Jefferson City Area Mortgage Reality Check - Quiz for Homeowners

In recent weeks, you may have seen or heard about a mortgage crisis, as roughly two million homeowners now face possible increases in their mortgage payments throughout the remainder of 2007 and 2008.

As a homeowner, you may be concerned about your own ability to meet your mortgage payments, either now or in the near future. You may be frightened or feeling pressure from your mortgage company or other creditors. You may be at risk of foreclosing. Or, you may just be curious about your financial well-being if you have an adjustable mortgage rate that is likely to increase soon.

Homeownership is the American Dream - a dream everyone wants to preserve. But what's your financial reality in light of a rising mortgage payment that may be hundreds of dollars more a month? What can you do to make things better if you are in trouble or think you will be?

Take the Mortgage Reality Check -- A Quiz for Homeowners, click below
http://www.housinghelpnow.org/MortgageRealityCheck.cfm

JEFFERSON CITY AREA BOARD OF REALTORS EXCELLENCE IN DIVERSITY

NEWS RELEASE FROM THE JC AREA BOARD OF REALTORS:

JCABOR Receives Excellence in Diversity Award
The Board has received notification that we are a recipient of the Jefferson City Multicultural Forum (JCMCF) "Excellence in Diversity" award for its support of the Forum and our efforts to ensure harmony between everyone in our community. The Diversity Awareness Committee (formerly the Equal Opportunity Committee) of the Board has taken a more active role in the activities of the JCMCF. We are proud of this recognition and accomplishment!

POSTER CONTEST

Poster Contest for 4th, 5th & 6th Grade Students. April is Fair Housing Month and the Jefferson City Area Board of REALTORS®, Inc. is recognizing this event with a poster contest. For more details and a complete set of rules, visit our website.

First, second and third place winners will be selected from each age group. First place— $100.00 savings bond, Second place—$75.00 savings bond, and
Third place—$50.00 savings bond.

This event is sponsored by:

Jefferson City Area Board of REALTORS®, Inc.

Central Bank

Community Bank of Russellville

Hawthorn Bank

Home Savings Bank

Jefferson Bank

Premier Bank

River Region Credit Union

Get rid of 'popcorn' ceilings all at once

Despite disruption, it will lower overall cost and improve home's resale value. Read more http://www.hankv4979.remax-midstates.com/remaxmidstates/modules/agent/agent.asp?p=story&id=66261

$596 Per Square Foot!!

This house, located near the intersection of Dufferin Street and Rogers Road is believed to be Toronto 's smallest house. Occupying what usedto be a driveway, it's a one bedroom, one bathroom home that sits on aparcel of land 7.25 feet wide and 113.67 feet long and has an interior
area of just under 300 square feet.

Here are the home's "Listed Features": * Completely re-done top-to-bottom, front-to-back!* Tumbled stone entrance walk* Renovated Bath* Renovated Kitchen with newer stove, new cabinets and new stacked washer/dryer* Bedroom with Murphy Bed + "Built-Ins" ... (doubles as a den)!* Walk-out to fenced patio* 100 Amp service* 2 Satellite Dishes and Receiver * Window Air Conditioner Available THE PRICE ? ? ? You get all this for $179,900.00!

Watch What You Heat

Did you know?

Three out of every 10 reported home fires start in the kitchen? (That's more than any other place in the home.)

Unattended cooking is the leading cause of home cooking fires.

Two out of three reported home cooking fires start at the range or stove.

You can prevent these and other fires by following these safety measures:

1. Keep the handles of pots and pans turned toward the rear of the range, out of reach of children.


2. Never leave cooking food unattended on stovetops or ovens.
   Make Fire Prevention Week the time to replace the batteries in all your smoke home's smoke alarms.


3. Sit and discuss home escape planning as a family to prevent injuries in the event of a home fire.

For more fire-safety advice, visit the National Fire Protection Association website.

Jefferson City Area Real Estate Market Statistics

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

January 2008
Average Sales Price ------$ 133,607
Median List Price --------- $ 127,900
Median Sales Price --------$ 124,000
Average Days on Market --105
# of Units Sold -------------47
List / Sale Ratio -----------94%


“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.”

Kitchen is no place to skimp on lighting

When it comes to lighting, few places in the home are more important than the kitchen. From general lighting to specific task lighting, a well-designed lighting plan makes the use and enjoyment of any kitchen a much brighter undertaking. More... http://www.hankv4979.remax-midstates.com/remaxmidstates/modules/agent/agent.asp?p=story&id=66112

Energy audit helps save on heating, cooling bills

All of us are concerned about our energy bills and are looking for ways to save money, especially during the cold winter months. One of the best places you can start is by having an energy audit done on your home. Energy audits analyze all of the areas of your home where you might be wasting energy -- and, obviously, your hard-earned dollars -- and provide solutions both large and small.

During the course of an energy audit, the auditors will make a site visit to your home and conduct a very thorough inspection of a number of different areas. They take measurements of everything from square footage to window sizes, all of which goes into determining the amount of heat your home is losing. In warmer climates, the same process is used to calculate ways to save on cooling costs. More.... http://www.hankv4979.remax-midstates.com/remaxmidstates/modules/agent/agent.asp?p=story&id=66182

Prevent Identity Theft

How do I Prevent Identity Theft

• Don't give out your Social Security Number unless you initiate the contact.


• Leave your Social Security number off checks and driver license.


• Shred documents with sensitive information before throwing in the trash.


• Send/receive sensitive mail using post office boxes.


• Carry only the cards and documents you need on a daily basis.


• Do not carry your social security card.


• Use virus protections, a firewall, and spyware detection on your computer.

For more info go to the Attorney General of Missouri website www.ago.mo.gov

Jefferson City Area REALTORS Impact the Community

In 2007, the Jefferson City Area Board of REALTORS® made a positive impact with their community service efforts, raising $17,221.94 for area organizations. These members, REALTORS® and Affiliates, recognize the importance of strengthening the community and making it a better place for everyone.

* Sponsored the 1st Annual "Cinco de Mayo 5K Run/Walk". Over 90 runners and walkers participated - $3,012.00 raised for the Council for Drug Free Youth.

* Sponsored the 5th Annual Chili Supper REALTORS® & Friends Keep the Home Fires Burning chili supper, raffle and food drive. Over 600 people attended this event. This event raised $5,670.94 for the Samaritan Center utility assistance program and 5,793 pounds of food for the Samaritan Center pantry.

* Sponsored a WILDflower for the Art in the Park event. This $3,500.00 sponsorship supported art in the community. The WILDflower is currently on display on the West Edgewood greenway, but will be shared with local schools this spring, giving area children and their families the opportunity to enjoy this art.

* Provided eight scholarships at a total cost of $4,000 for students to attend Missouri Business Week. This summer entrepreneurial camp is for high school sophomores and juniors and teaches them about marketing and business.
* Provided three schools with the “It’s Your Move” materials for their classroom, totaling $289.00. This course provides practical information for high school students to prepare them for their futures as housing consumers. Students from Fatima, Russellville and South Callaway benefited from this program in 2007.
* Purchased $750 worth of school supplies to help "Pack the Bus" providing school supplies to children in need. REACT (REALTOR® Educating and Challenging Teens) continued its partnership with Jefferson City High School (JCHS), by mentoring students at-risk and also assisting with school supplies.

Members of the Jefferson City Area Board of REALTORS® are professionals who enhance and better our communities through their active involvement in the many facets of real estate.

Understanding Purchase Points

Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.

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