10 states with the biggest houses

This Inman News article shows the top 10 states with the biggest homes, according to Realtor.com. Although Missouri places 44th on the list as a state with a median of 1650 square feet, Columbia would rank 10th if it were on the list. The median square footage for active homes in Columbia is 1,910, just above the #10 spot, Washington, with 1,903 square feet. If you want big, you should move west! The top 6 states are in the Western part of the U.S. with Utah holding #1 at 2,305 square feet. Check out the link below for specific state info!

10 states with the biggest houses

It's Halloween in Columbia!

Need a fun night with the kids in their costumes?  Check out these events for the whole family!

• Halloweenie in the District: Tonight from 4-6, participating businesses will be handing out treats. Over 50 restaurants & stores will be participating! 

• Haunted Maplewood Home: The historic Maplewood Home at Nifong Park will transform into a spooky tour with historic figures like you've never seen on Halloween night. Open from 6-9 pm on the 31st, it is $5 per child, but adults accompanying a child are free.  Family friendly!

• Tiger Night of Fun: The Hearnes Center will be hosting trick-or-treaters, 6th grade & under along with their parents.  Dress up in your costume, and come from treats, activities & games! 6-8 pm on Halloween night! Best of all, it's free!

Have a Happy & Safe Halloween!

JK

The Spending Cycle in a Home Purchase

Ever wonder why people say the Housing Market is the solution to our economy's crisis?  Well, here's a local look at how one home purchase can affect many different people, and it's in a very good way!

Seller Lists Home, Cleans Up Home, Makes Needed Repairs ---> Contractor for Labor, Carpet Cleaners, & House Cleaners. On average, probably $500 - $1,000

Realtor Lists Home, Provides Advertising, Signage, etc. ---> Newspaper & Magazine Revenue, Sign Companies, Website Advertising. Expense varies significantly.

Buyer Puts Offer on Home --->Home, Termite, & Radon Inspections completed. Average $500-$750

Buyer requests Seller Make Repairs ---> Contractor Fees and/or Labor. Cost Varies.

Buyer Obtains Loan for Home ---> Processing Fees to Lender $700-$1,500

Buyer Orders Title Insurance Policy ---> Premium Paid to Title Company $400-$1,000

Buyer Pays for Homeowners Insurance ---> Insurance Co receives premium. Varies.

Buyer Orders Appraisal --->Local Appraiser Completes. $400-$500

Home Closes ---> All parties are paid, Realtor receives commission, Seller Purchases New Home and Becomes a Buyer, and the cycle starts over! Endless possibilities!

JK

Getting Married? Buy a House!

FHA offers a great way to build a down payment for your next new home.  Instead of registering for the typical blenders, pillows & luggage, register at your local lender's office! You can open a savings account, that can accrue interest, and allow friends & family to make deposits in to that account to accumulate a down payment for your home. In just a few simple steps, you can have your own Registry. 

1. Visit your local lender and become pre-approved.
2. Open a bank account and name it your Bridal Registry Account.
3. Give friends & family the information to deposit funds directly to your account, or you can always deposit checks in to the account yourself. 
4. Once you have the amount you need, buy your home!

You don't have to be a first time home buyer to use an FHA loan, and the credit requirements are a little less than conventional loans.  FHA requires 3.5% down, one of the lowest down payment programs available because the loan is backed by the US Government.  There has always been an allowance for someone to receive their down payment funds as a gift, as long as it came from an immediate family member but it required a few extra steps, one being a gift letter.  With this program, no gift letters from the givers are required, just a separate bank account titled Bridal Registry Account.  

What better way to get a couple started than cash towards their own home? 

  

Home Prices: Story from KOMU

Second time I was in the news this month! Check out this video from last night's KOMU news!

Home prices have risen in the last few months, a strong sign the housing market is slowly turning around.  This usually signifies to buyers to go ahead and "jump off the fence" because prices will slowly start making their way back to normal.  It is also a positive sign for sellers, as some will see the equity in their homes increase and may be able to sell their home for a profit. 

JK

New Listing: Spacious Ranch on 2.18 Acres!

This very spacious walkout ranch home has great location, just east of Columbia, walking distance to the new high school and a stone's throw to the public golf course! It sits on a rolling, level 2.18 acres in Copper Creek Subdivision and was built in 2005.  Over 3,300 square feet, with 5 large bedrooms, 3 full baths, plus an office and the main level has an open feel with kitchen, dining & living room all connected.  The back covered deck is perfect for BBQ's and entertaining.  It also has ample storage, with a 3-car garage on the main level with pull-down stairs & storage above it, and a 1-car additional garage/workshop in the basement with a driveway wrapping around to the back! This home also has beautiful features including gleaming hardwood floors, a large center island in the kitchen, stained windows, doors & trim and so much more! The master suite has double-coffered ceilings, a master bath with corner jetted tub, walk-in shower & dual sinks, and an enormous walk-in closet.  The basement has a nice family room or rec room and walks out to a large concrete patio in the back.  Schools are Two Mile Prairie, Lange Middle, Oakland Junior & Hickman High.  Address is 8035 E. St. Charles Rd.  Priced at $289,900, this home is a great deal! Please call & schedule your showing today!

Click this link to view more info!

Lease Purchase vs. Lease Option vs. Owner Financing

	Lease Purchase	Lease Purchase Option	Owner Financing
Definition	Buyer signs lease for certain # of years and also signs contract to purchase home after lease is up.	Buyer signs lease for certain  # of years and also signs option to purchase, but does not have to buy at end of lease	Seller provides financing to buyer for the purchase. If seller has mortgage, they would have to pay off mortgage before this option was viable.
Terms of Contract	Lease: Rent & Terms Negotiable Sales Contract: Closing set for date after lease expires, but ties both buyer & seller to sale of home	Lease Signed: Rent & Terms Negotiable Option to Buy: Sets general terms for Buyer if they choose to purchase home after lease expires	Sales Contract: Price & Terms Negotiable Note/Deed of Trust between Seller (Lender) and Buyer (Borrower)
Lender of Funds	3rd Party Lender (Bank, etc.)	3rd Party Lender (Bank, etc.)	Seller
Length of Contract	1-3 years	1-3 years	30-60 days
Purchase happens	At end of lease	Possibly, at end of lease	Date of closing, usually 30-60 days
Money Down	Security Deposit (one month's rent)  + Earnest Money for Contract ($1,000 -10% down)	Deposit for Option ($500-$2,000) + Security Deposit (one month's rent)	Depending on Seller requirements (normally 10%-20% of Purchase Price)
Maintenance of Property	Landlord/Owner	Landlord/Owner	Tenant/Buyer
Taxes & Insurance	Landlord/Owner	Landlord/Owner	Tenant/Buyer
Utilities	Tenant/Buyer	Tenant/Buyer	Tenant/Buyer
Benefits for Seller	1. Income from Lease Payments 2. Guaranteed Sale at end of Lease	1. Income from Lease Payments 2. Possibility of Sale at end of Lease	1. Transfer of ownership 2. Not responsible for maint/taxes, etc. 3. Income from Mortgage Payments
Benefits for Buyer	1. Allows time to qualify for loan 2. May be able to build down payment from lease payments 3. Guarantees home will not sell to someone else	1. Not tied in to purchase in case of loan denial, market downturn, relocation, etc. 2. Allows time to qualify for loan 3. Secures purchase terms with a lower down payment	1. May not have traditional lending guidelines for loan 2. Buyer OWNS home & can make upgrades/repairs 3. All payments are mortgage payments-apply to Principal & Interest
Drawbacks for Seller	1. Responsible for any maintenance 2. Buyer may not qualify for loan at end of lease 3. Risk involved if Buyer does not make payments	1. Responsible for any maintenance 2. Buyer may not qualify for loan at end of lease 3. Risk involved if Buyer does not make payments 4. Buyer not locked in to purchase	1. Buyer may not maintain property 2. Buyer may not make payments which force Seller to Foreclose (more expensive process than tenant eviction) 3. Still carry debt on home
Drawbacks for Buyer	1. Rent payments may not be applied to down payment 2. Cannot make any upgrades to home (unless agreed upon by seller)	1. Rent payments will not be applied to down payment 2. Cannot make any upgrades to home (unless agreed upon by seller)	1. Make payments to seller, which will probably not report to credit agency

A Fall Favorite: Peach Tree Farm

Over this past weekend, my family visited Peach Tree Farm.  Located just West of Columbia, at the Wooldridge exit off I-70 (exit # 111), it is a great place for adults & children of all ages.  My son, Colten, is 16 months and he had a blast, signified by the long nap on the ride home. 

If you want pumpkins, they've got every kind you can imagine! From little gourds & squash to pumpkins that I couldn't pick off the ground if I tried...they've got a type for everyone. 

For the kids, they've got a straw maze and lots of animals to visit including goats, chickens, bunnies, catfish, donkeys & turkey! You can even feed the goats.  Most kids enjoy just being able to run around and climb on the horses made of corn stalks, stick their head thru a cutout of a scarecrow or daisies, or hang out in the teepee.  But, Colten's favorite part was the hayride.  Being pulled by a tractor on a huge wagon and visiting all the different spots on the farm, including a circle around the lake, was the highlight of his day. 

At $5 a person, its great affordable fun and you could spend several hours out there.  They are open for the Fall Festival from Oct 1- Oct 31, so make sure to plan your trip soon.  They are open 7 days a week, 10 am to dark Monday thru Saturday and 1 pm to dark on Sunday. 

Visit their website at http://www.thepeachfarm.com/ for more details!

JK