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Cathy Womack

Sales Associate

My Blog

Essentials for Spring Shopping 2015

4/6/2015

Spring has finally sprung for 2015. The daffodils are in full bloom. The trees are budding out to start their journey for providing us with summer shade from the sun. The kids can start to count the days till summer vacation begins. What are we missing. How a about a new home!

Interest rates are still incredibly cheap. I have a client now locked into 3.75%. $125,000. can be bought FHA with $600. a month base payments. Sure add property tax and insurance and the payment goes up some. Maybe $200.00 a month so the bank can escrow your annual taxes and insurance payments and have the amount saved to pay them for you.

There are still so many renters out there or move up buyers (buyers who bought something cheap during the real estate black hole years) who would serve themselves well to take advantage of this window of opportunity. The interest rates are still low and the housing prices typically have still not risen to the prices of 2007. There are programs out there for people to buy with no down payment! There are even first time home buyer loans that pays 3% of your loan for you! You should have money set aside for a property inspection when you find your dream home and the cost of the appraisal and credit report for the bank. If we find a home that is priced well, we can even add the closing costs into the offer on the house which means you could get a REFUND at closing to give you back the inspection and appraisal monies you paid up front. What a great deal!

Home ownership is not for everyone! You may feel you are not ready to settle down. You are thinking you will leave this area in the next 5 years. You may be at a place in your life where taking care of a house and a yard is not where you are right now. Do not buy!! You do not want to wind up in a position where you need to sell shortly after you buy. If you pay market value for your home and then need to sell shortly after, its just like a car, you could be upside down. When you sell, you typically have real estate brokers who charge a % fee to set your home up in a local Multilist service so all real estate agents have a chance to sell it after seeing it online, and all the other things a Realtor needs to do to sell your house for you. The fees are typically split between the selling agents broker and the buyers agent broker. Realtors are self employed and pay all their own expenses, so the brokers pay their agents a commission out of the commission you pay them.

Now, the most important part. You need a trusted adviser to guide you and advise you through this process. An average homeowner may buy 4 houses in their lifetime and become pretty experienced in the process. Every deal, home and circumstance is different. You should have an experienced agent to walk through the process with you. Having a third party person that only looks out for you and your interests is a plus.  For the seller that person takes care of the the paperwork, marketing and negociating for the seller. For the buyers, having their own agent is money is their pocket. Most buyers drive around, see a house they like and call the phone number for the Realtor whose name is on the sign. If you are a buyer calling that agent or walking into an open house, you are generally talking to the SELLERS agent. They are under contract with the seller to sell their home and keep the sellers personal business a secret. A new home buyer may think that front yard sign agent is SO nice to you, and they  going to look out for you and get you the best deal they can. Not true! They are under contract with the seller the get THEM the best deal they can. They are also obligated the share all the information you tell them with the seller. Example: " How about if we offer them $90,000? We can go up to $100,000. but first lets see if they will take $90,000." Here is a trade secret. Ready.....if you are a buyer you can have your own agent that just represents only you in a transaction for FREE! The seller is the one who pays the Realtor fees to the selling agents broker and the buyers agent broker!! Your experienced buyers agent will give you all the advise they are allowed to give. Previous sold sales prices of the properties, average area sales prices, and a multitude of other things like pointing out potential issues a house may have, or a list of trusted service providers like local lenders. An experienced agent usually knows a good lender professional that will complete your transaction with the eagles eye it deserves. All lenders, as in any other profession, are not created equal. I find internet lending to be the most difficult and sometimes the least honest. We find in our area we are very fortunate that our closing costs are typically kept to a minimal. We don't see a bunch a "junk" fees around here. Some lenders charge you for things that they have to invent a name for to have something to call it. Ex " Distributional Assignment Fee"  LOL

Well, thats it for today. Off my soap box I jump. Remember I am not wanting to become your Realtor for one deal. I want to be the Realtor you refer your family and friends to for LIFE!!

Cathy

 

1st Time Homeowners "Uncle Sam Needs You Today!"

6/24/2012

Renters and First Time Homebuyers, WE ALL NEED YOU! You are a huge part of the solution of todays housing crisis. We all know that in order for our housing system to work efficiently the DOMINO Theory has to be healthy.  Example: I am a 1st time homebuyer and I buy your $59,900. 2 bedroom 1 bath 1 car garage home in an older slightly deteriorated neighborhood. That seller now has their 1st baby and had a few salary hikes and buys a $109,900. property that is 3 bedroom,2 bath, 2 car garage with about 1200 sf. in a little newer area. That seller had their second baby and is ready to move on to a $149,900. house and that seller is ready to move on to a $199,900. purchase and that seller can buy a $250,000. And on and on.  Now we all know that there are exceptions to that rule. A great new more lucrative job, moving in from another area that has much higher housing values, a baby boomer deciding to downsize, and a windfall of new money or simply finishing our education to move into our career choice can help us skip steps.

But remember, for the purpose of this article we are focusing on 1st time buyers. How do we encourage those buyers to enter into the historically cheap market the buyers are seeing today? Educate them!! Teach our follow Americans that paying their bills today on time will save and make them SO much money in their lifetime. In yesteryear, a bad credit rating just meant higher credit rates or to be turned down for a loan. Todays world revolves around your credit report whether it is for a job application, car insurance or homeowners insurance. Dont be fooled...your credit score is more accessible than your Facebook page.

 

Forbes Magazine said 3/23/12 that in 98 out of 100 US cities (exceptions were Honolulu&San Francisco), buying today is cheaper than renting. Why? Forbes says:  Home prices have plunged as much as 50% in some metro areas since the housing bubble burst in 2007, where they continue to bounce along the bottom now.  Rents, on the other hand, have been rising in many markets over the past several years thanks to a swelling demand fueled by both foreclosed-upon homeowners and prospective buyers either afraid or unable to buy. Zillow, for example, estimates that rentals have risen at least 3% nationally since January of 2010. Of course, the question of whether to buy ultimately comes down to personal factors, low prices or not. If you arent planning on staying in a property at least five years, the upfront costs of buying may not be worth it

Can you buy with NO DOWN PAYMENT? YES !!  Do you have an average credit score and a skilled experienced local lender that can help you qualify for one of the great first time homebuyer programs that GIVE you 3% to use towards your down payment? Do you have a skilled experienced Realtor that can help you select a property that can afford to roll your closing costs into the offer price of the property?  Do you have a limited amount of extra money that could pay for an appraisal and/or a Home Inspection? These costs could be spread out over a 4 week period.

More Questions: Contact a skilled experienced local Realtor in your area or contact,

Cathy Womack, GRI, MGRI, MRE, SREC, CDPE, ABR, ePRO

RE/MAX Solutions

Direct: 417 880-6247

Office: 417 581-7888

Email: cathy@eOZARK.com

Website: http://www.eOZARK.com

Helping people move in or move on for over 30 years.

4 Reasons To Buy NOW!!

4/12/2009

Top 4 Reasons why NOW is the Time to Buy a Home

 

    1.   Free Money - Up to $8,000. (10% of purchase price) free money for first   time or people who have not been homeowners for 3 years. There is even a way you   can get to use that money up front!

2.   Stabilize your housing costs 2009 brings lots and lots of former homeowners to the rental market. They cannot buy another home because their credit rating has been trashed by the loss of their previous home. It will be many years before they will be able to buy.  The market is a supply and demand environment. The landlords want the best return for their investment as they can get. Right now there is an over supply of rentals because so many owners/builders have been forced into the rental market because they cant sell their properties. As soon as the market turns around and real estate starts to sell again, the rentals will get harder to find. Most owners/builders do not really want to be landlords. They want to sell their properties and free up their money.  Premium rentals will become scarce and expensive. Rents will continue to rise. When you buy a home, the principal payment is the same for 30 years. The only thing that goes up is maybe your real estate taxes and your insurance premiums. 

3.   Lower interest rates - Currently interest rates are lower than they have been in some time. If you are thinking of buying a home, now is certainly the time to do so in order to make sure you lock in those great low rates.

4.  More Space - You may very well find that in today's market you are able to afford a larger home for the same amount of money or even less money than you are currently paying every month in rent. If you dream of having a home office, starting a family soon or expanding your family, now could be the best time to get the additional space that you need for the right amount of money.

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