Closing escrow on a your new home is the final curve in a long and winding road to home ownership. By this point, most buyers are kind of like seniors in college - a little nervous about the last few days, kind of sick of the whole process, but basically just ready to get it over with and get on with life. Here are a few things that help everything go more smoothly and make closing escrow easier than babysitting. Heck, let's make it fun by putting closing tips together with babysitting tips. That way we'll change two babies with one diaper *snicker*.
Know what to expect going into it.
This applies for your home closing and babysitting. If you are about to babysit a two year old, it's much different than babysitting a twelve year old. You'll have to plan accordingly. The same goes for closing. If you are closing a primary residential property it's one thing. If you are doing a 1031 tax exchange on commercial property that is currently leased and has an assumable loan, that's something different entirely. Get your head prepared for the situation in front of you. Let's assume it's a pretty easy babysitting gig, a.k.a. a primary residence, residential closing.
Identify yourself!
Most babysitters are friends or family members but some come from a friend of a friend or a service. These sitters need some ID right? It's sort of the same with closing escrow. Bring two forms of ID - your driver's licence and something else like a social security card. If you want to really play it silly safe, bring three. Title companies and lenders need to know you are who you say you are when signing official documents.
You probably need some money.
Babysitters may get stuck with cheap parents that won't spring for pizza. Bring yourself some dough (cash, not pizza dough). With regard to closing your property, don't bring cash, they generally won't take it. Your Realtor should get a HUD-1 before closing. This explains all the expenses in detail so you know how much money is not covered by the seller or by your lender. You take that number and get a wire transfer the morning of your closing or bring a cashier's check. FYI, title companies don't take personal checks. Although, I have seen some take a check under $500.00 to cover unexpected costs that were agreed upon at the closing table.
Stretch ahead of time and keep some perspective.
Babysitting may be a little unnerving at times, but if you like kids, it can be a load of fun. Same thing with closing day. You and your family are starting a new life in a new home. Look at closing as the first day of a great adventure. Okay, so that's not just like babysitting but I drew as many parallels as I could. With babysitting, I'd stretch everything, with closing, I'd just stretch my signing hand. Happy closing/sitting!
Have questions about the home buying process? Check out the buying a home category of my site to learn much more about the whole process. Or just contact me and let me worry about most of it for you!
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This is a quick review of one of my absolute favorite places for lunch in Northwest Arkansas. Bentonville Butcher and Deli is a relatively new establishment that offers upscale grocery items and a nice selection of premium meats from beef and Italian sausage to stuffed chicken breast, fresh fish, and seafood. They also have daily lunch specials that I get delivered by email every morning so I can plan my lunch accordingly.
Mmmmm...
You can sign up for their daily lunch special notices by email at 360Bentonville.com. The lunch special consists of a hefty (I hope your hungry) portion of the main dish, 2 sides, and choice of a soda, water, or tea...all for under $7 bucks. Beat that. The main dishes I've personally had that I like are:
They have a bunch more that are escaping me at the moment. They have heaping hot and cold sides including:
along with a bunch more.
I usually get my lunch special to go but you can eat-in. Bentonville Butcher Shop and Deli is located just north of hwy 102 and 71-B in Bentonville. If you live in Rogers, Bella Vista, Centerton or further out...it's worth the drive. Happy lunching!
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Developers and home builders better cinch their belts because Fayetteville is raising impact fees for new construction projects starting March 31st, 2009. The impact fee is being raised from it's current $1,143 for water and sewer systems. A $700 increase will help offset costs for improvements to pipes and lift stations associated with the new waste water treatment plant. Of the $700 increase, $663 is going towards the water system and $37 is going towards the sewer system.
This decision to increase impact fees $700 this year was made after Duncan Associates completed a study to update the cities sewer and water impact fees. They found that the maximum water impact fee for a single family home in Fayetteville was $2,954 and $2,631 was the maximum waste water impact fee. This is significantly more than the current total impact fees of $1,143 so expect increases in impact fees in Fayetteville over the next few years to bring the fees up to par with the cost of maintaining Fayetteville's water and waste water infrastructure.
Please note that Fayetteville residents that are currently on a septic system will not be charged impact fees to switch over to the city's sewer service because Fayetteville is trying to encourage the use of their sewer system and decrease the use of septic systems.
While some may grumble at the additional fees as builders and developers pass on these fees to buyers, most should understand that this is a good thing that will help the city pay for much need infrastructure to keep Fayetteville clean and vibrant.
If you have any information on about Fayetteville's impact fees or any developments that need to be shared with the public...please leave a comment or shoot me an email (contact me) and I'll do my best to get the information out there.
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2008. What a year! Alot has happened in the housing market and around the world. While most areas continue to suffer, the Northwest Arkansas Housing Market has faired better than the rest in terms of home values, sales, and foreclosure rates. Whether you are buying a home, selling your home, or you just want to know what the market is doing - this is downright informative stuff.
A couple of things to keep in mind. The following market report is for Residential housing in Benton and Washington Counties. While MLS (multiple listing service) data is deemed reliable, it is not 100% accurate so this market snapshot comes with a disclaimer. It is here to assist you in making informed housing decisions based on the market data we have available.
As you can see by the average days on market and price per foot graph above...the previous 4 years have seen a gradual increase in average days on market as inventories increase and demand for housing decreases. There has also been a gradual drop (after 2005) of the average price per square foot. Please notice the difference between 2007 and 2008 - from $99.95 to $92.50 is a decrease of 7.45% in average price per square foot. This is only an average and is not necessarily and indicator that homes are worth this percentage less in your neighborhood.
Let's take a look at the actual number of sold listings in Benton and Washington Counties...
We know that 2006 is when home sales and pricing began to slow/drop. We can see that the average still went up between 2005 and 2006. The telling number is the drop from an average home price of $187,810 in 2007 to $179,832 in 2008. That is a drop of 4.25% from 2007 to 2008. Remember that this is the actual price that home sold for, not list price. It also does not include any incentives or concessions offered by the sellers (of which there were many more in 2008 than 2007. All in all, 4.25% is not a huge drop when you consider everything going on in 2008. It looks like Northwest Arkansas was a good place to buy after all.
Let's look at a graph of 2008's sale prices month by month...
This graph gives us a breakdown of the average home prices in Benton and Washington counties for each month of 2008. While prices fluctuate somewhat, a linear trendline shows that the average home price in Northwest Arkansas dropped significantly in 2008 from the 190's to the 170's and lower. This approximately equates to a 10% drop in the average value of homes in Northwest Arkansas. Before you run off thinking your home is worth 10% less today than it was a year ago there are some things you need to know:
As I always say...keep this in perspective. Yes, average home prices are down and home sales are down. Some areas in Northwest Arkansas are up a little, some are down double digits. Our market is nothing like many major metropolitan areas when home prices are down 30-50% for the year. Please keep that in mind and have a big sign of relief. I believe the worst in the housing market is over but the next few months will tell the tale.
Just do it!
If you are considering buying a home....buy it. You won't find a better time with better rates in the next decade. If you are considering selling your home....sell it. If you've bought smart and built equity, you should have no problems coming out fine in the transaction. Will you make a boat load of money, probably not....will you mae it up on your next home....probably so. If you want to move or need to move, move. With more and more people realizing there's deals to be had, inventories are going down, and God willing, prices are stabilizing and beginning the climb back up.
If you would like to know exactly what you home is worth in this market to make informed decisions, please don't hesitate to contact me or another Realtor you trust to prepare a detailed market analysis for your home.
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Northwest Arkansas Housing Market Report for 2008
I recently wrote a post entitled Why Subscribing to my Blog will Help You Lose 5 Pounds. I made my point by mentioning a few silly things that would make you move with little or no warning. I think I wrote ten but I had a bunch more ideas...so without further adieu - here they are.
Things that make you move because of finances:
You lose your job at the widget factory.
Gas goes above $5.00 a gallon.
Gas is only at $1.64 a gallon, but you buy an F-450 and now need 5 times more gas.
The stock market drops 34% in 4 months...oops, that one's real.
Your Alt-A or Option ARM loan resets at 9% and your once $700/month house payment turns into $2100 per month.
You have a major gambling problem and today ‘wasn't your day.'
You have to pay for grandma to get a new hip.
Two words, "Identity Theft."
Three words, "Pay for Braces."
Bigger three words, "Pay for College."
Things that make you move because of family:
You get married
You have a kid
You have another kid
You get divorced
You're in-laws move in with you (can you say guest house?)
You're in-laws move out (you move after the party..)
You're son is involved in a shady transaction that causes a midnight move before the press arrives the next morning.
Things that make you move because of nature:
The earth 1.4 miles directly under your house is the epicenter of a major earthquake.
Global warming has caused your home to become ‘reef-front property.'
An asteroid has fallen into your backyard at 22,000 miles per hour and the structural integrity of your home is now in serious question.
The great Mississippi river has overflowed it's banks and your home is headed towards Louisiana.
Things that make you move that are just plain unlikely:
An exploratory team from Shell has discovered massive gas and oil reserves in your backyard.
A rare but highly lethal, valuable, and illegal substance has been discovered in the natural spring running through your front yard.
A high-end, exotic 'dance' club has just opened across the street....this would either make you move to this home or out of it depending on your likes and dislikes.
Giant mutant cockroaches have set up camp in your basement.
A glowing sphere 300 meters in diameter lands in your city's local park and the army cordons off the area and evacuates your neighborhood/state. (Sound familiar?)
That's all for now...I'll try to do one or so fun list like this a month just to keep the rather heavy and dry topic of real estate light and fluffy...like froth on a cappuccino.
If you have a funny or crazy story about a sudden or unexpected move...please share with the group so we can all benefit from your experience.
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26 Things that will Make you Move when you Least Expect It
101 North 37th Street Rogers, AR 7256
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