Fishing Base Camp- Sterling Real Estate

Single family Sterling home with large windows in living room and well maintained grounds.  This Sterling real estate is located 1 1/2 miles from Dot`s Fish Camp and boat launch, also close to Bing`s Landing.  You will love the open easy-living floor plan. The private master bath has a jetted tub.  Plenty of equipment and toy storage with a large 960 sq. ft two bay detached shop and 432 sq. ft. shed/polebarn/carport.  Mailbox comes with house.

 

Good News On The Kenai!

I know through facebook you receive all the inspirational quotes you can use, but this one really applies to the Kenai real estate market in the last few years. “EVEN FLYING IN HEADWINDS YOU CAN CONTINUE TO GAIN ALTITUDE.” -Joe Jackson, Head of WellsFargoVentures.

 

For most parts of the country the headwind has been more like a super-storm.  Lucky it has been more of a stiff breeze for the Kenai real estate market.  But no matter where you are, the markets are certainly gaining strength and altitude, so looking forward to a very productive 2013.

 

Take advantage of these incredible interest rates.  Current  rates for 12-10-2012:

FHA & VA 3%

CONVENTIONAL 3.35%

ALASKA HOUSING RURAL 3.375% AHFC

Rates are subject to change.

Sterling Cabin Transformation

This Sterling home will delight! Log cabin transformed into a 5* home with air exchange. Single Family in Sterling on 2.23 acres! Enjoy the privacy of this wooded landscaped site. Amazing living with cabin theme, one of a kind. Large country kitchen w/ custom maple cabinets, warm hardwood floors in living room. You will love the home’s private master, lower level family room and extra storage. Charming stone accents on the exterior with well maintained grounds. Exceptional cabin on skids will remain. The cabin can be storage or extra heated guest quarters.

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What your bank won’t tell you about their Kenai Real Estate appraisal!

You have spent weeks possibly months marketing your home in the Kenai Real Estate market and have finally found a willing buyer.  After some back and forth you have agreed upon a price and repairs and are ready to close. The only item standing in the way of the seller’s freedom and the buyer’s new home is the appraisal. Surprise, after all that time, work, money and drama the appraisal came back lower then your sales contract price.

 

Appraisers in the Kenai – Soldotna real estate market are very conservative; they are not going to push any boundaries.

 

It helps to remember that the purpose of the appraisal is to protect the banks/investors. It is not meant to help a buyer and seller negotiate the sale of the property. This can be a shock for unprepared sellers and buyers.  Just because you have a willing buyer and a willing seller at a given price does not mean the appraisal will support the price.

 

Here is the kicker, if the buyer has to finance a home purchase they need a partner or investor (Mortgage Lenders). The bank or investor gets to make the rules for the appraisal.  Most Kenai home sellers and buyers fail to consider how the investor will influence the transaction.  Lenders do not wish to be stuck with a home that is not valued correctly.

 

The most simplistic rule an investor has is that the property can be sold for as much as was loaned.  The most important consideration in the appraisal is what similar properties are selling for in your area.  The operative word is “selling”. What other homes are being marketed at does not influence an appraisal value.  The Kenai and Soldotna Real Estate market is diverse with custom homes of all ages, styles and conditions. Appraisers often have difficulty finding similar homes that have sold recently within close proximity of your home.  If they can’t find comparable home sales they will lower the value of the home, regardless of what the seller and buyer have negotiated.

 

Your local REALTOR Glenda and Jason Feeken are experts in the Kenai Real Estate market and the sales process. We can educate you on what homes are selling and appraising for so you can have a smooth transaction that closes.  Contact us today to answer any questions you may have on buying or selling.

37211 Skywagon Street, Soldotna, AK 99669

One-of-a-kind Soldotna log home on 120.71 acres w/ Soldotna Creek running through it. This Soldotna home offers a stunning rock fireplace and large windows to welcome in the VIEW. Watch wildlife, moose, bear, eagles, hawks and so much more. Land your plane on private runway with two hangers, barn, 4 cabins, caretaker’s cabin and detached garage. This would make a perfect corporate retreat or private residence. Call 907 283 5888 for more details.

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KENAI PENINSULA HOME OWNERS BEWARE!

The long standing policy that allows homeowners to deduct their mortgage interest payment from their income tax could become part of a “Fiscal Cliff” deal. The National Association of REALTORS (NAR) position is that the mortgage interest deduction is vital to the stability of the American housing market and economy. We all need to remain vigilant in opposing this or any future plan that would modify or do away with the deductibility of mortgage interest.  Mortgage interest one of the last remaining deductions available to the taxpaying public.

 

Please take note and take action. Here is a link provide by NAR to let congress know this is not acceptable. Realtor Action Center: Please take action today.  Pass the link on to friends and family to take action.

FHA to Cost Kenai Home Buyers More

FHA has announced a major change to its loan program which allows Kenai home borrowers to cancel the mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the original purchase price. While no specific date has been set for the change, sometime in 2013, new FHA loans will require the mortgage insurance for the life of the loan.

At existing rates, the monthly MIP on a $168,875 mortgage is $178.99 per month. Under the current rule with normal amortization, the MIP would no longer be required in 9 years and 9 months. However, under the new rule, it would last for the entire 30 year term.

They also announced that the annual MIP will also be increased from 1.25% to 1.35% at some point in the near future. HUD, the parent agency for FHA, is making the changes to restore the capital reserves of the program that are needed to fund failed loans.

People that can close a FHA loan before the change takes place will fall under the old rules for canceling MIP and the lower rates. Since no date was announced, it is not known exactly when the changes will take effect.

While this information will probably not make the evening news, it will have a big impact on borrowers planning to use an FHA loan. Please pass it on to anyone you know who might be considering purchasing or refinancing with a FHA loan.

Kenai Homes For Sale