It might come as a surprise but a whopping 72 percent of surveyed homeowners nationwide are satisfied with owning a home. The other 28 percent, not so. They say they're dissatisfied and that's likely due to the devaluation of their homes.
But surprisingly, of those who were satisfied with owning a home, only 24 percent said it was because of home appreciation. The majority, 76 percent, had many other reasons they were happy to own their own home including the one that proves the American Dream is alive and well: pride of homeownership. Following closely behind were the freedom to control their home improvements and upgrades. All this according to HomeGain's 2012 National Home Ownership Satisfaction Survey.
Of those who were unsatisfied with owning their home, 63 percent blamed depreciation as the root of their dissatisfaction. However, the cost of owning a home, such as paying for property taxes, homeowner's association fees, upkeep, and routine repairs, also sucked the joy out of homeownership and led this group of 37 percent to be unhappy about homeownership.
On the bright side, most - three out of four - are very happy with homeownership even in spite of such rocky real estate times where declines in home values have crippled some homeowners severely.
The survey polled homeowners all across the country. So you might be wondering is there a connection between where you live and how satisfied you are with owning a home?
The highest percentage of satisfied homeowners comes from the Northeast where there is 77-percent satisfaction, according to HomeGain. Pulling in at a close second is the Southeast at 73 percent satisfaction. The West and Midwest were at 71 percent and 68 percent, respectively.
Those who purchased their homes within a timeframe of the past three to eight years were the least satisfied. If they bought more than eight years ago, they tended to be more satisfied.
The higher-end market was the least satisfied with owning a home, especially if they paid more than $800,000 for it. This group's dissatisfaction rate was 69 percent. But those who purchased homes for under $75,000 are cheering. This group's satisfaction rate was 77 percent.
Of course, a lot of homes are sold through foreclosure and short sale, which, depending on the side of the sale you're on, can leave you satisfied or very dissatisfied. Those purchasing a foreclosed or short sale had the highest satisfaction ratings; 79 percent and 83 percent, respectively.
New and existing homes didn't fare so well with homeowners. They were fairly dissatisfied and showed it in a 73 percent and 71 percent rating, respectively. Most seemed to have expected an increase in the value of their home and when depreciation hit, this highly disappointed them, making this the primary reason for their dissatisfaction.
An interesting statistic may reflect the need for freedom from being tied down to a home and its maintenance as well as other costs. Homeowners ranging from 18 to 25 were the least satisfied (45 percent) with owning.
On the other end of the spectrum, those homeowners between 55 to 65, were the most satisfied with their homeownership. This group's satisfaction rating was 76 percent.
HomeGain collected some comments from some of the surveyed homeowners. Here's how one satisfied homeowner summarizes homeownership, "Just knowing I own it. I rented a house two times after owning a home for 16 years, and I do NOT like relying on, and dealing with, a landlord! I also feel pride in owning my home. I just bought a house 8 months ago and am very happy!" If we can help you feel the joy of ownership, please call the Spouses Selling Houses at 573-302-2313. Until next time!! Ebbie :)
Wednesday, February 1, 2012
Tuesday, January 31, 2012
REFINANCING UNDERWATER MORTGAGE PROGRAM PROPOSED
Following weeks of rumors and speculation, President Barack Obama said he would be sending Congress a proposal to provide refinancing for underwater homeowners that will save borrowers up to $3,000 a year during his State of the Union Speech last week.
The announcement could not have come with better timing. Mortgage applications fell for the first time in three weeks for the week ending Jan. 20th, indicating that the housing market remains in a slowdown even after other government efforts have been made to reenergize the market, according to the Mortgage Bankers Association.
The new refinancing plan would target underwater homeowners and reportedly allow a few million mortgage holders to refinance, reducing their monthly payments through the Federal Housing Administration.
The program, which needs Congressional approval to be launched, would broaden the availability of government backed mortgages to include borrowers whose mortgages are held by private banks and investment companies that are not guaranteed by Freddie Mac or Fannie Mae.
The bankers’ composite index of mortgage applications fell by 5% on a seasonally adjusted basis from one week earlier. Refinances dropped 5.2% even after another new government sponsored program went into effect before the end of the year allowing many underwater mortgage holders to refinance home loans, despite loan to value levels.
Five years after the real estate market collapse, Obama also said during his speech that he would direct Attorney General Eric Holder to expand the federal government’s investigations of mortgage lenders and servicers.
Obama gave few specific details on his refinancing program, but said that the plan would be available to give “every responsible homeowner” a chance to save $3,000 a year off their mortgage payments by refinancing at lower mortgage rates. Obama said that the program would be funded by a “small fee on the largest financial institutions (that) will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.”
The president also said he would seek additional regulations to curb the real estate finance industry from predatory lending practices, which regulators are working on as part of Dodd-Frank financial reform laws passed by Congress.
“We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them,” Obama said. “That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.”
For all of your Real Estate needs at the Lake of the Ozarks, just give the “Spouses Selling Houses” a call. Thank you!!! Ebbie :)
The announcement could not have come with better timing. Mortgage applications fell for the first time in three weeks for the week ending Jan. 20th, indicating that the housing market remains in a slowdown even after other government efforts have been made to reenergize the market, according to the Mortgage Bankers Association.
The new refinancing plan would target underwater homeowners and reportedly allow a few million mortgage holders to refinance, reducing their monthly payments through the Federal Housing Administration.
The program, which needs Congressional approval to be launched, would broaden the availability of government backed mortgages to include borrowers whose mortgages are held by private banks and investment companies that are not guaranteed by Freddie Mac or Fannie Mae.
The bankers’ composite index of mortgage applications fell by 5% on a seasonally adjusted basis from one week earlier. Refinances dropped 5.2% even after another new government sponsored program went into effect before the end of the year allowing many underwater mortgage holders to refinance home loans, despite loan to value levels.
Five years after the real estate market collapse, Obama also said during his speech that he would direct Attorney General Eric Holder to expand the federal government’s investigations of mortgage lenders and servicers.
Obama gave few specific details on his refinancing program, but said that the plan would be available to give “every responsible homeowner” a chance to save $3,000 a year off their mortgage payments by refinancing at lower mortgage rates. Obama said that the program would be funded by a “small fee on the largest financial institutions (that) will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.”
The president also said he would seek additional regulations to curb the real estate finance industry from predatory lending practices, which regulators are working on as part of Dodd-Frank financial reform laws passed by Congress.
“We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them,” Obama said. “That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.”
For all of your Real Estate needs at the Lake of the Ozarks, just give the “Spouses Selling Houses” a call. Thank you!!! Ebbie :)
Monday, January 30, 2012
Real Estate Trends / College towns to buy or rent?
If your child is on his or her way to college, you're already thinking about the big checks you'll have to write. There's little you can do about tuition at a top college or university, but what about the "room and board" part of the equation?
One of the hottest real estate trends is college students who opt out of living in the dorms and instead are paying "room and board" to their parents in the form of a mortgage payment. For those with the right amount of cash and a viable credit score, college town real estate might be a really interesting idea - whether your child is going to school there or not.
Many on top of this real estate trend, are focusing on middle-aged parents with college-bound children. According to the website scholarships.com, the average cost of room and board fees at a four-year college or university runs nearly $10,000 per year. Off-campus apartment housing can strain your budget even further, and in either case, there is no return on your investment. Once spent, that money is simply gone. With these figures in mind, a growing number of savvy parents are selecting another option.
With the comparatively low cost of buying a home, a growing number of concerned parents are opting to purchase a home for their students to live in while completing their education. Of course not all college towns are created equal when it comes to housing inventory or price appreciation (or depreciation), and some are certainly more affordable than others.
At the most affordable end of the spectrum were homes on and around the Ball State University campus in Muncie, Ind. Judged to be the least expensive locale to buy a single-family home, a four-bedroom, two-bedroom property carried an average listing price of just $105,000 in 2010. If you think about room and board running an average of $10,000 per year, purchasing a property that can be rented or sold after the kids have graduated seems like an attractive prospect.
At the other end of the spectrum, buying a home with the same dimensions near the Stanford University campus in Palo Alto, Calif. runs a cost prohibitive (for most of us anyway) average of more than $1.3 million. That seems like an awful lot to cough up for what is basically temporary housing. Of course, the property could be leased or sold once the kiddies have graduated, but an expense like this would give most parents pause.
In fact, five of the top 10 most expensive college town markets can be found in the state of California: The aforementioned Stanford, UCLA in Los Angeles (average cost $833,087), USC in L.A. (again, $833,087), San Jose State University ($650,111) and UC Berkeley ($636,958).
At the same time, four of the least expensive campuses for home purchases can be found in Ohio: University of Akron ($139,711), Ohio University in Athens ($141,964), Kent State ($153,662) and University of Toledo ($155,286).
If the home is cheap enough and the return on investment is there, buying a home makes more sense to many parents than throwing money away on renting an apartment or dorm. Til next time thanks for readin. Ebbie :)
One of the hottest real estate trends is college students who opt out of living in the dorms and instead are paying "room and board" to their parents in the form of a mortgage payment. For those with the right amount of cash and a viable credit score, college town real estate might be a really interesting idea - whether your child is going to school there or not.
Many on top of this real estate trend, are focusing on middle-aged parents with college-bound children. According to the website scholarships.com, the average cost of room and board fees at a four-year college or university runs nearly $10,000 per year. Off-campus apartment housing can strain your budget even further, and in either case, there is no return on your investment. Once spent, that money is simply gone. With these figures in mind, a growing number of savvy parents are selecting another option.
With the comparatively low cost of buying a home, a growing number of concerned parents are opting to purchase a home for their students to live in while completing their education. Of course not all college towns are created equal when it comes to housing inventory or price appreciation (or depreciation), and some are certainly more affordable than others.
At the most affordable end of the spectrum were homes on and around the Ball State University campus in Muncie, Ind. Judged to be the least expensive locale to buy a single-family home, a four-bedroom, two-bedroom property carried an average listing price of just $105,000 in 2010. If you think about room and board running an average of $10,000 per year, purchasing a property that can be rented or sold after the kids have graduated seems like an attractive prospect.
At the other end of the spectrum, buying a home with the same dimensions near the Stanford University campus in Palo Alto, Calif. runs a cost prohibitive (for most of us anyway) average of more than $1.3 million. That seems like an awful lot to cough up for what is basically temporary housing. Of course, the property could be leased or sold once the kiddies have graduated, but an expense like this would give most parents pause.
In fact, five of the top 10 most expensive college town markets can be found in the state of California: The aforementioned Stanford, UCLA in Los Angeles (average cost $833,087), USC in L.A. (again, $833,087), San Jose State University ($650,111) and UC Berkeley ($636,958).
At the same time, four of the least expensive campuses for home purchases can be found in Ohio: University of Akron ($139,711), Ohio University in Athens ($141,964), Kent State ($153,662) and University of Toledo ($155,286).
If the home is cheap enough and the return on investment is there, buying a home makes more sense to many parents than throwing money away on renting an apartment or dorm. Til next time thanks for readin. Ebbie :)
Friday, January 27, 2012
WINTER REAL ESTATE MARKET HEATS UP!
Yes, it may still be winter, but the real estate market has started with an early thaw.
Real estate agents report that phone calls into their office have increased in number since the doldrums of the holiday real estate market.
Open houses have been well-attended. This represents a change from the general outlook during 2011, when buyers were more hesitant to express their desire to purchase, and seemed more "on the fence" about buying a home.
FreddieMac recently came out with their January 2012 Economic Outlook. While those who make predictions are hedging their real estate bets, the home buyers we are talking with have an optimistic outlook on their home buying prospects. Historically low interest rates and lower home prices certainly are contributing to this positive feeling. Also, buyers are feeling more "settled" in their jobs.
Sellers may see an increase in activity. We encourage sellers to take a hard, realistic look at their listing price before putting their property on the market. We find that sellers who are pricing their homes more in line with the marketplace, without an extra "pad" in the price, are creating an encouraging signal to home buyers.
Yes, it's a winter thaw. Let's hope the real estate market continues to bloom in spring, and heat up in summer! If we can help you find that perfect property at the lake or help to sell your existing one, just give the Spouses Selling Houses a call. Thank you. Ebbie :)
Real estate agents report that phone calls into their office have increased in number since the doldrums of the holiday real estate market.
Open houses have been well-attended. This represents a change from the general outlook during 2011, when buyers were more hesitant to express their desire to purchase, and seemed more "on the fence" about buying a home.
FreddieMac recently came out with their January 2012 Economic Outlook. While those who make predictions are hedging their real estate bets, the home buyers we are talking with have an optimistic outlook on their home buying prospects. Historically low interest rates and lower home prices certainly are contributing to this positive feeling. Also, buyers are feeling more "settled" in their jobs.
Sellers may see an increase in activity. We encourage sellers to take a hard, realistic look at their listing price before putting their property on the market. We find that sellers who are pricing their homes more in line with the marketplace, without an extra "pad" in the price, are creating an encouraging signal to home buyers.
Yes, it's a winter thaw. Let's hope the real estate market continues to bloom in spring, and heat up in summer! If we can help you find that perfect property at the lake or help to sell your existing one, just give the Spouses Selling Houses a call. Thank you. Ebbie :)
Thursday, January 26, 2012
Home View: Caretaker or Financial Partner?
What did you neglect to do for your real estate in 2011? What will that cost you in 2012?
As 2012 begins, what opportunities to accelerate appreciation have you overlooked?
§ Which simple value preservers have you ignored?
§ How many costs of ownership have you missed opportunities to reduce?
§ Which value builders have you ignored?
§ Which advantages of ownership have you neglected?
Is your home a “thing” to look after, or a financial partner in your future? Either way there is maintenance and property management to be done on many levels every season, every year. Why not make sure your care-taking activities consciously also build value?
How many of the following value-making strategies did you apply to your real estate this year to achieve cost saving and equity building?
§ The last leaves have fallen…probably into your eaves troughs. Did you have them cleaned out once the trees were barer? Depending on how many trees surround your home, you may need to clean the eaves troughs two or three times a year to keep rain water and melting snow flowing off your roof and away from outer walls and the basement of your home. Reduce the labor and cost of cleaning by installing screens across gutters that block debris accumulation. Failure to act will cause damage to the gutters, roof damage, damaging interior leaks, and a wet basement. Rotting leaf litter can also attract animals and end up smelling bad. The unsightly damage down-values curb appeal, too. What will all that cost in 2012, or later, just because eaves troughs are ignored now?
§ Snow is part of winter…causing ice dams on your roof which damage the roof and inside, too. If there is not sufficient insulation and ventilation in the attic to keep the attic and roof cold, escaping warm air will start a chain reaction that means unnecessary expense and a prematurely-aged roof. Interior heat loss (which is also financial loss) melts snow on the roof and the melt water runs down to re-freeze when it hits snow or ice in the gutters. This repeated action causes a dam of ice which pools water, so it seeps up under shingles and into the home to damage ceilings, walls, and furnishings. Eventually, rot sets in and you’ve got structural problems. Are you sure you have enough insulation in the attic and great ventilation? If insulation’s been there a while, it may have been damaged by contractors or animals. Have roof vents and exhaust vents from fans been properly installed, or are they piping warm moist air into the attic to grow mould? Government energy grants may shoulder some of the cost, but what will it cost if you ignore the threat?
§ Winter is garden planning time…How did you improve curb appeal this summer? Many homes don’t sell because buyers are not won at the street. If they won’t go in, they won’t buy. Create the most interesting, low-maintenance garden on the block and you’ll have a house that wins attention even before you decide to sell. Make that a “green” low-water landscape and you’ll save time and money in the process.
§ Spring is property tax time…Did you contest your assessment and have the assessed value of your property lowered? Keep pushing that value down and you’ll keep property taxes in check as much as possible. The more loonies you keep in your pocket, the richer you are.
§ Summer is sale time…furnace sales, that is. Make major purchases in the off season and you’ll get a great price and the full attention of the best installers. In peak months, you’re overpaying for overworked contractors who are too rushed to do a thorough job, just show up. Government grants and manufacturer specials for replacement of furnaces and heat/cooling systems are common, particularly at the beginning and end of season. Updating systems adds resale value and saves on monthly costs.
§ Holiday season is payback time…Shop locally and you enhance the value of your neighborhood, and stave off big-box and chain stores which homogenize areas. Buy your gifts from local artist studios and shops and you’ll have unique presents that keep value in the neighborhood. Too often the very shops and small food stores that first draw home buyers to an area are ignored once they’re residents in favor of cheap, high-volume national and international chains. Shop in 2011 and start 2012 by revisiting local shops and businesses so their year starts strong, and you’ll keep future home buyers envious of those who live in your neighborhood.
§ Action beats “if only I’d”…If you believe 2012 will bring a slow down or stall to your neighborhood real estate market, did you seriously consider the advantage of selling in the stronger 2011 market? You could rent for a while and then buy in the softer real estate market. Your home is only worth what someone will pay for it, not should pay in your opinion. Owners who list with prices from the last strong market, lose valuable credibility with buyers and, therefore, may net less in a sale. Investing time to crunch numbers and seriously consider all your options each year, is the best way to be sure you’re making the most of your equity. Aim to never put yourself in an “if only I’d” situation, and you’ll know real estate is your financial partner in building the future of your choice. Many real estate owners count on passive appreciation and expect their real estate to automatically increase in value. Waves of real estate booms driven by boomers moving from first house to megahome to recreational property to deluxe condo, through various stages of life, have driven real estate values to dizzying heights and made significant annual price increases seem the norm. What will drive value increases in the future? How much can owners count on passive appreciation to build future value?
Real estate will increase in value under some circumstances, but not automatic, not for every property. Sometimes values decline. In strong real estate markets and preferred locations, property values can steadily increase, but not equally for all properties in every neighborhood. When markets slow, only preferred locations may keep increasing in value, or at least hold their own. Unless owners step in and deliberately preserve equity, maintain equity, and build value by treating their real estate as a financial partner in their future, many owners may not see as dramatic appreciation in the future as they have experienced in past decades.
The future starts now for real estate. By the time future patterns become present realities, it is too late to make the most of those real estate opportunities. Look ahead with your real estate. Build value as you go to retain the flexibility to be ready to act on opportunity. Take full advantage of the investment you love to live in. Make 2012 the year you moved beyond being a caretaker. For all of your Real Estate needs at the Lake of the Ozarks, please contact the "Spouses Selling Houses" team. Ebbie :)
Wednesday, January 25, 2012
A perfect time to buy at the Lake!
If you are planning to purchase Lake of the Ozarks Real Estate there's never been a better time to buy a luxury home at the lake. If you’re a potential buyer who has been waiting for prices to come down, then your time has finally arrived. The lake is perfect for vacation homes, second home buyers or the move-up buyer. And now, many luxury homes are available at low, economically friendly prices! With the abundance of luxury homes at the lake, record low interest rates and prices where they were several year ago, now is the perfect time. So, don’t let it pass you by.
When you visit www.lakeozarkforsale.com, you can search Lake of the Ozarks Luxury Homes through our extensive MLS database. You will find homes in several cities and counties throughout the lake. You will find that the website is filled with a wealth of information for your journey through the lake. We can also help you with helpful information on how to make an offer, choosing the "right" property, mortgage rates, negotiating, moving, financing, and everything that can be involved in making an informed decision in today´s real estate market.
Also, be sure to check out the community links while you’re on www.lakeozarkforsale.com. You will be able to get a good feel for each wonderful community here at the lake and find out why so many people call this beautiful area home. If we can assist you in your search for the perfect lake home, or in listing your existing home, please call and let our “Spouses Selling Houses” team go to work for you. Ebbie :)
Tuesday, January 24, 2012
Home Insurance - Where to Start
Picking the right insurer for your home can be a daunting task especially if you’re a new home buyer with no prior experience. There are so many providers out there with such a vast range of insurance packages, it’s difficult to tell which is the right plan just for you.
Fortunately the internet makes home insurance shopping much easier especially with sites like InsWeb for the US and Money for UK residents. InsWeb provides a free database which offers quotes from up to 8 insurers and the UK Money site provides up to 20. They are basically search engine comparison sites so you can access quotes from one location without having to hop from one insurance site to another.
There’s also an article on the CNN site under the money section which I recommend reading that discusses the top things to know about insurance. They even provide some other good articles worth reading pertaining to home ownership in general.
Insurance coverage and requirements also vary based on which state and country you live in. Regardless of your location, it’s always important to seek out and find at least 2-4 quotes before making your decision. Not only will you save money but you’ll also have peace of mind knowing that you didn’t just select the first insurance plan you came across. Good luck in your search! if we can help you find the perfect home here at the Lake of the Ozarks, please contact the Spouses Selling Houses team at 573-302-2313. Ebbie :)
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