Heath Coker, Real Estate Broker

The latest real estate sales reports and numbers indicate that the market in many areas has stopped falling. This is good news for California real estate and Florida property owners. For a long time they have been leading in the "falling prices" category of real estate reporting. But now they are said to be leading in the return to normalcy. The largest states once again were the areas of greatest activity for those starting to look for property. Large states like NY, CA, PA, and TX, IL, FL all received some of the most inquiries in the month of October. Other states with lots of towns and large populations like, IA, OH, MN, and MO were also being scoured for real estate deals.

Then there were those that make me want to research the local economies more and find out what may be developing there. Some of these aren't the largest states, but they had some of the most activity from Internet searchers. Could these areas be courting new jobs? Or have they already attracted some new economic bounty that I have yet to hear about? The states with the most searches per town in October were NM, ID, VT, NH, NV, FL, MS, AZ, TX, WI. Some of the states in this list are the same as the as those in the other list which makes me research them first. Being on both lists adds weight to a possibly good economic future. (I wish the state where my office is located was on one of the lists.)

Once again, I find that although knowing where sales have happened is useful, knowing where they are starting to happen can get me ahead of those also looking for improving investment areas.

Happy Selling and Listing!

I have been talking to a few lenders and there is a way for some buyers to get a house without having a mortgage payment. There are specific criteria that have to be complied with, and the buyer does need some cash, but it can really be done. If you can apply this as a real estate agent, or if you can show this to the real estate broker helping you find a house, it is definitely an option to explore.

The new limits for a reverse mortgage may help more homes get bought. Here is how. First, this must be for a primary residence. Next, the buyer needs to be at least 62 years old. Then, the buyer needs to have enough cash to cover around half of the value of the home (the actual amount is dependent on their age.) The amount of cash needed is also relative to the value of the house, so those of you in higher priced real estate markets may have more obstacles. Credit is not an issue or a factor in a reverse mortgage. The home must be able to be lived in. The reverse mortgage funds would be used to pay the difference between the available cash for down payment and the purchase price. When completed, the buyer would have no mortgage payments, because that is how a reverse mortgage works. The reverse mortgage is only due to be paid at the next conveyance of the property. Thus, for an older buyer with a cash down payment, they can live in a home with no mortgage payments as long as they want to.

Here is an example. PLEASE NOTE: The numbers used here are only for explanation! The true amounts will vary due to age, interest rates at the time, and the value of the property. ALSO, I am not a mortgage originator so everything here should be verified by a true reverse mortgage professional.

The Example: A $100,000 house. Buyer is 62 with $50K to put toward the purchase. The reverse mortgage pays the other $50K, and there are no monthly payments. So for $50K, they get to buy a $100K house and not have a monthly mortgage payment. The mortgage only has to be repaid when the house transfers to another owner.

So, if you know someone with "a little cash", they really can get a house with no mortgage payments, if all the variables fit. Check it out!

My blog is usually full of facts and reports of the market in different parts of the country. But today, these pictures are offered to help calm the stress and pressure of the next few days. The water is peaceful, the colors are expansive and the time is reflective.

Market reports are starting to come in from various parts of the country that the turn around has begun. The election is only a few days from history. So I am taking a few minutes to relax and get ready for the work to begin!

I hope you have great end of the year rally! Happy Listing and Selling!

How many people get to:
Drive their kids to school every morning so you can start their day with a laugh and positive comments?
Drive by the beach and watch the sunrise every morning?
Occasionally take a heated, enclosed ferryboat to an island, where there is a comfortable house and more beaches?
Look for seals, watch the gulls, see the colors in the trees surrounding a picturesque New England shoreline?

Falmouth, MA is reputed to have more waterfront than any other town in the United States.
It is one of the largest towns on Cape Cod, and I think it is the best year round town to live in or visit.
You can get a great meal year round, shop, and stroll the beaches.

Lately, I have been reminding myself that I get to live in a place that people come to for vacation.
It has all that a big city has to offer, except high taxes and busy-ness.

The ferry I am on from Falmouth to Vineyard Haven is a 45 minute ride that can be either peaceful or stormy.
Today I am glad that the water is like glass, there is more sun than clouds, and the temperature is only chilly.
It will be a great ride to set my mind to get the things done on the Vineyard that will help another homeowner.

The chart below is a visual representation of single family home sales in Falmouth MA over the last 10 years. As can be seen, there was definitely a peak in 2006. Since that time there has been a steady decline in the number of sales.

Well, is this good news? Many real estate analysts say that real estate works in 10 year cycles. So it the peak was in 2006, we must be at or near the bottom of the downturn. When you add in the lowest interest rates in awhile and the availability of foreclosed properties, there are some opportunities to buy at good values - even in the current turmoil.

So if you are considering Falmouth as an investment or as a place to settle down, now is the time to get a good real estate broker, or an agent if you can't find a broker, to "bird-dog" for you. I recently found one buyer a home that meets all their criteria - after 10 months of patient looking.

Its a beautiful day on Cape Cod!

Heath Coker, Cape Group, 508-548-8888