Real Estate Information

Submitted by:  Ask Reggie

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

Posted by:  Bob De Tray

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. 

Interest Rate Points
Points are interest paid in advance to reduce the rate on a loan. One point is equal to 1% of the mortgage amount. The general rule is that 1 point is worth 1/4 of 1% off the loan rate. The decision to pay points for a lower rate is based on how much the seller is willing to contribute to points, how long you plan to stay in the house, and how important lower payments are compared to higher closing costs. You will need to calculate the long-term value of points based on these factors, keeping in mind that points are generally tax deductible in the year paid.

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

Posted by Bob De Tray:

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