Upside Down on Your Mortgage?

I heard a frightening prediction from one of the executives of a major lender this week …

In the next 12 months, HALF of all homeowners might be “upside down” on their mortgages … meaning that their mortgage balances are larger than the value of the home. Combine the 100-percent loan products that became easy to get in recent years, refinances, adjustable-rate mortgages that are jumping up in rate, home equity loans and home equity lines of credit … with declining home prices … and many people have found themselves in just this situation.

Real estate, like the stock market, runs in cycles. This isn’t a problem if you can ride it out. The problem is, what if you can’t? And, what if you can’t refinance, and you HAVE TO sell?

There’s little dispute that we’re headed for record foreclosures in the next year. DON’T be one of them if you can avoid it.

If you ever find yourself in this situation … or if you know someone who is … please call me. I might be able to help.

I’ll be talking a lot about different options, including short sales, on this blog. That is a huge and complex subject, and it’s better for me to answer questions as they come than to try to tackle the entire option in one article.

A lot of people are finding themselves in a tough situation. Rest assured, you’re not alone, and there may be better options out there. I have a great deal of training in this area, and I am in constant contact with agents across the country who are using this technique successfully. Call or email me, and I’ll do all I can to help.

Navarre Beach, Pensacola Beach From the Air

Here’s a wonderful video of the Navarre Beach and Pensacola Beach areas, as well as Navarre and Gulf Breeze, as shot from the sky.

 

NAR: Supply of Homes at 16-Year High

National Association of Realtors reported today that the number of homes for sale jumped 5.1 percent last month. There now is a 9.6-month supply of homes on the market nationwide. This means that if no new homes were listed, it would take that long to deplete the current inventory at the present rate of sales.

That tally is the largest since October 1991.

The July decline was the 12th consecutive month that prices have declined nationwide.

Navarre’s stats are close to that national average. In Navarre, there are 648 detached single family homes on the market today in the Emerald Coast Association of Realtors MLS, which shares data with the Navarre Area Board of Realtors.  Seven to 11 percent of that inventory is selling per month, but no dent is being made in the inventory because of new listings coming on the market.

There have been between 65 and 74 sales of single-family homes in Navarre each month from March through July, according to the MLS stats.

Holley by the Sea Sales in July

July is typically one of our busiest months in real estate in Navarre, as families scramble to move in time to get their kids enrolled in school for the new school year. The summer months, unfortunately, haven’t brought the huge spike in sales that sellers were hoping for.

There were 19 resales that closed in July in Holley by the Sea, according to Emerald Coast Association of Realtors statistics.  The average closed price per square foot on these transactions was $111, and the average days on the market was 105.

As you look at the closings, most of the newer homes with 2,ooo sf to 2,500 sf closed in the $102 to $106 per square foot range. A newer 3,000 sf home sold for $85 per square foot.

Here are the resales for July in Holley by the Sea.

Juana Good Time?

One of my favorite annual events in Navarre is coming up soon. Juana Good Time Regatta will take place Friday, Sept. 7 through Sunday, Sept. 9 at Juana’s Pagodas on Navarre Beach, just south of the bridge on the causeway.

Here is the registration form for the event

The cost for the “sailboat package” is $50 before Sept. 1, and $60 Sept. 2-7. Extra crew members and non-racers pay $30 before Sept. 1 and $35 thereafter.

The full schedule of events can be found here.

Come on out, even if you don’t sail. The boats are beautiful, and it’s a great way to spend an afternoon.

Here is a video from last year’s event:

Navarre Beach Aerial Video

A nice video of the Navarre Beach area. Most of this appears shot in the National Seashore area. 

Navarre Beach Property Resales Update

I just wanted to check in to give you a real-estate update from Navarre Beach. The good news is, some properties are selling. The bad news is, not a lot are selling.

There have been 18 resales on Navarre Beach in 2007, according to our MLS statistics. If you need any more specifics about the sales, please feel free to email to scott@sunnybeaches.com, or call me at 850-501-2574.

While the total number of sales won’t wow anyone, it is a good first step that we have some sales activity on the beach.

Experts are still predicting that a downtrending market will last for years to come. The big players are predicting 2009 to 2010 before the market turns upward in most markets. That said, if you need to sell your property, it’s better to get that accomplished sooner than later unless you’re willing to wait for years for the market to bottom out and then bounce back.

There are plenty of good buys to be had … prices today are better than they’ve been in three years in Navarre. Local listings can be searched at http://www.sunnybeaches.com/search.php.

Welcome to Scott Gregory’s Blog!

Welcome to my blog about real estate and life in beautiful Navarre, Florida! My name is Scott Gregory, and I’m a Realtor with Keller Williams Realty. I’m a full-time professional in the business who has sold more than 100 properties in the area. I get a lot of questions about buying and selling every day … and about the area, in general … so I hope this blog will answer some of your questions, and I hope others will join in so I can learn from them, as well. We’ll also share some opinions and have some fun along the way.