Iowa Banks-First Quarter 2009

There's a very interesting article in today's Des Moines Register regarding how Iowa Banks fared in the first quarter of 2009. Basically, a higher percentage of banks are reporting more non-performing loans. Banking officials say it's a sign the recession is starting to hit Iowa a little harder now.

Read more on the Des Moines Register's Website. This article has a complete database of all Iowa Banks, so you can check out your own bank's first quarter performance and how it compares to 2008.

http://www.desmoinesregister.com/article/20090527/BUSINESS/90527018

Curb Appeal Tips

Finally, spring has arrived! It's time to freshen up the look of your home. Not only on the inside, but the outside- especially if you want to sell. Curb appeal is that one opportunity to make a first impression.

From my own experience of looking at homes, here are some of the first things I notice when approaching a house.

1. How does the exterior appear? Does it need a new coat of paint? Is the siding cracked or clean? Oftentimes, mildew and cobwebs need to be removed.

2. Is the front door in need of a fresh coat of paint? New shiny hardware can do wonders! Are there any cracked windows that need replacing?

3. Is the lawn freshly manicured? Leaves, branches, sticks and weeds should be removed from the lawn, corners of the house, underneath patio furniture and window wells.

4. Are the windows and screens clean?

5. Are the rain gutters clean and installed properly?

6. Flowers will add wonders to a home's curb appeal.

7. Finally, look at the landscaping. Is your home hiding behind it? It may be time to pull out those overgrown shrubs and trees.

Here are some related articles. I like this first one on trulia.com. It has great before and after pictures that show how even a dud of a home can become a dream- with a little vision!

http://www.trulia.com/blog/margaret_oscilia/2009/04/top_ten_curb_appeal_tips

http://homebuying.about.com/cs/sellerarticles/a/curb_appeal.htm

April Home Sales-Cerro Gordo County

April home sales dropped from the month before in Cerro Gordo County, according to deeds filed at the county auditor's office. Here are the numbers for each month of 2009.

In April, 100 homes sold

In March, 108 homes sold

In February, 91 homes sold

In January, 74 homes sold

The good news is the numbers appear to be on the rise since the beginning of the year. One local builder commented to me that most of the homes selling are in the $60,000- $150,000 range.

Another good sign, bankers report there is an interest in mortgage applications.

"Our applications haven’t seemed to have dropped off yet. " said Pat Thompson, Farmers State Bank in Mason City. "They were slow to start but have been numerous for the last 30 to 45 days. Rates have ticked up a bit lately and are hovering around the 5% range this week. The big catch with the posted rates in publications is that this rate is for “well qualified borrowers”. I call it a start rate."

Those rates can rise based on several factors including a person's credit score and the LTV, or loan to value ratio.

House For Sale-Split Level

We have a super split-level home for sale by owner. Looking for a master suite? It has it! Looking for a big garage and plenty of work space? It has it! Check it out at NorthIowaForSaleByOwner.com!

Click here!

http://www.northiowafsbo.com/property_for_sale/1202_7th_avenue_sw/index.html

Home Sales in Cerro Gordo County

Talk to anyone with a home on the market and there's a lot of frustration. It's actually a great time to buy a home. Interest rates are low, prices are down, and there's a new $8000 tax credit for new homebuyers thanks to the newly passed stimulus plan. So why are things so slow? Well, it's not as slow as in other parts of the country, but I think people are just cautious. Everyday, they are hearing about how bad the economy is. They're worried about where their job will be in 6 months and are simply just staying put. They're in that 'wait and see' mode.

So how much have things slowed down in North Iowa? I've been doing a little research with the county recorder's office. This is where the deeds (i.e. home sales) get recorded when they exchange hands during a property agreement.

Here's what Colleen Pearce, the Cerro Gordo County Recorder told me. "It's been very slow compared to even last year and that was not as busy as the year before. We used to have days where 100 documents would come through here in a day (that's all documents, not just home sales). Now we have about 40 documents a day."


From 2003 to 2007, the number of properties sold averaged 1,834. But those sales fell by 20.338% in 2008 to 1,461.

And here is how 2009 is starting off. In January, records show there were only 74 home sales in Cerro Gordo County. That's a 35% decrease from January 2008 which had 114 sales. Here are the numbers up close.

YEAR/DEEDS (Home Sales) RECORDED


2003/ 1877


2004/ 2023


2005/ 1960


2006/ 1729


2007/ 1783


2008/ 1461

The good news is banks in Mason City, Iowa are not facing the banking crisis on Wall Street. For example, the folks at Farmer's State Bank have told me they want to give out more mortgages. North Iowa is a great place to live. And we're poised to move ahead at great strides once confidence is restored. The air is clean, it's a great place to raise a family, we have lots of recreational opportunities with Clear Lake, bike trails, East Park, Lime Creek Nature Center, the list goes on and on. Plus, we have great choices in education, with sound public, parochial schools and a growing North Iowa Area Community College.

Frustration won't last forever. Keep your chin up. Spring is just a few weeks away. Better times will come.

Stimulus Plan-What's in it for the Housing Market?

President Barack Obama is signing the Stimulus Package.. making it law this afternoon. So what's in it for the housing industry? If you're a first-time homebuyer, you'll receive an $8000 tax credit. Some were hoping for more. (The Senate had included a $15,000 credit for all homebuyers, but that's not to be.) Evenso, the housing industry will take what it can get.

Click here to read more information at usatoday.com. http://www.usatoday.com/money/economy/2009-02-12-stimulus-package-effects_N.htm

And here's a heads-up for those homeowners feeling the threat of foreclosure. On Wednesday, Obama is expected to release details on a 50 billion dollar plan to help slow foreclosures and reduce mortgage payments.

Staging Your Home to Sell

You know how parents are constantly reminding their kids to brush their teeth? (I do anyway.) It's similar to the way many homeowners need constant reminding about the importance of 'staging' if they want to sell. Let's face it, clutter rules the day in too many homes! The last person they should be showing a home to is a prospective buyer.

After visiting many homes during the past two years, here are just a few of my own tips.

1. Clear the kitchen counters. Just to name a few, get rid of the toaster, the mixer, any other appliances, the papers, the hot plates, cookbooks, get rid of dishtowels in the sink and on the stove. Take all the pictures and notes off the refrigerator. Once that's done, clean to your heart's content. That includes the inside of the refrigerator, the dirty dishwasher door, the faucet. Make it shine!

2. Clear out kitchen cupboards and pantries. Get rid of those dishes, glasses, old muffin pans, the rice cooker that you never use. I am reminded of the woman whose kitchen cupboards were stocked with three full sets of tableware and the couple with twenty coffee mugs for the two of them. Is all that stuff really necessary? If you can't part with it, find a place in storage. Show us the space in your cupboards.

3. Take it to Goodwill. Now turn to your closets. Most people could easily part with half the clothes hanging in their closets. If you haven't worn it in the past year, believe me, you won't miss it. If it doesn't fit, say goodbye. It's not only good for the appearance of your home, but for your psyche as well. Do you have baby clothes in storage just in case you have another one? If you don't plan on using them in the next year or two, I suggest letting another child in need get his/her use out of them. The same goes with too many toys.


4. Keep the furniture simple. Every wall doesn't need something on or against it. Play up the focus of each room. Is it a conversation, reading or game area? If a chair or rug looks worn, consider investing in an inexpensive new one. Same thing goes for old light fixtures.

5. Depersonalize. Make your home appealing to as many buyers as possible. That involves toning down wall colors, taking down personal photos, and decor that stands out. (I've seen a lot of football-themed bedrooms and one safari-jungle living room that, let's just say, don't appeal to a broad audience) Unfortunately, a lot of buyers are not very imaginative, so homeowners need to make it easy for them.

Ready for more? Here are some more great tips on HGTV.com http://www.hgtv.com/decorating/13-home-staging-secrets/pictures/page-6.html