New Stats Paint Market Picture

It's the question everyone is asking nationally. How bad is the real estate market? Never forget the old saw: "All real estate is local." And statistics released today can help put everything in perspective.

According to the Southwestern Illinois Regional MLS, the average sale price on a home in our region fell by just two percent between April 2007 and April 2008. The average number of days a home stayed on the market rose from 122 in 2007 to 130 in 2008 and the list-to-sell ratio is at 95 percent versus 97 percent in 2007. All in all, not the dire drop discussed in the media.

So what are you waiting for? Call me and let's buy or sell something!

Home Sales Activity Update

According to the National Association of Realtors (NAR), the volume of existing-home sales is expected to remain stable through late spring 2008, and gradually improve further from there during the second half of the year.

NAR chief economist, Lawrence Yun, says buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he says.

In Madison County the revised FHA loan limit is now $281,250.

Decluttering for Fun and Profit

Declutter. That's one of the first things your Realtor may tell you before listing your home for sale.

But if you -- like so many people -- have held on to those special issues of Ladies Home Journal from 1983, every piece of art your now-adult children created in Kindergarten and empty bags and boxes "just in case," you might wonder just where to start.

That's where the University of Illinois Extension Service comes to the rescue. They're offering a workshop on March 11 called, "Finding Sanity in Today's World: De-Cluttering Your Life."

The goal -- help area residents get rid of unnecessary paper and clutter. For more information, dial 618-650-7050 or check it out online. Pre-registration is requested by March 6.

If You Can Smell It, You Can't Sell It

Hello, Mr. & Mrs. Seller. Did you know that Realtors have all kinds of fun and interesting sayings about their business? Today's lesson goes like this: "If you can smell it, you can't sell it."

Hmmm. That axiom conjures up all kinds of nasty scent memories, doesn't it? Animals, cigarettes, kids, mildew, dirty laundry, locker rooms.

In fact, scent is one of our most powerful senses. A whiff of pumpkin pie can take you back to your grandmother's kitchen. And a snoutfull of something less pleasant can transport you to places you don't even want to think about.

So, as a seller, how do you combat this odiferous issue?

Think "scent neutral." Your home, now that it is listed for sale, is a commodity. It should appeal to the broadest selection of potential buyers possible. That means the best smell is no smell at all.

Cover ups? Not a great idea, but if you do use some type of air freshener, subtlety is the key. A reed diffuser with a fresh note such as eucalyptus or lavender or grass might work best. My buyers often will ask me what's being covered up when they see a home filled with plug-ins and candles.

So, here are a few tips. First, ask your Realtor if your house has a scent issue and listen to what she says. After all, both of you want your home to sell. Try some trusted friends too. What do they smell when they come into your house? While you're on the market, lay off fixing fried foods and cooking with onions and garlic. Do the pets need a bath? If Eau de Damp Dog is the predominant perfume in your home, there might be a problem. If you're going to smoke, do it outside and pick up the butts. Take out the trash and clean the cat box daily.

A clean house smells like sweet nothing.