Opportunity is knocking at the doors of homes for sale all over Wellington and Sumner County. So far in 2010, not many have opened those doors.
There have been three properties sold since the first of the year in Wellington, according to Vickie Vargas-Jacobs at Coldwell Banker - there are usually around 80 homes sold per year. However the bright side is extensive - the year is still young and there are plenty of reasons for consumers to buy a house.
"There's a lot of incentives out there for people to buy,” said Vargas-Jacobs. “It still amazes me the amount of people that don't know that's available." Between now and April 30, a first-time home buyer can qualify up to $8,000 or 10 percent of the total cost of a home. A first-time home buyer is described as someone who hasn't owned real estate for the past three years.
A $6,500 incentive for current homeowners looking for an upgrade is also available. A person must have continually owned property for three years within the last five to eight years. Sumner County has rural development programs in place allowing people to obtain homes for no money; a direct and guaranteed program.
“Direct is where there is no lender involved, rural development is the lender,” said Vargas-Jacobs, “Guaranteed there is a lender involved.” The direct program goes by funding, which can run out Vargas-Jacobs explained. The guaranteed program has a slight chance of running out of money, but contracts can be put on hold until more money comes in.
The rural development programs are based on income. If there are one to four people in a household, to qualify for the program buyers can’t make more than $73,600 per year. The dollar amount raises to $75,000 per year for a four to eight members in a house.
If a perspective home owner is what the government considers poor, with one to four people living in a house, yearly income must be under $46,900 to qualify for rural development. As it stands there are plenty of places for people to consider owning.
There are 146 listings in Sumner County, only 21 of those are under contract. Sixty-three of those properties are in Wellington, 21 are in Belle Plaine, 18 in Oxford and the rest are spread out through the other towns in the county.
“We had a housing boom for the past five years,” said Vargas-Jacobs, “and now new homes aren’t selling like they were.” She thinks that low consumer confidence is a main factor in this trend. So far there have been 18 sales in Sumner County – Belle Plaine has the most new owners with five. Larry Theurer, Owner of United Country Theurer Auction/Realty LLC says getting the job market going strong again will help.
“We’ve got to get people back to work,” he said. “I think that the other thing I see is probably uncertainty, people are very concerned that the government may change the rules.” Vargas-Jacobs said Wellington is pocket friendly when it comes to buying a house. She compiled a grid of information that compares the price town to town of a three bedroom, one bath house that is 51-80 years old.
For that particular house in Wellington, the price is $62,420. In Mulvane, the cost would be $89,993. A person could expect to pay $87,810 if it were in Winfield. The same house in Haysville would cost $75,118 and $84,557 in Derby. Vargas-Jacobs used the Multiple Listing Service to gather those prices. The MLS is a system that is used by all realtors to share and sell listings. The Coldwell Banker Realtor said real-estate is still one of the best investments that can be made.
"What I tell a buyer is if you own that home for five years you’re going to get what at least you put into it,” Vargas-Jacobs explained. “But if you turn around and sell it in 12 months to 24 months....you haven't earned the appreciation yet." Consumers are encouraged talk to their realtors for more information on the incentives for home buyers and the rural development programs. Buying a home can help the community in more ways than one.
“If we have a really good month, we take a portion of our money and we give to a local charity; we just show up and give it to them,” said Vargas-Jacobs“…You’ve got to reinvest in your community.”
|
|
|
Opportunity is knocking at the doors of homes for sale all over Wellington and Sumner County. So far in 2010, not many have opened those doors.
There have been three properties sold since the first of the year in Wellington, according to Vickie Vargas-Jacobs at Coldwell Banker - there are usually around 80 homes sold per year. However the bright side is extensive - the year is still young and there are plenty of reasons for consumers to buy a house.
"There's a lot of incentives out there for people to buy,” said Vargas-Jacobs. “It still amazes me the amount of people that don't know that's available." Between now and April 30, a first-time home buyer can qualify up to $8,000 or 10 percent of the total cost of a home. A first-time home buyer is described as someone who hasn't owned real estate for the past three years.
A $6,500 incentive for current homeowners looking for an upgrade is also available. A person must have continually owned property for three years within the last five to eight years. Sumner County has rural development programs in place allowing people to obtain homes for no money; a direct and guaranteed program.
“Direct is where there is no lender involved, rural development is the lender,” said Vargas-Jacobs, “Guaranteed there is a lender involved.” The direct program goes by funding, which can run out Vargas-Jacobs explained. The guaranteed program has a slight chance of running out of money, but contracts can be put on hold until more money comes in.
The rural development programs are based on income. If there are one to four people in a household, to qualify for the program buyers can’t make more than $73,600 per year. The dollar amount raises to $75,000 per year for a four to eight members in a house.
If a perspective home owner is what the government considers poor, with one to four people living in a house, yearly income must be under $46,900 to qualify for rural development. As it stands there are plenty of places for people to consider owning.
There are 146 listings in Sumner County, only 21 of those are under contract. Sixty-three of those properties are in Wellington, 21 are in Belle Plaine, 18 in Oxford and the rest are spread out through the other towns in the county.
“We had a housing boom for the past five years,” said Vargas-Jacobs, “and now new homes aren’t selling like they were.” She thinks that low consumer confidence is a main factor in this trend. So far there have been 18 sales in Sumner County – Belle Plaine has the most new owners with five. Larry Theurer, Owner of United Country Theurer Auction/Realty LLC says getting the job market going strong again will help.
“We’ve got to get people back to work,” he said. “I think that the other thing I see is probably uncertainty, people are very concerned that the government may change the rules.” Vargas-Jacobs said Wellington is pocket friendly when it comes to buying a house. She compiled a grid of information that compares the price town to town of a three bedroom, one bath house that is 51-80 years old.
For that particular house in Wellington, the price is $62,420. In Mulvane, the cost would be $89,993. A person could expect to pay $87,810 if it were in Winfield. The same house in Haysville would cost $75,118 and $84,557 in Derby. Vargas-Jacobs used the Multiple Listing Service to gather those prices. The MLS is a system that is used by all realtors to share and sell listings. The Coldwell Banker Realtor said real-estate is still one of the best investments that can be made.
"What I tell a buyer is if you own that home for five years you’re going to get what at least you put into it,” Vargas-Jacobs explained. “But if you turn around and sell it in 12 months to 24 months....you haven't earned the appreciation yet." Consumers are encouraged talk to their realtors for more information on the incentives for home buyers and the rural development programs. Buying a home can help the community in more ways than one.
“If we have a really good month, we take a portion of our money and we give to a local charity; we just show up and give it to them,” said Vargas-Jacobs“…You’ve got to reinvest in your community.”
