10/22/11

Greers Ferry Lake's first Rally at the Lake

This is a video of the parade across the Narrows bridge:  www.youtube.com/watch

 

8/6/11

Just thought I would share a picture of my new horse, Bo!

 

House to  House: As in Politics, All Real Estate is Local

Amy Glover Bryant, Arkansas Realtors Association

Since joining the Arkansas Realtors Association, one of my favorite quotes is “All politics is local and so is real estate.”  It has been especially relevant for me in terms of communicating the local real estate market’s status in comparison to that of the national market and the consistently negative reports we each are hearing from the national media.

Don’t get me wrong.  We as Arkansans aren’t out of this downturn yet.  I’ve said before and I will say again that this market is a roller coaster.  Some months we are up and some months we are down.  It is going to take some time and we all need to be cautiously optimistic and pragmatic about the situation in our country, in Arkansas and in each of our communities. 

Each month, the Arkansas Realtors Association distributes on its website the monthly housing statistics for 42 counties in Arkansas.  My advice to anyone reading those monthly reports is to look at the unique dynamics of each individual market, not simply the statewide result.  Each month there are any number of factors that could influence the statistics presented in regards to homes sold and for how much.  And, while the ARA’s monthly report does state the statewide average for homes sold, home value and average home price, as home buyers or sellers it is important for you to consider your individual county’s results, not simply the state as a whole.   Just ask yourself, if I am looking to buy or sell a 2,000 square foot house in El Dorado, is it really relevant to me what the price of a 2,000 square foot house is in Fayetteville?  Again, all real estate is local. 

Did your county experience job growth or job loss?  Was it hit hard by tornadoes?  According to Forbes magazine, in the first week after the tornado in Joplin, 163 homes were put under contract in Joplin - 10 times higher than average.  Joplin went from a buyer’s market to a seller’s market overnight with the loss of more than 7,000 homes.  While Arkansas  thankfully didn’t have that level of devestation, April rain, storms, floods and damaged roads likely prevented folks from getting out and looking at homes in April leading to some of the downturn in home sales many Arkansas communities experienced in April. 

My second favorite quote since joining the ARA is that “We are all part of the Realtor family” and that includes consumers.  Each and every one of us from state legislators such as Senator Jonathan Dismang and Representative Darrin Williams to your local Realtor and the staff at the ARA is here to help protect your best interest whether it be through legislation that protects the consumer, helping you find a home that suits your needs or providing tips each week through this column.   We are in this together and the market will eventually stabilize.  The bottom line is that Arkansans still need shelter, but they are looking for value.  As a seller it is important to show each potential buyer the value inherent in your home.  Check back here next week for tips on how to make your home inviting to boost your home’s value and speed up the sale process.

A Special Moment in Time

One of the great pleasures about being in real estate in this area is you never know what surprise is around the corner. I’ve encountered unexpected waterfalls, an eagle that flew by at just the perfect moment, and stunning views that take your breath away.  Today was one of those wonderful, magical days. I listed a property that has a charming lakefront home and an artist’s studio with features that every musician dreams of. However, the sweet surprise today was hearing the musician play in his studio. The power of that organ and the talent of the musician were awe-inspiring. It was an amazing moment that we were able to capture on video to share with the world:  http://www.youtube.com/watch?v=xzU9ohCCpi0

 

 

Helping the People of Haiti

Posted on: 1/19/2010 by: Debbi Brawley - debbi@greersferrylake.net

Having been to Haiti several times with Fellowship Bible Church, I am familiar with an organization, Hosean International Ministries, that has worked there since 1984. I have personally served with Caleb and Debbie Lucien, and I know their hearts are committed to God and the Haitian people. Many people want to help, but are hesitant to donate because they don't know if their money will be truly used to help the Haitian people. I am confident Hosean International Ministries is trustworthy, and as they state on their website, "95% of donations go to Haiti, not administrative costs"

The Haitian people had nothing even before this happened, but I will always remember walking through the streets with smiling faces greeting us & letting us know they were thankful we were there. Now I wonder if those smiles have been taken away because of no hope. If you want to help, the link for HIM is http://www.hosean.org

Insane Bargains? Not really...

Posted on: 12/15/2009 by: Debbi Brawley - debbi@greersferrylake.net

Insane bargains? Not really…

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

For the past couple of years, we've heard about homeowners who are so desperate that they'll accept ridiculous offers just so they can sell their houses and get rid of them

That notion has caused some buyers to believe they've got a good chance of finding that "perfect home" and getting it for a bargain. While that tactic may work in some depressed markets around the country, that's certainly not the case here in Arkansas.

Apparently, that's not the case in most housing markets in the United States.

Realtors® here in the Natural State have mentioned that homeowners are generally receiving about 98 percent of their asking price when they sell their houses. That's more or less in line with what's happening in most markets around the country.

According to Zillow.com, buyers throughout the nation negotiated a median 2.7 percent off the listing prices when purchasing homes in October. That amount is down from a median of 2.9 percent in September and October marked the ninth month in which discounts to buyers shrank.

In other words, getting a house for the price of a song is uncommon throughout the United States. There are some markets, of course, where desperate sellers are willing to unload their homes for very low prices, but those markets are few and far between.

That's not to say that prospective buyers aren't in a good position in Arkansas – or most markets – right now. On Dec. 7, the average list price in central Arkansas, the Fort Smith/Van Buren area, the Jonesboro Area and northwest Arkansas was $221,477 – down about $5,000 from a month ago and $2,000 from a year ago. Furthermore, Dec. 7 marked the ninth week in a row in which average list prices had fallen.

Realtors® throughout Arkansas have said that buyers and sellers are taking a more realistic approach to negotiating real estate transactions these days. Sellers are getting better at pricing in accordance with fair market value rather than listing their homes for what they think those houses should be worth. Buyers, meanwhile, are learning that there is room for negotiation but homeowners aren't willing to give their houses away for considerably less than what they are worth.

More good news for buyers is that interest rates are still below 5 percent for a 30-year, fixed-rate mortgage and qualified first-time buyers and existing homeowners can take advantage of a healthy tax credit if they get a house under contract by April 30.

There's some good news for sellers, too. On Dec. 7 there were 11,717 homes in inventory in the four markets mentioned above – down substantially from the 12,933 homes for sale a year ago.

Should those declines in inventory decline further, it's likely that prices will stabilize and eventually rise again.

Regardless, the current market offers a lot of advantages to buyers. While there are few insanely great deals available outside of the short sale and foreclosure markets, there are some very good prices available now and buyers do have some room to negotiate.

House to House is distributed weekly by the Arkansas Realtors® Association

Avoid Credit Repair Scams

Posted on: 12/15/2009 by: Debbi Brawley - debbi@greersferrylake.net

Avoid credit repair scams

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

Over the past couple of years, bankers have tightened the lending requirements for taking out mortgages.

A good credit score is very important for anyone wanting to purchase home and it's about to get even more critical – Federal Housing Administration (FHA) officials have indicated they are likely to tighten lending requirements. FHA loans are the ones that people with spotty credit histories are most likely to get and that federal agency is looking hard at raising minimum credit scores.

It seems that every time you have a major change having to do with credit, people get hit with a fresh round of scams perpetrated by ne'er-do-wells wanting to make a quick buck and offer little in return. It's worth mentioning that there are some very good groups out there that can help people clean up their credit through hard work and sticking to a budget.

Credit Counseling of Arkansas – located on the Internet at CCOACares.com – is one of those groups that is reputable and has helped people get their debt and spending under control. What about companies claiming they can repair damaged credit?

Arkansas Attorney General Dustin McDaniel advises caution when approaching those organizations. While there are certainly reputable companies that help people with bad credit, McDaniel – in a consumer bulletin – said to be wary of companies that make claims that appear almost too good to be true.

Companies billing themselves as credit repair companies and promise to "erase bad credit" or provide a "fast and easy way to get rid of bad credit history" often promise much more than they can deliver. Often, they'll charge anywhere from $50 to $1,000 to fix a credit report.

Consumers sending in that money will, often, find the rascals that took that cash have done nothing or very little to fix credit, McDaniel said.

How can you protect yourself? McDaniel advises getting in touch with the Attorney General's office or the Better Business Bureau to check up on credit repair companies before sending them a dime. He points out that an important rule of thumb to follow is that there are no easy and quick ways to repair credit – that process takes time.

Also, McDaniel warns against companies that want money up front to repair your credit.

McDaniel's office says credit protection services – agencies that charge consumers for credit reporting information that is often available for free – are to be approached with caution.

It's worth mentioning that any consumer can pull a free credit report every year from AnnualCreditReport.com. Through that site, people can pull reports from Equifax, Experian and TransUnion – the three major credit reporting bureaus in the country – once every 12 months.

You'll not get a credit score through those reports, but you'll at least be able to see what is on your credit report and take any appropriate actions to correct false or outdated information listed on them.

With banks tightening lending requirements, a good credit history is very important. If you need to take steps to improve your credit report, make sure you take the right ones and go with reputable companies.

House to House is distributed weekly by the Arkansas Realtors® Association

Fall in the Ozarks

Posted on: 12/8/2009 by: Debbi Brawley - debbi@greersferrylake.net

I am working on a horse/4-wheeler trail on our place. It's hard work, but refreshing after being in the office all day. The other day, I had worked for an hour or so on the trail, and it was starting to get dark, so I decided to pack it up and go to the house. I rode by this part of the trail and was amazed at what I saw. I quickly rode to the house and got my camera, so afraid it would be too dark to capture all the brilliant colors. I made it back just in time. I am always in awe of the beauty of this area. In the springtime, everything is in bloom and there is always a sweet scent in the air. The summer brings bright green trees on the mountains contrasted by the deep blues of the lake. In the fall, the trees turn bright red and orange to yellow and all colors in between. In the winter, it almost always snows a few times. Everything is blanketed in white and if it is a big snow (big to us, anyway), everything shuts down and there is pure silence. There is a perfect mix of peace and beauty here in the Ozark Mountains.

A Positive Housing Market Report

Posted on: 11/16/2009 by: Debbi Brawley - debbi@greersferrylake.net

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

The September housing market report was a good one and we at the Arkansas Realtors® Association (ARA) couldn't be happier.

Why? Because it was only the second one in 44 months to show gains in homes sales. There were 2,298 homes sold in September – up 9.85 percent from 2,092 sales in the same month a year ago.

We haven't seen month-to-month increases like that since the July report when sales were up 1.58 percent. We're not saying a trend has started here but we at the ARA do hope to see continuing improvements in Arkansas housing markets.

Throughout the state, the total value of homes sold was in positive territory, too. In September, the value of new and existing, single-family homes sold in Arkansas totaled $324.46 million – up 4.28 percent over $311.16 million a year ago.

That's good news for sellers as it's clear they had an easier time finding buyers in September. Realtors® throughout the state have been reporting multiple offers on homes, in fact – more good news for sellers.

The question, of course, is why did sales improve in September? The answer has to do with the $8,000 first-time home buyer tax credit. That brought a lot of buyers out this year. Now that the deadline on it has been extended to April 30 it's not unreasonable to expect more buyers to take advantage of it.

The new tax credit should also encourage existing homeowners to enter the market. Over the past two years, first-time buyers have gotten a tax break but there's a wrinkle in the new law that extends up to $6,500 to anyone who has owned a primary residence consecutively for at least five of the past eight years.

Under the new credit, then, qualified existing home owners who enter into a contract to purchase a home from Nov. 7 through April 30 will receive up to $6,500 in cash from the IRS when they file their tax returns. The reason that excites Realtors® in this state is that move will hopefully cause more expensive homes to sell.

While we're thrilled to see the improved sales in September, it's very clear that average sales prices have dropped. The average sales price in Arkansas in September was $141,193 – down 5.07 percent from $148,737 a year ago.

One of the reasons for the drop in the average sales price has to do with the tax credit. First-time buyers tend to shop for homes costing around $150,000 or less. The average sales price, then, does reflect increased activity among those buyers.

Realtors® in Arkansas have said for some time that we'll know markets are recovering when we see more "move up" buyers – people selling their houses and purchasing more expensive ones.

The expanded tax credit may be just the thing to encourage those folks to get in the market. Hopefully, any recovery will continue past the time the tax credit has expired and we can soon talk about improved market conditions.

For housing market reports, details on the new home buyer tax credit and more, visit the ARA blog at www.ArkansasRealtors.com/blog.

House to House is distributed weekly by the Arkansas Realtors® Association

The tax credit isn't the only thing keeping the ma

Posted on: 11/6/2009 by: Debbi Brawley - debbi@greersferrylake.net

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

It's common knowledge that the first-time home buyer tax credit has given a healthy boost to sales this year.

According to the National Association of Realtors® (NAR), close to half of all home buyers these days are first timers looking to close before the $8,000 tax credit expires on Nov. 30. A common question we get here at the Arkansas Realtors® Association (ARA) is this – what happens if that tax credit isn't renewed?

Frankly, that's a question we hope to not have to answer. The NAR is lobbying to extend that tax credit or expand it to all consumers purchasing a primary residence next year. Whether Congress will offer a credit at all is anyone's guess right now as health care reform has dominated discussions in our nation's capitol.

It seems a theory is out there suggesting that the housing market will slump once again should the tax credit not be extended after Nov. 30. That may or may not be true – we at the ARA hope to seen an extension or expansion of the credit, but we're not in the crystal ball business around here and are reluctant to predict the future.

However, there are some things about the current market separate and apart from the tax credit that have been somewhat overlooked. Interest rates and home prices are the best they've been in years – two facts that have been responsible for a number of sales this year.

Rates on a 30-year, fixed interest mortgage slid below the 5 percent mark in September and have hovered around that point since. Those rates might not last forever – the federal government started buying mortgage backed securities in January in an attempt to drive down mortgage rates.

The Federal Reserve Bank announced it will slow down those purchases in the first quarter of 2010 and that may drive up rates. That's because the rates are directly tied to mortgage backed securities. As investments in those securities increase, the yields drop and take interest rates with them.

When investments slow down, interest rates increase.

As for list prices, those have remained relatively stable on the whole throughout the year. Still, Realtors® have mentioned that buyers are receiving somewhere between 96 percent and 98 percent of their list prices on average. It seems those buyers are in competition with each other and that is putting some downward pressure on prices.

One Realtor® summed it up this way – buyers are in a price war and a beauty pageant and they need to position themselves to win both. In other words, homes have to be more appealing aesthetically than other similar ones and they need to have an attractive price tag, too.

On the whole, there are a lot of issues surrounding real estate markets right now and a good number of theories as to whether sales will improve, decline or remain about the same in the near future. We at the ARA are just glad that sales have performed better in Arkansas than elsewhere and are hopeful that the first time home buyer tax credit will be extended. It's worked well so far and would certainly do so in the future.

House to House is distributed weekly by the Arkansas Realtors® Association

Bang for the buck?

Posted on: 11/6/2009 by: Debbi Brawley - debbi@greersferrylake.net

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

According to Hanley Wood (HanleyWood.com), the U.S. remodeling industry pulls in $306 billion a year.

The folks at Hanley Wood ought to know what they're talking about as that group publishes Remodeling magazine and, as such, has kept close tabs on that industry for a couple of decades. Hanley Wood publishes an annual report in which the group takes a look at what a lot of homeowners want to know – what remodeling jobs offer the most return on an investment?

Batesville Realtor Bill Olson and Paragould Realtor Debbie Rawls didn't hesitate a bit when asked what remodeling jobs offer the most bang for the buck – they said projects involving renovations of kitchens and bathrooms are the most valuable when a home is sold.

A Hanley Wood report issued in December confirms that Olson and Rawls are correct. According to that company, a minor kitchen remodel offers a 79.5 percent return on investment while a major one nets 76 percent of the project cost when a home is sold.

As for remodeling a bathroom, Hanley Woods reports that a remodel nets 72.9 percent of the initial investment when the home is sold. A bathroom addition, however, nets only a 63.5 percent return on average.

Bear in mind that the return on investment calculation is an attempt to let homeowners know how much they'll recover if they sell the property shortly after the remodeling project is complete. The return on investment could be higher if the owner holds onto the home for a few years after the job is finished if the value of the home increases.

Meanwhile, Realtors® in Arkansas have confirmed that the old adage is true – it is very possible to recoup 100 percent of your initial investment (or more) in this state for kitchen and bathroom remodels. Again, we're talking about netting that return on investment after holding onto the house for awhile instead of selling it immediately after the remodel is finished.

The Hanley Wood report, however, has revealed a few more remodels that satisfy the "bang for the buck" equation nicely. According to that company, the projects that offer the largest return on investment almost immediately after they are completed are a wooden deck addition (81.8 percent return on investment), vinyl siding replacement (80.7 percent), wooden window replacement (77.7 percent), vinyl window replacement (77.2 percent) and attic bedroom (73.8 percent).

You'll notice the bulk of those projects are smaller than bathroom or kitchen remodels. The exception to the rule is the attic bedroom, which coasts on average $48,398 – $27,000 more than a minor kitchen remodel and $33,000 more than a bathroom remodel.

In addition to listing the remodeling projects that provide the highest immediate return on investment, Hanley Wood lists the ones that do not. The projects that fill out the bottom of that list are home office remodel (54.6 percent return on investment), sunroom addition (56.7 percent return), back-up power generator (57.2 percent), family room addition (65.9 percent) and master suite addition (66 percent).

Of course, we're talking about national averages here. To see the Cost vs. Value Report for national regions and individual cities, visit www.costvsvalue.com on the Internet.

House to House is distributed weekly by the Arkansas Realtors® Association

A Good Housing Market Report for Arkansas

Posted on: 9/14/2009 by: Debbi Brawley - debbi@greersferrylake.net

By Ethan C. Nobles

Arkansas Realtors® Association - Ethan@ArkansasRealtors.com

For the first time since December 2005, we at the Arkansas Realtors® Association released a housing market report that was largely positive.

In July, there were 2,574 new and existing, single family homes sold by Realtors® throughout the state – up 1.58 percent from 2,534 houses sold in the same month last year. Was that a huge gain? No, but it was the first gain we've reported in 42 months.

The report didn't come as a huge surprise, really, as sales consistently improved after February. Interest rates have been low, there has been downward pressure on list prices, the selection has been very good and then there's the first-time home buyer's tax credit to consider.

That credit has been very important in the market. We can see the impact of it by looking at homes that cost around $150,000 or less as that's the price range where a lot of first timers are purchasing homes. If we look at Benton and Washington counties, we see that Since June 1, there have been 1,786 sales in those counties — 1,030 of the homes sold cost $150,000 or less while 756 cost more than that.

That is significant because the less expensive homes have moved quickly in those two counties and the same is true of a lot of markets in Arkansas. It's worth mentioning that the pursuit of the first-time home buyer tax credit has helped move those two counties – and others in the state – to positive sales growth territory.

Northwest Arkansas, after all, was the part of the state that boomed through 2006 when markets were hot and fell the hardest when markets started to slump. Now, Benton and Washington counties – easily the largest counties in northwest Arkansas – are reporting gains in sales.

A lot of that growth has to do with the first-time home buyer tax credit. We fully expect to see sales in Arkansas grow as long as people can obtain that credit, in fact.

Ah, but there's a problem – the credit expires after Nov. 30. What happens then?

Frankly, we could speculate all day long about that but coming up with an accurate answer at this point is next to impossible. Rather than taking a "wait and see" attitude and hoping things will work out for the best, the National Association of Realtors® (NAR) has made the decision to back the horse that has helped slumping markets so far. The NAR is pushing for an extension of the current tax credit and may ask for an expansion of it if it becomes clear which of the 20 or so related bills in Congress has a good chance of passing.

That's right – there are 20 bills that have to do with a tax credit right now. Those range all the way from extending the current first-time homeowner tax credit to increasing the amount of the credit and making it available to anyone purchasing a primary residence.

It's not clear which – if any – of those bills stands a good chance of passing. However, one thing is clear – there's a very good tax credit on the table now and people who wait until next month to start shopping for homes might not be in a position to close by Nov. 30 so they can take advantage of it.

In short, the July housing market report was very encouraging, but a good number of economists are still waiting to see some more reports similar to it before they'll start talking about a recovery. The first-time home buyer tax credit has certainly helped attract buyers to the market and the NAR is betting that extending it will lead to more improvement.

House to House is distributed weekly by the Arkansas Realtors® Association

Arvest says get that closing scheduled before Nov.

Posted on: 9/4/2009 by: Debbi Brawley - debbi@greersferrylake.net

By Ethan C. Nobles

Arkansas Realtors - Ethan@ArkansasRealtors.com

I received an email the other day from Tricia Fredinburg – a loan officer with Arvest in Little Rock – stating the lender will guarantee the first time home buyer tax credit to qualified buyers for all closings scheduled to take place on or before Nov. 20.

That initially struck me as odd because the tax credit doesn't expire until midnight on Nov. 30. However, Fredinburg said there are all kinds of issues that could delay a closing so Arvest is trying to get people to recognize a deadline so they'll have some time to take care of any issues that might arise.

She's got a good point. A great one, in fact.

Fredinburg said the folks at Arvest will be working overtime to make sure they can get every qualified loan closed so that buyers can take advantage of the tax credit. In other words, Arvest – and probably every mortgage lender in this state – will do what they can to make sure everyone who is qualified for the tax credit gets it. Some issues that delay closings are out of the control of lender.

In other words, the bank is simply advising people that cutting things too close could result in a postponed closing and no tax credit. In addition to the normal issues that cause delays, Fredinburg pointed out the Nov. 30 deadline falls right after the Thanksgiving holiday and the long weekend that follows – that's time lost to people scrambling to resolve problems and get to the closing table.

The closing date is critical because IRS deadlines state that people eligible for the tax credit must close on a home before Dec. 1. The tax credit, of course, is for buyers who haven't owned a home in the past three years and follow certain income guidelines – individuals making $95,000 a year or more and couples making $190,000 or more are ineligible. The full tax credit is only available to individuals making $75,000 a year or less and couples making $150,000 a year or less.

The full tax credit totals an amount equal to 10 percent of the purchase price of the home or $8,000, whichever is less. The tax credit does not have to be paid back if the buyer stays in the home for at least three years.

Another issue that Arvest has raised – and we at the Arkansas Realtors® Association (ARA) have been talking about for a couple of months – is that people who wait until October to start looking for a home may be out of luck if they want to meet that Nov. 30 deadline.

Why? A lot of homes that are priced at around $150,000 or less have been selling quickly, so it might take about a month for shoppers to find the proverbial perfect house. It also takes around a month to close on a purchase.

This month, then, is the time for people wanting to get that tax credit to start shopping. Waiting around too long could result in a closing date past Nov. 30 and a missed opportunity.

Of course there have been rumblings coming out of Washington, D.C. this year about an extension of the tax credit. Waiting for that might be a mistake because, frankly, no one is sure if we'll see another tax credit for home buyers next year.

There are no guarantees beyond the tax credit that is in place now, so we at the ARA have been advising people to take advantage of it before it's gone.

House to House is distributed weekly by the Arkansas Realtors® Association