FHA Hikes Fees on Mortgages

Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday.

The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted on their mortgages. The agency also says it’s raising fees to try to encourage the return of more private capital to the market.

FHA loans allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and they often have less stringent credit requirements, which have made them soar in popularity in recent years. (The agency insures loans but doesn’t issue them.) About 40 percent of all new mortgages for home purchases in 2010 were FHA-backed mortgages.

In particular, FHA will increase two fees that borrowers pay. Starting April 1, it will increase

Read More: FHA Hikes Fees on Mortgages

The Importance of Home Staging in Fargo Moorhead's Competitive Real Estate Market!

In today’s competitive real estate market, a great looking and staged home can give a seller a leg up on their competition. With the over-saturation of home inventory on the market and the influx of new properties coming to market this year because of foreclosures, it has become even more important to have a strategy to set one’s home apart from its nearby competition. Hiring an experienced staging company may be the move that ultimately sells your home in the shortest time and at the highest price.

Staging has become such a hot button these days that some sellers are now hiring a home stager before a Realtor. This demonstrates a trend where how your home looks is becoming as important as the real estate agent you hire.

Research demonstrates that homes that are staged sell faster and at higher prices than homes that aren’t staged. So, hiring the right stager who has the right design vision for your home and a Realtor that targets the right price point will continue to be the biggest factors in selling one’s home.

I’m frequently asked how to find the right stager for a particular seller. The answer depends on what the seller can afford to spend on their house staging design and how quickly they are looking to sell.

The more a home is staged has an impact on buyers who walk through the home, and some are better at visualizing than others if space is left empty. A vacant home has a colder and less personal feel and appeal to a potential buyer than a home that has furniture and accessories appropriately placed by a home staging designer.

I’m frequently asked how to find the right stager for a particular seller. The answer depends on what the seller can afford to spend on their house staging design and how quickly they are looking to sell.

The more a home is staged has an impact on buyers who walk through the home and some are better at visualizing than others if space is left empty. A vacant home has a colder and less personal feel and appeal to a potential buyer than a home that has furniture and accessories appropriately placed by a home staging designer.

Additionally, more and more sellers are hiring stagers to redesign and help work with them moving around their existing furniture and accessories.  This is known as occupied home staging where the stager doesn’t need to bring in additional furniture and will work with the seller’s existing personals. This is an affordable way of touching up the current property with a designer’s minor personal vision.

Luxury Condos For Sale Downtown Fargo

Former Home Owners Wait for Second Chance

More than 4 million homes have been lost to foreclosure in the last six years, and many of those former home owners are now starting to ask: When can we buy again?

Many banks have guidelines that prevent them from issuing loans to people with a foreclosure or short sale in their credit history in some cases for as much as seven years. That also doesn’t factor in the damage foreclosures and short sales can do to a person’s credit score, and the work former home owners' will need to do to repair it so they’ll have a better chance at qualifying for financing again in the future.

Still, some former home owners, particularly those who foreclosed or did a short sale due to extenuating circumstances like a job loss or illness, are finding the wait may not be as long as they were once told.

"They're probably going to pay a little higher interest rate, but with rates so low, a higher interest rate of 4 percent is not a big deal," Rosa Herwick, a broker and owner of Century 21 JR Realty in Henderson, Nev., told the Associated Press.

The wait-time varies among lenders and government entities. For example,

Read More...Former Home Owners Wait for Second Chance

FM Area Real Estate Statistics

This chart shows real estate activity in the FM area for the past 12 months.

Possibly due to such a mild winter (up until now), listings significantly increased in January.  It appears spring came early this year in the real estate market, many more "NEW" listings for buyers to choose from - a little earlier than normal.  

Our hearts go out to the families and friends of these beautiful young women

Although we didn't know these girls, accidents like these hit too close to home for me.  I have a 17 yr old daughter who is getting ready to start college this fall at NDSU... I cannot begin to imagine what everyone is going through after such a horrible tragedy and I cant stop thinking about it.  We are all saddened by the news and wish all the families and friends comfort through the years to come as they all mourn their terrible loss.  God Bless!
 
NDSU Roommates Remember Crash Victims

FARGO, N.D. - Though it's still heart wrenching, the two roommates of the four NDSU students who were killed in a crash outside Alexandria, Minn., spoke with FOX 9 News about the friends they'd come to know so closely while living together.  There haven't been many moments since Monday when someone wasn't holding onto Shannon Nelson's hand. In fact, on Wednesday afternoon, Tanya Stillwell and Sophie Porter were still holding on tight. "They always had a smile on their faces -- always brought a smile to everybody else's face," Nelson told FOX 9 News.  Nelson may be the person on the North Dakota State University campus who knew the four victims the best. She spent many hours with her friends in their suit, which she shared with Megan Sample and Jordan Playle and Danielle Renninger. Each night, she slept in the bed next to Renninger's.  "It's hard being in there knowing that they are all gone. When I'm in there, I can't turn over at night and talk to Danielle for an hour and half like we used to," she said.  Porter and Stillwell are among many of the other girls who have opened up their room to Nelson. They cry together, but they also help each other remember how special each of their friends had been.  Though friends like Nelson, Stillwell and Porter only spent a semester with the four women, they say they will spend the rest of their lives remembering them.  Emily Alexander lived with Lauren Peterson, and said she had a difficult time coming back to the room they had shared.  "I went in there for the first time since we left on Friday. It was overwhelming," she said. "Something inside me still felt like she'd be there, but she wasn't."  Alexander and Peterson had been friends since they were 12 years old. "We talked about everything growing up -- where we wanted to live, weddings, babies. We talked about everything," she said.  So, when it came time to go to college, the pair knew they were going to NDSU -- and they knew they simply had to room together.  "Moving in together -- we were both so nervous, but we always said it was really nice to have someone there, that we wouldn't have to do it alone," Alexander recalled.  Alexander returned to campus for just one day, but despite the support she's received on campus and at home, she said she now feels alone at NDSU. Now, she thinks her time at the school may be coming to an end.  "I haven't decided what I'm going to do," she said. "I can't stay in that room without her. I don't know if I can come back without her. It doesn't seem right."

Read More...

Modern Market Realtors

Tips for EXTERIOR Home Staging

You won’t get a second chance to make a first impression!

Most home buyers make at least one “drive-by” before they schedule a showing. Before you put your home on the market and have it photographed, it is imperative that you stage the exterior. Curb appeal can pull in numerous home buyers, while the lack of curb appeal can reflect on a home seller’s lack of interest in keeping up the home. As a home seller, you are the key player in the marketing strategy.  You will need to start at the curb of your home and make a list of whatever stands out to you. For a more objective point of view, feel free to ask us for suggestions.

Do it yourself tips:

1) Do you need to rent a power washer? The winter months can be brutal in Fargo Moorhead. It’s important to look at siding, windows, shutters, your driveway, and overall exterior. A power washer can be a quick fix for the dirt and grime that has built up over the winter months. Buyers may be turned away by a dirty, un-kept exterior.

2) Bird feeders: Be sure that bird feeders are not neglected. If you have taken the time to set up a bird bath and bird feeders in the front of your home, keep them clean. Bird baths should be cleaned out and bird feeders should be full of bird seed.

3) Light Fixtures: Be sure that your light fixtures are clean; sweep away any cobwebs or debris that can leave them looking neglected. Upgrade any outdated light fixtures. There are a lot of attractive light fixtures for under $100.

4) Exterior Hardware: Shine up the exterior hardware, which includes door hardware and address numbers. A small touch up can go a long way whether you decide to clean, paint/stain or even replace the hardware to give it a new look. When shopping for new hardware, select a look that will complement the light fixtures.

5) Exterior Finish: The entrance of your door often takes the most abuse. It’s important to address any scuff marks or flaking paint on the door trim that can make the house look unattractive. Remember, the value of your home can be reflected by some of the smallest details. A fresh coat of paint can quickly upgrade the exterior trim!

6) Potted Plants: Soften up the front porch area by adding greenery and potted plants. A simple touch of color can add not only beauty and depth to any front porch, but it can also differentiate your home during a competitive buyers market.

7) Mulch barren flower beds: Don’t let the winter months keep your flower beds looking neglected. A few bags of mulch can go a long way.

8) Mailbox: How old is your mailbox? Is it time to get a new one? Whether you purchase a new mailbox or you repaint it, be sure that it looks new and attractive to home buyers.

9) Clean out your gutters: If you did not clean out your gutters during your fall maintenance routine, then now is the time. Be sure that leaves and brush are removed and that your gutters are firmly attached.

10) Welcome Mat: Don’t forget to buy a new welcome mat for the front door. Throw out that dingy old doormat and purchase a neutral yet attractive doormat that invites guests inside your home.

If you’re thinking of selling, we can tell you what comparable homes are listing for in your neighborhood and what the market is saying that your home should sell for.  Also, if you would like us walk with you through your home and help you decide what you "should" and "should not" spend money on getting your home ready to sell, we would be glad to help.  Call us anytime!

Secrets of the Staging Pros

We asked staging experts to reveal some of their favorite tools, accessories, and strategies when home staging.

Inspired by Nature

Barb Schwarz, credited with being the creator of home staging and CEO of www.Stagedhomes.com, says one of her favorite staging tools is pulling from the natural elements of nature. For example, Schwarz says she’ll creatively use “twigs, branches, seashells, green cuttings from the outdoors, orchids, real trees as possible, hand woven baskets, cotton, linen, burlap fabrics, real leather, and earthy colors as well. You cannot lose when using the colors of nature. This creates a comfortable, natural look and setting in any home for sale.”

Read More... Secrets of the Staging Pros

HGTV ‘Curb Appeal’ host John Gidding to share tips at home show

What: 2012 Red River Valley Home & Garden Show, featuring John Gidding of HGTV’s “Curb Appeal: The Block,” and William Moss of HGTV’s “Dig In.”

When: 3-9 p.m. Friday; 9 a.m.-6 p.m., Saturday; 11 a.m.-5 p.m. Sunday

Where: Fargodome, 1800 N. University Drive

Info: Admission is $8; $1 off coupons will be available in show guides and at www.hbafm.com. Show guides were published in The Forum Sunday and are available at all Hornbacher’s stores. Visit the HBA’s website for more information on the show.

FARGO - That first visit to someone’s home is kind of like a first date.
First impressions are formed within 30 seconds of knocking on the front door. If the trim needs repainting, the porch lights don’t work and the lawn is choked with dandelions, visitors might assume you really don’t take care of your abode.     Read more...

Tips for Home Staging

One of the fastest growing real estate considerations in America today is something called “staging” your house. This means furnishing, decorating, clean-ups and ultimately arranging your home in such a way to attract increased buyer interest.

A recent national survey indicated that staged homes sold on average in 13.8 days, while non-staged homes sold in 30.9 days. Because of the housing market, staging your home is more important than ever for getting the best price when you sell.

Here are some outdoor staging tips to optimize your curb appeal, give you a competitive edge vs other homes for sale in your area, and sell your home quickly:

Read More: Tips for Home Staging

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Housing Affordability Reaches New Records

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

Read More...Housing Affordability Reaches New Records

Agents Make Unexpected Finds in Foreclosures

Anywhere from just the standard messy house, to dog poop or dirty diapers all over the floor, to garbage randomly scattered... As Realtors, we find our fair share of the unexpected when showing homes.  You never know what you'll find when you open doors, old appliances with unidentified substances remaining, lights that dont work, fumbling through the dark hoping to avoid someone lingering in the dark.  With foreclosures being a commonplace, the showing of homes is sometimes filled with shockers!  It's not only foreclosures, you'd be amazed at how some people just live day to day.  Staging has a whole new meaning in some peoples households.

I myself have had my moments of shock, finding a sleeping college student in a downstairs bedroom, running into a naked man coming out of the shower, both situations have left my heart pounding but I'm still not sure who was more shocked, me, my clients or the person who was unexpectedly shocked by our presence.  All I know is the biggest shock and most frightening was when we were casually walking through a home in Dilworth when around the corner came a giant pit bull, baring his teeth and growling.  I wanted to run for my life but as the agent, I felt the need to protect my clients (I dont know why, dont think thats in my job description...lol).  So, as I calmly talked to the dog, and waved to the clients to leave the house, I slowly coaxed the dog into a bedroom, ran for the door and slammed it behind me.  So, there I was running frantic out of the house while listening to the dog barking and scratching at the door.  Needless to say, not a sale that day!  My love for animals was questioned for a moment.  I wondered, "Did I sign up for this?"  I'm pretty cautious going into any home after that moment.

In the article below, read about various interesting adventures Realtors and their clients have run across when looking at homes...

Agents Make Unexpected Finds in Foreclosures

Relying On An Agent

The latest NAR Profile of Home Buyers and Sellers showed a growing trend among recent buyers.

The latest figures show that 89 percent of buyers purchased their home with the help of a real estate or broker. This is a sharp increase from a decade ago in 2001, when only 69 percent of buyers enlisted the help of an agent or broker.

Why do today's buyers choose to work with an agent? Let's look at just a few of the many reasons an agent can be your biggest ally.

Read More...

Realty Times - Relying On An Agent

Whitney Houston’s New Jersey Mansion for Sale

The late singer’s New Jersey mansion, where she once lived with ex Bobby Brown, is listed for sale at a reduced price of $1.75 million.

The five-bedroom, 12,561-square-foot home has been listed for sale since 2009, but has lingered on the market. Originally, the price for the home was listed at $2.5 million.

“With the recent passing of Whitney Houston in Beverly Hills…

Read More...Whitney Houston’s New Jersey Mansion for Sale

Successful Homeowners Since 2009

Good news: those who bought homes in 2009 and later have become one of the most successful groups of homeowners. Mortgage default rates have been exceptionally low.

Bad news: the loan approval process has become so strict since 2009 that only super-high credit score individuals are able to obtain mortgages. A good chunk of middle-class borrowers have therefore been shut out of the market.

Is there any hard factual evidence to show that lending standards are just way too tight? Well, the Federal Reserve’s white paper, released last week, explicitly emphasized the need to ‘remove some of the obstacles preventing creditworthy borrowers from accessing mortgage credit’ in order to upgrade the economic growth prospects.

As for the data, consider the following...

Read More...Successful Homeowners Since 2009

The Importance of Staging Your Home to SELL!!

If you'd like your house to be sold immediately, you want the “wow” expression on the potential purchasers face as they enter your home. So, house staging is crucial to de-clutter your things, and highlight the powerful points in your house. All you need is a storage unit to put your clutter or extra furniture, paint, bedding, shower curtain, flowers, throw pillows & a few small decorative pieces.  The less "stuff" in your home makes everything appear larger.  Shop clearance, a few hundred dollars could net you thousands.

Living Room
Every room of the house is checked and checked by clients. Among the room, they are particular with the living room because this is where family spends time together. You must design and stage your living room in a way the furniture pieces and the design are engaging. There are 2 main activities that occur in the lounge which are entertaining guests and hanging out with family. Make the room more inviting and warm. Avoid loud color fabrics like your throw pillows and curtains. Also remove family photos.  Prepare your furniture pieces in a way that they have interaction with each other. Make efforts to test your furniture pieces and remove the chairs with wobbly legs or has defects. You can lease furniture or borrow from friends or family.

Dining Room and Kitchen
In staging your dining room, avoid the “staged home” set up where you set up the table and display your chinaware and wine glass. Keep the dining table clean and just put a vase with freshly cut flowers instead. There are people who pay attention to the kitchen especially those who like to cook. Make sure to pay extra attention on your household appliances like your stove, fridge, kitchen counter and the sink too. A clean and organized kitchen is the way to go.  2 or 3 kitchen appliances on the counter tops is plenty.  No fridge magnets, make sure the refrigerator is bare on the outside and neat and clean inside, less is more. It's also important to devote more lighting in the kitchen especially in the areas where slicing and cooking is done. If required, an additional lighting in dark areas is a good move. Always keep the motto “clean and bright” in mind.

Bedroom
When staging for the bedroom keep the short principle in mind “simple and straightforward.” Choose neutral colored fabrics and painting. Ensure that the room looks roomy and remove needless furniture that makes the room look smaller. Un-clutter the closet and make it look enormous by eliminating 80% of storage and clothes.  Invest in bedding too. Buy neutral pillows and comforter to make the room more at ease and inviting to sleep in.

Bathroom
Your toilets should be “clean and updated”. This implies that it should be clean and arranged as well as having newer bathroom pieces like the shower head, faucet, lighting fixture, toilet, and so on. A lot of buyers need a clean and organized rest room. Throw away softened soap, mucky loofah, and even used toothpaste. Add towel racks, and ensure that the shower curtain is new. Make sure everything is functional. Add fresh flower(s), it makes the room fresh, clean and inviting to the customer.

From the 2011 NAR Profile of Home Buyers and Sellers: Length of the Home Search

• The length of the typical home search has remained the same at 12 weeks since 2009.
• While searching, buyers on average looked at 12 homes before deciding on their purchase. Buyers in the South typically only looked at 11 homes, while buyers in the West looked at 15 homes.
• Repeat buyers usually spent two weeks searching before they contacted an agent, while first-time buyers spent three weeks. First-time buyers also searched longer for their first home, 12 weeks, compared with repeat buyers who spent 10 weeks in the process.

 Our Services for Sellers

We specialize in “marketing” homes, not just “listing” homes. We do home video tours, we have a text service for drive by buyers also used in advertisements so that people can simply text a code to receive pictures and information on your home… instantly! We help you stage your home. We hold public open houses around your schedule, marketing them aggressively. We use exceptional listing descriptions to give your home the exposure it deserves. Plus we utilize today’s technology to make sure that your home is in front of the entire online community via websites, search engines, social media, virtually everything that is being used by buyers to search for homes. We have done the research to see where the buyers are, ultimately, your home is found each and every time a buyer is searching! We use all of these tools to keep only very serious buyers scheduling showings inside your home. There is no need for you to be inconvenienced more than necessary, we want to sell your home, not let everyone just wander through. This is one way we make the process less stressful on you as a seller. Everything we do, is to make sure your lives can go on as normal as possible throughout the home selling process. Let us take care of the details while you handle day to day life as uninterrupted as possible.

 

Our Services for Buyers

We take the time to examine exactly what you are looking for in a home.  We do a buyer consultation where we get to know what your personal wants and needs are in your next home.  We then search through the thousands of homes available for sale to find homes that fit your criteria and send them to you the very FIRST day they go up for sale.  This way, you will not miss your perfect home!  We then take you on a tour of all the homes that interest you and start the hunt for that home that you walk into and immediately know that “you are home”.  We enjoy the entire process and can’t wait to help you in your search.  We understand how important of a move this is for you and we take the  time and patience to work with you and make sure you find exactly what you want in a home.  Let us take care of all the details and simplify the process for you so that you can just enjoy every minute until “move in day”!

View this FREE list of Forclosures in Fargo Moorhead and surrounding area!

Contact us if you would like to see any of the foreclosed properties!

Home Ownership Matters

• Home owners are happier and healthier and enjoy a greater feeling of control over their lives.
• Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
• Home owners are free to redecorate, renovate, and modify their homes as they wish.
•  Most home owners enjoy stable housing costs—a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
• Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.

Read More: Home Ownership Matters