FORGOTTEN COAST REALTY OF NW FLORIDA

CAROL ERWIN - BROKER
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MEXICO BEACH FLORIDA - THE BEACH BLOG

  • January News

     

    Your REALTOR®

    Carol Erwin
    		January 2010
    Real Estate Update
    		Copyright 2010 Realty Times
    All Rights Reserved.





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    Rates Still At Low Levels
          In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 5.05 percent for the week ending December 24, 2009 - up from the previous week when it averaged 4.94 percent.
          Last year at this time, the 30-year fixed-rate mortgage averaged 5.14 percent.
          "Although rates are above 5 percent for the first time since the end of October, they are still around

    Mortgage Rates
    Source: Realty Times


    U.S. averages as of December 24, 2009:

    30 yr. fixed:   5.05%
    15 yr. fixed:   4.45%
    1 yr. adj:        4.38%





    0.5 percentage points below this year’s peak set in mid-June," said Frank Nothaft, Freddie Mac vice president and chief economist.


    Exterior Remodeling Proves Best Bang for Your Buck

        Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.
         On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.

    How Can You Tell If You Are In a Buyer's Market?

        Markets operate on the basis of supply and demand.
         If you have a local market where the supply of homes is significantly greater than demand, you will have a market where home sales slow, prices stall or drop, properties are more affordable and purchasers are typically able to negotiate significant concessions from sellers. And that, in a nutshell, is a buyers market.
         Today many local markets favor purchasers.
         No less important, interest rates are at the lower end of the scale on an historic basis, and you can do well with conservative, reasonable financing such as FHA, VA and conventional loans. Relative to the past few years, now is a good time to buy in many areas.

    		IRS Clarifies Home Buyer Tax Credit Ambiguities
        The IRS has clarified its position on two scenarios that have arisen with the extension of the first-time home buyer tax credit and creation of the new repeat home buyer tax credit. 
         With the addition of the second tax credit, there may now be a situation in which two unmarried buyers purchase a residence together where one qualifies for the $6,500 repeat buyer credit and the other qualifies for the $8,000 first-time home buyer credit. 
         According to the IRS, they must allocate the tax credit in a meaningful manner. 
         The repeat buyer cannot receive a tax credit higher than $6,500 and the total amount claimed by both buyers cannot exceed $8,000.
         For example, the repeat home buyer could claim $6,500 and the first-time home buyer could claim $1,500. Alternatively, both buyers could claim a $4,000 tax credit.
         The second scenario involves the qualification status of married purchasers as repeat home buyers. 
         In order to qualify for the repeat buyer tax credit, both individuals must have lived in the same residence for five consecutive years out of the last eight.
         If one spouse has lived in the house for five years and the other moved in later, after they were married, then they are both excluded from the repeat buyer tax credit.


    		Carol Erwin
    850-819-1205
    carol@buytheforgottencoast.net
    http://www.buytheforgottencoast.net

    		Forgotten Coast Realty of NW Florida
    850-648-3000
    900C Hwy 98
    Mexico Beach , FL 32456


    Posted Friday, January 01, 2010 7:53 AM by Carol Erwin | 0 Comments

  • THE BEACH IS ACTIVE!!!! SCALLOP SEASON IN FULL SWING!!!

    A busy Scallop Season for 2009 and this Scallop Season is considered a Great Success for all those Scallop lovers!!!  

    Vacationers are abundant all along the coast this year.  If you are thinking of a vacation to The Forgotten Coast of Florida, contact "Forgotten Coast Rental" for your next visit.  Visit www.forgottencoastrental.com to book your vacation on line.

    Real Estate Sales are occuring on a weekly basis. 

    There have been 22 closings in the Mexico Beach- St Joe Beach area during June/July 2009.   8 Lot Sales ranging from as low as $58,000 to $200,000.   14 Residential sales ranging from $106,000 up to $750,000.   Several homes are Under Contract.

    The Cape San Blas & Indian Pass Florida area have had 23 closings during June/July 2009.   7 Lot closings as low as $23,650 to a Gulf Front Lot at $580,000.  And 16 Residential Sales ranging from $170,000 to $587,000.  A great time to BUY!!!!

    Port St Joe experienced 7 closings during June/July 2009.   1 lot sale at $90,000 and 6 Residental sales ranging from $40,000 to $193,500.  Now is a great time to purchase in the Port St Joe area!

    St George Island had 21 closings during June/July 2009.  3 Lot sales from $88,500 to $240,000.  18 Residential Sales ranging from $195,000 up to $1,175,000.

    FORECLOSURES -  During the June/July 2009 period there were 30 Foreclosure Sales from Carrabelle Florida to Mexico Beach Florida and all towns in between.  Lot closing prices from $15,000 to $240,000.    Residential closing prices from $55,800 to $440,000.                                       There are still Foreclosures available.  Call today to obtain a list of available Foreclosures -  850-819-1205  or  850-648-3000

    The Sacred Heart Hospital in Port St Joe Florida will be completed by the end of 2009 and will open in early 2010.

    The International Airport in Panama City Florida will be completed in 2010 and will allow additional flight options for our area.

    Mexico Beach, Beacon Hill and St Joe Beach Florida have no Traffic Lights  or Traffic Jams and all properties are located within 1/2 mile of the beach.   Almost like country living along the coast.   Stress Free and Non-Commercialized.

    Interest rates are low.   Sellers are anxious.    A great time to BUY!!!

    Contact our office anytime at 850-648-3000  or email at carol@buytheforgottencoast.net

    Visit our website at  www.buytheforgottencoast.net          We have several agents to assist you with your real estate needs.

    "THE FORGOTTEN COAST OF FLORIDA"      "COME & VISIT"     "COME & STAY"

    Posted Sunday, July 19, 2009 8:22 AM by Carol Erwin | 0 Comments

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