POSTED BY:

Bob De Tray

The Real Estate market in the metro Kansas City area is following national trends.  It is truly a buyer's market--unlike any I have seen in my career.  ( I started selling in 1976).  So most seller's would ask "why, if I don't have to sell, would I want to list my home for sale in such an atmosphere?"

Kansas City metro prices consistently increased until the last 20 months.  They then began to level off and then drop somewhat.  If you've lived in your home for several years, you've enjoyed solid appreciation.  If you are moving up, you can take full advantage of the soft market in the more expensive homes.  Remember, the buyer pool grows smaller as the homes get more expensive.  with fewer buyers out there, sellers in higher price ranges, including builders of new homes are increasingly anxious to move their houses.  Many builders are carrying large inventories and are very happy to work some great deals right now.  We are seeing some HUGE price reductions.  If you jump in now, you can make a great deal on the buying side.  And if you condition, showcase and price your home right, it will sell without losing on the selling side. You couldn't do this in the hot seller's market of the last 10 years.  What profit you made on your sale was more than eaten up by inflated prices on more expensive and brand new homes. 

Cheese and bacon mini quiches

I've decided it's time to get in shape or catch the next ship out.  So I've started a daily workout at the Platte County YMCA with my good friend Carol.  I've found out that I'm a lot more motivated to stick with it if I have Carol at my side.  So far, we are having a great time with a whole group of women.  And we've decided that yes, we can be slinky and sexy after sixty. 

We walk for an hour on the indoor track and then we do water aerobics. 

Yesterday we started a Zumba class.  Zumba is a slow version of Salsa.  This is fantastic fun.  When you've finished, you know you've had a great workout. You will really "glow."  

Our new Platte County Y is just fantastic.  There is so much going on there constantly.  If you want to check it out, go to our links and you'll find the web site. 

Rates for a 30 year fixed rate mortgage are 6.125% today.   Speculation is that the FED won't be dropping rates soon and that we may see rates increase in the short term. 

The KC housing market remains sluggish.  And there are plenty of very good buys out there right now.  

Historically, 2007 included, January is a great month in Real Estate.  Lots of inventory will come off the shelves.  With less to choose from, buyers wont be as able to make the deals that they can right now. There are lots of sellers who would be happy to put a deal together today rather than run the risk of more months on the market.  This is the first true buyer's market I've seen in the last 20 years. So get going.

Posted by Lenora De Tray

Here is a great sounding chocolate cake recipe from Weight Watchers.  I haven't tried it yet, but it looks great.

Word from the financial community is that we can expect a drop in mortgage rates in the next day or two.  Rumor has it that the rate will be around 6% for a 30 year fixed mortgage.  We'll keep you posted.

Reggie:   "What more can I do to help my home sell quickly and at a good price?" 

Did you know the best chance for selling your property is within the first seven weeks?

It's true.

Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

Spinach Berry Salad

 4 Cups packed torn spinach

Happy Halloween!

As October winds down, I am pleased to report that our office has had a record sales month!  In a time when we are hearing only negative news about the real estate market locally and nationally, it's a breath of fresh air to hear that the market is truly improving.  No, Virginia, Real Estate in Kansas City, where everything is indeed up to date, is alive and well.  Buyer's have been taking advantage of low interest rates and great price reductions on both new and resale homes.  Sellers who are also buying are also taking advantage of the soft market and are making great deals on their home purchases while still doing nicely on their own home sale.  The surge began in the last 17 days of the month.  And we see signs that it may continue through the end of the year.  If it does, existing inventories will go down and we will find ourselves in a more balanced market by late winter. 

Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City,  MO  64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com

Good luck to Merritt Whitley, daughter of our very own De Tray Group member, Mary Pat Whitley.  Merritt is representing Park Hill high school at the state tennis tournament this weekend in Springfield, Missouri.    Last year, as a freshman, Merritt made an unprecedented run to a third place finish at state.  According to Tim Kalis, the Park Hill coach,  the competition this year will be tougher than last year.  Merritt finished the fall season 29-1 in singles matches!  Congratulations on all your successes!  

A 15-year term lowers the interest rate, reduces total interest payments, and increases principal payments. But it also increases monthly payments. If you can't afford the higher payments now, you might opt for a 30-year mortgage. If there are no prepayment penalties, you can make additional principal payments as your income increases. Making just one extra monthly payment a year will pay off a 30-year mortgage in less than 22 years and can save tens of thousands of dollars in interest costs. If you plan to stay in a home no more than three years, you might want an adjustable-rate mortgage (ARM). ARMs offer initial rates that are lower than fixed mortgages. At some point, usually after the first year, rates are tied to market conditions and are subject to potential rate increases. Most ARMs include a cap on rate increases in any given year, as well as over the life of the loan. Some ARMs offer initial rates at least 2% below fixed rates and limit increases to 1% annually and 5% to 6% over the life of the loan. Many home buyers are attracted by the affordability of an ARM during the initial period. However, you should be confident that your future income will be sufficient if both interest rates and your monthly payments increase.

Another popular mortgage involves a balloon payment. A balloon is a lump-sum payment that pays off the loan in full after a fixed period of time. Generally the rates on balloon mortgages are 1/4% to 3/4% less than on 30-year fixed mortgages, but during an initial period of between 3 and 15 years, payments are similar. After this period, the remaining outstanding principal balance is either due in full or subject to refinancing. This is a good option for home buyers who plan to sell before the final payment is due. But because property values fluctuate, you may not be able to sell when you want. You may also face higher payments if you are forced to refinance at a higher rate, and there is also a risk that you may not be in a position to refinance when the balloon becomes due.

You can set up your own personal consultation with Beth Myers(Plaza Mortgage Services) directly from this website by going to" recommended  links", then click on Pre-QualifyforHomeLoanHere  then click on Free Consultation. 

Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City,  MO  64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com

Submitted by:  Ask Reggie.

Now that you've uncluttered the interior step back and take a second look.  Do the rooms appear spacious or are they crowded?  Your goal is to make each room as large to the eye as possible. Often we find living areas with too many chairs, tables and lamps.  Take out any piece that doesn't work well  in the room.  Sometimes one item will do the trick.  Simply rearranging the room can often do the trick.  Today's buyer wants open spaces, rooms that flow one to the other.  You also want your home to be as updated as possible.  If you have checked the model homes lately, you'll get a good feeing for what is "in" in windows and what is "out."  Lace curtains and heavy valances are definitely "out."  An inexpensive update is to take em down.  Most decorators are using minimal window treatments.  More later.