It was a pleasant late July day with the slight breezes attempting to keep our outdoor temps tolerable. My morning was mostly spent working at keeping several sold files moving in the direction of closing. It gets a bit un-nerving when knowing there are certain things I cannot do, and one of them is attorney title work, and when those reports don’t arrive until the the eleventh hour, I’m pretty much in a melt-down.
I did mention to one of them how likely I’d be ready to go out of my mind from all the extra hours they’ve logged in a week’s time, just in order to keep up with their added workload. I’m sure some in those offices think it’s just another workday, while those carrying the real burden of examining abstracts, have their grindstone wheels kicked into “High” gear.
One of the savvy buyers I’m working with, text me today regarding how much crazier our market is getting after noticing a new listing which was purchased several years ago, and without any real improvements, it’s now back on the market and priced over $40K more than what they paid for it. She asked, “Are buyers in these times that stupid?” All I could say was, “After this feeding frenzy is over and our market settles down, there’ll be all the many living in homes with upside-down mortgages on them.” She couldn’t have agreed more.
The offer I had on the Raven Ave. acreage went down in flames because the buyers dug their heels in on a price, and I’m hoping they’ll see reason and raise it because if they don’t, it’s almost a given there’ll be someone else owning that diamond in the rough. I did have another prospective buyer call on it today, and said he’d schedule a showing on it later this week, while another prospect called and said he’d driven by it, and interested enough to call me next week to schedule an appointment to view it.
That particular acreage has all the markings of being an eye-catcher if someone would take the time to thin out its grove, raise the canopies on those many trees, get rid of the brush, and then attack the house, and if a person didn’t want to mess with restoring it, then it could be easily taken down because it’s only a smaller one-story structure.
I guess if a person had the money, the building of an impressive new home out in the center of those five acres would be quite handsome, and especially because the maturing trees are already there, and believe me, trees are important because who would want a new house built out in the middle of a pasture or corn field? Every time I drive past a new country home that has twigs for trees, makes it appear all the more out of place. Most don’t realize how many years it takes for trees to grow tall enough to supply shade to a home, and especially if they’re hardwoods like sugar maples or red oaks.
I’m likely going to have another public open house this coming Saturday over at 12 S. Willowgreen Court because we absolutely must get that unit sold. I did take new photos of it which should help to make the home more presentable. I’m sure if we didn’t have this China-virus around our necks, that unit would’ve been sold as soon as the snow birds returned, but with all the fears our elderly have about being infected, they’re likely hanging closer to home and venturing out only if it’s an absolute must.
My two out-of-town showings ended up just as I’d expected, and while giving both of them a good look, it was another confirmation of my belief that or real estate market in North Iowa is grossly overpriced. Fortunately, I was able to tell the buyers what one of them used to look like before it was “lip-sticked, and the other one, all the many cover-up’s that were done to make it appear something very much more than it indeed was.
I had to remind the buyers I wasn’t bashing those homes when pointing out a bowed garage roof and a “smiling” foundation wall, but even though I make mention of faults in homes which most don’t see, I can “feel” at times that they don’t like me dashing their hopes when believing they’d found their dream homes which were built up from seeing all the many “glamour” photos they were viewing online. You can be sure I work very hard at presenting my listings with as many realistic photos as possible.
When reading the news today, I was all the more troubled by the number of confirmed cases of the corona virus there are in Cerro Gordo County. I’m now wondering if our Fall/Winter season is going to create even more outbreaks, and if that happens, I’m afraid our economy in North Iowa is going to be in a world of hurt.
There are some big-dog Realtors in our area who’re going to be paying some hefty income taxes from the increased number of sales they’re having this year, and if they think they’ll be riding similar waves next year, I highly doubt it because the “hub” of North Iowa doesn’t have the incomes, the jobs, and the population to sustain such a surge in pricing, and if they think another lowering of interest rates is going to keep things moving, they’re dead wrong because the rates can’t drop low enough to warrant re-financings or a stepping up to bigger and better homes. Just remember, we now have nearly no “spec” homes being built in Mason City, and the only other ones being built, are those custom builds for people who already own their lots.
I’d still take a vintage home over a new-build because of how much stronger and durable old-growth lumber is, and good luck finding such lumber to build your “dream homes” in today’s world. Perhaps there’ll be a movement started where people will de-convert duplexes and tri-plexes back into single-family homes. Now that would be something to write home about. If that would be the case, 425 – 1st St. NE would be a prime example.
Tonight’s one-liner is: The higher we are placed, the more humbly we should walk.