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

Homes For Sale in Saint Augustine Florida Don’t Get Any Better Than St. Augustine Shores

Homes for sale in Saint Augustine Florida truly do not get any better than the St Augustine Shores neighborhood.  Located 4.5 miles south of downtown St. Augustine, this picturesque community has something for every home buyer.

Currently the St. Augustine Shores is a community of more than 3,421 housing units, with more than 6000 residents.  The homes range from early phase homes from under $100,000 and up, to new luxurious designer homes starting in the $300,000.  If you’re looking for homes for sale in Saint Augustine Florida, the St Augustine Shores is for the home buyers seeking their first home, the home buyers looking to scale-down, or the professional hunting for a premier neighborhood featuring a luxury homebuilder.

While searching for homes for sale in Saint Augustine Florida many home buyers take into account the schools a potential home is zoned for.  St. Johns County School District has been repeatedly named as the #1 school district in the state of Florida.  There is a middle school and a high school near the community with W. Douglas Hartley Elementary, an award winning school in St. Johns County, located within the Shores.  

The amenities available in this community mean people searching for homes for sale in Saint Augustine Florida should take a look at The St. Augustine Shores.  For golfers, there is the St. Augustine Shores Golf Club, a private 18 hole, par 70 course for the veteran and novice golfer.  St. Augustine Shores also has more than 150 miles of bike paths, sidewalks, and 14 lakes/ponds for residents to enjoy walking, biking, or jogging.

Best of all, The Riverview Club, located within St Augustine Shores consists of fourteen manicured acres overlooking the Intercoastal Waterway.  Complementing the breathtaking views are a 75' x 100' swimming pool and a five-hundred foot pier into the Intercoastal Waterway with gazebo providing an exceptional opportunity for anglers, wildlife observers, and sunrise/sunset seekers who reside in the St. Augustine Shores.  The Riverview Club also has a kiddie play-ground, a wildflower area, volleyball, horseshoes, a picnic area, and a large sports field. There is a 5500 sq.ft. ballroom, a game room, a card room, a library, and kitchen facilities available for rental. 

St. Augustine Shores is a neighborhood you should consider when looking for homes for sale in Saint Augustine Florida.  This neighborhood has the perfect home for everyone, a ton of great amenities, a top ranked school district, and extremely low HOA fees.  TEAM JOHNSON specializes in homes for sale in Saint Augustine Florida and is quickly becoming an expert on the St. Augustine Shores.  We would love to help you, whether it be your first home or your last home, give us a call.  

Team Johnson

3505 U.S. 1 South

St Augustine, FL 32086904-495-0146Click Here to Search the MLS Like an AgentView My WebsiteClick Here to Email Me

Team Johnson of Watson Realty Corp Joins Leading Real Estate Companies of the World

TEAM JOHNSON of Watson Realty Corp., a 5 member real estate team serving Northeast Florida, has joined Leading Real Estate Companies of the World® (LeadingRE.com.)

Leading RE's membership worldwide is by invitation only. Worldwide membership of LeadingRE consists of recruits from 500+ top notch real estate firms with over 4,600 offices and 140,000 sales agents in more than 30 countries in Africa, Asia, Europe, North America, South America and South Pacific. To quote the company, "Members of LeadingRE must maintain high performance standards in order to retain membership, and the network must perform to continue earning the loyalty of its members."

What does this mean to our customers?  TEAM JOHNSON already is a leader in the northeast Florida real estate market.  We have successfully closed over 10 million dollars in real estate transactions in one year.  We have been the top listing team and top selling team in our office for the past two years.  We continue to keep up with the constant changes in the real estate market.  For buyers we will guide you through the buying process from start to close and all the details in between will be covered too.  For sellers our detailed “Marketing Plan” is second to none and we treat every listing as if it were our only listing.  Now that we have joined Leading Real Estate Companies of the World®, we have access to a wide range of brokerage services to further strengthen our marketing presence and offerings.

TEAM JOHNSON of Watson Realty Corp will also have the opportunity to collaborate with other "best in class" firms from around the world for idea-sharing, referrals and business development opportunities at conferences and online through the network’s private interactive community.  When we refer our customers to other agents we do not stop there.  We follow up with our affiliates and are in constant contact.  We expect the same quality and work ethic from these other agents that you expect from Team Johnson.

Whether you are moving across the street, across town, across the country, or across the globe let TEAM JOHNSON assist you.  Call TEAM JOHNSON at 904-495-0146 or email us at teamjohnson@watsonrealtycorp.com

TEAM JOHNSON

Watson Realty Corp.

3505 US 1 South

St Augustine, FL 32086

904-495-0146

VISIT US ON THE WEB

       

Specializing in Residential Real Estate in…

Fruit Cove, Elkton, Hastings, Ponte Vedra, Ponte Vedra Beach, St. Augustine,

St. Augustine Beach, Switzerland, Bardin, Bostwick, Crescent City, East Palatka, Florahome, Georgetown, Hollister,  Interlachen, Palatka, Pomona Park, San Mateo, Satsuma, Welaka, Bunnell, Flagler Beach, Palm Coast, Green Cove Springs, 

Keystone Heights, Fleming Island, Jacksonville, Middleburg, Orange Park, 

Penney Farms