A Brighter Note for Housing

While the Grinch may have had his way with housing this past year, better days are ahead. NAR Chief Economist Lawrence Yun tells us that the economy and housing will easily escape recession, but foreclosure rates will continue to rise in 2008. Some markets will do better than others, however on the whole, the national home sales and price situation will be very similar in 2008 to 2007.

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"Copyright National Association of REALTORS®, Reprinted with permission."

Real Estate Professionals -- Still the No. 1 Choice by Home Sellers

In a soft housing market, home sellers need help. And real estate professionals are there to provide it. While the Internet and other tools are indeed useful for those looking to buy a home, home sellers still rely on the expertise and knowledge of their real estate agents. Our Market Intelligence feature this month looks at what those sellers most want from their real estate professionals.

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"Copyright National Association of REALTORS®, Reprinted with permission."

DEBT RELIEF IS NOT TAX RELIEF!

You've certainly heard and read many reports about defaults on mortgage loans. There are many reasons homeowners face such situations, some of which are completely beyond their control. There are also several solutions, but each carries a consequence.

In one example, a family had to relocate for an attractive job offer. The home they were selling languished in a slow market for over six months, and they defaulted because they couldn't continue the mortgage payments.

Their agent negotiated a "short sale," whereby the lender accepted an offer that was $10,000 less than the loan balance (rather than begin unpleasant foreclosure proceedings). In this case, it's important to understand that the shortfall is considered "debt relief" and is reported as taxable income to the IRS.

Since the sellers didn't have to repay that $10,000 to the lender, the IRS considered it the same as $10,000 income. This debt relief from a short sale is considered taxable to the borrowers, and the corresponding Form 1099 must be reported.

This is one of the simpler scenarios created by defaults or foreclosures, which are becoming more common as market corrections and rising interest rates prevail. No matter what reason you or someone you know might be facing default, it is absolutely critical to consult with a tax adviser and a trusted real estate agent before deciding how to proceed.

Events for the week of December 16 – December 22

Savannah Events

Dec. 16 – Dec. 27 – Savannah Harbor Gingerbread Village
This isn’t just one gingerbread house, but an entire festive village! The Westin Lobby is filled with holiday cheer as local chefs and businesses compete for bragging rights as the best gingerbread creation in Savannah!
Location: The Westin Savannah Harbor Golf Resort & Spa-lobby
912.201.2000
www.westinsavannah.com

Dec. 16 – Jan. 1 – Southern Lights, a Savannah Holiday Celbration
Looking for that perfect pre-holiday weekend getaway? Savannah is your destination for holiday family fun; from Thanksgiving to New Year's, spend the season at Southern Lights, a Savannah Holiday Celebration.
Location: Throughout Savannah
www.savcvb.com/events

Dec. 16 – Dec. 23- Holiday Classic Movie Night
Come join us at Cha Bella in our movie room for the showing of a true holiday classic film every Sunday night from November 25th through December 23rd at 7 p.m. Start with a festive holiday drink such as a Hot Toddy or Hot cocoa with a twist.
Location: Cha Bella Restaurant
912.790.7888
www.cha-bella.com

Dec. 16 – 31 – An Early 19th Century Holiday at the Davenport House
The understated taste of an authentic early 19th century holiday season in Savannah is the theme of the 1820 historic house's presentation. Tours explore how the Davenport household celebrated Christmas and New Year's in the 1820s.

Location: 324 E. State Street
912.236.8097
www.davenporthousemuseum.org

Dec. 16 – 23 – Savannah Theatre’s A Christmas Tradition
"A Christmas Tradition" brings you holiday glitz and glitter with a 2-hour performance. The Theatre is transformed into a holiday perfect picture, sharing memories of the Christmas standards that you know and love. Sprinkle in a little comedy and audience participation for the greatest event of the season.

Location: 222 Bull Street
912.233.7764
www.savannahtheatre.com/shows

Dec. 16 – 29- Christmas 1886 with the Gordons
Beautifully decorated for the holidays. Explore Victorian customs. The table is set for Christmas dinner, the stockings ready in Mama’s bedroom, and the vintage “Game of Merry Christmas” is out.

Location: Birthplace of Juliette Gordon Low, National Historic Landmark
912.233.4501
www.girlscouts.org/who_we_are/birthplace

Dec. 20 – The Girl Scout Movement
Discover how Juliette Gordon Low, known for antics, artistic talent and disorganization founded the world’s largest organization for girls & women. Professional staff lead this lively tour, by reservation only.

Location: Birthplace of Juliette Gordon Low, National Historic Landmark
912.233.4501
www.girlscouts.org/who_we_are/birthplace

Dec. 20 – Toddler Third Thursday
This program is designed ages 3-5 and their adult companions. Your child will explore artwork and complete an art project relating to their tour. Registration and adult supervision required, 912.790.8823/ or stifelt@telfair.org.

Location: Telfair’s Jepson Center for the Arts, 207 W. York Street
912.790.8823
www.telfair.org


Hilton Head Events

Dec. 22 – Hilton Head Jingle Bell Run
5K run & 5K Health Walk.

Location: Hilton Head Medical Center & Clinics
843.379.3440
www.bearforrtsports.com

Dec. 22 – Gregg Russell Christmas Concert
Relish the spirit of the holidays with an evening listening to Gregg Russell singing songs of the season for children and adults of all ages.

Location: Harbour Town
843.842.1979

Beaufort Events

Dec. 16 – Joyous Sounds of Christmas
The Christmas concert will consist of Christmas anthems, ensembles & solos. The Kirk Choir will be accompanied by an orchestra.

Location: Sea Island Presbyterian Church
843.525.0696

Dec. 19 – Children’s Christmas Pageant
Children’s Christmas pageant and Communion at 7:00 p.m.
Location: First Presbyterian Church
843.524.3051

Dec. 21 – An Evening with Cool John Ferguson
Blues man and Beaufort native Cool John Ferguson is back in town. Rated by the Taj Mahal as "among the five greatest guitarists in the world. He is with the ranks of Jimi Hendrix, Wes Montgomery and Django Reinhart." Christmas attire encouraged; $15/person, $25/couple; wine and cheese included; tickets at door; RSVP's encouraged.

Location: Arts Council of Beaufort County
843.379.ARTS

Cora Bett Thomas Realty & Associates Helps Build New Habitat for Humanity Home in Downtown Savannah

SAVANNAH, Ga. – (Nov. 13, 2007) – Sales associates and employees at Cora Bett Thomas Realty & Associates proudly donned work gloves and wielded hammers to build a new Habitat for Humanity home for a local family in need on Nov. 9, 2007. Several REALTORS® and staff from this leading real estate company, which is an exclusive affiliate of Christie’s Great Estates, participated.

The home, which is located at 216 E. 33rd Street, serves as the second Habitat for Humanity home that Cora Bett Thomas Realty agents and staff have helped build in the region this year. In January, sales associates and employees at the company’s Bluffton, S.C. office participated in the 2007 Blitz Build for Habitat for Humanity, which was organized by the Hilton Head Area Association of REALTORS®.

“This home is located less than two miles from our Savannah office,” said Meg Albertson, vice president of marketing for Cora Bett Thomas Realty & Associates. “We truly believe in giving back to the communities where we do business and proudly support Habitat for Humanity’s mission of helping to provide quality housing for local residents in need.”

About Habitat for Humanity

Habitat for Humanity is an international non-profit organization seeking to eliminate poverty housing and homelessness by making decent housing a matter of conscience and action. Habitat has built more than 225,000 houses around the world, providing more than one million people in more than 3,000 communities with safe, decent, affordable shelter. Habitat for Humanity, which was founded in 1976, is not a giveaway program. In addition to a down payment and monthly mortgage payments, homeowners invest hundreds of hours of their own labor into building their Habitat house and the houses of others. For more information about Habitat for Humanity, please visit http://www.habitat.org/.

Did you know...

Happy Holidays from Savannah, Est. 1733

Written in Savannah in 1857 by James Pierpont as an ode to his first snowless winter,

Jingle Bells was the first song ever broadcast from space and remains one of the world's

most beloved Holiday tunes.

So, here's to holiday celebrations that put a little Jingle in your season and

Savannah in your heart!

CLICK HERE to sign up now and let us help you find you're perfect Savannah property!

Know the Difference!

How much home can you afford? How do you even begin to find the answer to that question? You've probably heard terms like "pre-approval" and "pre-qualification" tossed around, but do you understand the critical difference between those two? If your answer is "no," then please read on to avoid major disappointment when you make your offer.

“Pre-qualification” is a fine place to start, but if you're really serious about the time and money you're going to invest in purchasing a home, you'll really want to focus on “pre-approval.” Approval, and not just qualification, is secured when you complete and submit a loan application, along with the appropriate documentation and fees.

The lender will review your application and paperwork, and will notify you of just how much financing you can secure. Only then will you have the confidence to make your home choice and make your offer.

A pre-qualification, on the other hand, is more informal, and only an estimate of the funds for which you might qualify after applying for a loan. You might make an offer with pre-qualification in hand, but it's no guarantee that your loan application will be accepted.

The seller's representative will have educated the seller about this critical difference, so make them an offer they can't refuse! Pre-approval puts you in the driver's seat, so get ready to move!

Welcome to Savannah!

FOUR FORMS OF PROTECTION!

When you purchase an automobile, what's the first thing you take care of before driving around town? You've got to get insurance, of course. It's no different when you're ready to buy a home, but you have some more options.

First, understand that there are four basic types of insurance, some required, some not. Title insurance protects you in the event that title to the property is found to be in question. You definitely want to purchase title insurance as part of the closing transaction.

Homeowner's insurance provides coverage in cases of theft, damage and liability. Your lender will require this policy, so this is another absolute necessity.

Flood insurance may or may not be required, depending on the location of your new home. The federal government provides this policy to cover replacement value of the home and its contents. Consult with a local real estate agent to determine necessity and restrictions.

Finally, a newer and very popular form of "insurance" is the home warranty, often provided by the seller as "peace of mind" for the buyer. These are often one-year policies that cover repairs to systems and appliances, and more details on this are coming up in my next column. In the meantime, consult with a real estate agent if you have any questions or concerns about any of the insurance policies addressed here.