The Difference an Hour Will Make This Spring

The Difference an Hour Will Make This Spring [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Don’t forget to set your clocks forward this Sunday, March 11th at 2:00 AM EST in observance of Daylight Saving Time.
  • Unless of course, you are a resident of Arizona or Hawaii!
  • Every hour in the United States: 614 homes are sold, 81 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.51!

 

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All Gave Some. Some Gave All.

All Gave Some. Some Gave All. | MyKCM

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Freddie Mac: Equity Matters (a Lot!)

Freddie Mac: Equity Matters (a Lot!) | Keeping Current Matters

According to a Merrill Lynch survey, over 80% of the people in this country believe that homeownership is still “an important part of the American Dream”. There are many financial and non-financial reasons people feel this way.

One of the biggest reasons is because it helps build family wealth. Last week, Freddie Mac posted about the power of home equity. They explained:

“In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home’s appreciation. In a nutshell, your money is working for you and contributing toward your financial future.”

They went on to show an example where a person bought a home for $150,000 with a down payment of 10%, resulting in a loan amount of $135,000. The buyer secured a 30-year fixed-rate mortgage at 4.5% with a monthly mortgage payment of $684.03 (not including taxes and insurance). They then illustrated what would happen after seven years of making a mortgage payment, assuming 3% per year home appreciation (the historic national average):

Home Equity Calculation | Keeping Current Matters

And that number continues to build as you continue to own the home. Merrill Lynchpublished a report earlier this year that showed the average equity homeowners have acquired at certain ages.

Average Home Equity by Age | Keeping Current Matters

Bottom Line

Home equity is important to building wealth as a family. Referring to the first scenario above, Freddie Mac explained:

“Now, if you continued to rent, and made the same payment of $684.03 per month, you’d have zero equity and no means to build it.

Building equity is a critical part of homeownership and can help you create financial stability.”

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

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  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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5 Reasons to Hire a Real Estate Professional

5 Reasons to Hire a Real Estate Professional | Keeping Current Matters

Whether you are buying or selling a home, it can be quite an adventurous journey. You need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but have rather been strengthened due to the projections of higher mortgage interest rates & home prices as the market continues to recover. 

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS“the typical FSBO home sold for $208,000 compared to $235,000 among agent-assisted home sales.”

Get the most out of your transaction by hiring a professional.  

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?

Dave Ramsey, the financial guru advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line:

You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of your most important financial decisions of your life without hiring a Real Estate Professional?

 

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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Where Has All The Inventory Gone

Picture1Welcome to the height of the real estate market…the time when most real estate transactions take place.  This is when lenders are busy and real estate agents work late evenings showing houses, and more houses, and more houses.  Except for one small hiccup…there is still not enough inventory.  The question is why not?

At first it was “the banks are holding the inventory.” Then it was “short sales are taking forever to close.” Well I can tell you in our market the majority of the sellers are now people with equity or investors doing flips.  So, no more blaming the banks, now we have to look at our market and help bring it back to life.

I showed a house a couple days ago in Edgewater.  It was priced right and showed okay.  Within 5 hours of being on the market it had 2 offers and the agent was expecting at least 1 more.  This continues to be more of the norm versus the exception.  For buyers this can be a frustrating experience, but for sellers it’s a great time to sell.

At this point I was going to list a bunch of statistics about the market, but I got bored just thinking about it. What I will tell you is if you are even considering selling a property, you need to contact us, so we can determine if it is the right time.  One thing to remember is our market is getting better and there are home owners have gained value, but maybe not enough equity to sell and make a profit.  The best way to determine this is to contact me and let me do the work.

We’ve helped several clients, some who are reading this article now, make the decision to hold off from selling a couple years ago who have made a nice profit by selling this year.  We work for you and our goal is to provide you the best advice, so you can make a sound decision.

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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Gallup Poll: Real Estate Best Long Term Investment

Solid InvestmentsThe Gallup organization just released their April Economy and Personal   Finances Poll which asked Americans to choose the best option   for long term investment. It was no surprise to us that real estate returned to the top position over other investment categories (gold, stocks/mutual   funds, savings accounts/CDs and bonds).4_28-Visual-1000

Back in 2011, gold was the most popular long-term investment among Americans. However, with the housing   market improving across the U.S. and home prices rising, more Americans now   consider real estate the best option for long-term investments.

 The poll also revealed that   real estate was considered to be the best long term investment by all four   subgroups by age and two out of three by income:

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For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

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  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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The Golden Rule

If you haven’t talked to Tim recently then you wouldn’t know that his favorite child is joining the Air Force and shipping out June 3rd.  Allow me to introduce myself, I’m TJ the favorite child. I have had the opportunity to work with my dad on and off since he and Alan started this company. I have seen it grow from a small little room in Wheatland to an actual office in the heart of Marysville. I have met a lot of interesting people along the way and learned a few things about homes, investments, and even a thing or two about demolishing buildings with a sludge hammer, that was a fun work week! It’s crazy to see the entire behind the scenes work that takes place when buying a house. Most of which clients don’t have the opportunity to experience. That being said they don’t realize how much actually goes on because everyone here at Welton Realty makes it seem easy. They are truly a group of problem solvers, constantly pushing and trying to provide their clients with the best possible service. I am proud to say I work at Welton Realty, a company that doesn’t treat people as if they were just a means to an end. They treat them as if they were part of a bigger group of friends or family.
I have studied business for a long time in school and with the firsthand experience I have gained here, as well as with other companies, I have come to realize one undeniable truth. The key to success is treating those around you as if they were your friends. You have to truly care and invest in people and by doing so you will not only succeed in your career, but in life as well. There is already so much negativity in this world and to have a business establishment that truly tries to keep others best interest at heart is an amazing thing to be a part of. I have been blessed to have had such a great experience here.

I will miss California, my family and all the amazing friends, and people I have made throughout the years. I know deep down though I will take my experiences I have had and try to help others realize what I have learned;tThat the golden rule, treat others the way you would want to be treated, is not only polite, but also the key to a successful and fulfilling life.

 

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

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  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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Your Marysville, California Dream Home Is Here

 

Avoiding Financial Stress

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.

It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it’s the interest rates or the down payments that vary.

Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the dream home requires it.

Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:

-What type of market are you in? Are the interest rates falling or rising?
-Do you want a fixed mortgage rate, where you will always know what your payment is going to be?
-What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?


Build a Plan of Action and Get Ready

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.

Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.

First, ask yourself how much you can afford to pay for a home. If you’re not sure on the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford, allowing you to look for homes in your price range. Getting pre-approved also helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.

Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:

-convenience for all family members
-proximity to work, school
-crime rate of neighborhood
-local transportation
-types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.


Finding the Right Seller

The best seller is one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. And it matters that you find out why. Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.

When given the opportunity to meet with sellers, ask them why they are selling. The reason could be anything, such as a job change to a new location or financial problems. If you can solve their problem, whether it is cash related or time related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale – and a lower price. If you can make an offer, even a low one, that gives them cash in a short time, they are more likely to accept.

There are also some sellers that you should avoid. Not every seller is as genuinely motivated as they make themselves to be. Some possible hints:

-they stall on having the home appraised or inspected
-they are unable to clear up liens against their property
-they do not own 100% of their property
-they push back the move-out date
-they do not have a replacement property or back up plan
-etc.

It is impossible to find the perfect seller. But it is possible to find out which sellers are legit and which ones aren’t.

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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Understanding Different Types of Loans

Today’s homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone.

While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and your future plans. Though this article discusses some of the more common loan types, you should spend time talking with different lenders before deciding on the right loan for your situation.

General categories of loans
Most loans fall into three major categories: fixed-rate, adjustable-rate, and hybrid loans that combine features of both.

  • Fixed-rate mortgages
    As the name implies, a fixed-rate mortgage carries the same interest rate for the life of the loan. Traditionally, fixed-rate mortgages have been the most popular choice among homeowners, because the fixed monthly payment is easy to plan and budget for, and can help protect against inflation. Fixed-rate mortgages are most common in 30-year and 15-year terms, but recently more lenders have begun offering 20-year and 40-year loans.
  • Adjustable-rate mortgages (ARM)
    Adjustable-rate mortgages differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. This is because the interest rate for an ARM is tied to an index (such as Treasury Securities) that may rise or fall over time. In order to protect against dramatic increases in the rate, ARM loans usually have caps that limit the rate from rising above a certain amount between adjustments (i.e. no more than 2 percent a year), as well as a ceiling on how much the rate can go up during the life of the loan (i.e. no more than 6 percent). With these protections and low introductory rates, ARM loans have become the most widely accepted alternative to fixed-rate mortgages.
  • Hybrid loans
    Hybrid loans combine features of both fixed-rate and adjustable-rate mortgages. Typically, a hybrid loan may start with a fixed-rate for a certain length of time, and then later convert to an adjustable-rate mortgage. However, be sure to check with your lender and find out how much the rate may increase after the conversion, as some hybrid loans do not have interest rate caps for the first adjustment period.

Other hybrid loans may start with a fixed interest rate for several years, and then later change to another (usually higher) fixed interest rate for the remainder of the loan term. Lenders frequently charge a lower introductory interest rate for hybrid loans vs. a traditional fixed-rate mortgage, which makes hybrid loans attractive to homeowners who desire the stability of a fixed-rate, but only plan to stay in their properties for a short time.

Balloon payments
A balloon payment refers to a loan that has a large, final payment due at the end of the loan. For example, there are currently fixed-rate loans which allow homeowners to make payments based on a 30-year loan, even though the entire balance of the loan may be due (the balloon payment) after 7 years. As with some hybrid loans, balloon loans may be attractive to homeowners who do not plan to stay in their house more than a short period of time.

Time as a factor in your loan choice
As has been discussed, the length of time you plan to own a property may have a strong influence on the type of loan you choose. For example, if you plan to stay in a home for 10 years or longer, a traditional fixed-rate mortgage may be your best bet. But if you plan on owning a home for a very short period (5 years or less), then the low introductory rate of an adjustable-rate mortgage may make the most financial sense. In general, ARMs have the lowest introductory interest rates, followed by hybrid loans, and then traditional fixed-rate mortgages.

FHA and VA loans
U.S. government loan programs such as those of the Federal Housing Authority (FHA) and Department of Veterans Affairs (VA) are designed to promote home ownership for people who might not otherwise be able to qualify for a conventional loan. Both FHA and VA loans have lower qualifying ratios than conventional loans, and often require smaller or no down payments.

Bear in mind, however, that FHA and VA loans are not issued by the government; rather, the loans are made by private lenders. FHA loans are insured to the actual lender and VA loans are guaranteed in case the borrower defaults. Remember too, that while any U.S. citizen may apply for a FHA loan, VA loans are only available to veterans or their spouses and certain government employees.

Conventional loans
A conventional loan is simply a loan offered by a traditional private lender. They may be fixed-rate, adjustable, hybrid or other types. While conventional loans may be harder to qualify for than government-backed loans, they often require less paperwork and typically do not have a maximum allowable amount.

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

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Nothing Feels Better Than Helping You Find Your Marysville, California Dream Home

 

A Better Way to Buy and Sell Real Estate

This is a one-stop real estate website for all your home buying and selling needs in Marysville, California, Illinois and the surrounding areas.

Buying Your Home – Appraisals & Market Value

What is the return on new versus previously owned homes?
Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy. One survey by the National Association of Realtors shows that resale homes do have an edge over new homes. The trade group’s figures show the median price of resale homes increased4.3 percent between 1999 and 2000, compared to 2.8 percent for new homes in the same period.

What’s a house worth?
A home ultimately is worth what someone will pay for it. Everything else is an estimate of value. To determine a property’s value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a certified appraiser’s estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $300. A comparative market analysis is a real estate broker’s or agent’s informal estimate of a home’s market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free. You can do your own cost comparison by looking up recent sales of comparable properties in public records. These records are available at local recorder or assessor offices, through private real estate information companies or on the Internet.

What standards do appraisers use to estimate value?
Appraisers use several factors when estimating a home’s value, including the home’s size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value.

Can I find out the value of my home through the Internet?
You can get some idea of your home’s value by searching the Internet. A number of Web sites and services crunch the numbers from historic public records of home sales to produce the statistics. Some services offer an actual estimate of value based on acceptable software appraisal standards. They also depend on historic home sales records to calculate the estimate. Neither of these services produce odfficial appraisals. They also don’t factor in market nuances or other issues a certified appraiser or real estate professional might in assessing the value of your home.

What is the difference between list price, sales price and appraised value?
The list price is a seller’s advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser’s estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

What are the standard ways of finding out how much a home is worth?
A comparative market analysis and an appraisal are the standard methods for determining a home’s value. Your real estate agent will be happy to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder’s or assessor’s office but also through private companies and on the Internet. An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

How do you determine the value of a troubled property?
Buyers considering a foreclosure property should obtain as much information as possible from the lender, including the range of bids expected. It also is important to examine the property. If you are unable to get into a foreclosure property, check with surrounding neighbors about the property’s condition. It also is possible to do your own cost comparison through researching comparable properties recorded at local county recorder’s and assessor’s offices, or through Internet sites specializing in property records.

What is the difference between market value and appraised value?
The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

For More Marysville, California Information
Contact Tim Helton at (530) 741-1234

Resources and Tools

  • Mortgage Calculator and Affordability Calculator
  • Elementary and High School Local Information
  • Walk Score of Surrounding Areas and Find Local Businesses In The Area
  • Home Valuation Graphs and Local Graphs for Real Estate Conditions

Read more information



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