The CENTURY 21 Newsletter 01/29/2009 A Special Message: There is Good News in our local market. Homes are bargains today, mortgage rates are low, and our lenders are in the process of re-building their portfolio standards. Yes, buyers will be required to have larger downpayment and loan guidelines will be more stringent, but this will lead to investment solvency. Help save the American Dream -- Invest in an American Home today. Barbara Travers CENTURY 21 Key Realty goldjacket@aol.com 980 North Kingshighway, Cape Girardeau, MO 63701 Phone 573.334.7736 Cell 573.576.5915 Fax 573.334.1600 http://www.century21key.com/ brokers.htm A New Lending Landscape It may seem like a tough time to be in the market for a home. In the wake of the sub-prime mortgage crisis and the related banking upheaval, lenders have tightened their purse strings and put the brakes on issuing homes loans, at least at the rates and terms that were prevalent just a year to six months ago. But not all the news is bad for today’s buyers. First, this new approach to lending can reduce the risk that you be a victim of unscrupulous lending practices. As a result, this more stringent approach may work to your benefit. Use this time to learn as much as you can about the current lending landscape. Read articles in the newspapers and online. Reach out to your Realtor® and ask for his or her interpretation of the recent developments. It is also wise to spend time analyzing your own finances including your income, assets, expenses and credit score. If you know your own budget and financial qualifications inside and out, you will know what is realistic and what is too good to be true. Once you have identified what you want and are prepared with your own facts and figures start making some calls. Banks and mortgage companies may have reined in their lending, but it is still a free and competitive marketplace. Search for the best rates and terms available. However, if you feel you may get a better offer in a few weeks or months, and your timetable permits it, wait a bit. The advice of your real estate professional will be invaluable when making this decision. Finally, remember that the real estate marketplace still favors buyers. The inventory of homes exceeds the current demand in most locations, so you have the opportunity to be more selective and a little more demanding at the bargaining table. Hello Inspector There are many steps along the way to closing day. One of the most important is the home inspection. This is your chance to have the home reviewed by a certified professional who can identify the property’s strengths and weaknesses. Now the question becomes, “How do I find a qualified inspector?” Referrals are probably the best bet. Ask your real estate professional, friends and family who they recommend. But no matter who you choose, you need to ask a few key questions. Are they a licensed home inspector? Most states require inspectors to hold a professional license. Ask to see the license or that a copy is faxed to you. What are your qualifications? Find out if they take continuing education courses, how long they have been in the business and how many inspections they have completed. You may also ask for a list of references. Are they a member of a professional association? There are national and many state associations for home inspectors. Ask to see their membership ID. Are they insured? Inspectors or their employers should carry Errors & Omissions (E&O) insurance as protection in case something is missed or overlooked. What process do they follow for the inspection? Here you want to find out if you will be able to attend the inspection. (Note: this is a great time for you to learn about the property first hand.) Also inquire about the cost and when the final inspection report will be ready.   Think Ahead November is a time to give thanks and share blessings. If you want to support your local food bank, start by picking up the phone. Inquire about what special needs they might have. They could be wishing for items you just wouldn’t think of. A little forethought can mean a better holiday for others. Featured Listings: 208 Florence, Jackson 5 bedroom - 2 bath MLS# 61524 Impressive turn of the century home 11' ceilings, very large rooms, and hardwood floors under the carpet. Flat roofs on porches are re-roofed. Foyer 19x16 with impressive open stair case. Bath in basement & kitchen cabinets 2 yrs old, also appliances. Main roof 8 yrs. Beautiful original millwork & stained glass windows. Listing agent: Jane Clark 573-27-0250 $159,000 - View Listing   1635 Themis, Cape Girardeau 3 bedroom - 2 bath MLS# 61476 Charming brick home in Sunset Area. Archways define space between breakfast & kitchen. Large bedrooms upstairs with ample storage. The backyard has a privacy fence and provides a quiet retreat. The exterior wood is being painted as is some of the interior. $139,900 - View Listing   If you do not wish to receive emails click here. This will ensure removal from the mailing list. © 2009 Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Century 21© is a registered trademark licensed to Century 21 Real Estate LLC. Each CENTURY 21 office is independently owned and operated. All rights reserved.       Proud supporter of Easter Seals