About Faulkner County, AR

Many people living in Conway, AR rent their homes. I have always asked them why do you just throw money away? The answer I get time and time again is, "I can't afford a house, or I don't want to spend that much money a month, or I am waiting on the INTEREST rates to go down further!" HELLO interest rates have no where to go but UP!!

A 3 bedroom, 2 bathroom home in Conway, AR, that is 10 years old, has a market price of around $110,000.00. With a 30 year FHA fixed Rate mortgage at 4.5% interest (taxes, insurance, and PMI included in the payment) would run a home owner around $750.00 a month. HOW MUCH DO YOU PAY IN RENT EVERY MONTH? And let me tell you friends we have a few houses out there on the market that would probably go for a little less than that. We need you to buy houses to help stimulate the economy!

Benefits of owning your own home:

1. You can deduct the interest and property taxes on your tax return.

2. There is no annual increase in your Fixed Rate Mortgage payment, there might be a 3% increase annually for a lease.

3. Real Estate historically tends to appreciate, So over the next 5-10 years your home will gain value.

4. FREEDOM... Yes Freedom there is no landlord bothering you, or telling you what you can and can't do in Your Home...

Renting a home in Conway, AR you will get a 3 bedroom, 2 bathroom, and 1200 square foot rental for around $800.00 a month. Benefits of renting: not responsible for fixing things, you can move on short notice.... Those are about the only benefits! Downfalls of Renting: RULES, You're paying someone's mortgage for you to live there, there are no tax breaks, etc....

So let's do some simple math!

Renting a home....

$800.00 a month x 12 months x 5 years = $48000.00

And that is you paying someone else's mortgage!! That is a lot of money you will never see again.

Buying a Home....

$750.00 a month x 12 months x 5 years = $45000.00 now I am not going to lie.... That is also a lot of money!! But remember the benefits of you owning a home? Tax deductions on the interest and property taxes each year!!! Also in that time frame you have paid down your home by $5000-7000. So it is not a complete waste of money, you are building equity in your home.

Now I have a friend who told me she wasn't ready to buy for 4 years, that friend of mine missed out on the $8000 tax credit..... But they eventually did buy a home a few months ago. Here is what they said about the whole thing.

Reasons for moving:

I truly wanted a place that was mine and that I could customize how I wanted. I couldn't hang pictures, paint the walls or even own a pet. Now that I'm in my own home I have the dog I always wanted, and I able to paint my house the colors that I like. When searching for a house to rent, I found it would be a lot cheaper just to take the plunge and purchase my own house. Instead of handing over thousands of dollars a year to the landlord to pay his mortgage, I went out and got my own mortgage for a lot less than what I was paying in rent. Ultimately I wish I would have made the decision sooner but, I think it worked out for the best. I have a great home now with my very own puppy!

Satisfied Home Owner

If you have any questions about the Local Real estate market please feel free ask them at

Your Exit Realtor of Central Arkansas- Blake Roussel Realtor

Buying and Selling a home is a huge Financial decision, Blake Roussel with Exit Natural State Realty is your Real Estate Professional for Conway, Little Rock, Maumelle, Benton, Bryant, Jacksonville, Cabot, and Searcy, Arkansas. My goal is to walk you through each step of the buying or selling of your home, so that we have a smooth transaction. Call Us today 501-230-6082. Customer Satisfaction is our #1 GOAL, we are here to serve you throughout this process. Check out what my past clients have said about our Customer Service. We look forward to hearing from you.

"Then Difference between FOR SALE and SOLD"

Earthquakes in Central Arkansas and Does your Homeowners Insurance cover you?

I don't know if any of you felt the 4.7 Magnitude earthquake that hit Central Arkansas last night at 11pm. I sure felt it...So of course my first call was to my Insurance Agent, regarding wether my home is covered or not under my current home owners insurance policy.... You would be surpised to find out that my home owners insurance doesn't cover any earthquake damage...So i did some research to help you the consumer know more about Earthquakes and how it affects you if the BIG ONE Hits Central Arkansas... If you are looking to purchase a home in Central Arkansas and would like more information on how to get started go to www.yourexitrealtor.com to get started today...Sign up for my Free Montly ENewsletter today at www.yourexitrealtor.com...

By Insure.com

Possibly the most important thing to know about earthquake insurance is this: A basic homeowners policy does not cover earthquake damage. Even if you don't live in an area where earthquakes are common, it's possible you might need earthquake insurance.

Earthquakes have occurred in 39 states since 1900, and about 90% of Americans live in areas considered seismically active. Yet only a small percentage of people purchase earthquake insurance.

Even in California, where earthquake fears are a daily fact of life, only about 12 percent of homeowners have earthquake insurance, according to the California Earthquake Authority (CEA), down from 30 percent in 1996 when the state legislature created the CEA.

Each year, more homeowners get rid of earthquake coverage than buy it because, according to consumer groups, they believe the policies cost too much and cover too little.

According to the U.S. Geological Survey, there is a 70 percent probability that one or more damaging earthquakes of magnitude 6.7 or larger will strike the San Francisco Bay area during the next 30 years. (A magnitude 6.7 earthquake is equivalent to the 1994 Northridge, Calif., earthquake that killed 57 people and caused $20 billion worth of damage.)

Homeowner, condo and rental insurance policies do not cover damage caused by an earthquake, but coverage can be puchased as an endorsement or a separate policy. Earthquake insurance can be quite inexpensive depending on where you live. Contact your insurance agent or company to find out what the costs would be for your home.

Not surprisingly, Californians buy the most earthquake insurance, but earthquake insurance has been sold to residents of all 50 states.

The Earthquake Education Center at Charleston Southern University claims there's a 40 to 60 percent chance of a major earthquake somewhere in the eastern United States in the next 20 years. That has prompted the South Carolina Insurance News Service to recommend residents of that state consider purchasing earthquake policies.

The New Madrid Fault, which runs through Arkansas, Kentucky, Missouri and Tennessee, also has insurers worried. According to the Insurance Information Institute, there's a 40 to 63 percent chance the region will suffer an earthquake with a 6.0 magnitude in the next 15 years. The availability of earthquake coverage has become an issue in some regions of those states. For those who don't remember, which would include anyone not alive in 1811, an earthquake struck the New Madrid area with enough force to change the course of the Mississippi river and ring church bells on the east coast.

"The potential magnitude of a catastrophic New Madrid quake dictates that we approach the preparedness on a regional basis," says W.R. Padgett, board chairman of the Central United States Earthquake Consortium. "No one state can possibly begin to address all the issues.

What does earthquake insurance cover?

Ideally, your earthquake insurance policy covers the cost to replace or repair your damaged property. There are several options to consider when picking a plan, including:

• Does the policy cover only the dwelling? Are accessory structures, such as garages, also included?

• Will your policy pay for the contents of your home and for additional living expenses if your home is badly damaged or destroyed?

• Are there any exclusions or limitations to coverage?

• What deductible must you pay before the insurance kicks in?

How much does earthquake insurance cost?

Earthquake insurance rates are determined differently by each insurance company and can vary widely depending on several rating factors.

Generally, older homes cost more to insure than new homes. Wood homes get better rates than brick ones because wood tends to withstand quake stresses better.

I hope this article helped you find some answers as it did for me...

Remember www.yourexitrealtor.com for all your real estate needs in Central Arkansas...

I saw this and thought some other people ought to read this if they are on the fence about buying a house in todays real estate market... If this article interest you please go to www.yourexitrealtor.com and start your search today for houses in the Central Arkansas Market... As i have been saying all along is that the housing market can't be beat right now.. We have the best housing prices in 10 years and the best interest rates in HISTORY... So don't hesitate to purchase now...

Get in while the Getting's Good - Why Buyers and Sellers Should Take Advantage of Today's Real Estate Market

By Dan Steward Print Article

RISMEDIA, February 16, 2011-The Case-Shiller Index is one of the country's most popular ways of measuring the movement of home prices. And in its latest rating, which went out in late December, the verdict was: Prices are down. The Case-Shiller report's 20-City Composite rating was 0.8% lower than it was one year previously; the first year-on-year decrease since October 2009.

In some markets, sales were the worst ever-as the report noted: "While the composite housing prices are still above their spring 2009 lows, six markets-Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa-hit their lowest levels since home prices started to fall in 2006 and 2007, meaning that average home prices in those markets have fallen beyond the recent lows seen in most other markets in the spring of 2009." This may make buyers complacent, expecting prices to go down further. And if you're a seller, your immediate reaction might be to hide under the covers.

But all may not be so negative-in fact, quite the contrary. For one, Case-Shiller numbers, when they come out, have a lag time of several months-the aforementioned batch covers through October. Since then, a lot of positive things have happened. For one, strong consumer holiday-shopping showings boosted big retailers across the country, making it the best shopping season in years. A rising stock market and tax-cut extension has also made folks a little less nervous to open their wallets. And, while unemployment is still a problem, there is some good jobs news as well-initial jobless claims fell to 388,000 for the week ending Dec. 25, down from 422,000 in the prior week (the first time it's gone below 400,000 since July 2008).

It's because of reasons like this-increased consumer confidence and slight lessening of fear-that you shouldn't count on home prices dropping more. Part of it is psychological: If people see the financial and retail markets go up, signaling that the bottom in this particular financial cycle has been reached and things are moving upward, that creates more interest in buying big-ticket items, like homes. It's normal for a buyer to start rationalizing things this way: If the economy's starting to improve, this house is going to wind up costing much more at some point. I'd better get in the door now, so I don't miss the boat.

Yes, there are still plenty of problems. Not just rampant unemployment (despite initial jobless claims numbers), but also a high number of foreclosures, a crowded inventory landscape and mortgage rates that are anything but friendly. But these factors could, ironically, be a sign to buy. For instance, when interest rates go up uniformly over time as they have been, people develop a bite-the-bullet mentality, thinking: "I'd better buy now even though they're high, because it doesn't seem like they're going down any time soon."

This mentality-of getting in before things move up-is something to think about if you've been considering selling. Get your home prepared to sell by having a professional home inspection and fixing major problems that could be impediments to buyer interest. And for buyers: Buying a home is an individual process with many factors at play, so it's impossible to say that it's the ideal time for everyone to buy. But for many buyers, a simple saying may very well hold true: Get in while the getting's good.

Resources:
http://www.standardandpoors.com
http://www.businessinsider.com/dont-bet-on-lower-housing-prices-in-2011-2011-1#ixzz1ArrToucQ
http://www.cbsnews.com/video/watch/?id=7161184n

Dan Steward is President of Pillar To Post Professional Home Inspections.

Don't forget to go to www.yourexitrealtor.com to find your dream home today...

I don't know about you, but the 12 inches of snow we have had in Central Arkansas in the last month can stay gone!

The sun is shinning and the buyers are out in force.... I guess they read my blog post "Now is the Time to Buy"! Last week during the 8 inch snow i secured 3 new offers for First time home buyers. I guess they realized that there are some amazing deals out there and decided to take advantage of the Great interest rates...

I know rates are 3.99% like they were 2 months ago, but don't be discouraged, rates are still at a historical low, i mean when has a 4.50% interest rate ever been considered a bad rate... I think some people just want to complain about anything!

Any ways First time home buyers get out there and help us get this economy going again. You can do your part by contact in a local Realtor in your area and having them show you a few good deals, because no matter where you are in the U.S. i am sure there are amazing deals everywhere. If you are in Central Arkansas please go to www.yourexitrealtor.com to get started finding your dream home... The deals won't last for ever and we all know interest rates are going to go up soon... so don't miss out!

YOUR EXIT REALTOR

With Interest Rates Low, and good deals on the Market. Why are the buyers waiting?

After talking with some of my potential clients about purchasing their first home, i have heard some startling objectins to why they are hesitant to purchase a home?

Buyer: The media says we are still in a slight recession and i just dont think purchasing a house is right for us at this time.

YourExitRealtor: Now is the perfect time to purchase your first home, Interest rates are at a Historical LOW! I have had clients lock in at 4.00% we haven't seen rates that low in decades.... Housing prices... sellers need to move there houses, so they are dropping the prices to get them sold.... i saw a house sell for $16K under market value yesterday and it wasn't a foreclosure or short sale...

Summary... Rates are good, Housing prices are Great! BUY NOW...

Buyer: I don't have the money saved for a down payment....

YourExitRealtor: Well lucky for you I have some great lenders that i work with, and there are a few programs out there that if you qualify for you could receive Down Payment Assitance, or you could look at Rural Development qualified houses, which offer 100% Financiing, Yes that is correct i said 100% Financing. So see even if you don't have a lot saved to purchase a house, we might find the right program to help you take advantage of some really great deals on the market now...

Buyer: Are Foreclosures and Short sales a good deal?

YourExitRealtor: Foreclosures are 50/50. They offer you some really really good deals. Some Foreclosures are Move in Ready, and some will require you put a little elbow grease into the house. Foreclosures some time move a little bit quicker than short sales, with Foreclosures you are Negotiating with the Bank Directly, Short sales you have to Negotiate with the Seller and the Bank which could take up to 120 days just to get an accepted offer.

In my opinion i would stick with Foreclosures, but that is not to say you can't find an incredible deal on a short sale.