The Spring home selling season is upon us and sales in the Kansas City market are up over last year. If you have been waiting to sell your home, now is the time. If you are waiting to buy a home, now is the time. Let me repeat, Now.Is.The.Time.
According to the Kansas City Regional Association of Realtors® (KCRAR) sales of existing homes in January 2012 were up 15% over January 2011. The average price for an existing home during this period was $136,147 - up 5% from January 2011.
Wait, review that statistic again...Sales prices on existing homes were HIGHER than the year before. What is going on?
Pretty simple. It's a matter of supply and demand. January 2012 inventory of existing homes in our area was DOWN 14% over January 2011. So, more buyers, fewer homes for sale, bump in prices.
Good news for the local economy and good news for home sellers. Home buyers still sitting on the fence need to SERIOUSLY make a decision. Interest rates are still at historic lows, but borrower costs (Changes to FHA Loans) are scheduled to rise April 1, 2012.
So, again, if you are thinking of selling your home, get it ready and get it on the market. (contact us here for some tips: Seller Information)
If you are thinking about buying a home, get your financial information together for a mortgage pre-approval (contact us here for some tips: Buyer Information)
We'd love to help you buy or sell a home anywhere in the Kansas City area.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
Monday, March 19, 2012
Friday, September 9, 2011
How Hard Is It To Buy A House?
Everybody has heard it. The news is all over the place. Banks and mortgage companies have tightened their lending standards. Gone are the days when anyone with a pulse could qualify for a mortgage. While it's true that lending standards are stricter than they were three or four years ago, banks are still making mortgage loans.
To qualify for a mortgage today, you need three things:
Down payments can be a roadblock for many potential home buyers. Again, a good loan officer can explain the options for coming up with the necessary down payment.
In addition to the down payment, your loan officer will explain the other costs associated with securing a mortgage loan. Once you have the facts and figures, you'll know if you are ready to start looking for your new home, or if you need to save a little more money before you head out on your search.
If you'd like contact information for qualified, local mortgage lenders, please let us know. We'd be happy to provide you with a list of loan officers we've worked with.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
To qualify for a mortgage today, you need three things:
- A decent credit score (680 and above
- A documented income source
- At least 3.5% for a down payment
Down payments can be a roadblock for many potential home buyers. Again, a good loan officer can explain the options for coming up with the necessary down payment.
In addition to the down payment, your loan officer will explain the other costs associated with securing a mortgage loan. Once you have the facts and figures, you'll know if you are ready to start looking for your new home, or if you need to save a little more money before you head out on your search.
If you'd like contact information for qualified, local mortgage lenders, please let us know. We'd be happy to provide you with a list of loan officers we've worked with.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
Thursday, March 17, 2011
They Sold Their House in 2 Days - See Their "Secret"
Marianne and I recently had two clients sell their homes within 2 days of the listing going active in MLS for FULL ASKING PRICE. What was their secret? Simple. The houses were PRICED RIGHT, DE-CLUTTERED, and CLEAN AS A WHISTLE.
PRICE: We did our homework and researched all the comps for the past 6 months in each area. We presented our clients with a price based on what had actually sold in their neighborhood. We didn't look at what people were asking, or what similar houses sold for one or two years ago. The seller's trusted our professional research and opinion.
DE-CLUTTERED: We walked though each house, room by room and made suggestions as to what needed to be removed. Both clients did exactly as we suggested. After their homes were de-cluttered, some of the furniture was rearranged to help show off the rooms even better.
CLEAN AS A WHISTLE: This seems simple. Even if your house is generally clean, it's imparative that it is spotless when buyers and their agents tour the property. A small investment in professional house cleaning could go a long way in helping to sell your home quickly. Buyers notice when a home is dirty and love it when a home is sparkling clean.
So remember, it is possible to sell quickly in today's market, you just have to hire a good real estate professional who can guide you to success!
If you'd like information on selling your home QUICKLY, please let us know. We'd be happy to meet with you and discuss your situation.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
PRICE: We did our homework and researched all the comps for the past 6 months in each area. We presented our clients with a price based on what had actually sold in their neighborhood. We didn't look at what people were asking, or what similar houses sold for one or two years ago. The seller's trusted our professional research and opinion.
DE-CLUTTERED: We walked though each house, room by room and made suggestions as to what needed to be removed. Both clients did exactly as we suggested. After their homes were de-cluttered, some of the furniture was rearranged to help show off the rooms even better.
CLEAN AS A WHISTLE: This seems simple. Even if your house is generally clean, it's imparative that it is spotless when buyers and their agents tour the property. A small investment in professional house cleaning could go a long way in helping to sell your home quickly. Buyers notice when a home is dirty and love it when a home is sparkling clean.
So remember, it is possible to sell quickly in today's market, you just have to hire a good real estate professional who can guide you to success!
If you'd like information on selling your home QUICKLY, please let us know. We'd be happy to meet with you and discuss your situation.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
Wednesday, March 16, 2011
Saturday, February 12, 2011
Can I Sell My House Right Now?
It's no secret to anyone, the housing market has taken a wallop in the past few years. Lots of folks have had trouble keeping up with their house payments and have had their homes go into foreclosure. Tight lending standards and high unemployment have cut into the pool of qualified buyers.
So, where do you stand if you want to sell your home right now?
Well, it depends...
Although the Kansas City area did not suffer from the great swings high or low in the housing market, prices are generally lower than they were a few years ago.
If you bought your home at the height of the market, or if you purchased your home with little or no down payment, and have owned for fewer than five years, you may have a hard time selling today without bringing money to the closing table. In other words, if your mortgage payoff, real estate commissions, title insurance, pro-rated property tax and other miscellaneous seller closing costs add up to more than a buyer is willing to offer for your home, you might as well plan to stay put.
If you bought your home a few years ago, have made no changes or improvements to the property and live in a neighborhood with flat or declining property values, it is unlikely that you will be able to sell your home for a profit or even recoup your down payment and closing costs.
If you really need to sell because of a job transfer or change in life status (marriage, divorce, birth of a child, death of a spouse), it's important that you sit down with a real estate professional and figure out the realistic market value of your home and the estimated selling costs.
Many times seller's find it more cost effective to sell their house for a loss and bring money to the closing table rather than continuing to make mortgage payments and pay utilities, insurance, taxes and maintenance.
It's important to have a firm grasp on the numbers before you stick a sign in the yard.
If you'd like information on selling your home, please let us know. We'd be happy to meet with you and discuss your situation.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
So, where do you stand if you want to sell your home right now?
Well, it depends...
Although the Kansas City area did not suffer from the great swings high or low in the housing market, prices are generally lower than they were a few years ago.
If you bought your home at the height of the market, or if you purchased your home with little or no down payment, and have owned for fewer than five years, you may have a hard time selling today without bringing money to the closing table. In other words, if your mortgage payoff, real estate commissions, title insurance, pro-rated property tax and other miscellaneous seller closing costs add up to more than a buyer is willing to offer for your home, you might as well plan to stay put.
If you bought your home a few years ago, have made no changes or improvements to the property and live in a neighborhood with flat or declining property values, it is unlikely that you will be able to sell your home for a profit or even recoup your down payment and closing costs.
If you really need to sell because of a job transfer or change in life status (marriage, divorce, birth of a child, death of a spouse), it's important that you sit down with a real estate professional and figure out the realistic market value of your home and the estimated selling costs.
Many times seller's find it more cost effective to sell their house for a loss and bring money to the closing table rather than continuing to make mortgage payments and pay utilities, insurance, taxes and maintenance.
It's important to have a firm grasp on the numbers before you stick a sign in the yard.
If you'd like information on selling your home, please let us know. We'd be happy to meet with you and discuss your situation.
Morgan Rathmel (913) 269-2075 mrathmel@gmail.com
Marianne Damon (913) 221-5272 mariannedamon@gmail.com
Friday, January 28, 2011
Can I Get A Deal On A Foreclosure?
You've heard all the national news - foreclosures are rampant in the US and projected to increase this year. So, what does that mean for a homebuyer? Can you really get a good deal on a foreclosure?
The answer is YES and NO.
YES - there are deals to be had. If you are a cash buyer looking for investment property, or a homebuyer with at least 20% downpayment looking for a good deal on your next home, there are some good deals out there. Make your offer based on the condition of the property, the cost of making repairs and the value of similar properties in the area. Be prepared to move quickly once your contract is accepted.
NO - If you are a homebuyer looking for a home with a minimum downpayment (under 20%) - many bank-owned properties are in bad condition and being sold "as is." Mortgage companies lending money to buyers with less than 20% downpayment generally will not issue a mortgage on a home needing repairs unless the repairs are cosmetic in nature and have no bearing on the value or structural integrity of the home.
Our advice to clients is this -
If you are looking for investment property and have the money or skills necessary to make repairs on a property, take a look at foreclosures - there are gems to be had.
If you are a homebuyer with minimum downpayment and little to no extra savings, don't waste your time or inspection money. There are a lot of nice homes on the market that should fit your needs.
If you are interested in buying or selling a home in the greater Kansas City area - give us a call. Nobody works harder to help with all your real estate needs and, we're a lot of fun!
Morgan Rathmel (913) 269-2075
Marianne Damon (913) 221-5272
The answer is YES and NO.
YES - there are deals to be had. If you are a cash buyer looking for investment property, or a homebuyer with at least 20% downpayment looking for a good deal on your next home, there are some good deals out there. Make your offer based on the condition of the property, the cost of making repairs and the value of similar properties in the area. Be prepared to move quickly once your contract is accepted.
NO - If you are a homebuyer looking for a home with a minimum downpayment (under 20%) - many bank-owned properties are in bad condition and being sold "as is." Mortgage companies lending money to buyers with less than 20% downpayment generally will not issue a mortgage on a home needing repairs unless the repairs are cosmetic in nature and have no bearing on the value or structural integrity of the home.
Our advice to clients is this -
If you are looking for investment property and have the money or skills necessary to make repairs on a property, take a look at foreclosures - there are gems to be had.
If you are a homebuyer with minimum downpayment and little to no extra savings, don't waste your time or inspection money. There are a lot of nice homes on the market that should fit your needs.
If you are interested in buying or selling a home in the greater Kansas City area - give us a call. Nobody works harder to help with all your real estate needs and, we're a lot of fun!
Morgan Rathmel (913) 269-2075
Marianne Damon (913) 221-5272
Tuesday, January 11, 2011
So, you’re in the market for a new house. It could be your first home, or maybe you’re a move up buyer looking for a larger home for an expanding family. Whichever description best fits, I’ve just got one question for you,
WHAT ARE YOU WAITING FOR???
Let’s look at some facts:
Interest rates are at historic lows.
Read that statement again.
Interest rates are at historic lows.
In 1985, when I bought my first home, the interest rate on a 30-year-fixed mortgage loan was 13%. Yep, you read it right - 13%. Today, Mortgage News Daily lists the 30-year-fixed rate at 4.77%. On a $100,000 loan, the difference in P&I payment on a 13% loan vs. a 4.77% loan is $583.35!
On top of insanely low mortgage interest rates, housing prices are still low. In November, 2010, the median price of homes in the greater Kansas City Area was $132,200. This price was 6.1% LESS than the median price in November 2009. (Statistics provided by Kansas City Regional Association of REALTORS)
Low interest rates + Low median home price = The Perfect Time To Buy
WHAT ARE YOU WAITING FOR??
Got a question about buying a house or getting a mortgage? Email me today! mrathmel@gmail.com
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