Saturday, August 29, 2009

Great News in Monthly Update! - August, 2009

Have you heard the great news?

-Mortgage rates for Aug. 2009 are at 5.25 percent, down from 6.5 percent the same time last year.
-Affordability remains favorable with the median mortgage payments requiring just 16 percent of the average income.
-Home sales are up 17 percent from July 2009, boosting the median home price for June up 3.6 percent to $181,000.
-Get more stats plus tips for making the most out of the buyers market from mortgage industry expert, Tommy Nelms in August’s This Month in Real Estate.

Click Below for a short informative video.

http://www.youtube.com/watch?v=6O-UFD5q-HI

Tuesday, June 30, 2009

Best Buys! - Major Reductions!

Newer Homes! Just Reduced !
One was reduced $67,000!
Another reduced $53,950!
Another reduced $49,950!
If you're looking for a great deal, call me about these "Best Buys"!
Pam Culbreath - 888-596-2252

Tuesday, June 16, 2009

Bank Owned Homes

If you are looking for a great deal, check out the link on www.OcalaHomesOnline.com that is entitled "Bank Owned Homes". New listings were just added to this link on, June 16, 2009!

Real Estate - June, 2009

What is the Real Estate market doing in June, 2009?
Click on the link below for a short, but informative discussion
about interest rates, and the $8000. tax credit.

Just a reminder for those of you who have not owned a home in the
past three years; time is running out for your $8000. tax
credit. You don't want to push your time frame so short that
you can't close on time. My guess is lenders will be swamped
with people trying to buy homes at the last minute.
Now is the time to get pre-approved with a lender and start looking!

http://www.youtube.com/watch?v=_lnrH0WhCNo

Monday, May 25, 2009

Why Not "Lease with Option to Buy" ?

Many people in the current market place ask about leasing, with option to buy. There have been instances where this option has worked out very well for people in the past. However, in the current market place, there are some serious complications that can arise with lease/options, and I would like to bring an awareness to Buyers and Seller alike, of some of the pitfalls associated with lease/options.
First, let us look at a typical "Lease, with Option to Buy" sale.
A Tenant/Buyer finds a home and puts a contract on the home.
In the contract, they state:
- the price they are willing to pay;
- the period of time that they will be leasing the home;
- the date at which they plan to purchase the home;
(Typically, the lease period is one to two years, with the home being purchased at the end of that time period.)
- the amount of the lease/option deposit;
(Typically, $3,000 - $5,000. This deposit is to assure the Landlord/Seller that the Tenant/Buyer is seriously wanting to buy the home. If the home is not purchased, this Lease/Option Deposit is non-refundable.)
- the amount of the monthly payment; and
- the amount of the monthly credit that will go toward purchasing the home. Many Landlord/Sellers will not give a credit, but those who are motivated to sell the home, will offer credits. Many are in the $100. range.
Usually, with Lease/Option contracts, Tenant/Buyers are responsible for repairs to the home during the Lease/Option period.
Now, we will consider some of the negative possibilities for those entering into such contracts.
1) Value of the Home Decreases - If the home goes down in value, when the time comes for the Tenant/Buyers to purchase the home, they may not be able to get financing on the home.
(i.e. - If they signed a contract to purchase the home for $150,000., and at the end of the Lease/Option period the home is worth $130,000. a lender will not loan $150,000. to an individual in order for them to purchase a home that is only worth $130,000.)
Effects on the Tenant/Buyer - If unable to purchase the home, the Tenant/Buyers will loose their option money, all credits earned, all monies put into repair and upkeep of the home, and will very possibly have to move and start all over.
Effects on the Landlord/Seller - The Landlord/Seller will have to sell, or put the home back on the market at the current "lower price", rent the home, or consider other options. Lost revenue may occur due to the reduced price, and also vacancies while beginning the marketing process all over again.
2) Interest Rates Increase - If the Tenant/Buyer calculates that they can afford the home based on today’s interest rates, which are at historical lows, and those interest rates go up during their lease period, they may not qualify for the loan based on the higher interest rate, due to an increase in their monthly payments.
(i.e. $150,000 purchase price, with an interest rate of 5% for 30 years, results in a monthly payment of $805.00 for principle and interest only. If the interest rate goes up to 7% by the end of their lease term, their monthly payment of principle and interest would jump to approximately $1000.00) Obviously, interest rates could go much higher.
Effects on the Tenant/Buyer - If unable to qualify for the higher payments, the Tenant/Buyers will loose their option money, all credits earned, all monies put into repair and upkeep of the home, and very possibly will have to move and start all over.
Effects on the Landlord/Seller - The Landlord/Seller will have to sell, or put the home back on the market at the current price, rent the home, or consider other options. Lost revenue may occur due to vacancies while beginning the marketing process all over again. The Landlord/Seller could experience a loss or profit, when considering the value of the home, depending on the market. If home values have increased, the Landlord/Seller could benefit. As discussed earlier, if home values decrease, the owner of the home will most likely need to lower the price of the home, in order to compete with the current market.
3) Mortgage payments are not being paid - It is not uncommon for Tenant/Buyers to be paying their monthly house payments regularly, and discover that their Landlord/Seller has not been paying the mortgage payment. In such cases, the home is foreclosed on.
Effects on the Tenant/Buyer - The Tenant/Buyers will loose their option money, all credits earned, all monies put into repair and upkeep of the home, and will have to move and start all over.
In conclusion, those pursuing to "Lease, with Option to Buy" in this market, are putting themselves at a high level of risk.
The good news is that;
- historically low interest rates,
- a market place abounding with homes that are priced low, to sell quickly,
- USDA loans which allow people to buy with very little down, and
- an $8000 tax credit that is available to those who have not owned a home in the past three years,
are all available to those who are wanting to find a place to call "home".
The sad thing is so many people assume that they cannot buy and therefore, never even try, when a few quick phone calls, to a few lenders, could start them on the path that would lead them to home ownership in just a month or two. I say a few a lenders, because, if one lender says "no", it is always good to try someone else!
Take the first step, call a lender and tell them that you want to get "pre-qualified" to buy a home!
What do you have to lose?

(For my list of lenders, call 888-596-2252)

Wednesday, April 22, 2009

Current Housing Statistics for Marion County

Many of us have heard that it is a "Buyers' Market". Basically, this means that those who are ready and able to buy, are buying at a good time!

Today I checked out the current inventory of homes, in Marion County, that are listed on the Multiple Listing Service (MLS). The MLS showed a large amount of inventory, which is a real plus for those ready to buy a home! The numbers listed were as follows.

Homes "For Sale" - 5,885
Homes "Under Contract" - 520
Home "Sold" in the last month - 224

A large inventory, low home prices, low interest rates, and an $8000 tax credit for those who have not owned their own home in the past three years are all great reasons to take advantage of this "Buyers' Market"!

Wednesday, April 15, 2009

How Much Money Do I Need to Buy a Home?

So many people who are renting a home, instead of buying a home, continue to rent because they believe that they do not have enough money saved to buy a home. Most are pleasantly surprised to know that the costs involved in buying a home can be very low.
There is currently a loan program offered by the government that is referred to as a "Rural" loan. Those taking advantage of this loan program can finance 100% of the cost of the home and also finance the closing costs. (Many Buyers also ask the Sellers to pay some of their closing costs.)
This does not mean that you do not have to pay anything when you initially purchase a home. You should be prepared to pay for an appraisal, (approximately $350), and a deposit on the home (usually $1000, but I have seen $500.). I highly recommend a professional home inspection, (usually about $375), although this is not required. Bottom line, for less than $2,000. you can stop renting and start owning your own home.
One other point that I do want to mention is credit scores. Most loan programs are requiring at least a score of 620. If you are already at 620 or higher, you are well on your way. If your score is lower, it is worth your effort to work at bringing up.
Also, for those who are "First Time Home Buyers", and those who have not owned a primary residence in the last 3 years, the government is offering an $8000 tax credit! For details about this great opportunity, read the article below.
If you are ready to stop renting and find a place to call your own, please give me a call.
(888-596-2252) It is a "Buyers" Market and interest rates are Low! (Allowing you to lock in lower monthly payments!)

Tuesday, April 7, 2009

Have Housing Prices HIt Bottom?

For those of you who are still waiting for the housing market to bottom out, it might be time to step off of the side lines and run into the game. Below is a portion of an article that was sent out by the "Florida Association of Realtors" on, April 7, 2009.

Housing may have hit bottom in February -CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. "An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February," says Swonk. "Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap."

Monday, March 30, 2009

$8000 Home Buyer Tax Credit !

Have you heard the great news for all those wanting to buy a home, who have not owned a principal residence in the last 3 years? The government is offering an $8000 tax credit program available for those whose annual income does not exceed $75,000 (individuals) or $150,000 (joint return). (The income limits actually phase out at $95,000 and $170,000.)
You may receive the $8000 credit even if you have not paid $8000 in taxes, and the $8000 does not have to be paid back as long as you occupy the home for at least 3 years. (For those who are still not clear on this..... if you were getting a $200 rebate on your taxes, that would jump to an $8,200 rebate. ) In order to qualify, you must purchase the home to be used as your primary residence. Unfortunately, this opportunity is only available from, January 1, 2009 to December 1, 2009. This means that you have to close on the home purchase by December 1, 2009, of this year. It is good to plan on 60 days to close on a home after you have found the home. That means that it would be best to have a contract on a home by October 1, 2009, at the latest! Since we are almost into April, those wanting to take advantage of this program have only about 6 months left to take advantage of this $8000 tax credit!

This information is general in nature, and it is always best to call a tax specialist for details.

If you are a first time home buyer, or have not owned a primary residence in the past 3 years, you may not get another opportunity like this! There are three dyanmic factors working in your favor at this point in time!
1) The interest rates are at all time lows, allowing you significantly lower monthly payments!
2) Bank owned properties are available at great prices!
3) The $8000 tax credit from Uncle Sam is now availble for a few short months!

Don't let this opportunity pass you by! Call me today! I have a "Buyer Information Sheet" that I will use to determine what is important to you in a home, (i.e. number of rooms, area of town, schools, price range, etc.) . Then the search is on! It's easy! It's exciting!
Call Today! 888-596-2252

Saturday, January 31, 2009

Home Sales Increase in December

Florida's existing home sales rose 27 percent in December, making it the fourth consecutive month that sale activity demonstarted gain in the year-to-year comparison, according to the Florida Association of Realtors. Compared to November's pace, existing home sales rose 6.5% in, December, 2008.

People are buying homes and getting great deals, with low interest rates! These kind of opportunities are not always available. Don't let the opportunity pass you by.

Thursday, January 15, 2009

Luxury Home Priced Below Replacement Cost !

If you are looking for a luxury home in one of Ocala's upscale neighborhoods, be sure and give consideration to the homes featured today as some of Ocala's best buys. Both homes offer centralized locations, quality, value and elegance! If you're ready for a "change", call Pam Culbreath today. "Nothing changes......until Something changes." 1-888-596-2252

Devonshire - $439,000 (Click below.)

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=312001&bid=88&st=2&return=1

Bellechase - $375,000 (Click Below)

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=306419&bid=88&st=2&return=1

Wednesday, January 14, 2009

Why Wait? The Hazard of Timing the Market

Buyers who choose to wait until prices come down more, are also gambling that interest rates will hold steady or drop. What is not widely understood is the impact interest rates can have on the real monthly cost of home ownership. Even a 10 percent drop in home prices is immediately nullified by a mere 1 percentage point increase in interest rates on a 30 year mortgage loan.

Also, once the market settles, or shows any sign of improvement, opportunities start slipping away. The very moment sellers no longer have to make concessions, many won’t. Since there is almost always group think at play with all of the waiting buyers, when the pent-up demand shows back up, buyers may be faced with mounting competition for the best homes available.

Source: REALTOR magazine, January, 2009

Monday, January 12, 2009

4 Bedroom Deals ! ! ! (Bank Owned)

Today I was searching for 4 bedroom homes, and again I saw some homes to put on my "Best Buys" list. Check out these bank/corporate owned homes. Prices are in the $100,000. range. I usually don’t like to put so many homes on in one day, but they are such great buys, they may not be here tomorrow. Click below to see pictures and more information. If you're interested, please call 1-888-596-2252.

$95,600 - Year, 1999

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=315059&bid=88&st=2&return=1

$103,000 - Year, 2006

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=310205&bid=88&st=2&return=1

$119,605 - Year, 2006

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=312907&bid=88&st=2&return=1

$119,899 - Year, 1975

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=316225&bid=88&st=2&return=1

Friday, January 9, 2009

Unbelievable Price! Unbelievable Location!

Reduced over $100,000 in the last six months! This beautiful home, located near the mall, is another one of those homes that are leaving me awe struck by the opportunity for buyers to purchase great homes at a great price! What an amazing deal!

Click below for pictures and detailed information. To see the home, just call 1-888-596-2252.


http://www.mlsocala.com/ocl/maildoc/sd_AAAa003zi20090109225130.html

http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=308767&bid=88&st=2&return=1

Monday, January 5, 2009

Pool Home with Fireplace

Have you priced the cost of installing a pool, lately? How about screen enclosures? If you have, you should be able to appreciate the value in this home. It is located in a pleasant neighborhood and features an open floor plan, fireplace, screened-in pool and more. Today's list price is just $109,900. This is on my list of "Better Buys" in Marion County. Click below for a picture and more details. If you would like to schedule a time to see this home, please email pamculbreath@usa.net or call 1-888-596-2252 .


http://ocala-homes-for-sale.idxre.com/idx/detail.cfm?cid=34695&pid=314766&bid=88&st=2&return=1

Saturday, January 3, 2009

IF YOU ONLY KNEW ...

Lately, I never cease to be amazed at the prices of homes in our current market. There seems to be an excess of well priced, quality homes, and an equally amazing shortage of buyers. I know there are many factors that are holding people back from purchasing homes at this time, but I believe one major factor is the lack of comprehending the opportunity that is set before them.

It is my goal to let you know about homes that I feel are some of the "better buys" in the Ocala, Florida, area. Obviously, since peoples needs are so different, what might be perfect for some, would not even be a consideration for others. However, even if the current home that I am featuring, is not what you are looking for, it is possible that the home of your dreams might be featured on another day.

Please understand that these homes are not homes that I have had professionally inspected. It is always the Buyers responsibility to do their due diligence when purchasing a home. The homes featuered on this blog are simply homes that stand out above the rest, for one reason or another.

May you consider the opportunity set before you, and encourage others in need, to do the same.


Have a great day!

Pamela Culbreath - Keller Williams Cornerstone Realty
http://www.ocalahomesonline.com/
pamculbreath@usa.net