“We live in challenging times. Unemployment remains high, and the U.S. lead in technology and science is slipping as many foreign countries gain ground. But some U.S. cities, though slowed by the Great Recession, still thrive by lifting good old American innovation to new levels. And that will help put more Americans back to work and keep our international edge,” says the staff at Kiplinger who recently named the top 10 best cities for the next ten years.  How do you think our area ranks?

The economy is stabilizing. Home prices are holding. It’s not just as good a time as ever to buy a house. It’s one of the best times ever.

ForSaleByOwner.com presents five overlooked reasons why now is a great time to buy a house.

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering housing market gains traction.

2. Houses are in move-in condition. Homeowners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. Homeowners who have been holding back kept their houses in good shape while they waited. As those houses enter the market, they are in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system – and this is just the opportunity that owners of many desirable properties have been waiting for.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines…again. Now that appraisers have more flexibility to set values that reflect the current market, today’s deals will make it over the finish line.

5. Plenty of programs. Homes are more affordable than they have been for years, but communities have stuck by “workforce housing” programs that encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.

Originally posted by Lowes/RisMedia

Even though the home buyer tax credit expired on April 30, 2010 and won’t be renewed, there may never be a better time to buy a home than today, according to the National Association of Home Builders (NAHB). Many outstanding opportunities still exist for home buyers, but they may not be around forever.
“The home buyer tax credit was just one of many factors motivating Americans to buy homes,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “But buyers can still take advantage of today’s low interest rates and competitive prices to get a home they may not have been able to purchase just a few years ago.”

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.

Today’s new homes are also built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. New homes are designed to support modern lifestyles with open floorplans, flexible spaces, improved safety features and low-maintenance materials.

Consumers who are thinking about buying a home should not count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.

NAHB’s home buyer brochure “Opportunity Knocks for Home Buyers” describes many of the opportunities in today’s market, as well as the long-term financial benefits of homeownership. It provides examples of how interest rates affect monthly mortgage payments and the typical federal tax savings over the first five years of homeownership. The brochure can be downloaded from NAHB’s website at: www.nahb.org/homebuyerbrochure.

Originally posted by RisMedia/Lowes

Nearly 87% of all home mortgages are obtained with an FHA loan in today’s real estate market.  The popularity comes from low interest rates, a lower down payment and being able to secure a mortgage with a lower credit score than a conventional loan.  Here are some thing you may not know about FHA loans that may convince you (or not) that an FHA loan is the right loan for you.

1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. In fact, even Bill Gates can get one. There is no maximum income restriction associated with FHA loans. 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 homebuyers. 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.

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 local lenders, including Bank of America, Capital Federal and BNC National Bank 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 percent.

6. 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.

Here an update on the state of the national housing market. Great thing we are in Topeka and while there are a few foreclosures in our area, our market has not been overrun with them. Although properties are not showing a steep incline of appreciation, prices are stable and not falling as they have recently in other places around the country.

Your local Topeka Area REALTORS at Coldwell Banker Griffith & Blair are now taking part in a nationwide promotion called the Buyer Bonus Program. There are no qualifications the buyer needs to meet. Whether you are a first time buyer, a move up buyer, or even a move down buyer, it doesn’t matter! All you have to do is write an acceptable offer to one of our participating sellers and the buyer can get 3.5% up to $8000 from the seller to assist with their closing costs and repairs. Call one of our Coldwell Banker Griffith & Blair agents for more information!

We’re now in the final week of the federal home buyer tax credit, which enabled millions of home buyers to receive a credit of up to $8,000 following their home purchase.  It’s been heart-warming to see this credit help and encourage so many people on their path toward home ownership.  To keep momentum alive, Coldwell Banker today announced the launch of a Buyer Bonus Sales Event.

Starting May 1, 2010, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer, of their home’s purchase price to buyers who sign a contract before July 31, 2010.

Why are we doing this?  Coldwell Banker heard from over 1,700 of their agents and brokers and nearly half told them that they’d worked with buyers who would have missed out on the tax credit in November of last  year had it not been extended.  Additionally, 28 percent told them that the current tax credit is the primary reason their customers are currently searching for a home.

So the federal government did its part, and now we’ve come up with a private sector solution, which will bring in a new audience of buyers and encourage those who haven’t yet found a home to keep looking.  To find participating homes, buyers can simply check a box on cbkansas.com during a home search for “Buyer Bonus Sales Event” to find participating properties nearby.

And if you have a moment, I think you will like the video Coldwell Banker had fun making about just how far $8,000 will go (hint: you can get a lot of milk with it)!  Click here or watch below and tell me what you think.

If you are planning on purchasing a home in the Topeka area in the near future, we want to share why this might be the best time to make your move sooner than later.  Here are five great reasons to buy a home now instead of waiting until later.

1.) The Homebuyer’s Tax Credit is still available

The federal government, in hopes of stimulating the economy, has made available to eligible first-time homebuyers a tax credit of eight thousand dollars ($8,000). The tax credit also makes six thousand five hundred dollars ($6,500) available to eligible move-up buyers. Your new home must be under contract by April 30, 2010 and you must close the transaction by June 30, 2010.  Not sure if you are eligible, call one of our great agents to find out.

2.) Low Interest Rates Currently Available

Interest rates are still at an all time low and the economists are predicting that rates will be over 6.0% by the end of 2010.  Take advantage of these low rates just over 5.0% today.

3.) Location, Location, Location

There is a good selection of properties currently available in the Topeka area today. Buyers are beginning to see the opportunities that exist in today’s real estate market. As more purchasers enter the market, many of the best properties (determined by price, location, or both) will be snatched up first. This is an opportunity for you to purchase that dream house your family has always relished.  We can help you beat other buyers to the best properties with our online property watch program, check out cbkansas.com to get started.

4.) Real Estate Has Always Been a Good Long Term Investment

Real Estate values in the Topeka area have been stable over the past 18 months, where property values in other markets have dropped dramatically.  Thank goodness we live in the midwest.  Although appreciation isn’t skyrocketing recently we are starting to see home values increasing.  Now is the time to get a home, while values are at their lowest, they will go up!

5.) The House Is a Home First and an Investment Second

Today we are seeing that buying an extravagant home as a status symbol is not as important to buyers as it was a decade ago.  Most buyers are simply looking for a home that fits their needs. The home has always been a place where friends and family gather to share our live experiences whether at a party or over a simple dinner.

What does this mean to you?

Only you truly know. But if you have a desire to settle down in your own home and enjoy everything that comes with the homeowner experience, this is probably the time to act.

If you’re searching for a Topeka REALTOR® you’ll be glad to know that you are not alone… almost all homes in the Topeka area are sold with a REALTOR® on both the seller and buyers side of the transaction. Only a few buyers and sellers out there try to tackle the process of buying or selling homes in Topeka without professional help, many of whom will experience a long road of frustration and disappointment.

The Topeka real estate market is complex. Your time is valuable, so you might as well team up with a professional.

Below are the 7 reasons why you need a Topeka REALTOR® and why you are making the RIGHT decision by hiring a REALTOR®to help you buy or sell your home.

1. Education And Expertise

Buying and selling homes in Topeka is a complex undertaking filled with rules, regulations, negotiations and very detailed steps to follow. Hiring a professional REALTOR® gives you an expert who is educated and has the knowledge to help you navigate the process.

2. Neighborhood Knowledge

A REALTOR® has the knowledge and insight to help you price your home correctly to sell quickly and for the most amount of money or help you write a strong offer if you are buying.

3. Market Conditions

Because we are in the Topeka real estate market every day, we work with other Topeka REALTORS® and get their feedback on what they’re seeing and we are constantly gathering data to know the state of the current market.

Our understanding of the Topeka real estate market allows our clients to tap into us as a resource to capitalize on the market conditions to fit their situation to help them sell or buy their home in the Topeka area.

4. Professional Network

Topeka REALTORS® are networking with other professionals in the industry. You will need other people to help you sell or buy your home and an agent will have contacts of people like loan officers, appraisers, roofers, home inspectors, termite inspectors and more. This is a valuable network a REALTOR® has that you can trust and use when you are selling or buying a home.

5. Negotiation Skills

It’s good to have a team member who can negotiate on your behalf. You have “emotions” in the deal and your REALTOR® will be able to help you when it comes to negotiations and when you have to make decisions. Ultimately, decision making is up to you but having a trusted partner will help to point out things you may not be considering when decisions need to be made.

6. Paperwork, Paperwork, Paperwork

The paperwork when working with a Topeka REALTOR® can be overwhelming, now imagine if you had to do all the managing of it on the front end as well? What paperwork is needed for certain decisions and what is needed during the entire selling and/or buying process. A REALTOR® is going to be able to help you navigate the volume of paperwork as well as help you to understand what it is that you’re signing.

7. Referrals

Topeka REALTORS® depend on referrals as a major source of new business. Therefore, they are going to work hard so that you are completely satisfied and you will be a “raving fan” who will refer future business to them. Over time the goal is to get to the point where their main source of new business is based on referrals because they have taken care of YOU (their client).

Again, a real estate transaction in Topeka is complex and a process that you probably don’t want to go through alone. Call one of our professional REALTORS® and someone you can connect and relate to you since you’ll be working closely with them.

Good luck on getting your home sold and/or buying your next home!

Most real estate experts, including all of us at Coldwell Banker Griffith & Blair American Home®, strongly recommend that home buyers, especially first-time home buyers consider working with a REALTOR®.

As a home buyer, having a REALTOR® working for you typically doesn’t cost you anything.

1. The REALTOR’s® fee, or commission, is typically a percentage of the purchase price, and is paid by the seller.

2. In the case of a new home, the seller is the home builder.

3. The price for the buyer should always be the same, whether or not a REALTOR® is involved in the sale.

4. No reputable builder and most sellers will offer the buyer a lower price for excluding a REALTOR® from a sale.

How can a REALTOR® help you? Here are some facts to consider from the National Association of REALTORS®.

A REALTOR® will:

• Help you determine how much home you can afford. A REALTOR® can also suggest ways to come up with the down payment and can explain alternative financing methods.

• Provide information about current real estate values, taxes, utility costs, etc.

• Access information on all homes on the market, and can show you those homes best suited to your needs. A REALTOR® can help you select a home that offers the best price, size, style, features, and location and ensure that you don’t overpay for the home you choose.

• Make sure all details of the transaction are handled and protect your best interests throughout the entire process.

• Work for you at their own risk. In other words, you are under no obligation to make a purchase, and the

REALTOR® does not get paid a commission if you don’t buy a home.
Not every agent is a REALTOR®
All real estate agents must be licensed by the state to do business, but that does not mean that every real estate agent is a REALTOR®. A REALTOR® has taken additional steps to become a member of the local board of REALTORS®, and has agreed to act under and adhere to a strict code of ethics. REALTORS® are also committed to maintain a higher level of knowledge of the process of buying and selling real estate.

How do you choose a REALTOR®?
You can find a list of our qualified and experienced REALTORS® on CBKansas.com. Another way to find a REALTOR® is to ask your family, friends and co-workers. Most people are very satisfied with their experience in working with a REALTOR®, in fact, an independent survey found reports that 84% of home buyers would use the same REALTOR® again.