Where can I find help buying a home?
If you are searching for Kansas real estate or planning to sell your home then the following resources are a great place to begin. Locate financial assistance, perform back-ground checks and find answers to your questions plus much more.
Kansas Housing Resources Corporation: This program provides down payment and other financial assistance to eligible first-time home buyers in Kansas. To apply visit http://www.kshousingcorp.org/programs/fthb.shtml.
Rural First-time Homebuyer Program. Administered by the FHLBank of Topeka, the Rural First-time homebuyer program was designed specifically to meet the housing needs of citizens residing in rural districts of Kansas. More information is available at http://www.fhlbtopeka.com/s/index.cfm?aid=31.
Kansas Real Estate Commission. Locate complaints and license information for real estate agents/ brokers and stay up to date on regulations impacting Kansas real estate in one convenient location. Visit http://www.accesskansas.org/krec/.
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Where can I locate upcoming real estate auctions?
Real estate auctions are a great way to find Kansas homes for sale at a discount but there is also a lot to learn before participating in a real estate auction including where to find upcoming property for sale. To help get you started, here are a few popular Kansas real estate auction resources.
- Freddie Mac Auctions: HomeSteps is the central repository for Freddie Mac auctions and can be accessed at http://www.homesteps.com/rl03_auctions.htm.
- Fannie Mae. Search by price, city, state or zip code for Fannie Mae foreclosures by visiting http://www.fanniemae.com/reoSearchApplication/fanniemae/reoSearch.jsp.
- United States Department of Agriculture. Resales and foreclosures of rural farming properties listed for sale by the USDA at http://www.resales.usda.gov/.
- United States Marshall Sale. Seized property auctions including homes are listed at http://www.usmarshals.gov/assets/sales.htm.
- FDIC Property Auctions. Real estate listed for sale by the Federal Deposit Insurance Corporation can be found by visiting http://www4.fdic.gov/DRRORE/.
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How does inflation impact home values?
Real estate is volatile but investors tend to forget that basic truth in the midst of a bubble economy. As recently as 2006, the majority of Americans were bullish on real estate expecting double digit appreciation to continue well into the foreseeable future. Today, a mere two years later, the majority are bearish. Savvy homes buyers and real estate investors alike would do well to use a little objective reasoning and analysis before making decisions to reduce or eliminate real estate holdings.
A quick blast from the past is a valuable lesson on how to evaluate real estate home value. Let's examine a few "typical" prices from twenty-five years ago in 1973:
Gasoline: .53 cents a gallon
Eggs: 78 cents a dozen
New Home: $38,900
With gasoline approaching $4 per gallon, eggs well over $3 a dozen and new homes in excess of $200,000 (even after the recent drop in price) it is easy to see that having "over-spent" on a new home in 1973 would have long been forgotten. Likewise, Kansas City real estate owners that are currently "upside down" on their mortgage may struggle for a few years until the market corrects.
Consider this; if you had purchased a home for $39,000 financed for 30 years at a fixed interest rate of 8 percent (the average rate for that year) then your payments would be $286 per month with only five years remaining on the mortgage. If you had paid "too much" and bought the home for $49,000 instead, your payments would be $359 monthly with the same five years remaining on the mortgage. Even if you never took advantage of refinancing at a lower rate, the value of the home has continued to increase over the years; effectively minimizing the impact of the original purchase price.
Looking Forward. Consider the long term outlook for real estate home value by calculating the rate of inflation and future worth of low interest loans. You may be pleasantly surprised to learn how valuable your present home is in light of ultra-low interest rate loans combined with escalating inflation.
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How do I select a property management company?
The decision to use a real estate management company to oversee your Kansas real estate or investment properties is an important decision; a good property manager will save time and money while a bad one will cost more than you can imagine. Use the following checklist when evaluating which real estate management company is the right choice for your properties.
1. Experienced. Ask for a list of current clients and properties managed by the company then take time to call or drive by in person. Notice the condition of the property, general upkeep and overall condition.
2. Property Type. Find a real estate management company that deals with your property type. If you own single family rentals or condo's then don't use a company that deals primarily with multi-family properties. Each property type has special conditions and situations which require knowledge and expertise to properly address potential problems.
3. Responsiveness. Test the waters before signing on the dotted line. Make it a top priority to call at different times of the day, and different days of the week, to determine if you will actually be able to reach someone when needed.
4. Size Matters. Deal with a property management company that works with investors of the same size and caliber as your holdings. If the majority of their other clients are larger than you there is a risk you will be put on the back-burner when times get tough. Likewise, if most of their clients are smaller the company may not have the requisite experience required to address your properties in a timely fashion.
5. In-House Competition. Find out in advance if the real estate management company owns their own investments. In a tight rental market, you may find yourself competing with their vacancies for the most qualified tenants.
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Why should I buy a home now?
If you have been contemplating the purchase of Kansas new homes but second-guessing the decision to buy when the market is down, here are a few great reasons to go ahead and buy sooner rather than later.
1. Better Selection. More houses on the market means a better selection to choose from and who doesn't like choice? Shopping for new Kansas homes is easier than ever with builders offering incentive packages and bonus items to help seal the deal.
2. Negotiation. At the height of the real estate bubble buyers were camping out just to have an opportunity to buy a property before it sold. Sellers had no reason to negotiate when it comes to price, closing or other terms. Today all that has changed. Buyers are in a better position to negotiate for repairs, closing cost or other terms needed to make the deal work.
3. Mortgages. Lenders have tightened requirements but are still seeking qualified buyers. In fact, the new lending requirements have substantially decreased the numbers of loans (and therefore profit) generated by banks making them even more willing to work with qualified buyers.
4. Down Payment. While the days of no-money down are gone, prudent buyers will be delighted to find their savings go further than before toward the purchase of Kansas homes for sale.
5. Taxes. Dropping prices also mean less property taxes.
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How can I furnish my new home?
If you are in the market for Kansas real estate then it probably won't be long before you are searching for appliances, furniture, garden items and more. You probably have a few old things of your own to get rid of before making the big move. Here are some useful resources you probably have never thought of to furnish your home for less and eliminate the clutter at the same time.
Clear the Clutter with Freecycle.org. This nationwide entity has taken recycling by storm! Simply sign up by email for the nearest Freecycle chapter in your town then list what you have to give away. Within minutes your mailbox will be filled with replies from people able and willing to haul away your clutter. It is the perfect time saver when you need to downsize, get rid of packing boxes or just clean out the kids’ old toys. It's all free and you will really make someone's day by giving it away!
Storage Auctions. The recent wave of foreclosures and real estate auctions has also resulted in a flood of abandoned storage units going on the auction block. If you need inexpensive furniture, appliances or other household goods then check the legal section of the local newspaper for auction notices.
Personal Property Auctions. Mention the word "auction" and most people think of Christie's or Sotheby's but scattered all around the nation are small local auction houses that deal with everyday objects, furniture and other appliances for the home. Check the local Yellow Pages to find an auction in your area. You never know what you might find.
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What real estate auction rules should I keep in mind?
Like many things in life, having a set of guidelines established in advance can prevent a lot of trouble down the road. This is particularly true when it comes to participating in a real estate auction. Here are our top ten real estate auction rules to live by when attending your first auction.
1. To Win You Must Bid. While it is prudent to watch a few auctions before joining in, eventually you must actually participate in order to be the high bidder. Taking action can be tough at first but don't worry – you won't lose control if you continue to abide by the rest of the real estate auction rules.
2. Remain in Control. Establish a spending limit in advance then stick to it. Don't get caught up in the hype of the auction or feel pressured to continue bidding once you have reached your limit. Bring a friend for support with the express task of saying "No" in the face of temptation.
3. Learn to Let Go. You won't always be the high bidder so the sooner you learn to let go the better. Don't fall in love with a property and be willing to walk away once it passes your spending limit. You may be surprised to find the property back on the market if the bidder got carried away with the excitement of bidding or worse, paid more than they could afford.
4. Research. Take time to research the property before it goes on the block. Most real estate auctions supply a basic overview of the property but buyer discretion is always advised.
5. Persist. If at first you don't win an auction simply try again.
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