Well, the lights and decorations are going up around town! The city park next to the El Governor hotel has a beautiful display. Be sure to drive by at night if you are in town.
I truly pray that you will remember the reason for the season during the hustle and bustle!
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As for real estate..........this time of year we are pretty much down to one kind of buyer---the kind who needs to get rid of some money before the end of the year!!! These buyers usually go for gulf front. Therefore several of our gulf front properties are now under contract.
And at some very good prices!!!!!!
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We are seeing a few foreclosed properties. Most of the foreclosed properties are on our MLS system. Because the original mortgage was higher than the market value, the mortgage company buys the property back and then lists them for sale with a Realtor. If you are interested in a foreclosed property, just send me a quick email. I send out daily emails of properties that I think are good deals. I always include the properties that have been foreclosed on.
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There are many properties that will be "short sales". These are properties that the owners are listing below their mortgage payoff. When an offer is made the sellers take that contract to the lender to see if they will accept this lower amount and "forgive" them the balance of the debt.
These properties are usually at market value but always much less than what it was last sold for.
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I just read that some lenders have agreed to freeze their adjustable rates for 5 years for those borrowers with loans made between Jan. 1, 2005, through July 30 of this year who face interest rate resets between Jan. 1, 2008, and July 31, 2010.
Hopefully this will prevent some foreclosures.
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I am always being asked "Have you sold ANYTHING this year?" Of course I have!! Otherwise I would be sitting at another desk in a different profession! Sales in Mexico Beach are much slower than in 2004-2005, however, they are better than in 2006!!
A property usually must meet 3 criteria for a sale. CONDITION, LOCATION, PRICE.
However, in this market right now, I've added a 4th criteria because of the huge inventory. It must have something special than the other competing properties.
If you are trying to sell a property, please carefully consider those 4 criteria----pricing is extremely important!!!!!!!!
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While I'm on the subject of pricing........as a Realtor, I provide "comps" for my customers to help them establish a list price. However, the seller makes the decision as to what to list their property at. Sometimes they listen to our advice and sometimes they don't.
I've heard many people say that "the Realtors overpriced everything and ran the market up". I can only wish I have that much power! We can give advice and opinions but we are not the ones who make the ultimate decision on what a property is listed or sold for!
There are many Realtors who are also investors. I am one. I have bought and sold many properties in my lifetime and continue to do so. Realtors are people too!!!!!!! I have however, always been on the conservative side of investing. I have always bought properties that I was willing and able to hang on to for at least 2-5 years. Many times I didn't have to hang on that long but I made sure that I could afford to do so if I needed to. Real estate purchased with this mind set has always proven to be a good investment for me!!!
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If you are in the market to buy, I hope that you are seriously considering it in this buyer's market!! Don't wait too long! It's a great time to make offers--if they aren't accepted at a price you are willing to pay then you can afford to wait or move on to a different property!
Interest rates are still very good!
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As always, check out my website, send me an email and LET'S DO SOME BUSINESS!
You can't find a more relaxing place than Mexico Beach and life is too short to spend all of it in traffic!!!!!!!!
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Have a very Merry Christmas and safe New Year!
Jesus is the reason for the season!
Mary
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