Thursday, April 30, 2009

Home Renovation Costs Rolled into a Mortgage

My son is buying his first home and asked a good question. How can he build on a room addition when making the purchase?

Well, just like getting the qualified for the loan, you have to talk to your lender about your intentions and the affordablitly of those renovation payments. There are loan packages out there for those types of repairs.

The Federal Housing Administration's (FHA), 203(k) loan is one of the most popular renovation loans generally used to update or improve homes or condominiums that need a minimum of $5000 in essential repairs, like new wiring, plumbing, roof repair an structural damage.

You may choose a 2nd mortgage on present home to do some repairs. It's also called a "Equity Loan". A USDA loan may work to get some repairs done before you actually purchase the home... providing the home appraises for more than the purchase price.

Your lender will need to qualify you for these types of loans. Each of these loan programs have restrictions and may not be suitable to your needs. A good realtor, lender and tax advisor can help you make the right decision with you. Call me if you have questions or need to get qualified with a great lender!

Thursday, April 16, 2009

California Association of Realtors 2008 Home Survey is in.

Survey Says... Realtors Suck, I don't think so.

"The public perception of the real estate professional is amongst the lowest of any on record"... I have fought this stigma since the day I took my first real estate phone call. There's a joke I was told while contemplating a real estate career. It starts like this... "There's a lawyer, a car salesman and a realtor..." I don't need to go any further, you get the picture.

This post is based on The California Association of Realtors 2008 Home Seller Survey released in July 2008, but the statistics are just as relevant today. You can read the entire survey here.

The survey gives my consumers an idea of what questions to ask when listing and selling a home or property. So many factors apply when selling a home that it would be improbable that it was all the Realtors fault. But, never the less. Use this survey to help make the right decisions for yourself... then I hope you will call me with your questions, trust and your listing.

I'd love to hear your comments. Especially here in McClain, Cleveland, Grady, Garvin and Pottawatomie counties, Oklahoma.

Thank you to Jeffery Corbett in Seattle, Washington for lending his insights from his ActiveRain Blog.

Thursday, April 9, 2009

Why are Prices of Homes Dropping?

Prices are dropping because of the anomaly that occurred during the market boom. Price are now adjusting to the inconsistent and unsustainable growth that occurred during the first six years of this decade. In other words, the market is not on the decline... Rather, it is moving toward stability, which will mean a healthier markets in the future.

Excerpt from Realtor Magazine, April 2009 Issue, written by Professor Karl Case of Wellesley College and contributing author of the Case-Schiller Home Prices Indices, a quarterly nominal housing price report.

Is Now a Good Time to Purchase?

The Facts on Home Purchase

Customers and friends are always asking me why aren't people buying if it's such a "good time" to purchase? Following is just "my take" on this market and economy today.

Fear. People are afraid to make the home purchase, and are waiting for fear of:

Fear of change... new president
Fear of the slowing economy
Fear of job security
Fear of rising fuel and groceries cost

That's fine to be cautious. It's wise to be prepared... if your concerned over your job security or have no money after you pay your current bills... this might not be the time for you to buy. But, if your meeting your obligations and your tired of renting or need a larger home... lets get you to a lender to see how much home you can qualify for. If you can't afford the numbers it takes to make the move you desire, then lets wait.

If your financials meet the criteria needed to make your purchase for the type and size of home your wanting... then now is a good time to buy! There should be no fear with interest rates in the 5.75% range, (with your good credit scores), and a building inventory of homes on the market. Another great tip is, traditionally... the sales price of a home is two-and-a-half times the the household income. This is not always true, but it a good rule of thumb!

Here is a short list of the necessities on purchasing a home:

A good Realtor and a good Lender!
Two years of work history, (College grads with new job counts as 2 years).
Two years of tax returns.
Three months of bank statements.

Email or call if you have any questions about how to purchase a home, or need a lender.

Thursday, April 2, 2009

Need a Realtor for a Home, Land or Commerical?

I have listings available, (of land, homes and commercial), ready to show my customers in six counties including McClain, Cleveland, Oklahoma, Grady, Garvin and Pottawatomie. I drive regularly to show property in many small towns, such as Purcell, Washington, Goldsby, Wayne, Dibble, Blanchard, Newcastle, Lexington, Noble, Wanette, and Maysville as well as Oklahoma City, Moore and Norman, Oklahoma.

Let Deborah Allison Real Estate look for your property for you! Whether it's 80 acres with a ranch home on it, 160 acres of pasture land or a home in town... I can help you find it. Lets discuss your needs to get you where your going. If you need to sell before you can purchase... I am here for that too.

Everyday real estate needs is the service I provide for my customers. I am waiting to hear from you!