Real Estate Information

Buyers are losing out on multiple offers on homes, they are stunned to find they have a lot of competition for the homes they want to buy! Really this is very true nationally! 

http://online.wsj.com/article/SB10001424052702304723304577366294046658820.html

We are finding this true here but more in the lower price ranges right now. Give us a call, we can help you find your dream home here in wonderful Sioux Falls

Now!?!? 

Well we have more information on the possible railroad additional rail siding that might come to our area. It appears that it might be a dead end for now anyway. The cities biggest concern now, is if they have to pay back the 1.1 Million to the Fed's for the environmental study that has taken years to get here. Now they do not want an additional railroad bridge downtown? Why do we get this many years and this much money into this project before we realize this?  http://www.argusleader.com/article/20120426/NEWS/304260023?source=nletter-topnews&nclick_check=1 What are your comments?

Well to our surprise the Media came to us again to ask about Housing in the Sioux Falls Real Estate Market! Yes, our market is rebounding! Yes, there are still good amount of homes for sale & above all the interest rates are still great so it is a definite great time to Buy Now! In case you missed it, here is a link to the article that they ran on us and the Sioux Falls Real Estate Market: http://www.ksfy.com/category/185294/video?autoStart=true&topVideoCatNo=default&clipId=6919110#.T4BBkb5GLb4

Call us, We would love to help you sell your house or help you buy that home that you have put off buying for a while. 

Harlan TenNapel & Mark Youngberg

KSFY NEWS came out this last week and asked to interview an agent about if it is time to consider buying versus renting. They came out so fast that there was not time to research the topic but Mark did volunteer to get in front of the camera. It is a short clip but it is good. Take a quick minute to see it: http://www.ksfy.com/story/17215105/is-it-better-to-buy-or-rent-a-home-in-sioux-falls Thanks, Mark! You did look good in front of the camera and what you said is true.

It is another sign of what is  happening today in the Sioux Falls Real Estate Market!

Have a Fantastic Day!

Harlan TenNapel

mark youngberg

Mortgage Rates are Rising! That is good!!??!! Why is that good? 

Our Friend and Mortgage Banker, Brian Spaans from First Bank & Trust was interviewed by KELOLAND TV as to why this is a good thing. 

http://www.keloland.com/videoarchive/?type=video&VideoFile=120322ymmmortgageweb#.T2zietZ7794

The supply of homes today is still increasing as it normally does at this time of year, However, We are still lower in inventory than we were over the last couple years so that part is a good reason to be optimistic about our Sioux Falls Real Estate market that might be starting to turning around some. 

We are seeing fewer sellers that are willing to pay the buyers closing costs as they have been for the last 6-9 months so if you are a buyer it is really time to jump into the water of buying now versus later. 

Summarizing, Interest rates are going up, inventory of homes is less than it has been over the last couple years, sellers are hanging on for a few more dollars are all signs of BUY NOW!

Have a Fantastic Day!

Harlan & Mark

I have had one of our recommended lenders, Brian Spaans from First Bank & Trust tell us a little bit about a loan program that they are able to do. This does seem to be a good alternate to using FHA loans as their cost is gradually increasing thanks to our government raising the FHA costs. 

"For the right borrowers, conventional financing with 3% down offers certain advantages over FHA loans. Conventional financing allows for just 3% down versus the FHA's 3.5% requirement. The loans tend to be a bit easier to work through the process and loan costs are generally lower than with FHA loans, which typically carry an upfront mortgage insurance premium of 1.75% of the loan amount. Conventional loans are more demanding with regard to a borrower's credentials. To qualify, the debt-to-income ratio cannot 45% and credit scores must be 720 or higher.

Conventional financing with 3% down has a maximum loan amount of $417,000.  By contrast, the FHA allows for a down payment of 3.5% on loans as high as $271,050. In addition to the FHA borrowers are also locked into longer mortgage insurance periods than are those with conventional financing. FHA loans carrying a term of 15 years or more require mortgage insurance for the first 5 years of the loan. The mortgage insurance can be removed after 5 years have elapsed and there is 22% equity in the property. By contrast, with conventional financing, mortgage insurance is automatically removed once the loan-to-value ratio reaches 78% of the original purchase price yet it is still required for a minimum of 2 years. FHA loans still provide great options for borrowers with limited down payment money and less credit worthy applications. For borrowers with stronger earnings and FICO scores, newly enhanced conventional financing options may well provide the better loan.

If you have limited funds and you would like to purchase a home without paying the higher PMI that FHA offers you should consider the 3% down Conventional loan product."

If you have questions about  this program, I am including Brian's contact information below.

Brian Spaans

Mortgage Loan Officer

First Bank & Trust

Phone. 605-782-8080

Cell. 605-351-7454

Fax. 605-332-1379

Email: brian.spaans@bankeasy.com

When I read this article I was reminded of how good the Neighborhood Association in the Cathedral Area is. I had a house listed for sale there and was introduced to their Neighborhood Watch and Association. It is meeting on a regular basis and they know who a lot of their neighbors are and have ways to work together. 

I think The Cathedral Area is one of the examples we have in the city of people helping watch our for their neighbors and trying to improve their neighborhood. The meet on a regular basis, they have contact information for most of their neighbors and they do watch what is going on. They have seen a decrease n crime in their area and are enjoying their neighbors more than they did before. I know as a Real Estate Agent here in Sioux Falls their association was very impressive to me. Here is a link to the article: http://bizy.be/K8TFR

As always, Have a Fantastic Day!

Mark found this article on the internet. This could be a great item if you are leaving your house for any length of time. It looks very intriguing to say the least and the name is even zanier "Twine" Listen to your world, talk to the Internet. It appears that you can connect things to sense if you have moisture or temperature changes in the home!! It them can email or text you so you know what is going on while you are away. Here is the link for you to check out: http://finance.yahoo.com/news/the-fuzzy-math-of-home-values-.html

If someone tries this, We would appreciate hearing how it works for you. We would  love to report back to our clients here to give them a performance report?

Have a Fantastic Day,

Mark & Harlan

This article on how the online calculators on Home Values is very flawed and causing some major problems. I found this very interesting to read. Ameri-Star Real Estate has taken our Listings off a couple major Real Estate web site and this is one of the reasons why. After you read this article & want to have more interaction on this subject of National aggregators trying to control the real estate market & how they are harming it, Please respond to this blog & let's try to discuss this problem. 

http://finance.yahoo.com/news/the-fuzzy-math-of-home-values-.html

I would encourage your feedback & comments after reading the article as we have some definite opinions & would like to hear yours?

Harlan & Mark

Take a good look at this article from our local paper! We are finally getting some positive publicity!! 

Yes we have lot's of reasons locally to believe that our market should be one of the first in the country to start turning around. Look at all the places that are announcing that we are hiring here. We should be creating a few thousand new jobs and we already have the lowest unemployment in the country so you figure it out. More people are going to have to come to fill those jobs. Along with that rentals are close to full & getting more expensive. Betty's sons own a rental that previously they were getting only $900 in rent. It was rented in a few days at now $975. What does that tell you. Rental housing is getting to be shorter supply. What happens next is people will start thinking about owning versus renting.

Here is the article: http://www.argusleader.com/article/20111215/BUSINESS/312150043/Confidence-home-sales  Read it and I encourage you to share it with many people!

Have a fantastic Day!