Mortgage Rates Continue to Climb upwards after reaching record lows. The 30-year fixed mortgage rate rose to 4.8 percent from 4.74 percent the previous week. The average on 15-year mortgage rates also rose slightly from 4.05 percent to 4.09 percent for the week. Still great rates, but this means it costs more this week to own the same house over last week. Oh yeah, remember when rates were at 3.5% and we all sat around waiting for it to hit bottom? It did!
Friday, January 28, 2011
Thursday, January 27, 2011
2010 Real Estate Statistics by County
Summary of December 2010 Housing Market Report from Arkansas Realtors® Association |
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Most Units Sold for the Month |
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| Most Units Sold for the Year |
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Rank | Dec '10 | Dec '09 | % Change |
| Rank | YTD 2010 | YTD 2009 | % Change |
Pulaski County | 290 | 291 | -0.34% |
| Pulaski County | 4,104 | 4,430 | -7.36% |
Benton County | 257 | 239 | 7.53% |
| Benton County | 3,271 | 3,573 | -8.45% |
Washington County | 160 | 152 | 5.26% |
| Washington County | 2,070 | 2,231 | -7.22% |
Saline County | 122 | 123 | -0.81% |
| Saline County | 1,449 | 1,478 | -1.96% |
Craighead County | 102 | 107 | -4.67% |
| Craighead County | 1,375 | 1,376 | -0.07% |
Top Five Markets Totals | 931 | 912 | 2.08% |
| Top Five Markets Totals | 12,269 | 13,088 | -6.26% |
Statewide Totals | 1,808 | 1,824 | -0.88% |
| Statewide Totals | 24,128 | 25,340 | -4.78% |
Percentages of State Totals | 51.49% | 50.00% |
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| Percentages of State Totals | 50.85% | 51.65% |
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Provided by Top Five Markets |
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Highest Valuations for the Month |
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| Highest Valuations for the Year |
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Rank | Dec '10 | Dec '09 | % Change |
| Rank | YTD 2010 | YTD 2009 | % Change |
Pulaski County | 48,989,990 | 49,412,382 | -0.85% |
| Pulaski County | $721,282,104 | $773,934,290 | -6.80% |
Benton County | $43,030,795 | $40,741,852 |
December home sales in state dip
..but less than 1% from 2009. More significant was the 18 percent improvement in December over sales in November 2010. For the year, we saw a 5% drop compared to the 2009 annual sales.
New Home Sales Surge December 2010
New single-family home sales in December rose to their highest level in eight months and prices were the highest since April 2008, raising cautious optimism for a housing market recovery. Sales jumped 17.5 percent after a downwardly in November. Compared to December a year earlier, sales were down 7.6 percent. Economists saw the gains as significant. "Clearly we are seeing stabilization in new home sales and this data suggests some upward momentum that we have seen in existing home sales. What is important to realize is even in a period of softer new home sales, inventory continues to decline, said Dean Maki, chief U.S.. economist with Barclays Capital in New York. Brian Bethune, an economist with HIS Global Insight in Lexington, Mass added: "It's meaningful to the extent that there is a pattern of numbers showing increases. It's a sign that there is a turnaround. Things are definitely perking up, but there is a question whether it's sustainable.”
Tuesday, January 25, 2011
Arkansas Children's Hospital named to '100 Best Companies to Work For'
This is a ‘jewel’ of Arkansas! Arkansas Children's Hospital named to '100 Best Companies to Work For' |
Monday, January 24, 2011
Digital Marketing Strategy
See why EXIT is Real Estate Re-Invented! Check out this video: Your Digital Marketing Strategy from EXIT Realty
Friday, January 21, 2011
3 Budget-Friendly Decorating Tips With Impact
You don’t have to spend a fortune to create a well designed, inviting home. Here are a few of her budget-friendly tips for home decorating: 1. Move one piece of furniture.
Just moving one furniture item can drastically change the energy and look of a room. Instead of a sofa against the wall, pull the sofa into the room with a console and two lamps behind it. 2. Update the windows.
Window treatments can make a big statement in a room and simply changing them out can give a room an entirely new look. Try white muslin, or loose, white sheer linen panels so the light will come through them and soften the room, she suggests. 3. Add a large rug.
You don’t need two or three small area rugs in one room. Instead, swap them out for one large rug to unify and pull the room together and even enlarge it, she says.
Thursday, January 20, 2011
December 2010 Homes Sale Are Up
Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®. Existing-home sales rose 12.3 percent to an annual rate of 5.28 million in December, but remain 2.9 percent below the 5.44 million pace in December 2009.Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes (foreclosures, short sales) rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.Inventory Levels & Interest Rates
Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.Interest rates have gone up, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.Transaction Types
A NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, Investors accounted for 20 percent of transactions in December, with the balance of sales going to repeat buyers..In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.
This weekend in Little Rock
things to do this weekend…after the snow melts, check out this link http://www.arkansasonline.com/news/2011/jan/20/weekend-ten-20110120/
Wednesday, January 19, 2011
Did You Know?!
FHA has extended its timeframe until 2011 concerning the ‘Anti-flip’ rule. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales that were purchased within the past 90 days. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. FHA was considering prohibiting FHA backed loans on a home owned by the seller for less than 90 days. This is good news for investors and buyers.
This weekend in Little Rock
This weekend is the Marine Expo and the Big Buck Classic. For the more socially inclined, head to Argenta for the third Friday Artwalk. Oaklawn is also open for business, unless the snow heads in as predicted.
New Wal-Mart at Shackelford grand opening will be the January 26th, which is next Wednesday. Meanwhile, you can find some good deals at the Bowman store because they'd rather sell it than move it
MLS# 10275406 - 3409 Dr Martin Luther King Dr Little Rock, AR
Great historical area investment opportunity! Almost 1900 sf and priced at only $49,900.
Tuesday, January 18, 2011
EXIT Realty's Agent of the Month
….Goes to Jeanie Corkins! Congratulations, Jeanie!
thx,
"Lightning Does Strike in Real Estate....But You Must Be Out In The Storm!"
** Success Tip 101: "Go Play in Someone Else's Sandbox!" **
New housing report indicates foreclosure rates on the rise.
A new housing report indicates foreclosure rates in the Little Rock-North Little Rock and Conway area are on the rise.
According to Corelogic, these figures show foreclosure rates up in October 2010 to be over one and a quarter percent. While that is up almost a quarter percent from this same time last year, the Little Rock-North Little Rock-Conway rate is actually lower than the national foreclosure rate, which still sits at over three and a quarter percent.
The report also says homeowners are having trouble keeping up with their house payments. The local mortgage delinquency rate is nearing 5% more than it was at this time last year.
If you, or someone you know, may have trouble making your payments, please call me. There are better options than foreclosure and bankruptcy.
New Price on Benton Beauty
Check out this video at . Mortgage payments cheaper than renting. FREE 5 Day cruise for two on Carnival Cruise Lines for buyers!
Monday, January 17, 2011
Why Homeownership Matters
Homeownership has a significant, positive impact on net worth, educational achievement, civic participation and overall quality of life. Owning a home is one of the best ways to build long-term wealth. In the past 12 years, a typical homeowner’s net worth has been 31-46 times that of a renter. Plus, most homeowners enjoy stable housing costs. In fact, studies show that fixed rate mortgage payments typically stay the same, while rent has increased at an average rate of approximately 3% per year in the last 10 years.
The National Association of REALTORS contends that homeowners contribute more to their communities by voting and volunteering more. They do not move as frequently as renters, bringing stability to neighborhoods, which helps reduce crime and support upkeep. And it has been shown that homeowners enjoy a better quality of life. They tend to be happier and healthier, and feel a greater sense of control over their lives. They are free to redecorate, renovate and modify their homes as they wish. And their children tend to do better in school and stay in school longer, according to a recent white paper by NAR titled “The Social Benefits of Home Ownership.”
Thursday, January 13, 2011
Attic Insulation Saves You Money
Add attic insulation to lower heating and cooling costs by as much as $600 per year.
Do you need more attic insulation?
A good, quick way to check if you need insulation is to look across your attic floor. If the existing insulation comes up just to the tops of the joists, then you probably need to add insulation. If you can’t see the joists and the insulation is well above the tops of the joists, you’re probably okay and you won’t recoup the cost of adding more.
Types of attic insulation
Add insulation to your attic one of three ways:Roll-on or blanket-type insulation comes as rolls of fiberglass batts, either 15 or 23 inches wide—designed to fit between the width of typical framing. If your attic already has some insulation in the attic floor, roll out the batts at right angles to insulate over the framing members.If you’re doing the job yourself, blanket-type material is easiest to work with. Be careful not to compress it or it won’t be as effective.Loose-fill or blown-in insulation requires a machine that shoots a stream of loose-fill cellulose over the existing attic floor framing. This is typically a job for an insulation contractor. The advantage is that loose-fill insulation does a great job of filling in small crevices and other hard-to-reach areas.Sprayed foam polyurethane is a good choice if you plan to turn your attic into a finished room. In that case, you’ll want to insulate the roof—not the floor. Sprayed foam polyurethane molds to rafters, blocks water vapor, and has a high R-rating per inch. Expect to pay about double the per-square-foot cost of roll-on and loose-fill insulation.
How much attic insulation is enough?
To determine how much to add, look up the recommended amount for your area, then subtract the value of your existing insulation. If you don’t know, you can figure it out using the Home Energy Saver online energy audit tool.
Gotta watch this 8 yr old singing national anthem
It is inspiring to see what happens, plus she has a great voice. Watch it here: .
Wednesday, January 12, 2011
Did you know that 100% financing is still available?
My buddy Zack at Cornerstone Mortgage has USDA loans providing 100% financing. If you are interested in purchasing a new home with zero money down, give me a call and lets see what is out there.
Been thinking of what credit score it takes to get a mortgage these days?
Minimum Credit Score Requirements:
· Conventional loan programs - 620
· VA loan programs - 620
· Rural Development loans – 620
· FHA loan programs – 640
These are for Bank of Little Rock, but different mortgage companies may have different requirements. If you are interested in learning what type of mortgage you may be eligible for, please give me a call.
Tuesday, January 11, 2011
Why A Short Sale Could Be An Option For You
Many homeowners in this country are experiencing the crunch of this economy. Whether through job loss, income reductions, or simply an interest rate adjustment on your home loan, any number of factors could have left you a victim of this housing crisis. As a result, homeowners have certain choices to face and none of them are very appealing.
First you would have to determine if your personal situation has left you having to leave your home. If so, here are some of the more common choices being considered.
a. Can you rent your property out and use the income to cover all or most of your overhead? Most of the time you can’t, plus the upkeep of rented property is very expensive (replacing HVAC, new flooring, etc).
b. Could you sell your home at current market value and still cover your debt? Depends on factors such as current market, current mortgage balance, condition of home, etc.
If a & b are not possible, the next few choices may be your only options.
c. Attempt to sell your home as a shortfall (when lender accepts less for the loan, to close the loan, than what is actually owed)
d. Let the lender foreclose on your home (worst option due to damage to borrower’s credit for many years to come)
The latter part of these options is not what any homeowner wants to hear, but the reality is that they are common options for thousands of families in this situation. As I have mentioned in previous entries, when requesting a short sale, it is always wise to have an experienced Realtor to assist you. There's no reason not to, at this point, it's not going to cost you a dime. Here are some important things to keep in mind when pursuing a short sale.
Communication with the lender is key, and although the homeowner would be the first to contact the lender with this request, it is often the Realtor who handles things from this point. The lender will commonly tell the homeowner to list their home with an agent, price it properly and wait for an offer.
The home owner needs to listen carefully to their Realtor and simply follow their instructions, because the next course of events are intended to help the homeowner avoid foreclosure and with any luck, eliminate a possible deficiency judgment.
Once offers start to be submitted, the agent will present them to the lender for "third party approval". Once in the hands of the lender's negotiator, it is only a matter of time before an offer is accepted and the homeowner can begin to repair his credit and look to the future in hopefully purchasing a new home, one that could be easier to afford. Of course the possibility of foreclosure has not been eliminated, but greatly reduced.
I notice that many homeowners don't even realize that this is a viable option for them. As agents, we conceder ourselves educators. The more we can educate homeowners to understand how this works, the more homeowners will be helped. Obviously this option is not for everyone, but in a distressed situation, this could be one consideration.
If you, or someone you know, are having problems handling the monthly mortgage payment, please let me know. We can sit down to determine a solution for your family. Don’t just accept that a foreclosure is your only option. It isn’t!
Published on Thursday, December 30, 2010, 10:52 AM Last Update: 2 day(s) ago by Nicholas Carioti, Jr. with additions from Scott Deaton www.scottdeaton.posterous.com
"You Can't Out-Smart Crazy!"
Heard this on FOX News this morning. Talking about the tragedy in Tucson. Everyone trying to come up with excuses for this crazy person. It wasn’t the gun’s fault, it wasn’t Republican’s fault. The guy was crazy, and “you can’t out-smart crazy”!
Check out Beluga
This is a great new communication tool, providing group communications and sharing. Check out this article: http://mashable.com/2011/01/04/beluga/.
EXIT Celebrates 16th Habitat for Humanity Home
EXIT Celebrates 16th Habitat for Humanity Home
Builds Benefit Local Communities
Little Rock, Arkansas (Grassroots Newswire) January 11, 2011 --In 2010 EXIT Realty was the full corporate sponsor of five more Habitat for Humanity homes, bringing the total to 16 completed across the U.S. and Canada since the beginning of the company’s partnership with Habitat for Humanity. At the company’s annual convention recently in Dallas, EXIT Realty recommitted its support by pledging another $313,000, bringing the total amount dedicated to $2 million to date.
EXIT real estate agents from across the continent participate in home builds and a portion of every transaction fee collected by EXIT Realty Corp. International is pledged to Habitat for Humanity.
“Generosity leaves its mark,” said Christine Ireborg, EXIT Realty’s liaison with Habitat, during her address in Dallas. “Something very extraordinary happens during the months of a home build as volunteers come together to make the dream of home ownership a reality; because home builds don’t just change the future and lives of partner families across the continent, but also those of everyone involved. Volunteers leave touched by an expression of love that they have witnessed, knowing that something extremely remarkable has been shared.”
About EXIT Realty: EXIT Realty is a proven real estate business model that supplies multiple sources of income - for agents, security, stability and direction; for agents' families, security in the form of beneficiary and retirement residuals. In addition, EXIT’s top-producing trainers offer the industry’s best hands-on, interactive real estate sales training at all levels, including regional, franchise, sales and administration. EXIT Realty was recently awarded a Distinguished Honoree Medal by the International Business Awards in the category of "Most Innovative Company in North America". A portion of every transaction fee collected by EXIT International is applied to its charitable fund and to-date, $2 Million has been pledged to Habitat for Humanity in both Canada and the U.S. Please watch this video about EXIT Realty's work with Habitat for Humanity http://bit.ly/habitat2010 and visit www.exitrealty.com/habitat for more information.
For more information about EXIT Realty Deaton Group, please call 501-221-3948. EXIT Realty Deaton Group is located at 11300 Financial Centre Parkway, Suite 910, Little Rock, AR 72211 & 3120 S Hazel, Suite C, Pine Bluff, AR 71603. Also go to www.WeAreExit.com or www.ExitRealty.com.
Is the Mortgage Interest Deduction Worth It?
Ever wondered how much actual tax benefit you receive by owning a home? The ability to deduct the interest paid on a mortgage can translate into significant savings at tax time. 
For example, a family who purchased a home with a $200,000, 30-year, fixed-rate mortgage could save nearly $3500 in federal taxes when they file their tax returns. That is the equivalent of $300 a month back.
Search for Wintering Bald Eagles During Lake Maumelle Cruises
Check out more about this ‘family fun’ opportunity at http://www.inarkansas.com/22913/search-for-wintering-bald-eagles-during-lake-maumelle-cruises.
By the numbers, The sum total of Central Arkansas
Did you know that the number of adults in Pulaski County who have never been married is 92,394? Find out other interesting stuff about Central Arkansas at http://www.arktimes.com/arkansas/by-the-numbers/Content?oid=1487326.
Thursday, January 6, 2011
Monday, January 3, 2011
4 Easy Ways to Save Money This Year
Get control over your costs in the new year by making sure you never pay too much for all of those technology gadgets or products you need. ShopSmart, a Consumer Reports publication, offers the following tips:1. Check the cost: Before you buy, use the search engines to find the lowest cost. ShopSmart's top three favorites (out of 25 reviewed): PriceGrabber.com, Google.com/products, and Nextag.com. Or if you're at a store, use your smartphone to check whether it's a deal. Bar-code-scanner apps, such as RedLaser and ShopSavvy, allow you to instantly compare prices of the store with those online.2. Change the font: Stop using 12-point Times New Roman to print all of your documents and try Arial. ShopSmart found that using 12-point TImes New Roman font resulted in 27 percent more pages per ink cartridge than using the more ink-friendly option of Arial. Calibri was another ink-saving font, whereas Tahoma and Verdana were found to be ink wasters.3. Phone coupons: Get coupons delivered right to your phone. Coupon Sherpa, MobiQPon, and major retailers are now jumping on the bandwagon of offering coupons for discounts delivered right to your phone.4. Become a friend and get insider deals: Add some companies to your social networking connections to find more deals. For example, "like" a company on Facebook or sign up for e-mail alerts on their Web site to be notified about special sales and freebies. ShopSmart also notes following Twitter's @EarlyBird service for limited-time offers.Source: “15 Top Money-Saving Tips," ShopSmart (January 2011)
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