http://realestate.about.com/b/2010/01/26/fhfa-reports-mortgage-interest-rates.htm
According the FHFA the interest rate average on 30 year fixed mortgages under $417,000 was 5.05% in December. The average 15 year fixed rate mortgage on the above amount or less decreased 9 basis points in December to 4.54. Initial fees and charges were 0.62 percent of the loan balance in December, up 0.01 percent from November.
Do you rehab properties, if you do then you have probably been sweating right along with me theproposed new 90 day FHA flip rule. According to James Kimmons, "January 15, 2010, the FHA waived the rule, and will finance homes with no requirement for seasoning in a flip starting February 1st."
WHOOOOO HOOOOO, It's time for the CELEBRATION DANCE!
What a relief, to me personally and to all my investors. Summary o f the new FHA Property Flip Rules
Application guidelines, instructions and forms that need to be filed with your tax return to claim the 2 current home buyer tax credits.
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1) Make your Kitchen Really cook -
Kitchens are the number 1 selling room in a home. If you plan to sell look here first, after all maintenance and repairing is complete. The cheapest simple fixes are get it sparkling clean, remove everything from the counter tops and refrigerator, give the walls a new coat of paint, and clean all light fixtures and increase the wattage on the bulbs to the maximum allowed by the fixture. Read more Kitchen tips here
2) Give Appliances a Facelift -
Did you know that most appliance covers are white on one side and black on the other? Read more tips
3) Bathtastic -
Bathrooms are the number 2 selling rooms in your home. Like the kitchen, it should be sparkling clean. Have old yucky grout - replace it, old mineral crusted faucets - replace them, dingy tub and shower - clean them (I've had luck with CLR), spring for a new shower curtain, matching bath rug and towels, read more
Read all 10 Quick Ways to Upgrade your Home
Read the whole article at: http://www.bankrate.com/finance/money-guides/10-quick-ways-to-upgrade-your-home-1.aspx
Do some home or building improvements this year? Do they qualify for the new GREEN tax credits? How do you apply for the credits? What are the deadlines? Check out the chart!
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The FHA is looking into changing some of its lending standards for FHA backed loans in an effort to reduce the number of defaults and limit the risk to the FHA portfolia. Some of these changes will include the amount of down payment required (currently set at 3.5%) and credit score a buyer will need, what percent of the closing costs the Sellers is allowed to pay and an increase in the annual mortgage insurance premium. This is bad news for a lot of first time homebuyers. The FHA has become an important option for home buyers, insuring almost 30% of home purchases—more than 75% of which are to first-time home buyers—20% of mortgage refinancings. Just three years ago, the FHA’s share of the mortgage market was 3%. Read the full story here.
According to the IOWA REALTOR BENCHMARK, Joan Ballantyne was awarded the L. Martin Political Involvement Award at the Convention by L. Martin Lee himself. The article mentions Joan's extensive service to the Association in the local, state and national levels. I would personally like to thank Joan for all her work and advice as a member of the United Counties Board of Realtors. Joan is a resource for issues and provides ideas and answers to relatively new Broker Owners like myself and to seasoned ones alike.
Joan, discovering your wisdom, your way with people and your understandings of how things work was a well spring and encouragement for me personally as a Broker Owner and Realtor. I can't speak for the entire board but I am in debt to you and admire your ability and wisdom in dealing with people, helping organizations function to the benefit of all members and to your willingness to step up and step in and to stay the course in the storms.
Thank you Joan
Sincerely
Georgia A. Weaver
Broker Owner
Weaver LLC Realtors
113 Main St., Suite 3
Alta, Iowa 51002
12/7/09 Storm Lake and Alta Homes For Sale!
Market Snapshot - Year To Date
Single Family Residential in Storm Lake and Alta
Total Available - 266
Sold - 159
Active - 107
Days on Market (DOM) - time from first listed until closed
and %L/SP (Percentage of Listing Price Received)
0 -31 days 31-60 days 61-90 days 91-120 days 120+ days
40 32 22 17 48
25.16% 20.13% 13.84% 10.69% 30.19%
96.63%LP 95.92%LP 96.29%LP 93.9%LP 94.42%LP
A big take away is that there are a number of properties available for
sale, 107 today with Alta and Storm Lake addresses. Just over 25% sell within the first 31 days and at only 3.37% less than listed price. However if the
property goes over 120 days (and over 30% stay on the market more than 4 months) it will bring nearly 6% less than listed price PLUS have an additional 3
months in mortgage payment, taxes, utilities and maintenance costs added to the cost.
All information from the Storm Lake Iowa Multiple Listing Service from 1/1/09 to 12/7/09. All information deemed correct but not guaranteed.
Don't miss this property i f you have ever wanted to own investment property or a cafe you need to see this listing. Located on Main Street in Aurelia it is currently a working eatery and has 2 single bedroom apartments available to increase cash flow. Apartments are rented and large, cafe is rented and is being sold with all the tools needed to move in and open immediately. The style is 1950's with separate counter, table and booth eating areas.
http://www.slrealtycheck.com/listings.html
Have a dream of opening a little cafe and living upstairs in the Midwest where the work ethic and golden rule values are still evident? This could be it - call or text me to see this property at 712-574-5426 or the office at 712-200-4663.
Hey Everyone,
I just had to let everyone know, I found a great new place to eat. It is located at the old Bakers Court building on Hwy 7 heading out of Storm Lake and towards Alta. Mi Azteca has food that has an authentic latin taste, is very good and pleantiful, served with a smile and in the most colorful setting. The chairs and tables are hand carved and painted bright and fun colors. On the walls are huge paintings of a warrior and a princess? - check it out for yourself, you'll be like me and go back several times and tell everyone you know. Oh, their phone number is 712-213-0170. Try one of my favorites - the bar -b-que ribs.
• 1,080 sq. ft., 1 bath single story - 
MLS® $10,000 USD - Priced To SELL
Alta, Buena Vista County - This diamond in the rough has great location and Main Street frontage, it is located one building north of the Alta City Offices.This building is currently used as unheated storage by the owners (one owner is also the listing broker). Prior to being used as unheated storage it was a Christian youth center. Floors are very substantial - solid concrete. One bathroom is located on main and an old bathroom and shower are in the basement. The furnace is old and has a cracked heat exchanger.
This property is priced to sell and could be a small store front, a storage facility, a coffee shop, or just about anything business you want it to be. With some work and undating you could have a great downtown Alta business location. The owners are involved in opening a new business and remodeling 3 existing properties and do not have the time to add this building to their work load.
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Alta, Buena Vista County - Announcing a price reduction on 215 Main St, a 1,080 sq. ft., 1 bath single story. Now MLS® $10,000 USD - Priced To SELL.
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Six properties were noted as going into foreclosure by the local newspaper this week. One of the tenants spoke to me briefly yesterday, she is very worried she could become homeless. A child and several pets are in this family. That really hit home, this is Alta, Iowa. We are insulated from a lot of things here, but even here we are seeing foreclosures creep up.
Personally, I wouldn't live anywhere else, mostly because I have lived in a lot of other states and I know how precious the small town community is. I know if this situation does go the distance and the tenants have to move out the local community, people, churches etc will step up and take care of their own. I have only experienced this "care for one another" here in Iowa. My prayers are with all these families and with the owner, I will do my best to help in anyway that I can and I know that there are many others who feel the same. That is what makes Iowa and America great.
Don't pass this one up, it's a keeper
• 1,142 sq. ft., 2 bath, 2 bdrm 1 1/2 story - 
MLS® $56,500 USD - Great Price and Location
Alta, Buena Vista County - Great Alta location, close to both schools, park, pool, and football field. Some updates including counter tops, new bath, and patio for outdoor entertaining. All this and a corner lot with mature trees. Call today, especially if you qualify for the first time home buyer's tax credit.
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Italianate Victorian - Unique, Elegant
• 1,924 sq. ft., 2 bath 2 story - MLS® SALE PENDING $139,900 USD - Absolutely Wonderful
Alta, Buena Vista County - Huge Price Reduction Seller says sell it! Unique Victorian Italianate home, completely remodeled from the roof to a brand new full basement. The marble entry, crystal chandeliers, grand staircase, stately columns and open veranda porches make this home a gem. The large kitchen includes new solid wood hickory floors that flow into the formal dining room and a separate island. Upstairs you'll find a gorgeous walkin tile shower and clawfoot tub, curved walls, walkin closets and 3 spacious bedrooms. The new full basement can be finished to add even more living space. The corner lot has been seeded and has an apple tree and a 2 car garage. If you love old world elegance, character and craftsmanship but want all the convenience of a new home this is the one for you.
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