The results are in.  Rapid City did experience a slow down in home sales as the rest of the country did, but we were fortunate enough to be able to remain relatively stable and move right along.

The following graphs show the relationship in different marketing aspects over the past few years. 

 

 

  

 

The breakdown in my eyes...we see the number of homes available remain somewhat stable.  But the number of sold homes in 2009 is down 7% from 2008 and 22% from 2007.  However, the average sold price doesn't seem to be taking that much of a beating.  The average sold prices are down only 6% from 2007 and 2% from 2008.  And the days on market for these solds remains pretty steady.  So less business for us realtor peoples, but a market hanging on to its own.

Looking forward to a busy 2010.  I'm working with a number of buyers looking to buy before the April 30 tax credit timeline. 

Now's a great time to list!  I see more buyer activity out there (now that those Holidays are over).  Get it on the market before it gets too close to April!

Happy January!

Oh - and go Vikings! 

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

 

Privacy, views, wildlife, pine trees, acreage, and big home. 
Have the Black Hills experience only a few miles from Sturgis. 

• 5 bedrooms, 3 baths, and 3,796 square feet living space
• 700 square foot drive-under 2 car garage
• 9.77 acres
• Wood floors and pine ceilings in Great Room with propane fireplace
• Hickory cabinets
• Large Master Bedroom with walk-in closet and master bath
• Family/game room (pool table lights already there!)
• Wide hallways and stairs
• Well built with 2x6 construction, concrete siding, and more
• Energy efficient heating and cooling
• The rest of the story at www.132ndAve.com

        

 

See more pictures and a bunch of information at www.132ndAve.com.

Search for more Sturgis homes for sale at www.rapidhomesonline.com!

Merry Christmas and Happy holidays!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

November is done already?

Catching up!  Real estate here in Rapid City continues to stream right along.  Although the extension of the tax credit seems to have eliminated the urgency of some buyers (I'm sure it will be back come March and April...), we seem to be holding steady with last year's numbers. 

Although the number of sold residential listings is down across the board, sales are above last year in the "preowned category" - with the average sales price even notching up a bit.

Certainly good news as we head into the Holiday Season and cold winter months.  (And it has been COLD!)  

 

     

 

  

 

Here's the breakdown of home sales this November:

0 to 100,000                   14
101,000 to 125,000         17
126,000 to 150,000         17
151,000 to 175,000         17
176,000 to 200,000         13
201,000 to 225,000          8
226,000 to 250,000          6
251,000 to 275,000          4
276,000 to 300,000          1
300,000 and above          9

Once again, seeing the majority of the action under the $200,000 range - showing the action of the first time homebuyers.

Looking forward to a great December and an awesome Spring!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

   So I decided that since I had a hanging the Christmas light story last year, it would seem appropriate for all my avid readers to include a tale from this year's adventures.  Unfortunately, there is not much to tell.

I have been collecting lights from various sources without spending a whole lotta money.  (Obviously, that means I have quite the eclectic mix)  We went out and purchased some new colored icicle lights for the front porch, and I spoke with another agent here at the office that had some extra icicle lights.  So before Thanksgiving vacation, I've got a decent plan in my head on how to improve from last year.

Then there was that really nice Thanksgiving weekend.

We were celebrating with my wife's family in Minneapolis area.

We came home on Sunday, and as I drove around the corner down our street, I noticed this huge glow.  I literally stopped short in the middle of the road.  There was the neighbors house - lit up to the nines.  Nativity scene, the sleigh and reindeer on the roof, lights all over the place, yard lined by candy canes and lights.  My mouth dropped open (they didn't do much of anything last year...).  Then I noticed a few homes down and across the street - a number of which were also decorated up.  Our end of the street, which was relatively dark last year, is now on Black Hills Power's "most loved" list.

There was no way I am going to get anywhere NEAR those displays - well, not without a serious investment.

And then there was this cold snap.  No way I'm getting out there in single digit weather and hang lights.

So I have resigned myself to the few lights I have up.  Sigh...

I'm thinking I will need to add "Christmas Light Fund" to the budget!  (Competitive?  Nah...)

Have a fun and happy Holiday Season!!


- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline,com

Every year, we at Prudential Kahler REALTORS have a chili cook-off.  Everyone brings in their famous chili and we vote for the best.  We even have a "breads" category to include conbread, muffins, etc.  It gets to be quite a competition.  Prizes are given to the top 3 of the different categories and an all-around traveling trophy has been passed around the past number of years.

This year, an agent lost her husband to a work accident.  So it was decided to open our cookoff as a benefit fundraiser to other REALTORS, associates and friends of the family.  We invited others to bring their entries in.  Each person got to buy as many voting ballots as they wished for $10 per ballot.

We had over 20 chilies (3 different categories) and 17 breads to vote for.  There was about 5 power strips on that conference room table.  I had to draw cords from 2 other rooms to make sure we didn't blow any breakers! 

All in all, we had a constant stream of tasters and voters from 11:30 to 1:30.  By the time it was all said and done, we had consumed alot of chili. scarfed a bunch of bread, and handed our fellow agent an envelope with over $4,000 inside.

It was a good time.  We had good food.  And we did a really good thing to help out one of our own.  Every agent I talked to was not only impressed by the amount of money collected, but also the format in which it was handled.

Sounds like we might have a yearly benefit chili cook-off!  Watch out Rapid City!

Good times!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

Did you miss out on the 2009 tax credit? 

Never fear!  Congress has passed the bill to extend the first time homebuyer credit until the end of April, 2010.  All we need to do is get a purchase agreement in on a great Rapid City or Black Hills home before then, close before the end of June, and you can file for the $8,000 on your tax return.

The criteria remains mostly the same.  Except they increased the income limits to qualify to $125,000 a year for singles and $225,000 for married couples.  And sorry, but you can't buy a home more than $800,000 and still qualify. 

And for those of you looking to move into a bigger, better and finer home, (or smaller and more efficient, I guess) you could qualify for a credit up to $6,500.  To qualify, you need to

1. Live in a home 5 consecutive years of the past 8 years.  If you have lived in a home from 2002 to 2008, but have been renting ever since, you qualify.
2. Income limit are the same as the first time homebuyer credit - $125,000 single; $225,000 married
3. Home price caps out at $800,000
4. You must put a contract to purchase on a home before April 30, 2010 and close before July 1, 2010.

In both situations, the tax credit does NOT need to be repaid.  Take it and run!

More details are coming...I have a few questions that I am waiting on an answer for.  I will update when I know more.

For more information, take a look at realtor.org's website:  http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Good stuff!

Don't hesitate to call me with questions on whether or not you qualify.

Thinking about selling?  With more incentives on the table, now would be a great time to list and get your home out there!  Let me know if I can help!!

Enjoying the ride,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

As things continue to change in the mortgage and real estate industry, more and more details get considered.  The "t"s not only need to be crossed, but with a perfectly straight line.

I had a listing recently which inspired the title of this blog.  I looked at the home, noticed there was some peeling paint on some of the exterior trim around the windows and pointed that out to the homeowner.  The intention was to have her grandchildren get it done, but that didn't happen.  We got a contract on it pretty quick and just went forward with the sale.  But, of course, when the appraiser came by, he noted the paint and called for repairs prior to the close.

There we were in October.  And for some reason we skipped fall.  Temps were down, rain/snow was frequent, and I was getting laughed at when getting quotes for the job to be done.  (not really...)  Fortunately, the lender allowed us to escrow the amount at closing (at 1.5 times the amount!) to be done in the Spring or when we actually got our fall.

So here is what I knew, but have thus been reinforced...

Paint it.

If you are looking to sell your home, but have peeling paint on the eaves, trimwork, or siding, you'll need to get that repaired before an appraiser will approve it for a VA, FHA, or First time homebuyer loan.  (which is a big percentage - especially under $200,000)  So get it done before the appraiser comes by.  Before or shortly after you list would be even better!

Other things to watch out for:

Roofs.  (shingles looking frayed and curling?  be prepared for the "Needs to be replaced" from the inspector or appraiser)
Decks.  (are there railings in place on decks over 3 feet high?)
Gutters.  (make sure your downspouts are in place and running AWAY from the home)
Broken window panes.  Missing window seals.

Basically, anything that would present an issue to the structural integrity or safety of the home needs to be looked at.

Get them taken care of as soon as you can.  It will sell quicker.  You won't be stressed 1 week before closing trying to get all this stuff done.

Ease the stress.  Just paint it.

Here's to more stress free stuff,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

And the rush is on! 

With just over 30 days left to get a home bought before the expiration of the tax credit (pending extension, of course), activity has been high and deals have been flying.  Our inner office sale board is full.  (which means a pizza party!)

As for the September Market...look at the total residential graph below - you'll see last month sprang ahead from last year on the number of homes under contract.  The active listings are just under last year's numbers, showing that sellers are ready to put their homes on the market and move on.  The rest of the stats remain quite similar to the rest of the year - a bit behind, but holding steady...with the exception of the new construction market.  We will see how long it takes before that scenario corrects itself.


                                            



  


I've sold a number of homes the past months to first time homebuyers and am working with another on a get-it-in-before-the-bell-rings deal.  I certainly can't complain, and I don't see any reason for anyone to be!

It's a winter storm watch.  Again.  Already.  Maybe we'll get our normal warm winter in December...

Take care!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

This huge home built in 1906 has been updated and remodeled to feel modern, but still has the original hardwood floors and trim work to keep the authenticity.  Loads of features and extras.  You just need to go to the website, 'cause I ain't gonna write it all down here all over again:  www.1440davenport.com

          


This home has almost 4,000 square feet.  The master bedroom is 17 x 12 with a master bath and walk-in closet.  The other 3 bedrooms are upstairs with a full bath up there as well.  Nicely updated kitchen, a large doorway separates the dining room and living room.  Plus there is a laundry and second family room in the addition off the back.

Above the 5 car garage (partially insulated and heated) is an apartment - grab $600.00 of rental income each month...and the tenant would love to stay!

Nice corner lot with apple and plum trees, fenced backyard, patio off the rear side door and concrete pad ready for your hot tub,  Plus - with the Sturgis Motorcycle Rally, more income is possible with tenters in the backyard.  The owners have even installed a bath house for the renters!  Also on the property is a private well ready for a pump for an additional water source.

Plenty of room, lots of possibilites...solid house.  AND new windows, siding, heating and AC, wiring, and even some sheetrock.

Take a look at the website and call me to take a look.

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

Check out this great new listing:

   516 Freude - Box Elder, SD
        www.516Freude.com

• 4 bedroooms
• 2 bathrooms
• 2 car garage
• Big .42 acre lot
• Tri-level
• Fully Finished
• Built in 2008
• Located in new Prairie View Estates Subdivision

I have not yet been able to come up with the right descriptive words to describe this home.  It's got a great open floor plan where the kitchen and dining room is open to the living room on the upper level.  The rail along the living room adds to the open feel.  Add to it the vaulted ceiling, prefinished wood floors, and breakfast bar, and you just walk in and say "Cool."  Not a very real-estatey word, I realize.  But it's true.

                  


Other good stuff includes an entrance to the upstairs bath from the master bedroom, walk-in closets, and laundry room.  1,900 square feet.  Well taken care of and ready for new owners. 

Come take a look.  You'll say, "Dude.  You're right.  Nice."  

Like I've been saying recently,  It's good stuff.

-  Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com