Des Moines Real Estate Blog

It IS a buyers market…don’t be afraid.

October 16, 2007 · No Comments

Good day everyone!

As a buyers agent I’ve been watching a lot of my clients struggle with whether they should or shouldn’t buy right now. If they’re doing the right thing or if they should wait for something better, better rates, lover prices etc.

I thought that is was time that I help by giving all of you a little insight on the current market.  The following link has a short article that will answer most of the questions that you are having about the market right now.

http://www.realtor.org/rmomag.NSF/pages/BlancheEvans200710?OpenDocument

I’ve watched 3 of my clients miss out on great deals this last week because they wanted to think on things for a bit.  I pride myself on being no pressure agent.  I never tell my clients that they should “buy it now” unless I know that the home they are looking at isn’t going to be on the market for very long because of these 3 main factors…

  1. Price-at or below fair market value
  2. location
  3. condition of home-move in ready

If you wait on a home that you know you want you risk not only getting into a “bidding war” and maybe paying more than you would have had to, you risk loosing the home all together to someone who jumped on it faster.  No buyer wants to have this happen, it’s upsetting and frustrating and can make it harder to keep house hunting.

For more information and a lot more in site you can also visit http://www.DesMoinesFirstHome.com .

Dejah Kindley

Exclusive Buyers Agent

MikeDavisHomes of Remax Concepts

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No Pets!!!

September 12, 2007 · No Comments

HELP YOUR SELER SELL THEIR HOME…A BUYERS POINT OF VIEW.

As an agent that works exclusively with buyers I get to hear and see a lot of things from the buyers point of view. I decided a few weeks ago after looking at a home with a couple of first time home buyers that it was time to help out my fellow listing agents in an attempt to help them with their sellers.

Today’s market has brought on a number of stresses to the real estate agents of yesterday. A strong buyers market has caused sellers to become rather grouchy and hard to sooth. We all have our clients best interests in mind, but how do we get them to listen? How do we keep everyone safe?

My first issue…NO PETS!!!

I’m going to tell you the story that has brought me to write this. As I mentioned before I was looking at a home with some first time home buyers when I had this idea. They were a younger couple looking for their first home and expecting their first child in December, we were looking at homes for the second time and this was the first home of the day.

Like any other showing I had taken steps to set up the appointment, with the owner in this case, and we were right on schedule. With my clients behind me I retrieved the key from the lock box and started to unlock the door ( note that I always knock before I try the key ). Needless to say I was very surprised by the big, black, cold nose that met me as I tried to open the door. Thinking of my clients, I immediately shut the door and let my clients know that there was an animal in the home ( this was not a small dog!).

At this time I called the owner again, thinking that maybe he had forgotten to put up his dog. Here is how the conversation went…

Me “Hello, I called to set up a showing for your home, however, the dog seems to be out?”

Owner “oh, ya, he’s fine, there are some dog treats on the kitchen counter. Just give him one and he’ll love you forever.”

Me “oh!! Ok…thank you.”

My next question was, how far from the door are the doggie treats? I don’t know this dog and he doesn’t know me. I’m going in to his home with people he doesn’t know. What did I do. I opened the door, let him check me out and gave him a treat…he wouldn’t leave my side and my buyers were able to look at the home in peace.

If it had no been for the fact that I love dogs and have had many years of experience in handling them personally and professionally I would have left the home and told the owner that we would look at it when the dog was removed or secured.

Never allow your sellers to let their pets roam free during showing…ever. Why? Do they want to get sued for someone getting hurt? Do you want them to ask you why you didn’t tell them this after someone gets bitten? Do you want to be the one to tell them the cat ran off? The dog bit someone’s kid? (I’ve seen this happen.)

Even the nicest dog in the world will bite unexpectedly. It is never a good idea to let these animals roam the home while strangers are in it. It is not the responsibility of the showing agent and their clients to keep the cat in or to give the dog a treat. This is not ok.

If you have a seller that has pets it is your job as their agent to tell them the proper protocol for preparing their pets for the sell of their home. You’re their counselor and you need to protect your clients best interest, and that includes pet management.

If they say, “well fluffy doesn’t like being in a kennel.” or “he’s the nicest dog in the world, he’ll be fine.” Tell them NO! Tell them that they run the risk of being sued or losing their pet. If they love their pets they’ll protect them properly. If you’re looking out for your client, you’ll make sure they do the right thing.

Maybe explain to them that some people have allergies and their home will show much better without the distraction of the pet in the home. Do what you have to, but do not let them allow their pets to roam free when strangers are going to be in their home. Most owners know this as common since, some don’t.

If you’re seller still won’t put their pet up then explain to them that their home may miss out on showings because of it. I will never show another home that has a free range pet in it. I puts my buyer at risk and it is not my job to watch someone else’s pet.

The fact is that if your client really loves their pet and they really want to sell their home, they’ll protect their pets and do the right thing. It’s your job to educate them and stand out by helping your client in a good way.

NOTE: If they still won’t listen? Make them sign a disclosure stating that you have educated them on the risk of leaving their pets in the home and you are not liable for any injuries or lost/stolen pets. Cover your self!!!

Thank you and good luck,

Dejah Kindley

Exclusive Buyers Agent

MikeDavisHomes of Remax Concepts

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Are you caught in the subprime trap?

August 26, 2007 · No Comments

A few years ago, subprime mortgages promised funding for people struggling to find a mortgage company. A booming buyer’s market brought homes that were becoming more affordable, appealing to a group of people who were looking to own a home with little money down. These mortgages promised to get these consumers into housing at low initial interest rates which would then balloon to a higher rate a few years down the road. The expectation was that these consumers would then be in a better place financially to refinance their home at a lower interest rate.

Now, many of these rates are expected to rise, and consumers are finding they cannot afford to refinance. Many find that they now owe more money than their homes are worth.  Some are facing a 30% rise in their house payments. Mortgage companies are folding. Funding options are drying up.

What can you do if you’re struggling with your subprime mortgage? The following tips are from an article at Businessweek.com.

1.       Boost your credit score. By fixing any dings in your credit, you may be in a better position to negotiate a better standard mortgage loan. Get a copy of your credit report. You are allowed one free copy per year! If there are any inconsistencies, outdated information or any other issues, work to get them fixed. The higher your credit score, the better your credit rating.

2.       Make a deal. If you’re concerned about your mortgage, or if you’re struggling to make your payments, contact your lender about your options. Because of the high number of recent foreclosures, lenders are more likely to assist you. Some lenders are even working on special financing options for consumers who are struggling with high rates from a balloon mortgage.

3.       Shop around. It helps to have a number of options available when the time comes to renegotiate your mortgage.

4.       Rebalance your portfolio.  In your 30’s, the majority of your financial investments should be wrapped up in your home. By your 50’s, however, real estate should be less than 50% of your financial investments. Retirees should have enough cash to weather a three year downturn in stocks. Consult with National Association of Personal Financial Advisors (napfa.org) and the Garrett Planning Network (garrettplanningnetwork.com) to help with your financial decisions.

As always, The Mike Davis Team has professionals who can explain the funding options you may have. Don’t hesitate to contact us if you have any questions about your mortgage. We are concerned about you, and want to make sure that you understand your loan.

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The Des Moines Area’s ONLY First-Time Homebuyer Website

August 3, 2007 · No Comments

Announcing the new first-time home buyer website for the Des Moines area!

Stop paying rent!  Learn about zero downpayment home loans, first-time homebuyer programs, which home loan is best for you, the steps to the buying process, and much more, at:

www.DesMoinesFirstHome.com

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Des Moines Rising Property Taxes : Recent Tax Assessment Protest Instructions

April 26, 2007 · No Comments

Some Des Moines home owners are dealing with a substantial raise in property taxes. From a recent column by Marc Hansen in The Des Moines Register, When I saw that, I had trouble sleeping:

Patrisha Dean is still trying to figure out what the county assessor sees in her home…Dean is a 74-year-old widow who lives in the Highland Park neighborhood of Des Moines. She has blond hair and a laugh that will not be contained, unless she’s talking about her latest property assessment. In just two years, it went from $80,400 to $105,100 - a 30.7 percent increase for Dean’s little yellow bungalow. And she swears she didn’t make a single improvement.

Here’s a fun piece of information:

The house next door was assessed at $88,000, up from $78,200 in 2005, which was more in keeping with the average increase. The house next door has an upstairs and more bedrooms.

I think I’m missing the logic of that one.

If you think your recent tax assessment is unfair, you can appeal. A recent note from a real estate colleague may help:

I went out onto the assessors page and printed the homes in my neighborhood that had lower assessment and then I mailed my results in. Mine got declined and I have been told by several agents after that what I should have done it took all my paper work down and personally went up in front of the board of review and then they would have lowered it without hesitation.

That makes sense as long as the homes you are using are similar to your own, but that shouldn’t be too hard to do. If all else fails, your real estate agent can email you some comparable sales to print out.

The Des Moines Register also points out that “If you have any questions about the appeal process, call the board at (515) 725-0338 or Ed Wallace at the Iowa Taxpayers Association at (515) 243-0300.”

You can also protest online. Go to this page on the Polk County Assessor website and enter your address. It will then take you to a page where you can verify your information; at the very bottom of that page is a link to fill out a protest form. Go directly to the property tax protest form by clicking here.

Remember: You only have until May 5th!

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Become a Landlord

April 2, 2007 · No Comments

Hello real estate readers! Here’s a good link:

5 Major Advantages of Investing in Real Estate - This is one of my favorite subjects. As Lex Luthor said in Superman the Movie:

Miss Teschmacher: Lex what is this obsession with Real Estate all the time land, land, land.
Lex Luthor: Miss Teschmacher, When I was six years old my father said to me…
Miss Teschmacher: Get out!
Lex Luthor: (laughs) Before that… he said “Son… Stocks may rise and fall, utilities and transportation systems may collapse; people are just no damn good. But they will always need land and they will pay through the nose to get it. Remember, my father said…”
Otis: Land.
Lex Luthor: Right.

There’s always more and more people, but the amount of land remains the same. They’re not making any more of it. As a landlord myself, it’s a nice feeling to help out people who can’t buy by giving them a nice place to live… and it’s also a nice feeling that they are paying my mortgage, not me.

I love win-win situations.

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Ankeny property tax decreases

March 25, 2007 · No Comments

Read about it in the Des Moines Register; click here.

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Dream of Small Town Living? Move to Iowa.

March 12, 2007 · 3 Comments

I was reading the Des Moines Register online the other day, and found this great article:

Welcome to a place where strangers say hello to one another while walking down main street. Where a lost child can be safe, bad manners are reproached and whistling a happy song is not considered crazy.

There are places for all of us to remember, places and people that sing the song of our lives back to us.

Iowa will do this.

Read the entire article here.

It’s very true. And I’m reminded once again why I live in Iowa. My family has had the opportunity plenty of times to move to other states; but we stay in Iowa by choice. And for good reasons.

It’s a safe place to live. The schools are great. We actually get four seasons here (Fall is awesome!). People are friendly here. I sometimes call Iowa “Old Reliable” when it comes to real estate because it’s always a slow and steady increase in values. Your property value doesn’t double in price in 3 years, like the last several years have been for other states, but because of that, neither is there a “bubble”.

But just because Iowa is a slow, relaxing place to live doesn’t mean there isn’t plenty to do. We frequently go to the Science Center with my boy. There’s art, fine dining, clubs, and much more.

I love this job. Not only do I get to help people with the biggest financial decision of their lives, but I get to express to them how much I love living here. Remember the movie Field of Dreams? One of the taglines was:

“Is this Heaven? No, it’s Iowa.”

I don’t blame anyone for not being able to tell the difference.

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Watch Out For Mortgage Fraud

February 26, 2007 · No Comments

From the Springfield Business Journal:

The FBI is investigating alleged mortgage fraud schemes in the Springfield area, some of which may be driving a spike in foreclosures on homes sold to unsuspecting buyers at inflated prices.

FBI Special Agent Josh Nixon couldn’t comment on specific investigations or the alleged perpetrators, but he did say mortgage fraud activity is on the rise in Springfield as it is across the nation…

…“Mortgage fraud is one of the fastest-growing frauds in the United States, along with identity theft,” said Nixon, who is based in Springfield. “The FBI has received numerous allegations about mortgage fraud in this area, and we evaluate every allegation.”

Read the entire mortgage fraud article here.

This is something to be really careful of; especially, in my opinion, when you find a mortgage company on the Web.

Hey, the Internet is great. That’s how most of my clients find me. But the Web is a starting point. Whether it’s a loan officer or a real estate agent, you need to be dealing with someone that you are able to meet with in person.

The best thing to do is to find a good agent first. Find someone who has been in business a long time. Ask around about him. Call the local board of REALTORS and ask about her. And go with your gut — talk to him or her on the phone, then meet with him in person. You cannot fake sincerity. And a good agent will have a good loan officer for you to work with.

And that’s a great way to avoid mortgage fraud.

Buying a home is the biggest investment you will probably ever make. Hire an agent and a loan officer who care.

Hey, we all need money. I’m a real estate agent and that’s how I take care of my family. But I love to help people, too. This is one of the few jobs that you can say honestly affects the lives of people in a major way.

I’m proud of that.

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Interest Rates Drop

February 9, 2007 · No Comments

Average interest rates dropped from 6.34% to 6.28% this week because of employment news. Read about it here.

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