Flash Player 10 or Later is Required to View This Content.

Posts Tagged ‘columbia mo real estate’

Many of today’s homeowners find themselves unable or unwilling to enter the housing market. Some may have unsteady jobs or are upside down in their home loans.

These conditions, however, don’t mean that these homeowners don’t have needs that need met. Some have outgrown their current home, have repairs that need made, or simply would love to have an updated kitchen or bath.

This explains the recent report from BuildFax that shows remodeling activity reached a record level high for the month of September.

Partly to thank for this rise in projects are the historically low interest rates, now under 4.0 percent for 30-year fixed rate mortgages. Many homeowners have sought out refinancing, meaning they now have lower monthly payments. This extra money can then be funneled into remodeling projects.

So, while it may not make sense for a homeowner to move, they can still make modifications to their current home which will make it more livable and comfortable. These projects even raise the home’s value. “Mortgage rates continue to be near record lows, and as homeowners from coast to coast refinance, they are continuing to update their current home and invest in their properties,” said Joe Emison, Vice President of Research and Development at BuildFax. “The data from BuildFax show that homeowners are not only doing important ‘maintenance’ projects, such as fixing their roof, but also taking on projects that add to the ‘livability’ of their homes by adding decks, remodeling their bathrooms and updating their kitchens. These are immediate fixes they will enjoy and that potential buyers look for.”

The most popular projects come as no surprise. They are as follows.

Roof (21.4%)

Deck (7.9%)

Bathroom (6.9%)

Garage (6.1%)

Kitchen (4.8%)

Basement (2.9%)

Office (1.7%)

Sunroom (0.7%)

How much did the remodeling market improve in September? The latest Residential BuildFax Remodeling Index shows rates rose 34 percent year-over-year. September was up 2 percent over August of this year.

Regionally, the West rose 4.6 percent. The Midwest rose 4.9 percent month over month, the Northeast 2.9 percent, and the South rose 9 percent.

Interest rates are expected to remain low until 2013, according to the Federal Reserve, meaning this trend for fixing up and staying put could continue for the foreseeable future.

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

November 17, 2011 — Realty Times Feature Article by Carla Hill

Mortgage Rates

While the Federal Reserve has promised to keep rates “low” until 2013, it is clear to many experts that the current historical lows we are experiencing will not last.

According to the latest projections from the National Association of Realtors® (NAR), interest rates should gradually rise out of historic lows as we move through 2012.

The NAR reports that current surveys reflect the tight credit conditions. They report that recent buyers are staying well within their means, with higher incomes and higher downpayments.

Richard Peach, Senior Vice President at the Federal Reserve Board of New York, who said the economy is under-performing, reports, “Nearly two-and-a-half years since the end of ‘the great recession,’ the economy continues to operate well below its potential. Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level.”

Lawrence Yun, chief economist of the National Association of Realtors®, said home sales should be stronger. “Tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently,” he said. “Nonetheless, there is a sizable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”

It is this improving jobs markets that many analysts are waiting for. Yun projects the GDP will grow 1.8 percent this year and 2.2 percent in 2012. The unemployment rate should decline, albeit modestly, to around 8.7 percent by the end of 2012.

Around this same time, experts expect that “mortgage interest rates should gradually rise from recent record lows and reach 4.5 percent by the middle of 2012.”

This is still an incredibly low rate and many experts feel that housing market, while still struggling, will improve throughout next year and after. In fact, the NAR expects new home sales to reach 372,000 next year. Existing home sales could fare just as well, rising 4 to 5 percent in 2012.

“Housing affordability conditions, based on the relationship between median home prices, mortgage interest rates, and median family income, have been at a record high this year,” Yun said. “Very favorable affordability conditions will dominate next year as well, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more home buyers to take advantage of current opportunities.” The bottom line is that the housing market should improve over the next year and along with that improvement will come higher interest rates. Buyers interested in making a move should take head of today’s historically low rates and high levels of affordability.

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

November 16, 2011 — Realty Times Feature Article by Carla Hill

According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.

Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960s. It’s no wonder why most Americans seek out a home of their own.

Home ownership has both financial and social benefits. According to the most recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s.

“We knew that homeowners, on average, accumulate more wealth than renters,” said Ken Johnson, editor, Journal of Housing Research at Florida International University. Johnson spoke at the session and conducted the analysis with Eli Beracha. “These findings indicate that home ownership is a self-imposed savings plan. Not everyone should own a home, but from a financial perspective, people who are planning to stay in a property over the long term can benefit from buying.”

This is no wonder why. Despite recent declines in home prices, historically prices do rise over the long-term. This means an owner is paying towards an asset. They are building equity. A renter, on the other hand, is paying for a living space for that month. It is not money invested.

Home ownership is also at a generational high when it comes to affordability. Recent studies show all 50 states are at 30-year record levels of affordability, based on mortgage-to-income ratios. Couple that with historically low interest rates and there are deals to be had.

Many buyers are still uncertain about entering the market, though. Unemployment and rampant media reminders of an ailing economy create fear and reserve.

Regardless of the ups or downs of the economy, however, social benefits of home ownership remain. Realty Times has reported on these benefits for years, knowing that buyers don’t buy simply because it’s the right financial time. They buy to provide stability and security for growing families.

In the NAR study, “Measuring the Benefits of Home owning: Effects on Children,” there were significant findings that home ownership has a strong positive effect on educational achievement. Children are more likely to graduate, teenage girls are less likely to experience teenage pregnancy, and children of homeowners are more likely to be financially responsibly adults.

The study says, “Homeowners are required to take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments. These life management skills may get transferred to their children.”

Additionally, higher levels of home ownership have been shown to reduce crime rates. “Homeowners have a lot more to lose financially than do renters. Property crimes directly result in financial losses to the victim. Furthermore, violent non-property crimes can impact the property values of the whole neighborhood. Therefore, homeowners have more incentive to deter crime by forming and implementing voluntary crime prevention programs.” (NAR)

“These findings are no surprise to Realtors®,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “We, like the nation’s 75 million homeowners and many other who aspire to one day own a home, know home ownership is an investment in the future of our families, communities, and nation. That is why we will continue to fight for public policies that promote responsible, sustainable home ownership; we believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.

If you are looking to join the Columbia Real Estate market, please feel free to call us. Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

November 15, 2011 — Realty Times Feature Article by Carla Hill

Christmas Tree Disposal

It is that time of year when people tear down their Christmas trees.  Instead of throwing them on your curb for pick up, consider this option!

The Department of Conservation as well as Boone Electric agree people should turn those trees into mulch.  It is as easy as dropping your tree off at Boone Electric at 1413 Rangeline Street.  The drop off site is on the south side of the building.  In exchange for your Christmas tree, you will receive a FREE bag of woodchips.

The woodchips made from the collected Christmas trees will be put into animal habitats by the Conservation Department.

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

For those of us who lack the ability to wrap those special gifts for those loved ones in our lives, here are step by step instructions.  When you are done, show off your mad skills by posting pictures of your masterpiece on Prudential Vision Properties’ Facebook page!

Step One

Center the box on a rectangle of wrapping paper (big enough to go around the box, with an inch of overlap). Fold one side lengthwise toward center and tape to box. Fold the other side up and adhere with tape.

Step Two

For the sides: Fold paper down from top, then fold sides in towards each other.

Step Three

Pull remaining triangle of paper up and secure with tape.

Step Four

Embellish with various types of ribbon. Wrap each length of ribbon once around the box, and secure on the underside with tape.

Step Five

Using metallic thread or additional ribbon, fasten a bow to the ribbon, knotting to secure.

Step Six

Attach a small ornament to the bow with thread. Keep adding ornaments until package achieves desired look.

(Instructions courtesy of ABC Carpet & Home)

If you are looking to join the Columbia Real Estate market, please feel free to call us.  Prudential Vision Properties can be reached at 573.449.6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.