October, 2007
Here are a couple of the most commonly used terms in real estate and what they mean:
- Annual Percentage Rate (APR) – calculated by using a standard formula, the APR shows the cost of a loan expressed as a yearly interest rate, and includes the interest, points, mortgage insurance, and other fees associated with the loan
- Title Search – a check of public records to be sure the seller is the owner of the real estate and that there are no liens or claims against the property
- Fair Market Value – the price that a willing buyer will agree to pay when acting freely, and with complete knowledge of the situation.
Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
jedmisten@kw.com
www.jedmisten.com
Category : Blog
Ask anybody who has made money investing and they will tell you that there are a lot of factors to successful investing. But among the many factors there are two primary elements that are crucial. Those two factors? BUY LOW AND SELL HIGH.
I can’t tell you the number of people that I have worked with since late 2005 who have sold their home and they desperately wish they had sold their home in 2005… they wish they had SOLD HIGH. But they didn’t and they lost thousands of dollars and in many cases more than $100,000 because they didn’t sell high.
The same is going to be true of the people who want or need to buy and are not buying now. It is a foregone conclusion that many people who are holding back now on buying will wish they had bought now, when the market is LOW and terms and conditions are great. NOW IS THE TIME TO BUY. If you don’t, you will end up paying thousands of dollars more when you do buy.
I don’t really get people who are saying they are afraid to buy right now. It is the BEST time to buy that has been seen in several years. But don’t take my word for it. Donald Trump, arguably the American king of real estate is saying now is the time to buy. Trump is predicting the market will begin turning in the next several months and now is the time to buy.
I once had the opportunity to buy America Online stock in the early 1990′s. I was scared of the investment and didn’t do it. I could have bought very low and if I had, I would be extremely wealthy today. But I didn’t take the opportunity to buy when it was low and I sure wish I did.
If you are thinking of buying real estate in the next several years, I assure you now is the time. Sellers want and need to sell and are making great deals. It IS a BUYERS market, go buy real estate.
Jeff Edmisten
www.jedmisten.com
Category : Blog
It has been a long time since most people have been able to come across potential investment rental properties that offer the potential for positive or even cash flow without a significant amount of money down. This post is about two townhouses that offer that kind of potential.
Both of these townhouses are available at an ABSOLUTE auction on November 2nd. Absolute auction, means that the high bidder purchases the property at that price, regardless of price. There is no reserve price. The tax assessed value on both townhouses are between $117,000 and $126,000.
It is very feasible that someone could buy one or both of these properties and rent them for the amount of their mortgage payment or even more than their mortgatge payment.
If you are interested in making a pre-auction bid or attending the auction, email or call me for details on the auction process. To see the properties visit www.21BentleyCt.com or www.23BentleyCt.com.
Jeff Edmisten
The Edmisten TEAM
Keller Williams Realty
(540) 538-7222
www.jedmisten.com
jedmisten@kw.com
Category : Blog
For many people, when they determine to relocate to a new area, schools are one of the primary issues they consider. Obviously visiting schools and speaking to school staff and other parents is the best gauge of a school. Most people want at least a snapshot of local schools before they physically arrive in an area.
So, what to do? How about using one of the U.S. Department of Education’s Institutes to gather that information? The following link provides you the resource. Click here to research schools, colleges and libraries anywhere in the nation.
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It has only been roughly a month or so since the Fed cut the interest rates 1/2 point in an effort to begin turning the tide on the housing market and economy as a whole. Since that time little has changed for the positive.
The day that cut was made, in private conversations, myself and a couple of my closest allies speculated that more cuts were coming. In fact, we speculated that two more cuts would happen before the end of the year.
Inman News is now reporting in their opinion that the Fed will certainly cut rates again on Halloween. If the cut happens… from the selling side of the market, this is a much needed thing. From the buyer side, the pot is just getting sweeter and sweeter.
Do you think 1 or 2 more cuts will re-stimulate the housing market… here in the Fredericksburg real estate market and nationwide?
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Looking for something fun to do this weekend? Head on over to Graves Mountain Lodge for their annual Apple Harvest Festival. I personally have not attended the Apple Harvest Festival, but have it on good authority from multiple sources that this is a good, family friendly event.
I have been by Graves Mountain Lodge and the area is beautiful. A couple of weeks ago, a good friend and I hiked the White Oak Canyon trail which is fairly close to Graves Mountain Lodge. The trail runs from the base of the mountain, up the mountain to Skyline Drive, and passes several waterfalls.
This is a beautiful hike. If you need more information on White Oak Canyon Trail, check out my friends at hikingupward or email me.
Head on over to Graves Mountain Lodge this weekend, enjoy the festival, go for a hike, or just enjoy the outdoors. Have fun.
Category : Blog
My terminology of country wide woes has nothing to do with the mortgage company Countrywide. I am speaking of nationwide housing issues. I came across an article on Inman News that confirms the issues we face are happening all across the country. The bottom line: it is a good time to buy a home, buyers are in the drivers seat… sellers have to face reality and brace the competition
Take this title of an Inman News article:
“California new-home sales tumble 45% in August”
“New-home price drops 7.6% compared to same month last year”
This article reported… “California new-home sales dropped 44.7
percent in August compared to the same month last year and the median
new-home price dropped 7.6 percent statewide, the California Building
Industry Association reported this week.”Jeff Edmisten
Category : Blog
Buying and selling real estate is an emotional situation for those doing the buying and/or selling. In the midst of that emotion, people lose sight of the fact that real estate isn’t all that much different from the rest of the business world. All businesses and all markets are influenced by the simple principle of supply and demand.
If supply is low, then buyers compete and prices go up. If supply is high, there are not enough buyers for the supply and prices go down to compete with other suppliers. It has been that way forever and to quote Ecclesiastes 1:9 “What has been will be again, what has been done will be done again; there is nothing new under the sun.”
There is nothing new under the sun… this has happened in real estate before and it will happen again. Right now in Fredericksburg real estate, the supply is VERY high and demand is VERY low.
Is there any reason the principles of supply and demand shouldn’t apply to this market? Do you feel like this is a good time to buy a home in the Fredericksburg area?
Jeff Edmisten
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From a Realtor’s perspective there are a lot of things to like about Fredericksburg and the surrounding area. We are relatively close to many things that make our area attractive… Washington D.C., Richmond, the mountains, and the beach.
We are a primarily a well educated community, with good employment opportunities, good education opportunities, shopping, dining and recreation galore. Even though the real estate market ebbs and flows as it does in every other market, this is a wonderful place to be a Realtor, because we have so much to offer newcomers to our area.
From a personal perspective however, I love the Fredericksburg area. There are a lot of reasons, but one of my favorite parts of our area is the Rappahannock River. The river is and has always been a vital part of Fredericksburg’s history and culture. I, however, love it for it’s beauty and the recreational opportunities it affords.
A couple of weeks ago, a friend and I took the opportunity to float about 7 1/2 miles of the river…
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I marvel at people, like my brother Mike, who have the ability to perfectly put things into perspective with words. I, however, don’t possess that ability. So, I have no really profound way of communicating my feelings here. So, I am just going to lay it out here.
My son is having another surgery tomorrow and I appreciate your prayers on his behalf. Please pray for his recovery and for me as I try to encourage him and to help him overcome the fears associated with the surgery. I don’t have great words of wisdom, so pray for me as I simply am there for him.
Jeff Edmisten
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Category : Blog