
318 E. 10th--- $55,500 --- $52,000--- 10
217 Cayuga--- $105,000 --- $100,000--- 13

Price ---High $147,000 ----Low $15,000--- Average $75,579

Alta Properties sold in the last 30 days: 3
Address--- List price--- Sold Price--- Days on Market
802 W 2nd--- $279,000--- $230,000 --- 344
1306 Peterson St--- $198,000--- $190,000 --- 67
1310 Peterson St--- $153,900--- $150,000 --- 17

Price ---High $230,000 --- Low $150,000--- Average $190,000

Remodel Pictures - 4-Plex Alta Iowa

Finished Kitchen - New cabinet doors, hardware, paint, appliances etc... Scroll down for more pix!



Kitchen before new door, to new bedroom and bath


New doorway underway to new bedroom and bath


New bedroom and drywall lift looking into the kitchen


New bedroom looking into the new bath



New drywall on ceiling in 2nd bedroom


New paint, trim, door, light and fan in livingroom (and Spike's home away from home)


Spike our company mascot - come by and see me at the office at 106 W. Railroad Street, Storm Lake Iowa


If you want to discuss projects like this and how you can get into one give me a call 712-574-5426, or email me Georgia@SLRealtyCheck.com

Verbal Iowa Real Estate Contract???

Verbal offers to purchase real estate are totally worthless. If you are buying, selling, or negotiating for real estate be sure everything is in writing, seems like a no brainer doesn't it? You would be amazed (or maybe appalled) at how many people (including some real estate "professionals")think verbal is good enough WRONG!!! No matter what is said, the only thing that counts is what's written down signed and dated.

If you get involved in a real estate transaction where anyone insists in doing things verbally, RUN!!! and I mean run fast. Who will determine who said what - A JUDGE!.

A real estate "professional" who insists on doing business verbally shouldn't be a licensed real estate agents. Iowa has a little thing called the Statute of Frauds, it is a rule that dates back to 1677 in England, it has always been in effect in Iowa real estate dealings. The Statute of Frauds is a fundamental rule of contract law - it states that all contracts for the sale of real estate must be in writing to be enforceable.

What is the advantage of doing things verbally? If you are honest, I can't thing of one single reason to do business verbally, not to mention it's illegal, but then I may be the wrong person to answer that since I am a Real Estate Professional!