Iowa Market Report For August!

Quad Cities Favorite Realtor Lucky Lang August 2008 Call Lucky for all of your Davenport, IA & Quad City Real Estate needs at (563) 676-9031 Copyright © 2008 Realty Times All Rights Reserved. Mortgage Rate Locks Become Crucial   An interest rate lock is always a good idea in any market. But it becomes a better idea when it's crucial to lock in an interest rate and other loan costs at a level you can afford.       A changing market -- especially when the change is for the worst -- is one of those crucial times. During the first half of 2008, nearly a full percentage point separated the high of 6.45 percent in recent weeks and the low of 5.48 percent in January, according to Freddie Mac.       Get off the interest rate elevator ride with an interest rate lock. A traditional rate lock is a lender's guarantee that your mortgage will come with a specific Mortgage Rates U.S. averages as of July 31, 2008: 30 yr. fixed:   6.52% 15 yr. fixed:   6.07% 1 yr. adj:        5.27% <!-- <B>30 yr. jumbo:  6.98%</B>--> View current rates interest rate, points, other costs and terms. Most locks are designed to protect home buyers from rising rates, but those refinancing can also benefit.       A rate lock's terms include a specified period for the lock. If you fail CONTINUED >>> Wondering What Your Home Is Worth? Let me show you. Man's Best Friend May Be Costly When Selling      As beloved as pets may be to sellers they can be a detriment to the sale of a home.       One of the main reasons has to do with how convenient it is for buyers to see your home. There can be issues caused by the pets that make seeing your home more difficult than viewing other properties. For instance, if sellers have to be called first before their home can be shown this can make it less appealing to buyers and agents.       "You've got issues of access because you might have special pet instructions such as remove pets prior to entering home," says Benjamin Little, Realtor with John Hall & Associates in Scottsdale, Arizona. He says that makes it so agents and buyers have to set special appointments. "And in today's market, anything that impedes a showing is a hindrance to selling the house," cautions Little. He adds, "There are so many properties out there for sale that if you've got special pet instructions and there are 10 properties, that on paper are CONTINUED >>> Credit Scores Remain Misunderstood      Too many consumers still don't get it when it comes to credit scores.       And what you don't know about credit scores can hurt you when it's time to buy a home -- especially in a tight credit market.       Only 28 percent of consumers are aware they need at least a 700 credit score to qualify for a low-rate mortgage.       Three of every four consumers incorrectly believe that credit scores are influenced by income.       And even more, 79 percent, erroneously believe that credit scores can be obtained for free once a year. (They're probably thinking about their credit report, instead.)       Those are among the findings of a new report, "Consumer Understanding Of Credit Scores Improves But Remains Poor" commissioned by the Consumer Federation of America (CFA) and Washington Mutual Bank (WaMu).       First, your credit score is a number assigned to your creditworthiness.       Your credit score indicates how well or how poorly you'll repay a debt. The higher the number, the more likely you'll repay on time.       Your bill paying information on credit reports provides the basis for your credit score. Consumers who take the time to obtain their credit score, for only about CONTINUED >>> Read My Blog!!! You can find many great Davenport real estate agents and loan officers on ActiveRain.com Lucky Lang is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. What's Hot & What's Not in Bathroom Redesign      While real estate markets are cyclical, features a potential home buyer looks for in her home almost always seems to start in the bathroom, according to the National Association of REALTORS' (NAR) annual "Cost vs. Value Report," published each year in conjunction with Remodeling magazine. In fact, in NAR's 2007 report, it showed an upscale bathroom remodel recouped 93.2 percent of the costs and a bathroom addition, midrange stood at 86.4 percent and an upscale remodel 85.8 percent.       "Knowing what's in and what's out in bathroom design is important for homeowners deciding just where to spend their makeover dollars," explained Celebrity Interior Designer Will Smith. CONTINUED >>> Local Market Conditions Daily News and Advice <!-- <BR> --> Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday. More Articles July Round Up: Housing Bill Approved Washington Report: Tax Provisions Re-examine Your Risk For Flood Love The House, Hate The Traffic Noise -- There Is Hope! Lucky Lang E-mail: llang@melfosterco.com Web: http://www.LuckyLang.com (563) 676-9031 Mel Foster Company (563) 823-2213 3211 E 35th St. Ct. Davenport, IA 52807 Equal Housing Opportunity

We are turning the corner!  This is a great time to buy a home!

For more information on what this recent market information from the Quad Cities means to you please call:

LUCKY LANG, QUAD-CITIES FAVORITE REALTOR^®

Lucky Lang, Realtor ^®           Licensed in Iowa & Illinois

Mel Foster Co., Inc., 3211 E. 35th Street Ct., Davenport, IA  52807-2585

Cell: (563) 676-9031    Office: (563) 823-2213    Fax: (563) 459-6720    Toll Free: (800) 791-8132 Ext. 2213

LuckyLang.com

Don't let this great real estate buying opportunity pass you by!!!