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If you watch data that is regularly
published on the topic of little
rock real estate, there are several trends that keep reoccurring.
These trends include theories that real estate prices have still not hit rock
bottom, that interest rates will soon start to creep up, and that some areas
are doing far better than others. That last trend really relates to issues that
affect real estate prices; for example, foreclosure levels and unemployment
levels.
Why Hot Springs Real Estate is Hot!
Hot Springs seems to be fairing very
well. It constantly appears in the top five for low foreclosures, stable home
prices, and reasonable unemployment levels. Does that make Hot Springs Village, AR a
good place to buy a home? We think it does. In fact, here are six darn good
reasons to buy real estate in Hot Springs Village, AR.
- Prices
- Interest Rates
- Affordability
- Buyers Market
- Short Sales
- The American Dream
Hot Springs Real Estate, a safe bet.
Buying a home in Hot Springs Village, AR in
today's market is a relatively safe proposition when compared to many other
areas in the country. While home prices will drop again over the next 12
months, Hot Springs will be protected from some of those effects and that's
good news for both buyers and sellers.
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Purchase with no money down
More and more banks are asking for large down payments, some as high as
10-20% down, putting home ownership out of reach for many first time home buyers.
A VA Loan is perfect for young families and first time home buyers because the
borrower can finance 100% of the home's value and purchase with $0 down. The VA
is one of the only loan programs that can offer this same benefit.
VA Loan are easier to obtain
Because many first-time home buyers typically don't have a lot of established
credit, getting qualified for a conventional loan can be difficult. The credit
and income standards are not as strict with VA Loans making the loan
qualification process easier.
The savings are HUGE every month!
Because the loan is backed by the government,
banks do not require PMI (private mortgage insurance) which is an added monthly
expense. Rates for VA Loans are typically 0.5%-1% lower than conventional
loans. These two advantages add up to continuous monthly savings
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Before you can actually pick out a
house, you need to choose what cities or communities you would like to live in.
There are many factors you should pay attention to, not only for yourself, but
because you intend to eventually sell the home to someone else. Carefully
choosing your community is the first step in “location, location, location” and
can help maximize your future potential resale value.
How
to Choose a Real Estate Agent for the process
When choosing real estate for
your purchase, it makes the most sense to buy in a city with a viable and
stable economy. Five, ten, or even fifteen years from now – when you want to
sell your home – you can have a reasonable expectation that your community will
still be a desirable place to live.
In addition to residential
neighborhoods, there should be a healthy mixture of commercial and business
districts. These not only provide jobs to the local residents, but also add an
income source that the city can use to upgrade and maintain roads and city
services.
How
to Choose a Real Estate Agent for the process
In fact, you should take a drive and
see how well the community is maintained. You have probably heard of “pride of
ownership” when referring to an individual home or an automobile. Look to live
in a city that demonstrates community pride, as well.
Also don’t forget to get
pre-qualified for a mortgage before
you start your real estate search. Searching for real estate can be
tough but it will pay off in the end.
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Selling
Your Hot springs Village Home
Determining Your Offer Price
When you prepare an offer to purchase a home, you already
know the seller's asking price. But what price are you going to offer and how
do you come up with that figure?
Determining your offer price is a
three-step process.
First, you look at recent sales of
similar properties to come up with a price range. Then, you analyze additional
data, such as the condition of the home, improvements made to the property,
current market conditions, and the circumstances of the seller. This will help
you settle on a price you think would be fair to pay for the home. Finally,
depending on your negotiating style, you adjust your "fair" price and
come up with what you want to put in your offer.
Comparable Sales
The first step in determining the
price you are willing to offer is to look at the recent sales of similar homes.
These are called "comparable sales." Comparable sales are recent
sales of homes that compare closely to the one you are looking to purchase.
Specifically, you want to compare prices of homes that are similar in square
footage, number of bedrooms and bathrooms, garage space, lot size, and type of
construction.
If the home you are interested in is
part of a tract of homes, then you will most likely find some exact model
matches to compare against one another.
There are three main sources of
information on comparable sales, all of which are easily accessed by a real estate agent. It is
somewhat more difficult for the general public to access this data, and in some
cases impossible. Two of the most obvious information sources are the public
record and the Multiple Listing
Service.
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Hot Springs
Village, AR much like many communities across America has a rich history behind
their real estate. Hot Springs Village Real Estate is no exception, the Hot
Springs Village community plays host to some of the state of Arkansas's finest
real estate.
Hot
Springs Village Arkansas Real Estate & Cost of Living
Arkansas's housing, utilities and taxes rank well below other areas of the
country. ACCRA Cost of Living Survey people who live in Hot Springs Village cost
of living 14% lower than the national average. (Items surveyed included
housing, grocery items, utilities, transportation, health-care, and
miscellaneous goods and services.)
If your income here is $50,000, to enjoy the same lifestyle somewhere else you
will need income of...
-
$103,750 in Los Angeles
-
$86,685 in Seattle
-
$68,965 in Santa Fe
-
$106,865 in Chicago
-
$153,524 in Manhattan
-
$100,843 in Boston
-
$76,118 in Dallas
-
$70,822 in Atlanta
-
$105,754 in Washington D.C.
Hot
Springs Village Arkansas Real Estate & Education
The over 400 plus students from the Hot SpringsVillage area attend either
Fountain Lake or Jessieville public school districts located outside the gated
property. Both schools offer kindergarten through grade 12 with a commitment to
excellence in education. Each facility enjoys a 14-1 student teacher ratio
offering individualized instruction and attention.
The schools have access to the latest in computer and informational
technology, as well as science, and score higher than the state and national
average on standardized testing. The education systems also have a full
schedule of extracurricular activities. Fountain Lake has an extraordinary band
and performed in Washington, D.C. at the America's Year celebration and
Jessieville School offers an 11,000 square foot secondary library and a new
sports arena providing a 1,500 seat gymnasium. Both schools have very active
sports programs and high academic standards providing students with skills to
become active and productive members of the community.
Higher education is available from National Park Community College in Hot
Springs plus a satellite classroom just a mile or so from the Village. Academic
1 or 2 year degrees are offered as well as a variety of adult classes which
many Hot Springs Villagers participate in.
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Every home seller likes to be assured
that their listing agent or the real
estate company will run ads featuring their home. Newspaper ads could be
large display ads with lots of listings or small classified ads featuring just
your property. Ads may also appear in local real estate magazines and your
listing will also show up on the Internet.
Of course the agents and companies
will run ads featuring your house, but not for the reasons you expect.
You see, the main job of advertising
is not to sell your house directly. Advertising creates phone calls and some of
those callers become clients of the agents answering the calls. This builds up
a pool of homebuyers
looking for property in general, all represented by selling agents (buyer's
agents). Multiply this by all the agents and companies who also advertise
homes, and there is a large pool of homebuyers in the market at any given time
- all of whom are represented by selling agents.
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The most important step in purchasing a new home is not simply
finding a home, but finding a reliable
mortgage lender to make sure you can afford it. Working with a mortgage lender
is really one the top priorities, your mortgage lender will be with you for the
life of the home ownership so make sure and choose wisely when selecting a
lender for your hot springs village real estate.
It is
essential that you only deal with a lender that has a high code of ethics.
Interview the lender in the same way you did the realtor. Do not be intimidated
by a lender, or think you are wasting their time. It is, after all, your money.
Visit at least four lenders before making your choice.
The lender will look at your debt to
income ratio. This figure is currently 28/36%. The first figure, 28%, is what
the lender feels is the maximum amount of your gross income that is available
for monthly mortgage payments. This includes monthly mortgage payments, private mortgage insurance if you must pay it and
property taxes. The second figure, 36%, is the amount the lender signifies as
housing expense and recurring debt. This includes such things as utilities, phone
and cable bills and trash removal.
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Hot Springs Village, AR is a very special place. From the landscapes to
the local people, it’s all beautiful. So it’s no wonder why the real estate
here is among the most “sought” out places to buy real estate and to live. Hot
Springs plays host to some of America’s most prestigious landmarks and as a
community host many popular festivals such as the documentary film festival or
the world famous Oak lawn horse racing arena.
Hot Springs has it all. When it comes time to find a new
place to live, look no further. My company is here to help you find the perfect
hot springs village real estate. Feel to contact us anytime to find out some
available listings.
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You're probably on the Internet, If you're reading this. One
key to a successful relationship between a real estate agent and their client
is that, in addition to representing your interests competently, they educate
you about the process as it unfolds. So don't simply look for property on the
web - look for an agent that informs you about the process.
Perhaps a friend, co-worker, or family member recently
bought a house in the same community and had a good experience. Referrals are
always a good way to go. However, if they bought a house twenty miles from
where you want to move, it may not be a good idea to use the same Realtor.
You want an agent who knows the area in detail and has
already previewed many of the homes available for sale in that community. Community knowledge should be important to
you because you are not just buying a house.
You are buying a home in a local neighborhood in a specific community.
Every Realtor can show you every property available for sale
in the Multiple Listing Service. Since that is true, you can call any real
estate office and find a Realtor willing to show you houses for sale. The
problem is that you do not know if you are talking to an excellent Realtor or a
lazy inactive one.
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The abuses likely affected many
borrowers, given Fannie's huge footprint in the mortgage market. By 2008, when
it entered conservatorship after suffering large losses in the mortgage
meltdown, the value of loans it backed exceeded $3 trillion -- 26% of the total
mortgage market.
As the foreclosure crisis deepened,
many of those loans defaulted. In 2010, Fannie foreclosed on more than 260,000
borrowers.
"It appears that an untold
number of borrowers with loans owned or guaranteed by Fannie Mae may have
suffered abuses that violated their legal rights," said Cummings.
Fannie should have known the problem
existed. A Fannie shareholder alerted the company back in December 2003 that
its attorneys may have engaged in abusive practices in Florida, and the agency
hired an outside firm to investigate.
In 2006, an internal report from
that probe concluded that "[F]oreclosure attorneys ... are routinely
filing false pleadings and affidavits."
A Fannie Mae spokeswoman declined to comment on
the full report, but confirmed that the 2006 investigation identified a
specific issue with the practice of filing lost note affidavits, which she said
was immediately addresses
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To be able to own a home is the true American dream. Home
ownership is about more than just being able to have a nice home for people to
look at and visit from time to time, it's about the nature of freedom, the
ability to call something your own.
Hot Springs is truly a unique place
to live and work. Over the past years, it has been an honor to help get
families moved into what will be their "Dream" home or the place where their
children remember growing up. Whenever it's time to either buy or sell your
home, remember to choose someone with experience and who knows Hot Springs real estate and
can get you exactly what you need.
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The reason why homeowners
insurance is such an important part of the home owner process is because a home
is a huge investment, often one of the largest purchases many people make in
their lifetimes.
Naturally, people want to protect the value of
their precious property. Homeowners insurance is a contract between a homeowner and an
insurance company. As long as the owner pays the required premiums and meets
the other policy requirements, the insurance company guarantees to reimburse
the owner for any losses incurred due to natural disasters or human-caused
damage
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There is some good news: Mortgage rates remain at their lowest point in
nearly 60 years, and prices are settling in several markets. Hot Springs real estate is becoming more
affordable and needs-based instead of speculator-driven, making a home
primarily a shelter once more.
For them, here are 10 real estate
tips for 2012.
- Redefine "market value"
- Hire personal peeps
- Extend the selling season
- Check the seller's addition
- Gather micro data
- Smoke out pervs
- Feel what the buyer feels
- Keep dream alive after foreclosure
- Set your goals in writing
- Play the field
These quick tips will help you when
you're looking to purchase your new home.
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Not only do you have to understand
what type of mortgage you should choose, you have to understand the costs
associated with your mortgage. All of these costs will be paid upon closing
your mortgage.
Purchase
Points
Purchase points, also known as a
"buy-down" or "discount points," are an up-front fee paid
to the lender at closing to buy-down or lower your interest rate over the life
of the loan. Each point is equal to one percent of your total loan amount. If
you have a $100,000 loan, one point would equal $1,000. The more points you
buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should
buy points and if so, how many? Well, the decision should be based on how long
you plan on living in your home and what you can afford to pay each month
toward your mortgage. If you plan on living in your home for more than five
years, it's probably a good idea to purchase points. The longer you live in
your home, the more you can save on interest over the life of the loan.
Interest
Rate
When you get a mortgage, you are
charged an interest rate.this is the rate which the lender charges you for
using their money to buy a home. It determines how much your monthly payments
will be. Generally speaking, the higher the interest rate, the higher your
monthly payment.
Mortgage interest rates change
constantly.daily, even hourly. If you speak to a lender and are quoted a
specific interest rate, that's not to say you'll necessarily get that rate when
you close on your loan. Not unless you formally lock-in that rate with the
lender.locking in an interest rate will guarantee you get your loan with a
particular interest rate. Lenders will allow you to lock in for 15, 45 or 60
days. But the longer you lock in, the more expensive it will be, since it's
more of a risk to lenders.
Fees
There are always fees associated
with getting a mortgage, these fees cover the cost of processing and
underwriting the loan. These fees can include charges for ensuring the title to
the home is free and clear; paying for a land survey; or paying for a home
appraisal which gives you the estimated value of the property (lenders require
an appraisal to close on your mortgage).
Deciding which mortgage to get may
depend on what each lender does because different lenders may charge different
amounts. Some may charge lesser closing fees to lure you in, but may charge you
a higher interest rate, which means you may pay more in the long run. But
everyone has different needs.you may or may not be able to afford to pay more
at closing and are willing to pay more over the long term.
Before it comes time to close, do
your homework, make sure there are no hidden fees, and ask your lender lots of
questions so that you understand all the costs involved with your mortgage.
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If you're a homeowner, real estate
taxes are an important part of your budget. With the recent decline in home prices,
however, your tax bill may be lower because taxes are based on a home's value.
If your tax bill seems too high
compared to the true value of your home, you can appeal the bill, and you may
have your taxes reduced. Here are some important steps for filing a grievance.
- Ask
about the appeals process.
Cities and counties that charge real estate taxes generally have a
grievance procedure for taxpayers who believe their bills are in error.
Call your local government office or visit its website to determine the
process. You may have to fill out a grievance form and even appear at the
government facility in person to state your case.
- Collect
sales data. An important way to establish
the true value of your property is to document the sales prices for
similar properties in your area. You can find this information through
public tax records. You can also ask local real estate agents, who
routinely pull comparable sales data, or "comps," on local
properties. A more formal way to evaluate the worth of your home is to
hire an appraiser. He or she can give you an independent, expert
assessment.
- Consider
hiring a third party.
Some professionals focus on helping homeowners appeal their real estate
taxes. If you have a lot of money at stake, it may be worth it to hire a
professional, such as an attorney, who specializes in real estate tax
appeals. Before hiring a third party, however, understand that no one
can guarantee your property taxes will be reduced. In addition,
the professional will likely charge you a fee for appealing your real
estate taxes.
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