If you are in the market for these properties, just give me a call
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Crystal McCall
Accredited Staging Professional
Broker Associate Keller Williams Cornerstone Realty
I contacted Skye Tec(1-850-321-1706) and scheduled my home inspection. They were at the house for 25 minutes, did a complete report and told me to submit it to the insurance company.
Windstorm damage is a very large portion of property damage and is very costly to insurance companies. The roof deck attachment is a major component to what is causing the damage. The loss of roof deck panels during storms is truly what has caused extensive damage to property.
In March 2007, Florida Financial Services Commission passed a rule requiring insurance providers to supply specific information on the value of individual wind mitigation measures based on age of the home, location of the property, construction methods and materials. This rule should provided data for homeowners that will let them decide the cost and benefit of implementing wind mitigation measures.
Florida's property insurance companies were among the first to offer incentives for wind mitigation techniques. Florida's statutes have required insurance providers to offer incentives for wind mitigation practices which are shown to reduce property loss caused by wind storms. For further details please refer to http://www.floridadisaster.org/mitdb/.
It is great to have a program to assist us in reducing on going costs of home owners insurance policies.
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Appraisers are reporting that the current sale prices are reflecting the prices of the late 2004 home prices which bring us back to where they were priorto the fast climbing market of 2005. We have a strong supply of inventory which should make it easy to find a property to meet all buyers needs aroundthe Ocala area, including retirement communities and The Villages.
I strongly encourage today’s Buyers and Sellers to review the credentials of your Real Estate professional and mortgage counselor. Experience will be worth its weight in gold as to the kind of transaction the Buyer and Seller will be involved in and the outcome. Many inexperienced licensees stepped into the marketplace during the fast paced market and are unable to provide the knowledge and expertise to the consumer.
It has been proven in our economic society to buy on the low, hold for a while and then evaluate your investment. Now is the time many Buyers and Sellers have been waiting for.
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More Attractive Home Financing Options
This program has many flexible features not found in conventional and FHA loans. It is aimed specifically at rural areas. All counties in Florida EXCEPT Broward, Monroe and Pinellas are totally eligible or mostly eligible for this loan. To see if a property is eligible, simply type in the property address at http://eligibility.sc.egov.usda.gov/
Advantages
• No down payment required
• No Mortgage Insurance
• No cash reserves required
• No seller contribution limit
• No Prepayment Penalty
• Loan up to 102%* of appraised value allowed…not the lesser of the Sale Price or Appraisal
• Loan amount can include closing costs and pre paids up to appraised value
• No stated maximum loan amount; maximum loan based on repayment ability
• No First Time Homebuyer Requirement
• New and existing homes OK
• Fully amortized 30-year fixed rate loan
• No minimum credit score required…common sense underwriting allowed
• No minimum cash contribution required from borrower
• No limit on CLTV (combined loan to value) when soft second financing such as SHIP or HOME is used for closing costs and pre paids
• No limitation on source of funds for closing costs. No seasoning requirement
• 100% gifted closing cost or down payment assistance permitted
• Non traditional credit may substitute for lack of traditional credit history
• No derogatory credit explanations required when credit score is 620 or above
• Qualifying ratios of 29%/41%....[29% PITI (principal, interest, taxes and insurance) to Income and 41% Total Debt to Income - however standard ratios may be exceeded with documented compensating factors]
• Automatic ratios waiver of 31%/43% for homes built after January 2000
• Conventional type loan packaging with only 1 extra form required
• Competitive rates (set by underwriting lenders) with attractive fee income
*Appraisal may be exceeded by amount of Guarantee Fee
Abbreviations:
SHIP – State Housing Initiatives Partnership: a state funded housing program
HOME- Federal Affordable Housing Program
Maximum Adjusted Gross Housing Income:
NOTE: The GROSS income limits can be much higher than the ADJUSTED income limits shown in this table
| Counties | 1 person | 2 person | 3 person | 4 person | 5 person | 6 person | 7 person | 8 person |
| All Florida Counties EXCEPT those listed below |
48,000 | 54,800 | 61,700 | 68,550 | 74,050 | 79,000 | 85,000 | 90,500 |
| Clay, Duval, Nassau, St. Johns |
48,500 | 55,500 | 62,400 | 69,350 | 74,900 | 80,450 | 86,000 | 91,550 |
| Collier | 56,200 | 64,250 | 72,250 | 80,300 | 86,700 | 93,150 | 99,950 | 106,000 |
| Palm Beach | 51,850 | 59,250 | 66,650 | 74,050 | 79,950 | 85,900 | 91,800 | 97,750 |
| Okaloosa | 50,400 | 57,600 | 64,800 | 72,000 | 77,750 | 89,300 | 89,300 | 95,050 |
If the projected dependable income exceeds the limits, certain adjustments can be made, such as childcare expenses for children age 12 years or younger and paid to someone outside of the family and one $480.00 annual deduction can also be taken for anyone under 18 or a student who is not one of the applicants. Other deductions are also available – please see your loan specialist
Other Eligibility Criteria: · Do not own a suitable dwelling · Insufficient resources to secure a conventional 80% loan without the guarantee · · Financed dwelling will be primary residence For more information about eligibility or loan criteria please contact: Carolyn LaRoss Alarion Bank (352) 547-1230 Email: Carolyn.LaRoss@alarionbank.com
Attention Home Buyers:
FHA has revised its repair standards for appraisals of existing homes. They have shifted away from an emphasis on the repair of minor property deficiencies to focus on repairs that go beyond normal wear and tear, cosmetics and minor defects.
What this means for you as a buyer:
• Faster approval time as long as other conditions (including safety) are met.
• Less repairs and shorter settlement time with the seller
• You will still be informed of cosmetic and minor defects on the prospective property through the appraisal process
• More options for you as a buyer to shop for a home with FHA lending advantages
For a detailed list of the revisions and requirements for appraisals click here.
For more information about FHA loans and other mortgage options contact:
Carolyn LaRoss
Alarion Bank
(352) 547-1230
Email: Carolyn.LaRoss@alarionbank.com
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Homes sales and purchases are some of the largest investments you will ever make. Why take the chance of placing such a vast financial and emotional investment into the wrong hands?
The Crystal McCall Sold Team offers Anywhere in the World Agent Screening as a FREE service to Clients and Friends. The Crystal McCall Team will search and screen top producing Real Estate professionals anywhere in the world! Any city, in any country!
Many people don’t know how to ask the right questions to properly screen knowledgeable and qualified agents. Before you, or someone you know begin your next property purchase or sale, give us a call.
Finding the right real estate professional can make all the difference in the purchase or sale of your home.
All Real Estate Professionals are not created Equal
The busiest are the best! Many people think that working with an agent that doesn’t have a lot of sales and listings will give them more individualized attention. The reality is that top producing agents are better educated about the real estate market and its constant changes. Top producing agents are better at pricing homes accurately the first time in order to get the most money for their clients. This also allows them get the home sold in the least amount of time possible saving the client money and stress. Experienced top producing agents also have a larger network of buyers and sellers to get the word out about their property listings.
Local is Better. Agents are licensed to sell anywhere in their state or province, but lack a personal knowledge of geographic areas beyond their local territory. Working with a local, top producing agent is the best way to get a better return on your investment.
Knowledge, knowledge, and more knowledge.
A top producing agent is current with course work, seminars and designations. They have kept up on the real estate market both locally and nationally. They are technology savvy marketers who have mastered solutions such as web, video and email.
Let us do the screening for you!
As service to our clients and friends, the Crystal McCall Sold Team will screen agents anywhere in the world! Although we are affiliated with Keller Williams, we will search every major real estate brokerage in the world to find you the best qualified real estate agent to meet your real estate needs. Whether you are buying or selling, Crystal McCall and her team will search agent websites and interview the agents themselves to evaluate their knowledge, marketing services and portfolio to determine if this will be the right match for you.
All this at no cost to you! Tell your friends and colleagues about our complimentary: Anywhere in the World Agent Screening
Top Real Estate Agents…Anywhere in the World!
The truth is that the once
popular easy mortgages created to assist those with less than perfect credit are
now proving the downfall of the entire industry. It is speculated that over $2
million homes will fall victim to foreclosure due to a sub-prime loan issue. Creating
a domino effect, other sectors like the real estate and new development markets
are affected. Failed attempts to protect their assets including loan revocation
and record numbers of property foreclosures have not been enough to stifle the
crash of some of the largest lending firms in the country.
It is a rarity these days to hear
about lenders issuing new loans at all to anyone without near perfect credit.
Let’s face it. That is a very low percentage of the population. So what are
most people to do? Lenders and brokers alike are already becoming savvy at
finding ways to get around the current loan freeze. There are double loans, a
two-loan package including a first and second fixed-rate mortgage. The first loan
is issued for the maximum amount of $417,000 and the second, with a higher rate
of interest, covers the remaining loan balance. Some lenders now offer a super
piggy-back loan for creditors with excellent scores, similar to the double loan
except the second loan is carried by the bank for an additional $1 million or
more. Sometimes a buyer may find that seller is so motivated they are willing
to let them borrow the down payment amount in order to close the deal.
By now, most of us have read the
tragic story of the Pent family of
If you are thinking of selling, did
you know we can provide a FREE estimate of your home’s value? Interested in
purchasing a home in the Marion County, Ocala, Florida area, just inquire about
our new home buyer’s package filled with useful information from the escrow
process, to necessary inspections and how
to receive the most property value for your money. Visit www.crystalmccall.com to learn more.
So here is the secret to pricing your home to sell - It's not what you think the home is worth that matters, it's what a reasonable buyer will think your home is worth that will ultimately determine if your home will sell.
Now you maybe thinking - Hey wait, if I left it up to a buyer, they would pay me as little as possible for my home. True, they would. But in the real world every buyer knows that you, the seller, have no obligation to sell your home at any price. To purchase your home the buyer will have to make you an offer you can't or won't refuse. One that will motivate you to pack up your Ken and Barbie collection, hire a local mover, and wave good bye to a home full of memories.
But here-in lies the trap that many sellers fall into (myself included), which is the mistaken idea that we can hold out for an inflated price and eventually the market will come to us. Wrong! Buyers are under no obligation to buy any particular home, and no amount of marketing, open houses, websites, or signage will motivate a buyer to purchase an overpriced home. Why? Because they can buy one of your neighbors homes for less! This reveals one of the most important considerations in pricing your home - Price VS Time.
Understanding Price VS Time
The age old dilemma that has faced buyers and sellers since the dawn of private property rights is a simple question: What is more important price or time? Believe it or not this conundrum underlies and controls every sellers decision to sell, and every buyers need to complete a purchase. For sellers this boils down to the need to sell within a set time frame or instead to hold out for the best possible price, and as you might guess, for buyers it's the need to buy within a set time frame or to purchase a home for the lowest possible price.
A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. Like trying to sell ice during December, a seller might have to give the stuff away just to get rid of it, but if they wait long enough, say until mid-August when temperatures crest over 100 degrees suddenly that same ice can have real value. On the flip side, a seller who needs to sell quickly, and doesn't have time to wait, should expect to discount their price somewhat because of the limited time they have to expose their home to the market.
What's the difference? Timing!
Buyers are in the same boat. A buyer who has the luxury of shopping for a home over a long period of time can probably wait to find a bargain, while another buyer who must buy a home in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs time. So you might ask yourself what is your highest priority - Selling quickly or selling for a higher price?
To be honest when I pose this question to my own clients they often smile coyly and then answer - I want both! The funny thing is that they aren't kidding! This sticky situation often reminds me of one of my first jobs after graduating high school, which was working graveyard at a local lumber mill. Like clock work every night, the foreman would come by to monitor my production. We called him Perry, which could have been his last name or his first name because he never clarified it. Over the roar of the machinery Perry would cup his hands together and yell "You need to put out more wood!" Finally after an especially tough day, I looked him back in the eye, and yelled back "Do you want quantity or quality?" Throwing his yellow hard hat down on the concrete floor and then kicking it for emphasis he snarled back "I want both!"
Like Perry, most of my clients want their cake with the icing generously slathered on top. Because of this, many homeowners will attempt to put the responsibility of getting both top dollar and fast sale on the back of their hired gun, the real estate agent. The result can be summed up in one word - frustration. Why? Because no matter how much a seller yells, screams, and kicks a real estate agent, they don't do miracles. This is why successful sellers understand that while a real estate agents job is to provide marketing, expert advice, and negotiating services, in the end they don't own the property. They don't make the final decisions on pricing. The seller does, and ultimately the seller's asking price will in large part determine how slowly or quickly the home will sell.
To frame this discussion in a different way, consider what you will do should you arrive luggage in hand at the end of your listing period and the home has not yet sold. At that point are you more likely to give it a little more time or adjust your price? I know - Neither, I'll just fire the agent! To be honest, this is exactly what many sellers' do, they fire their agent and reboot the marketing. Does it work? Sometimes it does, but often these sellers end up three months later in the same slow boat to nowhere. Successful sellers on the other hand take ownership of their pricing decisions by making a clear decision about which is more important to them, selling quickly or selling for top dollar.
Successful sellers have learned that to price their home accurately means they need to think like a buyer, they need to get inside a buyers skin and look at the world through a buyers eyes. For instance, imagine for a minute that you are moving to another area of the country, to a city that you are completely unfamiliar with. If you were faced with buying a home in strange city what would be your first step?
If you're like most buyers you would probably start online by viewing listings at websites like www.realtor.com or www.yahoo.com/realestate to get a general feel for local home prices. Next you might narrow your search down to a specific community or neighborhood by comparing utility costs, school reports, and crime statistics with other online tools like www.homefair.com or www.neigborhoodscout.com. Feeling good about your findings you might then venture out into the real world to begin viewing homes in person.
As a typical internet empowered real estate buyer you will look at an average of nine homes over eight weeks with the assistance of a real estate professional. By the end of your journey, like many buyers, you become so knowledgeable about the market that by the last showing you are able to guess, with reasonable accuracy, each homes listing price before your agent can even tell you.
So what happened here? As a buyer you went from a blank slate, with no impression of the market to having the ability to predict listing prices. A big leap sure, but this description is exactly what most buyers' experience. But this is only the build up, the next step for buyers who have found their dream home is to review a Comparative Market Analysis.
A Comparative Market Analysis is a report that compares a specific home, often called the "subject home" with other homes in a specific neighborhood. This analysis is then used to provide an anticipated sales price or price range for the subject property. Although not formally called an appraisal, the report provides a similar function by giving home buyers and home sellers a clear understanding of the market data that might affect their opinion of value. To learn more about using a CMA to help price your home talk to your local REALTOR®.
About the Author: Jim Remley is a speaker, author, and consultant. He is also an active real estate broker in Southern Oregon where he owns a network of eleven offices. Jim won the Rookie Instructor of the Year award in 2001 from Realty-U, the largest network of real estate educators in the nation. Jim is also the author of a large catalog of products as well as a personal coaching program. His new book, Make Millions Selling Real Estate, is due out from AMACOM books July 2005. To learn more about Jim please visit www.properformer.com or email him at jim@properformer.com.
The Federal Housing Finance Reform Act of 2007, H.R. 1427, passed by the House today, is vital in protecting the nation’s housing finance system and the real estate market, according to the National Association of Realtors® . The legislation overhauls the regulatory structure of the nation’s housing finance government-sponsored enterprises (GSEs).
“H.R. 1427 strikes the appropriate balance and creates a world-class regulator while not imposing statutory limitations on the GSEs’ portfolios, which could hurt the housing finance market and limit funds available for affordable housing,” noted Pat V. Combs, president of NAR.
“Fannie Mae, Freddie Mac and the Federal Home Loan Banks are our partners in the real estate industry and keeping them strong and sound ensures the continued vitality of our nation’s housing finance system. NAR will eagerly work with the Senate to encourage their quick action,” said Combs.
The bill focuses on safety and soundness regulation while preserving Fannie Mae’s and Freddie Mac’s abilities to accomplish their key housing mission. H.R. 1427 provides for regional adjustments to the cap on mortgages the GSEs may buy for high-cost areas. “This authority will help more working families in high-cost areas qualify for safer GSE loans. Veterans, teachers and nurses are examples of those who may benefit by not being forced into expensive nontraditional jumbo loans because this legislation would allow GSEs to regionally adjust loan limits,” said Combs.
NAR gave special thanks to Chairman Barney Frank (D-Mass.) and Representative Spencer Bachus (R-Ala.), and the members of the House Financial Services Committee, for their unyielding commitment to making the dream of homeownership a reality for more Americans by passing the bill.
The National Association of Realtors® , “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.
State existing-home sales in the first quarter generally are below a year ago but more states are improving than reported in the fourth quarter of 2006, and home prices in most areas show that conditions are favoring buyers, according to the latest quarterly survey by the National Association of Realtors®.
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate1 of 6.41 million units in the first quarter, down 6.6 percent from a 6.86 million-unit pace in the first quarter of 2006, but are 2.4 percent higher than the fourth quarter 2006 level of 6.26 million. Fourteen states and the District of Columbia showed increases in the sales pace from a year ago, up from only six states showing gains in the fourth quarter report. One state was unchanged, and complete data for two states were not available.
In the first quarter, metro area existing single-family home prices, comparing changes in 145 metropolitan statistical areas 2 show 82 metros had price increases from a year ago, including 11 areas with double-digit annual gains; 62 had price declines, and one was unchanged. In the fourth quarter, 71 areas had reported price gains.
Lawrence Yun, NAR senior economist, said the data shows a broad stabilization. "One of the benefits of looking at quarterly data is that it’s more representative than monthly reports, smoothing out the effects of unusual weather," he said. "Essentially, we see that the existing-home market is stabilizing in a broad cyclical trough and moving in the right direction, with a modest gain from the fourth quarter. Conditions changed fairly rapidly during the boom, but we need more patience now to see a slow, gradual recovery, which should start in the second half of this year."
The national median existing single-family home price was $212,300 in the first quarter, down 1.8 percent from a year ago when the median price was $216,100. In the fourth quarter, the median price was reported to be 2.7 percent below a year earlier. The median is a typical market price where half of the homes sold for more and half sold for less, but there is a downward skew in the national comparison because sales have shifted away from many high-cost areas.
NAR President Pat V. Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said a flattening in home prices is encouraging. "It appears the worst of the price correction is behind us," she said. "More stable home prices and declining mortgage interest rates are increasing buying power, which should encourage potential buyers who’ve been on the sidelines. Plentiful inventory and motivated sellers in many areas mean there are many opportunities to buy a home, especially if you’re in it for the long haul."
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 6.22 percent in the first quarter, down from 6.25 percent in the fourth quarter; the rate was 6.24 percent in the first quarter of 2006. Last week, Freddie Mac reported the 30-year fixed rate dropped to 6.15 percent.
The biggest total annual sales increase was in Wyoming, where existing-home sales rose 19.9 percent from the first quarter of 2006. In the District of Columbia, the first-quarter resale pace rose 9.3 percent from a year ago, while Arkansas experienced the third strongest gain, up 8.8 percent.
In the first quarter, the largest single-family home price increase was in the Cumberland area of Maryland and West Virginia, where the median price of $100,000 was 17.1 percent higher than a year earlier. Next was Beaumont-Port Arthur, Texas, at $115,800, up 16.5 percent from the first quarter of 2006, followed by the Gulfport-Biloxi area of Mississippi, where the first quarter median price increased 15.7 percent to $153,700.
Median first-quarter metro area single-family prices ranged from a very affordable $75,300 in Elmira, N.Y., to more than 10 times that amount in the San Jose-Sunnyvale-Santa Clara area of California where the median price was $788,000. The second most expensive area was San Francisco-Oakland-Fremont, at $748,100, followed by the Anaheim-Santa Ana-Irvine area (Orange Co., Calif.), at $697,300.
In addition to Elmira, other affordable markets include Decatur, Ill., with a first-quarter median price of $76,200, and the Youngstown-Warren-Boardman area of Ohio and Pennsylvania, at $78,300.
In the condo sector, metro area condominium and cooperative prices - covering changes in 59 metro areas - show the national median existing condo price was $224,500 in the first quarter, up 1.0 percent from the same quarter in 2006. Twenty-seven metros showed annual increases in the median condo price, including seven areas with double-digit gains; 31 areas had price declines and one was unchanged.
The strongest condo price gains were in the Salt Lake City area, where the first quarter price of $164,600 rose 25.6 percent from a year ago, followed by Albuquerque, where the median condo price of $147,100 rose 17.9 percent from the first quarter of 2006, and the Austin-Round Rock area of Texas at $169,000, an increase of 14.4 percent.
Metro area median existing-condo prices in the first quarter ranged from $91,600 in Bismarck, N.D., to $584,700 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was the Sarasota-Bradenton-Venice area of Florida, at $413,900, followed by Los Angeles-Long Beach-Santa Ana at $403,500.
Other affordable condo markets include Wichita, Kan., at $94,500, and Greensboro-High Point, N.C., at $112,100.
Regionally, existing-home sales in the Northeast rose 1.2 percent to an annual pace of 1.13 million units in the first quarter from the same period a year ago. The biggest gain in the region was in New Jersey, where sales rose 7.6 percent from the fourth quarter of 2006, followed by New York state, up 7.4 percent, and Massachusetts with a 3.9 percent increase.
The median Northeastern resale single-family home price was $268,900 in the first quarter, down 2.5 percent from the first quarter of 2006. The strongest price increase in the Northeast was in Binghamton, N.Y., with a median price of $98,100, up 8.9 percent from the first quarter of last year, followed by the Reading, Penn., area, at $141,300, up 7.3 percent, and the Trenton-Ewing area of New Jersey, which rose 7.1 percent to $283,800.
In the Midwest, total existing-home sales fell 6.1 percent to a 1.49 million-unit annual level in the first quarter compared with a year earlier. The largest sales increase in the region was in Iowa, where sales rose 8.2 percent from the fourth quarter of 2006, followed by North Dakota, which rose 4.7 percent from a year ago, and Indiana, up 2.9 percent.
The median existing single-family home price in the Midwest was $154,600, down 2.8 percent from the first quarter of 2006. The strongest metro price increase in the Midwest was in the Bismarck, N.D., area where the median price of $149,400 was 14.1 percent higher than a year ago. Next was the Champaign-Urbana area of Illinois, at $145,400, up 9.2 percent from the first quarter of 2006, and Akron, Ohio, at $111,000, up 6.5 percent.
Total existing-home sales in the South were at an annual rate of 2.51 million units in the first quarter, down 7.3 percent from the first quarter of 2006. After the District of Columbia, the next strongest increase in the South was in Arkansas, up 8.8 percent from a year ago, followed by Kentucky, which rose 3.9 percent, and Texas, up 2.7 percent.
The median existing single-family home price in the South was $177,800 in the first quarter, which is 0.6 percent below a year earlier. After the Cumberland, Beaumont-Port Arthur and Gulfport-Biloxi areas, the strongest increase in the South was in the Oklahoma City area at $134,400, up 12.1 percent from a year ago, followed by the San Antonio area with an 11.2 percent gain to $148,300, and Baton Rouge, La., at $169,400, up 9.7 percent.
Article from the National Association of Realtors