Welcome

WELCOME to my blog page! If you have any questions concerning real estate, call me at 573-761-3485, or email me at hankvogt@yahoo.com , or visit my website at http://www.hankshouses.com/ . Thanks for stopping by, and come back often for information, tips, and news concerning the real estate market in Jefferson city!

Saturday, February 16, 2008

Jefferson City appears to be safe from housing slump!


News release from Jefferson City Area Board of Realtors courtesy of KRCG and News Tribune

http://www.krcg.com/news/news_story.aspx?id=95097

http://www.newstribune.com/articles/2008/02/12/business/323biz01.txt

Current Market Conditions

Taken from the December Jefferson City Area Board of Realtors Multiple Listing Service.

December 2007
Average Sales Price - $ 127,061
Median Sales Price - $115,000
Average Days on Market - 110
# of Units Sold - 85
# of Active Listings - 760
# of New Listings - 137

“The territorial jurisdiction of the Jefferson City Area Board of REALTORS, Inc. includes Cole, Callaway, Moniteau, and Osage Counties . This representation is based in whole or part on data supplied by the Multiple Listing Service of the Jefferson City Area Board of REALTORS, Inc. Neither the Board nor its MLS guarantees or is any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.”

How can I increase the value of my property

Specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.
If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too.
The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you over improve for the neighborhood, you may not necessarily recover your costs or boost your property value significantly

Basic Principles of all Mortgage Loans

The home is used as security to back up the loan. A lender can force sale of the home if the borrower defaults by failing to make scheduled payments.
The larger the loan compared to the value of the home, the more risky for the lender and, often, the more expensive the loan will be.
Interest earned by the lender always is equal to the periodic interest rate times the outstanding principle balance of the loan. The periodic interest rate is the annual interest rate divided by the number of payments in the year (usually one per month).
The required payment usually is a bit larger than the interest due so that some of the loan principal is repaid with each payment. This process is called Amortization and is why most mortgage loans can be retired when all the monthly payments have been made.
All mortgage loans have one of the following features:
Fixed payment and fixed interest rate - fixed rate mortgages
Fixed rate but variable payment - graduated payment mortgages
Variable rate and variable payment - adjustable rate mortgages
As you learn more about the types of financing available, you will notice that some loans appear to have more favorable terms. That may indicate that those loans are, indeed, bargains (and it does pay to shop around), but usually it means that those loans could have some feature that is less appealing to borrowers. For example, shorter-term loans often have slightly lower interest rates compared to longer-term loans. However, the monthly payment for the same amount of principal may be higher because of the shorter term. Variable rate loans usually have much lower interest rates to compensate for the risk the borrower accepts that interest rates will rise in the future.

Are forclosures a wise investment?

A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.
It is wise to be cautious when considering a foreclosure. Many experts, in fact, advise inexperienced buyers to hire an expert to take them through the process. It is important to have the house thoroughly inspected and to be sure that any liens, undisclosed mortgages or court judgments are cleared or at least disclosed. Learn more.....click here
http://www.hankv4979.remax-midstates.com/remaxmidstates/modules/agent/agent.asp?p=pagecontent.asp&nav=1&pid=441

10 tips to buying a home

Top 10 Tips to Successful Home Buying
Tip #1: Research Is The Key To Discovery
Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, and spending time looking at different homes, schools, and neighborhoods will you end up with your American dream. Avoid the nightmares by learning how best to buy and maintain a home.
Tip #2: Make A Plan And Get Pre-Qualified
Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!
Tip #3: Value, Value, Value
The days of 10-30% annual appreciation have passed. Homebuyers in the 1970's benefited tremendously from what seemed like ever appreciating home prices. Nowadays, you're looking at slow growth while guarding against the possibilities of falling prices, skyrocketing ARM rates and corporate layoffs that can dramatically affect your home values. The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.
Tip #4: Create A Top 10 List Of Amenities
When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes and may keep you from buying a home on a
more........ click here http://www.hankv4979.remax-midstates.com/remaxmidstates/modules/agent/agent.asp?p=pagecontent.asp&nav=1&pid=437