Last week, Fannie Mae released their National Housing Survey for the third quarter of 2011. They survey the American public on a multitude of questions concerning today’s housing market. Each quarter, we like to pull out some of the findings we deem most interesting. Here they are for the most recent report:

Most Important Reasons to Buy a Home

The study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, in order, are:

• It means having a good place to raise children and provide them with a good education
• You have a physical structure where you and your family feel safe
• It allows you to have more space for your family
• It gives you control of what you do with your living space (renovations and updates)

When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. There is no doubt that families must justify a home purchase from a financial point of view today. However, the reasons they actually buy are the same reasons our parents and grandparents purchased their home – to create a better lifestyle for their families.

The Home as an Investment

Though most people purchase a home for non-financial reasons, everyone realizes there is a money component to homeownership. Here is what they said on this issue:

• 64% of the general population (and 69% of homeowners) believe that homeownership is a ‘safe’ investment.
• 55% believe that homeownership has more potential as an investment than any other traditional asset class.
• 68% think that now is a good time to buy a home

Rent vs. Buy

We are always interested in the difference people see in renting vs. owning.

• 63% of renters have aspirations to someday own their own home
• 70% of renters think that owning is superior to renting
• 96% of homeowners see homeownership as a positive experience (4% see it as a negative experience) while 83% of renters see renting as a positive experience (15% see it as a negative experience)
• 97% of homeowners live in a single family residence while 53% of renters live in a multi-unit building

Bottom Line

Even in these difficult times, Americans still realize the value of homeownership both from a financial and social standpoint.

Keep checking RuhlHomes.com for more important information on the housing market.

Provided by: KCM Blog

Words can not the answer to the question above.  Only a very strong photo that was provided to us by MSN money. . .

Ruhl&Ruhl realizes that when the idea or dream of purchasing a home starts to circle around in your mind, majority of the time the title above does not accompany that thought. And while this type of situation is unbelievably frustrating, keep in mind that you do have options.  Ruhl&Ruhl Realtors along with 1862 Mortgage is here to help.  

Let’s start from the beginning,  say you have begun your home search and you meet with a Lender.   That Lender will review your credit along with income and assets to determine if you qualify for a new loan.  What happens when you find out you do not qualify?

First, find out what steps you will need to take to get qualified. These may vary and include a credit improvement plan,  a savings plan to accumulate your down payment and closing costs and/or a plan for how long you must be on your job or earning variable income.

These are steps that you can work on to become a preferred buyer.   They may take a few months or a few years, if you have had a more serious credit event such as a recent foreclosure or bankruptcy. However isn’t it important to get and work on a plan if you truly want to purchase a home?

An important thing to keep in mind is that you will want to find and work with a lender that has the time to assist you in making these steps a reality. You do need to know there is no “Magic Bullet” and that it will take work and discipline on your part.

Mortgage qualification guidelines are still constantly changing and in most cases tightening.  It may not get easier for anyone to qualify for a mortgage loan in the short term.    We at Ruhl&Ruhl Realtors partnered with 1862 Mortgage will always be here to help you achieve that next step.  The pre-approval process is completely free.  Our 1862 Mortgage Loan Officers are trained to help you improve and plan so you can work towards the goal of homeownership.

Please call 563-441-1776 or visit RuhlHomes.com/Mortgages to get pre-approved or to speak with a loan officer today.

some infomration provided from Allen Tate Blog.

There is a popular saying that exists and while the latter half of the saying varies depending on time, date and season, it always begins with “It’s hard to imagine …”

For instance, you could be driving along, staring at the snow-covered landscape and someone will chirp up and say, “It’s hard to imagine that in six months time these trees will be covered in leaves.” Being inspired by a client tutorial many first time home buyers will say “It’s hard to imagine that just a little over a month ago I was starting the process of buying my first home”.

Ruhl&Ruhl has taken the topic of buying a home for the first time and broken it down into top 10 tips that we think will be the most beneficial for all who take on this adventure.

1.  Talk with a Realtor®. They know the ins and outs of real estate and can give you all of the facts to help make the best decision for yourself.
2. Keep an open mind. As a first-time homebuyer, it’s important to understand that you won’t be living in the same home forever.  It’s your first home so you will have to compromise.
3. Check your credit score. Imagine navigating a new area without a map. Well, that would be like searching for homes without knowing what home you can afford. Your credit score gives you an indication of your price point so be sure to get this in order before you start.
4. Do the white glove test. Buying a home is one of the biggest purchase decisions you will ever make so inspect the property thoroughly, white gloves and all.
5. Location affects price. The closer you get to a popular area, the more you’ll spend. In a less trendy location, you’ll find a larger house for the same money. This falls under compromising.
6. Check out the area. You should visit the area at several times during the day: in the morning afternoon and evening. This may help you determine what the area is like as far as traffic during the work commute and for safety at night.
7. Get pre-qualified. This way, going into the home search process you will be prepared for exactly what you can afford.
8. Better safe than sorry. If you aren’t the Bob Vila type, look into getting a home warranty. A home warranty can help cover major repairs like a leaky roof, a heating or air conditioning system, appliance breakdowns and electrical problems, just to name a few.  As a new homeowner, you don’t need surprise expenses.
9. Insurance isn’t one-size-fits-all. If you want coverage that is personalized to suit your needs and budget, go with an independent insurance agent, who works with many carriers and can offer more options.
10. Offer is more than price. An offer is much more than a price you put forth to a seller. It involves warranties and fees and due diligence and everything in between.

When the adventure is done and you are finally settled into your new home, something that you purchased and worked so hard to achieve, Ruhl&Ruhl hopes that for every client they sit back and think, “It’s hard to imagine not being a homeowner”.

For all real estate, mortgage or insurance needs please visit RuhlHomes.com.

This article was originally published in the Keeping Current Matters newsletter.  For more statistics and current prices of owning a home please visit RuhlHomes.com.

Homes in our areas are now eligible for a greater amount of assistance towards making a down payment.  Homebuyers, who use the Iowa Finance Authority’s FirstHome and FirstHome Plus program to purchase a home through the end of the year, may qualify for up to $3,500 in down payment assistance.  This is an increase of $1,000 above the normal amount of $2,500.

“One of the biggest barriers facing Iowa homebuyers is coming up with the cash for the down payment,” said Lt. Gov. Kim Reynolds in a press release.  “The Iowa Finance Authority has recognized that need and has implemented this $1,000 bonus for a limited time to help home buyers realize their dream of homeownership.”

The FirstHome Plus Program provides targeted assistance in certain neighborhoods in the communities we serve, such as Davenport, Dubuque and Iowa City.  The homebuyer may be a first-time or repeat homebuyer and must meet federal income limits by county.  In addition the home purchase price must fall below $289,000.

In all other parts of the state, eligible home buyers must meet the federal income limits for the county, the purchase price of the home may be no more than $247,000 and the buyer must be a first-time home buyer or a Veteran within 25 years of active duty and have not used a mortgage revenue bond program to purchase a home in the past to be eligible.

For more information and to see if you qualify, visit www.IowaFinanceAuthority.gov.

Today, Ruhl&Ruhl REALTORS, the residential company, annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin and is the largest privately-owned real estate company in Iowa. Headquartered in Davenport, Iowa, the company has 275 sales associates and 50 employees based in sales offices located in Bettendorf, Burlington, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm and land sales, senior services, real estate investment, mortgage services through 1862 Mortgage and insurance services through the Nelson Ruhl Agency.  For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.

Ruhl&Ruhl REALTORS is the proud to be the sponsor of the Dubuque Museum of Art’s 2011 Annual Art Auction and Holiday Party.

“This is going to be a great event and we are excited to be a part of it this year,” said Jeff Hefel, Manager of the Ruhl&Ruhl Dubuque Office. “Art has been a long-time treasure of this community and our company shares in its passion and appreciation of history.”

The event, which features a cash raffle drawing and art auction, will take place Friday, November 4^th at the Historic Masonic Temple, 1155 Locust Street, Dubuque. Cocktails will be served at 6:30pm with the Auction beginning at 7:30pm. Tickets are $50 per person and RSVP’s can be submitted by contacting the Dubuque Museum of Art at 563.557.1851.

The auction catalog preview will be available beginning October 24^th at www.dbqart.com.

A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin and is the largest privately-owned real estate company in Iowa. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company.  Headquartered in Davenport, Iowa, the company has 280 sales associates and 50 employees based in sales offices located in Bettendorf, Burlington, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm and land sales, senior services, real estate investment, mortgage services through 1862 Mortgage and insurance services through the Nelson Ruhl Agency.  For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.

Ruhl&Ruhl REALTORS is pleased to announce the addition of Cathy Dalldorf to our team, as a Regional Manager, overseeing the Ruhl&Ruhl offices of DeWitt, Clinton and Maquoketa.

Dalldorf brings a wealth of real estate knowledge and expertise, as well as management experience.

“I am excited for this new opportunity to grow with Ruhl&Ruhl,” Dalldorf said. “I came to this company because of its focus on customer care and agent development. I am thrilled to be able to share those values with more individuals as a regional manager.

“With low interest rates and good inventory in our markets, now is really the time to buy or sell and I look forward to helping clients through the process at Ruhl&Ruhl.”

As manager in Clinton, Dalldorf is replacing Norm Vande Kamp, who has worked for Ruhl&Ruhl, either as an agent or manager, for over 13 years and soon will be entering retirement. “He definitely will be missed,” Dalldorf added. As manager in DeWitt and Maquoketa, Dalldorf is replacing Tiffany Mangler, who will be focusing instead on her sales and marketing to serve her clients even better.

Dalldorf, a DeWitt native, has been in the real estate business for more than 10 years and is a member of the National Association of Realtors and the Iowa Association of Realtors. She is also a member of three different Multiple Listing Services (MLSs), including the Quad Cities, Jackson County and Clinton.

“Cathy will be a great regional leader for our DeWitt, Clinton and Maquoketa offices,” said Caroline Ruhl, President of Ruhl&Ruhl REALTORS. “I am confident she will continue our history of commitment to our clients and the communities we serve. In addition, her experience and professionalism will enhance the already strong team we have in those areas.”

 Dalldorf’s husband, Brad, is also a licensed Realtor with Ruhl&Ruhl. In addition to real estate, he is a supervisor for ADM in Clinton. The couple has four children.

A family-owned company since 1862, Ruhl&Ruhl REALTORS annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin and is the largest privately-owned real estate company in Iowa. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company.  Headquartered in Davenport, Iowa, the company has 275 sales associates and 50 employees based in sales offices located in Bettendorf, Burlington, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm and land sales, senior services, real estate investment, mortgage services through 1862 Mortgage and insurance services through the Nelson Ruhl Agency.  For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.

Ruhl&Ruhl REALTORS is pleased to announce the promotion of Chris Beason as the manager of the Ruhl&Ruhl Moline Office.

Beason, son of Caroline Ruhl, President of Ruhl&Ruhl REALTORS, was born and raised in the Quad Cities and has grown up in the real estate industry, bringing a wealth of knowledge about the area and the business.

“I am very excited for this new opportunity to grow with Ruhl&Ruhl,” said Beason, who is the fifth generation to help lead the company. “I truly believe that we can provide the best real estate experience in our region through the world class service our agents provide. We have a great team in the Moline Office and I am glad to be a part of it.”

As manager, Beason is replacing Ann Cunningham, who has worked for Ruhl&Ruhl, either as an agent or manager, for over 18 years and now will be entering retirement. “She definitely left some big shoes to fill,” Beason added.

After graduating from Assumption High School in Davenport, Beason added the University of St. Thomas and earned a bachelor’s degree in real estate. He then went on to work at two nationally recognized real estate agencies – The Norton Agency in Gainesville, Georgia and The Group, Inc. in Fort Collins, Colorado. He has worked as a Reator and trainer for Ruhl&Ruhl for over two years.

“I am proud to have Chris join our management team,” Ruhl said. “I know he will continue our commitment to the communities we serve and will be a team player, helping to build on the quality, value and integrity we provide to all of our clients.”

Ruhl&Ruhl traces its origins back almost 150 years to 1862 when they started as an insurance agency in the back of a little German grocery store on W. 6^th Street in Davenport. John G. Ruhl added real estate brokerage in 1900. By 1949, the third generation of Ruhl’s had joined the firm, totaling four full-time real estate salesmen with a successful insurance division. In 1982, the firm had a major reorganization and the real estate and insurance companies separated. A fourth generation of the Ruhl family was added to the firm with the association in 1976 of Charles A. Ruhl, Jr., in 1980 of Caroline Ruhl and in 1991 of John G. Ruhl.

A second reorganization took effect in 1997, with Caroline Ruhl taking ownership of Ruhl&Ruhl REALTORS, the residential company. Chuck Ruhl, Jr. opened a new company, Ruhl Commercial, and was joined by his brother John G. Ruhl.

Today, Ruhl&Ruhl REALTORS, the residential company, annually sells nearly 3,800 homes in eastern Iowa, western Illinois and southwestern Wisconsin and is the largest privately-owned real estate company in Iowa. Headquartered in Davenport, Iowa, the company has 275 sales associates and 50 employees based in sales offices located in Bettendorf, Burlington, Cedar Rapids, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm and land sales, senior services, real estate investment, mortgage services through 1862 Mortgage and insurance services through the Nelson Ruhl Agency.  For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.

Today’s ever changing real estate industry has brought upon some very challenging questions from our clients. We as counselors, want to put forth the best, non-emotional advice that we can, in hopes that we can help our clients and their families navigate the rough waters of the short sale process.

The most prevalent question and one that continues to permeate the industry is:

“Why should a seller go through the short sale process rather than letting their house be foreclosed upon?” 

While we cannot speak to every client circumstance, we can say one thing with complete conviction.  In almost all instances in which a potential seller is contemplating whether they should short sell their house or let it go through the foreclosure process, a short sale is the better option. The following are examples to consider:

Example A- Short Sale

Mr. Smith owns a home in which he has a mortgage balance of $220,000 and a current market value of $150,000. Mr. Smith has elected to short sell his property. His Realtor successfully obtains a buyer who puts forth an offer price of $120,000 (80% current market value according to Realty Trac Foreclosure Report 5/26/2011). After reviewing the buyers offer and the financial hardship information from Mr. Smith, Mr Smith’s bank agrees to accept the short payoff of $120,000 which would leave a deficiency balance of $100,000.

The transaction closes and is final.  Mr. Smith then pulls his credit report 30 days after the transaction takes place. On the report he notices that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0.  Mr. Smith is now on the road to financial recovery.

Example B- Foreclosure

For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Smith has elected to forgo the short sale process and let the bank foreclose on the property.  The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly.  Mr. Smith is notified and his property foreclosed upon of which is taken back by the bank to sell as an REO.

Six months later, the bank finally sells Mr. Smith’s home only they sell it for $90,000 (60% of current market value according to Realty Trac Foreclosure report dated 5/26/2011). Remember, as a short sale, the home would have sold for $120,000 keeping the deficiency to $100,000. In addition to the deficiency now being $130,000, the bank has elected to add on legal costs of $15,000 and asset preservation costs of another $5000 for a total deficiency liability of $150,000. Mr. Smith pulls his credit report 30 days after being notified that the bank has sold his property and of his liability.

On the report he notices that the mortgage trade line states “Foreclosure” and the balance is $150,000. Because of Mr Smith’s choice to choose foreclosure vs. short sale his road to financial recovery has taken a major detour. He not only has a foreclosure on his credit report but now has a much larger deficiency balance in which the bank, in most cases, will report on his credit report as a balance owed.

The Best Option is Clear

While the financial and credit advantages are clear when choosing a short sale over a foreclosure, other advantages are sometimes overlooked. The most important of all of them is maintaining the seller’s dignity and peace of mind. We have heard too many stories of families having to leave their homes because of a Sheriff’s order or some other type of legal action. The short sale process alleviates this negative social impact. The process puts the control back in the seller’s hands so that they can get back on the road to financial recovery and start providing for their families. In the battle of the two evils, a short sale always wins!!!

For more information on the housing market please visit RuhlHomes.com

Originally Published By: KCM Blog