Crystal McCall CDPE,CIAS,ABR,CRS,CRB,GRI,CIPS

The Senate has truly attempted to bring a kick into our somewhat slower real estate market.

This tax credit is not limited to first time home buyers, but all buyers in 2009. It is said to affect at least 500,000 buyers which should stimulate the market everywhere. It is a very powerful incentive and should get things going all around the country. As we have seen, the slowdown in the housing market has greatly affected all industries as it truly has become a trickle down throughout the economy. This will be a tax credit available to all purchasers of a principle residence for one year after its date of enactment. This would not need to be repaid and buyers could claim it against their 2008 and 2009 tax returns.

The purpose of this credit is hope to increase real estate sales, create jobs and create consumer confidence in the real estate market.

Crystal McCall

www.CrystalMcCall.com

Bunco Babes Ocala hosted a great evening for Realtors, their clients,closing agents, and many more lovely folks supporting Breast Cancer Research Foundation. It was a great evening of Bunco( a fun dice game), silent actions, door prizes donated by many local attorneys, physicians and merchants in the Ocala area. It was so exciting as Survivors were recognized for their fight against cancer! The heavy hors d'oeuvres were great featuring fresh vegetables, dips and swedish meatballs and provided by Woodlea Gardens. Great job providing healthy food. The overall winner received a Tacori Diamond Pink Ribbon necklace valued at over $ 2000 donated by Klaus Fine Jewelry located in Gainesville, FL. The best part about Bunco, the biggest loser also wins! Thanks again to all the great sponsors, Daniel Hightower, PA, Klaus Fine Jewelry, Christine Harter, PA, Woodlea Gardens catering, Yvette Gaya--Zoom Treatment, The Aesthic Center and Aqua Med Spa, Advanced Aesthetics, Graphics Plus and man y more local merchants. Attended by 200 folks, many dressed in Pink to support the event. This fun evening was put together by the Bunco Babes of Ocala. Looking forward to next year!

SHORT SALE CONFUSION IS ON GOING

We are being overwhelmed with the media talking about "short sales" and bank foreclosures and yet there is a big difference between the two transactions. People tend to think that you will get the "best deal" if you can buy one of these properties. "Short sale" properties are any thing but a short sale! You have to be very patient and understand that the listed price is not what the bank has agreed to accept for this property as there is a deficiency between the mortgage owed and the sales price. Thus creating the short sale----the sales price is not enough to pay off the mortgage and the bank is short on the payoff and has to decide on what they are willing to loose.

Traditionally, listing agents place these properties on the market at any price they decide on, usually less than the going price for the comparable property. Then a buyer comes along and decides to make a "low ball" offer. Then the buyer cannot understand why the bank counteroffers, many times six weeks or three months later with a higher price than the listed price. This is because the bank rarely gives a seller or Realtor a price on the property until there is an offer. Not a very intelligent path of pricing but yet the banks have chosen to do this.

We have a few situations where the banks are getting their acts together and are now having a current appraisal done to assist the Realtor with marketing this property at an acceptable price. This is now called the "preapproved by the bank short sale."

The main requirement for a bank to entertain a "short sale" is that the mortgagor must be suffering from some type of hardship such as loss of employment or extended illness.

The main difference between the "short sale" and a foreclosure or bank owned property is a "short sale" property is still owned by the seller. A foreclosed or bank owned property has completed through the legal process of foreclosure and is owned by the bank and the bank can make all the decisions regarding the sale of the property.

Most important, when purchasing a "short sale" or foreclosed property, insist on a title insurance policy from a reputable title insurance company. This guarantees that the title that you are receiving for this property is free and clear of prior liens including any tax liens on the property.

In conclusion, look for foreclosed properties in order to avoid any challenges. These are ready to be purchased. The "short sale" can tie you up and cost you more in the end.

Crystal McCall, Keller Williams Cornerstone Realty

Realtor, CRS, CRB, ABR, CIPS, e-Pro, Cyberstar

Crystal@CrystalMcCall.com

http://www.CrystalMcCall.com

WE ARE DESPERATE TO SELL OUR HOME, WHAT DO WE DO????

This has become a daily challenge to many Americans across our country. We are very use to the
normal process of people selling their homes so that they can move up and buy a new home, just
because they want one. Today, we have families faced with the challenge of loosing their homes
not only because of changing mortgage interest rates which make it prohibitive for the homeowner
to pay the mortgage, but now we have job lay-offs, severe unemployment and many other factors
facing homeowners causing the feeling "we are desperate to sell our home, what do we do?"

Today we are experiencing the real estate market of "effective pricing". Many neighborhoods are
having foreclosed properties pop up all around them and these are the only properties selling, which
are causing the prices to decline all around them. Price Reductions are an urgent factor of successful
selling in 2008-2009.

I had the pleasure of spending some time with David Knox, an international sales trainer in the real estate industry at the National Association of Realtors convention this month in Orlando, Fl . He is a top authority on Pricing, Negotiating, and Selling Real estate and has trained for the Certified Residential Specialist cadre as a top instructor since 1979 and writes the courses for successful real estate agents all over the
world.

Knox has long been teaching the effectiveness of pricing the property correctly from the beginning.
He encourages sellers to review how many properties have expired this year as the competitions around
them have long sold while prices have been declining. What do you think would happen if the property
is priced great from the beginning? It would SELL!

We have long heard dialogue such as "Couldn't we just try it at a higher price?" "We can always come
down" and "they can always make an offer". Yes, all these things can happen but they do not today!

I have not heard one buyer say, "show me nice homes and then we can make an offer." The conversation
goes more like this, "I only want to look at foreclosures or short sales. My money has gone backwards
and I want a great buy or we won't buy!"

If you really need or want to sell, price it right from the beginning. Pricing is like the Electoral
College. It is fine tuned. Yes or no-sell or stay. There is no in between.

When you are pricing your property today, look beyond your personal needs and property. You have to
understand the Buyer is influenced by the media sharing stories of declining markets all over the
country. They do not discuss the area that has held its value. Look at the number of foreclosures in
your community and what you do not know, how many pending foreclosures that will come on the market
as your competition.

This is the time to focus on net gain. Not what your appraisal was in 2005. Price it in front of what
your appraisal would be today. Also, consider the absorption rate of sales in your market. Your local
Realtor can help you with this. You have to consider how many sales are taking place versus the inventory
available.

Consider the end, what you buy today to replace your current property, hopefully will be purchased in the
same lower priced market you sell in. The value increase expected over the next 5-10 years will then be
available for a gain in your market price.

Further information needed, please feel free to contact me at Crystal@CrystalMcCall.com or visit http://www.CrystalMcCall.com

With a surplus of homes on the market, it is defiantly a buyer's market. There have never been so many opportunities to buy a home at such a reduced rate. Mortgage rates are low so what's that delay? Given the recent news with the mortgage crisis and bank failures, many banks have tightened their guidelines. But does this mean that banks aren't lending? No! Qualified borrowers are still getting loans.

If you are just starting out in housing market or are just wondering what the guidelines are in this market, here are few tips to get ready:

1.) Build a savings for a down payment: Yes, 100% financing is gone and will not be back in the foreseeable future. Buyers need to be prepared to put down between 5%-20% on a home to secure conventional financing with a bank. Those putting down the lower of the down payments will only end up paying more in mortgage insurance. Some buyer's who qualify will be allowed to put down a lower amount through FHA loans depending on the program.

2.) Emergency funds: With an uncertain economy, the latest advice to all home owners is to save at least 6 months of mortgage payments for emergencies. Banks like to see reserves; it gives them the added assurance that you have some cash flow. There are insurance plans out there that are available for coverage of the mortgage in the case of job loss (Job Loss Insurance), but as with anything, there is fine print and you may not qualify in certain situations. It's a nice idea to purchase something like this for added assurance, but the money reserves in the bank is the best way to protect yourself.

3.) Choose a qualified Mortgage Originator: Get a referral from people in the market - such as local Realtors , friends or trusted colleagues. Look for someone with plenty of experience and follow up with internet research to see if there is any feedback on them positive or negative. It's important to also make sure your mortgage originator will take your needs and situation into account when helping you choose a mortgage program. Make sure they have plenty of experience in working with FHA loans (FHA certified). FHA has guidelines that originators must go through to gain that status.

4.) Get Pre-qualified: Now that you have chosen who you are going to work with for a mortgage, it's time to get pre-qualified. This is the best time to learn how much house you can afford, what programs you will qualify for, what the rates and loan details will be and what you need to do to make the process go smoothly and quickly. You may find that in order to qualify for a better loan program, you need to make a few adjustments to credit or bills or, clear up an error. Plus you will learn what you need to gather for the bank in order to expedite your loan when you are ready to make an offer.

5.) Read the Fine Print: Sometimes mortgage programs can offer great deals with rates lower than everyone else, If it sounds too good to be true, it just may be. Check out the fine print on the mortgage to make sure you are getting the type of program you think you are. Some programs only offer a low rate for a certain period of time before it changes. Be aware of what program you are agreeing to before you make an offer on a house. A reputable mortgage originator should explain each program to you. Be an informed consumer and do your research before agreeing to a program.

6.) Home Shopping - Find a Realtor: If you are ready to shop homes, it's time to choose a Realtor. It's a good idea to find a Realtor who knows the market you are interested in very well. Make sure you communicate your needs to the Realtor ahead of time. Start with identifying the types of neighborhoods you are looking for, size of home, details such as schools or land and any amenities that matter to you. Realtors will be able help you determine if a neighborhood is a good buy based on its ability to hold its value or if it's on the decline due to excessive foreclosures or other issues - this gives you the opportunity to get the most for your investment. If its great deal you are looking for, it's a good idea to also look for a Realtor who is also specialized in short sales and foreclosures - they can search many databases to find you a great deal. When ready to make an offer, your Realtor will walk you through the process of the offer and contract contingencies.

7.) Lock that rate! Once you are ready to make an offer, speak to your loan originator about locking your mortgage rate. In these uncertain times of market fluctuations, a small increase can make a difference in payment.

Shopping for a home can be an exciting time. There have never been so many great buys on the market at once. When qualified, you will find yourself with many opportunities to get the house of your dreams. This is a buyer market so take advantage of what it has to offer!! Following practical advice with experienced, qualified professionals will make the difference between smooth sailing and choppy waters ahead.

If you are interested in learning more about the Ocala area and The Villages or want more home buying advice, please visit my websites Crystal McCall.com and Ocala Home Source or give me a call!

If you are looking for advice or want to take advantage of what the real estate market in the Ocala area and The Villages has to offer, don't hesitate to contact me! I will be happy to help.

Crystal McCall
Keller Williams Cornerstone Realty
Serving Ocala-Marion County, Summerfield and The Villages
Toll Free: (800) 391-8354 Ext:0
Local: (352) 547-1077 The Villages: (352) 267-7846
Email: Crystal@CrystalMcCall.com