Real Estate in Northeast Florida and Around the World

Fannie has a program to help buyers purchase foreclosed homes now owned by Fannie Mae.  The program is called HomePath, and is a great opportunity for meeting homebuyer needs.

Homes which are HomePath eligible meet criteria set forth by Fannie Mae.  Typically the home is in average condition (home inspections are recommended), and if inspections do not reveal any major concerns, can be moved into without repairs being necessary.  HomePath financing requires the qualified buyer to have a 3% downpayment - a bit less than FHA, does not require an appraisal and best of all, does not require mortgage insurance, which can be very costly.  A HomePath approved lender must be used, and there are minimum credit standards that must be met.

If you are interested in a HomePath home, and would like to receive additional information, just send me an e-mail by clicking here.

See you around the neighborhood!

If your business is involved with real estate in Northeast Florida, you have no doubt seen increased activity over the last several months.  Those of us working in real estate related fields know that the demand has been picking up, and haven't had to wait on the data to support it.  The phones are ringing more, there are more inquiries on our websites and if you have stores or offices, you are seeing more traffic.  If you aren't involved in real estate - then I think the information following will be very interesting and informative to you.

Well, the data is out for June 2009, and once again, interest in buying real estate is in positive territory.  Pending sales - meaning there are accepted offers awaiting closing - were up 42.2% from June 2008.  That's a WOW.  The good news for buyers - the average and median sales prices have dropped.  While this is not good news for sellers, who are needing to net more out of their sale, it is good that buyers are coming off the fence. 

The median sales price dropped to $161,000, which is also an indication of what is selling - those more moderately priced homes attractive to first-time home buyers.  That's not to say that the move up homes are not selling - in fact, the softening of the prices have made these homes very attractive as well.  But with more than 50% of the buyers being first time home buyers, the weight of the math will go toward the price range where they are buying.

More good news - the Housing Affordability Index is at 155.  This means the median income is 155% of what is needed to purchase a home - so there is a lot of buying power and opportunity out there!

If you are interested in what is happening in your neighborhood, take a look through this very informative report.  It is located under Market Data, on the menu to the right of the page.  And if you don't see what you are looking for, just contact me through the "Contact Missi" button at the top and send me your question.

See you around the neighborhood!

I am often asked by buyers to help them find the house of their dreams in a great neighborhood.  Who wouldn't want to live in a great neighborhood?  Why, most of us when asked, would respond that we live in a great neighborhood.

However, defining a great neighborhood is very difficult, and it is also illegal for a real estate agent to do so.  Why?  Because this is very subjective and personal to each individual.  Your own personal definition of what a great neighborhood is, may be very different from the next person's opinion.  You say you want in a neighborhood with great schools.  Define what that means.  And that is just one of the many things that can make up a great neighborhood - and certainly the list is long and varied.

You see, a real estate agent is required to follow laws and regulations set by both the state in which they are licensed and the federal government.  In addition, the agent who is also a Realtor® is bound by a Code of Ethics which includes the prohibition of discrimination in any form and steering a customer.

So - help your real estate agent define what a great neighborhood means.  Better yet, ask your agent to help you find the facts yourself - whether it be researching schools, crime and zoning information, convenience to shopping or recreational activities - whatever may be important to you.  Then you can tell your agent to help find a house in a specific neighborhood or school district - and you know for yourself what a great neighborhood you will be moving into. (I have these links for Northeast Florida - click "About Northeast Florida" located on the right menu bar).

One other note - in the last couple of months, buyers that I have worked with have asked not to go to a particular area of town.  When I inquired as to why, the response in both accounts was that they "heard" it was bad for crime, it was old and not very well thought of.  When I asked if they had ever been in any neighborhoods there, the responses were no.  What did I do?

I provided them with links and asked them to do some researching in neighborhoods where there were also houses for sale that met their specific parameters for square footage, room count and amenities.  I also asked them to spend time with me taking a tour of this part of town.  What was the result?

The buyers purchased homes in these areas that had been on their "black" list, which was based solely on what they heard someone say, versus actually checking the facts.  The facts told them that they had not been given good information - and subsequently they found the perfect house just by opening their mind to something different - facts instead of rumor.  This is what a partnership between a customer and professional Realtor® does - it creates a positive outcome that exceeds expectations!

So - see you around the neighborhood - and I bet it's a great neighborhood!

No doubt you have been online looking at houses for sale, whether you are in the market to buy or just curious.  We just can't help ourselves.  Maybe we are interested in what the neighbors house is selling for, or trying to determine what our next house will cost us, or maybe finding a house to use as investment property.  Whatever the reason, we always want pictures so that we can get to know this house a little better.

Pictures are important, because it tells the buyer whether they want to see more - and see it in person. Sometimes - the pictures do not do a particular feature justice.  And many times, the picture that is shown on the internet is the best thing about the house. The picture will not reveal odors, and generally will not show carpet stains, cracks in tile or wood floors that need to be refinished - just a few of the things that may not be clearly represented in a photograph.

When marketing a home for sale, photographs are key to selling.  Let's face it - if there are no interior pictures of a house, you are probably clicking the next house on the list. 

So - if you are selling your home and do not have photos and a virtual tour to help market your house, you are losing valuable potential customers.  Call me or send me an e-mail so that we can discuss what marketing options will be available to you when you list your house for sale with me.

See you around the neighborhood.

I read in today's newspaper that foreclosure filings in the Jacksonville Metropolitan area increased by 36 percent from the month before, from 2,670 in May to 3,640 in June.  This is also a 97% increase from June 2008, a year earlier.  Wow, that is a huge number.  And think of the number of people out of their home.

At the risk of sounding harsh, I want to bring this back into perspective.  As I view the inventory in our area of houses that are on the market, many of these homes were not occupied.  Many of these homes were purchased by investors who got caught up in the flipping frenzy.  Granted - there are families out there who for what ever reason, saw their hopes and dreams of homeownership dashed, and this is very sad.  My heart really breaks when I see a family impacted by foreclosure.

Many of these foreclosures have been listed as a short sale, or a transaction where the owner owes more on the mortgage than can be recouped from a sale, and for whatever reason, must be sold.  The loan may or may not be delinquent in a short sale.  In a short sale transaction, the process can be long, tedious and seemingly unfair, and many people just do not want to get involved with this type of transaction.  Why?  Generally, it takes weeks if not months once an offer has been submitted, to get a response from the servicing agent of the loan whether the offer was accepted. Secondly, the price listed may or may not be the price that the lender will accept.  Note the caviat in the comments where the lender must approve all terms - this includes the price.   In addition, the lender can require that the home continue to be marketed and accept additional offers.  For a buyer needing to find a home, who is keeping an eye on a specific interest rate range or loan preapproval with an expiration date, they do not want to be playing a waiting game for weeks or months.  When they find a house to call theirs and make their home, they want to buy it.  They want a time frame.  This is an emotional time.  In addition, to take advantage of the $8,000 federal tax credit for first time home buyers, the transaction must close before December 1, 2009. Time is running out.

For the investor looking for real estate, then perhaps the short sale is a way to go.  But I find most investors that come to me just wanting to bypass that step and look only at foreclosures.  Same reason.  The uncertainty, the time spent waiting is just not productive.  They would rather wait until foreclosure.  Once a house has gone through the foreclosure process, the lender owns the house, sets a price and typically you know what you are getting.  Can you offer less?  This is a free market society and the answer is yes.  Will they accept the lower offer?  The only thing you know for sure is that if the offer is made at the asking price, the offer has a good chance of being accepted.  But the lender may still keep the house on the market, and may set other requirements for acceptance.  The rules are less ambiguous with a foreclosure, depending on the lender, but still can differ than a non-duress sale.

So - foreclosure notices on the rise may be a good thing, because it is a sign that something is happening.  Once the foreclosure process is completed, more people are seriously attracted, because the process is not as drawn out typically, and they don't get stuck in the land of uncertainty.  In addition, it clears more "short sale" transactions from the books - and this market cannot heal until the ambiguity begins to clear.  So foreclosures on the rise, while it is not a pretty or optimistic outcome for many people and their neighbors, is a sign of a process coming to an end, and only then can the healing in our neighborhoods begin. 

See you around the neighborhood.....

In the last few weeks, buyers are continuing to be out shopping for a new home.  This is great news for the Jacksonville housing market, where inventories are continuing to come down.  But what those buyers are seeing, is what agents all over town have known for sometime - quantity does not equal quality, and there is a lot of "junk" in the market and fewer homes of quality.

A good real estate agent will be able to help sift through the inventory to help buyers find the very best value for the dollar spent.  Day after day, I see buyers who have heard through the grapevine of "great deals out there",  see the reality of the market.  The truth of the matter is homes that have been well maintained, nicely updated to keep with the times and priced to reflect the current market conditions do not stay on the market long.  The houses that have been neglected are a dime a dozen, and will not necessarily be the best value.  If you get a house that is $30,000 under market, but have to put $30,000 back into it to "make it yours" is not necessarily a "great deal".  It can be - provided the house is in the condition that will meet the lender's guidelines.  A house in need of a new roof will not be eligible for FHA financing in most cases, and probably will also be difficult to insure.  This doesn't mean that the meticulously kept, well appointed house will command a greater dollar - but it will sell more quickly.

So, if you are a buyer looking for a great deal - be prepared to have lucrative financing available through nontraditional sources or pay cash, and have the wherewithall to do your own "fixing up".  If you are a seller of a great home, remember that emotion and personal pride cannot be added to the selling price.  If you are working with me as your agent, you will have access to my resources to help you "know your house" before you buy it, or to current market information to make sure your home is priced attractively and appropriately.  Make sure that your house is really a jewel that needs polishing or is gleaming to the heavens, and not lipstick on a pig that carries an expensive purse.

See you around the neighborhood!

Did you know that on average, 1 in 7 families don't know where their next meal will come from?  The current recession is leaving an impact in our communities much wider and deeper most people can see in their daily lives.  Many people are finding it difficult to feed their children, and sometimes must choose between food and medicine, this after giving up on a place to live.

As a means to help our community, Watson Realty Corp. is helping the Clara White Mission collect food, to help feed those in our community who are having a rough time.  If you have an opportunity to drop off a can of food - or better still, a bag of canned food - at any of the Watson Realty Corp. offices around Northeast Florida, we are accepting with open arms any and all drops in collection recepticles in our offices.  If it isn't convenient for you to drop off your donation, please give me a call at 904-716-1713, and I'll be happen to make arrangements to pick it up. 

Make a difference in your community.  Whether it is a $.79 cent can of green beans, or a $25 bag of groceries, any effort is noticed, and it goes a long way.  Make a difference by supporting and participating in this food drive - every small bit of caring improves our community immensely.

See ya around the neighborhood!

"I long to accomplish a great and noble
task, but it is my chief duty to
accomplish small tasks as if
they were great and noble."
- Helen Keller

Helen Keller's words remind me of this commitment that I make to God, my family, my customers and my country.  It is the small things that we do in our everyday lives that make a difference.  We do not have to be the smartest and brightest, or the strongest, or the fastest, or sell the most, or make the most money.  What we have to do is the little stuff.  Do what we commit to.  Do something that impacts another person's life in a positive way - everyday.  Smile.  Open the door for someone.  Lay your neighbor's newspaper on their porch.  Ask someone about their day - and mean it - and listen when they tell you about it.  Use what you have - whether it is knowledge or a skill, or both - to make someone's life a little better.  You always get more than you give when you give it joyfully.  Understand your motives for doing what you do, are they coming from a good place?

By now I hope you have been to my website enough to know that my tag line is "It's Howell It's Done".  When I picked this as a moniker for myself, my coach at the time asked me to write some things down about myself - things that others had said about me in my past career and volunteer activities.  What I have heard said about me, throughout my lifetime, was that if you needed something done, no matter the task or difficulty, "give it to Missi and if she accepts the assignment, you know that she will get it done for you". It's just part of who I am.  When I commit to getting something done, I will do what is in my power to get the job done. 

Well - I have a few things I want to get done, so I'll leave you for now.  See ya around the neighborhood!