Mortgage Regrets?

Do you know what type of mortgage you currently have? According to The Residential Specialist Magazine just 2 years ago 26% of people were clueless as to what type of mortgage they had. Today that number is just 8% as consumers have become more knowledgeable about mortgages. 90% of homeowners say they have no regrets about purchasing their home while the homeowners who do have regrets say they regret their inability to resale the home or their inability to make the payments. Fixed rate mortgages are becoming more popular with 4 of every 5 mortgages being a fixed rate mortgage ( a loan where the interest rate is locked in for the term of the loan vs an adjustable rate mortgage where the initial interest rate is low then adjusts upwards every year). If you need help finding a reputable lender to finance your home purchase let me know and I will recommend several lenders who can get the job done with your best interest in mind.

Move vs Remodel?

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  Should You Move or Remodel?

  When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read

Visit houselogic.com for more articles like this.

Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®

FORECLOSURE OPTIONS

A new website Knowyouroptions.com is up and running with information to help consumers who are behind on their payments and faced with a possible foreclosure. The new website launched by Fannie Mae includes a list of resources including housing counselors, credit score information and Fannie Mae resources. It also provides important tips for recognizing and avoiding foreclosure scams. If you are concerned about your home loan go to www.knowyouroptions.com and check it out.

It's Time to Make Your Voice Heard

November 2nd is fast approaching and its time to make sure your voice is heard.
I am proud to say I have not missed voting in an election since my first time to vote back when Ronald Regan was elected president in 1980. With a husband who is a politician we are most likely more excited when it comes to politicsl elections but everyone has a huge stake in who is elected to represent us at a local, state and federal level. Regardless of whether you are liberal, moderate or conserative take the time to vote on the 2nd. It is not just a right to vote but also your responsibility to participate in the process. Set a good example for your kids and take them with you to the polls. Whether or not your candidate wins you at least now have the right to praise or complain because you took the time to do your part and make your voice heard. VOTE

Whats the local Market doing?

The August sales numbers for the Wichita metro area have been released and they show a slight increase of 2.7% in sales from July to August. This is good news however the numbers for July were down about 33% from the spring rush. This spring the buyer tax credit was in effect until April 30th so that helped inflate the numbers for sales during that time. The drop off was dramatic and it could take a few months to really be able to gauge where the market will settle down and reflect a true market condition. New home sales did not fair as well as resale homes and new home sales actually drooped 2.4% in August. Inventory for resale homes was up 25% over this time last year and inventory for new homes is 18% lower this year then last year.

What does all this mean? In a nut shell it means now is a GREAT time to buy a home and a not so great time to sell a home. It means that the market is a strong Buyers market and there is lots of inventory to pick from. There is about an 8 month supply of homes (resale) on the market and about a 12 month supply of new homes on the market. A 4 -5 month supply is considered a balanced market so you can see that buyers are in a great position right now.

Does that mean that as a buyer you can low ball any home and get a steal of a deal? NO, NO, NO. That would assume that all sellers are in a situation that they must sell or loose their home or that all sellers are desperate. There are a few situations where that might be true but for the most part many sellers are not in a position where they must sell or else. They are looking for a fair price and many will offer incentives that will enhance the sell for their buyer. As a buyer look for concessions such as seller paid closing costs for the buyer, flexible closing dates, or maybe some personal property might be included ( a pool table might be left or a hot tub, etc) As they say Every Thing is negotiable in real estate.

Tough Market

In case you haven't noticed the real estate market in Sedgwick County is SLOW, SLOW, SLOW! No use trying to deny it, there are lots of homes on the market and few buyers ready to deal. It appears to me that if you are a buyer you have a real opportunity to find a great home at a good price. Interest rates are at their lowest levels in many years and while lending rules have tightened up there is money available for responsible buyers. My friend Lisa is a lender and she says that if your credit score is at least 620 and you have a down payment you can buy a home. The money is there waiting for you.

I've talked to a lot of realtor friends recently and the buzz is all the same. Where are the buyers? Some think that everyone who wanted to buy probably did so before the tax credit expired in April. I find that hard to believe as couples are still getting married, babies are still being born (families are growing) and kids are still going away to college and leaving parents at home with to much house for just the 2 of them. Some agents think that the unemployment rate is to blame. Yes, we have about an 8% unemployment rate in the area but that still leaves 92% of folks employed. I think the main culprit is FEAR. Fear of job loss, fear of not being able to get a loan, fear of making a commitment in a time of uncertainty. The truth of the matter is that real estate is still a great investment, much more stable than the stock market, you could lose your job tomorrow but you could also get a promotion tomorrow and climb that corporate ladder, and if you've been diligent in your finances you can get a loan. It is often said "The only thing to fear is fear itself". Lets hope that rational thinking wins out and fear does not continue to rule in our community.

Remember, all real estate is local and what we are hearing on the nightly news out of California, Florida and New York is not necessarily what is happening here in Wichita.

THE HEAT IS ON!

Wow, summer has arrived with a vengeance. Lots of heat, mosquitoes, and teenagers lounging around my living room. Aah, I love it! I've been busy these past few months getting my Accredited Buyer Representation designation ( ABR) which means I've gotten extra training in how to represent buyers in a successful purchase transaction. Buyers are such fun to work with. Especially first time buyers who are so excited and anxious all at the same time. Now that the Federal Tax Credit has expired most buyers out there can have a pretty good pick of homes since the buyer pool has shrunk. Depending on what area you are looking at I can show you what the market in that area has been doing over the past year and if there is a buyers or sellers market going on. It is amazing to me how each community seems to have a different market going on and you as a buyer really need to know what that market is.
Questions? Shoot me a message and I'll try to help. PS,. The wedding was beautiful and I'm sooooo glad it's over.

Wedding Bells and Baby Booties

Things have been really hopping around my house this winter. One of my daughters announced she is getting married in June after graduating from WSU in May. Another daughter had her 3rd baby a month early in Feb. Baby Luke weighed in at 3 1/2lbs and came home from the hospital this week, 2 days after his 1 month birthday. He has gained a pound and grown 3 inches. With all the excitement I have neglected my blog site for far to long. One of the things I really must remind everyone is that you only have until April 30th to get in on the tax credit for home buyers. You don't have to close by then but you must have a contract negotiated by then. Don't wait much longer. I have several nice listings ranging from a starter home to a home perfect for a single or couple to downsize into. Let me know if you need help.