What is the Cost of Waiting!

What is the Cost of Waiting!

After interest rates hit their BOTTOM around October of 2010, you would think that potential buyers would get off the fence and finalize their home purchase BEFORE it became TOO EXPENSIVE to buy a home.  We are seeing some increased buyer activity as the warm weather approaches in Arkansas, but do buyer’s ever really think about what it cost them by waiting?  Probably not.  There is a cost of money!  This cost refers to the actual cost of financing at a specific interest rate.

Did you know that a 1% increase in interest rate equals a 10% REDUCTION in your buying power, which is your sales price?  Wow that was an eye opener, wasn’t it.  Since October 2010, interest rates have jumped as much as 1.5% in the last 5 months.  What did it cost you by waiting?  If were able to purchase a $200,000 home back in October (because of the low 3.5% interest rate), now you could only purchase a $180,000 home.  For the central Arkansas area, that $20,000 difference is a big difference in the style, age and size of the home you can now afford.

At 4.125%, you could qualify for a $206,313 loan amount.

At 5.125%, you can now only qualify for a $183,654 loan amount.

Yep, that just happened in YOUR market over the past 5 months.  You lost that much house by not capitalizing on the lowest interest rates in history.  Analyst say that interest rates can only continue to go up, and could possibly be at 6% by the end of 2011.  What will that look like?

At 6.125%, you will only qualify for $164,581 loan amount.  OUCH!  That one stung didn’t it?!  Within a year’s time, your COST OF WAITING could be $40,000!!!!  Now is the time to purchase if it is your desire.  Inventory and selection is high, prices are stable with good deals out there, there are a larger number of distressed properties which means great values, and interest rates are low (for now around 4.875%).

Don’t let the cost of waiting keep you from the advantages, tax benefits, savings, equity-building, etc of home ownership.  Buying a home is the largest financial decision of your lifetime.  As with any smart investment, it is better to buy low and sell high.  We are in a buying low market.  Take advantage of it while it is here.

Posted via email from Scott Deaton's Blog

This Weekend in Little Rock

This Weekend in Little Rock

Wednesday March 9, 2011

This weekend we have a fun event at Museum of Discovery where kids your pretend to be emergency room staff and observe a heart or brain dissection.  Sounds like a lot of fun at MOD.  Our Saint Patrick's Day parade is also this weekend.  There's sort of a pub crawl around the parade from Dugan's to Creegen's and some of the other bars and restaurants in the River Market.

March 10 - 12
Duck Duck Goose Consignment Sale
State Fairgrounds
Children's clothes, toys and more. Free admission.

General Hospital/Brain Awareness
Museum of Discovery
Learn how your body works.

March 11
2nd Friday Art Night
5 - 8 p.m.
River Market District
Galleries, museums and businessness stay open late for deals.

Cruisin' in the Rock
6 - 9 p.m.
River Market Pavilions & Riverfront Park
Car show in the River Market.

March 11 - 26
"The Hanging of David O. Dodd"
The Weekend Theater, 7th & Chester
An original two act tragedy written by Phillip H. McMath. Call 501-374-3761

"If You Give A Pig A Pancake"
Arkansas Arts Center, Children's Theatre
Call 501-372-4000.

March 12
2011 12th Annual Rock To North Little Rock St. Patrick's Day Parade

Lil' Wild Ones: Nature Stories and Activities
2 p.m.
The Witt Stephens Jr. Central Arkansas Nature Center

March 15
Brown Bag Lunch Lecture Series 12 - 1 p.m.
Old State House Museum
Restoration Informed by Archeology: Excavations at the Rice House and Looney Tavern, Randolph County, Arkansas. Admission is free. Call 501-324-9685.

Posted via email from Scott Deaton's Blog

EXIT Realty Deaton Group Announces New REALTORS

EXIT Realty Deaton Group Announces New REALTORS

Real Estate Consulting Team Expands

Little Rock, Arkansas (Grassroots Newswire) March 9, 2011 --

Husband and wife duo, Ted & Kristy Stane, have recently joined EXIT Realty Deaton Group in Little Rock.

Ted Stane is a new licensee, while Kristy has been licensed and transfers to EXIT Realty from another local agency. 

"We're excited to welcome Ted & Kristy to our team at EXIT Realty Deaton Group," says Scott Deaton, Broker/CEO of the EXIT Realty Deaton Group at 11300 Financial Centre Parkway, Little Rock. "EXIT Realty is growing and attracting new talent like Ted & Kristy each and every day."

This group of REALTORS will bring fresh ideas and motivation to EXIT Realty Deaton Group, and they are looking forward to serving their communities throughout Central Arkansas.

 "When visiting on Career Night with EXIT Realty Deaton Group, I quickly discovered that I had found my new home.  They offered everything I was looking for.  Most importantly, I could see that they were on top of their game with all of the training they had to offer!  Although, I am not a brand new agent, I certainly don't know everything and I do know that it's a fight for survival in this business.  If you don't stay on top of all the latest things, you won't survive.  I'm excited to learn all I can and feel truley blessed to be a part of EXIT Realty Deaton Group, " comments Kristy.

"I felt EXIT offered the best benefits in the market.  However, the reason I chose EXIT was the outlook and attitude I found about the importance placed on training, and the goal set to build me a lasting career in the field.  I feel Scott Deaton has gone great lengths in building a  great reputation, and business, to offer the newest techniques and strategies and has surrounded himself with some of the best in the business to ensure a long lasting success for everyone, and to help serve the public better. Thanks for allowing me to be a part of the Deaton Group," states Ted.

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.

See the full gallery on Posterous

Posted via email from Scott Deaton's Blog

Rents vs. Home Prices - Which is better Value?

Rents vs. Home Prices

The graph below is the national rent index (blue) and the national home price (red).  Apartment rents have steadily risen and are likely to accelerate a bit this year.  Home values, meanwhile, have undergone wild swings and now appear to be a better buy compared to renting.

March 8, 2011 by Lawrence Yun, Chief Economist & Senior Vice President, Research. 

Posted via email from Scott Deaton's Blog

Energy Efficient Mortgage Program - Huh?

Energy Efficient Mortgage Program

Did you know there is financing available, today, that will provide you money for upgrades to the home you are purchasing? 

Well, maybe not for this home, but yes, there are various programs that will provide you lending for improvements to the home you are looking at.  Were you thinking that you couldn’t buy a home because you didn’t have the money to fix it up?  One of these is the FHA EEM (Energy Efficient  Mortgage) Program.  EEM helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase.

Posted via email from Scott Deaton's Blog

Can you get a loan with a 500 Credit Score?

Can you get a loan with a 500 Credit Score?

Yes you can!  Wells Fargo is now providing FHA mortgages to borrowers with credit scores as low as 500.  This is great news, as the downturn in the volume has been mostly due to strict tightening of the lenders for lending money to buy homes.  This is excellent news, that I’m sure will be followed by other lenders.  Currently, most major lenders require a minimum 650 credit score.  If you thought you couldn’t purchase a home due to your credit score, then give me a call and lets see what we can do to get you in a house today.

Posted via email from Scott Deaton's Blog

Agents Attend Regional Training & Awards

FOR IMMEDIATE RELEASE

Contact:
Scott Deaton
Broker/CEO
EXIT Realty Deaton Group
501-221-3948
Scott@ExitRealtyDeatonGroup.com

Agents Attend Regional Training & Awards

Local Agents Recognized for Accomplishments

Little Rock, Arkansas (Grassroots Newswire) March 4, 2011 --

Agents from EXIT Realty Deaton Group, Little Rock & Pine Bluff, attended a Regional Training event and Awards Ceremony in Ft. Smith yesterday.

 

EXIT Realty Deaton Group agents were recognized for their accomplishments for 2010 while attending the EXIT Regional Event for Arkansas and Oklahoma.  Jeanie Corkins, Jeffrey Merritt and Scott Deaton were presented with awards in recognition of their "Closed Ends" success during 2010.  Jeanie received a Gold Level award while completing the year with the 2nd highest number of closed ends in the entire two-state region with 35 closed ends, while Jeffrey & Scott received Bronze level awards with 18 & 16 respectively.

 

In addition, Jeanie was recognized with an award for her overall Gross Commission Income generated in the region, and for her Sponsoring efforts.

  

Amber Burdett, Director of New Agent Development and Shelly Dahl, Executive Broker, were recognized with an award for their efforts in bringing new agents into the agency.  Amber and Shelly tied for the 1st place position in the region.  In addition, Scott Deaton also received an award for Sponsoring.

 

In recognition of continued support, participation and enthusiasm of the EXIT brand, Scott Deaton, Broker/CEO of EXIT Realty Deaton Group was presented with the "Spirit of EXIT Award" by the EXIT Regional Owners for Arkansas. 

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.  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 visit www.exitrealty.com 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.

Posted via email from Scott Deaton's Blog