Tuesday, November 26, 2013

When Will Mortgage Rates Hit 5%?



When Will Mortgage Rates Hit 5%?

blue interest ratesThe big question for homebuyers is when interest rates will begin to rise to the 5% mark. The effect of a rise in mortgage rates could be a dramatic increase in the monthly mortgage payment when purchasing a home. In an articlelast week, HousingWire quoted two different sources regarding this issue.
Most experts are projecting that rates will rise when the Fed decides to taper the purchase of bonds which has acted as a stimulus to the housing market by keeping long term mortgage rates at historic lows.
In the article, Sterne Agee’s managing director and chief economist Lindsey Piegza pointed out:
"Federal Reserve officials said they might reduce their monthly bond buying program from $85 billion 'in coming months' as the economy continues to improve."
The article also quotes Frank Nothaft, chief economist with Freddie Mac:
“By the end of 2014, rates will probably approach and perhaps touch 5%. A reason we see the uptick in rates is that I do think some point the Federal Reserve will start to taper and scale back its very active purchase on long-term Treasuries and mortgage-backed securities.”
Rates will hit 5% sometime in 2014. It might be better to buy sooner rather than later.

Check out these listings Now Before interest rates Hit 5%

Sunday, November 24, 2013

The short sale update

The short sale update

Wes A. McKibbon:
Home Buyers interested in short sale listings should consider the FHA 203K Streamline Mortgage or Fannie Mae HomeStyle for their home purchase.

These programs provide great home financing options to purchase AND do needed repairs; or a complete remodel of your kitchens and baths.

If your looking at distressed homes or short sales keep this simple rule in mind ~ "Five Bucks per Thousand".  That's about what it adds to your monthly 

Wednesday, November 20, 2013

FHA 203K Mortgage Process

FHA 203K Mortgage Process

Before I get into the seven steps you need to know, there are two types of FHA 203K mortgages to choose from. The type that suits your needs best will depend on the type of improvements the home you’ve selected needs. The FHA 203K Traditional can be used for major improvements; moving load bearing walls; repairs crack foundations and much more, usually they involve expenditures over $35,000.  The FHA 203K Streamline is for cosmetic repairs and great for things like updating kitchen appliances, installing some energy efficient improvements, carpet replacing and  things you‘d like to see repaired or replace to make the your home purchase a dream home to enjoy for years to come.  The FHA 203K Streamline is for home repairs under $35000, have less paperwork and designed for home improvement that take 30 days or less to complete.  That pretty much let you know the difference, so let get moving on your Seven Steps Program to home ownership!
Step 1: 
Having a pre-approved loan will: 
• Ensures you know the price range  you can afford to not only purchase but renovate your home and you’re comfortable with the monthly payment, down payment and costs to close.
• Helps you understand the more the financing process and roles of your real estate agent and general contractor need to play in your path to home ownership.
• Puts you at the top of the list when your real estate agent presents your offer.
• Expedite your closing process and close on schedule.
Step 2: 
Searching for a Property and Begin Interviewing Real Estate Agents and General Contractors 
I’ve included some valuable primary links for you to begin your home shopping at “247 Realty Service”.  Once you’ve found the right professional give your real estate agent a copy of your pre-approval, so you can seriously begin your home shopping and have your general contractor contact your loan officer to insure they meet your lender general contractor requirements.
While you’re home shopping take some time to include a visit to businesses like Home Depot and Lowes, local kitchen and bathroom re modelers and local hardware and lumber stores.  Here you can research home improvement possibilities and do comparative pricing for appliances for things you’ve always wanted in a home.
While your looking for just the right home remember the FHA 203k can be used to purchase and renovate single family homes, 2 to 4 units , condo approved by HUD and a Planned Unit Development or Townhomes aren't issue either.  Different loan limits will apply from county to county and the number of units a property might have and change your pre-approval, so check with your loan officer if is you find something a little different from what you had originally considered. 
Step 3: Have Your Real Estate Agent Present Your Offer 
After you’ve pared down you home selection you’re ready to make an offer.  You need to figure out what would be an acceptable proposal and a process your real estate agent is the expert to assist you with.  
While you’re contemplating an offer it’s best to create a list of renovation options you think you’ll want and need.  I’d recommend you create two. 
• Must DO List 
This list needs to address any health & safety issues you and the real estate agent notice when inspecting a potential home, so remember to always have your notebook with you at all times.  Don’t over do it, remember it just a list, be practical and take notes about each home.  Any obvious issues you see or disclosed about need to be put on this list.  It could be something big like a broken septic system or small like missing window screens.  Making a list and checking it twice helps you to make the right decisions! 
Next the Fun List or Wish List 
• The Wish List 
This is a list of creature comforts you might have seen while shopping at your local home improvement stores.  Many homes today haven’t been updated in years and a wish list may seems much more like a necessity.   Being a savvy home buyer mean understand how to keep your wish list within reason.  Your real estate agent can be your most valued resource for keeping your Wish List in prospective.  You don’t need gold leafed toilets when one that very attractive and energy efficient creates more value for your home improvement dollars. 
Let your real estate in on what you’re planning to do with the home you’re considering and use the advice they offer.  Your Real Estate Agent  will know about the homes in the neighborhood and can help you avoid great looking stuff that has little or no resale valve. 
Now you’re ready to make an offer.  You know about what you’ll need to spend in renovations and your real estate agent can give you good advice on after improved values estimates your home improvements could create if you renovate wisely.
Step 4: Congratulations! The offer has been accepted 
The clock is ticking, so lets get started getting to understand the financing.  The first thing you’ll want to do is order a property inspection.  I  recommend your property inspector be certified as an FHA 203K Consultant if possible.  You may or may not use them for anything more or you might find them useful for additional services.  Often enough you’ll start off with an FHA 203K Streamline and find the need to transition to an FHA 203K Traditional for reasons as simple as exceeding FHA $35000 renovation limit.  If you do transition or decide you need a Feasibility Study having your home inspector who was certified as an FHA 203K Consultant simple prevents a delay in adding someone else in your path to home ownership. 
Meet with your general contractor and FHA 203K Consultant (required on FHA 203K Traditional mortgage only) to go over the estimate of all the  repairs, updates and remodeling work to be done. FHA 203K Streamlines doesn’t require this, however it does require a home inspection by a FHA 203K Inspector and you general contractor knows by contacting your loan officer the documents to be provided. 
Step 5:  Your Lender Orders the Appraisal 
Once your  inspection has  been completed and your general contractors provided your  mortgage lenders all the estimates and bids they can order the appraisal.   When your getting an FHA 203K Renovation Loan the  appraiser will  inspect  the property and review your general contractor’s bids, as well as other documents like your sales contract.  With that and locating some comparable and recently sold homes they’ll provide your mortgage lender both an “As Is” and  “After Improved” Certificate of Reasonable Value.
You lender will also be working to package your loan submission for both final credit and property approval by the underwriter.   A lot is going on you’ll never see.  Your lender’s underwriter is almost always going to want additional documents to complete the file and your loan officer’s staff is going to need to work with you, your real estate agent and general contractor on a host is issues in the submission process.  Don’t be concern about anything at this point other than getting your lender the documents they need and making sure your real estate agent and general contractor stays on the same path and regularly updated on your progress. 
Step 6:  Loan Approval & Closing 
The loan package has now been completed, you have final approval from your lender and off your  file goes to Title to close on your home.  When your signing your closing documents your title agent will explain all the documents you’re about to sign and what  they’re for, as well as the important part being the escrow account your lender set up to fund your home repairs. 
Step 7: Inspections and Draws 
Your first disbursement on an an FHA 203K loan is often provided at closing  and more likely if your lender has an in-house draw department.  Otherwise it might be a few days or more  before you get a draw check to begin repairs.  Asking your lender about their draw process is very important early in process and shared with your general contractor. How and when you begin your renovation depends on when the renovation check gets in your contractors hands, so getting the details early makes for a great renovation experience.  
Often the first draw will be between 35% to 50% of the estimated renovation cost and sufficient to get your project started.  After your general contractor has completed your renovation your lender can order a final inspection.  If all goes well your general contractor will get their final check and now your done.  It just that easy.
If your loan happens to be doing an FHA 203K Traditional there will be an up-front disbursement check and up to four inspections; depending on how big your renovation project is.  So that’s all it takes. Ready to get started?

Tuesday, November 19, 2013

Buying a Home? Consider COST Not Just Price.

Buying a Home? Consider COST not just Price

Posted: 18 Nov 2013 04:00 AM PST
bigstockphoto_Property_Prices_814896We have often talked about the difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home. Let us explain.
Last month, the Mortgage Bankers Association (MBA), the National Association of RealtorsFannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about one full percentage over the next twelve months. We also know that many experts are calling for home prices to also increase over the next year.
What Does This Mean to a Buyer?
Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 even if home prices don’t increase:

5 Reasons to Sell Before Spring

5 Reasons to Sell Before Spring




Vermont-AutumnMany sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere 'lookers'. The lookers are at the mall or online doing their holiday shopping.

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don't wait until the spring when all the other potential sellers in your market will put their homes up for sale.

The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

It's Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Sunday, November 17, 2013

114 Deals Cir N, Woodbine, GA 31569
$244900.00

Ed Leavy
Cell: (912) 552-3436
Phone: (912) 576-9339
Office: (912) 576-9339



Single Family
Status: Active
Bed: 4
Bath: 2
Sqft: 1934
MLS#: 7169523

Description:
TASTEFULLY DECORATED COASTAL HOME WITH SOLID SURFACE COUNTERTOPS, ALL TILED FLOORING, BREAKFAST NOOK PLUS SEPARATE DINING RM BIG ENOUGH FOR 12, MASTER W/HIS & HER CLOSETS, SEPARATE SHOWER, GARDEN TUB, DOUBLE VANITIES. KITCHEN & MASTER BATH HAS AREA ABOVE FIXTURES FOR DECORATING. NEW A/C UNIT, NEW POOL EQUIPMENT & COOL DECKING, NEW EXTRA LARGE SCREEN ENCLOSURE AND INGROUND POOL INCREASING THE SQ. FOOTAGE OF LIVING SPACE BY OVER 1000. UNIQUE BAR ON PORCH FOR THOSE LAZY DAYS BY THE POOL. BEAUTIFULLY LANDSCAPED FRONT & BACK YARD, VINYL FENCING FOR PRIVACY PLUS EXTRA ACREAGE BEHIND FENCE FOR A GAME OF HORSESHOES AND A WARMING AREA FOR FIRE PIT. EASY ACCESS TO I95, CLOSE TO KINGS BAY NAVAL BASE, KINGSLAND & ST MARYS, BRUNSWICK AND JACKSONVILLE. A MUST SEE!!



Schools
Nearest Public Schools
Name Distance Students Grade
MAMIE LOU GROSS ELEMENTARY SCHOOL 1.48 mi 374 PK-05
CAMDEN COUNTY HIGH SCHOOL 1.72 mi 2836 09-12
MATILDA HARRIS ELEMENTARY SCHOOL 3.8 mi 464 PK-05
CAMDEN MIDDLE SCHOOL 3.87 mi 1069 06-08
KINGSLAND ELEMENTARY SCHOOL 4.59 mi 444 PK-05

Nearest Private Schools
Name Distance Students Grade
ADVANCE LEARNING CENTER 2.85 mi 22 1-11
NEW HOPE CHRISTIAN ACADEMY 7.14 mi 44 PK-8


Neighborhood Demographics
Employment
Metro Area
Average Travel Time To Work
24 minutes

Farming/Fishing/Forestry
0.3 %

Managerial
10.1 %

Service
33.7 %

Technician/Precision Craft
< .01 %

Laborer
13.5 %

Sales
9.2 %

Administrative Support
15.5 %

Professional
17.8 %
Age
Metro Area
Median Age
0 years

Age 0-9
17.8 %

Age 10-17
13.9 %

Age 18-29
21.6 %

Age 30-39
18.1 %

Age 40-49
13.1 %

Age 50-64
10.7 %

Age 65+
5.0 %
HouseHold
Metro Area
Married
63.1 %

Single
37.0 %

Married w/Children
36.5 %

Married w/No Children
26.6 %

Single w/Children
11.1 %

Single w/No Children
25.9 %


Powered by Homes Media Solutions
© Copyright 2011 >Dominion Enterprises
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange/ Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than Ed Leavy are marked with the Internet Data Exchange/Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright
--> --> Georgia MLS. All rights reserved.
114 Deals Cir N, Woodbine, GA 31569
$244900.00

Ed Leavy
Cell: (912) 552-3436
Phone: (912) 576-9339
Office: (912) 576-9339



Single Family
Status: Active
Bed: 4
Bath: 2
Sqft: 1934
MLS#: 7169523

Description:
TASTEFULLY DECORATED COASTAL HOME WITH SOLID SURFACE COUNTERTOPS, ALL TILED FLOORING, BREAKFAST NOOK PLUS SEPARATE DINING RM BIG ENOUGH FOR 12, MASTER W/HIS & HER CLOSETS, SEPARATE SHOWER, GARDEN TUB, DOUBLE VANITIES. KITCHEN & MASTER BATH HAS AREA ABOVE FIXTURES FOR DECORATING. NEW A/C UNIT, NEW POOL EQUIPMENT & COOL DECKING, NEW EXTRA LARGE SCREEN ENCLOSURE AND INGROUND POOL INCREASING THE SQ. FOOTAGE OF LIVING SPACE BY OVER 1000. UNIQUE BAR ON PORCH FOR THOSE LAZY DAYS BY THE POOL. BEAUTIFULLY LANDSCAPED FRONT & BACK YARD, VINYL FENCING FOR PRIVACY PLUS EXTRA ACREAGE BEHIND FENCE FOR A GAME OF HORSESHOES AND A WARMING AREA FOR FIRE PIT. EASY ACCESS TO I95, CLOSE TO KINGS BAY NAVAL BASE, KINGSLAND & ST MARYS, BRUNSWICK AND JACKSONVILLE. A MUST SEE!!



Schools
Nearest Public Schools
Name Distance Students Grade
MAMIE LOU GROSS ELEMENTARY SCHOOL 1.48 mi 374 PK-05
CAMDEN COUNTY HIGH SCHOOL 1.72 mi 2836 09-12
MATILDA HARRIS ELEMENTARY SCHOOL 3.8 mi 464 PK-05
CAMDEN MIDDLE SCHOOL 3.87 mi 1069 06-08
KINGSLAND ELEMENTARY SCHOOL 4.59 mi 444 PK-05

Nearest Private Schools
Name Distance Students Grade
ADVANCE LEARNING CENTER 2.85 mi 22 1-11
NEW HOPE CHRISTIAN ACADEMY 7.14 mi 44 PK-8


Neighborhood Demographics
Employment
Metro Area
Average Travel Time To Work
24 minutes

Farming/Fishing/Forestry
0.3 %

Managerial
10.1 %

Service
33.7 %

Technician/Precision Craft
< .01 %

Laborer
13.5 %

Sales
9.2 %

Administrative Support
15.5 %

Professional
17.8 %
Age
Metro Area
Median Age
0 years

Age 0-9
17.8 %

Age 10-17
13.9 %

Age 18-29
21.6 %

Age 30-39
18.1 %

Age 40-49
13.1 %

Age 50-64
10.7 %

Age 65+
5.0 %
HouseHold
Metro Area
Married
63.1 %

Single
37.0 %

Married w/Children
36.5 %

Married w/No Children
26.6 %

Single w/Children
11.1 %

Single w/No Children
25.9 %


Powered by Homes Media Solutions
© Copyright 2011 >Dominion Enterprises
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange/ Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than Ed Leavy are marked with the Internet Data Exchange/Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright
--> --> Georgia MLS. All rights reserved.

Thursday, November 14, 2013

Creekside Subdivision in Sugarmil St Marys homes for sale, Georgia

Creekside Subdivision in Sugarmil St Marys homes for sale, Georgia

This subdivision is made of of larger 5 bedroom homes two stories and private back yards. There are
sidewalks for strolling the neighborhood and only one way in and out which cuts down and a lot of traffic.










For more Creekside Subdivision in Sugarmil St Marys homes for sale, Georgia follow this link

Wednesday, November 13, 2013

For sale by owner? Are you ready?

A look at what for sale by owner (FSBO) must be ready and able to do.




Tuesday, November 12, 2013

Tuesday, November 5, 2013

FSBO Must Be Ready To Negotiate

In a recovering market, some sellers might be tempted to try and sell their home on their own (FSBO) without using the services of a real estate professional. The real estate agent is a trained and experienced negotiator. In most cases, the seller is not. The seller must realize the ability to negotiate will determine whether they get the best deal for themselves and their family.
Here is a list of some of the people with whom the seller must be prepared to negotiate if they decide to FSBO:
  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The termite company if there are challenges
  • The buyer’s lender if the structure of the mortgage requires the sellers’ participation
  • The appraiser if there is a question of value
  • The title company if there are challenges with certificates of occupancy (CO) or other permits
  • The town or municipality if you need to get the Cos permits mentioned above
  • The buyer’s buyer in case there are challenges on the house your buyer is selling.
  • Your bank in the case of a short sale


Friday, November 1, 2013

Buyers Purchasing Power

Homes for sale today vs homes for sale in 2014.

Your real estate purchasing power is about to make a shift. Are you ready ?


Call me today +Ed Leavy for homes for sale in St Marys and Kingsland GA

The importance of curb appeal

When selling your home remember the importance of curb appeal. Real estate sales in St Marys GA can be competitive and the home with the best curb side appeal will get lots of traffic and more viewing appointments. If you have any questions please call +Ed Leavy
Here are some tips for you to follow...

New vs Used Homes - The Reality

When shopping for a new home be sure to call your Realtor for information and advise. 

Ask if they have ever worked in the New Construction Market. 

Find out how much they know about elevations and foundations. The cost of tile vs hardwood flooring or the cost related to a shower bath combo and a vanity shower installation. 

Your Realtor can help you in getting a Builders 2-10 Home Warranty. That is just one reason why having representation from your Realtor is very important whether it is the 4th new home you have built or the first new home you are building.

I enjoy working with local Builders who have a stake in the game. The same builder and team that you will see at local functions and day to day activities after your home is built and you have moved in. WH Gross is one of those builders. +Diane Maurer is a wonderful person to work with and a great advocate for the home buyer. She is very active in the community personally and for WH Gross Construction. Bill Gross is an outstanding citizen of Camden County and very active as a builder and family in local charities and fund raisers for non-profits and communities in Camden County GA.

Homes.com TV Advertising

If you are in search of a new home feel free to go to the HOMES website for your search for all hoomes in Camden and Glynn Counties.