Click here for report.

Dirk van Reenen has been named as a finalist for the Top 20 Under 40 Business Award 2011.

We are having 18 homes open this Sunday (June 12) from 2-4pm.  Print entire list of homes here.

Stop by these open houses to be entered in our drawing!

The figures were complied by Prudential Ada, REALTORS using Amarillo Association of REALTORS MLS data. Average sales price does not reflect sales in which no price was reported and variances may exist between the other published information due to the mention on “no price” reports. Sales in this report are from 6/1/10 thru 5/31/11.

2011 Amarillo Area Housing Report

Mother Nature may not know it from day-to-day, but the calendar most certainly boasts spring’s arrival. Many times, with the change of seasons, people feel a need for change, themselves. Perhaps you’re itching for a new home. Before you make that move though, you will have to get your current home ready to sell. The good news is that there are a slew of home projects that can help give your home an advantage simply through focusing on first impressions.

First Impressions Matter

It’s a widely accepted fact that home improvements not only help maintain, but often times increase, your home’s value. That said, first impressions matter, according to Realtor Magazine, the official magazine of the National Association of Realtors. Based on national averages compiled over the last year, there are some projects that have been found to actually bring true value when selling your home:

Bang for Your Buck

Front Doors

Home improvement projects can make or break a sale from the moment potential buyers first set eyes on your home.

Did you know a midrange entry door replacement brings the highest payback at a national average of 102.1 percent?

If you have a high-end home, consider a door with leaded glass, as it may be appropriate. In a more moderately priced home, a regular steel door painted in a color that complements the home’s trim will have a greater impact.

Garage Doors

Another big-bang project worth the investment is replacing the garage door. It’s easy to buy a more expensive product than necessary, so be careful when shopping. Replacing a garage door that costs $1,291 brings a resale value of $1,083 – which translates into 83.9% in costs recouped.

Be sure to thoroughly inspect the door before buying and installing it, and take the future owners’ use of the garage door into consideration. Will they be parking cars in the garage or will it be their “man cave”?

Want More?

For more information on stretching your remodeling dollars to get the most value, read the full article at Realtor Magazine online:

Cost vs. Value

AMARILLO AREA HOUSING REPORT

JANUARY – SEPTEMBER 2010

(Single-family homes)

The above figures were compiled by Prudential Ada, REALTORS using Amarillo Association of REALTORS MLS data. Average sales price does not reflect sales in which no price was reported and variances may exist between other published information due to the method used on “no price” reports. Sales reported outside Potter and Randall Counties were not tabulated.

Amarillo housing activity has remained steady throughout 2010 with a slight drop in sales during the 3^rd quarter.  A look at the numbers indicates a slightly higher inventory and a somewhat slower demand. This slowdown is likely a result of the tax credits expiring earlier in the year.

Lower mortgage interest rates around 4.0 – 4.5% on fixed rated loans have helped home purchases and refinances.

AMARILLO AREA HOUSING REPORT

JANUARY – JUNE  2010

(Single family homes)

Condo – listed as of 6/30/2010:  42

Average list price:    $142,344

Condo – sold y-t-d: 34

Median sold price:   $121,402

Average mortgage interest rate for

30 year fixed-rate (as of 6/30/10): 4.875%

Important for all first time home buyers!

The Federal Housing Administration (FHA) is a division of the Housing and Urban Development (HUD). The main Focus of FHA is to guarantee loans made to first time home buyers or buyers that have never used an FHA loan before. The goal is to help these buyers get into a home by offering lower down payments and “backing” the loan so that lenders take less of a risk loaning to these borrowers.

Typically, the first-time home buyer has little money to put down on a home and may have a very limited credit history.  This can often add to the difficulty of obtaining a conventional loan for the purchase of real estate. FHA has always been a great program in assisting borrowers in the purchase of their first home.  However, the FHA is now tightening their lending guidelines.
Today FHA Commissioner David Stevens announced a set of policy changes to strengthen the FHA’s capital reserves, these changes include

1.  Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
o The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

2. Update the combination of FICO scores and down payments for new borrowers.
o New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

3. Reduce allowable seller concessions from 6% to 3%
o The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.

4. Increase enforcement on FHA lenders
o Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.

For the full article please click on
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016   

Please contact one of our professional real estate agents today with any questions about these changes.