My Town

Here is a little about my town....I Love This Place!

Welcome to Ennis! A lively little Cowboy Town in the heart of the Madison Valley Montana on the Madison River with friendly people and good neighbors. If you are trying to find that special small town, look no further. It has been voted one of the top 20 towns to live by Amercian Cowboy.
The fishing is superb and the hunting is even better. Ennis and Cameron boast huge herds of Elk and Antelope as well as Mule Deer, White Tail Deer, Moose, Bear, Wolf and Mountain Lion. 

 Living in the Madison Valley is like living in a post card. Madison Valley elevation is approximately 5000’ with surrounding peaks ranging to 11,300’. The Madison County is known for its “Blue Ribbon” Trout streams, gorgeous lakes brimming with fish, fabulous hunting, hiking, biking, skiing, snow mobiling, white water rafting, and panoramic mountain scenery.  The Madison Valley is bordered by the Centennial Range on the south, the Tobacco Root Range to the north, the Gravelly Range to the west and the Madison Range to the east.  The Madison River flows north to Three Forks where it converges with the Gallatin and Jefferson Rivers. 

The lively western town of Ennis has a population of about 1200 and is one of Montana’s best loved small towns.  It offers outstanding restaurants, a supermarket, golf course, medical clinic, hospital, emergency helicopter services to larger medical facilities, also a variety of fishing and hunting outfitter shops, which offer guide services.  Just about six miles south of Ennis is a small airport which has a lighted runway and jet fuel.  The town of West Yellowstone also has an airport which is open from June 1 to October 1.  Gallatin Field Airport in Bozeman is about 100 miles to the north and is open all year.  Idaho Falls Airport is 100 miles to the south and it is also open all year.  There are hub airports in Newark, Salt Lake City, Denver, Minneapolis, and Atlanta that have connecting flights to Gallatin Field and Idaho Falls airports.

The city of Bozeman is about an hour’s drive.  It  is the home to Montana State University.  Bozeman has about 40,000 residents plus a large student population.  Bozeman has many cultural events as well as world class shopping and fine dining. Gallatin Field Airport is located on the outskirts of Bozeman.  Several large commercial airlines such as Delta, United and Northwest have multiple daily flights to and from their hubs in Salt Lake City, Minneapolis and Denver.  Private aircraft can use a variety of services from the fixed based operations at Gallatin Field.
West Yellowstone is a small Montana town surrounded by National Forests and Yellowstone National Park.  The Park's west entrance is located right in West Yellowstone and is the closest and easiest route to Old Faithful and Yellowstone's geyser areas.

Some of the other attractions in West are the Grizzly & Wolf Discovery Center, The Yellowstone Historic Walking Tour, Park Tours (including winter park tours on Mattracks vehicles), and the IMAX theatre that features movies about nature and wildlife on a six story screen.  There are numerous recreational activities in the area including fishing, hunting, cross country skiing, snow mobiling, hiking and wildlife viewing.

There are many resorts within easy reach of the property including Big Sky Ski Resort and Moonlight Basin with more than 5,500 acres of skiable terrain with one lift ticket.  Big Sky is one of the least known outstanding ski areas. No lift lines and great snow. The resort also is home to the # 1 Nordic Ski center in North America with 80 k of groomed ski trails.  This resort also offers outstanding summer recreation such as golf, zip lines, hiking and mountain biking.  Yellowstone National Park is also a short drive from the property.  Visit Old Faithful, the Paint Pots, the Grand Canyon of the Yellowstone, and enjoy the scenery, fishing, wildflowers and wildlife.  

Some of the other nearby places to visit are: Island Park ID, Ashton ID, Mammoth WY, Bozeman MT and Jackson Hole WY.

WELCOME TO "THE LAST BEST PLACE"!

Please call me for real estate information in the Madison Valley 406-581-5574.
If you would like to see some available properties, you can visit my website at www.EnnisMontanaRealEstate.com
I look forward to hearing from you!



The 203k Mortgage 

By Bill Mercer

www.EnnisMontanaRealEstate.com

             Real estate consumers today can find ample value in distressed homes

– properties that are under a foreclosure order or up for short sale. In many cases,

however, “distressed” speaks more for the condition of the homes than their recent

financial histories, as they’ve sat empty for extended periods and have been subject to

vandalism and theft.

            Those considering homes in need of repair and renovation should consider a 203k mortgage, which enables homebuyers to finance both the acquisition and rehabilitation of the property with just one loan.

            “FHA 203k purchase loans are the perfect financing vehicle for homeowners seeking the value proposition offered by REO homes,” said David Wind, president and board chairman of White Plains, N.Y.-based Guaranteed Home Mortgage Company, in a company statement this June. “Home buyers’ ‘perfect’ home can be purchased in less than perfect condition with a single-close loan product that allows repairs and remodeling.”

            There are two types of 203k loans: the 203k streamline and the full 203k. The 203k streamline is the most popular among homebuyers and lenders.

            “The maximum allowable in repairs is $35,000 under the 203k streamline and it does not allow any structural repairs to be done to the home, unless [the repairs are] a result of an unforeseen circumstance,” explained David Krushinsky, a certified mortgage planning specialist for Mesa, Ariz.-based AmeriFirst Financial Inc. “The full 203k allows structural repairs and will allow the buyer to exceed the $35,000 in home repairs. Both loans allow up to $1,500 in swimming pool repairs.”

            Contractors chosen to perform repairs must be licensed, bonded and insured, and they usually must provide the lender with a resume and two client-reference letters.

            “After the close of escrow is when all the rehabilitation work begins,” said Krushinsky. “Funds usually aren’t released immediately so it’s important for your contractor to start work in a timely manner. Typically, if they’ve been in business, they have existing relationships with vendors so they can order materials and begin work. If not, the project may take longer than anticipated.”

            Since the 203k mortgage is based on the home’s potential value after repairs -- not its existing value -- you can be approved for a higher loan amount. The mortgages also carry long-term-fixed rates, are insured as soon as they fund, and include escrow accounts for the scheduled repairs.

            Loan amounts are capped according to local FHA limits. Only owner-occupied properties of one to four units qualify for 203k mortage financing; homes also must be at least one year old.          

  (Bill Mercer) can be reached at (406) (581-5574).

The Backyard Oasis

The Backyard Oasis 

            Today’s prospective homebuyers are increasingly interested in a property’s outdoor living space as they are its interior. Savvy agents understand this powerful trend and are staging homes on two fronts – the terrific indoors and the great outdoors.

            The following tips will help ensure that your backyard is as distinctive at your home itself. 

·       Make your Backyard Homey: Create a conversation area with some furniture. The area needn’t be elaborate; just two chairs pulled close together with a table between can make even the most basic concrete patio special. Just the idea that an outdoor eating option is possible makes a property more inviting. Adding accessories like a small table, an inexpensive outdoor rug or a few pots filled with flowers will make the area even more attractive.

·       Remember the Kids: If you have an old tree house, fix it up and paint it bright colors or add sporty designs that will make other kids fall in love with it. Just make sure the tree house is safe. Add a tire swing to a tree and keep an orderly basket of balls, flying disks and a jump rope so kids dragged along on the showing can play in the yard. Swing sets that are old and unsightly should be removed or refurbished to look new.

·       Fire is Hot: There’s nothing like sitting around a fire and enjoying the company of friends and loved ones, which explains the growing popularity of fire pits and outdoor hearths. Few home improvements create the “wow” factor that a backyard fireplace will, and many homeowners are adding a fireplace to their outdoor landscape to recreate all the appeal of their home’s interior outside in the backyard.

·       Simple Fixes: You needn’t go overboard with the changes in your yard. Sometimes, the easiest fixes will create a look that people will remember. Do a thorough inspection and replace any damaged boards on your deck or fence, and apply a fresh coat of paint, stain and sealant if the finish requires it. You should also weed and groom your garden and add some perennials for color.

          Creating a backyard sanctuary is one of the smartest things you can do to make your home stand out, so make your outdoor space a destination to remember.
 

Bringing The Generations Together

Although your home may have been housing a traditional family of a mom, dad and two kids, savvy real estate agents will tell you that in order to attract more buyers, staging your house as one fit for multi-generations is the way to go.

More parents and grandparents are finding a need to move in with family, as many can no longer afford the increasing rates of the adult communities where they once lived. Furthermore, the economic climate is forcing many kids to return home once their schooling is done.

A recent multi-generational study conducted by the Pew Research Center, Washington, D.C., revealed that multigenerational living has been on the rise over the past decade, fueled by demographic and cultural shifts.

“One of the things that struck me about this change is that it’s coming from all directions,” said Paul Taylor, author of the report. “More young adults are moving back home, more elderly are moving in with their middle-age children and more middle-aged children are moving back with their elderly parents.”

Data from the study shows that in the 10-year span between 2000 and 2009, the number of households practicing multi-generational living increased to 33%, with more than 49 million Americans currently living in homes with three or more generations.

Real estate professionals are tending to highlight features such as finished walkout basements and bonus bedrooms today more than ever. That’s why when your agent tells you that switching out your office or transposing the basement play area to one that resembles more of a bedroom is the way to go, you should be listening.

When selling your home, you need to look at the process from the perspective of all buyers, not just yours. Consider how a multigenerational family might use the various spaces available, and give prospective homebuyers options to easily transform from single-family to multigenerational living.

Therefore, any home that contains bonus space is a viable candidate for a multigenerational buyer who’s planning to bring an ill or out-of-work family member back into the fold.

Experts agree that intergenerational living is easier when each family subunit has its own space. “Everyone who is going to share the home should have a private area of their own,” said Amy Goyer, a multigenerational expert at AARP. “It is best if there is more than one common area so that children and adults have spaces to relax in without everyone having to spend all their free time in the same room together.”

Multigenerational house design can be applied to just one structure or can be accomplished with two or three units to keep families together while preserving their independence and privacy.

According to Cam Marston, author and founder of the research firm Generational Insight, there are a number of benefits for different generations of a family living together. “It’s less expensive, obviously, but more importantly, they can learn from one another,” Marston said. “Separating generations keeps them aloof from the trends and important things impacting each generation. When they are all under one roof, they can grow up sooner and stay young longer. It works on both ends of the generations.”

Another thing for home sellers to consider when it comes to attracting multigenerational buyers is the home’s accessibility for people who might be living with aging parents who use wheel chairs or walkers.

Creating a complete, accessible living space on one level with safety features can make a home attractive to people of all ages.

Call Bill for Multi Generation Housing in the Ennis Area 406-581-5574

http://www.ennismontanarealestate.com/

Antique Shop for Sale in Ennis Montana

 

Antique Business and Historic Building for Sale

This quaint antique shop is located right in the middle of the Ennis Commercial District. The store sits between an upscale boutique and a popular fly fishing store. Owner will sell building/land or building/land//business/contents. Current owner may finance. This is a one of a kind historic building in a fantastic commercial location.

Ennis is located in the famous Madison Valley. To quote one of my clients, “Living in the valley is like living in a post card.’ Ennis elevation is 4985’ with surrounding peaks ranging to 11,300’. The Madison County is known for its “Blue Ribbon” Trout streams, gorgeous lakes brimming with fish, fabulous hunting, hiking, biking, skiing, snow mobiling, white water rafting, and panoramic mountain scenery. The Madison Valley is bordered by the Centennial Range on the south, the Tobacco Root Range to the north, the Gravelly Range to the west and the Madison Range to the east. The Madison River flows north to Three Forks where it converges with the Gallatin and Jefferson Rivers.

The lively Cowboy town of Ennis has a population of about 1200 and is one of Montana’s best loved small towns. It offers outstanding restaurants, a supermarket, golf course, medical clinic, hospital, emergency helicopter services to larger medical facilities, also a variety of fishing and hunting outfitter shops, which offer guide services. Just about six miles south of Ennis is a small airport which has a lighted runway and jet fuel.

The city of Bozeman is about an hour’s drive. It is the home to Montana State University. Bozeman has about 40,000 residents plus a large student population. Bozeman has many cultural events as well as world class shopping and fine dining. Gallatin Field Airport is located on the outskirts of Bozeman. Several large commercial airlines such as Delta, United and Northwest have multiple daily flights to and from their hubs in Salt Lake City, Minneapolis and Denver. Private aircraft can use a variety of services from the fixed based operations at Gallatin Field.

Call Bill Mercer for information on this property
406-581-5574 or visit his website for more great properties.

Madison Riverfront Fly Fishing Property for sale in Cameron Montana

           Click here for a Virtual Tour of this wonderful Madison Riverfront home.

A fabulous log home located on the world famous Madison River. Bordered by the Wall Creek Wildlife refuge ( a world famous Elk refuge), the Palisades, and breathtaking mountain, river, and wildlife views. The home has 4 BR and 3.5 BA with a guest house and barn. The main home has an open floor plan with stone fireplace and bar in the Great Room as well as wrap around windows overlooking the river. Call listing agent Bill Mercer at 406-581-5574 for brochure with additional photos and information. This is the best Montana fly fishing property available in Madison County.
Click here to see Bill Mercer's website for additional properties.

wwmercer@gmail.com

Spring Cleaning Tips for Selling Your Home

Five Tips for Spring Cleaning

Spring is here and for those selling their home or getting ready to put their house on the market, there’s nothing quite as beneficial as doing a great “spring cleaning” job to not only make your home look great, but to get rid of some of that clutter that could distract someone coming to see your home.


Here are five spring cleaning tips that will help you sell your home.


1: Curb appeal becomes as important as ever when the weather turns nicer and buyers are more likely to spend time outside looking at the exterior of the house and the property. Make sure to have a well-maintained lawn with all the leaves gone, the grass mowed and the hedges trimmed.


Spruce things up by buying some inexpensive, yet colorful flowers and spread fresh mulch in flowerbeds. Fill in any bare spots on your lawn with sod or seed. Make sure to also clean your gutters, wash your welcome mat and put away any rakes or winter shovels that clutter the yard.


2: The phrase “I don’t do windows” should never apply when selling a home. While a REALTOR® may tell you that homes show better with the blinds or curtains up, this will not be true if the windows are dirty. A clean window brings more light into a room and allows buyers the chance to see what the view will be when they look out of their potential new home. It’s important to clean both the inside and outside of all windows until they are streak free and spotless. This includes all sliding glass doors, garage windows and outside doors.


3: Pay close attention to the “little” things that might draw the eye of a prospective homebuyer. Go around your home with a pad and pencil and inspect each room for things such as small holes in the wall where a painting used to hang, outlets that are missing a cover or doorknobs that are loose and squeaky. Also, be sure to check all of the caulking around sinks, faucets and tubs, as well as any grout in tile counters or bathtubs. As you take the time and the small amount of money to fix these items you reduce the reasons for someone not liking your home.


4: Power wash your driveway, walkway, siding and deck. You don’t need to invest in the money of buying a new power washer as they are easy to rent from stores such as Lowe’s. Power washing removes layers and years of dirt and grime from stone and cement, including mildew stains from the winter. Power washing the porch, a fence or deck clears away all the dirt and debris and makes the home instantly seem cleaner. If the outside of your home looks dingy, you may be setting the impression that you didn’t keep up the home itself well, so make sure to have everything looking top notch.


5: One of the first pieces of advice you will get from your real estate agent is to reduce clutter in your home. Spring cleaning is the perfect excuse to get rid of things you don’t really need. Go through all your closets and bag up all the clothes that don’t fit, are out of style or you simply don’t wear anymore and donate them to a charity. Take your old books, the kids’ toys they no longer play with and those kitchen knickknacks and hold a garage sale. A de-cluttered home is always more attractive to the homebuyer.



Bill Mercer can be reached at 406-581-5574 Prudential Montana Real Estate is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Buy or Sell First?

Consumers Are Returning to the Real Estate Market with an Age-old Question: Buy or Sell First?


Residential real estate in Ennis Montana is gaining stability in concert with the recovering U.S. economy. Consumers, drawn by one of the most attractive buyers’ markets on record marked by historically low interest rates and lower home prices in many areas, are returning to the market to move up, trade down, improve location and otherwise enhance their share of the American Dream.

When it comes to home buying, the ideal situation would be to find a new home, just as you receive an offer on your existing home. You would then be able to close concurrently and move into your new home a few days prior to closing on your previous home. This does happen more often than not, but anyone looking to buy a new home needs to consider all the possible scenarios.

Should you buy or sell first? There are many schools of thought on this subject. Ultimately, it depends on you and your situation. For instance, can you afford to pay two mortgages in the event your previous home does not sell by the time you move? Would you consider a bridge loan (a short-term, high-interest loan that lets you borrow against the value of your old home to covers the bills until you secure the new, larger loan)? Are you willing to move twice to find the home of your dreams if you sell first and can't find the dream home fast enough? This is where the advice of a real estate sales professional is invaluable. Real estate sales professionals know the current market conditions. They are trained and experienced in working with home buyers and sellers to determine an ideal time to buy and sell.

It is generally less stressful to sell your home first, because you won't have to worry about owning two homes at one time. The market will dictate how long it will take for your home to sell, as will the property’s location and the time of year. As a rule of thumb, it is a good idea to put your home of the market as far in advance as possible when purchasing a new one. But, since interest rates are low and confidence is returning to the market, there’s a good change your home will sell faster if priced properly. (Again, your real estate professional’s advice is critically important here.) In that case, you may want to purchase a new home first.

What if your present home sells before you find a new one, putting pressure on you to find the right house more quickly? You may then decide to make an interim move or request to rent back your home for a specified amount of time as you continue to look for your new home. Those may be worthwhile options if you have your heart set on a specific location or type of home or if you are purchasing a home that is under construction.

If you buy a home before selling your present home, you may end up with two mortgages. Under those circumstances, you may be able to apply for a bridge loan to assist you in making two mortgage payments until you sell your first home. Your real estate sales professional can assist you in finding a lender.

So should you buy or sell first? This is a challenging question regardless of real estate cycles, yet your own circumstances and a knowledgeable real estate professional will help you make the right decision.

Bill Mercer can be reached at (406) 581-5574. Prudential Montana Real Estate is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Bill Mercer can show you :
Ennis Montana homes for sale
Ennis Montana ranches for sale
Ennis Montana land for sale
Montana real estate

Home Sellers: Cut to the Chase in Home Repairs and Enhancements

2011 opens as a strong buyer’s market so home sellers must be on their toes to give their homes maximum appeal. Not only should sellers complete the home repairs they know must be made, they should also hire a certified home inspector to thoroughly and impartially evaluate their properties.


If this inspection results in a fix-it list, review the list with your real estate professional to establish necessities and priorities. Depending on your budget and objectives, you may want to repair only items that could cause significant deterioration to your property, such as a leaky roof. Ideally, the closer you can get your home to “move-in-ready” status, the more likely you are to attract today’s cautious and discerning buyers.

Among the most common repairs and enhancements yielding immediate buyer appeal include:

• Paint inside and outside in neutral colors

• Steam clean or replace carpets

• Polish or replace hardwood floors

• Clean or re-grout kitchen and bathrooms

• Replace light fixtures

• Change light bulbs throughout and replace wall-switch covers

• Repair dripping faucets

• Fix sticking doors

• Repair broken fencing

Home sellers wanting to do more should consider the findings of Remodeling magazine’s 2010-’11 Cost vs. Value Report, released in December 2010. The survey used input from REALTORS in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at sale.

Many of the top projects focus on exterior replacements, as replacements are generally less expensive than other types of projects and they add all-important curb appeal – essential for today’s competitive market or any other.

The Top Five projects in the Cost vs. Value Report include:

No. 1 – Entry door replacement (steel)

No. 2 – Garage door replacement (four-section door, reuse existing motorized opener)

No. 3 – Siding replacement (fiber-cement siding)

No. 4 – Kitchen remodel (minor: new cabinet doors, drawers and hardware, plus new energy-efficient appliances, flooring, counters, sink and faucet)

No. 5 – Deck addition (wood)

When the dust clears and projects are complete, be sure that you and your real estate professional document your repairs and enhancements, and share the report with prospective buyers. Walk prospects through the enhancements and include their costs.

A home in good condition demonstrates pride of ownership. Taking the time to make enhancements helps ensure your home is presented in its best-possible light, primed for sale.

Bill Mercer can be reached at (406) 581-5574. 
Prudential (dba) is an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.

Thinking About a Second Home????

Second Home Ownership: Could It Be For You?

Hollywood stars are not the only ones with homes in both California and New York. Farmers escape the Heartland for the sandy Floridian shores, too. Second home ownership has become an extremely popular trend in today’s real estate market. Why? Because demographics and technology are converging to create a historic opportunity for buyers and sellers. As Baby Boomers rush toward retirement, second homes suitable for play now and retirement later have enormous appeal.

Today, thanks to technology, second homes are becoming a place to work as well as play. Second homes may be located in resort areas. Others may be located near a second work environment for those who commute frequently between different business destinations. And the second home phenomenon stretches from Alaska to Florida, from Hawaii to Nova Scotia, and all points in-between.

How you use a second home is up to you, but if it’s something you’ve been considering, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home, for example.

For many, a second home in a vacation or resort area can be an income property when not in use. Ennis, Montana is a very popular destination for fly fishing, hunting, skiing, and biking, which makes it a year round destination. A real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace-of-mind.

Married couples, generally over age 35, with or without children are almost twice as likely to own second homes as single persons. And the fastest growing segment of second home buyers are age 35 to 54, without children at home.

Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, many Montanans gravitate to the Madison Valley…one hour from Bozeman and Yellowstone. San Franciscans retreat to Lake Tahoe and Angelenos head for Palm Springs. Many people who live in the West also have second homes there.

What makes a second home location ideal? Natural beauty is great, but don’t forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities. Ennis, Montana has a golf course, tennis courts, as well as prime hunting and fishing.

Second homes are a discretionary purchase, and everyone wants to feel secure in their environment And locations such as Ennis, Montana, with it’s friendly neighbors and low crime rate removed from most urban problems, continue to be attractive. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Boomers can play in today and retire in tomorrow.

Call Bill Mercer for some ideas on 2nd home ownership in the Ennis, MT and the Madison Valley, MT area.

Make Your Offer Stand Out

Make Your Offer Stand Out

Real estate consumers are realizing that there has rarely been a better time to buy a home. In fact, historically low mortgage rates coupled with lower home prices have even sparked bidding competition in markets around the country.

A good home in a solid location may attract ample attention only hours after being listed. Home buyers can make their offers stand out from the rest through one or more of the following strategies:

Price. Obviously, price tends to be the primary consideration for sellers. When you’re competing for a home, to get an edge, think about adding a clause stating that you will beat the highest offer by “x” dollars up to “x” amount. Cash offers can be more attractive to sellers as well. Although sellers will receive their money at closing whether buyers pay with cash or take out a loan, cash offers don’t require lender approval.

Financing. It’s not enough to be pre-qualified. Pre-qualification only tells how much you can afford. Pre-approval goes a step further. Your lender will thoroughly evaluate your application—including verifying employment information and financial disposition—then clear you for a loan of a determined amount. Having your loan pre-approved gives you a sizeable advantage by putting you on equal footing with cash buyers.

Good Faith Deposit. Buyers offering a larger-than-customary amount of “earnest money,” a deposit that accompanies an offer, may get a seller’s attention. By committing more money up front, buyers demonstrate greater sincerity and motivation to close the transaction. Your real estate professional can guide you as to the appropriate sum for your specific transaction.

Contingencies. Consider minimizing contingencies, those clauses that allow buyers to back out of a contract if certain conditions are not met. For example, it’s common for buyers to make the purchase contingent upon their securing satisfactory financing. Obviously, offers with the fewest conditions tend to be more attractive to sellers.

From a contingency standpoint, first-time buyers are often better prospects for a seller’s home than move-up buyers. That’s because first-time buyers’ offers are not contingent upon the sale of a present home. Even if a move-up buyer has an offer in hand, that buyer’s offer may be contingent on another contingency, and so on down the line. If one transaction derails, they all might.

Considerations for Short-sale and Foreclosure Transactions – Bank-owned properties represent a significant portion of today’s housing inventory. Competition can be most keen for these homes as their prices can run 10% to 20% below current market value.

Banks conduct extensive research to set these prices and generally base them on current market value less the cost of required repairs. Make your offer based on your own check of comparable sales and other due diligence. Banks won’t get offended by a low offer, yet a realistic offer will more likely keep you in the running.

Remember, patience is essential when buying bank-owned property as the process can take up to six months and longer.

Work with Bill Mercer, your local Prudential Real Estate sales professional to buy your dream home or investment property. His or her knowledge, skill and expertise will help you make sound real estate decisions today or any other time.

First Time Home Buyers

Today’s first-time homebuyers are presented with the opportunity of a lifetime. Mortgage rates in early December stood near lows last seen during the Truman administration while home prices were well off their peaks of previous years. The combination made housing affordability, as measured by the National Association of REALTORS®, the highest since NAR® launched its Affordability Index in 1973.

Housing inventory is also abundant in many markets, enabling first-timers to secure good homes and pave the way to their financial futures. Indeed, homes and their long-term virtues of shelter, wealth-building and personal and civic pride are available at bargain-basement prices that won’t, or can’t, last.

Naturally, first-timers have many questions about home buying, starting with costs. With research and the services of a licensed real estate professional, these consumers can demystify the process and place themselves on the fast track to homeownership.

Knowledge is power – Nine out of every 10 home searches today begin on the Internet. With just a few mouse clicks, you can peruse neighborhoods, search countless online listings and take virtual tours packed with detailed photographs. The process gives you working knowledge of home availability and pricing in your local markets so by the time you sit down with your real estate sales professional you’re well on your way.

Also visit informative websites such as www.ginniemae.gov, www.realtor.com and prudential.com, and check the local newspaper for homebuyer seminars.

Affordability – Costs involved in the purchase of a home – mortgage, down payment and closing expenditures – can be overwhelming to first-time homebuyers. By looking at your income and debt ratio, your real estate professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance.

Mortgage payment – In today’s buyers market, you may face competition for your dream home. To establish your spending limit and gain the ability to move quickly on a home, get pre-approved for a loan before you start looking. The fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. This process will also help you identify any credit challenges you must address prior to your purchase.

If you don’t have a specific mortgage lender in mind, ask your sales professional for a recommendation.

Down payment – The down payment amount varies depending on the value of the home you choose and your mortgage lender. First-time homebuyers may also qualify for down-payment assistance programs and grants available through their states and municipalities. Contact your state housing finance authority, county housing and community development office for an application.

Closing costs must be factored in as well. These include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowner association fees. All told, buyers should spend no more than 28% of their income on housing costs, according to Fannie Mae. Your real estate professional will be able to explain your options.

Making offers – Make sure you visit several different homes to get a feel for the marketplace. Visit the ones you like again to see things you might have missed. Work with your real estate professional to get all of your questions answered before making an offer. And remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction.

Indeed, home ownership remains a sound financial decision for most and a key component of long-term financial planning. First-time buyers who seek homes for all the right reasons – a place to raise a family, build for the future and face life’s opportunities and challenges – can secure their dreams and build for their futures at some of the most attractive values in years.

Spring is Coming!! Time to start some house projects.

Home Sellers: Five Tips to Make Your Bathroom Stand Out
By Bill Mercer
Prudential Montana Real Estate
Ennis Montana 406-581-5574

http://www.ennismontanarealestate.com/
Every homebuyer has a vision of their perfect house and the rooms that are most important to them. Because of their relatively small size in comparison to the rest of a home, bathrooms are often overlooked in the staging process, but for many, it could be the most important room in a buying decision.

A bathroom is more than just a place for grooming; it’s a sanctuary. It’s a place one can relax in a hot bath and escape the stresses of daily life for a few moments at a time.

Updating a tired-looking bathroom is one of the best things you can do to increase a home’s resale value and the fixes are not too costly or labor intensive.

Easy fixes include adding new, luxurious-looking towels, replacing the shower curtain and adding candles around a bathtub. However, with a little more money and effort, your bathroom can become a talking point of the house.

Here is a look at five great ways to upgrade a bathroom.

1. Beautify: By adding decorative glass, stone tile or accents to the bathroom, it will stand out among the other houses in the neighborhood that are for sale. Extra-wide wall tiles are popular these days and wood cabinets can be beautifully embellished with intricately carved wooden inlays.

2. Lighting: Add more lighting options around the room, especially around the vanity to reduce shadows and glaring. This is something that isn’t too expensive and can really highlight the positive features of a bathroom. Mood lighting around the tub area is also increasing in popularity.

3. Bath/Shower: It’s not too often you hear someone complaining about a bathtub being too large, and that’s because there’s nothing better than coming home from a hard day’s work and relaxing in a big soothing tub. By putting in a new tub and creating more of a spa-like atmosphere, you will have buyers imagining themselves washing their cares away. Adding a massage element to the showerhead or one that replicates rain showers is also something that will appeal to buyers.

4. Update Fixtures: Not as costly as some of the other tips, changing out the fixtures in a bathroom can add a great deal. From cabinet handles to faucets, the addition of brushed nickel or other metals that are polished and elegant are always a huge hit. And if space permits, add a second sink.

5. Think Green: The bathroom is a prime place to start putting those environmentally friendly devices to work. Installing fixtures that save water, such as a low-flow showerhead, a low-flow faucet aerator, and a dual-flush toilet, can save thousands of gallons of water each year. Adding energy-efficient windows is another easy option, since the size of bathroom windows are relatively small. Another fix that is both decorative and energy efficient is the addition of natural stone flooring, which helps the bathroom stay cool during the summer, and warmer during the winter.

When buyers walk into a renovated bathroom that exudes quality and offers an intimate, contemporary feel, it’s one of the top things that people will remember about a home.



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