Storm Lake Real Estate & Community News

Real Estate Agency in Storm Lake, IA

What can be found here and why should you follow this blog?

This blog contains information for Buyers, Sellers, Investors and Renters. Real estate is a fascinating topic and a very complex one. You can search this blog by topic to find exactly what you are looking for, it will also have all of our new listings. You can learn about Storm Lake's current local real estate market, and the current real estate market in the surrounding areas like Alta, Newell, Aurelia, Schaller, Early, Fonda, Cherokee, Sioux Rapids and others. 

For Buyers we will have topics including financing, down payment assistance programs, tips on how to compete with other buyers, how to offer, home inspections and how they work, the process of buying a property, what not to do after you have an accepted offer, the advantage of having a Certified Negotiations Expert on your side and a lot more.

For Sellers we will have topics including how to best price your property, how to prepare your property and see it through the buyer's eyes, home inspections and how they work, how to negotiate, the importance of staging, why pictures are worth a million dollars, the advantage of having a Certified Negotiations Expert on your side and a lot more.

For Investors - a topic I LOVE! Topics will include how to evaluate a property, what tools I personally use and access to them, how to find an investment property, what basic improvements cost if done by you or a contractor, how to find a good tenant, why you need your properties in an entity and not in your personal name, how to negotiate with buyers, sellers and tenants, 1031 Exchanges and a lot more.

For Renters - we list all the new rentals as we are notified of their availability on this blog, we can help you determine if it is time to buy instead of rent, help you determine what if any programs  - like down payment assistance - you may qualify for, discuss how to have a conversation with a landlord when the property you are renting is in need of work, and a lot more.

March 27, 2018

Benefits of a FHA Mortgage

 

FHA Advantages

The Federal Housing Administration, operating under HUD, offers affordable mortgages for tens of thousands of buyers who may not qualify for other types of programs. They are popular with both first-time and repeat buyers.

The 3.5% down payment is an attractive feature but there are other advantages:

fha3.png

 

  • More tolerant for credit challenges than conventional mortgages.
  • Lower down payments than most conventional loans.
  • Broader qualifying ratios - total house payment with MIP can be up to 31% of borrower's monthly gross income and total house payment with all recurring debt can be up to 43%. There is a stretch provision taking it to 33/45 for qualifying energy efficient homes.
  • Seller can contribute up to 6% of purchase price; this money must be specified in the contract and can be used to pay all or part of the buyer's closing costs, pre-paid items and/or buy down of the interest rate.
  • Self-employed may qualify with adequate documentation - two year's tax returns and a current profit and loss statement would be required in addition to the normal qualifying and underwriting requirements.
  • Liberal use of gift monies - borrowers can receive a gift from family members, buyer's employer, close friend, labor union or charity. A gift letter will be required specifying that the gift does not have to be repaid.
  • Special 203(k) program for buying a home that needs capital improvements - requires a firm contractor's bid attached to the contract calling for the work to be done. The home is appraised subject to the work being done. If approved, the home can close, the money for the improvements escrowed and paid when completed.
  • Loans are assumable at the existing interest rate with buyer qualification. Assumptions are easier than qualifying for a new mortgage and closing costs are lower.
  • An assumable mortgage with a lower than current rates for new mortgages could add value to the property.

Finding the best mortgage for an individual is not always an easy process. Buyers need good information from trusted professionals. Call me Georgia Weaver  (712) 291-0118 for help finding a great mortgage professional or to look at any properties for sale in the Storm Lake area. 

 

Georgia Weaver, PSA, CRS, GRI, CNE 
IA Licensed Realtor
Weaver Realtors - 607 Lake Ave
Storm Lake, IA 50588
On Line at www.WeaverRealtors.com

 

March 26, 2018

New Listing in Early Iowa - 206 E 1st Street - by Georgia Weaver

 

206 E 1st Street Early Iowa. This is an investment property, it is not livable in it's current condition. This home is gutted, some work has been done, roof, some wiring, some insulation and some drywall there are a lot of materials included. Still work to be done but make it your own and at $25,000 it is a great purchase! This property is being sold as is.

Call me Georgia Weaver 712-291-0118 to see this property. IA Licensed Realtor with Weaver Realtors, 607 Lake Ave Storm Lake, IA 50588

online at www.WeaverRealtors.com 

           

     

 

Posted in Buyers, Financing, Investors
March 13, 2018

Storm Lake Area Inventory Continues to be a Challenge As Does Realtors Showing Properties Prior to Entering Listing on the MLS - Unethical Practice of POCKET LISTINGS

Inventory Continues to be a Challenge As Does Realtors Showing Properties Prior to Entering Listing on the MLS - Unethical Practice of POCKET LISTINGS

In any given market including the Storm Lake area home market,, inventories fluctuate based on supply and demand considering area and price range. The National Association of REALTORS considers a balanced market to be a six-month supply of homes. If it takes longer than six months to sell, it is thought to be a buyer's market and less than six months, a seller's market. Most buyers and sellers probably feel a balanced inventory is more like three months' supply of homes.

The inventory of existing homes has been reduced to approximately 1.5 million houses which is 10.3% lower than a year ago. Inventory has a direct impact on price. When demand is constant, but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes. When prices and mortgage rates are increasing, buyers are affected by not being able to afford the same price or size of homes. So where are we as far as market? Well as I'm sure most of you have guessed we are again in a strong sellers market.

I expect this to be maintained for the entire year of 2018. Buyers! PLEASE call me, Georgia Weaver 712-291-0118, I can help you compete against the large number of buyers in the current market. Sellers! PLEASE call me, this is a great market BUT, it is important that your property is priced correctly AND that your realtor is skilled in negotiations if not you will leave money on the table. NEVER agree to allowing showings of your property until AFTER it is active on the MLS. If you do, you are probably leaving on average between $5,000 and $12,000 on the table. FYI: this is called a POCKET LISTING, it is an unethical practice we at Weaver Realtors will NEVER do, it is not in the best interest of our clients. It is ONLY in the best interest of the brokerage and the agent.

March 9, 2018

Exclusive Buyer's Agency - It's the ONLY Way to go

At Weaver Realtors, we prefer to represent our buyer clients the way we represent our sellers as Exclusive Clients. So what exactly does that mean? Exclusive means the buyer or seller work only with Weaver Realtors. 

Our current market is very fast and a buyer can't rely on seeing a property on Zillow, Trulia, Realtor.com, Homes.com or other syndicated sites and expect to be able to see that property. Most of our new listings have accepted offers with in 3 days, that means the buyer who has the accepted offer probably got in the property the day it came on the market. You can't do that with the online sites, most of them are not real time so by the time a buyer sees a home they like it is already sold.

SO, to best assist our Buyers we use Exclusive Buyer Agency. 

Weaver Realtors Responsibility in Exclusive Agency:

1) We make sure our exclusively represented Buyers get into properties as soon as they list, they have priority over non Exclusive Buyers.

2) We develop an automated search that instantly notifies you of all properties that fir your criteria, the second they come on the MLS

3) We notify you instantly of all properties that fit your criteria that have had a price reduction as soon as it happens

4) We assist you in negotiating the best purchase agreement and loan terms.

 

Our Exclusive Buyers Responsibility:

1) Buyer meets with their agent and establishes their time frame and criteria for the property search

2) Buyer has already received a bank mortgage pre-approval letter, if not will do immediately and the pre-approval letter is filed at our office

3) Buyer agrees to be available to see properties within 1 day of notice

4) Buyer agrees to work exclusively with Weaver Realtors to see all properties, (as MLS Members we show all properties listed on the mls including those of other brokerages)

 

This is a win-win for our Buyers, we are the top Google recommended real estate company in the Storm Lake area, our Broker sold more properties in 2017 than any other in the area. All our buyers are welcome to speak to our current and prior clients. 

Call me today Georgia Weaver, 712-291-0118, and stop missing out on listings and have the best Realtors working on your behalf to get you the home you want. 

IA License Realtor, Weaver Realtors, 607 Lake Ave Storm Lake IA 50588, online at www.WeaverRealtors.com

March 3, 2018

The "Right" Agent and the "Right" Home

 

The "Right" Agent and the "Right" Home

Some buyers think that finding the right home is the critical part of the buying process and that is how they determine which agent to use. While it is important, there may be a broader skill set to consider when selecting your real estate professional. The most recent NAR Profile of Home Buyers and Sellers indicate that 52% of buyers do want help in finding the right home to purchase. There was a time when the public did not have access to all the homes on the market, but the Internet has changed that. Helping to negotiate the price and terms of sale were identified by almost 25% of the buyers. No one wants to pay more than is necessary and the terms of the sale can be as important as the price. The next largest area of assistance that buyers value has to do with financing and the paperwork. Even if a buyer has been through the process before, it very likely could have been several years and things have probably changed. Since the cost of housing is dependent on the price paid for the home and the financing, a real estate professional skilled in these specialized areas can be very valuable in finding the "right" home. An agent’s experience and connections to allied professionals and service providers is equally important. Ask the agent representing you to specifically list the tools and talent they have available to address these areas. Call me Georgia Weaver, 712-291-0118, Iowa Licensed Broker for Weaver Realtors, 607 Lake Ave Storm Lake IA 50588 http://ow.ly/WgGB30ip2RW

March 2, 2018

Tax Refund? Use it Wisely!

Buyers, Sellers and Investors

Are you getting a tax refund?? If so one great way to increase that money and continue to increase it year over year is to use it as a down payment to purchase a home, an investment property or upgrade your current home or investment property. BONUS! First-time buyers will realize an even bigger tax refund in the next year because you will have a new write-off in the interest paid on your mortgage. Interested in learning more, call me Georgia Weaver 712-291-0118, to see how you can turn your tax refund into a new HOME! Georgia Weaver, IA Licensed Realtor 55867, Weaver Realtors, 607 Lake Ave, Storm Lake IA 50588, office 712213-4664, online at WeaverRealtors.com

Feb. 9, 2018

Spring Market on the Way in Storm Lake

Hello Everyone!

We are beginning to see indications that this will be another fast busy year. If you are a buyer, it is very important that you get things in place before you start looking so you can compete with the other buyers also looking. So how do you get ready - you get a pre-approval for your mortgage, this does several things, it shows a seller you are serious about purchasing and that you can get a loan, when you get a pre-approval discuss the payments with the banker so that you are comfortable that you can make the monthly payment. 

Sept. 14, 2017

Equifax - Did You Get Hacked?

Scary stuff, especially for a company that has as much info as this one. Somewhat disappointed that it wasn't reported immediately. But finger pointing doesn't solve anything, so now we do damage control. 

Fortunately 2 years ago we enrolled in a company named Zander Identity Theft Solutions. They monitor our credit, accounts and social security numbers but they will also resolve issues if they come up. Why monitor, If I get hacked I know it, but don't know anything about what to do or where to start to fix things. That is where Zander IDT comes in.

Resolving problems was the clincher for me. 

Also recommended by Dave Ramsey. Zander IDT    https://www.zanderins.com/idtheft/faq.aspx

July 27, 2017

Mortgages and Interest - The Shorter the Better

 

At least consider a shorter one

Affordability and stability are reasons home buyers choose a 30-year fixed rate mortgage. It makes the payment lower than a 15-year mortgage and the principal and interest portion of the payment will be constant for 30 years.

A common belief among homeowners for decades was that they would always have mortgage payment. The Great Recession has caused many individuals to rethink that concept and make plans to get their home paid for sooner.

For people who can afford it, shorter term mortgages will provide a lower interest rate and build equity faster. A 3.09% 15-year fixed-rate mortgage compared to a 3.87% 30-year loan will have a $562.42 higher payment.

The equity would be $66,903.04 greater on the 15-year term at the end of seven years. Even after you consider the higher payment on the shorter term, the equity difference is still almost $20,000 greater.

By choosing a 15-year loan, a borrower is committing to the higher payment for the term of the mortgage in exchange for a slightly lower interest rate. Another approach would be for the borrower to acquire a 30-year mortgage and make payments as if it were on a 15-year term. The slightly higher rate would allow the borrower the flexibility of not having to make the higher payment in the event he could not afford it on any particular month.

Have questions, call me Georgia Weaver 712-291-0118, I can put you in touch with a great mortgage provider who can help.

July 27, 2017

Recommendations from a few of our recent Clients at Weaver Realtors

Testimonials 

Just a few words of thanks, WE THANK YOU for choosing us, we know you have a choice and we promise to provide you with the best local professional real estate services in the Storm Lake area. We care about how we do business, we are stewards of this company. We care about how our clients and customers are served, we care that ALL our clients and customers are happy and satisfied with the level of service we provide.

"A steward is one who manages the possessions of another. We are all stewards of the resources, abilities and opportunities that God has entrusted to us. God owns everything, we are simply managers and administrators acting on his behalf."

- Georgia Weaver 

What Our Clients Are Saying:

Georgia is very knowledgeable and helpful. She made every step of the process smooth and easy. Our first listing wasn't even on the market for 5 days and it was sold!  Brandon and Nicole Axdahl 2017

Brandon and Nicole, you guys are amazing, you do so many things I am in awe of how you get it done.  I love working with other entrepreneurs very inspiring!

When we first met Georgia we loved her. She knows her job and makes you feel special. There is nothing that could be improved in the way you do business, you are great. If you need a realtor, call Georgia she will go the extra mile for you! Very Professional. Lisa Steemke and Linda Wallace 2017

Lisa and Linda, what a joy working with you, it took a while but so worth the wait! You have the perfect house. Relax and enjoy - you both deserve it!

Our transaction closed on time, Georgia is a great resource and professional, our property was listed with 2 other Realtors but didn't sell. She did a great job, communicated very timely and very glad we worked with her to finally get the home sold. Hesselman 2017

Becky and Steve, so glad I could help out a fellow real estate professional and friend. Lovely home, just took some special marketing.

We bought our current property through Georgia at Weaver Realtors, and we were impressed with her professionalism. Therefore, we chose her to sell our home. Georgia has helped us both buy and sell a property recently. She is friendly and professional. She made the buying and selling process easy and painless. Highly recommend Georgia and Weaver Realtors. Josh Fischer and Monica Firme 2017

Josh and Monica, so great to work with you again!  Your home sold so fast, it was great, but it was also because you put the work into making it beautiful and ready to sell. Thank you!

I had heard how good you were. You did a great job can't improve at all. You were so nice to me and did a great job, and I made a new friend. Elayne Boyd 2017 Sold 

Elayne, loved working with you, you are a sweet dear friend, wish you were closer so we could share some Lemmoncello cake at Giovanni's again. But, very glad you are closer to your daughter.

 

Thank you One and All!