Local Housing Statistics Indicate A Stable Market

For all of you number crunchers – It’s that time of year! – when all of the previous year’s data is compiled, analyzed, and interpreted to find out what direction we are headed in.  This month our Multiple Listing Service provided us with the following chart displaying residential housing inventory for the Mat-Su Borough over the last 3 year. Our main focus landed on Palmer and Wasilla as they are our best market indicators.

As the chart shows Wasilla is seeing slight gains over the last 3 years in the number of homes sold and the average sales price.  Average days on the market (DOM) seem to be holding steady.

Palmer on the other hand seems to be on a small roller-coaster with their slight up and down.  It’s interesting to see the number of new listings has decreased while number of sold listings has increased with the average sales price decreased.  Typically if home sales are on the increase prices increase too.

If you know someone looking to buy real estate, sell real estate, or invest in real estate this year pass along the chart and tell them about us!  Allow us to put our knowledge and experience to work for them! 

Team Rogers – (907) 373-4300/ teamrogers@mtaonline.net

Team Rogers is proud to serve the Palmer,AK, Wasilla,AK, and Mat-Su Borough in residential, new construction, land, commercial, and  investment real estate.  We are the #1 Team at RE/MAX Dynamic of the Valley and look forward to working with you!

Buying a Foreclosure – what you need to know

Foreclosures can be exciting. In some markets, they are not only plentiful but they sell at steep discounts, too.  I conducted a search in our MLS of our core local market (Wasilla, Palmer, Meadow Lakes, Big Lake, Houston area) and found foreclosures only count for approximately  5% of the active residential homes.  Although a handful of these homes are priced well below market others seem to be right on par with the market.

But just because a foreclosed property maybe a “deal”, it doesn’t mean you should rush to buy it. Buying a bank-owned REO is a different process frought with different risks as compared to buying a non-foreclosed home from a “person”. With foreclosures, the contracts are different, the negotiations are different, and you’re often buying a home as-is.

“As-is” is foreclosure-speak for “this home may have defects and needing repair.”  If you are purchasing a home with a loan your loan program may require those repairs to be made before the bank will lend you money.   The sticky situation here is the institution owning the property doesn’t typically want to make the repairs (that’s why they are selling it “as is”), the institution owning the property doesn’t want to you to make the repairs for liability reasons, and you don’t have 100% loan commitment from your bank – meaning, you may make the repairs and still not get the house or reimbursed .

Therefore, before writing a contract, make sure to know what you’re buying and — if you need a mortgage — be absolutely certain the home can be financed. Certain defects can render a home unlendable for FHA mortgage programs and via conventional financing, too.

Buyers of foreclosed homes get the same mortgage rates as everyone else so make sure buying a foreclosure is the route you want to take.

 

Still interested in foreclosed homes?  Contact Team Rogers today and we will get you started with a list of available homes!

Take It Global!

Home sellers, we are always searching for more ways to maximize exposure of your home.  Today we are pleased to announce RE/MAX and Team Rogers has taken your home to the global market with global.remax.com.  We live in Alaska, an amazing state that people want to be part of!  We think this link will allow us to serve you on a whole new level.

 

The news below is hot off the press from RE/MAX -

A new RE/MAX website – global.remax.com – will complement remax.com and revolutionize the way consumers search for properties around the world. An industry first – no other real estate brand has a site like it – global.remax.com includes RE/MAX listings in more than 60 countries and territories.

The new site simplifies the home search for consumers and adds a tremendous level of value to the process. Translatable in close to 30 languages, the global site also includes a World Property Channel news feed and a currency converter that activates when a specific language is selected.

“This type of centralized site has been running successfully in our European regions for seven years and now it’s worldwide; this is a significant breakthrough for how we promote RE/MAX listings,” says William Soteroff, RE/MAX Executive Vice President of U.S. and International Regional Development. “This is a huge benefit for all Associates because it means more exposure for their listings to consumers around the globe.”

 

For all of your real estate needs in Wasilla, Palmer, and the Mat-Su Valley contact Team Rogers today!

Making Sense of the Home Buying Process

YourNewAlaskaHome.org

Are you familiar with this new website to simplify the home buying process? The Alaska Association of REALTORS has
developed this site to direct consumers to necessary resources enabling them to make responsible, educated decisions throughout the home buying process. www.YourNewAlaskaHome.org is a clearing house of information available for home buyers to help them get
started, and successfully navigate through, the process of purchasing a home.

Check it out today and then contact us, Team Rogers, to schedule a showing for all homes in the Mat-Su Valley including Wasilla and Palmer AK.

Better Mortgage Rates Start With Better FICO Scores

Last week Lynn Berry with Residential Mortgage spoke at our RE/MAX office meeting.  She discussed how above all else a buyers credit score is the first factor in determining if the buyer can qualify for a loan.  Today, Trulia posted  the article below also stressing the importance of your credit score when applying for a mortgage.

 

If you plan to use a mortgage for your next home purchase, you’ll want to keep your credit scores as high as possible. Credit scores play an out-sized role in determining for which mortgage product you’ll qualify, and to which rate you’ll be assigned by your lender.

The higher your credit score, the lower your mortgage rate will be.

What Is A Credit Score?

History has shown that the best way to predict a person’s behavior over the near-term future is to look at that person’s behavior in the recent past. It’s a concept similar to the First Rule of Physics — an object in motion tends to stay in motion.

We can apply this theory to consumer credit, too. A person who has recently paid his bills on-time should continue to pay his bills on-time in the near-future.

This is the basis of credit scoring; using your past to predict your future.

To mortgage lenders, your credit score represents your likelihood of making on-time mortgage payments for the next 90 days. “90 days” matters because, after 90 days without payments, a homeowner falls into default.

Higher credit scores correlate with lower default risk which explains why people with high credit scores tend to receive lower mortgage rates than people with low credit scores. This is true across all loan types, including conventional, jumbo, and FHA mortgages.

Like most else in finance, those with the lowest risks get to pay the lowest rates.

Lenders Use The FICO Scoring Model, Exclusively

There are three main credit bureaus in the United States. They are Equifax, Experian and TransUnion. Each offers a bevy of credit-scoring products, available for purchase on their respective websites. Prices range from “free” to several hundred dollars.

None, however, are particularly relevant in the home-buying process. This is because the nation’s mortgage lenders rely on a different credit model — the FICO model.

FICO is named for the Fair Isaac Corporation. It was “invented” in the 1950s and has become the mortgage industry standard for credit ratings. Today, FICO scores are omnipresent to the point that people generically refer to all credit scores as “FICO scores”.

This is akin to calling all adhesive bandages “Band-Aids”. FICO is the brand name — not the product.

FICO scores range from 300-850.

Credit Scores Change Mortgage Rates

Your FICO score has always influenced the mortgage rate for which you’re eligible. In 2008, though, it began to change your loan fees.

In response to major mortgage market losses, in April 2008, both Fannie Mae and Freddie Mac introduced something called Loan-Level Pricing Adjustments (LLPA). Loan-level pricing adjustments are “discount points” added to a mortgage rate, based on a specific borrower’s risk to the lender.

A discount point is a loan fee, paid at the time of closing. 1 discount point is equal to 1 percent of your loan size.

Example : A $300,000 mortgage that’s assessed 1 discount point will have $3,000 in extra fees due at closing.

Fannie Mae and Freddie Mac know that low credit scores correlate to high default rates so, like an insurance policy, they assigned the highest costs to the highest-risk borrowers.

Assuming a 20% downpayment, look at how discount points change based on credit score. Fees get massive for FICOs under 700.

• 740+ FICO  : There are no discount points required. This loan is “low risk”.
• 720-739 FICO :  0.250 discount points are charged to the borrower, or $250 per $100,000 borrowed
• 700-719 FICO :  0.750 discount points are charged to the borrower, or $750 per $100,000 borrowed
• 680-699 FICO :  1.500 discount points are charged to the borrower, or $1,500 per $100,000 borrowed
• 660-679 FICO :  2.500 discount points are charged to the borrower, or $2,500 per $100,000 borrowed

Now, not many new home buyers just have that kind of extra cash just laying around. Therefore, as an alternative to paying discount points with cash, many choose to “roll up” the fees into their respective mortgage rates. In general, 1.000 discount point can be “traded in” for a 0.250 increase to your mortgage rate.

Example : A consumer with a 680 FICO score is required to pay 1.500 discount points at closing, or can alternatively accept a mortgage rate increase of 0.375%.

This is why it’s important to keep your credit score high. There are real dollar costs for having scores under 740.

Improving On Your Credit Score

If your credit score is not as high as you’d like, the good news is that you can take steps to raise it — sometimes without even changing your spending habits.

About the author

Dan Green

Dan Green is an active loan officer with Waterstone Mortgage. His mortgage blog, The Mortgage Reports, is widely-considered the #1 consumer mortgage blog nationwide. NMLS #227607.

 

For all of your real estate needs call on Team Rogers!  907-373-4300 or teamrogers@mtaonline.net

 

 

Loan Programs by Cook Inlet Lending Center

Last week Devon and Brooxie attended a presentation by Cook Inlet Housing Authority.  They offer amazing mortgage loan programs available to low-income individuals and households and those needing to build credit, job history, or paying down debt.Are you eligible? The following is information taken from Cook Inlet Housing’s website.Anyone who falls within the income eligibility guidelines, up to 100% of Area Median Income (AMI), regardless of age, race, religion, color or disability, may be eligible. In addition, Alaska Native and American Indian households may qualify for additional programs. Special financing may be available for households with income of no more than 80%AMI. Certain homes for sale are available for households with incomes at or below 50% AMI. Please contact us for more information and to see if you are eligible.

It’s also important to know you do not have to be Alaska Native or American Indian to qualify for the programs.

Here are a couple of eligibility requirements.
Applicants must meet the following eligibility requirements:

• Have a household annual income at or below the income limits noted above.
• Be willing to sign a first and second mortgage, if this financing is available to you.
• Be able to provide 3% of sales price for the initial cash down payment.
• Debt-to-income ratio and total-debt-to-income ratio may not exceed 30% and 40%.

Posted below are links to a couple handouts from the presentation briefly summarizing a few key points of the programs.  Note: these are only some of the programs offered by Cook Inlet, there are more.  Keep your eye on the Savings Program which matches $4 for each dollar you save up to $800.  After $1000 is saved Cook Inlet Lending Center contributes $3,200 for a total of $4,200 towards your down payment.  This is considered grant money that does not need to be paid back.  If another person in your household qualifies for the program they too could receive  $4,200 for a combine total of $8,400 towards your down payment.

Click the link below for the information:

Cook Inlet Lending InformationIf you have questions regarding these programs contact Wendy Romberg @ 907-793-3058 or contact us at Team Rogers.  We are happy to work with you in finding the loan program best suited for you.If you want to see all Homes for Sale in Wasilla, AK, Palmer, AK, and the Mat-Su Valley visit our website at TeamRogers.com.

(907) 373-4300
teamrogers@mtaonline.net

Prop 2 and Prop 3 approved by Mat-Su Voters

Voters chose to approve both sets of bond propositions. That $214 million raft of bonds to implement a five-year plan for school improvements passed 4,164 to 3,624. The $32 million package of road bonds passed 4,594 to 3,131. The other ballot proposition, approving boundary lines for borough assembly districts to be redrawn to reflect changes in the 2010 Census passed handily 5,327 to 2,126.

Now that the bonds have passed with the Mat-Su Valley voters the state legislators needs to vote in favor of matching the funds.  If these items are important to you now is the time to contact your representatives to let them know.

For more information this visit the Frontiersman.com.

For more information on buying or selling real estate in Palmer, Wasilla or Mat-Su Borough contact Team Rogers – 907-373-4300 or teamrogers@mtaonline.net

2011 Fall Parade of Homes

The first day of Autumn is this Friday, yay! In the Mat-Su Valley orange, yellow, tan, and red leaves lazily fall from the trees. Bright blue skies and crisp temperatures greet you as you step outside. And if you are lucky enough and if it is the perfect day look up and let the sun cast the last tidbits of its warm rays onto your cheeks.

What better way to kick off this eye catching time of year than with a drive around the Mat-Su Home Builders Parade of Homes on Saturday and Sunday 9/24 & 9/25! 20 homes will be open for you to peruse. If you are thinking about building now is a great time to compare several builders’ craftsmanship and aesthetic style. Maybe you are thinking of remodeling, it’s a great time to gather ideas.

Team Rogers will be hosting 2 open houses on the tour.  Stop by, we would love to see you!

2752 S. Pullet Circle

5730 E. Frost Circle 

Homes will be open:

Saturday 9/24 10am – 6pm

Sunday 9/25 noon – 6pm

Visit all 20 homes and enter to win a $500 Gift Card!

If you need more information on parade give us a call at 373-4300 or check out the Mat-Su Home Builders Facebook page.

October Ballot Issues to Consider

We like being the messengers information; therefore, we wanted to bring to your attention two propositions for the October 4th ballot. We’re not here to give you our opinion but to provide you with information you may not be familiar with.

Proposition 2 is for a proposed $32 million transportation bonds for 11 roads and 4 pathways. Attached to this email you will information outlining which roads are being considered, the purpose for the improvement and estimated cost. There are two major components of the road bonds. First, the cost is a 50/50 split between the Borough and State. Next, the bonds will not be issued to pay for projects unless matching funds are received from the State.

 Proposition 3 is for educational capital improvements. The fact sheet for this bond is included in the attachments. The bonds will go towards the construction of new schools, including a Knik Goose Bay Middle/ High School, life safety needs, as well as deferred maintenance. Should this bond pass with the Mat-Su residents and our State’s Legislators the State of Alaska will reimburse the borough 70% of the total. The fact sheet contains a breakdown of the estimated annual cost to property owners if you are curious what this means to your financially.

Whether you are for or against these bonds please vote October 4th so your voice is heard!

Prop 2 Fact Sheet

Prop 3 Fact Sheet

For all of your real estate needs call on the Team that Delivers Results!  Team Rogers!  907-373-4300 or teamrogers@mtaonline.net.   

Weekly Round Up

It was a busy summer week for us at Team Rogers. It started with Brooxie taking some time off on Monday with her family to hike the Gold Mint Trail in Hatcher’s Pass (pictured).

Wednesday was a raining day for the Mat-Su Home Builders Charity Golf Tournament but Krystal and Brooxie still managed to take some time to visit with the golfers and support a good cause.

Friday was our first time teaming up with the Blood Bank of Alaska to hold a blood drive. It was a raging success with past clients, affiliates, and other Realtors showing up along with the public to donate blood. The Blood Bank of Alaska was extremely excited by the turnout and thought they collect over their goal (we should have the results sometime this week). If you’ve been thinking about giving blood – DO IT! Summer time typically brings the Blood Bank to critically low levels. Check their website to find out when the next blood drive is near you – www.bloodbankofalaska.com

Through all of this fun and community service we still put our clients first. Devon wrote 2 accepted offers for two extremely happy families.  Both Devon and Misty successfully guided home buying clients through the process and had clients close on 2 homes. Our office also listed two fantastic lots (one is seen below) and one beautiful home this week.

     1413 N Hartely Cir

1.66 Acres

Pond frontage w/ rainbow trout, land locked silvers, and greyling

Great Commute Location!

 

 

 

 

     6761 Rasmussen Place

2163 sq ft

4 Bedrooms

3 Bathrooms

plus Family Room

For only $229,900

 

 

If you are interested in how we can help you buy or sell real estate in      the Mat-Su Valley don’t hesitate to contact us TODAY! We can be reach    by phone 907-373-4300 or email us at teamrogers@mtaonline.net