Freddy & Fannie

What does the federal government bailout of Fannie Mae and Freddie Mac mean to home buyers and sellers? Generally, it's a good thing, and brings stability to the mortgage market. Most experts even expect mortgage rates to drop some over the short term, though qualifying for a mortgage will remain a challenge unless the feds tinker with fees or rules.

Meanwhile sales in real estate of existing homes in Palm Coast and Flagler County had a slight gain for August as compared to last year. Have we begun to see a the light at the end of the tunnel?

June figures

According to E-PPRAISALS.com the median sale price for Palm Coast in June was $ 165,000 no change from May whith most sales (about 39%) occuring in the $142K to $205 K range.
Palm Coast ranks 14th out of the 20 metro areas of Florida and that was based on a 2.7% decline in home values. On a national level, Palm Coast ranks 151 out of 195. For more information go to http://eppraisal.com and sign up for their monthly newsletter.

How to get a house sold quicker

More real estate professionals are suggesting to their home sellers that they consider home staging - a process where a house for sale is de-cluttered, de-personalized and redecorated so it appeals to a wide variety of potential buyers. Staging a home so the house, not the seller's life and tastes, is on display can offen make a difference in selling the home more quickly, the experts say.

Florida Home Sales

Many Florida Realtors reported positive movement in their local housing markets in June, with the statewide median price for both existing home sales and condo sales up 1 percent over the May 2008 figures, according to FAR's latest housing statistics. The statewide existing-home median price last month was $205,500; the statewide median condo price was $183,700.

Homestead Fraud Alert

As county budgets shrink, officials are becoming more aggressive seeking out owners who lie about their living status in order to get a homestead exemption. If caught, a tax lien is typically placed on an owner's property. The owner also faces a fine: 50 percent of the unpaid taxes for each year and interest at 15 percent per year.

Facing Real Estate problems in Palm Coast?

In todays economical troubles, if you are facing mortgage foreclosure, here are some tips to help you through it.

Don't fall for promises like "We'll save your credit"; "We'll buy your house 'as is'"; or "We'll get you a new mortgage with low monthly payments."

Don't sign away ownership of your property (sometimes called a "quit claim deed") to anyone without the advice you trust.

Beware of any home sale contract where you aren't formally released from liability for your mortgage. Also, make sure you know what rights you're giving up and that you agree to giving them up.

Do call your mortgage company or lender if you're in trouble. Ask for the loss mitigation department. Contrary to popular perception, lenders don't want to steal your house.

Don't call for assistance from one of those ubiquitous signs on telephone poles that advertise help. Chances are, that's not where help lies.

On the same note, here is some advice that may affect someone facing foreclosure....

"Proceed with caution, if a company or person:

Describes itself as a "mortgage consultant," "foreclosure service," or "agent" who can help with your current situation;

Collects a fee before giving any services;

Advertises to people whose homes are listed for foreclosure, including anyone who sends fliers or solicits door-to-door offering to assist with avoiding foreclosure."

And there is more.... Advice is cheap. Good advice usually costs money, so pay heed to the following:

Don't sign anything that has any blank spaces. Information could be added later that you didn't agree to. (Yes, it happens.)

Never sign a contract under pressure. Always know exactly what you're signing. Take your time to review the paperwork thoroughly -- ideally with a lawyer or licensed real estate professional who only represents your interests.

Never make a verbal agreement. Get all promises in writing and get full copies of everything.
Deals that sound too good to be true, usually are...

Just remember the free lunch rule:

There isn't one.

Are you pricing your Palm Coast home to sell it?

Too many sellers in Florida aren't setting the right price for their home. They are asking far too much money and ignoring the list prices of nearby homes, not to mention their real estate agents' advice.
The worst thing to be in this market is one of those homes that's been listed for six, eight, ten months with no consummated deals.