Thinking Points For Buyers

The doom and gloom you're hearing about in the mass media should not affect your decision to act if you are ready, willing, able, and eager to do so.
Prices may still go lower, but as soon as they hit bottom, they will rebound with a vengeance, quickly wiping out any advantage you might gain by waiting.
Right now, you have an unusually wide selection of properties to choose from, including those owned by people highly motivated to sell immediately.
With so many potential buyers holding off, you have a much smaller number of people competing with you for the available properties.
When the turnaround comes, those "waiters" will be your competitors, making your offer less attractive to those selling their homes.
Financing is still available at historically low interest rates, but are sure to escalate when activity resumes at more normal levels.
Even if you SHOULD pay a little more than you would if you actually hit the "bottom" of the market, normal appreciation would make the difference irrelevant within a few short years.
If you as an individual ARE ready willing, able, and eager to make a move, the time for action is NOW!

Thinking Points For Sellers

What you might have sold for a year or two ago is irrelevant. Properties sell for the best price obtainable in the CURRENT market—and not a dollar more.
If you sell for present market value, even though the price is less than it would have been in the past, you can reinvest at the same relatively lower range.
If your present property has appreciated in value over the years, a reduced price affects only "paper" value, which you never actually realized.
If you genuinely want to sell and have a good reason for doing so, there is little to be gained by waiting for "things to get better," especially if you'll be reinvesting in the same market.
If your home has been on the market for a considerable period of time and is not attracting the attention of prospective buyers, it is OVERPRICED (end of sentence).
If you are unprepared to accept the best offer obtainable from the best buyer available in the present market, you should NOT list your home for sale!
Did You Know?



Excerpt frm Broker Agent News
About the Author: The KlockWorks, Inc., 606 Island Drive, Key Largo, FL 33037 Phone: (305) 451-0079 E-Fax: (954) 333-2944 Web Site: www.joeklock.com Sales Management Tips Newsletters - Syndicated Columns - Books & CDs

Existing-Home Sales Rise in November, Market Likely Stabilizing

Existing-home sales rose slightly in November, indicating a stabilization in housing in the wake of mortgage disruptions earlier this year.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 0.4 percent to a seasonally adjusted annual rate of 5.00 million units in November from an upwardly revised pace of 4.98 million in October, but are 20.0 percent below the 6.25 million-unit level in November 2006.

Lawrence Yun, NAR chief economist, said the market appears to be stabilizing. "Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," he said. "Mortgage interest rates are near historic lows and the most current data shows decelerating price declines, along with a modest reduction in the number of homes on the market."

Disruptions in mortgage availability and pricing peaked in August, which caused sales to slow in subsequent months.
The national median existing-home price for all housing types was $210,200 in November, down 3.3 percent from November 2006 when the median was $217,300, but there remains a downward drag on the national median as the mix of closed sales has shifted away from expensive markets.

"Just like the weather, there are large local variations in home prices," Yun said. A quarterly examination of price performance on a metropolitan basis shows nearly two-thirds of metro areas are showing price increases. Among the many metros experiencing healthy local price gains are Farmington, N.M.; Reading, Pa.; Columbia, S.C., and Fargo, N.D.

Total housing inventory declined 3.6 percent at the end of November to 4.27 million existing homes available for sale, which represents a 10.3-month supply3 at the current sales pace, down from a 10.7-month supply in October. "Inventory is still high, and further reduction in prices may be required in some areas to induce buyers back into the market," Yun said.

Excerpt from NAR Real Estate Insights 1/08

Unfortunately Florida has experienced a large inventory of Foreclosures. As a buyer you will be pleased to know that the opportunities to invest in foreclosures are endless. There is plenty of room for seasoned investors and primary home buyers to get into the market. To get the best deal possible, follow these tips for buying bank owned properties:

* Timing is everything: Get into the market early when it is quite and the market is flooded with properties for sale. J.Paul Getty once said "Buy when everyone else is selling and hold until everyone else is buying".

* Consider all cost: Before you buy get financially ready, consider all cost associated with purchasing and maintaining the property. Make sure you have cash reserves to ride out any market cycle. Talk to your accountant about tax implications.

* Buy and hold. In a distressed market a buy and hold strategy can help give the market the opportunity to reset and allow the property to appreciate. Consider leasing the property to offset the payments.

* Know when to walk away: Properties that have been vacant a long time may have more repair problems than you are willing to take on. Always get a home inspection done and keep in mind that banks will rarely make any repairs and only if they address safety or security issues.

* Get Preapproved: Banks are looking for qualified and motivated buyers. They will normally require a pre-approval letter from your lender.

* Lenders will not talk directly to buyers. They hire real estate agents to market and sell the properties. You need an agent familiar with contracts, negotiating, financing and acquiring foreclosures.

Contact me for a free list of foreclosures in the Destin, Fort Walton Beach or Navarre area. I will be happy to answer any questions you may have on buying bank owned property.

Sherry Carroll
sherry.carroll@cbunited.com
850 206-9144

As a real estate agent in the Destin area I am asked quite often "where do the locals eat"? I thought I would start the new year with sharing one of my favorite restaurants.

Hands down my favorite restaurant is Dewey Destin Seafood. Located off the tourist track the restaurant is frequented mostly by locals. If you are looking for somewhere fancy, you need to go somewhere else. Deweys is located on the bay and looks like it was once an old fishing camp. Seating inside is limited but most people prefer to sit on the deck anyways. The lines can be quite long on weekends during the peak lunch and dinner hours. The wait is well worth it as you will not find fresher or more delicious seafood anywhere around. The menu varies depending on what the boats unload that day. I can tell you the fried shrimp is the best I have ever tasted. If you see someone leaving grab their table, sit back and enjoy a great meal.

I am very blessed to live in such a beautiful location and I love sharing my area with you. Please check back frequently for more info on Destin and the surrounding area.

I would like to share your experiences of the Destin area with my readers. Please leave your suggestions or share your experiences by signing my guest book or emailing me at sherry.carroll@cbunited.com. and I will include them in upcoming blogs.

Happy New Year.