·:[ The Judy Niemeyer Team Blog ]:·
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Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

February 2010: This month’s edition covers Mobile Eastern Shore real estate market activity and then we’ll offer three top tips to make sure you get the most of today’s opportunity! Features special guest Terri Murphy of US Learning. Program length: approximately 7 1/2 minutes

Judy Niemeyer of Ashurst and Niemeyer presents:

The Mobile Eastern Shore Real Estate Podcast

October 2009:

This month’s edition covers Mobile Eastern Shore real estate market activity and then we’ll focus on opportunities for buyers and sellers who to advantage of the $8,000 tax credit before the deadline!

Features special guest Terri Murphy of US Learning.

Program length: approximately 8 minutes

Baldwin County Real Estate: Bailout Bill’s Impact On Real Estate

The Emergency Economic Stabilization Act of 2008, also known as ‘the bailout bill,’ has real estate leaders talking about its impact on the industry. Dave Liniger, chairman and co-founder of RE/MAX International, offers his thoughts about the bailout, what it means to consumers and the government’s new role in real estate in an interview with RISMedia.com. Here’s what Mr. Liniger had to say:

RISMedia: What are your overall thoughts about the bailout?

Dave Liniger: The fact that the House did not approve the first version of the bill tells me they were trying to listen to the public. I hope they continue to listen. This bill is likely to go through a few changes, and a new administration and congress in January will make a lot of changes that we can’t foresee right now. But if our legislators listen to the consumer and create legislation that is truly responsive, I think it has a very good chance of having a positive impact on our industry.

RISMedia: Will the bill help restore real estate consumer confidence?

DL: Consumer confidence is really difficult to gauge. Most often it’s based upon what the media is reporting and the media pays very close attention to what the government does. So, if the reporting on this bill demonstrates some real workable solutions, the public will take notice and it may restore some confidence. But when inventories go down and buyers come back to the market, that’s when we’ll really see its impact.

RISMedia: Will the bill help restore real estate practitioner confidence? How can industry leaders help steer brokers and agents away from pointing fingers and into positive action?

DL: If the final bill addresses relevant issues, keeps families in their homes and reduces our inventory, brokers and agents will certainly see a changing market and have a more positive outlook. Our role is to keep providing motivation and practical strategies for succeeding in this market.

RISMedia: How patient do we, as an industry need to be? In your opinion, when might real estate consumers and professionals start to feel some relief from the bailout?

DL: I think it’s important that real estate professionals focus on being productive in this market. It’s hard to predict when everything will turn around. We have to work with the hand that we’ve been dealt. For consumers, sellers either need to price their home right or consider staying off the market right now. And buyers should take advantage of the high inventory and lower prices. If they’re buying to occupy a home, we’re at or near the bottom and they probably won’t do much better by waiting.

RISMedia: How can real estate practitioners work with their clients in explaining what the bailout means and how it might help them with their housing concerns?

DL: They need to read as much as they can about the government’s plan. Become familiar with the details and the various programs available to homeowners and buyers. For example, the New Home Buyer’s Tax Credit is a great program for those who haven’t owned their primary residence in the last three years.

RISMedia: What role can the industry play in helping to prevent a similar economic crisis in the future?

DL: This is a critical time for our industry and a time when I think we need to provide some leadership. When we see workable solutions proposed, we need to point them out and make sure the public understands the situation. We also need to be advocates for all those who make a living in our industry. I think these two actions are the most important right now.

Learn about Baldwin County real estate at JudySells.com or give us a call, 251-990-0569.

Search all Baldwin County real estate and homes for sale.

Rising Commodities Will Lift Mobile Bay Home Prices 

Mobile Bay home prices tend to rise with commodity prices over the long term. Currently, the Producer Price Index for construction is up 39 percent over the past five years, and prices for commodities like oil, copper, steel and cement are sky-high. Sooner or later the increasing costs of these raw materials will push home prices higher. 

As the supreme commodity, every home is full of materials like steel, wood, and copper wiring. Presently, an oversupply of homes, along with an excess of foreclosures is keeping prices low, but home prices are rooted in hard costs and will eventually adjust to reflect the price of production. 

Learn what your Mobile Bay home is worth.

Search all Mobile Bay homes for sale.

AL Eastern Shore Real Estate: Your Tax Dollars At Work

There’s been a lot in the news recently about the government takeover of government-sponsored enterprises Fannie Mae and Freddie Mac. But what does that mean for the AL Eastern Shore real estate market?

These agencies guarantee more than 40 percent of the nation’s mortgages and own or guarantee more than $5 trillion worth of mortgages, so assuring their continued operation is crucial in the current economic environment. 

The government’s actions aimed to restore confidence and bring stability and continued liquidity to the nation’s mortgage market. Interest rates came down immediately after the takeover, and it’s likely that this will keep them low for some time to come. 

Buyers benefit from lower rates, and sellers benefit from the increased demand created by buyers entering the market.

Learn more about AL Eastern Shore real estate at JudySells.com or give us a call, 251-990-0569.

Search all AL Eastern Shore real estate and homes for sale.

The National Association of Realtors, yesterday, praised the Senate for passing the Economic Stabilization Act. Below is what the NAR President had to say (keep in mind, this bill still needs to pass in the house):

WASHINGTON, October 02, 2008

The National Association of Realtors^®  commends the U.S. Senate for passing the Emergency Economic Stabilization Act of 2008. The Senate’s bold action will help the country emerge from the current credit crisis and put the economy back on its way to improved financial and housing stability.

“This far-reaching and meaningful legislation would go a long way in helping restore confidence in the nation’s financial system,” said NAR President Richard F. Gaylord. “Provisions in the bill would directly benefit Main Street by making financing more available. The legislation would not only help make home mortgages more available, which would help stabilize home sales and prices, but also help families who are trying to secure a car loan or borrow money to send their children to college. It would help protect Americans’ retirement savings and small businesses across the country.”

The act would require financial institutions to work with lenders and mortgage servicers to find ways to avoid foreclosures. It would also create a Troubled Asset Relief Program to purchase and guarantee the troubled assets from financial institutions that hold mortgages or mortgage-backed securities.

“If done right, the cost of such a plan will possibly be below the figures that have been widely reported,” said NAR Chief Economist Lawrence Yun. “In fact there is a very good chance that taxpayers will reap a positive return on this investment over the long term.”

“By unclogging the financial pipeline, liquidity will be greatly improved and mortgages will become more accessible and affordable, allowing families who dream of owning a home to do so and at the same time help current owners keep the home they have,” Gaylord said.

“There will not be an economic recovery without a housing recovery, and this ambitious legislation is what our economy needs. We will work hard with the House of Representatives and the administration to ensure a quick and smooth enactment and implementation,” said Gaylord.

In the past, owning a home has always been perceived as a major component of the “American Dream.”  Unfortunately, because of the recent real estate market activity, home-ownership is often seen now as more of a nightmare than a dream.  But that doesn’t have to be the case!  Even in a slower economy, purchasing Mobile/Eastern Shore AL real estate can still be a step toward achieving your own “American Dream!” 

Inman News offers some reasons why home ownership still has benefits and advantages, including:

• The opportunity to build equity and create wealth over time.
• Protection from rent increases or eviction at the whim of a landlord.
• The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
• The freedom — design review boards notwithstanding — to improve, remodel or redecorate to suit one’s own style and budget.
• A variety of lucrative income-tax breaks.
• Pride of ownership and a greater sense of security and stability.

 So, if you are thinking of purchasing Mobile/Eastern Shore AL real estate, now is the time!  Don’t let the negative media attention on the market get you down – home ownership is still an attainable goal and a big part of the American Dream.

If you are ready to begin looking at Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com. 

A modest gain in the level of Mobile/Eastern Shore AL real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

This is a great time to consider buying Mobile/Eastern Shore AL real estate.  To learn more about the current Mobile/Eastern Shore AL real estate market, please call me at 866-560-7474 or visit JudySells.com. 

As I reported recently, Fannie Mae is now requiring only a 3% down payment on all loans processed through its Desktop Underwriter® program.  This is great news for buyers who can take advantage of this program.

If you are in the market for a conventional mortgage, however, the news may not be so promising.  As this article from the Real Estate Journal explains, mortgage interest rates are climbing again at an alarming rate, and it is in Mobile AL real estate buyers’ best interests to lock in a low rate now.  Due to fears of inflation, the average interest rate on a typical 30-year fixed loan has spiked to 6.02% from 5.82% in just a week. 

To see how this spike would increase your mortgage payments, consider this:  as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.  For example, on a $300,000 mortgage, the current increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.

To learn more about Mobile AL real estate, or for a referral to a reputable lender who can explain your options when it comes to interest rates, please call me at 866-560-7474 or visit JudySells.com. 

Fannie Mae has announced down payment requirements will be lowered from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, as of June 1.  Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.

This initiative, part of Fannie Mae’s “Keys To Recovery” campaign, will apply to borrowers all across the country, regardless of local market conditions.  Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Mobile AL real estate market!

Read the full article here, and please email me me or call me at 866-560-7474 if you need a referral to a reputable local lender!  To learn more about Mobile AL real estate, please visit JudySells.com, or visit the MLS to begin searching homes.