Overland Park KS Homes for sale & Johnson County Real Estate Blog: March 2008

Spring is on the horizon and it usually means that home buying season is about to start. However, most of us a expecting something different this year. While many home owners want to sell, most are taking a wait and see approach. With the Presidential election, possible recession, rising gas prices and such it seems that selling or buying a house might be the furthest thing from most peoples minds.

As American's we tend to gravitate towards bad news and the housing market has been a major source of bad news for a least a year now. Youv'e heard it mortgage crisis, foreclosures, declining prices but what does that mean for home owners in Johnson county Kansas?

For many Johnson County home owners it will mean a missed opportunity. I know some of you are thinking, a missed opportunity? I mean exactly that. Every real estate market provides oppotunity to someone. Since real estate is always moving in a direction there is always something to gain or lose. Some people profit on others misery while other profit from hard work. Let me give you 2 scenarios:

Scenario 1: John & Mary bought there first home in 1998 for $150,000, it was a cozy ranch in a nice neighborhood. Since then they have had 2 children and now the house is a little small for their needs. The great news it that their house is now worth $225,000. A nice $75,000 increase. Last year thety may have been able to sell that home for $230,000, so it is worth $5000 less than it's peak value. Now let's take a look at the home they want to buy. A 4 bedroom 2 story with 3 car garage. That home was selling for $400,000 last year but the builder has to many homes in inventory, so he slashes the price to $375,000 not only that he is offering a free basement finish worth $15,000 . So my house is worth $5000 less but the replacement home is $40,000 cheaper including the basement incentive.

Scenario 2: Bill & Wendy just got married and they are thinking about buying their first home. They had looked at some home last year but could't afford a house that met their needs. They want to live closer to the city, so they have been looking near Mission. That when we find a ranch that sold just 2 years ago for $120,000 now being listed by a bank for $100,000 Bill & Wendy's limit. Not only do they find a house that they couldn't afford last but they get a lower payment because of lower interest rates and the new changes made to FHA mortgages allows them to use grant money to help with down payment & closing costs.

So the question I want to ask is what are you waiting for? Buyers have been complaining about rising prices for years, now that they are on the decline you still don't want to buy. I am sorry but you can only stand in a puddle for so long until you get webbed feet.

So what is the cost of waiting? Everything, waiting will let this market pass you by. Waiting will let everyone else get the deals while you wait for the prces to go back up. Waiting is the difference between be a home owner and wanting to be a home owner. Don't believe me, let talk in 3 years and see.

If you don't want to be passed by attend my next buyers seminar. We will show you why now is the right time.

Copyright 2008 The Russell Home Team 913-681-1383 www.mikeRussellHomes.com

Are you looking for an affordable home in Overland Park Kansas? Well, this foreclosure might be your home. Price at $106,900 this 2 bedroom ranch has refinished hardwood floor and a remodeled kitchen. If you would like more information on this great little starter home please contact Michael Russell at 913-681-1383 or email me at michael@russellhometeam.com . Are you looking for something else, there is a great selection of homes available including but not limited to foreclosures, HUD & VA homes. There are also a lot of great deals on New and re-sale homes. If you have been holding off buying, now is the perfect time to see what themarket has to offer. Do you want to see some homes? Click the link below and call me to get started.

2008- The Russell Home Team 913-681-1383  www.MikeRussellHomes.com

Are You a Police officer, teacher, firefighter or EMT? Do you want to purchase a home in Johnson County KS? HUD realizes the importance that you bring to your community and they have special programs to help you purchase HUD owned properties. 

 ********** For Immediate Release, HUD Good Neighbor Next Door Program**********

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days

How to Participate in Good Neighbor Next Door

Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program.

HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement.

The number of properties available is limited and the list of available properties changes weekly.

 If you are interested in this program, please contact The Russell Home Team at 913-681-1383

                                                               To View Home For Sale Click Here

2008- The Russell Home Team 913-681-1383 www.MikeRussellHomes.com

Are you looking for your first home? Do you want to buy in Johnson County Kansas? Purchasing a HUD foreclosure might be the perfect opprtunity to get into the Johnson County real estate market. Right now there are 16 HUD properties available in Johnson County, plus there are new properties coming available every week. Now is the time to get into the market. The Russell Home Team is a HUD approved realtor and is experienced in helping buyers purchase HUD homes.

 *********For Immediate Release, HUD Announces New Incentives*********

 December 24, 2007: Effective January 4, 2008 HUD is offering a $100 Down payment initiative for the states of Kansas, Missouri, and Oklahoma. The $100 down payment is for owner occupants purchasing a HUD Home with FHA financing. This incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan (203K). It's a great time to Purchase a HUD Home with FHA financing. A $500 selling broker bonus will be paid on full price or higher offers for properties sold to owner occupants. A $1,000 Sales Allowance for owner occupant sales where a full listing price offer has been accepted and the listing price is $50,000 or less or a $1,500 Sales Allowance for owner occupant sales where a full listing price offer has been accepted and the listing price is $50,001 or more. The incentives will apply to properties listed on or after January 4, 2008. These incentives are specific to the states of Kansas, Missouri, and Oklahoma.

      To Search for HUD Homes Click Here                           

2008- The Russell Home Team 913-681-1383 www.MikeRussellHomes.com

Home Buyer Seminar

 The Russell Home Team in conjunction with Wells Fargo Home Mortgage will be hosting a home buyer's seminar on Tuesday April 22nd at 7pm. There has been a lot of changes in the home buying process over the last 2 years. If you are looking to buy a house this year, you can't afford to miss this opportunity. We will be discussing several topics including:  

• Foreclosures & Short Sales- How do they affect my home search
• FHA Mortgages- New Loan Limits & No Money Down Loans
• Grant Programs
• Move up Buying- Leverage the market into your dream home
• Q & A- Answering your important home buying questions

This will be an interactive seminar and is not just for first time home buyers. Please come join us and feel free to invite a friend.

The Seminar will be held at Realty Executives 11401 Ash Leawood, KS 66211   Directions: We are located 1 block east of Nall BLVD. at 115th st (Town Center Drive) in Leawood Kansas. Please see map below.

                          Search For Johnson County KS homes by clicking here

I wanted to be one of the first to let buyers know that our Federal Government made changes this week to the (FHA) Federal Housing Authority loan guidelines. They have immediately increased the FHA loan limit for Johnson County Kansas to $270,000. Not only that there is grant money available to help pay your Down Payment & closing Costs.

For those of you who have been on the fence about buying a home, now is your time. Don't hesitate because congress didn't make these Changes permanent. We do not know when the limits will go back to the old of $210,000.

For a free buyers consultation contact the Russell Home Team at 913-681-1383

To see all of the home for sale in Johnson County Kansas Click Here

Copyright 2008 The Russell Home Team www.MikeRussellHomes.com

Are you looking for a good deal on a foreclosed home in the Lenexa Kansas area. HUD has just listed this goverment owned foreclosure for sale. Located off of 93rd this 4 bedroom 2 bath home just might be what you are looking for. There are several other HUD foreclosures available in Olathe, Roeland Park, Gardner & Mission.

With the new FHA loan guidelines you might be eligible for a down payment & clsoing cost assistance grant. Don't hesitate because these HUD houses always sell quickly.

Please call me Michael Russell at 913-681-1383 or you can click on the link below to view HUD homes for sale.

Copyright 2008 The Russell Home Team www.MikeRussellHomes.com

Are you looking for a good deal on a foreclosure in Overland Park Kansas? Take a look at this 3 bedroom 2 bath home in Milburn Fields. Located close to 72nd & Lowell. This home will need a little TLC but at $139,000 list price you will have plenty of potential for sweat equity.

If you want to see this home give me a call or email me to request a list of current foreclosures.

Michael@RussellHomeTeam.com 913-681-1383

Copyright 2008 The Russell Home Team www.MikeRussellHomes.com

Listing provided courtesy of Keller Williams

Qualifying to buy a home in Overland Park Kansas just got a whole lot easier. The Federal Housing Authority has just raised the limit on FHA backed loans to $270,000. What does this mean for buyer's? Well it means that you can qualify for a loan with a 3% down payment with credit scores as low as 550. Using FHA also allows you to aplly for grant money. The grant money can be used for your down payment and closing costs. Essentially you can buy a house with no money down and no closing costs.

For those of you sitting on the fence about buying a house, congress only passed this change temporarily. If you wait too long it might pass you buy.

Remember that FHA backed mortgages are market rate, so you will not have to pay a higher interest rate to make up for less than perfect credit.

Interested? I would be. Don't wait call The Russell Home Team today to see the great selection of homes available.

2008- The Russell Home Team 913-681-1383 www.MikeRussellhomes.com

Daylights saving s time will come and go at 2am tonight, so by the time you read this it will most likely be Sunday morning. If haven't done it yet go set your clocks forward. The good news is that most electronic items reset themselves now. I stopped wearing watches years ago, so as long as my cell phone has the right time I will be in good shape. The best thing about DST is more time to ride my bike. What do you think about DST? Should be get rid of it? or is it still useful? Please let me know what you think

2008- the Russell Home Team 913-681-1383 www.MikeRussellHomes.com