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

Everyone has their reason why they want to be a homeowner. For some it is a stable place to call home. For others it is an investment in their future. Since the $8,000 first time home buyer tax expired many would be home buyers are having a hard time to find the justification for buying a home. They are thinking that prices may go down or that the economy will slip back into recession. Well I am here to give 2.75 simple reasons on why you should buy now and I mean right now today. 

1. On October 4th 2010 FHA is raising it's monthly mortgage insurance. What the heck is that? Any loan that has less than 20% down payment charges you the borrower a monthly premium to purchase mortgage insurance and FHA is raising the rate on all loans after October 4th. This change will cost you the new home buyer anywhere from $35 to $75 more dollars per month. 

2. FHA mortgages are at there lowest fixed rates ever. I did say ever? If you are like most first time buyers you will probably only stay in your home for 5 years or less? So why not get an FHA 5 year ARM. The Rate is fixed for 5 years and you want to know what the rate is? You guessed it 2.75%. Now I know what you are going to say, "what if we stay longer" After the 5 years the rate can only go up 1 point per year. After living in your home for 7 years your max interest rate would be 4.75%.

and now the .75 reason to buy today and it is a very simple reason. There are a lot of awesome homes available. But to make it even better, you won't have to fight every tax rebate wanting buyer away from you favorite home like it was in April.

Below you will find links to all of the best homes in Johnson County Kansas and the Kansas City Metro Area, Click the link, find a great home then call Michael Russell at 913-735-7104 to see all of the best homes.

HUD homes are great opportunity for a first time home buyer that doesn't have a lot of money for a down payment. You can purchase a HUD home in Overland Park with only a $500 down payment. In addition to the low down payment requirement HUD guidelines allow you to request up to 3% in closing costs assistance. If you have been considering purchasing a home in Overland Park but have been holding off due to lack of down payment you might want to consider a HUD home. Currently there are 7 HUD homes available in Overland Park Kansas. HUD has 2 listing days each week were new HUD homes are listed if available.

To see a see a list of Available Overland Park HUD homes Click Here

Not just looking for Overland Park? We can help provide you with a list of HUD homes for Johnson, Wyandotte or Jackson County HUD homes for sale. Contact the Russell Home Team at 913-735-7104 or email us at info@russellhometeam.com  

It is official, RE Bar Camp is coming to Kansas City. Mark your calendars for October 13th and clear the whole day and possibly the evening to. So what is an RE Bar Camp?

ReBarCamp is a  Free ad hoc gathering of Real Estate marketing, social media and tech folks who share new ideas, listen and network in a laid back casual environment for one day of sessions and conversations.

The website is live and can be found at  REBarCampKC.com Come join us for an awesome day of learning in the BBQ Capital of the US. 

Just Listed

4436 Cambridge Street

Kansas City Kansas 66103

$125,000

• 3 bedrooms
• 2 full baths
• Hardwood Floors
• remodeled kitchen
• 2 remodeled baths
• adorable bungalow style home
• close to KU Med and the Plaza

• over 1000 finished square feet

for a private showing contact Michael Russell at 913-681-1383

For would be home buyers in Johnson County Kansas there are very few down payment assistance programs. You have HUD homes that are available with $100 down payment but the selection of homes is usually pretty low and many are in very poor condition. Another option is a VA loan but those are only available to current Armed Forces and veterans. 

One really good option has been USDA Rural Development Loans, these government loans require no down payment. The only stipulation is that the home has to be in a USDA Rural Development zone. For Johnson County Kansas that encompasses areas of Gardner, Stilwell and Spring Hill. Earlier this year the USDA ran out of money to fund these loans and while congress did add emergency funds to the program most banks were unwilling to underwrite these loans due to changes in loan guidlelines.

Well some recent changes to guidelines has reopened the door to USDA Loans and most banks are underwriting USDA loans again. 

If you are looking for a home and need down payment assistance or simply lack the 3.5% down payment needed for an FHA Loan then a loan backed by USDA might be a good option for you.

For more information on USDA Rural Development Loans contact the Russell Home Team at 913-681-1383

To view Gardner Kansas homes for sale click Here

To View Stilwell Kansas Homes for Sale Click Here

To View Spring Hill Kansas Homes for Sale Click Here

Birchwood Place and Birchwood Hills in Overland Park Kansas. Located near the intersection of 143rd and Antioch has remained one of Overland Parks favorite subdivisions. It's close proximity to Blue Valley Schools, shopping, movie theatre and more make it a very desirable place to call home.

Birchwood Place and Birchwood Hills offer a diverse selection of 2 story homes at very affordable prices. For more information on the Birchwood subdivisions contact the Russell Home Team at 913-735-7104

Last 6 months home sales in Birchwood Place & Birchwood Hills 

Homes Sold                                                  5

Average List Price                                   $295,190

Average Sales Price                               $289,490

Highest Sales Price                                 $322,500

Lowest Sales Price                                  $264,950

Average Days to Sell                              45

To see all Birchwood Place and Birchwood Hills homes for sale Click Here

To learn more about the Russell Home Teams Sell for Le$$ listing plan Click Here