Category Archives: Blog

VETERANS LOAN PROGRAM

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Why Choose a VA Loan -VA Mortgage Benefits

 

The VA Home Loan Guarantee Program helps veterans purchase, refinance, or build homes through VA-approved lenders.

Loans are backed up to $417,000 and more in some areas with low closing cost and fewer fees than conventional loans.

Packed with money-saving advantages such as no down payment requirement and no private mortgage insurance, the VA home loan also is designed specifically for the unique challenges facing service members and their families.

Some of the Benefits

1. Lower Payments.
2. Competitive rates and no private mortgage insurance requirement mean low monthly payments.
3. 0% Down.
4. VA home loans don’t require any money down at closing a benefit that almost no other loan can offer.
5. Easier to Qualify VA home loans are designed to have easier approval for the unique situations military families face.
6. VA home loans are a great option for first-time homebuyers. More information.

History abut VA Loans

The VA has backed more than 20 million home loans since 1944. For more than 70 years, this program has made it possible for families just like yours to experience the pride of homeownership.
In today’s tough economy, the VA home loan program continues to shine brightly and forge ahead on its mission of making homeownership possible for the brave men and women who serve our country.

VA Loan Eligibility

In general, a service member is eligible for a VA home loan if he or she meets any one of these requirements:
•Served 181 days during peacetime (Active Duty)
•Served 90 days during war time (Active Duty)
•Served 6 years in the Reserves or National Guard
•Is the spouse of a service member who died while in service or from a service-connected disability?

VETERANS LOAN PROGRAM

imagesOK24SSNO

Why Choose a VA Loan -VA Mortgage Benefits

 

The VA Home Loan Guarantee Program helps veterans purchase, refinance, or build homes through VA-approved lenders.

Loans are backed up to $417,000 and more in some areas with low closing cost and fewer fees than conventional loans.

Packed with money-saving advantages such as no down payment requirement and no private mortgage insurance, the VA home loan also is designed specifically for the unique challenges facing service members and their families.

Some of the Benefits

1. Lower Payments.
2. Competitive rates and no private mortgage insurance requirement mean low monthly payments.
3. 0% Down.
4. VA home loans don’t require any money down at closing a benefit that almost no other loan can offer.
5. Easier to Qualify VA home loans are designed to have easier approval for the unique situations military families face.
6. VA home loans are a great option for first-time homebuyers. More information.

History abut VA Loans

The VA has backed more than 20 million home loans since 1944. For more than 70 years, this program has made it possible for families just like yours to experience the pride of homeownership.
In today’s tough economy, the VA home loan program continues to shine brightly and forge ahead on its mission of making homeownership possible for the brave men and women who serve our country.

VA Loan Eligibility

In general, a service member is eligible for a VA home loan if he or she meets any one of these requirements:
•Served 181 days during peacetime (Active Duty)
•Served 90 days during war time (Active Duty)
•Served 6 years in the Reserves or National Guard
•Is the spouse of a service member who died while in service or from a service-connected disability?

Commercial construction is finally beginning to improve !!!.

 

dollarsI received this article via email, from a Wells Fargo representative, I thought to share these positive news with our visitors.

Monica Barrow

Broker Owner

 

Special Commentary

Economics Group ,March 13,2014

Commercial Real Estate

 

 “Commercial construction is finally beginning to improve”!!.arrowCommercial real estate fundamentals have improved to the point that commercial construction is finally beginning to improve. Demand for office, industrial and retail space has steadily improved over the past couple of years and, with very little new construction, vacancy rates have fallen across the vast majority of markets. The greatest improvement continues to be in metro areas with exposure to the energy and technology sectors. The proportion of markets seeing improving conditions has broadened, however, and new construction is ramping up across an increasing number of markets.

The apartment market has followed an entirely different recovery path. Rental apartments are accounting for a disproportionate share of new housing. Demand has outpaced supply for the past 15 quarters, helping drive vacancy rates down to just 4.1 percent. Even here, however, metro areas tied to the booming energy and technology sectors have recovered ahead of most other areas.

Office vacancy rates have fallen less dramatically but have been gradually trending lower. The national office vacancy rate ended the year at 16.9 percent, as 28.5 million square feet were absorbed over the course of the year. Vacancy rates declined in roughly two-thirds of the nation’s metro areas, with the largest declines occurring in major technology centers such as San Jose,

Boston, Austin, San Francisco and Seattle. Technology is playing a larger role in other markets, however, accounting for an increased proportion of office-related employment growth in areas like Atlanta, Dallas and Los Angeles. Office construction more than doubled in 2013 and should post a larger gain this year. Work has begun on several large office projects, including skyline altering and a new tower for BHP Billiton Tower and new office complex for Exxon in Houston.

Commercial Real Estate Vacancy Rates Percent

Office Vacancy Rate: Q4 @ 16.9%

Industrial Vacancy Rate: Q4 @ 7.6%

Retail Vacancy Rate: Q4 @ 10.4%

Apartment Vacancy Rate: Q4 @ 4.1

While the recovery in office development is still in its early stages a few trends are emerging. Newer areas of the tech sector, including social media, cloud computing, big data, health management software, payments processing and internet security are the driving influence behind much of the growth in office demand around the country, both in established tech centers and many other markets around the country. Atlanta, which has a relatively small tech sector, has derived a disproportionate share of its growth from the tech sector, which has helped propel job growth up at its strongest annual pace in 7 years and pulled vacancy rates down so that new office development is beginning to move forward. Of course, the greatest concentration of projects is in Silicon Valley, where Apple, Facebook and Samsung all have major projects underway.

Not only are tech projects leading the recovery in office demand but many of the new buildings being development are incorporating many of the technology-savvy features and layouts that were originated at some of the nation’s most innovative companies. This is particularly true of new downtown office towers and new building sprouting up near mass transit nodes by major urban centers. While this trend is most evident in major tech centers like San Francisco and Seattle, significant towers are either currently under construction or have recently been announced in Houston, Los Angeles and Philadelphia. Houston is one the most active office markets in the Several buildings have been announced recently, including a 47-story spec tower being built by Hines and a 30-story office project announced by Crescent.

The apartment market has seen the strongest recovery of any major property-type benefiting from both the rebound in employment growth and decline in homeownership. Most of the growth in households since the recession has ended has gone toward rental housing. Demand for apartments has been strongest in areas where job growth has risen the fastest, which once again

tends to be concentrated in major technology and energy sectors. Demand has improved much more broadly, however, and a surprisingly large proportion of new construction has occurred in and around downtown areas.

The rebound in apartment development has gone on long enough that a few markets, including Washington D.C. and Boston, are now beginning to worry about oversupply. With vacancy rates at cycle lows nationwide, fears about overbuilding, for the most part, appear to be premature.

There is a great deal of construction in the pipeline and rent increases, which had been running well ahead of inflation and wage growth, have recently moderated. Job and income growth are accelerating, however, and demand is likely to remain strong in coming quarters.

Demand for industrial space has been another bright spot, benefitting from the explosive growth in online retailing, growth in international trade, the revival in domestic manufacturing activity and emerging recovery in single-family home building. Overall vacancy rates declined 0.8 percent points this past year, as about 125 million square feet of space were absorbed. The sharpest increases in net absorption occurred in the Inland Empire of California, Dallas and Atlanta.

Nonresidential Construction Spending

The recovery in construction spending has been sluggish with the real total value of nonresidential construction down 1.5 percent in 2013 to $561.9 billion. Improvement in private construction spending has been fueled by the commercial sector which has seen solid gains in hotel, office and retail, while public and institutional outlays remain weak.  Rising building and labor costs remain an impediment to a stronger recovery. According to the Engineering News Record Cost Index, construction costs increased at more than a 5 percent annual pace in the fourth quarter. Much of the increase in costs is due to a surge in skilled labor, but building costs are also up.

Commercial/ multifamily debt outstanding rose one percent in the third quarter, to roughly $2.5 trillion. Commercial mortgage debt reached its highest level since 2010 and continues to be led by banks and thrifts and life insurance companies. Life insurance companies, which make up almost 18 percent of total commercial debt, has seen solid growth over the last two years, while CMBS is still recovering. Multifamily mortgage debt rose 1.2 percent and is up nearly 5 percent over last year.  According to the most recent data from the Senior Loan Officer Opinion Survey, lending conditions for commercial real estate loans continued to ease as demand also strengthened.

Operating fundamentals for commercial real estate continued to improve, with the apartment sector leading the way. Apartment demand remains robust with the national vacancy rate falling 50 basis points over the past year to 4.1 percent. Low vacancy rates have assuaged fears about overbuilding. Supply in the apartment sector is ramping up, however, and will likely outpace demand in 2014.  Cap rates across the four major property types trended lower in the fourth quarter. Much of this compression remains in the apartment sector. Investors seeking a bit more yield are showing greater appetite for other property types than low-yielding major metro areas that have seen more transaction volume. Source: Reis, Inc., PPR, RCA Analytics, NCRIEF, IHS Global Insight, Commercial Mortgage Alert and Wells Fargo Securities, LLC’

Apartment fundamentals continue to outperform all major property types with the sector absorbing nearly 165,000 units in 2013. Although demand has moderated from its peak in 2010, stronger job growth should keep absorption strong. Rent growth rose 3.2 percent in 2013, which is a touch slower than the 3.9 percent increase in 2012.  Developers ramped up construction activity. Completions jumped by 127,000 units, which is the highest annual total since 2009. The increase in apartment development has raised some eyebrows in this otherwise sluggish recovery. The rush to complete properties does have a boom feel to it in certain markets. Source: Reis, Inc., RCA Analytics, IHS Global Insight.

Office fundamentals have slowly but steadily improved over the last three years. At 16.9 percent, the office vacancy rate is still more than 400 bps above its pre-recession low.  Net absorption is still well below its cycle peak and is not expected to gain much ground over the next couple of years. With demand stuck in slow gear, new construction has been limited and is only expected to constitute 0.8 percent of total stock in 2013, which is well below the long run average of 1.8 percent.  Office employment has outpaced overall job growth and is at its prerecession peak. The mix has shifted toward more creative users, boosting demand for urban locations.

Retail space has been slow to gain any meaningful traction in this recovery and has lagged the other key property types. The retail vacancy rate peaked more than two years ago at 11.1 percent, but has barely budged in recent quarters. The vacancy rate now sits at an elevated 10.4 percent in the fourth quarter. Weak consumer fundamentals and competition from online retailers continue to weigh on the sector. Net absorption remains substantially below its pre-recession peak. Demand should strengthen as the economy gains momentum and home construction improves. After bottoming in mid-2011, effective rent has risen for nine quarters, climbing nearly 2 percent.

Warehouse fundamentals continued to improve in 2013 with demand surging to its highest level since early 2008 in the fourth quarter. The spike in demand helped pull the vacancy rate down to 7.6 percent. E-commerce continues to be a key driver of demand, as many online retailers grow their distribution network.  Net completions remained fairly muted in 2013; however, the pipeline is growing. According to amount over last year and with the quick turnaround in building industrial space-roughly six months-the supply picture can change fairly quickly. Construction underway as a percent of stock remains well below the long-run average.

March 13, 2014 ECONOMICS GROUP

Wells Fargo Securities Economics Group publications are produced by Wells Fargo Securities, LLC, a U.S broker-dealer registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Securities Investor Protection Corp. Wells Fargo Securities, LLC, distributes these publications directly and through subsidiaries including, but not limited to, Wells Fargo & Company, Wells Fargo Bank N.A., Wells Fargo Advisors, LLC, Wells Fargo Securities International Limited, Wells Fargo Securities Asia Limited and Wells Fargo Securities (Japan) Co. Limited. Wells Fargo Securities, LLC. (“WFS”) is registered with the Commodities Futures Trading Commission as a futures commission merchant and is a member in good standing of the National Futures Association. Wells Fargo Bank, N.A. (“WFBNA”) is registered with the Commodities Futures Trading Commission as a swap dealer and is a member in good standing of the National Futures Association. WFS and WFBNA are generally engaged in the trading of futures and derivative products, any of which may be discussed within this publication. Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm which includes, but is not limited to investment banking revenue. The information and opinions herein are for general information use only. Wells Fargo Securities, LLC does not guarantee their accuracy or completeness, nor does Wells Fargo Securities, LLC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice, are for general information only and are not intended as an offer or solicitation with respect to the purchase or sales of any security or as personalized investment advice. Wells Fargo Securities, LLC is a separate legal entity and distinct from affiliated banks and is a wholly owned subsidiary of Wells Fargo & Company © 2014 Wells Fargo Securities, LLC.

 

 

Career Opportunities

Join Route 66, REALTORS

Your Success is Our Success and we take it seriously”
Route 66, REALTORS is a privately owned company, first opened in Pacific Missouri in 2004.Our team members without questions have been the most certain factor of our success. As we have expanded our offices to St. Charles and Rock Hill we would like to welcome new members to our team to join us on our future growth.
Learn more about the real estate careers and how you can find success as a Realtor/ Sales Associate. You can call us, set up an interview and we will walk you through the process.
The big difference between a real estate agent and a real estate broker: Brokers are licensed to manage their own businesses, and agents are not. But even though real estate agents work under brokers, their jobs are similar. Brokers and agents help clients sell their homes as well as buy homes. It’s possible for people to buy or sell their home without using a professional, but a real estate agent can make the process a lot easier. By advising clients on prices, mortgages, and market conditions, an agent instructs sellers on how to price their homes accurately and present the property in the best light. Agents guide buyers toward the home that best fits their needs by generating a list of properties for sale, accompanying the client to see the properties, and negotiating an offer with the seller. Real estate agents must be knowledgeable of the communities in their area, particularly in the facets that matter most to people.
If you are a goal-driven, service-oriented entrepreneur who is serious about taking a career in Real Estate to the next level, then contact us, one of our offices is the place for you. As one of our sales Associates you will benefit from our experienced staff and will have access to education programs, systems and tools that will provide you with the technology, marketing, programs, and training needed to succeed in today’s market and to maximize your customer’s advantage throughout the real estate process. Here, you will be more than just a real estate agent; you’ll be a well-trained real estate professional.
A career in real estate offers a lifetime of rewards – you’ll connect people to the dream of homeownership and get paid for doing it! And you’ll look for new ways to stand out and challenge yourself to exceed the expectations of those you serve – all on your own schedule.
We don’t have desk fees; we believe your working environment should be stress free. You can earn as much as you want, you decide, our customized commission program will allow you to excel.
Please ask about our School Assistance Program.
Call us, be one of the proud team members of Route 66, REALTORS.

Monica Barrow

mbarrow@route66realtors.com
314-703-1271

HOME SALES ARE RISING!

Sold Home For Sale Sign in Front of New House
Happy days are here again for the housing market with double-digit price gains compared with a year ago. Prices rose at the fastest pace since 2006, before the housing bubble popped. Millions of homeowners who were underwater with their mortgages no longer have that problem. Most housing experts believe the market will continue to improve.

House flipping is back in some local markets, where homebuyers are making bids on almost anything they can find. A large number of homes are still in some stage of foreclosure and investors rather than first-time home buyers make up an outsized chunk of the housing market.

Home prices in cities around the country surged 10.9 percent in the past year to highs last seen at the end of the housing bubble. Particularly in our area the numbers are encouraging, prices reported by our Multiple Listing Service report sale prices up from 3.2% to 6.5% through various counties, closed property sales are up:
Franklin County 16.5 %, Jefferson County 8.17%, St Charles County 22.17% , St Louis County 14.5%

Prices around the country rose the most since April 2006, though in most places they are still well below their peak in 2006, according to the Case-Shiller house price index, which includes data through March 2013.
Phoenix, San Francisco and Las Vegas had the biggest jump in home prices, with increases of more than 20 percent compared with a year ago.

Executive Home With Acreage Pacific MO