Analyst: Housing a good investment in 2010
NEW YORK – Jan. 12, 2010 – Forbes housing reporter and analyst Francesca Levy makes some thought-provoking predictions in the latest issue of the magazine.
She predicts:
• Real estate will be an attractive investment strategy in 2010 with wealthy investors devoting an increasing segment of their portfolios to it.
• Loan modifications will result in more people who should probably be facing foreclosure slipping deeper into debt.
• Cities like Omaha, Neb., and Buffalo, N.Y., which avoided the housing bubble and most of the bust, will be models for cities trying to avoid another bubble.
Financial troubles in Dubai will ripple through the U.S. luxury market, creating energy in a market that has been stagnant.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Tuesday, January 12, 2010
Jacksonville Home Report
Jacksonville, FL – No Confidence in the Economy, No Buyers at the Door
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic decreases, falls below expectations. Buyer traffic fell in December, following the gains seen in October and November, as our traffic index declined to 35in December from 46 in November, indicating traffic levels short of agents’ expectations (a reading below 50 suggests traffic short of agents’ expectations). Agents said that buyers have postponed looking for homes because of personal financial instability. Agents indicated that buyers have a poor economic outlook, which has led them to reconsider purchasing homes, despite the high levels of affordability. According to one agent, job losses have been responsible for the sentiment, and have further discouraged buyers from entering the market, even those who had the financial strength.
We also observed this lack of confidence in Jacksonville in our November survey, in which commentary revealed that while traffic improved, clients were unwilling to actually buy. In addition, one agent mentioned the expected expiration of the Nov. 30th tax credit created an earlier stir that led to little December traffic. Prices continue to fall with inventories flat.
Home prices fell again in December, but moved toward stabilization, as our price index increased to 35 from 14 in November, but any reading below 50 indicates lower home prices over the past 30 days. Prices continue to face pressure from a lack of demand and a weak economy. Our home listings index fell to 55 in December from 64 in November, in-line with a neutral reading of 50. We view unchanged inventory levels as a positive indicator of future pricing trends, and expect pricing to improve as demand is likely to return as we enter the spring selling season. However, we still remain concerned over potential foreclosures not listed for sale by banks.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic decreases, falls below expectations. Buyer traffic fell in December, following the gains seen in October and November, as our traffic index declined to 35in December from 46 in November, indicating traffic levels short of agents’ expectations (a reading below 50 suggests traffic short of agents’ expectations). Agents said that buyers have postponed looking for homes because of personal financial instability. Agents indicated that buyers have a poor economic outlook, which has led them to reconsider purchasing homes, despite the high levels of affordability. According to one agent, job losses have been responsible for the sentiment, and have further discouraged buyers from entering the market, even those who had the financial strength.
We also observed this lack of confidence in Jacksonville in our November survey, in which commentary revealed that while traffic improved, clients were unwilling to actually buy. In addition, one agent mentioned the expected expiration of the Nov. 30th tax credit created an earlier stir that led to little December traffic. Prices continue to fall with inventories flat.
Home prices fell again in December, but moved toward stabilization, as our price index increased to 35 from 14 in November, but any reading below 50 indicates lower home prices over the past 30 days. Prices continue to face pressure from a lack of demand and a weak economy. Our home listings index fell to 55 in December from 64 in November, in-line with a neutral reading of 50. We view unchanged inventory levels as a positive indicator of future pricing trends, and expect pricing to improve as demand is likely to return as we enter the spring selling season. However, we still remain concerned over potential foreclosures not listed for sale by banks.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Home Appraisals - Fernandina Beach
Do new home-appraisal rules help?
WASHINGTON – Jan. 12, 2010 – More homebuyers will soon find that their mortgage broker can’t select an appraiser, part of a federal effort to ensure that appraisers aren’t pressured to inflate home values.
Effective Feb. 15, mortgage brokers will no longer be able to order appraisals on loans insured by the Federal Housing Administration (FHA). For consumers, that is supposed to mean home appraisals will more closely reflect a home’s value. The reason: Brokers who may profit from a loan being approved won’t also be choosing appraisers, who may feel pressured to declare a higher value.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
WASHINGTON – Jan. 12, 2010 – More homebuyers will soon find that their mortgage broker can’t select an appraiser, part of a federal effort to ensure that appraisers aren’t pressured to inflate home values.
Effective Feb. 15, mortgage brokers will no longer be able to order appraisals on loans insured by the Federal Housing Administration (FHA). For consumers, that is supposed to mean home appraisals will more closely reflect a home’s value. The reason: Brokers who may profit from a loan being approved won’t also be choosing appraisers, who may feel pressured to declare a higher value.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, January 4, 2010
Fernandina Beach Home for Sale
310 South 13th Street
$169,000 mls number 51248
5 bedrooms and 2 baths, better than new, completely refurbished home on a 1/4 acre lot with a large 2 car garage. Close to the community tennis courts and near downtown Fernandina Beach.
Call for a tour!
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
$169,000 mls number 51248
5 bedrooms and 2 baths, better than new, completely refurbished home on a 1/4 acre lot with a large 2 car garage. Close to the community tennis courts and near downtown Fernandina Beach.
Call for a tour!
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Regions Bank Update - Amelia Island
FNMA 30 Year Fixed: 5.25%
FNMA 15 Year Fixed: 4.375%
USDA / FHA / VA: 5.375%
Hello Friends,
HAPPY NEW YEAR!!!
I want to start the New Year with a look into the coming months….what will happen and the trends we are going to see with mortgages and rates.
As of today, new government regulations are in place that will control good faith estimates and our ability to changes fees and costs. I won’t go into great detail…..most of the emphasis is on my end…..but these new rules will place more accountability on mortgage companies and banks to property disclose costs accurately up front. This won’t be an issue.
Fannie Mae, Freddie Mac, FHA & VA loan programs continue to tighten. The condo situation in Florida continues to get worse from a lending standpoint. As of now, any condo project that has ONE unit offered as rental will be classified as a “Condotel” and not eligible for financing by any of these groups. We do have products for condotels and will use these programs for our condo customers. Minimum credit scores for FHA & VA have increased to 620 from 580. These types of adjustments will continue and I’ll keep you posted.
You may have seen a slight increase in rates over the past month. A few things are causing this. The Fed is slowing the rate at which it is buying back mortgages from the market. They have worked through nearly all of the $1.25 Trillion allocated and have announced this program will stop at the end of March. The tax credits to first time and existing home owners will play out between April and June. With the end of these government sponsored events, bonds and rates will return to a more “market” position and less influenced by stimulus dollars. Winter has officially arrived and oil prices will rise.
My expectation is that rates will slowly rise from the sub 5% that we enjoyed a few weeks ago to around 6.0%. While this is still very reasonable, it will seem high based on where we’ve been.
Thanks for all your support and I pray we all have a great 2010!
See you soon.
Alan Vanderheiden
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
FNMA 15 Year Fixed: 4.375%
USDA / FHA / VA: 5.375%
Hello Friends,
HAPPY NEW YEAR!!!
I want to start the New Year with a look into the coming months….what will happen and the trends we are going to see with mortgages and rates.
As of today, new government regulations are in place that will control good faith estimates and our ability to changes fees and costs. I won’t go into great detail…..most of the emphasis is on my end…..but these new rules will place more accountability on mortgage companies and banks to property disclose costs accurately up front. This won’t be an issue.
Fannie Mae, Freddie Mac, FHA & VA loan programs continue to tighten. The condo situation in Florida continues to get worse from a lending standpoint. As of now, any condo project that has ONE unit offered as rental will be classified as a “Condotel” and not eligible for financing by any of these groups. We do have products for condotels and will use these programs for our condo customers. Minimum credit scores for FHA & VA have increased to 620 from 580. These types of adjustments will continue and I’ll keep you posted.
You may have seen a slight increase in rates over the past month. A few things are causing this. The Fed is slowing the rate at which it is buying back mortgages from the market. They have worked through nearly all of the $1.25 Trillion allocated and have announced this program will stop at the end of March. The tax credits to first time and existing home owners will play out between April and June. With the end of these government sponsored events, bonds and rates will return to a more “market” position and less influenced by stimulus dollars. Winter has officially arrived and oil prices will rise.
My expectation is that rates will slowly rise from the sub 5% that we enjoyed a few weeks ago to around 6.0%. While this is still very reasonable, it will seem high based on where we’ve been.
Thanks for all your support and I pray we all have a great 2010!
See you soon.
Alan Vanderheiden
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Tuesday, December 29, 2009
Star Real Estate Agent - Amelia Island
Prudential Chaplin Williams Realty is so proud to announce that one of our agents was named a Five Star Real Estate Agent for 2009! Each year, Florida Homebuyer Jacksonville magazine lists the top real estate agents in Northeast Florida and each year Prudential agents make the list. The agents are chosen by an independent survey completed by recent homebuyers and other industry experts to find the best in client satisfaction. The survey asks recent homebuyers to evaluate their real estate agent based on communication, customer service, integrity, finding the right home, negotiation, marketing the home, closing preparation, market knowledge and overall satisfaction. Less than 4 percent of more than 10,000 licensed agents in the Jacksonville area make the cut, so we want you to meet the best! Call John Holbrook 904-415-0171
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Thursday, December 17, 2009
Wednesday, December 16, 2009
Concours d’Elegance
This years Concours d’Elegance is scheduled for March 12-14th 2010. In addition to an amazing collection of classic cars this year the Honoree will be Nascar legend Richard Petty!
The event will also celebrate the 40th anniversary of Porsche’s victory at the 24 hours of Daytona and Le mans and showcase a number of influential Porsche 917’s.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
The event will also celebrate the 40th anniversary of Porsche’s victory at the 24 hours of Daytona and Le mans and showcase a number of influential Porsche 917’s.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Tuesday, December 8, 2009
Waterman's Bluff Lots
Click here for Waterman's Bluff Lots
http://nas.ctimls.com/Report.asp?359NAS3;449346,449341,449339,449340,449338,451097,450866,450549
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
http://nas.ctimls.com/Report.asp?359NAS3;449346,449341,449339,449340,449338,451097,450866,450549
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Amelia Island Plantation Residential Properties
Amelia Island Plantation Residential Properties - Click Here
http://nas.ctimls.com/Report.asp?698NAS3;143599,149963,148322,149434,150290,150382,147962,150030,150009,150811,150874,147936,149609,147051,150249,143250,148986,148286,147797,148401,148456,149706,149410,151015,146714,150883,149529,150280,149547,148341,148808,150731,147798,141662,150641,149578
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
http://nas.ctimls.com/Report.asp?698NAS3;143599,149963,148322,149434,150290,150382,147962,150030,150009,150811,150874,147936,149609,147051,150249,143250,148986,148286,147797,148401,148456,149706,149410,151015,146714,150883,149529,150280,149547,148341,148808,150731,147798,141662,150641,149578
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Carolyn Lockhart Property Search
Dear Jacki,
Thank you for visiting the Prudential Chaplin Williams web site and for your interest in the Amelia Island, Fernandina Beach & Yulee area. I am a full time agent with the company and would be happy to assist you in your search and help you locate the property that is right for you.
Please email or call at your convenience and provide me with information regarding your needs and timeframe for your property search. If you would like to provide specific criteria I will begin to search the MLS for a home or lot that matches your needs.
Also, if you are unfamiliar with the area and would like some general information I will be happy to send a packet with various publications, a map and any other specific areas of interest.
I look forward to hearing from you and assisting you with your search.
Carolyn Lockhart
Prudential Chaplin Williams Realty
(904) 557-3227
cwl64@bellsouth.net
www.ameliaislandduo.com (go to my website to search the local MLS!)
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Thank you for visiting the Prudential Chaplin Williams web site and for your interest in the Amelia Island, Fernandina Beach & Yulee area. I am a full time agent with the company and would be happy to assist you in your search and help you locate the property that is right for you.
Please email or call at your convenience and provide me with information regarding your needs and timeframe for your property search. If you would like to provide specific criteria I will begin to search the MLS for a home or lot that matches your needs.
Also, if you are unfamiliar with the area and would like some general information I will be happy to send a packet with various publications, a map and any other specific areas of interest.
I look forward to hearing from you and assisting you with your search.
Carolyn Lockhart
Prudential Chaplin Williams Realty
(904) 557-3227
cwl64@bellsouth.net
www.ameliaislandduo.com (go to my website to search the local MLS!)
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, December 7, 2009
Jacksonville Housing Report
Jacksonville, FL – Traffic Up, but Signs of a Lull in Buying Emerge
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic increased, but buyers now lack urgency. Buyer traffic improved again in
November following the gains seen in October, as our traffic index improved to 45.5 from 36, indicating traffic levels essentially in-line with agents’ expectations for this time of year (a reading of 50 suggests traffic in-line with expectations). Agents said buyers remained active throughout the month following the extension of the tax credit, but that the traffic has not converted into sales as buyers lack urgency. “We have more calls but folks still are not buying,” according to one agent. Another noted, “Buyers are looking but with so much on the market, few actually buy.” Others commented that now that the tax credit has been extended through the spring selling season, buyers feel no sense of urgency to buy now
during the typically slow late fall/winter months and given the belief that home prices may fall further.
Prices remain under pressure despite lower inventory levels. Home prices continued
to fall in November, as our price index dropped to 14 from 29 in October, with any reading below 50 indicating lower home prices over the past 30 days. Prices remain under pressure as a result of the persistently high levels of foreclosures and short sales on the market, despite lower overall inventory levels. Our home listings index increased to 64 in November from 57 in October, with readings above 50 indicating lower inventory. However, foreclosures remain the key driver and will likely continue to pressure prices further in the coming months.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic increased, but buyers now lack urgency. Buyer traffic improved again in
November following the gains seen in October, as our traffic index improved to 45.5 from 36, indicating traffic levels essentially in-line with agents’ expectations for this time of year (a reading of 50 suggests traffic in-line with expectations). Agents said buyers remained active throughout the month following the extension of the tax credit, but that the traffic has not converted into sales as buyers lack urgency. “We have more calls but folks still are not buying,” according to one agent. Another noted, “Buyers are looking but with so much on the market, few actually buy.” Others commented that now that the tax credit has been extended through the spring selling season, buyers feel no sense of urgency to buy now
during the typically slow late fall/winter months and given the belief that home prices may fall further.
Prices remain under pressure despite lower inventory levels. Home prices continued
to fall in November, as our price index dropped to 14 from 29 in October, with any reading below 50 indicating lower home prices over the past 30 days. Prices remain under pressure as a result of the persistently high levels of foreclosures and short sales on the market, despite lower overall inventory levels. Our home listings index increased to 64 in November from 57 in October, with readings above 50 indicating lower inventory. However, foreclosures remain the key driver and will likely continue to pressure prices further in the coming months.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
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