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KMBZ>Audio & Video on Demand>>Life As You Own It 4.2.14 Segment 1

Life As You Own It 4.2.14 Segment 1

Apr 2, 2014|

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    see and an increasing and increasing the age of the first time home buyers . Mom and we're gonna see a difference is those first time homers commend they're gonna be buying. Smaller houses and so I think we will see is that pattern changes were going to continue to see which we've seen because the housing market . A raise in the average age of first time homebuyers and the size of that home their purchasing. Impacted already by the
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    home loan found at 2:45

    paradigm shift here. Obviously for the past 34 decades if you're tracking interest rates on mortgages you'd notice that in general taking -- as at five every contain year. Average window of time decade over decade mortgage rates have typically. Trended lower lower lower so when moving up and home or. Refinancing your whatever has come along -- been -- the benefit at a lower interest rates usually it's is an additional motivate her for people that are looking at moving like -- you know we're. Seven and a quarter and my first home loan for example was eight and a quarter. And when I bought my is my next home I think I got seven or something so it was a huge. Different generate over just a couple of years period of time was when rates dipped down I was able to buy another home. For not a whole lot more money. Even those more expensive house because my interest was so much -- well. That's typically what we've seen. As a trend and people of enjoyed that now that might be changing so if you look at the Adam average rate of the past few years. Interest rates dip down to a record level on the low threes on a thirty year mortgage November 2012. And it took till about
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Automatically Generated Transcript (may not be 100% accurate)

Life as you own with mark McDougal and Craig Miller. Remember you got questions we've got answers 804924664. You may not take time to educate yourself about the single worst investment and opportunity have. That investment in the roof of your head in real estate we talked about your home financing making investments in real estate we keep the -- -- you know it's just good old fashion. The all right like -- you own a mark McDougal that. Craig Miller to -- Pierce's. Part five of our three part series just getting this is up par. Three of our three part series the first three and a three part five part series is something like that in his -- finalist -- spring training addition now. I'd just like baseball spring is arrived. Part one we share springtime maintenance tips checklists and so much more part two we showed you how to cut the tax bill and utility bill. And today we're gonna wrap up with some great contents before I give you that information now. Were introduced ourselves who we are if your first time listener welcome aboard and Craig tell them what they are in store for in a typical. Life joining she'll just a whole lot of usually someone's cruise along and Internet -- longer radio dial on the just stumbled across these two guys talk and and we say this is like -- you won't what does that mean to them well we try to cover everything basically under the roof over your head but the bottom line is what you're driving around your pick in the show for the first time. The things that are probably on your mind on a daily basis. Your finances especially as it pertains one of the largest investments most people ever make your home. Talk about that not just the financing itself. Home improvement how to get greased or rely on on those type of investments investments in general real estate estate planning tax stuff. Anything that has to do. With that big east investment which is usually surrounding the home but we -- peripheral issues covered as well we'll bring you some great guest experts in their field. Some of -- HGTV. Friends like Mike Holmes and people like that -- come on the show they're gonna bring their level of expertise in areas that we don't always knew Mark Martin knows everything about an item so. I don't know much all that kind of good stuff so we can show you how to maximize your opportunity. That is that home investment in make you an empowered informed consumer he will come out smarter. That are looking at the whole nine yards after listening in this episode strike if you're a homeowner and aspiring homeowner a renter. Someone that wants to become a real estate magnate. An AG and ETE. Not one do you put on your -- refrigerator with the calendar that has a real estate agent on it. If you want to if you're any of those then you're gonna benefit by listening to our show or checking out our archive shows. Or following us on FaceBook. -- -- -- -- Order. I don't know what else -- -- -- cost -- -- or they could email as they're questioning the reality is that life as you audit. Or they can even call 800 point 24664. And we are standing by to help you out we're here for you folks okay. It's spring time which means it's time for the flowers to bloom and real estate to what Craig. Blue also and a blue. Whom seriously see -- Iraq -- was accepted but appraisal came in low we're -- revisit this. All too common phenomenon and also cover the basics. Of how bad value was derived its appraisal 101 pay close attention because there will be a quiz. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- OK so it -- to go with judges especially if you're trying to sell your house we've got some suggestions. To help you move your house quickly. When ever -- ready to sell. Now almost of those are experiencing moderate temperatures are experiencing moderate temperatures -- somewhat moderate to fluctuating all he adds it's well Tony I'm one minute it's 72 the next I'm experience of how. Temperatures over here but and if -- most of the temperatures nationally outside its Arab by the housing market it is gaining. Hot hot. Hot and if guy you're considering becoming a real estate investor as we know some of you are we got five risks to. Think about before you make that investment. Also crank. We've got the chute used to you should you go segments that we will be giving TU later in the hour right. On what I think what should he stay or should you go segment -- that's where you do listener participates in the show by sending us your information to your question that you -- know now most of the time it's as simple as tea is what I own my house. It's worth about this much I think. A mistake in about this long in my current terms are X wires he should I stay with alone have or should I go by refinancing or maybe. It's should I make this investment in this particular type of property should continue to -- should I buy. Should I do home improvement project -- should and that's been the money on anything where you wanna know. Does that make sense to do and I'm thinking I should do or might be an opportunity you should stick with where Matt. That's right 800 point 24664. Ask your question we may read it on air or email us questions act. Life as you own it dot com and finally at night -- you -- it we believe. It's well since it's spring we're going to speak to the fact that we believe that hope. Springs eternal -- sheriff Charles Murray's five rules. For a happy life we encourage you to share those with the younger folk in your life I used to -- folk that means I'm not younger. On and may be contemplate. A few of these for yourself and finally. Rates where are they now where they had made it. Craig looks into his magical crystal ball and tells you what you need to know about the current interest rate environment. And would you need to know about when you're going into that financed transaction. Costs. -- -- were ready let's jump in rates was just a -- okay all right so folks rates have been to interrupt just a touch. Over the last week and a half for so. Keep in mind that they can go either direction but I don't know that they will anytime soon or seeing right now. In the national average and interest rates and give me this which we do every week. This is based upon an average of about 200000 are -- amount 20% or more equity excellent credit. If you're scenario differs from those things it could affect the typical quote you'd get these -- the typical numbers that we see. But we're going to keep in mind that there are fees their costs are lots of other car parts besides just the rate. You get to be a diligent consumer we preached -- every week due to breakeven formula go to elect as -- dot com read -- article had a figure when you break even. Because when you pay money to do alone you do move backwards based on the amount of those fees it's gonna take -- -- tend to save enough money in interest by refinancing for example. At a lower rate to recover those fees how Long Will it take -- had a duty to check that out. In the meantime let's just talk about why rates are up in the argument -- stock markets do very well. We handled sell -- couple weeks ago that didn't last is recovered -- rebounded. Consumer sentiment is not super great but decent. Overall. Between the government backing off on some of their bond purchasing. And the stock market hanging in -- doing pretty well he will be in somewhat comfortable with. Investing in stock as opposed other safe haven investments like bonds were seeing rates slowly trickling up so. Keep that in mind if you're looking at a transaction that makes -- today in particular waited out he may just pay more later. If you're on the purchase contract I suggest you lock in if you're looking refinancing makes sense I suggest you locked in locked their rate for enough time to -- through closing. Rates. National average as of the past week thirty year fixed four point 58. That's up from four point 35 the week before so. As you can see in a week's time almost a quarter percent. Increase in interest rates that can be significant shouldn't be a deal -- for if the transaction still make sense but. Significant move it from most people's tastes these days since we're so spoiled with low rates. A fifteen year rates 3.4 61. 3.3 six. Again you know twenty basis point to get almost a quarter percent increase -- scenery quote. That you would receive five your arms sets a thirty year organization with a break its fixed for five years and can adjust there after. 3.4 eight vs 3.3 eight. So little bit of an increase even in the adjustable rate mortgages themselves FHA. Right at about four point 20. That's up from about four point 06 so. FHA is also hire guys. Don't player ran and gamble and think you're gonna beat the system publisher some type of the guru. It looks to me like higher interest rates are -- -- you know continuing slowly but surely they're gonna rise a little so. I would not bank on seeing this reverse any times it all right. Okay Craig give our listeners an example if interest rates move up a quarter on a 100000 Harlem what does that I mean for them their payments can be affected by around thirty dollars a month roughly. Kabila but morbid. Britain roughly thirty dollars a month so is that significant mean at all and adds up overtimes and a every penny does count. So there are -- Hey good timing my friend you are true polished professional yes a tragedy to restrain voice is still trying to recover from. Have some bronchitis we don't Wear red take a couple -- break you're gonna come back with a strong refreshing voice. And we're gonna share we need some more information to include the five risk factors before you jump in as the real estate investor like resorted stay tuned. Right -- and yes. -- we are back light as -- guys -- -- closer. Cheek to cheek baby yeah that's right all right sheep like you voted no mark not that she can okay well off folks -- haunt you are enjoying the show when we appreciate you checking his out. Remember if you go to YouTube or go to the life -- you voted website you can see. The video actions he would be able to see that -- I would I would actually and saying it. But I will think your job market doesn't watch what you're saying ending his fingers incredibly coast may face -- -- that out of my deal out of a finger pointer I get a little. Brother -- does -- -- Rosa welcome to the studio and -- vote jury is that help and is out she always helps is out of -- up gas does a lot of our marketing. And she is in the studio today do in the recording. So if you think it's impressive then Seles so if you think she needs to do little work on it to make Craig and I look more handsome. Leader in -- -- Photoshop so am I wanna I wanna make little correction to that the number we've given up for so long you. Can't still reaches at the 804946. Export number but even though I just said it. Remove it from your memory because it's not the most important number that you want to use forest 8773001536. Is that number you can reach. 24 hours seven days a week Inkster -- Eighteen member of life issue -- you've got questions you've got suggestions you've got feedback. Call 87731536153624. Hours a day seven days a week. Even on holidays right -- 395. Days a year. OK we all know what's really 367. -- -- something I better have an honorable folks every day of the year you can call. Any time and give us your feedback give us your suggestions or ask your questions we are here for you. Okay Craig ready it's going to some stuff let's do it it's springtime which means. The flowers are blooming real estate booming in day you've got app purchase contract on the house and -- darn it. Your purchase price was accepted -- 200000 appraisal came back in 19. Written -- never had to work so folks whenever you go to make of when you make an opera house in your proof for your mortgage financing and it's a 200000 dollar purchase price. You Laura that the sales price is 200000 dollars. You're down payment of 5%. Would mean Europe coming to the table with 101000 dollars and your loan amount is 190000. Dollars. Now mortgage lenders base your loan amount on -- lesser of the appraised value or the purchase price. So what in the example we've given. Where the house appraised for 190. What you purchased the home for 4200000. Dollars. You're going to actually have to come up with a little more money which is going to actually be 191500. Dollars. Or you have the option that's you making up the difference yourself -- they appraised values 190. And now we need to put 9500 dollars down on Matt plus make up the 101000 dollar difference. Or you can ask the -- reduce the purchase price to make a difference. Which is what I would suggest you do because this appraisal. While. While it is we can debate whether it's an exact science it is the most. Accurate form of determining the market value of your home -- Time. Of purchase. So Craig let's talk about it just a little bit how does the appraisal how does an appraiser come up with a -- house. They're gonna compare your particular home that's the subject property as it's referred to YouTube comparable properties which are. -- it should be attempt to be is similar to your home as possible. A good appraiser is taking the data available to them through various sources but usually there's a that the system that realtors use. And it in and it's called the national multi listing service in has all the say at home sales sometimes -- out of the -- -- this information but what they're gonna do. Is say okay here's the three or four sometimes five or six. House is the best represented a similar property. They make a few adjustments. Because maybe you've got a little bit more square footage -- less maybe there's a higher level of finisher maybe there's some. Additional amenities they make various adjustments to try to draw to value that is balanced out to a represents your property that was that identical. As possible. They try to bracket that -- arranged to say okay well it's homes of you know the average up about this between this in this and come up with a value represented your value. As is simply as I can stated now sometimes you don't have a cookie cutter house and neighborhood attend house legislators have sold the last two months. In a lot of times they are looking for sales and happened within the last six months they can -- relevant further but if you get a unique property. It may take a little bit of creative work on the appraisers -- to come up with you know the most similar properties but in general it's compared to other. If you could go -- journal website we give a little little grid here that shows. Some of the it sample adjustments that may be made four square footage for basement finished. For garage and it gives the example or 200000 dollar sales price. They comes in at 190 needed -- three -- how they adjusted out so make sure you understand this folks in your mortgage lender your mortgage professional and a real church when that appraisal comes back and they should walked used to -- see clearly understand. Exactly. Why the house payment of the value it did that your all right. Music check your state or should you go you know the drill field getting hero quickly. Calls -- Peterson -- emails we either scenario and that we will tell you whether you should get out of that loan where you should stay. Relationship blown you name it. All right there we have Craig we have -- -- stage yet in only to Kansas called him the following question I'm in the process of some major spring -- -- in my home. I -- I'm currently installing hardwood floors in my dining room kitchen and entryway. Considering your kitchen upgrade but almost -- But it will mostly be do it yourself and I don't want to take on any debt to accomplish my goals congratulations and a station. I feel the updates will increase my home's value -- I need to know if you think I will get a good ROY. Or if I should not invest the money by the way I listen every week and I love -- voice FFF and wide ever so Chris. Here's your mom it's and it AG -- in the following question I little refreshing lack -- of I actually do you know this person did call in. In 11 this question answered. Turns out this is if somebody that I -- is a friend of mine so. She does actually love my voice -- -- now. First of all the answer is go that means go with those renovations that you're gonna do those upgrades that you believe you get a good our allies especially were talking about kitchen stuff. Good area to get a -- -- -- They okay the caveat in there -- the answer is. If the other homes in the neighborhood do not represent the -- they don't have if it's not common that these agreed to exist and other similar homes in your area you may -- the home for the area. If you're noticing that you've got more deferred upgrades updating the native. In you need these updates to be in line with the neighbor had an absolutely you'll get a better ROI for sure but going heading in the kitchen done. Especially DIY -- yourself the save a lot of money you'll probably get a really good return on -- that's the key pieces of you do yourself make sure you do it right yeah. In -- stage yet. Be careful those tools only say all right. So while let's start to talk about some of the risk factors that you should consider if you're considering becoming a real estate investor Orton. -- real estate investor. I am one. Yeah but not by choice or by default by default yes I'd rather not be -- right now and never never worse today than your default strategy -- -- your primary strategy by default. That's right -- -- this is okay so eat here five the most common risk associated with investing in real estate number one -- house price risk. You purchase a house speaking go up or it can go Dan what is the house goes down in value that's why it's important to evaluate. On your mortgage your cash flow and debt planning strategies that won't put you in a buying it if house prices stagnate. Or go down a little bit on the other hand what if the house goes up in value and you haven't pulled the trigger yet. That's why it's important get yourself a solid mortgage approval have a solid financial plan and a before you go how shopping and be prepared to act quickly if you find what you're looking for so understand that the market is not stagnant we know that for assuring -- five years will tell as the real estate that it can go down just as fast as it went up in the preceding five years. Understand you were carrying costs. If you're fixing inflicting if you factor in the cost of -- the mortgage and paying a property taxes utilities and other expenses on. The home on number three the high costs of sale. It can be eight plus percent do you realize that you have to sell the house for at least eight to 10% more than you paid for it. Just to breakeven and cover the real estate commissions and transfer taxes. That's why it's important make sure that buying this property is part of a longer term investment strategy number four. Then maybe -- save number four and he's a good little elaboration. All right folks we're relieved some elaboration on number four and number five these are at risk she'd consider book before you aspire. -- begin your journey to become the next Donald Trump live you won't it stay tuned it.

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