Farmer’s Market to Resume in Rosemary Beach

Starting May 5, the 30A Farmer’s Market is coming to Rosemary Beach in the Town Center rain or shine, every Sunday year round from 9am-2pm and on Thursdays starting May 30 through Labor Day weekend from 9am-2pm.

The 30A Farmer’s Market will feature the best of locally grown farm fresh fruits and vegetables, eggs, beef, and chicken, fresh local seafood, artisan bread, homemade pastas, sauces, meatballs, BBQ sauce, local honey, grits, herbs, olive oil and vinegars, preserves, salsa’s and chow-chows.

It’s an International Farmer’s Market Event with food from around the world including homemade Greek food, Greek pastries, many delicious baked cakes, pies, tarts and cupcakes. Try the Gelato and wonderful jams, and take home fresh flowers to dress up any room.

Mortgage Forgiveness Debt Relief Act Future?

NEW YORK (CNNMoney) — The clock is ticking on a taxbreak that saves struggling homeowners from paying thousands of dollars to the IRS.

If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.

So if you owe $150,000 on your home and it sells for $100,000 in a foreclosure auction, the IRS could tax you on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure.  Similar taxes would apply for forgiven amounts in short sales and principal reductions.

“People trying to do short sales are freaked out about it,” said Elizabeth Weintraub, a real estate agent in Sacramento, Calif. “They’re telling me they’ll do whatever it takes to close by the end of the year.”

Should the tax break expire, a large number of mortgage borrowers could be affected. More than 50,000 homeowners go through foreclosure each month.Meanwhile, the number of short saleshas tripled over the past three years to a rate of about half a million a year.And, under the terms of the $25 billion foreclosure abuse settlement, roughly one million borrowers may have their mortgage debt lowered through principal reductions over the next couple of years.

“If there ever was a no-brainer in housing policy, this would be it,” said Jaret Seiberg, a policy analyst for Guggenheim Securities.

Yet, Seiberg is skeptical the exemption will get extended. Now that the election is over, he thinks Congress will be heading into a “lame duck” session, with very little legislation moving forward through the end of the year.

In addition, the cost of the exemption could make it a point of contention, he said. The office of Sen. Max Baucus, who heads the finance committee, estimated the cost of a one-year extension at $1.3 billion.

Others disagree. Tom Kolpien, the press secretary forRep. Tom Reed of New York, said Congress will likely act before the end of the year. (Reed is currently pushing for the extension on the House Ways and Means Committee).

“Both parties, both houses of Congress agree it’s good policy and it needs to get done,” said Jamie Gregory, chief lobbyist for the National Association of Realtors, which supports an extension. “The hold up is the process. I’m confident it will get done. I just don’t know how.”

Even if Congress allowed the exemption to expire, not all borrowers withforgiven mortgage debt will take a tax hit. If the debt is discharged in a bankruptcy, no tax is due. And anyone who is insolvent — meaning they have more debt than assets — at the time the debt was forgiven — would not have to pay the tax.

Real Estate Prices on the Rise

For local information about the Destin, Santa Rosa Beach, Niceville, and Crestview areas, contact me at MykeSaysSold@aol.com  850-305-6256

Rental Market Tightens, Prices Rise

By: Krista Franks Brock

Demand in the single-family rental market continues to expand even as inventory tightens, according to the latest MarketPulse report from CoreLogic. Comparing lease rates, supply, pricing, and the ratio between bid prices and asking prices clearly demonstrates an increasingly tightening market.

“[S]ome of the new demand is being driven by former homeowners who have experienced foreclosure,” CoreLogic stated in its report. As a result, markets experiencing the greatest growth in single-family rental demand are the same markets that were hardest hit by the housing crisis, including Florida, California, and Arizona.

Nationally, single-family leases were up 7 percent in August year-over-year and have shown a 12 percent increase year-to-date. The August data is not an anomaly but a growing trend, according to CoreLogic, which reported leasing volumes rising sequentially each month over the last two years.

At the same time, inventory has been decreasing. In August, single-family rental inventory was down 11 percent from a year earlier.

The market held about 2.6 months’ supply in August. A year earlier, supply was at about 3.2 months.

Inventory declined sharply this past summer with a strong rise in closings, according to CoreLogic.

Listings are being rented faster. In August, a listing took about six weeks to rent, down from eight weeks a few years ago in 2009.

After declining for two years, rental prices have been on the rise since 2011, rising 2 percent over the year in 2011 and 1 percent year-to-date in 2012.

CoreLogic expects rental prices to continue to rise throughout the rest of this year and next. Rental prices are generally less volatile than home prices, and home prices have experienced increases of late.

The ratio between listing rent and actual rent paid is another indicator that points to a tightening in the single-family rental market. Two years ago when rental prices were declining and inventory was higher, the spread was about 4 percent. Today it stands at about 2 percent.

“[A] weak labor market, tight underwriting for owner-occupied properties and elevated foreclosures will ensure continued strong demand for single-family rentals,” according to CoreLogic.

Market Report on Miramar Beach Florida

Miramar Beach Summary

The median sales price for homes in Miramar Beach FL for Jul 12 to Sep 12 was $250,000. This represents a decline of 0.8%, or $2,000, compared to the prior quarter and an increase of 8.7% compared to the prior year. Sales prices have depreciated 38.2% over the last 5 years in Miramar Beach. The average listing price for Miramar Beach homes for sale on Trulia was $588,757 for the week ending Oct 03, which represents a decline of 1.7%, or $10,065, compared to the prior week and a decline of 2.9%, or $17,327, compared to the week ending Sep 12. Average price per square foot for Miramar Beach FL was $168, a decrease of 6.1% compared to the same period last year.

 Miramar Beach average property price

Danger List for FSBO home sellers

Terry Murphy, author and Realtor, often assists sellers in marketing their homes after they become frustrated with a “FSBO” effort. Here are Murphy’s top five tips to sellers:

1. Your home may not be worth what you think The biggest shock most sellers face is the true value of their homes, either determined by one or more agents in comparative market analysis (CMA) reports or through actual offers from buyers. The reality is that markets change, and home values rise and fall. Many factors affect home values, and most of them are subjective and difficult to measure.

2. People won’t love your home like you do You love your home and fully expect others to appreciate the same qualities in it that you do, but buyers have their own lifestyles, preferences, tastes and attitudes. The chances of finding a buyer who will want your home “as is” are slim to none. In fact, buyers will look at your home with an eye to how they can make it their own.

3. Sooner or later you will lose your temper The buyer, in order to improve bargaining leverage, may pick your home apart. Many of the buyer’s complaints and requests for repairs will be legitimate, but some may not. In fact, some requests can be outrageous.

4. Unexpected showings Buyers aren’t going to operate on your schedule. When your home is put on the market, you won’t have just your own Realtor showing your home, you may have dozens of Realtors and their clients wanting to see the home at almost anytime of the day or evening. There is no reason for an unaccompanied buyer to be in your home for any reason. Just say no.

5. Buyer rudeness Every day, we each experience rudeness in society. People don’t RSVP in time for the party; they don’t write thank-you notes anymore; they get in the express line with at least 20 items; and they are turning road rage into a national pastime. So why be surprised when buyers visit your home and leave their sweaty McDonald’s cup on your coffee table? Be ready for some rudeness.

Market Changing in Destin/Santa Rosa Beach/Niceville

Deals are going fast in the Destin Market.  If you were waiting for the prices to dro1p some more, you will be missing your best opportunity to get a good deal.  Multiple offers are coming in on anything that is “the deal”. Act  now or you will have mis1sed your chance.  Interest rates are still low, so NOW is the time to make your move!Imageime  www.DestinHomeRealtor.com

Mortgages for Foreclosure Purchase and Repairs

Purchasing foreclosures also means discounts, but with the markdown is the price of repairs. According to RealtyTrac, foreclosures or REOs sold at an average discount of 27 percent compared to non-distressed properties in the first quarter of 2012.  Through an FHA 203(k) loan, potential buyers who want to purchase a discounted foreclosure but don’t have cash for the repairs may find a way to receive financing.

According to HUD, the 203(k) program is the department’s main program for rehabilitating and repairing single family properties, and it’s viewed as an important tool to revitalize neighborhoods.

In order to be eligible, the property must be purchased as a primary residence or it can be for a HUD approved nonprofit. Also, the property must be a one-to four-family residence that has been completed for at least one year.

Dan Green, loan officer with Waterstone Mortgage and author of themortgagereports.com, explained that FHA 203(k) program can be used on any 1-4 unit residential property, and is not limited to just HUD properties or foreclosures.

The maximum amount that can be taken out for the property is based on the value or the purchase price of the property before rehabilitation (whichever is less), plus the estimated cost of rehabilitation or 110 percent of the property after improvements, according to HUD.

A down payment is required, and the minimal amount for a down payment is 3.5 percent of the accepted bid price plus the cost of financing additional repairs.

Since there is more “file” to underwrite for an FHA 203(k) loan, Green said the approval process takes longer than a standard FHA mortgage.

“FHA 203k approvals take more time, but are no more difficult than any other mortgage type,” said Green. “Borrowers should expect to provide the documentation required, and should respond to loan officer requests in a timely manner

There are a limited number of banks who offer these loans, so contact me at 850-305-6256 for more information on who offers these in the Destin/Niceville/Crestview/Fort Walton Beach/Navarre areas.

Help for Short Sale Process

The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.

The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer

will be limited to one extension of no more than 21 days.

The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.

According to a release from Short Sale New England, short sale homes do not bring down neighboring home values like foreclosed homes do, and 83 percent of short sale buyers are satisfied with their purchase, according to a 2012 Home Ownership Satisfaction Survey conducted by HomeGain.

“The current short sale process can be time consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said Moe Veissi, president of the National Association of Realtors. “As the leading advocate for homeownership, realtors are supportive of any effort to improve the process for approving short sales.”

Equi-Trax released a survey last year on the issues real estate agents face when completing short sales. Guy Taylor, CEO at Equi-Trax, said 71.9 percent of respondents reported that a short sale can take four to nine months to complete, and they think that is simply too long.”

The survey also found that 18.2 percent of deals require less than three months to complete, with 10 percent requiring more than 10 months.

When agents in the survey were asked to how the short sale process can be improved, 57.6 percent said lenders should take less time to close transactions, 14 percent said borrowers should be better educated about short sales, and 40.4 percent said both of these changes are necessary to improve the process.

In April 2011, a similar bill was introduced by Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey), but this version requested a response deadline of 45 days instead of 75 from lenders. The legislation never came up for debate before a House committee.