Looking at Homes For Sale in Saint Augustine Florida

Now that you’ve gotten yourself ready to buy a house, it is now time to find one.  Searching for a home can be a very time consuming task.  At the time of this article ' s publication there were 1,409 active listings in the St. Johns County Multiple Listing Service.  Many buyers jump onto real estate search sites like “Realtor.com,” “Zillow” or “Trulia” for hours a day trying to find their home.  Others rely on their real estate agent to search.  Before anyone can search you have to narrow down your criteria.  This article gives helpful advice about the process of looking for a home to buy.

Choose the Type of Home

The first thing to consider is what type of home you would like to buy.  In addition to single family homes (one home per lot), there are other forms of home ownership:

• Single Family Homes:  A single family home is what most people think of when they are looking for a home.  It is a single home located on one lot.
• Multifamily homes: Some buyers, particularly first-timers, start with multiple family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
• Condominiums: With a condo, you own "from the plaster in"  unlike what you would  with a single  family house , where you own from the ground up . You also own a certain percentage of the "common elements" -- staircases, sidewalks, roofs and the like. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowners association administers the development.
• Townhomes:  Townhomes are similar to a condo but a townhome you own the property underneath your dwelling.  Instead of a condominium association you would have a homeowner’s association.  The term “townhome” is sometimes used to describe a style of condominium that is 2 stories.  You will want to do some research and be sure you know which one you are buying.

Choose a Neighborhood

When evaluating a neighborhood you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

• quality of schools 
• property values 
• traffic 
• crime rate 
• future construction 
• proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural activities such as museums, concerts and theaters.

This is an area you will want to research for yourself.  It is a violation of ethics and federal law for a real estate agent to steer you towards or a way from a particular neighborhood or area of the city.  If you are wanting to research these items the local police department and the local school board are great places to start.

Put Together Your Wants vs. Needs

Every potential home buyer has a list of items they are looking for that every house must absolutely have.  For example, number of bedrooms, bathrooms, fenced yard, etc.  There are also items that would be nice but are not absolutely necessary.

Team Johnson has compiled a Prioritize Your Wants and Needs checklist.  Click Here to Download.  This list will also help your agent so that they do not take you to see houses you are not interested in.


Now that you have a good idea of what you’re looking for, talk with you agent and start viewing houses.  TEAM JOHNSON has many tools that will help make this process fun.  Any of our team members would be more than happy to help you find your new home.  Give us a call at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com

Team Johnson
Watson Realty Corp
3505 U.S. 1 South 
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

FIND US ON THE WEB

                

Get Loan Pre-Approval

Prospective homebuyers may be chomping at the bit as the housing market shows signs of recovery, but the path to getting a mortgage can be strenuous. Many housing markets have shifted to favor home sellers recently, meaning homebuyers face stiff competition and need to make themselves the most attractive candidate in order to get their dream home, and experts say step one should be getting preapproved for a mortgage. 

What Is a Pre-Approval?
A pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information. Most pre-approval letters are good for 60 to 90 days.


Why a Pre-Approval vs. a Pre-Qualification?
A pre-qualification is done by supplying the bank with your overall financial picture.  You tell the loan officer your income, debt, and assets.  The lender then gives you an idea of the mortgage amount you qualify for.  This does not include an analysis of your credit report or an in-depth look.
A Pre-Approval is more in depth.  You will have to supply your lender with the necessary documents to perform an in-depth look at your financial background and current credit score.  The lender will be able to tell you the exact amount you are approved for.  Many sellers will not accept a pre-qualification.  It is best to get the ball rolling as early as possible so go for the pre-approval.


Why Do I Have to Get Pre-Approved If I Haven’t Even Found a House Yet?
A letter of preapproval can give buyers a competitive edge by showing realtors they’re serious when it’s time to make an offer.  It gives the seller a lot more peace of mind that this person is actually going to get approved for the loan.  If you make an offer on a house without a pre-approval, your offer will not be taken as seriously as another offer with a pre-approval.  This could cause you to lose out on purchasing the home of your dreams.  Many bank-owned homes will require a pre-approval letter upon offer submission.

The preapproval process also sets boundaries for buyers on exactly how much home they can afford, narrowing down the search by eliminating properties out of price range.  It’s always tempting to overbuy because people always want more home than they can afford and that’s where you get into trouble, where you start exceeding 30% of your total gross income


What Is Involved In Getting Pre-Approved?

Shop Lenders
Looking at a variety of lenders can help borrowers find the right mortgage program with a lender they trust. Warren suggests looking at a few banks and at least one broker, who will shop another five or six lenders.  Although it’s important to look at lender fees which can vary greatly, having a quality lender that is a little pricier can make all the difference.  It may cost a little more but if they’re there when you need them and they’re the ones that hold your hand through the process, then it’s more than worth it. If you have someone who stays on top of it, it’s going to increase your chances of closing at a reasonable time.  Remember it’s almost impossible to get the lowest rate, the best service, and the highest quality—there has to be give and take somewhere.          

Documents You Will Need to Provide  
   • Your W2 from the past two years  
   • Your paystubs for the past three months
• Your tax returns from the past two years
• Your checking or savings bank statements for the past three months
• Statements for all your other assets (stocks, bonds, retirement) for the last 2 months
• The name & number of your landlord (if you are renting)
• Current mortgage documents (if you currently own)
• Your divorcee decree, if applicable
• If you are self-employed:
*Your business tax returns for the past two years
*Your year-to-date profit and loss statement and year-to-date balance sheet


The lender will also pull your credit report and score for you and your co-borrower (if you have one.) Most lenders charge an upfront fee of around $30-50 to do this.  The lender will analyze your credit report for any red flags such as late or missed payments or charged off debt. Your credit score will affect your ability to qualify for a loan and determine how low of a rate you can get. Generally a score above 720 will get you the most favorable mortgage rates. Your overall debt (minimum credit card payments, student loan payments, car payments, etc.) will be analyzed to calculate your overall debt-to-income ratio. You will also need to provide any alimony or child support payments you are required to pay.

Calculate Total Costs
Remember there are more costs to consider.  You might have to come up with a down payment, closing costs, escrows for taxes and insurance, etc.  You’re lender or your REALTOR® should be able to help you with this.

What If I Can’t Get Pre-Approved?
If you can’t get pre-approved right now don’t give up.  Chances are there are three areas that you will need to work on:
• Correcting any errors on your credit report and raising your credit score
• Decreasing your overall debt and improving your debt-to-income ratio
• Increase your down payment amount in order to qualify for the price
Also, be sure to ask your lender for tips on how you can improve your chances for qualifying for a loan.  For more information consult our previous blog “I Want to Buy a House But I Have Bad Credit.”

Stay tuned for our next blog in this series “Looking at Homes For Sale in Saint Augustine.”  If you have any questions regarding the real estate process give TEAM JOHNSON of Watson Realty Corp a call.  TEAM JOHNSON has a team of REALTORS working to find you your perfect home.  With our 6 person team we have plenty of experience, knowledge, and back-up.  Rather than  having one agent negotiating on your behalf you will have the advantage of having 5 agents and 1 assistant all working together to find you the home of your dreams.  We are members of 3 local MLS boards and can show you any property as far south as Palm Coast, as far west as Palatka, as far north as Jacksonville and everywhere  in between.  Give us a call at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com

Team JohnsonWatson Realty Corp
3505 U.S. 1 South
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

FIND US ON THE WEB

                

Whether you are a first-time homebuyer or an experienced homebuyer, people are often confused about buying a home, and for good reason.  Laws governing the purchase and sale of real estate are constantly changing.  Real estate is also a topic you hear about every day.  We are bombarded every day by “now is the time to sell,” “now is the time to buy,” “interest rates are going up,” “interest rates are going down” and on and on and on.  This constant stream of banter from everyone to the neighbor next door to the news caster on the television screen can leave potential home buyers confused, frustrated, and not sure where to turn for advice.   This blog is the first of a series about buying a home. 

Strengthen Your Credit Score

A higher credit score, seems to result in the lower down payment and monthly payments.
Vicki Bott, deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, says that her office has noticed much the same thing. "While there are many qualified borrowers in the 580 range, the market today is probably (looking for) 640 to 660, at a minimum," Bott says.
Improve your chances by: pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts.  Also, stop applying for new credit a year before you apply for financing and keep that moratorium in place until after you close on your home.

FOR MORE INFORMATION ABOUT HOW TO BUY A HOME WITH BAD CREDIT READ OUR PREVIOUS BLOG I WANT TO BUY A HOUSE BUT I HAVE BAD CREDIT

Figure Out How Much House You Can Afford

You will want to get a home that is financially comfortable.  There are various rules of thumb that will help you get an idea of how much home you can afford

          *FHA financing, as almost one-fifth of buyers get FHA-insured loans, your home payment can't exceed 31 percent of your monthly income. But, with some mitigating factors, FHA will let you go higher.             *Conventional loans, a safe formula is that home expenses should not exceed 28 percent of your gross monthly income, says Susan Tiffany, director of consumer periodicals for the Credit Union National Association.

FOR A ROUGH ASSESSMENT OF HOW MUCH HOUSE YOU CAN AFFORD USE THESE VARIOUS CALCULATORS.

Save For Down Payment and Closing Costs

Depending on your credit and financing, you'll typically need to save enough money to put anywhere from 5 percent to 20 percent down.

If you're using FHA financing, then you need a score of 500 or higher. And in the 500 to 579 range, if you can find a lender, you'll have to put 10 percent down instead of 5 percent.

One exception: Veterans Affairs loans, which require no down payment.

Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs, which run (depending on where you live), from $2,300 to $4,000. 

Build Up a Savings Account

This is over and above your money for the down payment and closing. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate. And some lenders and backers, like the FHA, will give you a little more latitude on other factors if they see that you save a cash cushion.

That money will also help you with maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.

Get Preapproved for a Mortgage
For serious home shoppers, "the No. 1 thing is they better have everything in order," says Dick Gaylord, past president of the National Association of Realtors. That means that, before the real home shopping begins, you want to get financing in place, he says.
And the preapproval process is "much more extensive" than it was a few years ago, he says.

FOR MORE INFORMATION ON PREQUALIFICATION VS. PREAPPROVAL READ OUR PREVIOUS BLOG

Stay tuned for our next blog in this series “Finding the REALTOR® That’s Right for You.”  If you have any questions regarding the real estate process give TEAM JOHNSON of Watson Realty Corp a call.  TEAM JOHNSON has a team of REALTORS working to find you your perfect home.  We are members of 3 local MLS boards and can show you any property as far south as Palm Coast, as far west as Palatka, as far north as Jacksonville and everywhere  in between.  Give us a call at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com




Team Johnson
Watson Realty Corp
3505 U.S. 1 South
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

What’s Happening with Real Estate in Saint Augustine Florida

Have you been wondering what’s happening with real estate in Saint Augustine Florida?  That is what this month’s blog is about.  Real estate in general has really picked up in the 2^nd and 3^rd quarter of 2013 and real estate in Saint Augustine Florida is following the same pattern. 

Home Prices
One area affecting real estate in Saint Augustine Florida are home prices.  The prices of homes have risen 11.7% from a year ago.  Home prices have had 10 consecutive months of double-digit year-over-year increases.

Home Sales
Real estate in Saint Augustine Florida was also affected by amount of home sales.  The sale of homes  dropped slightly last month 1.5%. However sales remain 10.9% percent above year-ago levels.  Existing condo sales dropped 4.7% but they’re 8.9% above year-ago levels

Distressed Homes
Foreclosure and short sales accounted for 14% of real estate in Saint Augustine Florida, down from 24% last year.  According to the National Association of REALTORS (NAR) lower levels of distressed properties accounted for some of the increase of median prices.

Inventory
The inventory of real estate in Saint Augustine Florida last month held steady with a 5 month supply at the current sales pace, but is diminished from a year ago.

Days on the market.  
The median time on the market for real estate in Saint Augustine Florida for all homes was 50 days last month, up from 43 days in August but down from 70 days a year ago.

Team Johnson
Watson Realty Corp
3505 U.S. 1 South
St. Augustine, Florida 32086
904-495-0146
Click Here to Search the MLS Like An Agent
View My Website
Click Here to Email Me

The stats in the blog were used courtesy of NAR

Appraisals on Homes For Sale in Saint Augustine Florida-The Good, The Bad, and The Ugly

Appraisals on homes for sale in Saint Augustine Florida, without a doubt, are a good idea. Without them, the potential for mortgage fraud would be rampant and housing prices would more than likely inflate at a rate that the average consumer would never be able to keep up with.  There are also some problems with having an appraisal performed on homes for sale in Saint Augustine Florida that everyone should be made aware of.

THE GOOD

Think of appraisers as a disinterested third-party. They have nothing to gain or lose (they get paid either way) for coming up with a certain value on one of the homes for sale in Saint Augustine Florida. Their main function is to be sure that the sellers, buyers, and agents are not colluding (or acting alone) to take more money for the house than it’s worth. The lender is giving the buyer a lot of money and they are taking every precaution to ensure that they don’t lose money on the transaction (like any business, their goal is to make money).

Before the housing crisis, appraisers were much less restricted than they are today. Sadly, there were some appraisers that took advantage of this and they were a piece of the puzzle that helped decimate the housing market and affected all of the homes for sale in Saint Augustine Florida

THE BAD

After the housing market crash, appraisers took a lot of heat for overvaluing properties nationwide (and especially in some of the more famous crash-markets such as California, Florida, and Nevada). By overvaluing properties, lenders were able to justify larger and larger prices for homes for sale in Saint Augustine Florida and as housing prices continued to inflate, the bubble was just waiting to burst.

Since the crash, appraisers have had to perform under tighter standards than they were used to. This, in many cases, has had a negative impact on appraisals. Homes for sale in Saint Augustine Florida that should appraise (or meet value) are not appraising and buyers, sellers, and agents are at times frustrated and at a loss. It’s not uncommon for an appraisal to scuttle the sale of a home these days.

The basic reasoning is that lenders have placed a lot of blame on the appraisers and make them more responsible for “erroneous” appraisals. If they overvalue a property, they risk losing the banks business if the home were to foreclose and be found to be valued at a lesser price. This sets up a dangerous situation where appraisers are afraid to value a property too high, so they may just undervalue the property for safety’s sake.

If you’re buying one of the homes for sale in Saint Augustine Florida for $100,000 and the appraisal says the home is only worth $90,000, it’s up to you and the seller to come to terms (lowering the sales price) or you to make up the $10,000 difference…or back out of the deal. None of these are good situations, so you can see how an undervalue appraisal is something most people don’t want to see.

THE UGLY

A problem that has crept into the market with regard to appraisals within the past several months has to do with the fact that the market is changing once again.  We have gone from a market that favors buyers to a market that favors sellers.  Prices of homes for sale in Saint Augustine Florida are rising, in some areas a significant amount.  The listing prices are out pacing the appraisers’ values.  This is through no fault of the appraisers but rather if you go back and look at the “sold” transactions for the past 6 months they are far lower than what houses are selling for now.

Hope is not completely lost if you receive an appraisal below what the contract price is.  When these situations arise, it can be very frustrating for all parties involved and it’ll definitely help you to have a good agent at this point, as the contract is now in danger of falling apart (no loan more often than not means no purchase). Some remedies can be performed to try and get both parties back to the negotiating table, but it can be tough.  It takes experience and determination.  TEAM JOHNSON has both.  We can assist sellers and buyers.  We are excited and ready to get the ball rolling.  If you are too click the link to start viewing homes for sale in Saint Augustine Florida

TEAM JOHNSON

Watson Realty Corp
3505 U.S. 1 South
St. Augustine, FL 32086
904-495-0146
Click Here to Search the MLS Like an Agent
View Our Website
Click Here to Email Us

Homes For Sale in Saint Augustine Florida is About More Than Just the Home

Before buying homes for sale in Saint Augustine Florida, many people consider more than just the home.  Many buyers also consider the area or the city they are moving to.  Is there plenty to do?  If this is a concern for you, as it is for most people, then you can’t go wrong looking at the homes for sale in Saint Augustine Florida.  St. Augustine has recently been in the news, winning several top accolades:

• CNN named the city one of the best places in the country to retire
• Trip Advisor named the city among the Top 10 U.S. Destinations to Visit
• U.S. News and World Report named the city among the Top 10 Best Places to Live
• Forbes Magazine named the city among its Top 10 Prettiest Towns in the U.S.
• National Geographic named the city among the Top 10 Best Places in The World to View Holiday Lights.

            

It’s no wonder homes for sale in Saint Augustine Florida are such sought-after homes.  St. Augustine is always buzzing with something to do.  For the history lover looking at homes for sale in Saint Augustine Florida, St. Augustine is a plethora of sights such as the Castillo de San Marcos and the Spanish Quarter.  For the young, or maybe just the young at heart, you can find fun and excitement at places like the Alligator Farm or Ripley’s Believe It Or Not Museum.  If you’re looking for excitement of the retail variety there’s the local shops on the historic St. George Street or our outlet malls. Finally, buying homes for sale in Saint Augustine Florida comes with a wide variety of dining experiences.

Attractions accompanying homes for sale in Saint Augustine Florida

TEAM JOHNSON is one of the most successful real estate teams in the area.  We specialize in assisting sellers with the sale of their homes for sale in Saint Augustine Florida.  We also specialize in helping buyers pick their perfect home out of the many great homes for sale in Saint Augustine Florida.  We are excited and ready to get the ball rolling.  If you are too click the link to start viewing homes for sale in Saint Augustine Florida

TEAM JOHNSON

Watson Realty Corp

3505 U.S. 1 South

St. Augustine, FL 32086

904-495-0146

Click Here to Search the MLS Like an Agent

View Our Website

Click Here to Email Us

Staging Homes For Sale in Saint Augustine Florida

Staging homes for sale in Saint Augustine Florida does not have to be a daunting or expensive task.  Many times a little elbow grease, some rearranging, and occasionally some minor repairs can display your home to its best advantage.

Before you add your home to the list of homes for sale in Saint Augustine Florida you want to make sure it will stand out in a good way. Follow these tips below.

• Curb Appeal.  You only get one chance to make a first impression when looking at homes for sale in Saint Augustine Florida.  Plant flowers, trim bushes, weed, pick up leaves, repaint areas like the front door, replace tarnished house numbers or dented mailboxes, get a neutral doormat, and clear old cars out of the yard
• The Entrance.  Make your entry as light and bright as possible.  Leave all the lights in the house on.  Get rid of all area rugs as they make rooms look smaller.  Be mindful of lingering food odors.
• Kitchen.  The kitchen sells homes for sale in Saint Augustine Florida!  Clean & de-clutter.  Anything taking up counter & floor space must go (toasters, blenders, garbage cans, etc).  Get rid of anything displayed on the refrigerator.  If the counters & cabinets look old consider a touch-up or replacing knobs.  Make sure pantries & shelves are orderly & spacious to show adequate storage space.
• Bathrooms.  Clean & de-clutter! Get rid of any mildew/mold.  If you have a glass shower door squeegee it after every shower and use an item like CLR when appropriate.  Remove all personal items (deodorant, toothpaste, toothbrush, razor, etc) & place them in a cabinet.  Pick up all bathmats & rugs. Only display new, clean, towels.
• Rest of the House
  • Remove knickknacks
  • Remove items in your closet for a previous season (if it’s summer, put the winter clothes somewhere else.)
  • Remove area rugs
  • Remove throw blankets
  • Be sure all house plants are healthy or silk (no plastics)
  • Take a good look at your carpets and have the steam cleaned.
  • Leave the lights on and replace all burned out lightbulbs
  • Keep wastebaskets empty.
  • If possible remove pets.  They can be distracting or even hazardous to potential buyers.  Especially consider this option if you have exotic pets (snakes, lizards, rodents, etc)
  • Leave your home before potential buyers arrive

When buyers look at homes for sale in Saint Augustine Florida they want to be able to picture themselves in the house.  It is an emotional journey and an emotional decision.  To be sure your home stands apart from the other homes for sale in Saint Augustine Florida be sure to follow the steps above and call TEAM JOHNSON with Watson Realty Corp.  We know the area and our record of success speaks for itself.


TEAM JOHNSON
Watson Realty Corp
3505 U.S. 1 South
St. Augustine, FL 32086
904-495-0146
Click Here to Search the MLS Like an Agent
View Our Website
Click Here to Email Us