Economic Bailout

An effort by NAR to spur home sales through a mortgage-interest rate buydown appears to be gaining traction, according to reports in major news media like the Washington Post and The Wall Street Journal. "Treasury officials told the Realtors that the [buydown] plan could be a more effective way to help homeowners than focusing solely on borrowers struggling to meet their monthly payments," the Washington Post story says, referring to a November meeting between NAR and Treasury officials.
The interest rates have dropped to where it is very lucrative to purchase a home here in Palm Coast, FL. The prices in Palm Coast and Flagler County are stilll at an affordable rate.

Zillow.com suvey

America is in one of the worst housing crisis in history, yet 49% of U.S. homeowners believe their home's value has increased or stayed the same over the past year, according to Zillow's Q3 Homeowner Confidence Survey.
In reality, 74% percent of homes have lost value in the past 12 months, according to preliminary findings in Zillow's Q3 Real Estate Market Reports, which will be released Nov. 12.

Other findings from the survey:
Supporters of Republican presidential nominee John McCain have more confidence about their homes' values than supporters of Democratic nominee Barack Obama.

Fewer people expect to buy or sell a home in the near future:

Three percent plan to sell their home in the next six months, down from 5 percent last quarter.

Three percent plan to buy a home, down from 4 percent in the second quarter.

Is this the end of the tunnel for Palm Coast?

According to http://eppraisal.com/ Palm Coast is ranked 31st out of 188 Metropolitan Areas throughout the country with an 8% increase in the median price for the average home in the city.

Median price for homes in Palm Coast is $175,000.

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.