Real Estate News

For information on “soft market” policies, please read It’s here…now…what does it mean?

Tybee Island is now under the “soft market” policy. This means that the maximum loan to value will be decreased by 5% in this area. If you were looking to buy in the Tybee Island area and were pre approved for a 95% loan to value mortgage, you will now be required to put down an extra 5%. So your 95% mortgage loan to value is now 90%.

The term “soft market” applies to a declining market area. Usually, there are many homes for sale in the area and the homes have a longer stay on the market. Basically, you lose buying power and your down payment goes up.

Also, the downtown area is beginning to be considered a “soft market”. Homes that have been on the market for over 6 months are being seen as such.

Of course, this isn’t good news for home buyers or sellers. Sellers will now have to make sure their home is priced accordingly. No one wants to put an offer in, start the due diligence period, and then find out it didn’t appraise. Buyers now have to have more money down and can borrow less. But the positive side is that homes will be affordable and only truly qualified buyers will be looking!

Technorati Tags: downtown, Savannah, soft market policy, Tybee Island

Downtown Savannah is a beautiful place with so many different areas for everyone. River Street is a great place to enjoy walking along the River, shopping for unique treasures, finding local eateries, and enjoying the delectable confections. From River Street, you can reach most of the desired destinations. And when you come to visit Savannah, who doesn’t want to have a great waterfront view? There are many hotels in the area and deciding which one is best for you can be difficult. I received an email from the owner of a wonderful website that will assist you in finding the right place for you! Their website and name is appropriately called RiverStreetHotels.com.

If you are interested in new homes, then the Parade of Homes is for you. Over 80 homes in 54 communites are scheduled for this event. It will be held today and tomorrow. If you miss it this weekend, don’t fear. They are holding it new weekend as well. The tour will encompass the Bryan, Chatham, Effingham, and Liberty counties.

We all know about the foreclosure crisis and market slow down. But apparently there is some optimism that things will stabilize or get better in the next 5 years. According to a survey, over half of homeowners feel that their homes will not be worth less in 5 years. Take a look at the Home Values 2008 Real Estate Survey. Do you agree?

Every last saturday in April, Port Wentworth has the Stand Up For America Day. It honors the all of America’s service men and women who have and are serving. They have a parade, kiddie kids, music, arts, crafts, and fireworks. The festivities begin at 9 am and continue on til 11 pm. So, come out April 26th to show your support and have some fun! If you want more information, call (912) 966-7428. I hope to see you there!

Many people have decided to put off buying a home until the market either hits bottom or stabilizes. Instead, they have opted to rent. While this is a great option, they need to be aware they are not immune to the housing crisis going on. Specifically, they can and may be affected by the rise in foreclosures. Even renters aren’t safe from the sub prime fall out.

A woman in New York got a knock at the door of the home she was renting. It was a man from the bank. He told her that the landlord had lost the home and she needed to be out. She now has to find a place for her and her two children to live. Eviction isn’t the only issue a renter may have to deal with.

With foreclosures on the rise, many people simply just walk away. If your landlord walks away, you may be left with maintaining your own place. And if the landlord stops collecting rent, you may think that will cover repairs and will be extra money for you. However, the banks may sue the renter to collect back rent. So be careful!

Technorati Tags: foreclosure, renters, safe, Sub Prime

According to an article on CNN Money, there are 6 cities that home prices will drop the least or possibly even begin to rise. So, where are the best places to buy a home these days?

The number one place on the list is here in Georgia. The top place to buy is in Atlanta, Georgia. Ironically, Georgia is also one of the places facing the biggest foreclosure crisis. With so many homes in or close to foreclosure and home builders slowing, the number of vacant homes should decrease. Once this happens, the demand for homes will increase. Thus, home prices may start to rise.

The rest of the list is:

2. Boston, Massachusettes

3. Cincinnati, Ohio

4. Cleveland, Ohio

5. Detroit, Michigan

6. Houston, Texas

Technorati Tags: Atlanta, Best Places to buy, foreclosure, Georgia

Have you been thinking about buying a home in Pooler or Bloomingdale? The United States Department of Agriculture through the USDA Rural Development Agency is making low-interest loan funds available for eligible applicants to buy a home in the in rural areas such as Pooler and Bloomingdale. For more information, call the Rural Development Office of the USDA in Statesboro at (912) 871-2620 then use option 4. 

Unfortunately, this program does not include homes in Savannah.

Technorati Tags: Bloomingdale, Chatham County, low-interest, Pooler, Rural Development Agency, USDA

With the increase in foreclosures, banks have their hands full. Once the foreclosure process has begun, the bank starts to lose even more money. Then the bank acquires an empty and sometimes vanadalized house. A vacant house can sit for months while the bank gets everything together to begin the selling process. While the home sit vacant, it can be vandalized further. The plumbing, fixtures, wire, toilets, etc. can all be removed from the home. This leaves the bank with an even bigger burden.

So, some banks have not forced people from their homes even after they’ve gone deliquent. According to “Lenders Swamped by Foreclosures Let Homeowners Stay” on Bloomberg.com, banks are allowing the homeowners to stay in the home typically if they are in hard hit areas or areas known for vandalizing.  However, the down side is it’s not giving a clear picture of how bad the foreclosure crisis may be.

Technorati Tags: Banks, crisis, foreclosure, Homeowners, Vandalized

Number of Residential Listings Currently: 581
Number of sales during this period: 28
Average Sales Price: $208,050
Percentage of Asking Price Obtained: 97%
The Average Time on the Market: 186 days
Number of Months to Sell Current Listings: 20.75 months

Homes Sold in Bryan County:

Technorati Tags: Bryan County Monthly Market Report, Richmond Hill