Real Estate Information

In today's market with inventory levels so high, it's so important to have your listings shine!  While we believe it's so important to make the most of the first impression when our listings are getting shown, we normally try to go the extra step and prepare many of our vacant listings for the showing agent prior to their arrival.  While there's a team of us with 3 full-time Realtors and an assistant, it does seem to help with this style of practice. 

Today, this practice really seemed to pay off.  This morning, our team received a two hour notice of a noon showing of one of our really nice waterfront condos.  So 30 minutes prior to the showing agent's appointment, our team partner, Debi made a visit to the home and prepped the home  as we often do.  Debi turned all the lights on, opened all blinds to show off the lake view, swept the front porch, and made sure the home was all tidy. 

Shortly after the showing agent and his clients made their visit, Debi called the agent to follow-up on feedback, and also let the agent know that she would be happy to close down the home so he didn't have to worry about it.  The agent's first response was "Wow, I can't believe you did all that just for me and my clients!" He then shared a little more information about his other showings and the difference our prep work made with his clients.  He mentioned that as he showed another condo in the same complex listed by another Realtor, he and his clients walked into a dark condo with all blinds closed and they were not impressed with the other condo.  Then when he and his clients walked into ours, they couldn't believe the difference with the light & airy feel with a huge view of the lake that they immediately noticed the minute they walked in.  He said they absolutely loved our condo and he then raved about all the details of the home. 

This positive feedback made our day, and was a nice reminder that going the extra step really does pay off ... Now, let's keep our fingers crossed that our client is the one that receives the offer!

       ... Will the Other Firms Copy Us?

Back in April of this year, we announced the news about our added service with First Choice Realty offering a huge benefit for our sellers!  In case you missed it, we thought we would re-post the news.  We're still so excited about this added benefit for our clients now with First Choice Realty!!!

 First Choice Realty has joined “CARMLS” – the Cooperative Arkansas Realtors Multiple Listing Service.  You’re probably wondering “what does that mean to me”?  It means that we have have broadened our marketing plan for our sellers by increasing the exposure to our sellers’ properties by at least 10 times thru this system.  This gives our sellers a huge advantage over the competition homes on the market that are listed with other firms in the area.  Our sellers’ properties will now be marketed to about 3,500 Realtors throughout the state of Arkansas versus only about 350 Realtors in the city of Hot Springs with our Hot Springs MLS.  Then if you think about how many clients each Realtor has, we may have actually increased the marketing of our sellers’ properties by much more than 10 times!

In keeping with the philosophy of placing our clients first, First Choice Realty realizes that limiting the marketing services for our sellers’ properties to only the Hot Springs Realtors thru the Hot Springs MLS is a trend of the past.  In 2009, the Hot Springs MLS data reported that almost $13 million in residential sales in the Hot Springs area were sold by “non-mls residents” – or Realtors who hold Arkansas real estate licenses and are not members of the Hot Springs MLS.

While CARMLS has been a hot topic among the Hot Springs Realtors recently, we have found that many of the other real estate firms in the area have mixed feelings opposing it.  Our beliefs lean strongly in favor of CARMLS, as we believe it is a huge benefit for our clients.  In fact, we felt so strongly in favor that it was a key factor which prompted our recent move to First Choice Realty.

In addition, you will now be able to list property in another area of Arkansas with us at First Choice Realty and we will be able to market your property to the full state of Arkansas, and the same goes for purchasing homes in other areas of the state.

We’re really excited about this new service for our clients.  If you are thinking about selling your home and would like to know more, we would be glad to visit with you and share all the details.

You may have heard the rumor that the new "Cap and Trade" Climate change bill in Congress requires a homeowner to license their home prior to selling it.

The truth is, there is no requirement in the law to license a home before it can be sold. In addition, there is not a requirement to make a home more energy efficient before it can be sold.

Want Proof? Here you go...

  ... Two home sales, each exceeding $45 million set U.S. records for 2010

In April, Texas Energy executive Kelcy Warren purchased a Colorado property for $46.5 million.  Hot on the heels of this transaction, an un-named Indonesian buyer purchased a 48,000 square foot Bel-Air mansion for an amount reported to be close to $50 million in June.  Although seller, Mohamed Hadid wouldn’t  release the sale price, he confirmed that it was in excess of the previous record of more than $46.5 million set this spring in Colorado, falling between $50 million and the asking price of $72 million. In Los Angeles County, sale prices can take more than a month to appear on the public record.  The Los Angeles sale will now set the newest record for this year’s priciest residential transaction.  Some Realtors speculate that these transactions illustrate a return of the wealthy to the upper-tier housing market.

Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing – which trains agents in the luxury market and awards an international designation to the most successful –reports that, “Institute members from many markets across the country are telling us that buyers at the top of the market are looking again and that many are cash buyers.  We believe this anecdotal evidence may herald the return of the very affluent to the national residential market.” But is this the case in our local market?

 The upper tier market in Hot Springs is also experiencing an up-tick.  Our local luxury market starts at $800,000 in Hot Springs.  Inquiries and showings are up in the $800,000 and above market and that’s a good sign.  What’s more, when our market was at its peak in 2006 and 2007 - there was an average of 12 luxury home sales per year in Hot Springs.  In 2008, that number began to slide slightly to 9 luxury home sales with the largest sale in 2008 listed and sold by the Kennedy Team.  Then the sales dropped significantly in 2009 to only 2 luxury home sales with the Kennedy Team selling the largest sale in 2009.  As of June of 2010, there have already been 2 luxury home sales in the area with the largest sale this year sold by Rick Goff, Realtor/Owner of our firm, First Choice Realty.  We believe this is a good sign of the market starting to pick back up.  Many local upscale homes are such good values that smart buyers should reappear very soon.

  “In the recent economic downturn, the wealthy experienced substantial drops in their portfolios and felt the uncertainty of global economic conditions, said Moore-Moore.  “As a result, the luxury market shrank across all product and service categories, including housing. In addition, many wealthy converted investments to cash and have been watching and waiting on the investment sidelines. Today, many are looking at U.S. home values and deciding to buy another residence as both a lifestyle decision and a portfolio play. Although the current turmoil in global economies is a wild card which could change things, we think the luxury home buyer is re-entering many market and shopping for fabulous homes as smart investments.”

 For more information regarding the luxury home market in Hot Springs, please feel free to give us a call.

Good News! Many indicators show that our local real estate market is on the rise. Our web hits at two of our web sites sky-rocketed yesterday, and we received an increase in inquiries to many of our listings. Sales also increased last month, and we're busier than ever. Click here for the latest update on the Hot Springs market, and we'll continue to keep you posted. If we can help with the sale of your home, please feel free to call or email us anytime. We're always glad to help!

“There came a time when the risk to remain tight in the bud was more painful than the risk it took to blossom,” a famous quote that hit home with our team as we began preparing our business plan for another challenging year in the real estate market. 

Today marks our two month anniversary with First Choice Realty, and we are still so excited about this new venture.  First Choice Realty was exactly what we were looking for!

With a business based primarily on referrals and repeat clients, our team felt that a “boutique-type” firm such as First Choice Realty would be the perfect fit for our style of business with its personalized style of practice.  At First Choice Realty, we prefer to “Make a customer, not just a sale”.

As the real estate industry has become very fragile over the last few years, we discovered that our clients were seeking more personalized service with their many different needs that came about from the changes in the industry. Buyers are now faced with many more challenges in obtaining loans – which in turn requires more hands-on guidance and help from their Realtor.  Vacation property owners are seeking other options with property management services. Sellers need more direct attention and guidance with pricing strategies, staging, home improvements, and continuous information about the market conditions throughout the listing period.  Clients want to know that the whole firm is working for them.

With the boutique-style firm at First Choice Realty, here’s the difference you will see:

• A philosophy of “Your listings, your leads” which means that the leads that come into the office for your home will go directly to your listing agent instead of the floor duty agent.  After all, your listing agent is the agent who is most knowledgeable about your home and will have the best chance at selling your home. 
• An office filled with real practitioners in the real estate industry, who understand the needs of investors.  Together, the 9 Realtors of First Choice Realty own over 125 investment properties of all types, i.e. residential single family homes, vacation condos, apartment buildings, commercial buildings, etc.
• Warm office environment with a serene and peaceful setting with a view of Lake Hamilton.
• In-house builder known for first-class architecture and construction.
• Property management services for our current clientele of vacation homeowners
• Leaders promoting “entrepreneurship” among the Agents of the firm, with a support and encouragement of advanced education in the industry as well as support and promotion of Independent Professionals.
• Close-knit group of top producers in the industry.
• Professionals with advanced knowledge and education in marketing skills and techniques.

First Choice Realty has established an unrivaled customer service experience.  If you’re in the area, we welcome you to drop by to see us anytime at 4915 Central Avenue, Hot Springs, Arkansas.  Or feel free to give us a call at 501.655.6247 (Jeff) or 501.276.4446 (Debi) or visit us online at www.BestofHotSprings.com

Now, with First Choice Realty we are able to offer a huge advantage for our sellers, and we’re really excited to share the news with you!

First Choice Realty has joined “CARMLS” – the Cooperative Arkansas Realtors Multiple Listing Service.  You’re probably wondering “what does that mean to me”?  It means that we have have broadened our marketing plan for our sellers by increasing the exposure to our sellers’ properties by at least 10 times thru this system.  This gives our sellers a huge advantage over the competition homes on the market that are listed with other firms in the area.  Our sellers’ properties will now be marketed to about 3,500 Realtors throughout the state of Arkansas versus only about 350 Realtors in the city of Hot Springs with our Hot Springs MLS.  Then if you think about how many clients each Realtor has, we may have actually increased the marketing of our sellers’ properties by much more than 10 times!

In keeping with the philosophy of placing our clients first, First Choice Realty realizes that limiting the marketing services for our sellers’ properties to only the Hot Springs Realtors thru the Hot Springs MLS is a trend of the past.  In 2009, the Hot Springs MLS data reported that almost $13 million in residential sales in the Hot Springs area were sold by “non-mls residents” – or Realtors who hold Arkansas real estate licenses and are not members of the Hot Springs MLS.

While CARMLS has been a hot topic among the Hot Springs Realtors recently, we have found that many of the other real estate firms in the area have mixed feelings opposing it.  Our beliefs lean strongly in favor of CARMLS, as we believe it is a huge benefit for our clients.  In fact, we felt so strongly in favor that it was a key factor which prompted our recent move to First Choice Realty.

In addition, you will now be able to list property in another area of Arkansas with us at First Choice Realty and we will be able to market your property to the full state of Arkansas, and the same goes for purchasing homes in other areas of the state.

We’re really excited about this new service for our clients.  If you are thinking about selling your home and would like to know more, we would be glad to visit with you and share all the details.

While reviewing the latest statistics for the Hot Springs real estate market for the month of March, we were pleased to see a significant increase in the number of sales for the month.  According to the Hot Springs Board of Realtors mls data, there were 76 homes sold in March, as compared to only 48 homes sold in February.  Click here for more details on the full report. 

While the market seems to be picking up with the Spring buyers, we also wanted to touch base with you on our marketing plan for our home sellers.  We're really excited about some additional marketing benefits that we will be able to offer our sellers in the upcoming weeks with First Choice Realty.  It will offer sellers a huge advantage over the competition homes in the area. Stay tuned for more details coming soon.

According to the National Association of Realtor's Homebuyer Profile Report for 2009, more than 90% of all homebuyers start their home search online.  With this in mind, internet marketing is always our top priority in marketing our sellers' properties!

In addition to our competitive marketing plan for our sellers, we also offer each of our sellers access to their online "seller reports".  Many of our sellers love this feature, as they are able to review all the activity on their home, ie. the number of web hits on their property, an overview of many of the online sites where their property is being advertised, information on the showings of their property, additional notes about our continuous marketing of their home, and much more.

If you or someone you know is interested in selling a home in the Hot Springs area, please feel free to call or email us anytime.  We're always glad to help! Not intended to solicit currently listed properties

Thought you would be interested in the latest news on our current market conditions. While, we noticed more buyer activity with phone calls, email inquiries and increased showings on our listings during the month of January - the actual report of sales stayed the same as the previous month of December. We believe this is a positive sign of some stability in our Hot Springs market and we'll start to see the sales begin to rise again in the spring. We are also experiencing the normal trend with an increase in sellers placing their homes back on the market.  Click here for the detailed report.

The Clock is Ticking...
Extended and Expanded Tax Credit Expires 4/30/10

For prospective buyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts as huge tax credits are about to expire. Here are important details for you to know:

Tax Credit for First-Time Home buyers
First-time home buyers may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What Are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the time lines available.

What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time home buyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

It's also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed's Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed's program winds down and ends, rates could rise over time since MBS will have less support from the Fed.

If you have any questions regarding the tax credit, please pick up the phone and call us. We're here to help you take advantage of one of the greatest opportunities home buyers may ever have.