Real Estate Information

Surprisingly this year I have heard too many people who want desperately to keep their homes say that when they try to work out a refinance with the banks the banks have been giving them the run around. I caught this article on MSNBC and thought it would be a good direction for a few of you out there to explore.

The associated press ran an article stating that several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents.

If you or someone you know is experiencing some really tough times get on the phone and call your elected officials today....you never know what could happen.

"Buy when others are fearful.." are the smart words of one of the richest men of our life time, Warren Buffet.  It is obvious that many have paid attention.  Here goes an article that I found in Forbes today:

Despite the recent devastating downturn in demand for space, real estate investment trusts are coming back with a vengeance. There have been $10 billion in new equity offerings this year, mostly since March. According to research firm SNL Financial, the median price gain for REITs that sold equity was 35% from Mar. 31 through May 26. SNL's Equity REIT index, representing all U.S. publicly traded REITs, has gained 28%. This rebound comes after a devastating two years in which REIT shares lost 75% of their value. What you are seeing is more than a turnaround in investor attitudes and a need by issuers to deleverage their balance sheets. Many REITs intend to finance the purchase of distressed commercial real estate at bargain prices

Just had to share a great experience with the USDA Rural Funding program!  In case you are unfamiliar with it, this program provides 100% financing for a home purchase.

There are some limitations to participation in the program, particularly family income and location.  That is the great part that my clients just experienced.  The income limits have been expanded to include any family size from 1-4 at the former 4-family member income limits.  In addition, the home they wanted to purchase fell inside the zoning qualification area.  The home is not in an area that would normally be described as rural.

If you would like to get more information about the program or the areas that qualify, please contact me directly at 850-545-0814 or email me at ellie@ringtherivers.com.  I would love to help you get into your new home!

Ellie Stafford/The Rivers Team/Keller Williams

If you ask me how I feel about the Tallahassee market then I would have to say, "It's a great time to buy".  Home prices are finally on the rise and I think that it is safe to say that I feel we may have finally hit the bottom in Tallahassee. The Florida Association of Realtors states that U.S. home prices rose 1.7 percent on a seasonally adjusted basis from December to January, according to the Federal Housing Finance Agency's (FHFA) monthly House Price Index. This is great news!

Inman news also stated on March 26^th2009 that Mortgage Rates have not been lower since 1971 and Freddie Mac chief economist Frank Nothaft said that "compared to a 30-year fixed-rate mortgage taken out at last year's high of 6.63 percent on July 24, the current rate represents savings of about $225 a month on a $200,000 loan". This is awesome news and just more reasons why you should buy a home now! Why wait to make one of the best financial decisions that will pave the way to your future wealth!   

 

For more information on the Tallahassee Market give me a call! You can reach me at 850-591-2599 or email me at julie@ringtherivers.com

Julie Cox-Money

Buyer Specialist

The Rivers Team

Keller Williams Realty

850-591-2599

julie@ringtherivers.com

Things are undeniably looking better than a year ago.  Nationally real estate sales are up!  Areas like South Florida had various cities see a plus 50% sale volume when compared to this time last year.  It was enough to make Dade county top producer Charles Richardson cite that it was the sharpest spike in sales year-over-year he's ever experienced.  Will this trend likely continue?  From the appearance of reports revealing that mortgage applications have increased 30% it is to be expected.  A recent survey also revealed that 78% of home buyers today felt that now was a good time to buy.  This to me asserts two important factors.

 

One: Sellers in this market need to adjust their asking price to what the market is dictating and not a cent more.  Buyers are armed and ready today with more ammo than ever before and are particularly focused today on making sound investments. 

 

Two: On the other hand, when coming across a well priced home, buyers in the coming months need not fool around with their offers.  If it caught your eyes, chances are it caught the eyes of at least 5 others.  Multiple bids on well priced homes are not myths and will occur.

 

Over all the real estate market is on the verge of smoothing out.  Leif Thomsen, chief executive of Mortgage Master in Walpole, Massachusetts, whose’ business closed just over $1 billion in total mortgage lending since the beginning of the year made a well spoken analogy.  "The housing market is coming back, but not roaring back," he said. "We have gone from a crawl to a brisk walk and we will still have to navigate some pitfalls before we are able to get running again…."but it’s a great start!

Last fall, the Federal Government introduced a financial incentive to prospective first-time homebuyers — an income tax credit of up to $7,500. The rules were simple: you must have been a first-time homebuyer (as defined by not owning a home in the previous three years) and you met certain income restrictions.

The new $8,000 tax credit is available to those who buy between January 1, 2009 and December 1, 2009. It’s not a deduction, it’s an actual credit.  Unlike the $7,500 first-time homebuyer tax credit introduced last summer; this does not need to be repaid.

First timers who qualify can make no more than $75,000 in adjusted gross income if they’re single or $150,000 if filing jointly. The maximum tax credit is $8,000 or 10 percent of the sales price of the home, whichever is less. Three years residence in the property are required. As always, check with your accountant for details and be sure to submit IRS form 5405 when you file your taxes.

For real estate questions, contact Ellie Stafford at 850-545-0814 or email ellie@ringtherivers.com.

The simple fact is that home prices are dropping and sellers need to realize that the adjustment on their asking price must occur or they are simply not going to sell. Mr. and Mrs. Seller if you're reading this please understand that as a buyer's consultant I can honestly tell you that my clients are not stupid. They understand how to make sound, sensible decisions and will request that I print out for them a list of comparable properties in an easy to read market analysis before committing to any purchase. Okay, sorry for the sarcasm but buyers today have options and time on their side so by not pricing your house accordingly at the beginning you're only wasting your time. A recent survey discovered that while over 63 percent of sellers felt that the price recommended by their Realtor was too low only 18 percent of active home-buyers believed that current prices were even fair.

Pamela Frey-Primiani of Keller Williams Realty in Sicklerville, N.J. said it best. “Homeowners know that prices have fallen, but that somehow doesn’t apply to them because they have ‘upgraded vinyl’” or something....Sellers have got to be realistic in their expectations. An overpriced home in these times does nothing — no showings, no offers, just whining from sellers that it’s all someone else’s fault that the home hasn’t sold.”