Overland Park KS Homes for sale & Johnson County Real Estate Blog: June 2010

Different people buy houses for different reasons but a couple of years ago everyone had similar thinking, a house was a really good investment. By the end of 2004 homeownership in the US was at an all time high of almost 70%.  It seemed like the price of home would keep rising forever and if you didn't buy now you might never be able to afford a home. Well we found out the hard way that what goes up must come down and it came down with a thud.

We as Americans have had to reevaluate our reasons for owning a home. Gone are the days of double digit appreciation and cheap home equity lines of credit. No more using your house as an ATM machine for quick getaways to the Bahamas or that new fishing boat. Today would be home buyers have to come back to the reality of why do I want to buy a home? Here are a couple of reasons you might want to consider.

Stability and sense of community- Owning your own home gives you a chance to lay down roots and be part of a neighborhood or community that fits your lifestyle. Maybe you are an artist and want to be close to local galleries or you are very active in church and want to be close by. Homeownership allows you to build a life around what is most important to you.

Schools- Especially here in Johnson County, schools are extremely important. Not just your school district but a specific school. Being a homeowner means never having to leave that school. 

Individuality and personalization- Owning your own home gives you a chance to make it your own. Do you like crazy colors? no problem it is your home. Want a hot tub, go get one. When it is your home, it is yours to do what ever want. Well at least anything that is legal.

Equity and tax breaks- Yes, equity. while the value of homes have fallen since the peak in 2006 and there is no guarantee that your homes value will appreciate. Homes in the Kansas City metro area have historically appreciated about 5% a year. I know that doesn't have the sizzle of double digit equity growth like the early and middle 2000's but equity is equity and won't get any renting. Don't forget about the tax breaks, as a home owner you get to not only write off the interest but you also get to write off your property taxes. For a lot of homeowners those are some pretty big numbers.

Those are some of my thought but I want to know what you think? Why do you want to be a homeowner? or why do think being homeowner is not a big deal anymore? 

Johnson County Kansas Home Owners

Are you behind on your Mortgage? Read this blog to learn about your options.

Don't be foreclosed upon!

When a homeowner starts to fall behind on their mortgage payments they start to wonder what their options are? How many payments can I miss before the bank starts foreclosure? Will my bank work with me to catch up? Can I sell my house even if it is worth less than I owe the bank?

These are all great questions but unfortunately there is no one size fit's all answer. However there are always options if you are willing to explore them. The thing to remember is that banks are in the home loan business and not the home ownership business, they don't want to foreclose your home.

The first question you need to ask yourself is, Do I want to stay in my home? If the answer is yes then you need to consider these options

1. Loan Modification- Ask your bank to change your terms. If you have lost your job or have taken a new job with a lower salary the bank will consider changing your interest rate and (or) lowering your principal. The banks have been given incentives by the government to help make this a reality for you.

2. Refinance- Yes even if you are behind on payments you may be able to refinance to better terms. If you had an adjustable rate that has ballooned or had a teaser rate, or maybe a second mortgage you could refinance to a single fixed rate loan that will lower your monthly payments.

Now if you have decided that you don't want to stay in your home or if the above options will not work for you there are several options that you can pursue.

1. Foreclosure- You could allow the bank to foreclose. This should be your last option but since almost 50% of foreclosures happen without a single call to the bank I thought I would mention it first. Remember this should be your last option, not your first.

2. Deed in lieu of foreclosure- Better known as a voluntary foreclosure. Pretty simple, banks asks for a foreclosure and you agree. It saves the bank the trouble of going through the legal process to foreclose your home and your credit takes less of a ding than a foreclosure. This is a better option than foreclosure but is still not your best option.

3. Short Sale- This is where you sell your home. Since your home is most likely worth less than the loan you must request that the bank accept less, hence a Short Sale. Right now this is most likely your best option. Banks are willing to accept less because as mentioned above they don't want your home. Also according to Fannie Mae guidelines you are eligible to purchase a home again in only 2 years compared to a minimum of 4 years after a foreclosure.  

If you are struggling with your mortgage and want to know you options call us, The Russell Home Team has the experience no matter what direction you choose. We can direct you to Certified work out counselors not the scam artist calling you and asking for $2000 to help modify your loan. We know how to sell your home via short sale.

You can call The Russell Home Team at 913-681-1383 or email us at info@RussellHomeTeam.com 

Are you looking for a way to get a good deal on a house in Olathe Kansas? Maybe you should consider a house at auction? There are 2 homes coming up for auction in Olathe. By purchasing at auction you will be able to bid what you feel is an appropriate price for the house or decide to walk away if the bidding goes higher than what you are comfortable with.

Auctions are increasingly becoming the best way to find deals before they become open to the public. A couple of key things,

1. you must register with the auctioneer before bidding

2. you will need to be pre-approved for a mortgage or have a letter proving available funds for a cash offer

3. you will be required to provide a deposit immediately after a successful bid

It is highly suggested that you contact a local realtor to assist you, the realtors fee is paid by the seller and will not affect the price you pay. Don't turn down a free service from an experienced professional! 

An experienced realtor will be able to preview the properties with you, help find comparable sold properties to assist with pricing strategies and give you the appropriate information to make an educated bid.

On June 17th there will be 2 Olathe homes up for auction

A 4 bedroom 3.5 bath 3100 sq ft home in Cedar Creek with an opening bid of $50,000

and

A 3 bedroom 2 bath home in Bradford Falls with an opening bid of $25,000

For more information on either home or to preview either home contact the Russell Home Team at 913-681-1383 or email us at info@RussellHomeTeam.com 

New Shawnee HUD Home

Just listed in Shawnee Kansas, 3 bedroom 2 bath HUD Home for $121,500. This Shawnee Kansas HUD home is available with only a $100 down payment and HUD will pay up to 3% of your allowable closing costs. In addition a $1500 bonus will be paid at closing for a full price offer as part of the Santa Anna incentive program.

Call the Russell Home Team today at 913-681-1383 to view this Shawnee Kansas HUD home or you can email us now at info@russellhometeam.com for a current list of all available HUD homes in Johnson County Kansas.

To see pictures and to get more information use our links below.

Hampton Place Overland Park Kansas

Home Sales Report

January 2010 to April 2010

The Hampton Place subdivision in South Overland Park Kansas is highly popular destination for families. The combination of quality 2 story homes, good schools and a high quality of life make it one of Overland Park best communities.

Developed by renown local builders Acuff and Rhodes Hampton Place boasts one of the largest community pools around and has a strong Homeowners Association that promotes community unity through events like a community picnic, easter egg hunt and the Radio Disney show.

Hampton Place borders the corner of 159th & Nall and is close to shopping, restaurant and downtown Kansas City. Hampton Place is also part of the coveted Blue Valley School system, the subdivision borders the new Sunrise Point Elementary school and feeds into Blue Valley High School. 

For more information or a tour of Hampton Place contact the Russell Home Team at 913-681-1383. We know Hampton Place because we live in Hampton Place.

Now here is the home sales report

Active Listings                     12

Homes under contract           3

Homes Sold                            6

Average Sold price           $263,583

Lowest sales price           $227,000

Highest Sales Price          $360,000 (Sold by The Russell Home Team)

Want to know what your home is worth? Call us we know Hampton Place

New HUD Listings in Olathe Kansas for June 2010

Are you  looking to buy a home in Olathe Kansas? Do you lack the 3.5% down payment needed to buy? Then you must take a look at these 2 new Olathe HUD homes. They only require a $100 down payment and HUD can pay your closing costs.

HUD homes are sold on a auction basis and both of these homes have 6 days left to bid. You contact the Russell Home Team today for a free list of all Johnson County Kansas HUD homes today at 913-681-1383

New HUD listings for JUNE

3 bedroom 1 bath ranch $75,000

4 bedroom 2.5 bath 2 story $175,000

Not what you are looking for? Want to be updated on all new HUD homes? Contact us and we will send a list weekly of all new HUD homes. Send an email to info@RussellHomeTeam.com with the subject line "Free HUD Homes List"