Real Estate Blog for the Golden Isles of GA including St. Simons Island, Jekyll Island, Sea Island, and Brunswick, GA.

St. Simons Island, Georgia

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Real Estate Blog for the Golden Isles of GA including St. Simons Island, Jekyll Island, Sea Island, and Brunswick, GA.

Landmark Housing Bill could start an Upswing!

Aug. 1, 2008

Categorized in: Buyers' Information

Tagged with: buyers, housing and economic recovery act, tax credit

The housing legislation known as the Housing and Economic Recovery Act of 2008 was signed into law by President Bush and contains several elements which should get home buyers back into the market, stop the decline in home prices and encourage consumer confidence.

In addition to changes in the Fannie Mae and Freddie Mac loan limits, the government will at least temporarily expand the line of credit to these agencies to permit the US Treasury to purchase equity in the companies through 2009.

Another terrific feature in the housing bill is a temporary $7,500 first-time home buyer tax credit for the purchase of any home. This credit can be used for homes purchased between April 9, 2008 and July 1, 2009. This tax credit should prove an important financial incentive for home buyers and help to generate housing demand.

If you would like to read more, the National Association of Builders has launched a new website with more information on this excellent opportunity for 1^st time home buyers:

www.federalhousingtaxcredit.com

If you or a family member or friend would qualify for this temporary tax credit, this is a great time to buy and benefit from this credit.

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The Credit Score Mystery

Jul. 24, 2008

Categorized in: General Information

Tagged with: buyers, credit scores, mortgages

Certainly a credit score is becoming increasingly more important today with credit availability tightening. Credit information doesn’t seem to be an “exact” science and depends a lot on who pulls it up, i.e., (auto dealer, bank, credit card company, etc.) But basically a score of at least 720 is needed to get a viable interest rate for a home mortgage in today’s market.

Many people are under the mistaken impression that credit scores are largely tied to your income, but that isn’t accurate. Your credit score is a number assigned to how well you have repaid your debts to indicate your creditworthiness for new debt. Certainly we need to take care with credit cards and not max out credit limits, but interestingly enough an individual with no credit cards is rated as a higher risk than someone who has a history of managing their credit cards responsibly. Your credit score can definitely be increased given some time and making your payments on time, every time. Your diligent handling of your current debts will pay off with better rates on future debts.

You can easily obtain a credit report from https://www.annualcreditreport.com and also go to http://www.myfico.com to read more information about your credit score and for tips and other resources available. I would encourage you to be apprised of where you stand and keep a watchful eye on the credit information others may have their eyes on when you apply for credit.

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Consider this a Friendly Nudge!

Jan. 18, 2008

Categorized in: General Information

Tagged with: buyers, inventory, pricing

Certainly I do not have a crystal ball or a prophet on staff, but do firmly believe that we have reached the “bottom” of the real estate pricing. If you have been holding back and waiting for the perfect time to purchase a home, don’t wait any longer. Allow me to repeat: “Take advantage of the price reductions and the abundance of wonderful inventory and do it NOW.” I feel I would be negligent if I did not communicate this to you as I feel very strongly that the best time to buy real estate is today.

Please contact me if you have any questions or need my assistance.

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Shop till you Drop for a Mortgage!

Nov. 5, 2007

Categorized in: General Information

Tagged with: buyers, mortgage, rates, southeast ga

Mortgage Loans purveyors have experienced a good bit of negative press recently. However, in our area we have so many competent and responsible lenders to choose from. Just yesterday, I was speaking by telephone with an individual who asked about internet mortgage lenders. My personal opinion on that topic is that a buyer is better served by developing a relationship with a local mortgage banker with a name, a face and a local phone number to call in case of questions or issues. It's a bad day when you get to the closing table and the HUD statement has charges you were unaware of and you cannot get a quick answer by telephone to resolve your questions.

To obtain the best interest rate we all need to shop for a mortgage much like we do for a car. For that vehicle which we probably keep under 5 years and is usually under a $40K sticker price we all comparison shop models. Certainly a home purchase and the financing procedure should require just as much care!

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What do our Buyers really want? Are we Listening?

Aug. 8, 2007

Categorized in: Local Market Conditions

Tagged with: affordable homes, buyers, developers, inventory, investors, market statistics

Listen Up!

I compared the statistical data in our local Multiple Listing Service (MLS) for the months of June & July. I found it interesting that when you compare the sales prices to the new listings’ prices coming on the market you see a noticeable difference in those numbers.

For 7/1/ - 7/31/07

The Single Family category that had the most sold transactions was the 3 Bedroom group - in the $140-$159,999 price range (11 closed). Surprisingly the next largest group was also for 3 bedrooms, but in the $500,000 + price range (7 closed)! Talk about spread across the board!

The average sales totals for the month were $331,194 for single family and $226,760 for condos. However, the majority of Single Family new listings were in the $200,000-$249,999 range, closely followed by $300,000-$399,000. And the largest category of condo new listings came in at over $500K.

For 6/1 – 6/30/07

The Single Family categories that were strongest were the $140-$159,999 (12 closed) and the $300-$399,999 (also 12 closed), both in the 3 BR group. The average sales totals for the month were $266,878 for single family and $231,015 for condos.

The majority of the new listings was in the $300-399,900 range & closely followed by listings over $500,000. The largest category for condo new listings was over $500K.

We seem to have a large demand for affordable homes but the current total inventory in our MLS system shows in the Single Family category a total of 1,531 homes with an average price of $513,406! New subdivisions are going up all over our county, however; not many fall into the price range we so greatly need. Our office’s sales were no exception with the largest number of sold transactions over the last 6 months falling under $200,000. The long & short of this story is the choices are slim in the price range the majority of the buyers are in, so it’s no wonder that there is a lot of inventory on the market. I hope investors will look at this demand, and that developers will begin to build new properties for this segment of buyers that can’t afford the inventory we’re diligently trying to market!

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