1069 Red Cedar, Springfield MO Just Sold - Springfield Short Sales - Springfield Mo Real Estate

After 8 offers of this great home, the buyer hung in long enough to buy a great ranch style home in Springfield for less than market value.  $118,000.

The bank actually approved this short sale twice.  The first buyer backed out after we received loan approval from the bank and it took several more months to get additional approval on the last offer submitted.

Short Sales are successful, with the cooperation of the seller, buyer, agents and the banks.  If you are considering selling your home as a short sale, we can help.  Contact us today!

Six Reasons Why the Springfield Housing Market Peaks Can Not Return

The Springfield real estate market has seen a slowdown in the past several years, with more foreclosures, short sales and price drops.  But across the country the housing market has taken a beating.  Joe Mulkey wrote why the housing market peaks can not return......at least for the next few years. 

Via:  Joe Mulkey   Six Reasons Why the Housing Market Peaks Can Not Return

Recent conflicting reports about the housing market and whether or not it is truly in recovery have left consumers as well as those in the real estate business more than a bit confused; those whose business plan is dependent upon a full or quick recovery should proceed with caution. I believe the housing market is far from recovered, and, in fact, will not return to the levels of the past decade for many years-if ever. I see six reasons why the housing market peaks can not return, that it will never regain its past "glory days."

Robust home sales are dependent upon consumer confidence in the economy. Consumers must feel that both their personal economy as well as that of the nation is on sound footing before committing to such a major, long-term purchase, especially on the heels of the longest recession in more than half a century. Thus far, consumers are far from confident.

A vigorous recovery of the housing market cannot occur as long as we have unusually high unemployment. While there is much disagreement on when and how our recovery will occur, the financial experts all agree that unemployment will remain at higher than normal levels for several years, and some projections do not indicate a recovery to "full" employment for as much as ten years. With at least 20 million unemployed or underemployed, and with awareness that many of the jobs lost will never return, a high rate of joblessness could possibly become the norm.

The dramatic loss of home equity will significantly limit the pool of available move-up buyers. In the past, move-up buyers used the equity from their former home to help them purchase a larger/more expensive one; however, declining home values with the associated loss of trillions in equity means fewer sellers will have the resources to purchase another home.

A continued high rate of foreclosures will depress both the housing market and the hopes of many potential buyers. The millions who have experienced foreclosure will be automatically ousted from the buying pool. For some, several years of damage to their credit rating will be the defining factor; and others will become permanent renters, avoiding the potential for further pain and the trauma associated with foreclosure.

A slow increase in mortgage rates will reduce the number of qualified buyers. As we experience the higher mortgage payments associated with rising interest rates, many will fail to qualify for loans on the homes of their choice. Others, having been "spoiled" by the low rates of the past decade, will stay out of the market hoping for a return to those rates.

Tighter lending restrictions will also result in fewer buyers qualifying for home loans. And the restrictions, combined with the declines in credit scores experienced by millions of consumers will only further reduce the number of buyers.

Additionally, there are other factors such as: high levels of consumer debt, changing demographics, and a diminishing of the appeal of home ownership as a result of experiences during the current recession, will only serve to dramatically alter the housing market for the foreseeable future. While there will always be a group committed to home ownership and will always be homes available for them to purchase, an expectation that the housing market will soon recoup its losses and regain its momentum, for me, seems extremely unlikely.

The Housing Guru: The one source for all your housing questions

Six Reasons Why the Springfield Housing Market Peaks Can Not Return

The Springfield real estate market has seen a slowdown in the past several years, with more foreclosures, short sales and price drops.  But across the country the housing market has taken a beating.  Joe Mulkey wrote why the housing market peaks can not return......at least for the next few years. 

Via:  Joe Mulkey   Six Reasons Why the Housing Market Peaks Can Not Return

Recent conflicting reports about the housing market and whether or not it is truly in recovery have left consumers as well as those in the real estate business more than a bit confused; those whose business plan is dependent upon a full or quick recovery should proceed with caution. I believe the housing market is far from recovered, and, in fact, will not return to the levels of the past decade for many years-if ever. I see six reasons why the housing market peaks can not return, that it will never regain its past "glory days."

Robust home sales are dependent upon consumer confidence in the economy. Consumers must feel that both their personal economy as well as that of the nation is on sound footing before committing to such a major, long-term purchase, especially on the heels of the longest recession in more than half a century. Thus far, consumers are far from confident.

A vigorous recovery of the housing market cannot occur as long as we have unusually high unemployment. While there is much disagreement on when and how our recovery will occur, the financial experts all agree that unemployment will remain at higher than normal levels for several years, and some projections do not indicate a recovery to "full" employment for as much as ten years. With at least 20 million unemployed or underemployed, and with awareness that many of the jobs lost will never return, a high rate of joblessness could possibly become the norm.

The dramatic loss of home equity will significantly limit the pool of available move-up buyers. In the past, move-up buyers used the equity from their former home to help them purchase a larger/more expensive one; however, declining home values with the associated loss of trillions in equity means fewer sellers will have the resources to purchase another home.

A continued high rate of foreclosures will depress both the housing market and the hopes of many potential buyers. The millions who have experienced foreclosure will be automatically ousted from the buying pool. For some, several years of damage to their credit rating will be the defining factor; and others will become permanent renters, avoiding the potential for further pain and the trauma associated with foreclosure.

A slow increase in mortgage rates will reduce the number of qualified buyers. As we experience the higher mortgage payments associated with rising interest rates, many will fail to qualify for loans on the homes of their choice. Others, having been "spoiled" by the low rates of the past decade, will stay out of the market hoping for a return to those rates.

Tighter lending restrictions will also result in fewer buyers qualifying for home loans. And the restrictions, combined with the declines in credit scores experienced by millions of consumers will only further reduce the number of buyers.

Additionally, there are other factors such as: high levels of consumer debt, changing demographics, and a diminishing of the appeal of home ownership as a result of experiences during the current recession, will only serve to dramatically alter the housing market for the foreseeable future. While there will always be a group committed to home ownership and will always be homes available for them to purchase, an expectation that the housing market will soon recoup its losses and regain its momentum, for me, seems extremely unlikely.

The Housing Guru: The one source for all your housing questions

How Can A Pre-Listing Inspection Help You Sell Your Springfield Home?  Here's a Few Ideas!

Most sellers wait until they have an offer on their home to find out they have major problems such as cracked foundations plumbing problems, termites or a bad roof.

Home inspections before you get an offer will allow homeowners to make necessary home repairs that might avoid problems. Homes selling in today's market must be free of problems and a great buy.  Short sales do not have to be inspected until bank approval, but a pre-listing inspection will help keep the buyer froma walking once the bank has approved the sale.

Sheree Wilkerson of Active Rain wrote a great post:

Via:  Sheree Wilkerson

Pre-Listing Inspection?  What's the Point?

Occasionally I get asked about pre-listing inspections, and I've been recommending them more and more lately.   A pre-listing inspection is in fact a home inspection done by the seller prior to listing their home.  

Now why would you inspect your house before you have a buyer?  That I have many good answers for!

1. If there's a large problem with the home that you were unaware of, you can then decide whether you can price accordingly or whether you might be able to move at all.  Much better to find this out now than when you're in the middle of selling with a buyer on the hook and possibly involved in your next property as well. I have had a buyer inspection discover something so severe that there was no way the seller could fix the home and still afford to sell.

2. It gives you a chance to fix items on the list at your own time and leisure, meaning that you can shop for repair bids or get it done yourself.  When a buyer finds it at their inspection, you may only have a week to get items done before closing and they may ask for specific contractors, which could easily cost you more than the inspection would in the beginning.  

3. Fixing items before listing helps your home show better as it will appear obviously well maintained and there will be less items that buyers and their agents will notice.  Therefore they are more likely to give their best or better offers than if they saw unrepaired items from the get-go.

4.  Being able to market your home as pre-inspected gives a nice warm, fuzzy confidence to a buyer that there shouldn't be any big surprises lurking down the path.  You can easily provide the home inspection and evidence of repairs, which again should lead to better and higher offers.  Lots of offers hedge against the unknowns that may be found at inspection time.

5.  Already having an inspection and repairs done, the buyer's own home inspection contingency should be a breeze.  There may be minor discrepancies between what everyone finds, as inspectors are human and each may miss or catch something the other doesn't, but anything of big concern should already be known.   Since many contracts fall apart at inspection time, having already been through an inspection means that you're much much more likely to keep your deal together and get to closing.

6. Even if you're not making any repairs from the inspection, being able to provide this report up front should still mean better offers as buyers see what they are up against.  Many buyers who purchase as-is or TLC properties come in quite low because they don't know the extent of the problems until inspection time. 

I know, I know!  Inspections can run you hundreds depending on the size of your home.   But it may be better for you to spend a few hundred now than to lose a few thousand on the offer side of things.  And the peace of mind from knowing exactly what you're up against is great.  Selling a home is nerve-wracking enough just trying to find a buyer and wondering why all those other ones didn't like your house.  With a pre-inspection, you can negotiate with your buyer in the confidence that you know what's going on with your home and with a higher likelihood that the deal will stay together and close!

For a list of registered home inspectors in our area and to discuss how it may affect your particular situation, feel free to contact me!

Eight Ways To Avoid Springfield Foreclosures - Springfield Real Estate

Are you trying to sell you home and slowly getting behind in your payments?

Here are 8 ways to avoid foreclosure:

1. Rent the property. Renting is an option only if you are current in you payments.
2. Forebearance.  Contact the bank and work out a temporary repayment plan.
3. Refinance.  Refinance can help reduce your monthly payments and allow you to remain in the home.
4. Loan Modification.  Sometimes the bank will modify the loan terms enabling you to reduce your payments.
5. Sell the Home.  Selling your home may free up equity to help pay of the home.
6. Short Sale.  A Short sale will enable you to negotiate with the bank to accept a sale for less than what you owe.
7. Deed In Lieu of Foreclosure.  Most banks require you to try to short sale your home before they accept a Deed In Lieu of Foreclosure.
8. Bankruptcy.  Bankruptcy will only stall a foreclosure.  It will not prevent it.

Call today and allow our team of experts help you sell your home.

  

Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Greene, Christian and Webster Counties in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.

2010 Sales By City - Springfield Mo Market Reports

Springfield Listings have started off with more homes on the market, than sales.  This report shows the number of active homes listed in January and the number of homes that sold in the month of January for Springfield and surrounding areas. 

 If you currently live in SE and SW Springfield, the number of new listings soared, with 29% selling.  Republic also started the year off strong with 43% of their active listings selling in January.

The average sale/listing was 32%. 

Figures courtesy of MLS of Springfield. 

Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Greene, Christian and Webster Counties in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.

Elk Valley Estates - Ozark Mo Real Estate 

If you missed open house on Valentine's Day, you can still call to see.this beautiful home in Ozark on huge lot with loads of curb appeal. Outdoor spaces complete the perfect package. This home has over 2400 Sq. Ft.,  a formal dining, formal living and so much character to boot! The best of both worlds, feels like country living but so close to shopping, travel and entertainment. Must see property!  $140,000.

Click Here for directions.

Love a country setting with a 3 bedroom ranch home, mature landscaping and lots of quality updates?  This home could be a mini horse farm or just your own private retreat.

New tile, carpeting, warm neutral colors and a great open floor plan. The beautiful covered back patio adds additional living space for summer time entertaining. Split bedrooms floor plan, master suite with a private bath. Plenty of storage over garage. Storm shelter. Also includes a small storage barn, pond and is fenced for horses. Storage barn could be used for workshop/garage. Take A Peek!

This home is no longer available through RE/MAX.

Shhhhh! Don't Tell! Springfield Short Sales Are Successful!

Yes, I guilty.  I plead GUILTY!  I refused to show unqualified buyers houses in the Springfield Mo real estate market. 

I see "DESPERATE" written all over their faces and in their voices.     

When I make an appointment with a doctor, lawyer or even an accountant, I know that I'm going to meet with a professional.  Am I prepared to pay?  You betcha!  So why would you expect me to drop everything I'm doing to open a home, when you are not qualifed to buy?   I'm a professional, too. 

I've been selling Springfield Mo homes for twenty years and never in my career have I been confronted by so many phone calls begging to be shown homes by unqualifed buyers.  My sellers request I show qualifed buyers only.  They too do not want someone going through their home, if they are unable to buy.  

Here's how easy it is to buy a Springfield Mo home.

• First, call me.  I'll contact your lender or offer a list of lenders that I recommend.
• Second, once you are qualified, we meet once more and eliminate the homes that you do not want to see.  By the way, I'll also offer Buyer's Agency to you, unless you want me to work for the seller.  If that is the case, don't tell me anything you don't want repeated to the seller.
• Third, we now get in the car and preview the inside of the homes that are on your list.
• Four, we go back to the office and write an offer on your favorite home, after checking to make sure the home is priced right.  Checking out prices, keeps us from writing a "LOW BALL" offer that doesn't get accepted.  Listen to me.  I'm your professional.  I do know the market.
• Five, our offer is accepted.  Inspections are completed.  We close within 30 days and TAAA DAAAA.......you just bought your dream home.

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Now, how simple is that?  It's called buying Springfield Mo real estate, the right way. Thank you Mr and Mrs Home Buyer for having confidence in my years of experience and allowing me to assist you.
 

Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.