Kathleen West Flagler County & Palm Coast Realtor

One of the wonderful things about living in Florida, and particularly Palm Coast, is the wildlife that is here.  I particularly love the variety of birds you see here.  Below is a video that my husband shot of Sandhill Cranes that often visit our back yard.  These are beautiful birds.  Enjoy.

Matanzas Woods Market Update thru September 2009

Residential Houses

# Active: 65
Median Price: $199,000
Average Price: $219,807
# Foreclosures: 4
Median Price: $145,700
Average Price: $152,800
# Short Sales: 25
Median Price: $169,000
Average Price: $171,396
# Sold (9/09): 3
Median Price: $165,000
Average Price: $185,000
Average Days On The Market: 112
# Sold YTD: 34
Median Price: $178,000
Average Price: $192,850
Average Days On The Market: 137
# Pending to Close: 9
Median Price: $142,000
Average Price: $155,744

Contact me today to find out more about this beautiful neighborhood in Palm Coast, FL or to find out more about any of the wonderful properties available for sale.

Disclaimer: All information is based upon the Flagler County Association of Realtors MLS. All information and statistics are deemed reliable but not guaranteed.

From now until July 1, 2009 First-Time Home Buyers can enjoy a $7500 Tax Credit which is repayable over 15 years interest free ! Some Highlights of this great program are:

• The tax credit is available for first-time home buyers only (anyone who has not owned a home for the last 3 years).
• The maximum credit amount is $7,500.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

For detailed information regarding this great program visit The Federal Housing Tax Credit Website

It is not uncommon to hear the assumption that property is not selling right now. The news media leads us to believe that credit is not available. Furthermore, there is the assumption that prices may drop further. I wanted to take a moment to add some clarity to these misconceptions.

First, houses are still selling. 114 houses closed locally in September of this year with an average selling price of $186,790 and a median selling price of $170,000. The lowest being $64,500 and the highest being $470,000. Of those 114 houses closed, 37 were ‘Short Sales' and 21 were foreclosures. The foreclosures had an average of 75 days on the market compared to 148 days on the market for all properties combined. There are currently 232 houses pending close right now locally (all statistics are based upon the Flagler County Association MLS system. All statistics are deemed reliable but not guaranteed).

Second, credit is available. Obtaining a pre-approval is always the first step in making a buying decision. By obtaining a pre-approval, you determine what price range you can afford which is obviously a key component in finding a property. Obviously lending institutions are "under the microscope" in terms of qualifications (as it should be) and are scrutinizing credit history. Therefore, it is always a good idea to do the following:

1. Obtain copies of your credit history (Experian, TransUnion, and Equifax are the three major credit reporting firms). The Fair and Accurate Credit Transactions Act (FACTA) requires that everyone be able to obtain a free copy of their credit report once annually. There are also pay services which allow you to monitor your credit report at any given time.
2. Clear up any issues regarding your credit report such as pay off overdue bills, etc. For more complex issues you may want to consider contacting a financial advisor to advise on you a plan.
3. Contact a Mortgage Broker if you are not sure where to start. Mortgage Brokers are not tied to any one lending institution and therefore look at wide range of lending institutions to find you the best rate and loan that meets the buyer's needs.

Third, ‘price' is a very misunderstood area in Real Estate. We are inundated with information regarding the stock market, and many try to equate buying property in terms of buying stock in a company. There are some general similarities since property is an investment, but there are many things that are vastly different.

1. How is ‘listing price' determined? In terms of Real Estate, Market Value is defined as "the price at which a particular house, in its current condition, will sell within 30 to 90 days." This is determined by the historical sales of similar properties with similar features within the relative area (i.e. neighborhood). The challenge that arises is that properties are all unique with a wide range and features (i.e. counter tops, flooring, size of rooms, pool, so forth and so on). The goal again is to price the property as accurately as possible to sell the property within 30 to 90 days.

2. Prices are negotiable, how do I determine how much to offer? The first step when finding a property that you like is to determine if it is priced at "Market Value". This is where a Real Estate professional really comes in to play when representing you as a buyer. I look to insure that the property is priced accurately first which helps insure that the buyer is making a sound investment. The next step is to look at the current trend of selling price compared to listing price within that price range. This allows you to make an educated decision of what an attractive offer may be. There are obviously unique individual situations which can impact offers and your agent can advise you on those situations. For example, in the area of foreclosures these trend comparisons do not often hold true since the properties are often priced well below "Market Value" to begin with.

3. Aren't I better off waiting since the price will come down as time passes? That would be assuming there is no demand. The truth is that properties are still selling (an average of almost 100 per month close locally this year). Meaning that there are other buyers and there is no way to insure the property that meets your wants and needs will be available. Remember, most property for sale is being sold by an individual for whatever reason. In fact, when it comes to foreclosure properties we are seeing a rate locally of an average of 2-3 weeks from listing to contracted. I have personally encountered many situations with customers who have looked at a foreclosure property in the morning, wanted to think on it, and it was contracted either that afternoon or the next day by someone else. This is the reason I always advise my customers when looking at foreclosure properties (or any property priced below "Market Value" which is attractive) to be prepared to "move quickly". Obviously this can seem like a "sales pitch" (which is not how I conduct business), but I do not feel I am providing the best level of service without being honest in all aspects of making one of the most important buying decisions of your life.

4. Shouldn't I just rent for a while until the "market calms down"? I always look at this way, if I want housing why spend the same amount each month and not get anything back for it? Owning offers tax advantages in the form of deductions for taxes and interest that renting does not provide you. Therefore, it is my opinion that the better financial decision is to own by making an informed and educated buying decision on the best property that meets your needs and lifestyle.

5. I'm concerned that what I buy today will not be "worth" what I pay for it if I have to sell later. This is always a valid concern and should never be discounted. This also speaks directly to first four questions above and the importance of making an informed and educated buying decision. This also speaks to appreciation which is the future expected "Market Value". Remember, buying Real Estate is a long-term investment. Historically, properties often do not appreciate within the first 4-5 years and may actually "dip" in value a bit during that initial period due to a variety of reasons locally or nationally. After that initial period, properties average about 4% growth per year. Take into account that these figures are general and every locality is different depending upon a wide variety of impacts (i.e. local economy, demand in the area, condition of the area, etc.).

So to sum it all up, what is the best plan when making a decision to buy?

1. First determine your needs (i.e. size, number of bedrooms, etc.) and your wants (i.e. lifestyle). I recommend listing features out in two columns with one being "needs" and the other being "wants". The "needs" are those "must haves" such as area, family size and the number of bedrooms, schools, etc. The "wants" are those "like to haves" that can be flexible or added in the future such as granite counter tops or a pool. Obviously, the goal is to achieve getting all within he price you want but that may not always be possible so it is better to determine what you can "give up" now.

2. Know what you can afford by obtaining a pre-approval.

3. Be prepared to have money available for the down payment. In terms of foreclosures, some banks require proof that down payment funds are available as a part of the initial offer.

4. Get email alerts sent to you for properties that meet your criteria. This is a powerful buying tool. Utilizing this is a huge time saver. By communicating your needs to me, I can set up a buyer seeking to buy a property locally to get emailed properties which meet their needs as soon as they are made available in our MLS system or if any changes (i.e. price) occur on those properties. This way, you are getting that information fast and can easily just contact me and I will arrange a "showing" at the property. I always recommend that you make sure the alert system you are using is coming from an MLS system. Many of the individual professional websites offer similar automated services, but are not always direct from the local MLS and are limited to the agents participating in that particular web service. It is always better to call or email an agent directly to establish this service.

5. Make a list of 4 to 5 properties that meet your needs and visit each one. Take notes on the visit for each property. This will allow to easily get a side-by-side comparison and to arrive at a decision. We have a sheet prepared for our customers if they prefer a grid-style form.

That's why we recommend when making the decision to buy, make it a Smart Sale. . Visit our website to take advantage of our "Smart Sale" system at www.MySmartSale.com.

Matanzas Woods Market Report - June 2008

Active Residential Houses for Sale: 78
Average List Price: $239,940
Lowest List Price: $119,999
Highest List Price: $499,000

Current Pending: 6
Sold (June 2008): 4
Average Sale Price: $193,000
Average Days On Market: 214

Year-to-Date Residential Home Sales: 23
Average Number of Days on the Market: 162
Average Sales Price: $193,561
Lowest Sales Price: $118,500
Highest Sales Price: $310,000

Overall Flagler County and Palm Coast Market Updates can be found on our website at www.FlaglerResident.com/MarketUpdate

Disclaimer: All information is based upon the Flagler County Assoication of Realtors MLS as of 7/8/2008. All information may be deemed reliable, but is not guaranteed.

PS: It is a Buyer's Dream in this Market! We serve the Luxury Home Market in gated coastal, golf, and luxury communities like Hammock Beach, Hammock Dunes, Ocean Hammock, Cinnamon Beach, The Conservatory at Hammock Beach, The Gardens at Hammock Beach, Yacht Harbor Village, Ginn Sur Mer (Bahamas), Grand Haven, Palm Coast Plantation, The Sanctuary, The Tidelands, Canopy Walk, Oceanside Luxury Condos, European Village, Palm Coast Resort, The Surf Club, and More! Visit us at www.FlaglerResident.com for more information or email Kathy@FlaglerResident.com for an up-to-the minute list of Hot Properties!