Archives for May 2013

Act Now to secure your FHA Case Number BEFORE June 3rd!

I know – I sound like we are in a loop with the changes in FHA loans in the Cedar Rapids area, but these changes are pretty big and will impact FHA lending. April 1st, 2013 a rate increase was implemented to help build up FHA’s mortgage insurance fund and the reduction of our Government involvement in the mortgage market. Indeed in April premiums did rise, making monthly payments for those seeking this type of loan rise with them. But even more newsworthy than that was the new requirements for how long this premium is attached to their payments. The previous rules stated that anyone … [Read more...]

What do you mean that light doesn’t come with the house?

If you have ever read a real estate purchase contract for the Cedar Rapids area, there are some very specific details outlined such as price, contingencies, repairs, etc. One thing that may be overlooked, however, is what exactly transfers with the home. The house, grounds and items permanently affixed to the property are generally known as “real property” and automatically transfer with the property. In other words, a bathroom vanity/cabinet should definitely be part of the house you are purchasing. However, other items such as light fixtures, mirrors, shelving, and appliances are … [Read more...]

Iowa home sales and prices rose in April

[social Press Release from the Iowa Association of Realtors(r) ]The latest report from the Iowa Association of Realtors indicates that home sales and prices rose in April. The IAR's April 2013 Housing Trends Report shows that sales climbed 6.1 percent from April 2012. A total of 2,851 homes sold/closed last month, while 2,688 homes sold/closed last April. The median sale price across Iowa rose by 3.2 percent from $124,000 in April 2012 to $128,000 in April 2013. The average sale price also increased by 1.4 percent. The average sale price was $144,813 in April 2012 and $146,885 in April … [Read more...]

Odd things you may not think of when selling your home in the Cedar Rapids area

When preparing to sell a home there a lot of items most sellers are well aware they need to do: clear the clutter, reconcile any deferred maintenance, keep the yard looking nice for passers-by, etc. Sometimes the very thing that sells a house is the least obvious one. Sure, it’s important to prep your home physically for sale but that’s far from the only prep work that you should do. Consider the following tips for readying your home for sale in the not-so-obvious ways: Who Does Your Work? A question frequently asked by buyers, especially those who are transitioning from renting … [Read more...]

Could You Be Eligible for a VA Loan?

One of the greatest benefits to our nation’s military personnel is the VA home loan. This type of loan originated in WWII as a benefit for soldiers returning home. Since then it has provided homes to countless veterans. A VA Loan offers home mortgages guaranteed by the U.S. Department of Veterans Affairs, and offered by qualified lenders. VA Loans do have many advantages for veterans like no down payment and low interest rates. However, serving in the military for any amount of time does not automatically qualify a veteran for a VA loan. So who may be eligible? Veterans of Wartime and … [Read more...]

Central Iowa Farmland Values are UP

Iowa State Extension and Outreach Land Value Survey In a recent press release by the Iowa Chapter REALTORS® Land Institute’s Land Trends and Value Survey, Iowa farmland prices have increased 9.4% from September 2012 to March 2013, which when this increase is added to the previous farmland price increases show a total increase of 17.1% in value from a year ago. The survey indicated farm land values in our area to be:  Total % change East Central Iowa from Sept 2012 to March 2013   +10.4% Total % change Statewide +9.4%                                                         … [Read more...]