Clean out your closets then come to The Promenade at Chenal this Saturday March 17th from 10 am - 2 pm to learn about RECYCLE - EDUCATE - DONATE, a new citywide recycling initiative.  You can:

• Meet Cycler Robot
• Bring gently used clothing and shoes to donate to Goodwill Industries of Arkansas and receive coupons for use at participating stores and restaurants in The Promenade at Chenal
• First 100 customers will receive a FREE canvas tote.

Great outdoor educational opportunity to begin spring break!

The annual mortgage insurance premiums (MIP) will increase 25 basis points effective for all FHA case numbers assigned on, or after, April 9, 2011 adding $250 to an FHA-insured homeowner’s annual loan costs per $100,000 borrowed.

Why are the FHA premiums rising?  The Federal Housing Administration’s role in the U.S. housing market is larger today than it was just 5 years ago. Their records indicate that FHA’s percentage of purchase money business in Arkansas and nationwide grew from 4% in 2006 to 19% in 2010.  This rapid growth has stressed FHA's capital and increasing the MIP is a way of bolstering its reserves which by law FHA must maintain minimum levels.

Beginning April 9, 2012 - below are the new insurance premiums according to loan term and loan-to-value.

• 15-year loan term, loan-to-value > 90% : 0.50% per year
• 15-year loan term, loan-to-value <= 90% : 0.25% per year
• 30-year loan term, loan-to-value > 95% : 1.15% per year
• 30-year loan term, loan-to-value <= 95% : 1.10% per year

If you would like to calculate your monthly mortgage insurance premium, multiply your starting loan size by your insurance premium, and divide by 12.  No change is planned to the 1% upfront mortgage insurance premium FHA charges.

If you are planning to purchase a home and finance it with an FHA loan get busy before the rates increase in April.  If you have questions about real estate give me a call at 501-580-3649.

http://www.countyservice.net/assess.asp?ID=pultax

Assessing online is quick and easy - TO AVOID a PENALTY - assess by May 31, 2012!

1) Never in the history of financing homes has the interest rates been as favorable as they are right now! For a couple with an excellent credit score a 30 year fixed rate loan is under 4%!

2) Real Estate values are at record lows. Economic pressure has created an favorable environment for those who have the money to buy - Rule of thumb - don’t plan to move for approximately 5 years which will allow time for equity to build in your home.  There is a nice selection of homes in the Little Rock area from which to choose - from existing homes to new construction.

3) Home ownership provides tax benefits by allowing mortgage interest to be deducted on your Federal & State Income Tax report.

4) If you maintain the interior and exterior of your home your annual repairs should be minimal. In order to help off set big ticket repairs - like a Hot Water heater or HVAC system - there are Home Warranties that are available and renewable for 1 year at a time for a reasonable fee. Making upgrades such as kitchen, bath and flooring can add value to your home.

5) Many times you get a much larger home and for less money than you would when renting - real estate in Central Arkansas has always been a good investment.

In Arkansas there is still First Time Home Buyer assistance money provided by the state - it is income qualifying!  Here is the ADFA link - http://www.arkansas.gov/adfa/programs/American%20Dream%20Downpayment%20Initiative.html.  There is also 100% rural development financing available.

If you want more information about Buying real estate, Financing information, First Time Buyer assistance or Home Warranties. Give me a call - 501-580-3649. 

Bringing Central Arkansas home buyers and sellers together is what I do best!

Paramount for the developers is a high regard for responsible planning and land management which is the driving force behind their low impact development approach.  You will notice they have preserved the natural vegetation along the roadway while entryways and buffer areas contain a mix of hardwoods, pine, native trees and vegetation.  The result – an environmentally sensitive, green neighborhood and Arkansas' first and only Green Certified Neighborhood

While Woodlands Edge has expanded to more than three times its original size not all of the land has been planned and most of it is yet to be developed. Today there are approximately 400 family homes and it is estimated that there will be from 700 to 800 families living in Woodlands Edge when it is fully developed.  This planned development includes an active POA that manages the business and all facilities owned by the Association.  Currently there are 5 miles of hiking trails and when completed a total of 12 miles will pass through many of the preserved greenbelts.  Families can enjoy the pool, club house, tennis courts, playground and picnic area as well as a fishing lake, Hidden Pond, that has been stocked by the Arkansas Game & Fish commission and is open for catch and release fishing only. Many of the residents agree that Woodlands Edge “Feels like we’re living in the country” and you often hear comments like “We love the space! Homes are not crowded together.”  Woodlands Edge – Come discover what they are talking about.

Do you have a favorite neighborhood you would like highlighted – let me know.  My goal is to showcase how great a place Little Rock and the surrounding areas are to live in.   If you would like more information on Central Arkansas homes give me a call at 501-580-3649.

Current Active Listings

Act. Hms                     List Price Range           SF Price Range       Avg Days on Mkt

  30                              $225K-$1,250K                 $73-$180                          109    

2011 Sold Activity

Sold Hms                    List Price Range           Sale Price Range    Avg Days on Mkt

 50                                $199K-$1,295K             $192K-$1,200K                  69

Do you have a favorite neighborhood you would like highlighted – let me know.  My goal is to showcase how great a city Little Rock is to live in.   If you would like more information on Central Arkansas homes give me a call at 501-580-3649.

Click to download a PDF of the full report.

Despite the decline, the assocation report on the 42-county area shows a rise each month of this year, beginning with 1,265 homes sold in January and reaching 2,346 homes sold in June.  First quarter results are 4,558 homes sold and 6,607 homes sold in the second quarter.

"Our data also shows that June home sales were 9 percent higher than May, and that home prices increased by 7 percent during the two months," Amy Glover Bryant, the Arkansas Realtors Association's communications director said. "I feel confident that this upward trend will continue and we will see a sizable jump in July's housing numbers."  This is welcomed news for home owners who need to sell their property.  Despite the summer heat homes sales have been good and a 6 percent rise in home prices may be just what sellers need to encouarge them to enter the market.

Interest Rate              House Price                          Savings/Purchasing Power

1/2 percent decrease      $400K                                     $25,000

1/2 percent decrease      $200K                                     $12,500

1 percent decrease         $400K                                     $50,000

1 percent decrease         $200K                                     $25,000

2 percent decrease         $400K                                     $100,000

2 percent decrease         $200K                                     $50,000

Interest rates on 30 year loans are in the 4.25-4.5% range and for 15 year loans - just under 4% for those with excellent credit scores.  If you are waiting for prices to go lower or the interest rate to go lower - DON'T!  We are getting indications that interest rates are to rise by first quarter of 2011.  And if the interest raises by the same percent - you LOSE that much saving or buying power.  Have we hit the bottom of the market - How much will interest rate rise - don't know.  But NOW is the time to act!  To see all my listings go to www.LittleRockARhomeSource.com.

Even with the tax credit eliminated for new buyers, there has never been a better time to purchase a home.  Interest rates are at record lows.  Contact me for more information.

FHA insured mortgages for purchases and non-streamline refinances will increase from 1.75% of the base loan amount to 2.25% and streamlined FHA refinances (refinancing an FHA underlying mortgage) will increase from 1.5% to 2.25%.

The following changes should take place for FHA loans by early summer:

• Seller contributions towards allowable closing costs reduced from 6% to 3%.
• Increasing the down payment requirements for lower credit scores (risk based underwriting).   Buyers with a 580 score would need a minimum of 10% down payment.   The upfront MIP increase will go into effect just 25 days before a home buyer needs to be “in contract” to qualify for the home buyer tax credit.

A delay in purchasing a home can cost you more money. If you are thinking of purchasing a home get to your mortgage lender today and get your financing in order.

Many home buyers, sellers and residential real estate professionals alike are interested in knowing how the 2008 market is going to shape up compared to that of 2007. While the residential real estate market is 23 days old in 2008, here is what we know so far about the market in West Little Rock Arkansas.

Friday, December 17, 2007, the Senate passed a bill (93-1) to increase the maximum FHA loan amount to $417,000 for a single family residence. The current limit is $362,000. This loan amount matches the current conforming loan amount for conventional loans.  This will give some homeowners struggling with a decline in value the opportunity to refinance their current loans into a more stable FHA loan.

If you need assistance with a home in Central Arkansas give me a call - 501-580-3649.