Time to Jump In?

I found this article today from CNNMoney. It speaks to something we are seeing with our out of town clients - they are starting to buy their retirement home now.

One of our clients looked for over 2 years before making the jump last December. They paid attention to prices in areas where they had an interest and felt they were truly getting a good deal. They don't rent it - but they come down frequently and use it and in a couple of years they are going to become new residents. All their ducks feel in a row.

The advise in the article is good and its exactly what we would say to our clients so please take a moment and read it. We are happy to answer your questions!

The ins and outs of shortsales

Many of us have now become familiar with the term “short sale” in the context of the current real estate market. For those less familiar, this is a transaction where the seller agrees to sell the property for less than the balance owed on the seller’s mortgage. This is subject to the approval of all lien holders on the property, to the short payoff and release of the lien encumbering the property to enable the seller to deliver clear title to the buyer. Read more about it in the Bradenton Herald

Walk In Showers

While this might not seem like the biggest thing in the world, I am reminded of a woman to whom I was showing property to a few years ago. She had bad knees and other health issues. She HAD to have a walk in shower in the owner's bathroom. Those big soaky tubs were completely useless for her. Now I have had other occasions to show homes where the Buyer HAD TO HAVE a soaky tub (my word for those garden tubs - oversized bathtubs that are deep and relaxing). I have always had the sneaking suspicion that this more of a status issue rather than a use issue. So I feel somewhat vindicated by that article I've linked to. Soaky tubs can become passe. What I think tho this article isn't saying is that we are AGING and that climbing in and out of a tub is a difficult thing when that happens! Frankly, given a choice, I'll take a really big shower with lots of shower heads any day!

Market Statistics - Dull but Promising!

When we start spouting off numbers to our clients, its always with the hope we don't put anyone to sleep!! Its important tho, when buyers are making decisions about offers and jumping in that they feel they are doing it with all the available information the can amass. Its also important that our clients feel comfortable that we are giving them objective data. Well, the Case-Shiller index is about as conservative as they get and even they see good news.

So please take a minute and read this article from Realty Times.

Get Your Jumbo Here

While we are all looking at lower prices for homes its hard to imagine that anyone would want or need a "jumbo" loan. A jumbo loan is one that exceeds the FHA insured guidelines - which varies from location to location. Here in Sarasota a jumbo is a loan over $500k. It has been difficult to get a jumbo loan. Interest rates are typically higher and they get a lot of attention. Those factors have depressed the high end market.

This then is good news:

Jumbos Getting Easier to Find and Negotiate

We have had clients who have wanted to get homes in the higher price range but were having difficulty with the financing. Well let's hope this news is greeted with excitement!

A New Day for Sarasota Home Buyers Guide Blog

Hello Blog Readers! I am a New Blogger on the Sarasota Home Buyers Guide Blog and I am so excited to get started! I'm hoping to bring great information to you all about what's happening in the Real Estate world, in Sarasota, Florida and, frankly, our every day Real Estate life.

For example, the past couple of months have been interesting to say the least! Information from various sources send a real mixed signal about the state of the real estate market both locally and nationally. While sales across the country are generally up over comparisons to last year, we are all aware that average sale prices are down. Great news for first time homebuyers is that prices are down AND the Federal Government has been offering them an $8000 tax credit towards the purchase of a new home. However, interest rates have crept up making it tough to afford the monthly payment.

See what I mean?

So what do you need to know as a homebuyer? First, everything is relative. You can't sell a house for more than everyone else is selling for and expect to get a house for less than anyone is willing to take. Would be nice but not realistic! Second, you think you should wait to buy a home because prices might fall but frankly, unless we're planning on PAYING you to buy one, what's another 10-20%? You want a house and think prices will fall - make an offer less that percentage and you've gotten ahead of the curve! What happens if they don't go down? You've lost and this is a toughie, And third - let's be sure we never get to this place again and buy a home you can afford now, and want to invest in. Be smart.