Bricks Beat Paper!

Yes, there's been trouble in real estate paradise, and no matter the causes, the dramatic results have been experienced across the country. Before assuming that housing is a risky investment, please understand that owning a home offers countless advantages over stocks and other securities.

First, home ownership lets you put in a little money and get the whole house. Money in stocks only buys a very small piece of the company.

You also benefit because the government "bribes" you into buying a home by offering scores of tax write-offs, like mortgage interest, property taxes, depreciation - you may even avoid capital gains taxes.

As homeowner, you’re also the sole shareholder! YOU control what to buy and what to pay. YOU choose how to increase value through improvements. Try to exercise that kind of power at a company shareholders meeting of thousands!

Stocks incur risk because they may become worthless. That’s extremely unlikely with your home. Even in the worst periods, homes retain most of their value. Fluctuations over a couple years eventually balance. What you haven't heard widely reported is that housing lost value in only ONE year out of the last thirty-five.

But the undeniable advantage of a home over a stock certificate? Quite simply, you can't live, dream, raise a family, and feel secure with only a piece of paper over your heads!

Open House

Sunday - August 3, 2008

2:00 - 4:00 PM
Southside
5 Dalry Lane
$449,000


3:00 - 5:00 PM
Historic District
429 East York
$495,000

Southbridge
109 Baymeadow Pt.
$697,300

Seeing Green?

With global climate change and rising fuel prices, more people are growing interested in boosting energy efficiency, and homebuyers are among them. What improvements might you consider in order to make your home more marketable in the Environmental Age?

Believe it or not, simply caulking and weather-stripping your windows and doors are two of the quickest (and cheapest) ways to show off your home's efficiency. If you're ready to take the next step, upgrade your appliances to Energy Star standards to make a big impression. (You can research your current models at http://www.energystar.gov/.)

Along those lines, you can ask your utility company to visit your home and perform an energy audit. It costs around $100 and takes only about an hour. Doing this in advance of your listing can be a powerful marketing tool, especially if you receive a good report or you make improvements based on its findings.

For instance, in an older home, you might go ahead and insulate your attic, helping your home retain heat and reducing your electric or fuel bills. Buyers who are made aware of this feature and the savings will likely move your home up their list of choices.

With all the other preparations involved in selling your home, it's easy to overlook the benefits of energy efficiency, but buyers are looking for them, so start seeing green!

Keep the Cart Behind the Horse

It's probably no surprise that nearly all buyers require financing for their home purchase. The real challenge is not so much in getting the loan as it is in finding the loan that's right for you.

The time to start your loan search is before you begin looking at homes. After you've reviewed your loan options, you'll have a better idea of just how much home you can afford.

Starting early also gives you an edge when you offer to purchase a property, because most contracts will specify that you have to apply for financing within a certain amount of time, usually seven to ten days. Meeting with a lender in advance prevents your having to rush into a loan decision.

You'll also have an advantage with sellers, because an offer to purchase from a pre-approved buyer is more attractive to sellers who won't have to worry about whether you'll qualify for financing. It demonstrates to both you and the sellers that you have the financial strength to complete the purchase on schedule.

Many real estate agents have experience and relationships with local lenders, and can suggest one or more lenders who offer a variety of loans with competitive terms and quality service. Your mortgage is as individual as you are, so take the time early on to match a loan to your particular needs.

Ready To Open Up?

There's been discussion among professionals in the real estate business for years now regarding the value of holding open houses. The National Association of REALTORS® conducted a survey last year that revealed 80 percent of buyers used the Internet for property searches, but only 42 percent visited open houses. What gives, and are open houses a waste of everyone's time?

The answer varies according to whom you ask, and there are good arguments on both sides. Some agents feel that truly serious buyers do their searching well in advance, and choose to make appointments to see the homes that really excite them.

Other agents have learned that buyers enjoy the freedom of seeing properties without an appointment and without the company of a representative when they visit. Sellers, on the other hand, sometimes expect agents to host open houses to show that they're working hard for their compensation.

Real estate agents often begin developing relationships with buyers through open houses. By learning the needs of particular buyers at an open house, the agent may be able to direct those buyers to another home that's better suited to their needs – perhaps yours!

In a nutshell, both sides can be equally argued, but the sale of your home is as unique as you are. Discuss the potential benefits and deterrents of an open house with your agent.

'Forrest Gump' swims from Tybee to Hilton Head Island

Swimming has been a part of Nash McIntosh's life since he was a youngster growing up at Isle of Hope. He swam competitively in college and while serving in the U.S. Navy, and most every day takes the plunge at Tybee Island.

So friends weren't too surprised when they heard that Nash, who is an associate for Cora Bett Thomas Realty and a character in his own right, decided to swim from Tybee Island to Hilton Head Island. He attempted the feat three times before but gave out while en route.

"I'm pretty good at failures, but I'm like Forrest Gump," Nash said, referring to the quirky movie character of the same name who was enthusiastic about everything he attempted. "I just keep on swimming."

When Nash turned 70 in May, he decided to try the Tybee/Hilton Head swim once again in recognition of reaching such a milestone in his life. This time he studied the tide, the currents and the shipping schedules before his sea adventure.

Click here for full story.

Contact Polly at 912-352-8670, e-mail pollparrot54@bellsouth.net or write to her c/o 5 Majestic Oaks Circle, Savannah, GA 31406.

Hello, FICO!

You'd have to be living on another planet if you haven’t heard reports of subprime mortgages and their effect on the real estate industry. If you're planning to buy a home, it's apparent that loan qualification these days is more challenging. Sellers also feel the effect from fewer qualified buyers who can make a confident, full price offer.

In preparing a loan application, the most critical factor is usually your FICO score (developed by the Fair Isaac Corporation). You may be aware that your score can range from 300 to 850 points, and that your score affects your terms and interest rate. However, there are some details you may find interesting.

You don't have simply one score, you have three - one from each credit reporting bureau (Equifax, Experian and TransUnion), and each score may differ by as many as 100 points. Your score is formulated from percentages of five different factors: your payment history (35%), your debt (30%), length of your credit history (15%), your credit types (10%), and any newly issued credit (10%).

In order to qualify for a "prime" loan, you'll need a FICO score of at least 620, but you'll get the best terms and interest rate if your score is above 720. Your best bet is to check your scores and reported history well in advance of a planned purchase.