Tick tock, tick tock, tick tock…. Time is running out.  If you count the days left until the federal government’s tax credit is scheduled to expire on November 30th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to [...]]]> See All Kansas City Properties

Tick tock, tick tock, tick tock…. Time is running out.  If you count the days left until the federal government’s tax credit is scheduled to expire on November 30^th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to close by the aforementioned date (which is a requirement of the program) might want to take a long look at the calendar. 

There may not be a worse day to close on a house in greater Kansas City or anywhere else in these United States. Consider this: Everybody and their dog so to speak will aim to close on November 30^th. November 30^th is the Monday after Thanksgiving; November 28^th and 29^th are weekend days (probably no closings); November 27^th is the Friday after Thanksgiving an unofficial holiday for many.  

Monday, November 23^rd or Tuesday, November 24^th are more practical dates, however if something goes wrong which often happens, one might have a heck of a time rescheduling by November 30^th. Its my opinion the best time to schedule closing if it is not already scheduled is the week of November 16^th.  

It is not unusual for loans to require 45-60 days of processing time. A 30 day closing is considered quick. So worse case let us say your loan process will take 60 days. If you want to close by November 16^th, you need to have an approved, fully ratified contract by no later than September 16^th or a little over two weeks from today.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net  or visit http://www.kansascityerealestate.com/

What was the movie line – We’re  mad as hell and not going to take it any more*?  Earlier this year the Kansas City Royals lost a game in Cleveland when a ball hit by the opposition [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

What was the movie line – We’re  mad as hell and not going to take it any more*?  Earlier this year the Kansas City Royals lost a game in Cleveland when a ball hit by the opposition struck a seagull and the winning run may have scored as a result.  During yesterday’s loss a cat nearly made a trip around the bases and was at one point headed for home plate.  The cat veered into foul territory and was summarily dismissed along with the Royals who lost their 68th game – Only one team in all of baseball has a worse record. 

We deserve better and need to demand it.  The Kansas City Metropolitan Areais a fifteen county metropolitan area straddling the border between the states of Missouri and Kansas that is anchored by Kansas City, Missouri. In 2008, it was estimated to have a population numbering just over 2 million according to Wikipedia.  Our Easterly neighbor’s team the St. Louis Cardinals  are tied for 1st place and are perennial contenders.  Yes St. Louis has a slightly higher population (2.8) but we deserve better. 

Having grown up in Chicago which currently has not one but two contending teams, (the Cubs are tied for 1st and the White Sox are a game out of first), I have experienced how a contending baseball team can change the psyche of a city.  If the Kansas City Royals were contenders, wouldn’t we all be a little happier?  Wouldn’t our property values seem a little higher?  Wouldn’t our schools be a little better?  Our children better behaved?  The sun a little brighter?  The winters a little milder?  Send your ideas on how we can make our Royals a better team?  Not next year but NOW!  We want and deserve a better team. 

*The memorable quote of Peter Finch in the movie “Network” which debuted in 1976 went on to say “…So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell, “I’m as mad as hell, and I’m not going to take this anymore!!”

Whether you’re thinking about buying or selling or seeking information or buying Kansas City Royals tickets, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net  or visit http://www.kansascityerealestate.com/

Earlier this month, Kansas Congressman Jerry Moran (R – 1st District) introduced legislation to extend and expand the $8,000 first-time homebuyers’ tax credit. Although Congress is not expected to act on an extension of the credit [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

Earlier this month, Kansas Congressman Jerry Moran (R – 1st District) introduced legislation to extend and expand the $8,000 first-time homebuyers’ tax credit. Although Congress is not expected to act on an extension of the credit until later this year, Congressman Moran has demonstrated his commitment to strengthening the housing market and supporting REALTORS® with the introduction of this legislation.

For more details please CLICK HERE.  Do you think tax credits are good for the economy? Do you think the credits should be limited to 1st time buyers? Should the credits be repaid?

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net  or visit http://www.kansascityerealestate.com/

A decade ago, environmental issues were rarely a part of the typical real estate transaction. Today, however, it’s common for inspections relating to environmental concerns to be part of most sales contracts.

In many states, seller disclosure regulations will [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

A decade ago, environmental issues were rarely a part of the typical real estate transaction. Today, however, it’s common for inspections relating to environmental concerns to be part of most sales contracts.

In many states, seller disclosure regulations will reveal knowledge of certain toxic substances on a property. Typically, though, it’s up to the buyer to pursue environmental inspections and tie any findings to the purchase offer.

Beyond home inspectors

Home inspectors who primarily focus on structural integrity and working systems might not be qualified to conduct specialized inspections for radon, asbestos, lead paint and mold – substances that in recent years have emerged as the most common environmental concerns for home buyers. Testing for these substances typically requires a specialist who will charge a fee beyond the basic cost of a general home inspection.

As with any other inspection issue, the estimated expense of remedying a toxic substance situation may have already been factored into the home’s listing price. Other times, the outcome of an inspection might become a negotiating point.

Radon – A few facts – Radon is a tasteless, odorless gas. It is a proven carcinogen and ranks second only to cigarette smoking as a cause of lung cancer. If you have a radon problem, it is usually easy and inexpensive to abate.

There are a number of radon sampling devices you can buy, or you can have a professional company conduct tests. Radon is measured in pico Curies per liter (pCi/L). The EPA recommends that remedial action be taken when a residence exceeds a radon level of four pCi/L.

Asbestos

Many older homes have asbestos insulation in walls and ceilings, wrapped around hot water pipes or in exterior shingles. Is it dangerous? If you suspect there may be asbestos in your home, you should have a professional inspection. Generally, asbestos is considered a health hazard when the material is friable, that is, when it crumbles, releasing tiny fibers into the air.

Removal of asbestos can be an expensive process and must be conducted by trained and certified professionals. But the presence of asbestos may not be a health hazard, and in some cases, an asbestos hazard can be isolated without removal.

Lead Based Paint

Approximately three-quarters of the housing in the United States built before 1978 (about 64 million dwellings) contain lead-based paint. When properly maintained and managed, this paint possesses little risk. However, 1.7 million children have blood-lead levels above safe limits, mostly due to exposure to lead-based paint hazards at home.

Lead poisoning can cause permanent damage to the brain and create reduced intelligence and behavioral problems. Lead also can damage other organs and can cause abnormal fetal development in pregnant women. People can get lead in their bodies by breathing or swallowing lead dust, or by eating soil or paint chips with lead in them.

The Residential Lead-Based Paint Hazard Reduction ACT of 1992 directs the Department of Housing and Urban Development (HUD) and the Environmental Protection Agency (EPA) to ensure people receive information needed to protect themselves from lead-based paint hazards. Often found in pre-1978 housing Most homebuyers and renters must receive information on lead-based paint and lead-based paint hazards when they buy or rent housing built before 1978. Some housing, such as efficiency apartments, dormitories, vacation rentals, adult housing and foreclosure sales are not covered.

Under the rule, sellers, landlords, and their agents will be responsible for providing information to buyers or renters before a sale or lease. Home buyers will have 10 days to conduct a lead-based paint inspection or risk assessment at their own expense. The rule gives the two parties flexibility to negotiate key terms of the evaluation.

The new rule does not require any testing or removal of lead-based paint by sellers or landlords and does not invalidate leasing and sales contracts.

For a copy of the Environmental Protection Agency pamphlet, Protect Your Family from Lead in Your Home, sample disclosure forms, or the rule itself, call the National Lead Information Clearinghouse (NLIC) at (800) 424-5323, or TDD (800) 526-5456 for the hearing impaired. The EPA pamphlet and rule also are available electronically and may be accessed through the Internet at www.epa.gov

Molds

Molds produce tiny spores to reproduce. Mold spores waft through the indoor and outdoor air continually. When mold spores land on a damp spot indoors, they may begin growing and digesting whatever they are growing on in order to survive. There are molds that can grow on wood, paper, carpet, and foods.  When excessive moisture or water accumulates indoors, mold growth will often occur, particularly if the moisture problem remains undiscovered or un-addressed. There is no practical way to eliminate all mold and mold spores in the indoor environment; the way to control indoor mold growth is to control moisture. For more info see http://www.epa.gov/mold/moldresources.html

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 

800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to:  tfarrell@remax.net  or visit www.kansascityerealestate.com

It is most frustrating to find the perfect place, negotiate an offer everybody’s happy with and not qualify for the needed financing. The best way to avoid frustration is to qualify for a mortgage through [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

It is most frustrating to find the perfect place, negotiate an offer everybody’s happy with and not qualify for the needed financing. The best way to avoid frustration is to qualify for a mortgage through a lender before you begin to look at houses.

Use a lender

Qualification through a lender doesn’t have to commit you to finance your home through that same lender. It is simply a chance for the lending company to market its services. If you want, you can continue to shop for the best mortgage deal while you’re house hunting. Your real estate agent can provide you the names of reputable lenders and set up a qualification
meeting.

After you’re qualified, it’s worth moving forward with the loan application process as early in your house hunting as possible. The process can be lengthy, with lenders requesting highly detailed information about your debts, assets and credit history. By starting early, everything can be in place when you find the right home.

Sellers know you’re serious  

 In addition to clearly letting you know how much home you can afford, qualifying shows sellers know how serious you are. One of the first concerns a seller or listing agent has when an offer is submitted is: “Is the buyer qualified?”

When it’s a seller’s market with multiple offers and quick sales, qualification through a lender is vital. And regardless of market conditions, qualification always increases a buyer’s standing in comparison to buyers who aren’t qualified. Sellers don’t like having a property tied up in negotiations – only to have the transaction disintegrate in the 11th hour because the buyers don’t qualify for the necessary financing.

Get qualified

If you’re not ready to talk to an agent or lender, you can qualify yourself using the same basic formulas used by the mortgage industry. This will give you a good idea of your price range. But when it’s time for serious shopping, it’s worth knowing exactly what a lender thinks. And it’s worth confirming that your credit history doesn’t hold any surprises. An experienced real estate agent can help you through this process.

How much do I Need

There is no strict formula used by all lenders to determine a home loan amount, but a good working rule of thumb is that you can afford a home equal in price to three times your gross annual income. This formula, of course, needs to be adjusted to a number of factors:

•Amount of available cash for a downpayment.

•Closing costs and cash reserves required by the lender

•Your outstanding debts (your total debt to income ratio should be under 40 percent)

•Your credit history

•The type of mortgage you select

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit www.kansascityerealestate.com

There are two reasons for pursuing major home improvement projects:

A. You want new features in a home to improve your family’s quality of life, but you don’t want to leave your current home.

B. You want to [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

There are two reasons for pursuing major home improvement projects:

A. You want new features in a home to improve your family’s quality of life, but you don’t want to leave your current home.

B. You want to make your home more marketable to maximize return (or minimize loss) and speed up the sale process.

In the right market conditions, a project might fit into both categories. Other times, though, the two approaches will conflict:

Just want to do it

In situation A, the project is perceived as a necessary or worthwhile improvement to your family’s lifestyle. Say you have two or three teenagers in the family and the morning bathroom situation is completely out of control. It doesn’t matter if an  additional bath generates a 150 percent return on investment or actually decreases the value of the. The economic impact just doesn’t matter.  Or say you’re a barbecue fiend and the only feature missing from the dream home you’ve just purchased is a sprawling backyard patio with a natural-gas grill custom-built with flagstone and river rock. Again, return on investment isn’t a critical question. The improvement becomes more comparable to purchasing a depreciating asset you feel is a necessity for your lifestyle – such as an automobile. When the barbecue aficionado adds a deluxe patio – there’s a good chance very little of the cost will be recouped in a subsequent sale. A better example might be a pool. It is probably worth checking with a real estate professional to make sure you fully understand that adding a pool might actually lessen the property’s value. It is always worth knowing the cost and salability impacts before you act.   

The “type-B” home improvement project is pursued to increase the property’s salability. In turn, this often increases your return on investment.  A good real estate agent can advise you of possible improvements that will attract more potential buyers and also pay for themselves either through increasing the home’s value or through shortening the time it takes to sell the home.Projects such as: painting – either because the existing paint is in bad shape or is an unusual color; replacing carpets – again because of age, color or style; repairing or resurfacing a cracked driveway or sidewalk; facing kitchen cabinets; and trimming or removing overgrown or unattractive landscaping.

While spending several thousand dollars on your home right before you sell it might not sound very appealing, it’s not uncommon for the right work to more than pay for itself in a higher selling price and shorter marketing time. 

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net  or visit www.kansascityerealestate.com

Perhaps the most challenging aspect of selling a home is to determine the correct price. The help of a skilled real estate agent can more than pay for itself.

Pricing too low can be as bad [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

Perhaps the most challenging aspect of selling a home is to determine the correct price. The help of a skilled real estate agent can more than pay for itself.

Pricing too low can be as bad as too high, if the listing price is too high, you’ll miss out on a percentage of buyers looking in the price range where your property should be. There is a flaw in thinking you will always have the opportunity to accept a lower offers. Chances are offers will not be made, because buyers most interested in your home see other more desirable products that are more competitively priced. By the time the price is corrected, you have lost exposure to a large group of potential buyers and they have purchased something else.

The listing price becomes even trickier to set when prices are quickly rising or falling. It’s critical to be aware of where and how fast the market is moving – both when setting the price and when negotiating an offer. Again, an experienced, well-trained agent is always in touch with market trends – often even to a greater extent than appraisers, who typically focus on what a property is worth if sold as-is, right now.

Agent education, experience critical- When working with a real estate agent, it’s critical that you have full confidence in that agent’s experience and education. A skilled, knowledgeable agent should be able to explain to you exactly why your home needs to be priced at a certain level – compared to recent listings and sales of homes similar to yours.

Experienced agents also know exactly what the current pool of buyers is looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the salability of your home, thus increasing the price – and/or decreasing the length of time before a sale.

Little touches can generate big returns- Some little touches may be cosmetic, involving literally no expense on your part. A small touch might be as simple as moving some of your furniture and adjusting window coverings to best display desirable qualities of the home. Other changes might demand an investment, but the cost will likely pay for itself in the final sales price or timeliness of the sale.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to:  tfarrell@remax.net  or visit www.kansascityerealestate.com

Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves. 

Selecting an agent is a critical [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All KC properties! 

Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves. 

Selecting an agent is a critical issue, which can cost or save you thousands of dollars. There are very specific questions you should ask to ensure you get the best representation when selecting an agent. Many agents prefer you not ask these questions, because the knowledge you gain from their honest answers will give you a good idea about what outcome you can expect from using this agent. And let’s face it in real estate; as in life not all things are created equal.

Hiring a real estate agent is like any hiring process with you on the employer’s side of the desk. It is critical you make the correct decision as to who will handle what may be the single largest financial investment you will ever make.

Here are the Questions:

1. What makes you different? Why should I list my home with you?

It is a much different real estate market than it was a decade ago. What unique marketing plans and programs does this agent have in place to make sure that your home stands out favorably versus other competing homes? What things does this agent offer you that others do not to help you sell your home with the least amount of time and hassle and for the most amount of money?

2. What is your company’s track record and reputation in the market place?

It may seem like everywhere you look, real estate agents are boasting about being #1 or quoting you the number of homes they have sold. If you are like many homeowners, you are probably numb to much of this information. Why would you care how many homes one sold over another. The only thing you really care about is whether an agent can sell your home for the most amount of money.

Because you want your home sold fast and for top dollar, you should be ask the agents how many homes they have sold. I am sure you agree success in real estate is selling homes. If one agent is selling a lot of homes where another is only selling a handful, ask yourself why? What things are these agents doing differently?

You may be surprised to know that most agents sell fewer than 7 homes a year. This volume makes it difficult for them to do full impact marketing of your home, because they can not spend the money it takes to launch special programs to give your home a high profile.

3. What are your marketing plans for my home?

How does the agent you are speaking to market your property versus the other agent you interview? What tools are utilized (Talking House, Internet, Virtual Tours, etc.)?

4. What other homes have recently sold in my area?

Agents should bring you a complete listing of both their own, and other comparable sales in your area.

5. Does your broker control your advertising or do you?

If your agent is not in control of their own advertising, then your home will be competing for advertising space not only with this agent’s other listings, but also with the listings of every other agent in the brokerage.

6. On average how close is the selling price to the asking price?

This information is available from the Real Estate Board.

7. On average, how long does it take for listings to sell?

This information is also available from the Real Estate Board.

8. How many Buyers are you currently working with?

The more buyers your agent is working with, the better your chances are of selling your home quickly. It will also impact price because an agent with many buyers can set up an auction-like atmosphere where many buyers bid on your home at the same time. Ask them to describe the system they have for attracting buyers.

9. Do you have a client reference list I could contact?

Ask for a references or two.

10. What happens if I’m not happy with the job you are doing to get my home sold? Can I cancel my listing contract?

Some agents lock you into a lengthy listing contract. How confident is your agent in the service provided? Our listing contract is no more than the average marketing period.         

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associate 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to:  tfarrell@remax.net  or visit www.kansascityerealestate.com

Have you watched a western recently? Every wagon train had a scout who rides ahead of the party to determine the  safest route and the best ways to avoid danger. The scout was always characterized as a born [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

Have you watched a western recently? Every wagon train had a scout who rides ahead of the party to determine the  safest route and the best ways to avoid danger. The scout was always characterized as a born on the trail type and could wrestle with rattlesnakes and shoot better and straighter than your average cowboy. Most importantly the  scout knew every nook and cranny of the territory as well as its customs and idiosyncrasies.

Buying or selling a house may appear to be a relatively simple task. In reality buying or selling real property is a complex process. According to statistics the average American buys or sells their residence on average about every five to ten years. It seems every year the process becomes more complex.

Most of America’s net worth lies in the equity in our homes. It is my  job to safeguard your equity if you intend to sell and justify what you are willing to pay if you intend to buy.

I understand the territory. Consider for a moment a few of the steps required in selling your home. First you must determine value. Where do you find the data? Sure you can head down to the courthouse and spend the day researching recently sold and active properties similar to the one you are buying or planning to sell.

I have the data at my fingertips. What about things like zoning, disclosure, taxes, inspections, easements, title insurance, earnest deposits, qualifications ratios, radon, surveys, homes association declarations and deed restrictions, marketing plans, advertising, internet marketing, buyer’s agents, dual agents, designated agents, negotiating and last but not least legally binding contract forms. If you like most people you haven’t bought or sold property in years.

Consider me your scout, They will find the BEST trail for you.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best
Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date
information about the marketplace email to: tfarrell@remax.net  or visit  www.kansascityerealestate.com
 

Buying a house, whether your first or your fiftieth, can be an exhilarating process. A house must stand on it’s ‘own two feet’ in a marketplace that is always competing for customers. You make a house a home. [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

Buying a house, whether your first or your fiftieth, can be an exhilarating process. A house must stand on it’s ‘own two feet’ in a marketplace that is always competing for customers. You make a house a home. Unless your plan is to build a house designed for you, there will be trade offs or concessions you’ll make in the house you purchase.

The KC marketplace in the last twenty has had its share of ‘buyer’s & seller’s markets’. A buyer’s market is one where there are more products available than there are customers to buy. The opposite market is a seller’s market where there are more buyers than products available. In a seller’s market you might have multiple offers on your property. In a buyer’s market you have plenty of products to choose from.

The marketplace is always competing for buyers. Therefore sellers who offer their products at the most competitive price compared to other similar products usually sell quicker and closer to the asking price. If you have a product to sell before you can buy, you are both a seller and a buyer.

Many sellers in today’s marketplace are reluctant to accept contingency offers. A contingency offer is an offer where something must happen before something else can happen. Most generally, this ’something’ is a house must sell before a buyer can buy. Most of us can’t afford to own two residences. A buyer making an offer to purchase subject to the sale of their residence has no negotiating strength. Even if you find a seller willing to accept a contingency offer, the seller almost always insists on the right to continue to show the property to other buyers while you try to sell yours. If the seller finds another buyer whose offer is not subject to the sale of a house you generally are given one to three days to remove the contingency or the other buyer buys the property.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) 
X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net
or visit  www.kansascityerealestate.com