Mobile Bay Real Estate: Regulatory Reform Expected With Obama Presidency

Mobile Bay Real Estate: Regulatory Reform Expected With Obama Presidency

The upcoming presidential transition comes at a time of great challenges within the housing industry and the economy at large. Consequently, many are wondering what a Barack Obama presidency will mean for real estate and housing issues.

National Association of Realtors analysts expect the Obama administration and the new Democratic-controlled Congress to focus on regulatory reform of the financial services industry, with potential changes to Fannie Mae and Freddie Mac.

This fall, Obama responded to Realtor® Magazine‘s questions about the mortgage crisis, sustainable development, housing affordability and other topics. Read the interview here.

If you want to learn about Mobile Bay real estate, please contact us at 251-990-0569 or visit JudySells.com. 

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Mobile Bay Real Estate And Homes For Sale: 450 Village Drive

Mobile Bay Real Estate And Homes For Sale:

450 Village Drive, Daphne AL 36526
MLS# 131381

MONTROSE VILLAGE IN DAPHNE, AL– MINUTES TO MOBILE. 130 FRONT FEET PLUS 5 ACRES ON MOBILE BAY. INCREDIBLE VIEWS, SANDY BEACH, MANY UPGRADES. DOUBLE MASTER FLEXIBLE FLOOR PLAN, INCREDIBLE DECKS, INDUSTRIAL ROOF. A MUST TO SEE.

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

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Baldwin County AL Real Estate: Reverse 1031 Exchange Demand Rising

Baldwin County AL Real Estate: Reverse 1031 Exchange Demand Rising

A slower Baldwin County AL real estate market is creating more of a demand for reverse 1031 exchanges. Properties are taking longer to sell making it difficult for sellers to adhere to 1031 exchange 180 day rules. But there is another option called a Reverse 1031 Exchange allowing for the roll-over of proceeds after closing on another property. Inman had a great article by Ilyce Glink addressing reverse exchanges. Read what she has to say:

Q: We are Canadian citizens who have owned a home in Fort Myers, Fla., for four years. There is no mortgage on the property.

We have put the property up for sale, and have made a down payment on a new house. We have bought and sold in the past, and I understand that as long as the new house is equal or higher in value, there are no capital gains taxes owed on the profits under IRS tax code 1031.

What happens if we have to close on the new house and the existing one has not sold yet? When it does sell, will we be able to use the proceeds of the sale to pay off the new mortgage with no penalty?

A: A 1031 tax-free exchange is used when a real estate investor sells a piece of property and purchases a replacement property that costs at least that much or more. The exchange must happen within a specified period of time. You have 45 days to identify the property and 180 days in which to close.

Many real estate investors are finding that the slow real estate market makes it tough to adhere to the deadlines. What can you do? You can set up a reverse exchange, in which you purchase the new property first and then sell the existing property afterward.

A qualified 1031 exchange company should be able to handle a reverse exchange. But be prepared, as reverse exchanges cost significantly more than a regular 1031 exchange. You should also hire a real estate attorney to make sure you’re doing it correctly and meeting all of the necessary deadlines.

A 1031 tax-free exchange cannot be used on personal property, so be sure that you are not using the property more than the time allotted by the Internal Revenue Service (IRS). Your 1031 exchange company should be able to advise you.

Are you selling Baldwin County AL real estate qualifying for a 1031 exchange? Visit JudySells.com or give me a call for more information.

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

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.

 

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Mobile Bay & Baldwin County Real Estate For Sale: Haleys Lane

Mobile Bay Real Estate For Sale:

Haleys Lane, Daphne AL 36526
MLS# 133955

Best value on the Bay! 158 feet of bay frontage with wide sandy beach in Daphne. Easy commute to Mobile. Beautiful views. Nice elevation. Covered patio with deck plus terrace. Inground pool. Easy access to bay. Oversized rooms. Den with wood burning fireplace.

For more information on Haleys Lane or other Baldwin County AL real estate, visit JudySells.com or give us a call, 251-990-0569.

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What Questions Should I Ask When Choosing My Mobile Bay Realtor?

What Questions Should I Ask When Choosing My Mobile Bay Realtor?

Your Mobile Bay home is most likely the largest investment you have and choosing a Realtor to assist you with the sale is a major decision. Below are questions to ask when choosing a Mobile Bay Realtor:

 

realtorMake sure you choose a REALTOR® who will provide top-notch service and meet your unique needs.

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.

2. What designations do you hold? Designations such as GRI and CRS®, which require that agents take additional, specialized real estate training, are held only by about one-quarter of real estate practitioners.

3. How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.

4. How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.

5. How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.

6. What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.

8. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.

10. What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.

11. How will you keep me informed about the progress of my transaction? How frequently? Again, this is not a question with a correct answer, but how you judge the response will reflect your own desires. Do you want updates twice a week or do you prefer not to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?

12. Could you please give me the names and phone numbers of your three most recent clients? Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.

 

When you are ready to interview Mobile Bay Realtors, give me a call. I am glad to answer the above questions and any additional questions you might have.

 

Learn more about selling a Mobile Bay home at JudySells.com.

 

Mobile Bay Real Estate & Homes For Sale: Gayfer Court

Mobile Bay Real Estate & Homes For Sale:

mobile bay real estateGayfer Court, Fairhope AL 36532

MLS Number: 131882  

Incredible Bayfront in Baldwin County! Walking distance to Fairhope pier and yacht club. Wonderful covered pier plus crabbing and swimming pier. 2 boat lifts with water, electric and 2 fishing lights. Must see home. Custom built. Maple cabinets, and granite. Open floor plan. Built-in flat screen TV. Asl about the extra lot. MUST SEE!

For more information on Gayfer Court or other Baldwin County AL real estate, visit JudySells.com or give us a call, 251-990-0569.

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Mobile Bay Real Estate: 5 Reasons Buying Vacation Home Is A Good Idea

Mobile Bay Real Estate: 5 Reasons Buying Vacation Home Is A Good Idea

With the stock market in turmoil, many people are looking for alternative investments. Most of us are scared to death of jumping into the market right now and wondering what to do with their nest egg…other than sticking it under the mattress.

Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment, says buying a vacation home is an excellent home is a good investment right now.

Mobile Bay home values are down right now, but history shows they always rebound, making a vacation home a great long-term investment. Christine doesn’t recommend buying with the thought of flipping it in a year, but buying as a long term investment.

You are probably asking why buying a vacation home is a good investment.

First, there are deals to be had. Prices are lower than a few years ago during the peak of the housing bubble. The excessive number of foreclosures is also keeping prices down and inventory up, making sellers more negotiable.

Interest rates also remain reasonably low, with rates hovering 6-6.5 percent. If you have good credit, there is mortgage money to be had.

Below are Christine Karpinski’s 5 Reasons Why the Vacation Home Rental Market Is Holding Strong…Even in our Weak Economy

1. It’s easy for consumers to find information on vacation homes. By visiting respectable websites travelers can quickly find the vacation home that’s right for them. HomeAway’s network of vacation rentals includes over 300,000 properties all over the world, making it possible for almost anyone to find one within a two- to three-hour driving distance from their home.

2. Vacation homes tend to be less expensive than hotel rooms. This is especially true if you’re traveling with extended family or a group of friends. HomeAway recently contrasted a three-bedroom vacation rental private condo in Orlando with a popular three-star hotel and found that the condo was cheaper by more than $1,700! “That’s a big difference, and in a tenuous economy it seems even bigger,” notes Karpinski.

3. When airfare gets expensive, people start taking road trips instead. Even with gas prices relatively high, it’s still far cheaper to drive a couple hundred miles to your mountain cabin than to fly to some lavish vacation destination. “Even with the bad economy, people need to take vacations,” says Karpinski. “In fact, psychologically, they may need to get away more than ever. A fairly inexpensive stay in a nearby vacation home is the perfect solution.”

4. The weak dollar makes U.S. tourist destinations attractive to European travelers, whose currency is still strong. “On my recent trip to Hawaii, I noticed a lot of German tourists,” notes Karpinski. “And when I speak to many of the vacation homeowners I work with, they confirm that they’ve encountered a surprisingly high number of European travelers lately.”

5. Business travelers still need a place to stay. When corporations must meet with business associates-who increasingly hail from overseas-they need good lodging solutions. Enter the vacation home. “More and more executives are putting their guests up in vacation homes instead of cramped, impersonal hotel rooms,” notes Karpinski. “It’s a far more comfortable option; plus many companies work out deals with homeowners whereby they can get ‘volume discounts.’ It’s a win/win for all parties involved.”

Learn more about buying a Mobile Bay vacation home by visiting JudySells.com or give us a call, 251-990-0569.

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Baldwin County AL Real Estate For Sale In Fairhope

baldwin county real estateBaldwin County AL Real Estate For Sale In Fairhope

14801 Scenic Highway, Fiarhope AL 36531

True Bay house in Point Clear, Cypress board & batten, heart pine floors – tall ceilings. Tremendous detail. Incredible lines. Expandable. Full floored attic. Plus guest house. 3 bedrooms, 2 baths. Perfect! Full Kitchen – Crabbing pier. Beautifully landscaped. wide, wide screed porch.

For more information on 14801 Scenic Highway or other Baldwin County AL real estate, visit JudySells.com or give us a call, 251-990-0569.

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Rising Commodities Will Lift Mobile Bay Home Prices

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. 

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