My NorthEastFloridaHomes Blog by Ken Peyser & Rossella Baron

      ...4.875% TODAY….

..BUYERS!! IS TIME TO GET ON BOARD!! CALL YOUR REALTOR,

BE THE ONE WITH THE GREAT NEWS!!!!

Wednesday 12/17…Say Hello to the Best Rates in History

From Time-Union Saturday Home Story

by William A. Watson Jr., Chairman of the board and founder of Watson Realty Corp.

People are always asking me for tips and observations about the real estate market, so today I'm going to share with you one of the great secrets of real estate: The best time to buy or sell a home is now. This is especially true for first-time buyers. In my 45 years in the real estate business, there has never been a better time to become a first-time homeowner

Why? Mortgage rates remain historically low, and mortgage lenders are very interested in financing qualified buyers. Many first-time buyers can qualify for up to a $7,500 tax credit, an interest-free loan from the government to help make home ownership more affordable. Builders and current homeowners need and want to sell property, and because of current market conditions, many sellers are willing and able to negotiate attractive pricing and excellent terms. Watson Realty agents have been trained to help you make the most of these opportunities, help you pre-qualify to buy, and even help you make a plan to move up to home ownership.

How much do you pay in rent each month? Multiply that times 12 and look at the amount of money you're giving away each year. Homeownership gives you tax credits and deductions that can actually help you build wealth and equity over time. Renting does nothing of the sort. You owe it to yourself and to your future to find out what home ownership can do for you.

How much do you pay in rent each month? Multiply that times 12 and look at the amount of money you're giving away each year. Homeownership gives you tax credits and deductions that can actually help you build wealth and equity over time. Renting does nothing of the sort. You owe it to yourself and to your future to find out what home ownership can do for you.

Why would you want to sell a home in today's market? Life doesn't stand still. Children grow and move away. Needs change. Even the general economy can be a factor. Want to reduce energy and gas costs? You're probably a candidate for downsizing and moving closer to the facilities and services you use. Whatever your reasons, Watson Realty associates are trained to help you. Homes that are well-priced are selling today. Perhaps not as quickly as they were two years ago, but nonetheless, they are selling. All the more reason to put your house on the market sooner - if a move is in your future.

Earlier this month, the federal government stepped in and took over the affairs of Fannie Mae and Freddie Mac, the two biggest players in the Real Estate financing industry. They were caught in what the media called "the real estate bubble" and, combined with other economic factors, their widely acknowledged problems extended trouble to almost every sector of the economy and every part of the country. Experts agree that this move by the government is very likely to have a positive effect on the housing market, stabilizing prices and stimulating home ownership. That's good news for the economy, too, because real estate sales help drive demand for hundreds of products and services.

Another thing to think about: Real estate values may fluctuate in the short term, but over time, nothing holds and builds value like real property. No one can predict the future, but if you look to the past for indications you'll be hard pressed to find any real estate in North Florida that is priced less now than it was five, 10 or 15 years ago. Real estate remains one of the most valuable, and viable, assets a family can acquire.

Based on my years of experience and knowledge of the business, I believe that right now - today, tomorrow, the fall and winter of 2008 and 2009 - presents a tremendous opportunity for people of good faith and credit to buy and own property. It's an opportunity the likes of which we have not seen in years.

As I meet and talk with people around the state, I'm frequently asked when the perfect time is coming to buy or sell. Here's my advice: If you have a good track record of picking the winning Lotto numbers, then you might be okay waiting for the market to "improve." But if you're like most of us, the "right time" to buy or sell is a purely personal decision. If you have a good advisor and buy or sell wisely, you shouldn't lose.

At Watson Realty, our fundamental promise is to be good advisors to buyers and sellers of real estate. We know how important a decision it is to buy or sell a home. We know that the old saying is true: "Your home is your castle."

Obviously, I can't speak for you. But if I were a renter, or a homeowner thinking of a change, I would be taking advantage of the amazing opportunities out there in the marketplace today. If you start now, you could be in your new home for the holidays and have a happier new year in the bargain.

For great information on first-time home buying, attend The HomeSmarts First Time Homebuyer's Workshop, Saturday, Oct. 11, at the Crowne Plaza Hotel, Jacksonville. Call (904) 899-8950 for reservations and details.

Thinking about buying your first home?   "NOW" is the time to take the    leap...and the credit!

Thank to the Housing and Economic Recovery Act od 2008, qualified first-time homebuyers are finally getting the credit they deserve: up to $7,500  for homes purchased and closed after April 9, 2008 and before July 1, 2009.

This limited-time offer - designed to help get the economy moving in the right direction - is an ideal way to get you and your family moving in the right direction, as well.

Below are answers to some of the most commonly asked questions about the First-Time Homebuyer Tax Credit:

Who is eligible for the $7,500 tax credit?

Any U.S. citizen who pays taxes and has not owned a home as his or her principal residence during the past three years is eligible for the tax credit . Married taxpayers qualify only if neither spouse has owned a principal residence in the past three years.

Are there income limits on claiming the credit?

If you file single or head of household and your adjusted gross income is less than $75,000, or if you are married and file jointly and your adjusted gross income is less than $150,000, you can claim the entire $7,500 credit. Single or head of household taxpayers who earn between $75,000 and $95,000 and married couples who earn between $150,000 and $170,000 are eligible for a  partial credit. The credit is not available for single taxpayers whose adjusted gross income is more  than $95,000 or for married couple whose adjusted gross income exceeds $170,000.

What type of homes qualify?

All new and existing single-family homes, townhomes and condominiums qualify for the tax credit, as long as the home will serve as principal residence and you have not owned a home in the past three years. A home constructed by a contractor on a lot your previously owned also qualified, as long as the closing on the home falls between April 10, 2008 and June 30, 2009.

Is it true that the credit must be repaid?

Yes. The tax credit is basically an interest-free loan to be paid back to the government over 15 years, beginning in the second year after you purchase the home. If you sell the home, the remaining credit amount would be due from the profit on the home sale: if there is insufficient profit, then the remaining credit payback would be forgiven.

When do I claim the tax credit?

If you purchase the home in 2008, the tax credit is taken on your 2008 return. If you buy in 2009, you have the option of taking the credit on either your 2008 or your 2009 tax return.

Feel free to contact me if you have additional questions:

                             Rossella Baron  904-599-09949

At 11AM, Sunday 9/7 Henry Paulson, US Treasury Secretary announced that the Government has taken control of FNMA/FMAC.

It appears that this will make mortgages more available at a lower rate and is a very positive step in resolving our housing crisis.

This should help further stabilize housing prices and I suspect we are now approaching the market lows.

For those of you with a reasonable down payment, it makes an excellent time to look for a home.  

THE FUTURE IS STILL BRIGHT!

Although the economic market news bas been quite challenging for the first half of the year, we here at World Golf Village have enjoyed numerous bright and promising developments.

Home and lot sales doubled in volume from the first to the second quarter. This trend showed continued activity and belief in the value of choosing a home and home site in the Neighborhoods of WGV.

Our community continues to attract a very healthy share of the Northeast Florida marketplace and offers buyers an array of benefits.

This year will mark the first full year of operation for our new Pacetti Bay Middle School and Ward’s Creek Elementary School.

The greater community enjoyed the opening of the CVS Pharmacy and very soon, the Walgreen’s Pharmacy.

The 54,000 SF new Publix is due to open this coming January. It will be complimented with an additional 23,000 SF of shops and services.

The past June, the official ground breaking for the U.S. Veterans Hospital and Home took place.

Planning and permitting work continues for the large, mixed-use new town project known as Silverleaf which will be accessed off of International Golf Parkway with the first leg of the proposed C.R 2209/ St. Johns Parkway.

Eventually, the limited access parkway will be extended all the way north to C.R. 210 and I-95.

Likewise, planning and permitting continues for the proposed 1,500,000 SF Esplanade at St. Johns Mall, to be built on the east side of I-95 and International Golf Parkway.

This project intends to deliver the same shopping and entertainment experience of the St. Johns Town Center in southside Jacksonville.

Yes, it is true, the economy and market threw us some curves and challenges, but there were numerous accomplishments to enjoy with many, many high quality and desirable projects on the horizon.

World Golf Village and its Neighborhoods, together with the community at large, continues to mature and diversify, offering a unique living and work-liking environment

The stock market and the real estate market have both been very challenging. For 2 or 3 years in the early 21st century, the stock market struggled ,  with low inerest rates and loose credit standards,  real estate gained momentum, peaking late in 2005. In the meantime, the stock market had regained much of what it had lost when the tech bubble burst.The Fed started aggressively raising interest rates, and in 2007 stocks topped out. Housing inventory ballooned and the mortgage credit system began to unravel,  and we are now hanging on the edge of recession. Until housing recovers ,it will be very difficult to avoid the inevitable decline.

The Fed is determined to push down home prices to avoid inflation ,and reverse some of the bubble's excess.  Only then we will see more attractive mortgage interest rates, a pickup in sales ,and stabilizing prices. In the meantime, sellers must  realize the only way to sell their home,is to price it up to 10% below market and get a quick sale before falling prices catch up with them. Far better to wait , if you can !  ...To help your sense of timing,watch the homebuilder stocks,...they should bottom 4-8 mos before the Real Estate market.

Buyers should start looking...especially new homes.  Builders are very eager to make a deal....

According to the  Jacksonville Times-Union, home buyers should be on the alert for year end bargains in the new homes area. Local builders are stuck with excess inventory which they are eager to get off their books before the New Year. They show as liabiliies on the balance sheets ,and savvy buyers are well positioned to take advantage of their need to liquidate inventory. Such being the case ,if you are a prospective buyer, do not be afraid to negotiate prices that are all ready advertised as being discounted.

Our market is especially attractive to foreign buyers. With the Fed cutting the Federal Funds rate to 4.5% the dollar is continuing to weaken, giving  the European and Canadian curriencies tremendous purchasing power. Even if US prices continue to slip, the strong curriencies make this an optimum time to buy or build.

 Money manages and professional investors ,think we are 6mos to a year away from  bottoming , in the housing market. While builders are heavily discounting homes , the resale market is still very slow. Until sellers realize that  in order to sell their home , they must price them properly, that market will continue to lag. Inventories continue to rise and in order to compete with builders, homeownwers must price their homes more agressively. If you are not willing to do that , I would suggest that you take your home off the market until such time as it can be priced competetively. Watch the existing inventory number and do not list until that figure shows at least a 10% decrease

Ken Peyser