Real Estate Information Archive

Selling a house is one of the biggest decisions that homeowners will ever make. Numerous factors are involved in the successful sale of a home. Choices such as selecting an agent, preparing the home, timing, and price all play a major role in a positive experience for homeowners, buyers, and real estate professionals.

The one decision most homeowners wrestle with is deciding on a sales price. Pricing your home to sell involves careful planning, looking at the market, and accessing the condition of your home. Many things are taken into consideration before deciding on a price.

Location

Being aware of your home’s location will provide additional insight into the pricing of your property. Things like power plants, busy roads, and a less than desirable view may all make your sale price lower, while benefits such as neighborhood parks, easy access to shopping, and beautiful views drive prices up.

Staging

Planting flowers, painting, and purchasing new throw pillows may seem insignificant, but these small changes can actually add up to thousands of extra dollars in a home's sale. Presenting a house in the best possible light is important. Creating an environment that is warm and inviting, and that prospective buyers can see themselves in, is the key to selling a house.

Comparative Market Analysis

Given all of these factors, one of the tools that a real estate agent will use to help determine a home's value is a comparative market analysis. This CMA can vary from a short document to one laden with details, but they all have basic things in common. All of them will look at the active listings, pending listings, and sold listings. Additionally, they may look at items such as properties withdrawn from the market and expired listings. A CMA is going to compare your home to other homes with the same square footage and amenities. This information will assist your real estate agent in pricing your home to sell.

When it comes time to sell your home, allow the real estate professionals at Prudential Ambassador Real Estate assist you through every step of the process. With years of superior service and satisfied customers, we are prepared to find the right buyers for your house and to help you find the home of your dreams.

Mortgage rates are on the rise according to some news sources. Reports are that the average rates on a 15-year fixed mortgage escalated above the three percent mark in late May. This was the first occurrence in more than a year, but many feel this rise in interest rates is only the beginning.

Freddie Mac reported that the average rate on a 15-year mortgage was 3.03% at the end of May. This was an increase from an all-time low rate of 2.56%. 30-year mortgages saw rates rise from 3.3% in early May to 3.91% at the end of that month. According to Doug Duncan, a chief economist with Fannie Mae, mortgage rates are unlikely to ever be that low again.

One of the reasons for record low rates was that the Federal Reserve had been purchasing around $85 billion a month in mortgage-backed securities and treasury bonds. This resulted in mortgage lenders being able to offer their loans at record low interest rates while still making a hefty profit. The Federal Reserve never intended these rates to carry on indefinitely, but rather were to taper off later this year. That timeframe has since been moved up to late summer or early fall.

Although mortgage rates have risen somewhat, they have nonetheless stayed low enough to help stimulate an increase in home purchases during 2012. In addition, home sales and market values have both increased across the country during the past two months.

Since mortgage rates are on the rise, potential buyers should strongly consider whether or not to take advantage of these lower rates. There are numerous advantages to purchasing now, and many people could find it in their best interest to go ahead and invest in the American dream of home ownership.

In any kind of market, whether slow or hopping, it is vitally important to show your house at its best. Home staging won't necessarily get a seller a better price, but it just might generate a faster sale. Staging the property means creating a great first impression and helping the buyer to envision it as "home". Here is how you can make some big changes, with little or no investment, in order to make your house stand out from the rest:

Curb appeal is important!

1. Take a look at the outside of the house from a distance. Look carefully for unsightly issues - from weeds to spider webs. Make sure all dirt and debris are swept or washed away. Put bicycles, tools and toys in the garage and out of sight.
2. Manicure the lawn. Make sure all the edges are clipped cleanly. Trim all hedges.
3. Use plants to brighten the environment. Flats of bedding flowers are an inexpensive way to add color to a garden. Even in winter, evergreens in urns can create a welcoming appeal at the front door.
4. If painting the exterior is out of the question, a good power wash will make a dramatic change to the outside walls. Don't neglect doors and windows.
5. Buy a new welcome mat, and polish doorknobs and hardware.

Move to the inside

1. Eliminate personal items. Looking at someone else's family photos on the wall won’t help make the buyer feel welcome. Get a jump on packing by putting all your personal effects away.
2. Clear the kitchen. Getting rid of all the clutter will make the kitchen appear larger and brighter. Countertops should be clear and sparkling.
3. Clear the bathroom. Use a basket, and place all necessary personal items that normally reside in the open, under the sink. Make sure towels are clean and fresh.
4. Minimize furniture to make rooms feel less crowded. Move unnecessary items to storage to create an airy feeling in each room.
5. Patch and paint the walls. Nail holes from all the photos that used to reside there are not attractive, and a fresh coat of neutral paint will make the entire house look newer.
6. Clean everything until the house sparkles. Make sure there are no unpleasant odors. Air fresheners for air filters will waft pleasant smells throughout the house with no visible source.

Home staging is very much like dressing well for a job interview. Dressing well won't guarantee you land the job, but dressing poorly will definitely dampen your chances.

With the barrage of information coming at first time home buyers from all directions, it's no wonder they often feel frustrated and confused when it comes to types of home mortgages and loans. Fortunately, many of the exotic loan types that surfaced before the housing market tumbled have been eliminated, and the buyer is left with fewer difficult or confusing choices. The remaining loan possibilities will be based upon the buyers need, credit history and resources. The first choice the buyer will face is whether to go with a fixed or variable interest rate. The second choice involves whether the loan will be conventional or government-backed. Here are some of the contributing details:

Fixed Rate

With this option the payment will be the same for the life of the loan. Although prime rates rise and fall, the mortgage payments and consumer rates will always remain the same. This certainly makes it easier to budget, and if the prime rate falls dramatically, it is possible to re-finance, although that means a new loan with new closing costs and possibly appraisal costs. Fixed rate loans are available for various time frames, but the most common are 15 and 30 year periods. This may be the best choice if the buyer intends to stay in the home for several years.

Adjustable-Rate Mortgages, or ARMs

These begin at a set rate and then adjust periodically at pre-determined intervals. They are generally easier to obtain than fixed rates, and often offer lower interest rates than fixed rates in order to attract buyers. These factors make this loan type popular with buyers that intend to sell in a few years. The downside is that the rate will most often increase, possibly by as much as six percent. ARMs come in several packages.

Conventional Mortgages

These types of Home Mortgages and Loans are created in the private sector, usually from a bank, with no government backing and are known as conventional loans.

Government-backed Loans

This loan will be created in the private sector, but insured by a government agency such as the Veterans Administration or the Department of Housing and Urban Development. These loans include Veterans Administration loans, Federal Housing Administration loans, and USDA loans.

The most important thing to remember is - ask questions, and make sure they are all answered fully. A reputable real estate agent is happy to review any concerns the buyer has, and can always recommend a local, reliable lender or broker. Communities across the country are sponsoring first-time home buyer classes to help buyers understand the process.

Baseball lovers unite, as America's favorite pastime brings the action and excitement to Omaha. The College World Series in mid-June is an annual tournament which showcases eight teams, all competing to be called the NCAA Division I baseball champions. This series features two double-elimination brackets with the bracket winners facing off in a best-of-three competition.

The College World Series began in 1947 and was first played in Kalamazoo, Michigan. Since 1950, Omaha, Nebraska has been home to the series. In 2009, a contract extension was agreed upon which keeps the series in Omaha through 2035. Texas has appeared in the College World Series in mid-June 34 times (the most of any team), while Southern California has taken home the most titles, with 12 in all.

This year's College World Series runs from June 14th through June 26th. Opening day packs in plenty of exciting events including the Road to Omaha Jam. This free concert features O.A.R and takes place from 8-9:30 pm. The first game of the series takes place on June 15th, and tickets are currently on-sale. There is ample parking available with easy access to the stadium. More frequently asked questions and answers can be found on the College World Series webpage.

There are numerous fan events that bring food, music, and fun into the area. Everything from opening day ceremonies and celebrations, to open practices and autograph sessions, allows fans to experience every second of the excitement. This year's Fan Fest is presented by Capital One. Located just outside the ballpark, this interactive area provides free fun for the whole family. Whether testing their skill, cheering on their team, or taking a photograph, fans get to experience the thrills and excitement associated with the College World Series.

Once played in Johnny Rosenblatt Stadium, the series is now held in the TD Ameritrade Park Omaha. This new park features many amenities and conveniences popular with today's spectator. This year other changes have been made to the game start times, including enhanced instant replay, expanded food and beverage selections, and much more. These changes, along with the popularity of the game, promise to provide the best there is in college baseball.

Buying a home can be a time of both anxiety and excitement. Home buyers that know about the terminology associated with home ownership have a better chance of fending off some of that anxiety. Pre-approval and pre-qualification are two of the most confusing terms when buying a home. Knowing the difference between pre-approval vs. pre-qualified allows buyers to understand what their agreement with the financial institution is, as well as what kind of house they can afford.

Pre-qualification

This step simply involves looking at the buyer's finances and estimating how much they can afford to spend on a house. Items like income, assets, down payment, and debts are taken into consideration. There is no commitment involved with a pre-qualification. The buyers are not obligated to purchase a home, and the financial institution is not obligated to give the buyers a loan. Pre-qualification does not include an in-depth look at the buyer's finances or an evaluation of their credit report. It simply lets the buyers know if home ownership is an option and the range of prices they can look at. Pre-qualification is a relatively short process and there is usually no cost to the buyer.

Pre-approval

When trying to look ahead at your loan options, pre-approval takes pre-qualification a step further. In this step, the lender does an extensive evaluation of the buyer's financial history, including their credit report. Instead of just telling the lender what their income, assets, and debts are, buyers are required to provide some documentation. Payroll records, bank statements, and other records are often required to proceed with a pre-approval. A pre-approval usually includes an application fee and is a tentative agreement from a lender stating that the buyer will be given mortgage financing. It is important to understand that a pre-approval is not a mortgage guarantee. A mortgage application is only guaranteed after a title search, appraisal, and other financial verifications are established. Since the pre-approval already takes many financial situations into consideration, the pre-approval status is very attractive to sellers. In situations where multiple offers are presented, buyers with pre-approval will often get selected over buyers that haven't established financing.

There are advantages to completing both of these steps, and it is important to remember that buyers always have the option of choosing a different lender. Just because one lender performed a pre-qualification does not mean that the buyer has to continue with that lender for the pre-approval and mortgage. Shopping around sometimes reveals better interest rates or a lender that better represents the buyer's wishes and communication style.

It is also important to note that the terms pre-approval and pre-qualification sometimes get interchanged by either lenders or other real estate professionals. Knowing the difference between pre-approval vs. pre-qualified can help buyers take control of their home ownership situation.

Omaha’s four major entertainment districts offer something for everyone, from trendy chic to old-town historic, and absolutely everything in between.

Walk from unique boutiques and antique emporiums to lively pubs and mouth-watering restaurants on cobblestone streets at the Old Market, Omaha’s historic arts and entertainment district. Browse the districts galleries during the First Friday art walk, take in a show at one of the district’s eight performing arts theaters, visit one of the area’s four museums, or take a stroll through Lauritzen Gardens.

Midtown Crossing is famous across Omaha as the city’s premier happy-hour destination, and is home to Black Oak Grill, Brix, Cantina Laredo, Crave, Glo Lounge, Saints Pub & Patio, and Pana 88 – all of which have dedicated happy hour menus featuring fabulous drinks and delicious appetizer specials. Want to stay for dinner? The Grey Plume serves up seasonal, locally sourced contemporary cuisine. Delice European Bakery & Café prepares authentic European treats, including quiches, Italian frittatas, ricotta pies, and French puff pastries. Diners also can create custom, gourmet dishes at Ingredient.

North Downtown, Omaha’s fastest growing mixed-use neighborhood, allows visitors to shop, eat, drink, discover and connect. Home to bars, restaurants, coffee shops, retail stores, schools, event venues, concert halls, offices, and residential condos and apartments, North Downtown has it all. Sip, taste, and savor some of the 100 world-class wines at Nosh Restaurant and Wine Lounge, or grab a pint and a slice of New York-style pizza at The Union. Experience high-intensity, musical improv at Blazin’ Pianos, one of Nebraska’s most popular dueling piano bars, or take in a show and find your new favorite band at the Slowdown.

Village Pointe Shopping Center, out on 168^th Street, offers great food, good looks, and the best in seasonal entertainment. Home to Maurices, Charming Charlie, Love Culture, Carter’s, J. Jill, Kona Grill, Mimi’s Café, Johnny’s Italian Steakhouse, Firebirds Wood Fired Grill, Funny Bone Comedy Club, an amphitheater, and more, the center is hopping both day and night! Every spring, Village Pointe’s delicious restaurants host the Vino at the Village Wine Tour. For four hours, wine enthusiasts can sample a fine selection of red and white wines paired with a signature appetizer from each location. The center also hosts an annual wine festival in June. From Memorial Day until the end of August, visitors can enjoy The Vibes at Village Pointe, the center’s free Saturday night summer concert series. Also on Saturdays from May to October, visitors can pick up seasonal produce, fresh herbs, local meats, artisan cheeses, honey, flowers, and more at the Village Pointe Farmers Market.

The Federal Housing Administration has been insuring U.S. mortgage loans since 1934. The insurance helps protect lenders against loss by providing claims to lenders in the event an FHA-insured homeowner defaults on a loan. Though it makes the payments to lenders, the program is really provided for the benefit of American homebuyers.

The FHA program helps extend the American dream of owning a house to lower income Americans and people who could not otherwise meet traditional lending requirements. Instead of requiring 20% down, FHA qualified buyers can purchase a new home with 3.5% down. Homebuyers must qualify for the program, however, and they – not the lenders – pay for the insurance as part of their monthly mortgage payments.

The program worked well throughout history and made it possible for millions of Americans to purchase their own homes. The premiums paid by FHA borrowers were added to the program’s reserves, and those reserves were then used to pay lenders in the event a borrower defaulted on a loan. Unfortunately, the unprecedented number of defaults that occurred from 2000 to 2009 greatly reduced the FHA’s reserves and led to a number of significant changes that went into effect on April 1, 2013. Specifically, the program’s down payment requirements, annual insurance premiums, and eligibility requirements changed.

Beginning in April 2013, buyers who obtain loans above $625,500 will be required to put 5% down, instead of 3.5%. Annual mortgage insurance premiums will go up by 0.10% for loans under $625,500 and by 0.05% for loans above $625,500. Borrowers with credit scores below 620 will also be required to have a debt-to-income ratio of at least 43%. Additionally, fixed-rate “Standard” reverse mortgages will no longer qualify for FHA insurance.

Additional changes are scheduled to take effect in June. Beginning on June 3, 2013, payment of the required mortgage insurance will extend from a period of five years to the life of the loan in most cases. This change, while small, means buyers will end up paying significantly more to take out an FHA-insured loan in June 2013 and beyond than they paid in the past. Thankfully, there’s still time to obtain an FHA loan before the final change takes effect.

Where can you savor the once-in-a-lifetime experience created by 500,000 LEGO® bricks, clicking together to form 27 breathtakingly realistic sculptures, and 14 mind-blowing displays? The unique place available to take this all in is Lauritzen Gardens, located north of Interstate 80 and south of Omaha's historic Old Market district. Some of the other landmarks nearby include Rosenblatt Stadium, Omaha's Henry Doorly Zoo and the Durham Museum. 

Bring the family on down to Lauritzen Gardens and stroll underneath an 8-foot tall hummingbird, wander aimlessly next to 7-foot roses, look a 5-foot butterfly in the eye, and then show off your own personal skills and abilities at building inside the Nature Connects exhibit's LEGO® Brickyard.

An indoor exhibit that is both inspiring and inspired at the same time, the Nature Connects at Lauritzen Gardens has been created, designed and developed to bring to light, and teach the public about, the myriad life-sustaining connections there are to Mother Earth.

Out of those half million legos already mentioned, 45,143 are on magnificent display in the mother bison, which is the exhibit's most massive structure. In addition to ‘mama’ bison, visitors will be able to enjoy creatures from six inches to eight feet in size, along with other LEGO® creations, such as a tiger swallowtail butterfly, a hummingbird, a gardener.

All throughout Nature Connects and its coinciding interpretive messages, attendees can gain extensive knowledge on the inner workings of how ecosystems are dependent upon diverse aspects of the natural world in order to survive. The exhibit also teaches how healthy and well-balanced populations are maintained, about connections between pollinators and plants, and how our endeavors as humans impact, often in a permanent and deep-rooted way, our home planet, Earth.

The wildly imaginative mind and artistically gifted building skills of Sean Kenney are responsible for bringing Nature Connects to life. An artist with 10-plus years working with LEGOS, and whose work has been highlighted by some of the nation's most well-known media outlets, such as the New York Times, Good Morning America and the Wall Street Journal, Kenney is far from a newcomer in the world of LEGO® sculpting. Among the medium's various challenges is its relatively limited palette of colors, block-shaped pieces and their respective grids.

Kenney blazed the trail for other artists with aspirations of becoming a LEGO® artist as the first LEGO® Certified Professional who is not a LEGO® employee, but enjoys official recognition by the company as a trusted business partner. For more information about the artist, and to view other works, visit Sean Kenney's website at www.seankenney.com.

Nature Connects is scheduled to run from Feb. 2nd through May 19th. The hours are 9 a.m. to 5 p.m. daily. The price for admittance into the Nature Connects exhibit section at Lauritzen Gardens is included with the usual admission fee: $6 for adults ($7 after April 1), $3 for children 6-12 and free for garden members and children less than six.

Don't miss out on a single pitch, stolen base or home run in the upcoming Omaha Storm Chasers 2013 season, which celebrates its home opener at Werner Park on Friday, April 12th, with the first pitch scheduled to be thrown at 7:05 p.m.

In addition to top-notch Triple-A baseball action, the Storm Chasers' (a Kansas City Royals affiliate) games provide fabulous entertainers, special giveaways and more than 30 different themes designed to recognize and celebrate the franchise's historic 45th season.

When you are marking your calendar for the forthcoming season, make double sure to include the super awesome giveaway game dates, such as the ConAgra Irving Falu Replica Jersey game on Saturday, April 13, and the Well's Blue Bunny, George Brett Bobble-Arm game on Saturday, May 18. Be sure to place a checkmark as well on entertainer game dates, including the Human Cannonball, presented by Bucky's and Pepsi on Saturday, June 1, and the Werner Enterprises Country Concert, which will feature Craig Morgan, on Friday, Aug. 23.

Even though single game tickets for this spring and summer officially went on sale on Friday, March 22, you can still purchase advance tickets for any one of the 72 games at Werner Park at a discounted price. Advance ticket prices begin at $16.50 for Club Seats and end at $7 for seats in the McDonald's Berm. You can also receive additionally discounted tickets for children aged 3 to 10, senior citizens and military service men and women in conjunction with this advance purchase discount.

You can buy your tickets at the Omaha Storm Chasers ticket office in person, by phone at (402) 738-5100 and at www.omahastormchasers.com.

The Storm Chasers organization wants fans to know that there will be an increase in the general parking price - from $2 per spot to $3 per spot. The VIP parking pass price will remain at $5. For more information contact Andrew Mitchell, Media Relations for the Omaha Storm Chasers, at (402) 738-2185.