Sheltering You and Your Income

It's easy to be swayed by all the negativity swirling around in the real estate industry. However, home ownership offers benefits you just can't get from other forms of investment, regardless of market conditions. In particular, the US tax code makes buying and owning a home a great deal.

First, you can deduct from your income the interest paid on your mortgage. That applies to second homes, too. You may even be able to deduct your loan's insurance premiums. If you've taken out a home equity loan, that interest is also deductible, regardless of how you've used the money.

If you've sold or plan to sell your home, profits up to $250,000 (or $500,000 for married couples) are free from taxation. While some restrictions apply, you won't get that kind of bargain on the sale of stocks, bonds, or other investments.

Now to get back to that mortgage interest deduction: it's almost guaranteed that if you hold a home loan, the interest deduction will help you reach the threshold for claiming all sorts of other itemized deductions above and beyond the standard amount allowed.

So just simply owning a home puts you in the happy position of being able to claim myriad other deductions from your taxable income. Real estate agents are not tax advisers, but they recognize a good deal when they see one!

Looking Good in the Neighborhood

When you look your best, you attract attention. A recent survey of five hundred REALTORS® proves that it's no different when it comes to marketing your home.

82 percent of those polled reported that buyers unimpressed by a home's "curb appeal" won’t be interested in a closer look. Additionally, 90 percent of the agents explained that a sale depends greatly on first impressions walking through the front door.

That same number also reported that the appearance of a home's exterior is equally important as the interior features and condition. When buyers see your home from the street and the front walk, they feel that what they see is what they get.

When you're ready to list, work hard on your curb appeal and make sure the interior displays the same pride of ownership. Then have professional photographs accompany your listing on the Internet, as well as in brochures, newspaper ads, and other marketing tools.

These photos may be the buyers’ first "first impression" to look closer. The more pictures you offer, the better your chance for a quick sale. Listings with one photo sold for 91 percent of the listing price, while those with six or more pictures sold for 95 percent of the asking price. When you do the math, you’ll see that an attractive home plus attractive marketing is the formula for success!

An Empowering Relationship!

Sports agent. Talent agent. Insurance agent. Real estate agent. What significance does the label "agent" hold, and why is it important when buying or selling a home?

Webster's dictionary defines an agent as "a person, firm, etc. empowered to act for another." For an "agency" relationship to exist, there must be a "principal" and an "agent." The principal is the person who empowers another to act as his representative, while the agent is the person empowered to act.

In real estate, an agency relationship is created when a seller signs a "listing agreement." The seller gives the broker authority to act on his behalf to locate a purchaser. The agent must be loyal to his principal, exercise competence, and when negotiating a sale, the agent must protect the principal's financial interests. The agent must also treat all third parties honestly and fairly.

It is also possible for an agency relationship to exist between a buyer and a broker. When this occurs, the broker's fiduciary loyalty is to the buyer, and all sellers must be treated honestly and fairly. In that case, the agent attempts to secure the lowest price and most favorable terms for the buyer, his principal.

Whether buying or selling, it is critical to understand which parties make up the agency relationships. If in doubt, ask the real estate agent for a clarification.

No "Chicken Little"

If you're a homeowner, what do falling prices mean to you? You might assume that it's a bad time to sell. But guess what? It could mean it’s the perfect time to buy the home of your dreams!

Do the math, and you see that market downturns can actually work in your favor. Homes are listing at prices that are truly affordable. If you’ve already built equity in your current home, you could parlay that into the purchase of a terrific property.

When prices do rise again, and you know they will, you will have made an excellent investment for the future. If the home you really want was previously offered at $500,000 but the price has fallen - let's say 20% to $400,000 – that’s a sweet deal, even if your own home has lost some value.

In any home purchase, there are usually some concessions: location, style of architecture, or any number of features. If you made some concessions when you bought your current property, and you can replace the negatives with the positive features you’ve found in another home, now is the time to make your move!

Once the market turns around - and again, you know it will - you'll find your appreciation will be greater in the new, larger home. It's an upgrade at an opportune time that makes good investment sense.

The Long and Short of It

You've been reading negative stories about the housing market, and while some are experiencing a slowdown, it's still no reason to keep you from pursuing the American Dream.

Anyone who's watched the industry for the last thirty years will tell you that it's a natural cycle, much like the adjustments the stock market experiences. All's well that ends well after a period of time passes.

Remember that housing is a long-term investment. Some people tried to create high yields over the short term, and that’s part of the reason so many markets are experiencing readjustments now.

Regardless of whether housing is up or down, individuals and families will always have a need to buy or sell. Home sales last year actually surpassed those of five years ago, which was another record year. Interest rates and prices are at historical lows, creating an excellent atmosphere for qualified buyers.

When reading the gloom and doom about foreclosures, it's important to keep the reports in perspective. Most defaults are associated with sub-prime loans, which account for less than 10% of all mortgages. Of those, only 0.6% are currently in foreclosure.

Now is the time to turn to the advice and guidance of a trusted local real estate professional, whether you're buying or selling. Keep a level head and take advantage of positive forces in the current housing market.

CBTR Student Design Center

SCAD Students & Parents are welcomed to stop by the cbtr student design center located at 616 Barnard Street

Friday, Sept. 12th - Sunday, Sept. 14th from 10am - 4pm

Beaufort, SC Best Place to Retire by the Water

CNNMoney.com announced that Beaufort, SC is one of the top six places to retire by the water!! To read the full article click here.

Find your dream home in Beaufort, SC http://www.corabettthomas.com/beaufort.html

Fall Festivals of Fun… Savannah Style

27th Annual Savannah Jazz Festival - September 20 – 28
19th Annual Savannah Folk Music Festival - October 10 – 12
Oktoberfest - October 3 – 5
Tybee Island Pirate Festival - October 10 – 11
57th Annual Greek Festival - October 16 – 18
12th Annual Festival of the Arts (Tybee) - October 18 – 19
Shalom Y’all Jewish Food Festival - October 26
11th Annual Savannah Film Festival - October 25 – November 11
27th Annual Seafood Festival - October 31 – November 2

Buy More Home Now!

While the pundits determine whether the real estate market is plunging or recovering, buyers are in the unique position of looking at a glass that is half full, not half empty. When sales are slow, that's actually a good thing for qualified buyers, and there has not been a better time to consider finally purchasing that vacation home.

Your second home is not a short-term investment, like those that have been "flipped" in recent years. Your vacation home is meant to be a long-term investment that pays big dividends not only in appreciation, but also in recreation and great family memories.

Today's market allows you to take more time to do your research and make your decision. Start by connecting with a real estate agent in the area you're interested in, and have them watch that market like a hawk to alert you to possible buying opportunities.

Don't focus on what the market is doing now... look ahead and consider the value of your purchase several years from now. Because real estate nearly always appreciates, you can buy more home now than you could further down the line.

Property is still a terrific long-term investment, regardless of current market conditions. Knowing that you can always rent your second home might just prove to be a great strategy for making second home ownership a real possibility!

2008 Savannah Film Festival

2008 Savannah Film Festival
October 25 - November 1, 2008

Tickets on sale now -- http://www.scad.edu/filmfest/

This week's OPEN HOUSES

Sunday, August 24

2-4 PM
50 Wylly Avenue
$399,900
Isle of Hope

615 East 48th Street
$310,000
Ardsley Park

3-5 PM
2902 River Dr., Unit 101A
$479,000
Thunderbolt Harbour

Don't Compare...Compete!

As you prepare to list your home, you'll need to determine how to set your asking price. You may come across the term Comparative Market Analysis, which is used as a tool for gauging the perceived value of your home. However, as a seller, you should think of that informal appraisal more as a COMPETITIVE Market Analysis.

Why? Because comparisons can be very subjective, and while buyers may "compare" several homes, sellers must "compete" against other properties. No matter how unique you believe your home to be, it doesn't really matter how it compares to others until you have priced it to compete successfully against them.

In today's real estate market, past sales may not necessarily reflect the present reality. Similar listings compete by asking the lowest price for the perceived value, with price and value representing different sides of the same coin.

When you speak with a real estate agent, he or she will explain how your home must challenge the competition with savvy marketing, spotless presentation, and aggressive pricing. That is how to attract the interest of other agents and buyers.

Remember, it is the prospective buyers who will be making the comparisons. It's your responsibility as a seller to compete for their best offer in a challenging marketplace. Ask your representative today for a Competitive Market Analysis to get the ball rolling.

Bi-lingual Agent Joins Cora Bett Thomas Realty

Real estate professional Sonja Bannon recently joined Cora Bett Thomas Realty & Associates as an associate broker. In her new position, Bannon represents clients in buying and selling distinctive property throughout the greater Savannah area.

We warmly welcome Sonja to our team of accomplished sales professionals,” said Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates. “Her diverse background in residential sales and multi-unit investment real estate in the Savannah area will be advantageous to both our business and clients.”

Bannon is also bi-lingual in French and English. This is an amazing trait for an agent in the market at this time with European investors looking for property in the United States. Prior to joining Cora Bett Thomas Realty, Bannon worked as an agent with Judge Realty and Seabolt Brokers in Savannah.

For view Sonja's bio and see her listings please click here!

An Ocean of Options

As a buyer, you may find yourself drifting on an ocean of financing options. As lenders tighten their requirements, there are a few aspects of the loan application of which you should be aware before applying for a mortgage.

First, determine whether you are seeking "pre-qualification" or "pre-approval." What's the difference? Generally speaking, when you are pre-qualified, the lender reviews your information and hazards a "best guess" as to the size of loan for which you would qualify.

In the pre-approval process, however, the lender verifies everything on your application, and offers to approve a certain amount at a certain interest rate. Either way, the final loan is only cleared upon receipt of an acceptable appraisal, title check, last-minute credit check, and other verifications. Usually, a pre-approval puts you on stronger buying ground.

A critical aspect of your application is your credit score. Excessive credit, like car loans and credit cards, can sometimes prove as unattractive to lenders as bad or no credit, so make sure that you have plenty of credit available before applying, and put off major purchases until after you've bought your home.

Finally, investigate all of your loan options, compare worst-case scenarios, and do your math. If you need guidance, seek it from a local mortgage specialist or real estate agent who is well versed in current market and lending conditions.

Cora Bett Thomas Realty Agents Recognized for Internet Marketing Excellence

Nationally renowned real estate marketing and technology speaker and REALTOR.com® Vice President, Max Pigman, recently presented Marjorie Maddox and Peter Nelsen of Cora Bett Thomas Realty the “Real Estate Online Marketing Award of Excellence.” The Award of Excellence recognizes top agents who consistently provide great marketing services on behalf of their buyers and sellers.

“There are always some real estate agents who distinguish themselves from other agents by doing a little more for their sellers.” says Max Pigman, Vice President of REALTOR.com®. Cora Bett Thomas Realty provides it agents with enhanced features for every listing on REALTOR.com. The enhanced features provided to all agents are additional photos, customized headlines, video tours, and showcase status for each listing.

“Our agents and clients appreciate that we help bring more attention to the unique selling attributes of their home and ultimately help attract more qualified buyers. Buyers are also appreciative of a well presented home that has a better description and more ways to learn about the property before arranging an appointment,” said Cora Bett Thomas, president and CEO of Cora Bett Thomas Realty.

The excellence award was presented to Maddox and Nelsen and other agents at a recent real estate marketing and technology seminar that demonstrated cutting edge techniques for leveraging the Internet and technology in real estate marketing. “Videos have become an essential tool for marketing a home. I add videos to my listings because buyers today want the whole story. Pictures can hide defects or undesirable features, but with video everything is there. There are no surprises that could waste the time of a buyer,” said Nelsen. The agents at Cora Bett Thomas Realty have received positive responses from buyers and sellers alike.