Kenai Homes

907-252-2743

37211 Skywagon Street, Soldotna, AK 99669

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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!

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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

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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

 

Year End Market Report – Central Kenai Peninsula

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YEAR OVER YEAR COMPARISON

This Year: 1/1/2012 to 10/10/2012

Last Year 1/1/2011 to 10/10/2011

Area
Number Sold - Last YearNumber Sold - This YearPCT %Average Sale Price - Last yearAverage Sale Price - This YearPCT%
300 - North Kenai26 3742138,013202,392
305 - Kenai485922197,374208,871
310 - Kalifornsky Beach 516629222,788211,273
315 - S of Soldotna 128-33203,042203,625
320 - Kasilof 1915-21146,774100,327
330 - Soldotna 4135-14217,010241,950
335 - Ridgeway2924-17244,271292,496
340 - Sterling 3938-2237,759235,995
345 - Funny River 81475184,188243,357
Residential Totals:2732968206,509218,759
Grand Totals:2732968206,509218,759

The first ten months of 2012 have been more active than the same period in 2011 with an 8% increase in the number of properties sold and a 6% increase in the average sales price. The bulk of the increase in properties sold have been centered in North Kenai, Kenai and K-Beach, while other areas experienced a drop in the number of sales from the prior year. Most local markets have benefited from an increase in average sales price.  North Kenai  was the big winner for sellers with a 46% increase in average sales price.

 

Oil and gas exploration and production continues to be a positive economic force with a positive outlook for the next year.  We are seeing increased interest in exploration in the inlet and other areas by independents producers. Several new gas wells are being drilled in Kenai. The gas storage facility has been completed and is ready to address peak winter demand. Interestingly we are seeing a surge in new commercial construction from North Kenai to Soldotna.  We are very lucky to have oil and gas, along with tourism and commercial fishing to support our local economy.

Click to search Kenai real estate.

 

Who Needs MIP in the Kenai Peninsula?

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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?

Welcome to Team Feeken Blog

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We will keep you updated about real estate in the heart of the beautiful Kenai Peninsula. When I travel outside of Alaska, people ask “Where is Kenai?” Well that would be 150 miles south of Anchorage and 75 miles before the end of the road at spectacular Homer, AK. We invite you to come live and play on the Kenai! The Kenai River is home to world class King Salmon fishing, but don’t overlook the Reds, Silvers or trout. Hunting is a favorite hobby for many, although most say it is time spent with nature and friends that is the lure. Don’t be far from your camera. You never know when moose, bear, caribou, wolves, fox, eagles, swans or just stunning scenery will present itself. Hiking, biking, kayaking and boating are all at your doorstep. So come on over!

About Team Feeken

Full time professional real estate agency serving the needs of Kenai, Soldotna, North Kenai, Sterling, Kenai River and surrounding areas for over 39 years. Specializing in residential homes for sale and commercial property. … Read More

Get In Touch

Glenda Feeken, Jared Potter with RE/MAX of the Peninsula
10767 Kenai Spur Hwy Ste A, Kenai, AK 99611
Office: 907.283.5888 • Cell: 907.252.2743
Site: www.kenaihomes.com