Real Estate Information

RISMEDIA, July 3, 2010—FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

Need more information, or want us to refer you to a top-notch local lender? Call The Jansen Team today at 402-330-5954.

Great news from the mortgage world!  Mortgage interest rates continue their decline to historic lows with 30 year conventional, fixed rates around 4 3/8% and 15 year at around 4%.  To go along with this this FHA has eased requirements and conventional programs have lowered mortgage insurance rates.  Right now is the perfect storm for home buyers.  Low interest rates, extremely low home prices and motivated sellers.  It is the land of opportunity for those who can jump in right now. 

If you would like information on how you can now purchase a home and take advantage of this once in a lifetime opportunity, please contact our team. We offer decades of experience and in-depth market knowledge. 
Our dedication will make your real estate experience smooth & stress-free one!

Thinking about putting your home on the market? Guess where you will find your buyer?  If you are thinking that it's going to come from newspaper ads and open houses, think again!  According to the National Association of Realtors statistics, 84% of all home buyers last year used the internet as the biggest part of their home search process. So, if your home does not hit the internet in a big way then you are missing the majority of the buyers out there.  

Here is the problem:  Most Real Estate agents cannot get your home onto the internet in a way that prospective buyers can find it.  Today, the competition on the internet is heavy and unless your agent is extremely web savvy and is investing significant money and resources into internet marketing, then the chances of finding your home on the internet are about the same as finding a needle in a haystack.  If your agent is just placing your home on their company web site then yes, your home will be on the internet, but nobody will find it.  

If you have an agent with internet systems similar to those employed by the Jansen Team then you can be assured that your home is getting extensive exposure on the internet and that it will be found by many prospective buyers. Your agent also must have web site content that is relative to your area and even more important, Real Estate in your area.  Web site visitors find most sites by entering search criteria into Google, Yahoo, etc. and there is a great deal of competition out there. Your agent must also place your home on Craigs List, You Tube and yes, even run ads on Facebook.  There is quite a learning curve to doing all of this, and we on the Jansen Team have embraced the latest technologies. The Jansen Team does all of this and even goes further by having leads routed to our cell phones where they are followed up on immediately.  If you think that selling a home without this kind of exposure is going to be easy in this market, then think again.  National home sale statistics tell the story.

If you are ready to sell, be it a residential home, condo, business, acreage or waterfront property, be assured that our team is prepared to market it effeciently and with today's top technology.

The question that we hear the most lately is, "what is going to happen with this area's Real Estate market now that the tax credit has ended"? This is an excellent question because nobody knows for sure as to just how much impact the tax credit did have on our local market. It was evident that it did turn on some substantial sales activity in the lower priced home ranges.  One must remember though that during the time of the tax credit, mortgage interest rates remained at historic lows and even declined past their previous low points.

Many have asked us. is it a good time to sell my home?  Heck yes! Unless you are wanting to remain in your home for another 3-7 years.  Is it a good time to buy a home?  Heck yes!  Remember that we currently have historic low mortgage interest rates.  Higher mortgage interest rates in the future could negate any continued decreases in home values.  We may never see another buyers market with this good of conditions.  Every situation is different, but if you are considering selling a home in this area and buying a home in this area, you may want to take action while this opportunity continues.

Whether to buy or sell, a home, condo, land or commercial venture, our team stands ready to assist you with all of your real estate needs.

A sure sign the market is improvong - read more below:

http://rismedia.com/2010-05-04/pending-home-sales-on-an-upswing/ 

New rules may help sellers avoid foreclosure - learn more below!

http://realestate.msn.com/article.aspx?cp-documentid=23893063&GT1=35006

Click on the article below to find out how to file for your tax credit!

http://rismedia.com/2010-04-10/first-time-and-move-up-tax-credits-require-paper-trail-when-filing-taxes/

Here in the Omaha/Council Bluffs real estate market we are happy to report a 20.5% increase in pending sales from February 2009 to February 2010!

http://rismedia.com/2010-04-06/pending-home-sales-show-healthy-gain-hint-at-spring-surge/

How Can Buyers Eager To Get The Tax Credit Streamline Their Home Shopping?

Here are some suggestions:
1. Get to Know Your Market: Buyers can do that using Internet sites that permit you to see the homes currently on the market, and by finding a good real estate agent who is ready to expedite the shopping process. A capable agent can guide buyers through the home search process and save them a lot of time. New listings can be emailed to buyers as they are posted, and buyers should stay on top of the market on a daily basis, seeing what properties are coming onto the market and which ones have sold.

2. Line Up Your Financing:Talk to a reputable lender right away and go through the pre-approval process FIRST. Buyers need to know how much they can borrow. At today’s extremely low interest rates, that amount may be more than buyers imagined. Either way, the process will help buyers determine how much "spending power" they actually have.

3. Start Narrowing Your Search: With a large inventory of homes to choose from in this current market, buyers won’t have time to look at everything in their price range. By establishing specific criteria of the home they want, buyers can rule out homes that won’t fit their needs. Tell your real estate agent these  two criteria: Where do you want to live, and how much can you spend? When it comes to location, buyers should factor in their daily commute. Ideally, you can narrow you search to one or two communities quickly.

4.Separate Needs from Wants: Buyers can look at fewer homes if they can tell their agent what features the home they buy must have and what features would be nice but aren’t required. When it comes to must haves, start with the basics. How many bedrooms do you need? Will a two-car garage be sufficient, or do you need something larger? And don’t forget to consider the type of home. Are you interested only in a traditional two-story single-family detached dwelling, or would a ranch plan work just as well? 

5. Consider Condition: In today’s market, many of the best values are foreclosed homes that aren’t in perfect condition. Buyers should decide up front if they are willing to tackle a home that needs work, and if so, how much.Buyers often have a hard time articulating what they will accept when it comes to condition. Be upfront with your agent.

6. Keep Things in Perspective: As nice as it may be to get the tax credit, don’t let the desire to do so completely control your home search. Some buyers are quick to decide, and others aren’t. If you like to mull over important decisions, take the time you need. The tax credit is a fabulous incentive, but buying the wrong home can end up costing you a lot more.

7. Leave Time to Handle Standard Contingencies: The typical purchase contract may have several contingency clauses, for such things as a home inspection, obtaining financing and even the sale of the buyer’s current residence. Fortunately, standard contingencies in a contract won’t prevent it from qualifying for the tax credit. However, the more contingencies you have in a contract, the greater the risk that it won’t close.

8. Be Careful of Short Sales: If the home you want to buy is offered as a short sale, qualifying for the tax credit may become more difficult. Short sales require that purchase offers be approved by both the seller and the sellers’ lender, and lenders often are slow about responding. Waiting for lender approval could leave you without a binding contract on April 30.

Ready to start shopping or have a home to sell? Call The Jansen Team, we are always here to provide you with professional, friendly service!

With today's competitive home market, home sellers are having to pay much closer attention to detail than ever before.  To start out with, in the current market a home must be priced correctly not just to sell but to even get lookers.  Pricing a home has never been harder than it is in this current market.  As prices continue to slide downwards or remain steady the homes that have sold in which we typically compare values with may be worth more than a home going on the market today.  For this reason comparable sales are not the reliable resource that they once were.  Home sellers must seek out an agent who has a good perspective on the current market.  Over pricing a home in this market will insure that your home stays on the market for too long and you will lose money as the market slips as you wait for buyers that will never arrive.  Pricing for a quick sale is very wise in this market.

 Your home not only needs to be priced correctly, but it also needs to show better than the competition!  The best priced, most attractive homes are the ones being sold.  Home staging is essential and the services of a professional home stagercan save you time on the market and put money in your pocket.  Also, making sure that your lawn and landscaping is in top condition can make a huge impact as well - this will be especially challenging due to the brutal winter conditions we wnr through. Most prospective buyers drive by first and that first impression from a drive by goes along ways towards the buyers wanting to look inside.  

 In this market, we council all of our home sellers carefully in regards to price, condition, staging and outside appearance.  The result is that the homes we represent sell for more money and in much less time than homes listed by any other area agents.  In this market this means more money in your pocket.

 Ready to sell? We offer a free, no-obligation market analysis. Give us a call, we'd love to chat about your real estate needs!