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Thursday, July 24, 2008

July has been Hot!

And I don't mean temperature wise! Six properties have been put under contract in the last 24 days and 2 of them have already closed as they were cash sales!! A mixture of properties from Gulf front homes to gulf view homes to single families a couple blocks back to beach side townhouses to fixer uppers!

I think this shows that prices are getting right!


Below is an excerpt from an article I read. I think it puts things into perspective when buyers respond--we are waiting for the bottom!

Interest rates fluctuate – it’s natural in any economy. But, due to the recession and inflation, we’re seeing record-high interest rates, which translate to fractions of a percentage point dramatically increasing the amount you pay for a thirty-year fixed loan. For example, if you’re looking to buy a $300,000 house, you’ll pay 6.525% interest – or $320,341.74 in interest over the life of your 30-year loan. Increase that APR to 6.53%, and you’ll pay $335,234.70 – or almost FIFTEEN thousand dollars more just with a ¼ percentage point increase.

As interest rates fluctuate, it can be tempting to sit back and wait for rates to go down again – but looking at the recent trends, rates aren’t going down again any time soon. Imagine a year from now, the interest rate can be above 7.5% - bringing your total interest costs to $379,293.06 – or $58,000 more than if you locked in the current APR. That 6.525% APR would save you a bundle on your monthly mortgage and on your overall thirty-year loan.

Ensuring the Best Interest Rate

More than anything, you need to make sure that you have a good credit score. If you don’t know your credit score, go to, you’re entitled to one free credit report per year. Look over your credit report, and take note of your debts and your credit-to-debt ratio. Make sure your current debts stay current, and you have no outstanding unpaid debts. Also ensure that you have more credit than debt, as lenders look at this closely. Your interest rate is directly related to your credit score – do everything within your power to increase your credit score rating.
Then, shop around! Call several mortgage companies and tell them you’re shopping around to find the best rate for your loan. They’ll be more than happy to provide you their best rate for your situation.

When you’re buying a home, price shouldn’t be your determining factor. Truth be told, you’ll pay much more on a $300k home with a poor interest rate than you’d pay on a $350 home with a great rate. Taking this into consideration, you may be able to find your dream home and save thousands of dollars in the process.


The $35 million dollar Sacred Heart Hospital is starting construction on the facility building as we speak!! Completion is estimated to be in the fall of 2009. This will not only provide 150+ jobs which will be a huge boost for our economy, but it will also provide much needed services to this community. The hospital will provide private rooms, emergency room, 2 operating rooms, a medical facility for outpatient services, laboratory services and a helipad!

We are so looking forward to this project!!


Fishing................the snappers have moved out a little ways, but they are still pretty thick. However, the season is over at the end of this month! Kingfish and spanish have been running pretty good and I hear the cobia are on the way!!!

Chip has had a great season---He has had very few days off in the last 2 months! Thanks to all of you who have booked trips with him!!!! His website:


The MBARA kingfish tournament is the 23rd of August! Let me know if you need details.


As always, check out my website , don't hesitate to call me if you have any questions about Mexico Beach, real estate, fishing..........

And....................go to church this Sunday!!!
"God doesn't call the qualified.........................................He qualifies the called!"

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