Beach Real Estate News & Views

Captain Buster bored on the boat.

A little different beginning as this is important. There is good news and bad news for both buyers and sellers. The good news for BOTH is interest rates remain very low. Some good news for buyers and bad news for sellers is although we keep hearing ‘home prices are rising’, it is NOT happening here. Sellers are seeing some offers. Buyers– even if cash- low ball offers are rarely accepted and don’t be shocked if the seller ignores your offer. If by chance a deal is negotiated it is possible it could have been better had the seller not been insulted.

Wish you were here! Busy with work as usual. I have seen some past clients that are now friends over the past month. Even took one fishing for a few hours ( we will catch some next time Jim ). Also spent a few hours with previous Ohio neighbors that visited the area. The weather has been great recently but we had our share of rain. I have not seen one of my daughters and twin grandsons since January so looking forward to school letting out and a visit from them.  RIP Max, you will be missed by many! Who knew 17 boxes each of 18 tile was so heavy? Our 3 season room is going to be tiled.

Flood Insurance – If you have decided on an area of your next home and it is anywhere near the beach, a river, or any other water research is in order. If you live in one of those areas you could be in for a nasty surprise. When big storms hit the federal government has subsidized the flood insurance program administered by FEMA. Congress has mandated the program must be self-sustaining. Areas with a low rating may see their rating and premiums increased – as much as 1000%. Areas in the past not in the flood plain are in for an unpleasant surprise. There is an attempt to delay the changes for a year but who knows if that will pass both houses of congress. Naturally, any increase will be unwelcome even by those with a small increase or those that can afford the increase. Those that own their home may simply do without flood insurance and hope they never have a problem. Those with a mortgage in a flood zone will see their payment increase. If they cannot make the mortgage payment foreclosure is possible. Selling a home with an unknown or high flood insurance premium can become difficult. OHHHHHhhh and the new maps are still being revised! If you want to read more click http://www.jlconline.com/insurance/flood-insurance-rate-reform-sparks-multi-state-backlash.aspx?utm_source=newsletter&utm_content=jump&utm_medium=email&utm_campaign=COCO_051413&day=2013-05-14

Foreclosures  The links will take you to new foreclosure listings of the past 3 months. These listings are of the areas most asked about. There are older listings and I’ll be happy to provide complete listings of foreclosures with your requirements upon request. The 1st link is of NC detached homes, condos, and townhouses. There are 24 listings from $29,900 to $399,000. Find them here: http://bcarnc.rapmls.com/scripts/mgrqispi.dll?APPNAME=Brunswick&PRGNAME=MLSLogin&ARGUMENT=JZi5FLz3tQIC%2FtL6pU13BZBhOOGgFmL2LdufUNpN4Ic%3D&KeyRid=1&Include_Search_Criteria=&CurrentSID=123588639  .  Next will be detached homes in SC, there are 24 at the following link priced from $35,000 to $569,900. View them here: http://ccar.paragonrels.com/publink/default.aspx?GUID=f48b0c55-f131-4034-9a15-ef7382df06bd&Report=Yes  . There are 32 condo/townhouse listings priced from $34,900 to $575,000 listed here: http://ccar.paragonrels.com/publink/default.aspx?GUID=c295b5a3-1170-492a-b892-0e237723fcb0&Report=Yes  . 

The 5 Absolute Do Not’s When Purchasing A House are:

•DO NOT go out and buy a new car, or furniture or ANY other large purchase.  The new payment could disqualify you from being able to qualify for the mortgage you have been pre-approved for.

•DO NOT stop making payments on your bills such as credit cards, student loans, car payments, rent, utilities, or anything else. 

 •DO NOT apply for new credit cards while your mortgage is being approved.  This could lower your credit score, and when your credit is checked again before the closing you may no longer qualify.

•DO NOT make large deposits or withdrawals that you cannot document.

•DO NOT quit your job, even if it is for a better one.  A change in jobs will mean that you will have to produce 30 days worth of paystubs for the new job.

Fishing & Boating the area is great for both. Prices of boat slips are so very low I just had to buy an indoor dry slip. Now, if only I can take advantage of this luxury! Those fortunate to find the fan turned off and are able to get far off shore have had some great catches of mahi, black fin tuna, yellow fin tuna, wahoo, and much more. Those finding the wind permitting inshore fishing have been doing well on speckled trout and red drum. The water temperature is rising and the fishing is improving. The flounder are coming in from deep water – I caught a tasty 20″ flounder last week. Dolphin sightings in the ICW have slowed but I did see 3 deer on an island while fishing. A great thing about the ICW– a boat ride is always fun. Don’t forget, for the BEST prices on everything fishing related just email tom@protackle.com .

Drop by my website there is a lot of info there on much more than real estate. Click some buttons and have fun at www.rakoci.com . Never hesitate to contact me by email or phone.

 

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