Feature: Shawn Von Talge, Flat Branch Home Loans

When selecting a lender, it's always important to ask your Realtor.  I always recommend to visit with a few banks or mortgage companies before selecting the best fit.  And, Shawn Von Talge is always on my list!  He is very professional, and always gets the job done on time.  He is so helpful for first time home buyers and every single client I have sent to him has been pleased with his customer service skills.  He really understands his business and when I call to ask questions, he usually knows the answer; if he doesn't he finds the answer and gets right back with me. 

The great thing about working with Flat Branch is they have local underwriting, so they don't have to contact someone out of state to get loan approval...they just walk down the hall.  It is very convenient.  They are located downtown at the corner of 5th & Cherry. 

You want more info on Shawn? Click here.

You want to apply for a loan with Flat Branch? Click here.

THE Real Estate Lingo

What is "price/square foot," "list-to-sale price," DOM, CDOM, and all those other slang phrases Realtors use everyday?  Here's a summary for you:

• Price per Square Foot: This is just the sales price divided by the number of total square feet. This number varies depending on age, location, and finish quality.  This year, the average in Columbia is about $85/sq ft.  Newer homes are closer to the $100-$120 mark and older homes that are in poor condition can be around $50/sq ft. 
• Sale/List Price Ratio: This is the sales price divided by the list price. It is an indicator of how much homes are selling for in relation to their asking price.  Right now, that ratio is at 96.5%. This means if you have a house listed at $100,000 you can plan on selling it on average at $96,500.  It is an indicator of how much "wiggle room" is in the list price and how negotiable sellers are in the current market.
• DOM/CDOM:  This is Days on Market and just indicates how long the property has been for sale.  The "C" stands for Cumulative and is an accumulation of the days on market for the same property. So, if the seller listed with another company, or took it off market for a few days for Christmas, etc. it keeps counting the DOM and arrives at CDOM as long as the off-market period was less than 90 days. Columbia's average DOM is 81 days and average CDOM is 115 days for 2011 for sold homes. 
• Absorption Rate: This is a number, usually in months, that tells how long it would take to sell all homes currently on the market, at the rate they are selling now without adding any additional homes to the market for sale.  As of last month, that number for Columbia was 10.64 months.  Meaning we have about 10 months of inventory right now on the market. 

Any questions? Just ask! Any lingo you want more info on?  Feel free to contact me directly, or comment on my post! JK

Boone County Fair Opens Today!

This is opening day of the Boone County Fair, which will run thru Saturday July 30th.  There are so many different activities at the fair this year including: 4-H shows, Boone County Fair Queen, Baby Contests, Children's Barnyard, Carnival, Demolition Derby, countless concerts, and even fireworks on the weekends!  It will be a fair for all ages and for the family.  Here's a link to the fair schedule. 

Some fun facts about the fair:

• The Boone County Fair was first held in 1835, only 15 years after Boone County & Columbia were founded.
• It was the first county fair west of the Mississippi.
• It was originally held as a stock show to show horses, cattle, hogs, sheep, etc.
• The first location was north of Broadway between Short St and Price Avenue (which now is the heart of downtown!)
• In 1897, the fair was held at the north end of 5th Street and became a large show for horse races. Entries were brought from Kentucky, California & Louisiana. 
• In 1910, the feature race was between a horse, an ostrich and an automobile...the ostrich won!
• The fair discontinued in 1918.  The first ham breakfast was held in 1946 and in planning the 2nd annual ham breakfast, there was interest in bringing the fair back. 
• From 1948 to 1991, the Boone County Fair was held at the fairgrounds on the corner of Clinkscales & Ash St (the location of the ARC now).
• In 1992, they traded the land at Ash & Clinkscales for the land formerly known as Cotton Woods Airport just north of Columbia on Oakland Gravel Road.  The fair is still being held at this location.

JK

Home Building Jumps in June Nationwide

News broke this morning that home building was up last month 14.6% from May which is a sign we're headed in the right direction. Although, it is mostly due to an apartment housing boom.  And, building permits were only up 2.5%, a fairly small number.  According to Fox News, an economy in a recession should have about 15 to 20 percent of its GDP coming from the housing market.  Right now, it is at 4%; the housing market is slowing economic recovery. 

The main reason behind this is foreclosures.  Because for every new home built, it generates about 3 jobs a year and about $90,000 in tax revenue, when building slows, so does the economy.  And, building has come to a halt because it is so much cheaper to purchase an existing home than a new home.  Foreclosures (and other existing homes) are priced cheaper than a contractor can build that home.

Nationwide, the median price on new construction is about 30% higher than that of an existing home.  This is exactly how Columbia sits as well, with about a 30% markup on new construction.  Median sales price in Columbia for the year for new construction is at $197,000 and for existing homes is at $138,500. 

It is good to see positive news about real estate in the media; I hope it tends to stay that way.  But, just know, it's only a small jump in the scale of the housing market. 

JK

Source: Fox News Article

Feature: Assured Title Company

As I taught my first-time homebuyer class this past week at the ARC, I noticed a lot of glazed & confused looks when it came to the discussion on title insurance.  Some people call it just another insurance policy, but it's insurance for the most expensive investment of your life.  All lenders require it. 

Just like your car, your home has a title.  That title has items recorded against it, like loans, easements, tax liens, etc. and those items follow the title (a.k.a. your home) and not the person that caused those items to be in place.  So, to ensure that all liens are paid off, taxes are paid, etc. the title company does an in-depth search on the title of that home.  At closing, all debts are paid off or settled.  If there is ever a claim, prior to  you owning it, against your home the title insurance policy is there to cover you.  It is a one-time premium when you buy your home, and covers you for the whole time you own the property. 

The feature business this week, Assured Title Company, conducts the title search process and issues the insurance policy that protect your home.  Heather Jennings & Suzanne Ayers are the closers who process the paperwork at closing and help every step of the way.  Dan Olsen is the examiner (title searching).  Tonya Schleeter is the main customer service & marketing rep.  They are some of the most knowledgeable title people in town, and I'm happy to do business with them.  Just give them a call and you'll see that customer service is their number one priority.  Their phone number is 573-875-5252. 

Beat the Heat in CoMo!

With temperatures reaching 100 and heat indexes close to 110, you would think we lived in Death Valley, not the middle of Missouri!  When I travel out of state and meet people from all over the country, most are surprised to find out that Missourians suffer through very high heat indexes and very cold winters.  I'm not complaining...I love summer!  Here are five great ways to beat the heat in Columbia this summer!

• If you need a break from the heat, visit a Cooling Center designated by the city.  Places like the ARC, the Columbia Public Library & The Salvation Army are open during normal business hours to provide A/C and a place to cool off. Check out the full list here.
• Want to get out and enjoy the sun? Grab the kiddos and hit up Little Mates Cove at Twin Lakes, Albert Oakland Pool, or Stephens Lake & Spraygrounds to get wet! Make sure to bring your sunscreen!
• Check out School House Rock, being performed July 14-17 by kids from CoMo! Or, get your kid involved and have them try out for a play.  Click here to visit PACE's website for ticket or audition details.
• Go out for some frozen custard! One of my favorites, Andy's Frozen Custard offers a cool treat on a hot summer night.  Located just off of Grindstone Parkway, next to Buckingham's & Hu Hot. 
• July 20th is Summer Fun Fest at Flat Branch Park downtown. It runs from 6-8 and offers entertainment for the whole family.   

JK

Real Estate is Local, Right?

It's everywhere...real estate is local! But, is it?  Of course, with the Internet and the ability to do a real estate transaction from across the globe, it is more world-wide than ever!

I sold a piece of property in Columbia.  I had it listed for the seller, who lived in Southern California who I almost always communicated with by email. I had it advertised on the Internet where the buyer, from New Jersey saw the property and purchased it sight unseen.  I never physically met either party to the transaction, and I don't believe either party ever saw the 10 acres they owned.  It's amazing what technology can do!

It can get a little overwhelming, too.  With all the different websites like Realtor.com, Google, Yahoo! Real Esate, Zillow, Trulia, Craigslist, and on...and on...and on, it's no wonder Buyers and Sellers are on listing information overload.  That's where real estate agents come in! If you try to sell your home yourself, it is nearly impossible to cover the 60+ websites out there dedicated to real estate listings.  Let alone all the individual company websites, newspapers, etc.  At Crane & Crane, we subscribe to marketing software that sends the listing to over 50 websites, and then outsources to every Broker's website, including Realtor.com.  That is priceless exposure in this ever-changing global real estate market. 

I say real estate is local...it's the advertising that isn't. 

JK