Lorna Presswood

Galveston Real Estate and Loans

Just a few tips on getting mortgage loans on Galveston Real Estate...

People often tell me that buyers can't get a mortgage these days.

I can tell you that is absolutely not true!

Mortgages are readily available, even on seemingly hard to finance properties. Conventional loans, FHA, VA, HOMESTEPS, HOMEPATH, Investor and Second-home loans are available on condos and houses in Galveston.

Many of the Galveston condo developments won't qualify for conventional loans if they are more than 60% investor or developer owned. There are bank loans that can be had as an alternative.

Be sure to ask me about this if you are an investor/second-home purchaser and want to buy into a popular development.

Many times I can refer you to a lender with a good loan package and good rates. On First-time buyers there are incentives and low down-payments with FHA.

Also:

First Time Homebuyer Program with the City of Galveston:

First Time Homebuyer Program The City of Galveston, through its Homebuyer Assistant Program (HAP) will provide eligible residents with $5,000-$14,000 in Home Investment Partnership Program funds to assist with downpayment, closing costs, and gap financing toward the purchase of their first home. (*Must be primary residence)

Eligible homebuyers must meet HUD#8217s income requirements; be a legal resident/citizen of the United States; be able to qualify for a mortgage loan; complete an eight-hour homebuyer education class; the selected home must meet minimum property standards and be located on Galveston Island.For additional information on the Housing Assistance Program, please contact the Grants and Housing Department at (409) 797-3820

Whether it's a condo or beach house or historic home, there are plenty of loans available!

I would suggest speaking with your bank and also contacting an experienced lender that I've worked with on many Galveston property purchases.

* Be very careful of using online lenders. Some are disreputable and misleading and don't trust the rates unless you have a written pre-approval letter. Always go with a lender you can trust and one familiar with Galveston specific real estate is almost imperative.

For information on finding the right loan for your Galveston Real Estate purchase and pre-approval, email me anytime with questions or call me: 409.526.7959.

There's a loan for YOU!

Selling with Photos

I'm a hobby photographer and I also know the value of using photography in my real estate business.

I live and work on an island, and most of the real estate in Galveston is second-home and investor oriented. It helps to use photography to show the life and beauty of the place where you are selling real estate.

It's very important to have good quality photos of your real estate listings, but it's also important to show people the neighborhoods, the small creeks and parks, the surrounding landscape or the beach and palm trees...just depending on your local area.

When listing a property be sure your photos are well-lit and full of color. Don't alter the actual items in the photo, but by all means...lean to lighten and put more warm color into your house photos. If you can't do it yourself, find someone that can help you.

I've seen photos keep listings from selling. A "junky" room full of clutter and bad lighting can keep a property from selling.

( Don't let a photo full of clutter with poor lighting keep your listing from being appealing!)

As far as other photos, you don't have to be an expert photographer to take some nice photos of the neighborhood, maybe kids walking from school on a sunny day...maybe a beautiful sunrise through the trees to the entrance of your local neighborhood. If you have your own personal website, put some photos of the city and neighborhoods where you sell.

Consumers and people researching an area to buy love photos.

They like the quick satisfaction of a photo and like they say, " ...a photo is worth a thousand words!"

Galveston Condos and Pets

When searching for a condo to buy in Galveston, Texas be sure to ask about whether pets are allowed.

Many potential buyers are disappointed when they later find out that their cherished pet is not allowed in the development.

We do have many condo developments on Galveston Island that do allow pets. Some that do allow pets are Oceangrove, The Breakers, By the Sea and The Palms. There are a few others, ask me about this in your property search!

It's always best for Realtors© and buyers of Galveston Real Estate to keep this on the list when looking for property.

We all love our pets, and we also love the beach!

The Real Estate Market in Galveston

Galveston, Texas and its real estate market has always been a little more unscathed by national trends; the reason for this is because Galveston Island is a resort community and heavily investor owned and second-home owned.

Even in a down or buyers market, our vacation rental industry still makes huge profits.

When prices are lower, wise investors or second-home buyers know it's time to buy!

The real estate market in Galveston today is a great time for every type of buyer to get in one great prices. You can own a small condo at Casa Del Mar for as little as 50K...you can save 100K on a beach house on Galveston's west end, or you could get a luxury condo at Oceangrove for thousands less than top market price and use it for income.

Our market in Galveston will have some foreclosures and short-sale's but not like the rest of the country. If a short-sale or foreclosure is on the market they will be few and far between. Most of the time they are also sold fast.

If you're looking for a second-home or plan to buy an investment property to put into Galveston Vacation Rental, you'll be pleasantly surprised to see that when the market goes up or down, you will still earn your profits.

Galveston Island is a great family oriented place for vacations close to Houston, and our island stays packed despite an up or down economy, and our real estate market in Galveston is full of great priced properties for every type of buyer!

Galveston Condo vs. Galveston Beach House

Many potential buyers already have in mind exactly what they want to buy...but sometimes I get asked: Which property would be best a condo, or a beach house?

Beach homes and condos are both great investments as well as excellent properties for family vacations and weekends. Condos offer lower maintenance, most H.O.A.'s provide insurance within their monthly fee, and they are easy to care for and overall wise investment choices.

Beach Homes do have insurance requirements but normally have very little in the way of H.O.A. fees and also provide for more space. Homes are also great if you have pets that you like to take with you to the beach!

As far as Galveston vacation rental income, the closer you can get your beach house to the water, the better! Homes will make more money in general than condos, although there are some exceptions. The higher-end luxury condos at Pointe West, Palisade Palms and Oceangrove...to name a few, normally gross as much as some of the more lucrative beach homes.

Most condo developments don't allow pets, but there are several that do. Be sure to ask me about this if you are looking for a condo and plan to have your pet. Also, many of our condos on the island are sold furnished and are ready to be occupied with either you and your family or vacation renters.

Beach homes allow you to use the yard and green space around your house and gives you a more private feel. When buying a beach home, you normally will have more room and storage than in a condo, but many of our condo developments have amenities that can't be beat, such as pools, tennis courts, lobby and meeting rooms and workout rooms!

For more information and questions, also..what HOT DEALS we have in Galveston right now, email me or call me. I look forward to hearing from you!