Team Feeken Archives - Page 3 of 3

Refinancing To Soon! | Kenai Real Estate

January 10, 2013 By Glenda Feeken

Some people believe they shouldn’t refinance more often than once every two years. The determining factors are if you’ll lower your payments and plan to stay in your Kenai home long enough to recapture the cost of refinancing. If so, you should consider refinancing.

Interest rates have actually come down significantly in the past 12 months and even more in the past 24 months. According to the Freddie Mac Primary Mortgage Market Survey®, rates on a 30 year fixed rate mortgage are down to 3.6% in August, 2012 compared to 4.27% one year earlier.

Refinancing in the example below would save the homeowner $67.04 per month and they would recapture the cost of refinancing in 3 years and 9 months based on approximately $3,000 of closing costs.

Click Here to make your own projection on a Refinance Analysis calculator.

Get Your Kenai Home Offer Accepted

January 9, 2013 By Glenda Feeken

As the market shifts from a buyer’s market, it’s good to know how to improve your chances to have the seller accept your offer on their Kenai home.

Once you decide on a home, don’t waste time; write an offer and submit it as soon as possible. Competing with another buyer happens more frequently than you’d expect. Multiple offers are a seller’s advantage but here are some tips to level the playing field. TEAM FEEKEN recommends:

Realistic offer – don’t give the impression you’re trying to “steal” the property. Submit comparable sales that justify your offer.
Pre-approval letter – this satisfies seller’s biggest concern that an unqualified buyer will unnecessarily take the home off the market and the seller will lose other opportunities.
More earnest money – it shows you’re serious and makes the seller feel like the contract will actually close.
Minimize contingencies – from a seller’s standpoint, each contingency is one more reason why the sale won’t go through. They feel the home is “off the market” and they’re in limbo.
Shorten inspection period – your agent can help you set a reasonable date but let the seller know you’re willing to close prior to that if possible.
Write a personal letter to the seller telling them why you want their home – this can be the emotional connection to the seller that makes the difference in you getting the home.

A seller wants to feel confident that the offer they accept will actually close so they can plan for their next move. Following tips like these can definitely affect negotiations and help put together an offer that is more likely to be accepted.

Buyers Gone Missing For Kenai Homes

January 8, 2013 By Glenda Feeken

My client came in to the office to talk about the sale and marketing effort on his home. My client is a former agent and had several questions.

“So why are you not doing open houses. When I was a selling real estate in the lower 48 we did open houses. Where are all the lookers? Where are all the people that are just curious about the home. Why are we not getting more showings on my property?”

I was just getting ready to answer when a voice rang out from the next office. We have a open window between offices…. It said we hold your home open 24-7 and now that curious person can just go on line and look at the virtual tour or You Tube video to get a up close look at your home from the comfort of their home in their jammies. Why bother putting your coat on and trudging out in -30 weather when your can just fire up the computer. The client looked a little stunned and said “well I never though of that.”

I went on to explain that buyers are doing extensive research online before they even contact a Kenai REALTOR to look at homes. That is the reason we provide great pictures, virtual tours and a local area specific custom web site to make this process so much easier for the buyer.

So the mystery is solved. The Kenai Homes buyers are not missing, just home by the fire on the computer checking your home out from a distance. If you are selling or thinking of selling be sure that your home is prepared to impress online.

New Years Resolutions

January 2, 2013 By Glenda Feeken

After spending the holidays with family and friends, this is a time of the year to start thinking about changes to make in our lives, both personal and in business. Team Feeken wanted to share one of ours with you.

Our goal is to become your Kenai REALTOR® for life. We want you to think of us first when you need to buy or sell and that you’ll recommend us to your friends too. That kind of trust has to be earned and we’re committed to helping you be a better homeowner even when you’re not buying or selling.

The strategy is simple. A well-informed homeowner will make better decisions. We’ll periodically offer information through articles and social media on a wide variety of home-related topics like maintenance tips, tax law changes, financing suggestions, insurance, equity building strategies, and rental property investments.

Please contact Team Feeken if you need a recommendation on a service provider. Our experience has built a list of reputable and reasonable contractors that you can rely upon. When you have any kind of home-related questions, I hope you’ll have the confidence to call us.

Happy New Year. We sincerely look forward to helping you or your friends.

Who Needs MIP in the Kenai Peninsula?

November 28, 2012 By Glenda Feeken

WHAT IS MIP?

What is this mysterious PMI and why does it effect your payment with MIP? Yes I know it.

Is private mortgage insurance and it adds to your monthly payment with mortgage insurance premium, but what is it for? Most first time home buyers in the Kenai, Soldotna, K-Beach and surrounding areas may think it covers them if they default on the mortgage, right. Sorry that is really not how it works. Private mortgage insurance is to cover a possible loss to the investor if the defaults and the property foreclosed upon. It does not relieve you the borrower of the debt owed our your obligation to repay.

Some mortgage insurance premiums are paid in lump sums other as a monthly payments. The premium is substantial and can last for years. So why would anyone pay for it? Private mortgage insurance allows many homeowners the opportunity to own when they otherwise would have been declined for a loan. It also allows for a lower down payment on most loans.

When considering a loan be aware that PMI varies substantial between loan programs and can vary within the same loan program dependent upon your cash down payment and credit score. When considering a loan ask your lender these four questions:

•   Do I need private mortgage insurance?
•   How much will it cost?
•   Does the premium change if I place more money down?
•   When will I stop paying the mortgage insurance premium?

Refinancing To Soon! | Kenai Real Estate

Get Your Kenai Home Offer Accepted

Buyers Gone Missing For Kenai Homes

New Years Resolutions

Who Needs MIP in the Kenai Peninsula?

About Team Feeken

Get In Touch