Timing Isn't Everything

In light of declining sales and tougher loan requirements, many potential buyers are asking if they should buy now, or wait several months before moving forward with a decision. The thing is, you can't time the real estate market any more than you can time the stock market. Simply put, the best time to buy is simply when you need to do so.

Start searching now, targeting your preferred locations and getting a sense of the local trends. Speak with local realty professionals to gauge listing times, list-to-sale ratios, and contract terms. There’s no such thing as a “national” market, and every area is going through its own adjustments, up or down.

Now is a good time to begin your loan search as well, to determine how much home you can afford, and to start assembling the required paperwork. If you're not pressured to move right now, securing loan pre-approval will give you the chance to immediately take advantage if an excellent purchase opportunity appears.

Owners who are pressured to sell for reasons like foreclosure or job relocation may be more willing to negotiate, but if you really love a particular home, don't lose it by haggling over a few thousand dollars. A home is not a stock certificate. In a buyers market, take your time, do your homework, and make the most of it.

Truth or Consequences!

It's more difficult than ever to realistically and successfully price your home for sale. Many economic factors affect your pricing decision. Agents present you with the facts, but the final determination of asking price is yours and yours alone. So contact a representative and familiarize yourself with the following criteria.

There are more homes for sale now than in the past. Larger inventories exist mainly due to the fact that many sellers waited to list, trying to catch the top of the market. Now they're trying to sell before it bottoms out.

While still historically low, mortgage rates are creeping up. Every rate increase disqualifies a segment of buyers for financing, negatively impacting your selling ability.

Besides higher interest rates, buyers are subject to stricter loan application requirements. Again, the higher downpayments and credit scores needed for financing eliminate many applicants from your pool of prospective buyers.

Are there homes in your neighborhood that investors couldn't "flip"? Then they are either vacant or listed below market value by owners who would rather take the loss than become landlords. Either way, these homes and foreclosed properties adversely affect property values of others in your community.

This is reality. Expect your agent to be completely honest with you about it, and learn that trust, reason and determination will create a sale, even in a down market.

Stepping Up to Down Markets

Remember the ancient curse, "May you live in interesting times?" While many are indeed cursing the current real estate climate, others see opportunities. In a "soft" market, the short-term options dwindle, but seasoned investors in for the long haul are positioned to take advantage.

In the words of billionaire J. Paul Getty, "Buy when everyone else is selling and hold until everyone else is buying." Just like the stock market, more money is often made in a down cycle than in an up market.

Slower times encourage sellers to be more open to negotiation. Combine acceptance of lower prices with currently low interest rates, and you've got the perfect recipe for bargains. Real estate is continually cycling, and it's guaranteed that prices will rise again. The time to get in is now, before that begins to happen.

A "buy and hold" strategy works in this market, while your property appreciates. While you wait, consider leasing it. The property can pay for itself with rent collected, and an investor that can pay off a small mortgage is in an excellent position indeed.

Learn from your real estate agent and tax advisor how a "1031 Exchange" can greatly reduce your tax liability when it does come time to sell your investment. Now is the time to get in, but be sure to know how you'll get out, too!

OPEN HOUSE | May 10 & 11 | 2-4 PM

SATURDAY, MAY 10

Lofts on Broughton

LIVE MODERN

Condominums from $249,900 and up

This is the first offering of finished space by the Lofts on Broughton

OPEN HOUSE

Saturday, May 10 - 2-4 PM

310 West Broughton Street

SUNDAY, May 11

Cobblestone Row

New Construction in Historic Savannah

From $299,900 and up

Opportunity knocks, stroll over to see great new townhomes with

garages and carriage house apartments

OPEN HOUSE

Sunday, May 11 - 2-4 PM

308 East 31 Street

Michael Jewett Joins Cora Bett Thomas Realty & Associates

SAVANNAH, Ga. – D. Michael Jewett, a real estate professional who specializes in the listing and sale of luxury residential property, recently joined Cora Bett Thomas Realty & Associates as a sales associate. In his new position, Michael represents clients in buying and selling distinctive property throughout the South Carolina Lowcountry area.

An exclusive affiliate of Christie’s Great Estates, Cora Bett Thomas Realty & Associates is considered by many to be the pre-eminent real estate marketing firm serving coastal Georgia and South Carolina. The firm was recently the recipient of a Leading Real Estate Companies of the World® Member Achievement Award as well as two first place awards in the Leading Real Estate Companies of the World® Marketing Contest with a 1st Place - Company Brand Advertising category and another 1st Place - Property Advertising category.

“We warmly welcome Michael to our team of accomplished sales professionals,” said Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates. “Our firm and our clients will truly benefit from his extensive experience and knowledge.”

Click here for more on Michael Jewett

In Your Own Backyard!

Are you aware that over two million people in the United States have real estate licenses? With that many practitioners, the seed quickly separates from the chaff, with a small percentage rising to the top in quality service to buyers and sellers.

As you consider the mountains of documentation, financing, negotiating, marketing, inspections and the like, where would you begin to locate the agent best suited to your needs? It makes sense to start at home, with those individuals who participate in neighborhood organizations, local government, charities, etc.

It makes sense to work with someone who is active within and knowledgeable about the local community. More information for your choice of representative can be found through open houses, advertising, and referrals and recommendations from other agents, neighbors, and local business leaders.

Once you've interviewed and selected a real estate agent, make sure your relationship is clearly defined and documented. Some agents represent sellers, while others exclusively represent buyers. Make sure your representative explains how he or she works with all parties to the transaction, and provides a complete "agency disclosure" to document your relationship.

Then your agent will begin discussion of local market conditions and how they come to bear upon your listing or your purchase. A carefully selected representative from your community will provide all the information you need to move forward with confidence.

OPEN HOUSE WEEKEND - May 3-4

SATURDAY, MAY 3rd

Lofts on Broughton - 301 West Broughton St
$149,000 - $449,900
Historic District
Open House 2-4 pm

201 East York St
$475,000 - $720,000
Historic District

Open House 1-4 pm

SUNDAY, MAY 4th

113 East 53rd St
$279,900
Ardsley Park
Open House 2-5 pm

Cobblestone Row - 308 East 31st St.
$299,900 and up
Thomas Square / Victorian District
OPEN HOUSE 2-4 pm

6 Wilton Lane
$349,000
Olde Town – Wilmington Island

Open House 3-5 pm

610 Habersham St
$535,000
Historic District

Open House 2-4 pm

109 Baymeadow Pt
$697,300
Southbridge
Open House 3-5 pm

AVOID THE RED TAG!

Have you ever noticed clothing sales that advertise “seconds” at greatly reduced prices? The “second” quality merchandise may exhibit flaws like uneven seams and pulled stitches, and capitalizes on the slightly lower quality in exchange for a lower price.

Much like those “mark downs,” a home being offered for sale with obvious flaws also invites a lower price. Homebuyers, like other savvy shoppers, quickly become aware of needed repairs, and then begin scrutinizing the home for other defects.

If you plan to sell your home and expect to receive full price, be certain that all needed repairs are completed before the “For Sale” sign appears out front. If you don't, expect to receive about $2 less for each $1 in needed repairs.

Protect your investment by asking an agent for advice. They will walk through your home as a buyer would, making notes of all apparent defects that attract attention. This could range from a cracked windowpane to carpet in need of replacement. No matter what the flaw may be, if it attracts attention, it also becomes a point on which the buyer may negotiate a lower sale price.

Your real estate agent can guide you further by providing marketing tips to make your home more attractive to buyers. Remember that by offering a “first quality" home, you may expect to receive the best price.

Welcome SCAD Parents

Why RENT When You Can BUY?

While you are enjoying the SCAD Parents Weekend

and the Sidewalk Arts Festival please feel free to also stop in our office at 24 East Oglethorpe Avenue

and take a look at the amazing properties that are perfect for your SCAD student.

111 West 57th St
Near Montgomery Hall
$99,900

31 West 52nd St
Near Montgomery Hall
$99,900

The Commons - 401 North Cromwell A-2
Wilmington Island
$112,000

The Merritt - 1517 Whitemarsh Way
Whitemarsh Island

$119,990 – $203,000

110 Brown Pelican Dr
Southside
$149,900

3602 Montgomery St
Midtown
$165,000

137 West 51st St
Near Montgomery Hall
$180,000

Herty Lofts, Unit 209 - 1835 Skidaway Rd
East Side / Near Gordonston
$186,500

120 Brady St
Thomas Square / Victorian District

$195,000

216 East State St
Historic District
$199,500

208 East Jones St
Historic District
$199,900

2514 Abercorn St
Victorian District
$210,000 - $295,000

101 East Gaston St, Unit 3B
Historic District
$215,000

523 East Anderson St
Victorian District
$228,000

24 East Macon, Unit 3
Historic District
$239,000

Newwalk Arwood - 805 Whitaker St
Historic District
$249,900

545 East Gordon St
Historic District
$289,000

116 West Liberty St
Historic District
$295,000

411 West Congress St
Historic District
$295,000 - $299,000

103 West 31st St
Thomas Square / Victorian District
$300,000

557 East Jones St
Historic District
$309,000

412 Price St
Historic District
$315,000

15 East Jones St
Historic District
$315,000

527 East Waldburg St
Victorian District
$339,000

317 Lorch St
Victorian District
$349,000

308 East 31st St
Thomas Square / Victorian District
$359,900

The Lafayette - 321 Abercorn St, Unit 408
Historic District
$365,000

318 West Jones St
Historic District
$383,000

322 West Jones St
Gardens District
$399,900

317 East Huntingdon St
Historic District
$465,000

501 East Park Ave
Victorian District
$475,000

610 Habersham St
Historic District
$535,000

OPEN HOUSES | Saturday & Sunday | April 26 & 27

NOW is the time to buy! Come view our OPEN HOUSES!

Saturday, April 26, 2008

2514 Abercorn St.
Victorian District
$210,000 - $295,000
OPEN HOUSE 1-4 pm

Lofts on Broughton - 310-322 West Broughton St.
$249,900 and up

Historic District
OPEN HOUSE 2-4 pm

Newwalk Arwood - 805 Whitaker St.

$249,000 - $279,000

Historic District

OPEN HOUSE 1-4 pm

Cobblestone Row - 308-316 East 31st St.
$299,000 and up

Thomas Square District
OPEN HOUSE 1-5 pm

107 Whitaker St.
$699,000
Commercial Space
Historic District
OPEN HOUSE 2-4 pm

Sunday, April 27, 2008

Cobblestone Row - 308-316 East 31st St.
$299,000 and up
OPEN HOUSE 1-5 pm

557 East Jones St.
$309,000
Historic District
OPEN HOUSE 3-5 pm

412 Price St.
$315,000
Historic Downtown
OPEN HOUSE 2-4 pm

15 East Jones St, Unit 2B

$315,000

Historic District

OPEN HOUSE 1-4 pm

333 Whitaker St.

$439,900

Historic District

OPEN HOUSE 3-5 pm

702 East 44th St.
$598,500
Ardsley Park

OPEN HOUSE 3-5 pm

Cora Bett Thomas Realty & Associates Brings Home First Place (Again) in International Marketing Contest

Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates and Judy Nease, Broker-In-Charge, recently attended the 2008 Leading Real Estate Companies of the World® and Luxury Portfolio conferences at the Boca Raton Resort & Club in Boca Raton, FL. About 800 real estate brokers, managers, relocation professionals, sponsors and guests from the U.S. and 11 countries around the world participated in the annual event.

Cora Bett Thomas is proud to announce that Cora Bett Thomas Realty & Associates’ is the recipient of a Leading Real Estate Companies of the World® Member Achievement Award as well as two first place awards in the Leading Real Estate Companies of the World® Marketing Contest held in conjunction with the conferences.

Leading Real Estate Solutions™ Award
Cora Bett Thomas Realty & Associates received the Leading Real Estate Solutions™ Award for their active participation with Leading Real Estate Solutions™ programs. Leading Real Estate Solutions is devoted to supporting the competitiveness of LeadingRE affiliates through the development of strategic alliances with top providers of real estate products and services.

First Place International Marketing Awards
Two award-winning advertising campaigns received top honors with a 1st Place - Company Brand Advertising category and another 1st Place - Property Advertising category. The ad campaigns were chosen based on creativity, incorporation of Leading Real Estate Companies of the World® material and/or graphics and overall presentation and effectiveness. Cora Bett Thomas Realty & Associates was presented with the two first place awards at the annual conference..

“The Marketing Contest showcases some of the finest marketing in the industry and is a tremendous opportunity for our affiliates to share strategies for branding, advertising and company promotion,” said Robin LaSure, LeadingRE vice president of communications. “We commend Cora Bett Thomas Realty & Associates for earning this prestigious distinction.”

“I am so proud of our talented marketing team for this outstanding achievement,” said Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates. “This is the second year in a row we have brought home the gold and our marketing team’s creativity and hard work has truly paid off. Since our company’s inception, marketing has been a critical key to our success. We look forward to continuing to create even more ambitious, state-of-the-art marketing initiatives in 2008 and beyond.”

With listings for the area’s finest residential and commercial properties, Cora Bett Thomas Realty & Associates’ affiliations also include Christie’s Great Estates, Who’s Who in Luxury Real Estate, and The Board of Regents. The firm dominates the luxury real estate market along the Georgia and South Carolina coast.

As a member of LeadingRE, Cora Bett Thomas Realty & Associates can assist individuals relocating to virtually any community in the U.S. or abroad and can meet corporate relocation needs through the network’s sister relocation company, RELO Direct®. Participation in the network’s home listing website, RELOHomeSearch.com, and luxury home marketing program, Luxury Portfolio Fine Property Collection™ bring world wide exposure to Cora Bett Thomas Realty & Associates’ home listings.

Jump-Start Your Home's Heart!

As a seller in the current real estate climate (or any market, for that matter), you know that your home's features must stand out against those of the competition. First you need to understand what buyers are looking for, and then you must decide how much money and elbow grease to invest to make those wishes come true.

History shows that the kitchen is the best place to make your impression, and it can be done for less than a king's ransom. Got old linoleum, vinyl or chipped tiles on your kitchen floor? You can install laminate that looks like new tile, stone or wood for just $1 to $5 per square foot!

You can show off your flooring with updated light fixtures. Under-cabinet lighting is easily installed, and a gorgeous overhead light will brighten things up for less than $100.

A coat of fresh paint and some new hardware are very reasonable ways to go if you want your old cabinets to impress new homeowners, and chipped appliances can be re-enameled to their original luster. It may cost just a few hundred dollars, but you'd be well advised to hire a professional for this kind of refinishing.

For more budget-wise suggestions, ask a real estate agent to do a "walk through" of your home before the first potential buyers come through that front door!

My home isn't selling: Now what do I do?

By Eric Gnau

Real Estate Associate

Cora Bett Thomas Realty

Hardly a day passes that you don't hear something about the sluggish condition of the U.S. housing market. People often tell me that homes just aren't selling. However, that is not entirely true, at least not here. Homes are selling.

Now it is true that there is a larger than usual inventory of homes on the market and that the average days-on-market (DOM) statistic has increased. But homes are selling, just at a slower pace than the breakneck speed of 2005 and a portion of 2006.

For the 12-month period ending Feb. 25, 2008, the Beaufort Multiple Listing Service reported that 862 homes were sold, at an average price of $311,000 totaling more than $268,000,000.But these statistics are little consolation to the homeowner who has had his home on the market for an extended period of time.

Read More... as seen in The Beaufort Gazette

A Lot To Consider!

Buy or build? If you're considering new construction, the first item on your To Do list is to find a suitable lot. The experience of builders and architects points to a few key features you should investigate in your search for the perfect spot.

First, and perhaps most obvious, is the size of the lot. The larger the lot, the greater the cost, depending on location. Consider the property taxes and how much maintenance it will require. Remember that the smallest lots tend to appreciate more quickly than their larger neighbors.

Next, imagine how the terrain will affect aspects like drainage and the positioning of the home. Ask your builder to explain the impact the terrain will have on your plan.

Related to the terrain is the view the property offers. Take great care in discovering how adjoining land will be developed, and how that could affect your view. A gas station may one day be built on that beautiful meadow out back.

And finally, the mantra of real estate is "location, location, location." Want a faster commute? Buy a lot near the entrance of your subdivision. Want to keep your kids safe from traffic? Then plan a purchase further toward the back.

It's all common sense, really, but it helps to take an organized and educated approach to this critical element of home construction

Open House Schedule | Sunday, April 13, 2008

The Merritt
$149,990 - $189,990
Whitemarsh Island
Open House 2-5 p.m.

322 E. 65th St.
$225,000
Midtown
Open House 2 – 4 p.m.

412 Price St.
$315,000
Historic Downtown
Open House 2 – 4 p.m.

6 Wilton Lane
$349,000
Olde Town on Wilmington Island
Open House 3 – 5 p.m.

416 – 418 E. 40th St.
$399,000
Baldwin Park
Open House 2 – 4 p.m.

7 St. Augustine Bend
$399,000
Causton Bluff
Open House 2 – 4 p.m.