Mortgage rates go down then jump by more than 1/2%, all in one day!
by: Brian Wentz, Relator
What a day it was! The Des Moines Real Estate market was not immune to the roller-coaster of a day brought on by the moment by moment changes in the mortgage markets.
I arrived at the office at 9:00 AM to the good news that rates had dropped from 5.25% down to 5.0%. "That's incredible", I thought.
Than, by noon- I got the update from one of my trusted lenders that rates fell even further to 4.875 % for a 30 year fixed rate. "Amazing- a 10 year low", I thought!
Then, about 2:00 things came to a sudden, screeching halt. E-mail after e-mail cried that rates were headed up. And in the aftermath, rates finished the day out at around 5.5% for a 30 year loan.
In my entire career, I have never seen single say swings like this. It was something, and I am sure many of our lenders were ready to go home and forget the day. I know their phones were ringing off the hook, and I am sure there were some frustrated customers along the way. When rates change this fast, it is impossible to keep up!
But how does the saying go; "Sometimes, that's how the cookie crumbles". I suppose tomorrow is a new day, and hey, 5.5% is an amazing rate no matter how you look at it!
Brian Wentz & Beth Ernst
Burnett Realty
515-334-4994
www.BrianWentzRealtor.com
New Construction and homes for sale in Des Moines, Iowa including Urbandale, Clive, Beaverdale, West Des Moines, Johnston, Ankeny and Waukee
A look at inventory levels of Homes For Sale in the Des Moines metro area.
by: Brian Wentz, Realtor, ABR, CBR
I am a visual person, and I love graphs. So recently when a client asked me how many homes were for sale across different price points in our MLS, I thought it might be interesting look answer the question with a chart.
Below I have assembled the two graphs to show, visually, a snapshot of the Real Estate Market in the Des Moines metro area, as of January 18th 2008.
These numbers represent the homes for sale, and pending by each $50,000 price point. One observation I found interesting, take a look at the number of homes for sale above the $1 million mark!
And Now for the higher end homes...
If you are planning to buy of sell a home in Des Moines, this chart can help you understand your competition and activity levels in your price points.
Brian Wentz & Beth Ernst
Burnett Realty
www.BrianWentzRealtor.com
Helping you buy or sell real estate in the Des Moines Iowa area, including Ankeny, Altoona, Clive, Urbandale, West Des Moines, Waukee, and Johnston.
Essential numbers you'll want to have in your cell phone!
by: Brian Wentz, Realtor
OK, I am a bit of a Boy Scout- I admit. And what was the motto? "Always be Prepared", of Course!
So if you live in the western Des Moines suburbs of Clive, West Des Moines or Urbandale, there is a number you just might want to program into your cell phone, so you can be prepared too.
These western Des Moines cities are served by West Com Dispatch, a consolidated fire, ems and police communication center, and one call to the center can dispatch police or emergency responders is a wide area of the metro area.
The emergency number is 911, of course. But having the non-emergency number can come in very handy for times that you just need to report a potentially dangerous situation, but don't want to clog up the 911 lines.
Last summer, while out showing a home, I witnessed a large dog running loose and chasing after a runner. Yikes! And I have had more than one occasion where items have fallen off vehicles along the interstate and I-235, presenting a hazard for other unsuspecting drivers.
Having these numbers handy made calling the situation in easy, and keeps others from getting hurt! So take a moment and plug the number into your cell phone. You'll appreciate having them if you need it!
Here are the numbers I have in my phone:
WestCom Dispatch: 515-222-3321
Des Moines Non-Emergency Police: 515-283-4811
Iowa State Patrol, Non Emergency Dispatch: 1-800-525-5555
Brian Wentz & Beth Ernst
Burnett Realty
www.BrianWentzRealtor.com
Homes for sale in the Des Moines Iowa area, including Ankeny, Altoona, Clive, Urbandale, West Des Moines, Waukee, and Johnston.
An enchanting store worthy of an afternoon visit!
by: Brian Wentz
This one of a kind store is like a window into the past! Located at 9th and Cherry in Downtown Des Moines, Iowa, West End Architectural Salvage is sort of a high end junk yard for recycled home products and custom made art work- all delivered with a touch of something special!
Many of the stores offerings have been rescued from turn of the century homes that were to be demolished, or that have been removed during construction updates. It really doesn't matter what you are looking for; if it is old, they likely have it. But unlike so many "antique vendors" who stock a lot of junk, you'll only find truly special, one-of-a-kind and hard to find items here!
Entering at street level, the large granite coffee bar and open front lobby warmly greets you. The large sitting area, complete with custom made tables constructed on site, is a great place to kick back and enjoy a cup of the stores Joe before wandering around. And speaking of wandering around, that's precisely where you will often find the store's owner, Don Short, who will likely introduce himself, and strike up a conversation if you happen to run into him.
To add to the experience, Architectural Salvage's building, by itself, is truly something to be seen. The 5 story structure is a converted warehouse, stripped to the bones; with exposed wood timber construction, brick walls and original hardwood floors.
The main level of the store includes custom jewelry and original artwork fabricated using scrap materials from the upper levels, such as tin covered tables and mirrors fabricated from old lumber. On the upper levels you'll find a collection of antique white oak furniture (some has even been restored), recycled building products such as 6 panel doors and hinges, along with anything and everything you'd expect to find in a turn of the century home. On one particular visit, the store even had a full size front entry staircase, like something you'd expect to see in "Gone With The Wind"!
And if you are looking for a unique location to host an event, the store itself can be rented for an evening!. An event on site is a truly remarkable experience, as I found out first hand when we recently hosted a party at the store 65 or so people. The accommodations were top notch, to say the least!
If you are in Downtown Des Moines anytime soon- be sure to stop by the store, which is just under the 9th Street viaduct. I promise, you will not be disappointed at all!
Take a tour of the building below and see some of the items I discovered on a recent visit. (Click Here if the slide show is not visible!)
Brian Wentz & Beth Ernst
Burnett Realty
www.BrianWentzRealtor.com
Homes for sale in the Des Moines Iowa area, including Ankeny, Altoona, Clive, Urbandale, West Des Moines, Waukee, and Johnston.
New changes in the way credit bureau's look at your credit score.
by: Brian Wentz, Realtor
Fair Isaac, home of the well known "FICO" scoring method, has announced some changes that will impact consumers credit scores in 2008. Dubbed "FICO '08", the new guidelines put heavier emphasis on several key areas which received less focus in the past, such as having higher balances on credit accounts and keeping a mix of both revolving and installment accounts.
The new scoring system may also be more forgiving to consumers who apply for new lines of credit. This change better reflects the fact that today's consumers seek and use credit more than in previous generations.
FICO 08 also addresses a process which has been come to be known as "piggy backing". In recent years lenders and consumers have used a loophole that could quickly boost a consumers credit score by adding their name to another consumers credit history. Some credit repair companies have even gone so far as to "rent" one consumers good credit to boost another consumers credit scores.
Read more about the changes and how to Build a Killer Credit Score in 2008.
Brian Wentz & Beth Ernst
Burnett Realty
515-334-4994
www.BrianWentzRealtor.com
Helping buy or sell homes in Des Moines, Iowa including Urbandale, Clive, Beaverdale, West Des Moines, Johnston, Ankeny, Altoona and Waukee.
(Source: MSN Money)
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Brian and Beth serve the Des Moines, Iowa Real Estate markets including the suburbs of Waukee, West Des Moines, Urbandale, Johnston, Grimes and Clive, among others.
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