McLellan Associates's Bloghttp://www.LittlerockARhomeSource.com/blogLittle Rock AR real estate market news provided by McLellan & Associates Real Estate GroupSat, 22 Dec 2007 00:26:00 GMTTax Credit Still Available for Two Specific GroupThere are still two groups of people that can qualify for the $8,000 Federal Tax Credit.  According to the IRS if you are a member of the military or certain other federal employees that have been serving outside the U.S.you have an extra year to purchase a principal residence and qualify for the tax credit.  That individual must enter into a real estate contract by April 30, 2011 and close on the property by June 30, 2011.

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.

]]>http://www.littlerockarhomesource.com/Blog/Tax-Credit-Still-Available-for-Two-Specific-Grouphttp://www.littlerockarhomesource.com/Blog/Tax-Credit-Still-Available-for-Two-Specific-GroupThu, 01 Jul 2010 10:04:00 GMTFHA to INCREASE MIP on ALL NEW LOANSEffective on FHA insured loans with case numbers assigned April 5, 2010 or later, the upfront mortgage insurance premium  (MIP) will increase.  Usually the FHA upfront MIP is financed, however it can be paid as a closing cost  (which is how the 2010 GFE discloses the premium). 

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.

]]>http://www.littlerockarhomesource.com/Blog/FHA-to-INCREASE-MIP-on-ALL-NEW-LOANShttp://www.littlerockarhomesource.com/Blog/FHA-to-INCREASE-MIP-on-ALL-NEW-LOANSMon, 25 Jan 2010 11:12:00 GMTReal Estate Report: The First 24 Days of January 2008A brief market comparison of the first 24 days of 2008 versus that of 2007 of properties in West Little Rock Arkansas.

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.

The statistics presented for Little Rock include MLS areas 007 and 017 which include the following subdivisons:  Walnut Valley, Pleasant Forest, Pleasant Valley, Cherry Creek, St Charles, Villages of Wellington and Chenal to highlight a few.

In 2008, there have been 21 closed contracts for detached residences.  The homes had an average market exposure time of 77 days. The average selling price was $281,761.

In 2007, there were 34 closed contracts for detached homes over the same market period. In 2007, the average marketing time was 73 days. At that time, the average selling price was $312,232.

There was a 40% decrease in transactions in 2008 compared to same period of time in 2007.  Additionally there was a 10% decrease in the selling price in 2008 compared to 2007.  Average days on market has increased by 4 days for same period.

Currently, there are 492 active listings in these two MLS areas (007, 017) which indicates an approximate 23.5 month inventory confirming a strong buyers market.
As we progress through 2008, I will keep my readers apprised of the market in the Central Arkansas area.  If you have an inquiry about your own property, just  email me at stan@mclellanassociates.com or call me at 501-580-3649.
]]>http://www.littlerockarhomesource.com/Blog/Real-Estate-Report-The-First-24-Days-of-January-2008http://www.littlerockarhomesource.com/Blog/Real-Estate-Report-The-First-24-Days-of-January-2008Thu, 24 Jan 2008 22:30:00 GMTStill a Great Time to buy a HomeHome ownership is still within reach and one of the best investments you can make.  Interest rates are still offered at incredible rates and terms with good credit. 

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.<--break-> 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.

]]>http://www.littlerockarhomesource.com/Blog/Still-a-Great-Time-to-buy-a-Homehttp://www.littlerockarhomesource.com/Blog/Still-a-Great-Time-to-buy-a-HomeSat, 22 Dec 2007 00:26:00 GMT