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Let it snow!
Hang in there...Spring isn't too far away
Real Estate Notes from Greg Seznak RE/MAX Gateway Realtors
636-978-0971 cell / 636-379-9477 direct
636-542-9100 office
www.GregSeznak.com
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Another Award, for the Company I am associated with: For the St Louis Region, out of all the RE/MAX offices in the St. Louis Metro area, RE/MAX Gateway received the award for "Most Transactions per Sales Associate 2009". (We received that award last year too). Pretty neat honor, considering how many RE/MAX offices there are in the entire St. Louis region.
Home Values: Here's a clip I noticed from the National Association of Realtors regarding home prices:
The median price for all types of homes in the Midwest was $141,100, in the 4th quarter, up 1.1% from a year ago. The South logged in at $153,000, down 2.4% from a year ago, the Northeast came in at $234,900, down 5.6% from a year ago, while the West came in at $227,200, down 8.9% according to the NAR.
And the Survey Says...........
Here's some info from the National Kitchen & Bath Association's survey. They state that simplicity is King in 2010. Shades of white, off-white, beiges, and bones in kitchens & bathrooms remain the safest bets. Ceramic, porcelain, and natural stone tile are poplar flooring options. For countertops, granite continues to be the rage, according to the NKBA's survey.
Cherry cabinetry is the most popular wood for kitchen cabinets, and pull-out faucets will continue to reign over standard kitchen faucets. French door & freezer bottom are the two most popular refrigerator styles, and the gas range leads the charge in cooking options. Standard dishwashers will be the most common in 2010, according to the NKBA's survey.
Selling property to balance the budget.......
Some local Government's are selling off property to balance their budgets. California has a 20 billion dollar budget gap projected thru June of 2010. They just auctioned off the 150 acre site best known as the Orange County Fairgrounds. California will be marketing 17 buildings on 2/22/10. Arizona only has a 1.4 billion dollar deficit. They raised 735 million by offering munincipal bonds at $5,000 apiece against the value on several properties. Some of the bonds were purchased by individual investors, but most were snapped up by mutual funds.
RE/MAX Advertising fact:
I saw a graph today about RE/MAX television advertising. 70.38% of all the Real Estate ads run on TV, in the USA, are RE/MAX ads.
Pizza News: Being a pizza connoisseur, I highly recommend a pizza place called Mario's Pizza. Phone is: 636-391-6115. The owner used to live in Antioch, Illinois, near the IL-WI border. They really know what pizza is all about. Mario's is at 14870 Clayton Road in Chesterfield. (In the Baxter Bend Shopping Center, near from the St Louis Bread Company). It's near Baxter Road. Here's their website: www.marios-pizza.com . I got the cheese & sausage pizza with mozzerella. (If you are from St Louis originally, yes, they have provel). You can even buy Ready to Bake pizza there to take home & bake. I'm putting their phone # in my speed dial. Anytime I pass by there, I'm stopping in! I usually call in the order from around Chesterfield Valley. (Actual pizza pictured is from the Windy City Grille in Como, Mississippi, another one of my favorite pizza places). Enjoy life, get a good pizza!
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Interest Rate update as of: 2/24/10
Conventional 30 Year Fixed 5.00% 0 pts
Conventional 15 Year Fixed 4.375% 0 pts
Conventional 5 Year Arm 3.875% 0 pts
Conventional 7 Year Arm 4.25% 0 pts
FHA 30 Year Fixed 5.25% 0 pts
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YouTube. Whenever you get bored, or if you would like to see some videos of my listings, go to: www.YouTube.com
That is a great marketing tool. Draws a lot of interest on my listings. I am always trying different things to stay a step ahead of the crowd.
When you get into YouTube, you will see a search bar. To the left of it is a search box.
Type in the word: sezsells
Pilot news: Pilots, Your paper pilots license expires 3-31-10. They are changing to the plastic credit type card type license soon. Get on www.Faa.gov ,
log in & make your changes!
ZABASEARCH. Free People Search and Public Information Search Engine
Just put in the name & the state, and chances are good you will find who you are looking for. Sometimes it even displays their year & month of birth. A few times, you will see some of their old addresses, but if you really want to find somebody, it's a good start.
Vinegar. Ever think of using vinegar for cleaning things? Yeah, me neither. There are so many uses for vinegar. Check out the Vinegar Institute website to see what all it can do for you. I'm going out to buy some vinegar today! http://www.versatilevinegar.org/usesandtips.html
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STONE SOUP COTTAGE, a Restaurant in Cottleville
It's not your average restaurant. It requires reservations and has no menu. It is intimate, cozy, quiet & unique. It has only 7 tables. There are 4 or 6 courses. Menu items are posted a week ahead on-line. Open Thursday - Saturday night. It bends the rules of a traditional restaurant. It's more like going to a chef's house for dinner. It is located in an 1850's farmhouse in Cottleville. The address is 5525 Oak Street in Cottleville, MO. Website address is: www.stonesoupcottage.com
Call (636) 244-2233 for Cottage Dining reservations or for Private Events, or email info@stonesoupcottage.com
to request information. Chef Carl McConnell, who I know, has a very impressive culinary background. Be sure to surf their website to see all the details about this extraordinary Chef & their fine Restaurant. _________________________________________________________________________________________________________________
Real Estate closing problems
There is an increase of late closings these days because of new Appraisal and Lending guidelines. I just had a closing that was 2 1/2 weeks late. The Buyer had great credit, things were great, etc.. We even had a loan approval from the mortgage company they were using. It was turned down the day before closing from an Underwriter in California. Fortunately, the house was vacant & nobody had moving trucks loaded up ready to roll. There was no reason they should have been turned down. It was maddening. So, the lender took the transaction to a different Underwriter & it went thru just fine.
It's like we are at the mercy of these people, and we have absolutely no control in getting an approval quickly. Makes a Realtor feel like a fool, telling their clients they have no answer yet from the lender, on a daily basis. Some of the lenders are great about keeping us informed, but many times, it is the people behind the scenes that are 'out to lunch'. They drag their feet, don't return phone calls, and leave everybody in the dark. We have seen memos recently saying that we can possibly expect to see some delayed closings.
I'm 'old school' when it comes to business. When we agree to a particular date & terms, you do everything possible to make it happen for your clients. I grab the bull by the horns to make things happen like it is supposed to.
Another problem right now is with Appraisals. Some Appraisers take longer than normal to complete an assignment. The timing and approval of the whole transactions relies upon the appraisal also. There have been a few sales that simply have not appraised out, thereby requiring a renegotiation & adjustment of the sales price. Some Appraisers are being called on from out of the area who have minimal expertise in local evaluations. They should be upfront and decline the appraisal assignment if they are unfamiliar with the area.
There are so many problems behind the scenes out there, sometimes it makes you feel like your blood was just drained out of you, or you got kicked in the gut. You would not believe all the irrational & incompetent stuff that goes on sometimes. It's my job to make it all go smoothly though. That's why using a Realtor with 38 years of experience is important today. I pity the folks who use their Sisters friends Cousin, or somebody, who just got into Real Estate.
Friendship alone isn’t enough to establish a professional’s credentials. Use tough standards when selecting an agent, just as you would when hiring an attorney, a doctor, or hiring an accountant to handle your taxes. A true friend will understand and appreciate that this is a business decision and will offer their credentials and expect to compete for the listing. Besides, if a problem or challenge develops while selling your home, do you want to risk damaging a friendship or family relationship? I have had a few listings thru the years where I sold homes for other Realtors. They did not want to deal with their relatives, because they wanted to stay 'Family', so they asked me to sell their relatives homes.
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What's selling out there?
Seems like the hottest price range right now is between $100,000 to $150,000. Homes in Troy, Winfield, Wright City, Warrenton are selling rather quickly in those price ranges. There are some really good values just North & West of St Charles County right now. I sold a brand new 2 story with a 3 car garage in Troy, for $143,000. I also sold a super nice ranch home with about 1,540 sq. ft. & a lot of nice features, in Wright City for $138,000. It is a great time to buy! If we sell your home now, you will probably get less than you would like to, but on the other hand, you should be able to get a super deal on whatever you buy. In the upper price ranges, there is an abundance of inventory in West County & St. Charles County. So, your selection is good, sellers are wanting to sell, and interest rates are dirt cheap. I really think that now is a great time to be buying a home, since the prices are down.
Want a Getaway place?
Know anybody looking for a weekend getaway or hobby farm? I listed a 25 acre tract, 4.5 miles west of Hwy 79, in Foley. It has a modular home with a walk-out basement, a 40' x 30' Bonanza pole barn, & a shed for $196,900. It also has 2 small ponds on the property. The crops on it are corn & beans right now. The ground is beautiful. It gets a bit hilly up there, but this parcel is mostly level. Good for row crops or horses. See it on this website under: Featured Listings. The address is 101 Heavenly Valley Road. It is only about 30 minutes north of 70, west of Hwy 79.
Vacant Land financing
The Lenders have really cracked down on financing for residential lot sales. I have a buyer for 3-5 acres for land around the Defiance area. Most lenders can't finance something like that anymore. Some of the farm town banks will though. They are looking for downpayments of 20% to 25%. The interest rates are a bit higher also (6%+). The term is usually for 20 years rather than 30 years. I think it's a great time to buy land. It seems like we are close to bottoming out on the price declines. I highly doubt we will see huge amounts of appreciation like we used to. The thing to remember about Land is: "They are not making anymore of it!"
Automotive Tip of the Month: A friend of mine just had the fuel pump go out on his Suburban. He had it replaced & was told that if you keep the gas tank in your vehicle low all the time, the fuel pump heats up will have a shorter life. If you consistently keep 1/4 tank of gas in the tank or less, the pump works harder & heats up, therby reducing it's life. When you have 1/4 tank of gas or less in the tank, that pump is working hard. The more gas you keep in the tank, the less your pump has to work. A fuel pump for a Suburban can run anywhere from $700 to $1,000. I guess I will be keeping my tank on 1/2 or above all the time after hearing that!
Want your tires to last longer? Keep the air filled to the recommended psi & get your tires rotated every 5,000 to 6,000 miles.
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Short sale update: Lenders are still taking an unbelievable amount of time to give us Realtors an approval on a Short Sale sales contract. Seems like it is still running 2-3 months for a response. Its a crazy Real Estate world out there today. Call me if you have any questions about "Short Sales". You have heard the term, but don't know what it's all about, call me & I can fill you in on the details if you like. 636-978-0971. Dave Linegar, the co-founder of RE/MAX has been spending a lot of time in Washington D.C. lately meeting with Banks & Legislators. He's trying to make government aware of our problems with short sale response times. He's also meeting with Banks to help them develop an efficient system so we can get quicker responses to our short sale contracts.
Home Buyer credits...
TAX CREDIT PROGRAM expires 3/30/10!
The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well. The credit is now up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
Buyers must have a binding contract on a house in place on or before April 30. The purchase must be for a principal residence and must close on or before June 30.
To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased.
Income limits have risen as well. According to the Internal Revenue Service's Web site, www.irs.gov, the home-buyer tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.
If you're thinking of purchasing a home, here are five tips:
Don't procrastinate
Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.
I found that when first-time buyers thought that the credit would expire Nov. 30, people were scrambling to find properties in September and October. In some area, there wasn't inventory that fit people's needs. All the nice, clean homes were getting sold fast. Some properties even had multiple offers.
Before anyone starts to house hunt, it is wise to get preapproved for a mortgage loan. This way, you can do a realistic assessment of what you can afford.
Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible. We are not in the type of market where "anything goes" anymore.
Don't count on another extension
These home buyer credit programs will not be available forever. This is a medication for the housing crisis. Once the "patient", which is the housing market, is cured, there will be no medication needed.
Be aware of interest rates
Interest rates are very low right now. They are likely rise sometime this year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. You can pretty much count on interest rates increasing this year. What we don't know is when or by how much.
Communicate with the lender
Make sure you're speaking with your lender regularly to avoid any delays. If the lender asks for any additional documentation, (which they always do), turn it in as soon as possible. There are several people behind the scenes of the mortgage loan approval process. Government regulations are more intense now than in the past.
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Know somebody selling their home? I can handle every type of residential property. Subdivision homes, high rise condos, farms, luxury homes, villas, earth berms, geodesic homes, you name it. I have personally handled the successful marketing of Thousands of residential homes. Yes, I said Thousands of homes. I am experienced in all types of homes. If you know somebody who wants to buy or sell, & would like to use 1 of the most experienced Realtors in the USA, please have them call me. I greatly appreciate your referrals. Thanks!
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