Approximately twenty agents from Coldwell Banker Griffith & Blair of Topeka and Lawrence joined over 600 Kansas REALTORS® at the 90th Annual Kansas Association of REALTORS® Convention in Wichita last week.

“This unusual real estate market requires REALTORS® to have the best and most current information available about everything from technology and social media to negotiation techniques,” said 2011 Kansas Association of REALTORS® President Jamie Holt of Wichita.  “The Annual Convention is a great place for REALTORS® from across the state to exchange information and ideas on how best to serve their clients.

“I’d like to commend the REALTORS® who attended this three-day event.  They have shown their commitment to quality service and professionalism by making the effort to come to Wichita to these extraordinary sessions,” Holt said.

“We sell the ‘American Dream’ every day when we help people find a home or a business location,” 2012 KAR President John Brocker of Iola said.  “But we also are lucky enough to live the American Dream by being entrepreneurs and small business owners.  While we each have our own challenges in the marketplace, we come together with the power of 7,000 members in order to advance the cause of home ownership and housing opportunities in Kansas.”

REALTORS® attended classes including “Microsoft Outlook for Real Estate” and “Reading the Signs of the Times” during the annual meeting.  The Kansas Association of REALTORS® handed out top awards at the Annual Convention, including the REALTOR® of the Year, Salesperson of the Year, and the Distinguished Service Award.

For more than 90 years, the Kansas Association of REALTORS® has been “The Voice for Real Estate” in Kansas.  The Association is a statewide community of professionals dedicated to education, research and information exchange.

New Flood Insurance Rate Maps issued by FEMA went into effect for Shawnee County on October 1, 2011. Some property owners with federally insured loans will be
getting notices from their lenders that they must obtain flood insurance or be in violation of the terms of their mortgage. There are probably about three people who actually read their mortgage when they bought or refinanced their home, but believe me, the requirement to obtain flood insurance if the property is in the flood zone is really in there.

A number of areas are new to the flood zone as of October 1 and you can check whether your property is included at snmapmod.snco.us. In an unrelated FEMA
determination, however, FEMA has ruled that the levee system protecting areas north of the Kansas River in Topeka is deficient, and since the levees were not upgraded to Post-Katrina FEMA standards by October 1, 2011, areas north of the river will be included in the high-risk flood area the next time FEMA prepares a new Flood Insurance Rate Map for Shawnee County. According to an article in the Topeka Capital-Journal on October 20, 2011, the map will not be redrawn until funds are available for such a project; and when money IS available, the process with be a 2 ½ to three-year project to complete.

What does this mean?

1. Unless the levee system is upgraded, there is an unknown area north of the Kansas River that will be included in the flood zone the next time the maps are drawn, so property owners with mortgages will be required by their lender to purchase flood insurance. (I’m guessing this area will roughly include property which was flooded in 1951.)

2. FEMA currently considers these properties to be at risk, but since the flood maps were just issued without this declaration, flood insurance will not be required by lenders.

3. But if FEMA considers the property to be at risk, shouldn’t owners have flood insurance for their own protection?

4. Flood insurance for properties not in flood zones on the map is relatively inexpensive.

5. Only government agencies can create such ridiculous circumstances.

6. Buy flood insurance if your property was under water in the 1951 flood; and if your property is in the flood zone hazard areas in the new map, buy flood insurance even if you don’t have a lender.

Coldwell Banker Griffith & Blair American Home CEO Bryon Schlosser announced the implementation of an online transaction management system effective for all company transactions closing on or after September 12, 2011. The system, known as “My Transaction™” is licensed through MarketLinx, the real estate information technology division of Core Logic, LLC.

Through a password protected login system, agents and clients will be able to immediately transmit and view documents, inspections and communications impacting their purchase or sale of property. “This is more than just a digital storage file,” said John Ringgold, the company’s Fairlawn office Supervising Broker and technology consultant. “Home owners will be able to access their records for years after their purchase and upload new documents to maintain a permanent file cabinet for their home. If they put on a new roof or install a new furnace, they can upload the invoices and warranties. Major repairs or improvements could also be recorded online. This would be a valuable resource tool for investors as well as home owners.”

The system is marketed by Real Estate Business Resources (REBR), a division of the Kansas Association of REALTORS®. Karen France, President of REBR, has worked with Barbara Rodgers, Transaction Coordinator at Coldwell Banker, since February to enter the agent, client and vendor data necessary to implement the system. “Last month, we hosted an education session for other brokers, lenders, title companies, surveyors and inspectors who will benefit from the system,” said France. “We had very positive responses from the community, and
Barb’s work, along with that of the other Transaction Coordinators at Coldwell Banker, will make this program an immediate success in the community.”

“Transaction management software has been around for years,” acknowledged Schlosser, “but figuring out who would host the data and pay for the maintenance of the systems always stood in the way of utilizing the technology. Now that we can use ‘the cloud’ for storage, we concluded that this was a level of service that we needed to provide to our agents and clients to take advantage of other technologies in communication and data management.”

Shawnee County and Topeka property owners will be experiencing some new flood zone
issues as of September 30th this year.

Issue # 1: After decades, FEMA has finalized new flood zone maps for the
county which will become effective September 30, 2011. Some new areas are included
in the high risk areas (notably areas along the Shunganunga Creek watershed) and some
areas have been removed (mainly areas which are newly developed where terrain was
raised or otherwise protected.) Structures in the flood zone areas are usually always
required to have flood insurance by the terms of their mortgages. Flood insurance may
also be purchased by homeowners who have no mortgages or whose properties are
outside the high risk area, and that might be a great subject to discuss with an insurance
agent.

Issue # 2: Flood insurance is underwritten by a federally backed program known
as the National Flood Insurance Program. The authority of this program to underwrite
flood insurance expires September 30 and must be extended by Congress in order for
flood insurance policies to be purchased. The House has passed a five-year extension for
NFIP, but the Senate has yet to vote on that bill. So, any flood insurance needed after
September 30 will have to wait for enabling legislation. Last year, Congress delayed
action for 60 days past the program’s expiration. With no flood insurance available, no
sales could take place where flood insurance was required until the legislation was signed
into law. It looks like we might be heading for that situation again.

Issue # 3: Areas north of the Kansas River (notably Oakland and other Topeka
properties flooded in 1951) are excluded from the high risk flood zone only because they
are protected by a system of levees and pumping stations. FEMA has declared these
levees to be in need of renovation and has warned Topeka and the US Corps of Engineers
that the flood zone exclusion for these areas will end on September 30 if renovations are
not complete. The Corps has agreed to pay 65% of the cost, but is without funding to
honor its grant. The City has its share of the funds in reserve, but can’t start without the
Corps of Engineer’s share of the estimated $24 million project. Without another
extension of time to perform from FEMA, many homeowners in North Topeka will be
getting a letter from their lender requiring flood insurance protection effective September
30.

So, would it be too much to ask for our government to act rationally?

Last week Coldwell Banker treated us to a work session in Wichita with Larry Kendall of Ft. Collins, Colorado. Larry is a legend among REALTORS® for his creation of Ninja Selling. Step 2 in the Ninja Selling Process is “Information.” Providing information to buyers and sellers, Larry reasons, is the most logical way to help prospective clients understand the process and the market. Among other information resources, Larry mentioned research gathered by PMI, LLC. PMI is the company that sells mortgage insurance…in other words, they insure lenders that their loan will be repaid in the event the borrower defaults. So, it made sense to me when Larry said he trusted forecasts of housing values gathered and published by PMI.

Since PMI is in the risk assessment business, I looked at a report they publish predicting the likelihood that a home purchased now would be worthless in two years. They call it the House Price Risk Index. PMI ranks 384 MSAs (that’s Metropolitan Statistical Areas and roughly equates to the market areas of 384 metropolitan areas.) Their last published report, on abroad-based spectrum, concludes that 41.7% of MSAs have an elevated or high risk of suffering a price decline two years from now. Those areas, as you might expect, are areas with…”higher unemployment rates, higher new foreclosure rates, lower affordability, a larger excess housing supply and more volatile house prices…” The Top 10 worst performing MSAs in the country are in Florida, Arizona and Nevada. All 10 markets were forecast to have over a 99% chance of experiencing a decline in home values two years from now.

By contrast, the Top 10 best performing markets were smaller communities, seven of which were located in North Dakota, Iowa, Oklahoma and Nebraska. Those markets were forecast to have less than a 2% chance of home prices declining two years from now. All five Kansas MSAs ranked in the “Low” range for risk of price decline in two years.

Here’s the Kansas ranking:

MSA_________________________ Change of price decline

Manhattan                                                            27.8%

Kansas City MO-KS MSA                                     23.2%

Wichita                                                                 21.4%

Topeka                                                                14.2%

Lawrence                                                             10.9%

So, what we can promote about our area is that current homeowners (according to the expert economists consulted by PMI) have an 85.8% chance in the Topeka area, and 89.1% chance in the Lawrence area, to have stable or increasing home values in two years. This is far better news than is being broadcast by the media this week based on the S & P Case-Schiller Index just released on the decline in values in the Top 20 USA Markets.

Looking for other markets? You can download a PDF version online at http://www.pmi-us/com/ERET.

David Carner, Executive Business Consultant for Coldwell Banker Real Estate, LLC, presented Deb McFarland awards for achieving the unique distinction of being among the Top 10 Sales Associates in the 17-state Western Region of Coldwell Banker ranked by units sold, as well as the Top 10 Sales Associates award for sales ranked by dollar volume sold during the calendar year 2010.

McFarland has been a sales associate at Coldwell Banker Griffith & Blair American Home since May 1, 1997, when she commenced her career in real estate sales. Carner noted that McFarland’s 135 units of production in 2010 made her the top producing sales associate in Kansas as well as in the Western Region of 17 states.

Bryon Schlosser, President of Coldwell Banker Griffith & Blair American Home also announced that the company was recognized by Coldwell Banker Real Estate for having the top producing offices in the Western Region measured by closed units. The Fairlawn office (28^th and Fairlawn) achieved the distinction for offices with 21-35 sales associates, and the MacVicar office (29^th and MacVicar) earned the same distinction for offices with 36-50 sales associates. “Our company has always focused on attracting agents who desire to achieve top production. That is the environment we aspire to create and these awards demonstrate we are achieving our goals, even in changing market conditions. Achieving that kind of record-setting performance is the result of fulltime, focused sales associates dedicated to serving the needs of their clients. Deb McFarland is a perfect example of the passion, integrity and creativity it takes to achieve outstanding results. I am proud to be associated with our staff and agents.”

Coldwell Banker Griffith & Blair American Home started serving northeast Kansas in 1955. Coldwell Banker Real Estate was formed in San Francisco in 1907. The two organizations commenced their franchise relationship in 1982.

Griffith & Blair, Inc. is the umbrella company of Coldwell Banker Griffith & Blair American Home, Griffith & Blair Commercial and the Global Referral Network, Inc. The company was recognized as one of the 2010 top 500 real estate brokerages in the country by Real Trends and RIS Media Real Estate publications.

Unless you’re building a brand new house in the Topeka or Lawrence area, most home owners are stuck with the dimensions and layout of a home that was built without their input. Everyone seems to have that one room you just don’t like. Maybe the ceilings are too low, it’s oddly shaped or the layout is just wrong.

Color can actually help correct interiors in your home. The video below goes through some simple tips to help use your homes color palette to turn that room you can’t stand into an ideal living space.

Many of the claims made against sellers today are related to disclosures that were not properly relayed to the buyers before closing.

In 2006 home prices were escalating so fast that buyers often overlooked sloppy disclosures. They were happy to own a home in a market where prices in many places rose monthly. Today, home prices are still declining in many areas. Buyers are more likely to make a claim against sellers if they discover after closing that the sellers were less than candid with their disclosures.

Seller disclosure requirements vary from state to state, but the trend nationally is to require that sellers disclose known material facts. A material fact is one that might affect a buyer’s decision to buy or the price offered. It’s a good idea to discuss your disclosure obligations with your real estate agent or attorney before you put your home on the market.

In states that have mandatory home seller disclosures, like California, sellers often complete the mandated forms in a hurry without providing thorough explanations of current and past problems. Your real estate agent should read your disclosures and alert you if they seem incomplete.

If you should have the misfortune of ending up in court, a judge may not look favorably on slipshod disclosures.

Many sellers are busy and feel they don’t have time to devote to what they may see as a ridiculous chore. Completing disclosures may feel like drudgery. But, dealing with an after-closing claim will be far more time-consuming and could be expensive.

Ask your agent to provide you with copies of any disclosure forms you need to complete when you list your home for sale. Read them; they’re designed to help you recall material facts that should be disclosed.

As you prepare your home for sale, make a list of things you see in the process that may need to be disclosed. If you ask yourself if something should be disclosed, it probably should. Check with your real estate professional.

Some sellers fear that if they disclose what’s wrong with their home, buyers won’t buy it. This is a possibility, depending on the severity of the problem. For example, if you disclose that the house needs a new foundation and you won’t pay for it, buyers who can’t afford to make the improvement would probably back off.

HOUSE HUNTING TIP: Buyers appreciate candid and complete disclosures. The time for the buyers to receive the disclosures and any reports you have on the property is before they make an offer. This way you minimize the chance that the buyers will try to renegotiate the contract price after they complete their inspections.

Buyers who don’t have the benefit of reviewing the property information before they make an offer could back out after you’re in contract and they find out about the defects. Why put yourself and the buyers through this ordeal? You’ll have to put your house back on the market and find another buyer. A well-informed buyer is more likely to go through with the sale.

Don’t withhold reports on your property. One seller had two termite reports on his property. One was better, meaning that it recommended fewer repairs. This report was given to the buyers; the other was not.

The buyers wanted a second opinion, so they ordered a termite inspection from another company. Coincidentally, this company had done the second report on the property for the seller. When the buyers learned of this they sued the seller and won.

THE CLOSING: What you choose not to disclose to the buyers might be conveyed to them by the neighbors after they move into the neighborhood.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

By: Mike DeSenne

Consider these five great projects that cost around $1,000 if you decide to invest a tax refund in your home this year.

1. It all comes out in the wash

It might not sound sexy, but equipping your laundry room with a new washing machine will pay off immediately on your utility bills. Today’s high-efficiency washers use less water per load than standard top-loaders, so you save on your water and water-heating bills. Replacing a washer made before 2000 with an Energy Star model can save a typical homeowner as much as $135 annually.

A high-efficiency top-loader costs between $700 and $900. A stylish and even more efficient alternative is a front-loading washer. Prices for front-loaders start at about $750. As a bonus, either high-efficiency option could net you an appliance rebate from the manufacturer, your local utility company, or your state government.

2. Make your mortgage disappear

A mortgage, especially one that spans three decades, can seem insurmountable. Yet it’s possible to use small sums of money over time to make a big dent in the principal. The net result is saving thousands of dollars on interest and shortening the time you spend paying off the home loan.

Let’s say you take out a $250,000 mortgage. The rate is fixed for 30 years at 6%. Your monthly payment would be $1,500. Over 30 years, you’d pay a total of $540,000. But if you pay an extra $100 per month–$1,200 per year–you’d pay off the mortgage four years early and save $52,000 in interest. Use a mortgage calculator to run your own numbers.

3. Where there’s no smoke, there’s fire

Do you dream of curling up in front of a roaring fire, yet your home lacks that one essential ingredient–namely, a fireplace? Don’t fret. Your dream can become reality at a surprisingly affordable price. Ventless fireplaces offer the ambiance of the real thing without the need for a chimney or flue to vent smoke outdoors.

Ventless fireplaces, which exhaust small amounts of combustion gases inside the home, can run on natural gas, propane, electricity, or flammable gel. At between $2,000 and $6,000, including professional installation, gas units are pricey. More budget-friendly is an electric ventless fireplace that starts at $1,000. All you need to do is plug it in. Gel-fueled fireplaces are in the $300 to $700 range, with no professional installation required. A gel canister that’ll burn for two-plus hours costs $3.

4. Don’t knock it ’til you try it

A new entry door can do wonders for a home. Not only can it enhance curb appeal and security, but the right door can lower utility costs too. An energy-efficiency exterior doorcan shave as much as 10% off energy bills. Plus, if you install an eligible door in 2011, you can claim a federal tax credit worth up to $500, excluding installation charges.

Wood and fiberglass doors are usually the most expensive options, but you can get a steel entry door installed in a couple of hours (assuming no surprises) for about $1,200. The money you get back from the tax credit will reduce this cost. As a bonus, Remodeling Magazine estimates that a $1,200 steel entry door replacement project actually will add an incremental amount of value (102%) to your home.

5. You take the high road, I’ll take the slow road

Don’t let your property line limit your spending plans. Some small investments on your part can benefit an entire neighborhood, which not only improves livability but can also increase property values. Take, for example, the speed hump, a raised mound of pavement on a residential street designed to slow lead-footed drivers.

One traffic-calming study found that 12-foot speed humps reduced average speeds by 22% and the average number of traffic accidents by 11%. You’ll need to work with your local government to have a speed hump installed, but offering to foot the bill can grease the wheels of bureaucracy. Basic speed humps start at about $1,000 apiece. Your share will be less if you convince neighbors to chip in.

Mike DeSenne is the money and work editor with AARP.org and a former executive editor of SmartMoney.com. He likes to do his taxes by hand, much to the dismay of his accountant.