Real Estate Information

Des Moines was just named #1 in the 2009 MSN Real Estate Most-Livable Bargain Markets! According to their report, Des Moines may be one of the best and most overlooked places to jump-start your career.  They also rate the economy of our area as solid, with a large number of well-paying jobs in the insurance, bioscience and agribusiness fields. Yet the median house costs just $150,000. Forbes has ranked it one of the best places for business and careers three years running.

The report also notes that the Des Moines area has some of the cleanest air in the country. The residents reported that there’s enough outdoor recreation, culture and fine art to keep most people happy.  According to Lauren Burt of the Greater Des Moines Partnership “There’s so many things that are accessible here,”  “There’s a lot of volunteerism and ways to be engaged with the community.”

MSN Real Estate asked Bert Sperling of Sperling’s Best Places to evaluate the most affordable housing markets from the 100 largest U.S. metro areas and pinpoint 10 of the most livable areas: places where unemployment is low, commute times are mercifully short and there are enough interesting entertainment and cultural amenities to keep most people busy and satisfied. Congratulation Des Moines for making #1 on this list!

Initially scheduled to expire on December 1, 2009, the first time home buyer tax credit will now be extended to May 1, 2010. An addition to the extension, the new law also features some significant changes to this new tax credit that should allow many more home buyers to qualify for it.  Below are some new elements of the extension:

• Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
• Credit remains at $8000 for first-time purchasers. 
• New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. The buyers must have lived in their homes consecutively for 5 of the previous 8 years.
• Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. 

Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit applies only to homes used as a taxpayer's principal residence. This reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar and is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

For more information on how to file for this credit or for frequently answered questions, visit the IRS website.  

In an area of Des Moines that once was full of old and decaying buildings and closed up storefronts now boasts a sculpture park with works by Willem de Kooning, Louise Bourgeois and Sol Lewitt, among others.

According to an article in the New York Times, the park which is part of a redevelopment project started back in 1991. It will be named for John and Mary Pappajohn, a Des Moines venture capitalist and his wife, who have given the 24 sculptures — valued at some $40 million — to the community through the Des Moines Art Center. The enterprise is a collaboration among the Pappajohns, other private donors, the city and the center, a contemporary-art museum west of downtown.

Community leaders raised $6.5 million to create the park and finance an endowment for security and upkeep. Diana Agrest and Mario Gandelsonas, architects based in New York, designed an undulating lawn with grassy mounds and crescent-shaped cutaways to display sculptures by artistic style.

Admission to the park is free and is open from 6 a.m. to midnight. The park has  has around-the-clock security, including foot patrols, cameras, motion sensors and speakers. The John and Mary Pappajohn Sculpture Park is located between Locust Street and Grand Avenue, 13th and 15th Streets. For more information please call 515-277-4405 or click here to visit the website.

The Iowa Department of Revenue issued its annual assessment limitations, or rollback, order today for property values. No adjustments were ordered for the commercial, industrial, railroad and utility property classes because their assessed values did not increase enough to qualify for reductions, the department said. The total assessed value of residential properties was calculated at $132.4 billion with a taxable value of $62.1 billion, or 46.9094 percent of the assessed value. By comparison, the 2008 residential rollback was 45.5893 percent of the assessed value. Agricultural property, which is assessed at its productivity value, had a 2009 assessed value of $38 billion; the taxable value is $25.2 billion, which is 66.2715 percent of the assessed value. State law permits no more than a 4 percent annual increase in taxable value for agricultural, residential, commercial and industrial properties. County auditors will apply the adjustments to each property class to compute the taxable values used for property taxes.

Pumpkins, candy and costumes..Halloween is here! If you are looking for some spooky fun, the Des Moines area has several events for everyone. Have a safe and fun holiday!

Living History Farms

Horse-drawn wagon rides, marshmallow roast, storytellers, scarecrow and jack-o-lantern displays delight all during this non-scary family event. Children ages 12 and younger can trick-or-treat in the 1875 Town of Walnut Hill. Free pop and popcorn for everyone. Cost is $5 nonmembers, $4.50 members. For more information click here.

The Sleepy Hollow Haunted Scream Park

The Sleepy Hollow Haunted Scream Park is a way for young and old to get scared this halloween. There are a variety of scares, from the gruesome and gory to the startles and screams, our Haunted Village has something for everyone.  This year, there is are newly redesigned  haunted attractions, bringing all new scares and terrifying, mesmerizing, pantswetting, runawayscreaming fright to one of the biggest haunted attractions in the Midwest!  For the younger and more easily frightened, there aer many attractions available. The Haunted Scream Park has food vendors offering everything from corn dogs,  hot chocolate, and warm cider to buffalo burgers, brats, and pizza.  Plus all the food vendors have a free activity for your group to play.  There is also a free inflatable obstacle course where you can challenge a friend to see who can get through it the fastest.

October 9-10, 16-17, 22-25, 29-31.  7 PM nightly.

Pumpkin Decorating Workshop

Learn a little about the pumpkin's interesting history while decorating one of these scary squashes for Halloween. Each participant will get to decorate and take a pumpkin home with them.

Reiman Gardens, 1407 University Boulevard, Ames, IA 50011
(515) 294-2710

The Haunted Barn

What is better than a haunted barn at Halloween? If you dare, visit The Haunted Barn which opens Oct. 23rd. Located at  4516 N.E. 78th Avenue
Bondurant, IA 50035. This new haunted house in the Ankeny area is hosted in a big barn just a couple miles east of Ankeny.  Open from 7pm-12am. Free Parking.

Staging a home for sale is one of the hottest topics in residential real estate. In today’s challenging property market, you want all the ammunition you can get to sell your home at top dollar--and sell it fast.

So what is staging? It’s literally showcasing your home in its absolute best light. You draw buyers’ attention to your home’s most appealing features--and skillfully divert their attention from those that are less-than-stellar.

In short, staging is creating visual “eye candy” that emphasizes your home’s positives. It’s part art, part science--and all marketing. It can involve everything from fresh paint to clever carpentry, new lighting to new window treatments. And don’t forget the borrowed (or rented) furniture to define and enhance each room!

To see staging in action, watch an episode or two of HGTV’s Designed To Sell, The Unsellables, and The Stagers. And for some simple staging techniques presented with tongue-in-check humor, see Top 10 Home-Staging Dos  and Top 10 Home-Staging Don’ts by Designed To Sell’s Donna and Shannon Freeman.

Should you try to stage your own home--or hire a professional? My real estate experience has taught me there are two essential staging tricks that every home seller can do:

* Clear it out. You have stuff--lots of stuff. And your house is overloaded with all that stuff. Go through each room and get rid of the clutter everywhere you see it. Your rooms will look bigger, more restful, and more inviting. And all you did was pick up!

* Clean it up. Make sure everything shines inside and out, from windows, floors and countertops inside to the deck, garage and yard outside. Pay particular attention to the kitchen and bath. A little well-applied elbow grease will go a long way in selling your home. And it’s free!

Do these two simple things, and you’re already ahead in the staging game.

But should you keep going and stage other aspects of your own home? That depends on whether you have the eye, the skill--and the objectivity. Can you put yourself in the buyer’s shoes and see your home as the buyer will see it--positive points and negative points? Are you prepared to tackle those negatives? Do you have the “designer’s eye” for color and other design elements? Do you have the technical skills to complete improvements?

Staging can definitely help sell your house for more if it’s done right, whether you do it on your own or you hire a professional stager. Your real estate agent will be happy to share staging ideas and recommend a professional, if needed.

And visit my Web site for more information, too. I’m always available to discuss your specific needs or answer any questions you might have about any aspect of real estate.

“I want to buy a house, but I don’t know much about home loans. How do I get one? Where do I go to find out more?”

I get these questions often from potential buyers who are confused--and often overwhelmed--by the home mortgage process. Getting a home loan doesn’t have to be an ordeal if you do your homework first. A qualified real estate agent can assist with a list of local lenders and information resources to make your life easier. So just ask!

I recommend that you do two things right away, even before you start house hunting:

•    Get your credit reports from the “Big Three” credit reporting agencies. Lenders will review these reports, and you need to know what they contain--and where you stand. Don’t be surprised by “red flags” when negotiating with a lender. Take action beforehand to correct or explain the negatives.

Under Federal law, you’re entitled to one free report from Experian, Equifax and TransUnion each year. Visit www.annualcreditreport.com to learn more.

•    Get pre-qualification from one or more lenders on a possible loan amount. That way you’ll have a good “guesstimate” of the loan amount you would qualify for--and how much house you can afford. Once you’ve chosen a lender, you can even get pre-approved for a loan. Knowing your mortgage limit up front will be a tremendous help in your search for the right home.

So how do you find out about mortgage loan basics and the best way to work with lenders? One resource I like is Looking for the Best Mortgage, a free, easy-to-understand booklet you can download from the U.S. Department of Housing and Urban Development. You’ll get a “shop, compare, negotiate” strategy:

•    How to get loan information from more than one lender
•    How to get rate and fee information that you can compare
•    How to get your “best deal”

This publication also includes a glossary of common mortgage loan terms and a handy worksheet you can use when talking with lenders. The worksheet is great. You’ll find yourself saying, “I didn’t even think of that!” And that’s why it’s such a valuable resource: It keeps you organized and on point.

Bottom line: Do your homework. Learn what you need to know about your home mortgage options up front--and get approved quickly for your new home when you’re ready to buy.

Want to know more about home mortgages? Just ask your real estate agent. We’re always happy to help!

The days of putting little money down to buy a home aren’t over.

After years of risky mortgages backed up by small down payments, most lenders aren’t underwriting mortgages without a significant sum up front and a high credit score. But a decades-old loophole can still put home buyers in a house for next to nothing. Mortgages insured by the Federal Housing Administration (FHA) allow borrowers to get approved with a down payment as small as 3.5% of the agreed selling price of the house and don’t require a high credit score.

As millions of Americans have come to realize, getting into a house for little money down has its disadvantages. Borrowers who’ve pumped little equity into their home are often more willing to walk away from it during lean times that keep them from making payments; this risk is further elevated when home values are in decline and troubled borrowers are unable to refinance or sell the home at a price that covers their losses.

Once you have selected the type of loan you prefer and qualify for, the lender will ask you to complete a loan application, which will require a great deal of personal and financial information, including the following:

1) Your residence history
• Your previous addresses for the past two years
• The length of time you’ve lived at each address
• If you currently rent, your landlord’s name and addresses (for past 12 months)

2) Your employment history
• The names and addresses of all your employers for the past two years
• The dates you worked at each place of employment
• If there have been any gaps in your employment, explain why

3) All outstanding loans and credit cards
• The creditor’s name(s) and address(es)
• Your account number(s)
• The current total balance you owe and the months left to pay
• The amount of the monthly payment

4) Savings, checking or investment accounts
• The names and addresses for each financial institution
• Your account numbers • The current balance or value

5) Real estate you currently own
• The property address(es)
• The estimated market value
• The outstanding loan balance
• The amount of your monthly payment (including taxes, insurance, homeowner’s association dues)
• The amount of your rental income (if applicable) 6) Personal property you own • The net cash value of your life insurance
• The make, year and value of your automobile(s)
• The value of your furniture, jewelry and other personal property 7) Tax records • Some lenders may require copies of your tax records from the previous two years

If you would like to discuss the loan process and to become a pre-qualified buyer, please call us or request a loan analysis.

The Count-Down is on for The First-Time Home Buyer $8,000 Tax Credit
By now you have most likely hear about the First Time Home Buyer Tax Credit that is available till November 30, 2009.

What a great opportunity to invest in your future and build financial security for you and your family.  And, it is a buyer’s market out there right now and the ability for individuals to use the tax credit at closing should have a meaningful impact on home sales and will allow thousands of families to achieve the dream of homeownership.”

The process in purchasing a home is involved and you need to ensure that everything goes smoothly so your closing will take place before the November 30, 2009 deadline.

You need to allow four to six weeks for the loan process, which means your offer should be accepted by mid October and no later than Oct 31.

Don’t let this amazing opportunity pass you by.  Call me so we can discuss your options and receive your free mortgage pre-approval.  We can start looking today and just think you could be a home owner by Nov. 30, 2009 – Just in time for the holidays.

I would be happy to assist anyone you know that would like to become a first time homeowner as well.