Lake Martin waterfront sales up over the past year

On October 9, 2017   /   Uncategorized  
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lake martin marina

By: Bryan Davis

The Lake Martin waterfront median sales price during August was $421,000, an increase of 15.3 percent from August 2016.

Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: Lake Martin waterfront sales totaled 37 units during August, a 23.2 percent increase from the same period in 2016. Sales for August 2016 on Lake Martin’s waterfront totaled 30 units. It is important to note that even single-digit changes in the home sales total can cause double-digit percentage changes.

lake martin graph

Supply: The Lake Martin waterfront housing inventory in August was 247 units, a decrease of 6.8 percent from August 2016 and 44.7 percent below the July peak in 2010 of 447 units. August inventory decreased by 33.2 percent from July. There were 6.7 months of housing supply in August (6 months is considered equilibrium).

Pricing: The Lake Martin waterfront median sales price during August was $421,000, an increase of 15.3 percent from August 2016 and 4.3 percent below the prior month. Pricing will fluctuate from month to month because of changing composition of actual sales (lakefront vs. non-lakefront) and the sample size of data (closed transactions) being subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.

Industry analysis: “For the first time in 2017, we have increased our full-year growth outlook. The upgrade reflects economic activity gaining momentum at the end of the second quarter, though we see a great deal of uncertainty surrounding the forecast,” said Fannie Mae Chief Economist Doug Duncan. “The list of uncertainties now extends beyond the geopolitical and legislative, as the effects of Hurricanes Harvey and Irma will require time to untangle. Historically, natural disasters that hit heavily populated areas led to substantial near-term declines in economic activity but meaningful rebounds in subsequent quarters due to rebuilding efforts. Thus, economic growth in the second half of 2017 could still average a slightly stronger pace than the first half. Unfortunately, we continue to expect home sales to be flat during the second half of the year compared to the first half due to strong home price appreciation and lean inventories.”

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Live Music at Kowaliga two Sundays per month!

On March 13, 2017   /   Uncategorized  
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kowaliga

Starting April 2, Kowaliga Restaurant will liven up a couple Sundays a month, offering live, acoustic music on the deck, in addition to a monthly crawfish boil. Entertainment will be on the first and third Sundays, 4:30-7:30pm, weather permitting. You already know Kowaliga is the best dining with a view on Lake Martin, so come enjoy some music too!

First-Sunday crawfish boil

Also kicking off April 2, Chef Ban will be boiling up a southern favorite. The first Sunday of the month, in addition to the regular menu, you can indulge in his steamy, spicy, yummy crawfish platter. The $15 offering comes with all the usual fixin’s, including 1 pound of boiled crawfish, potatoes, corn and sausage. Guests will be seated normally, and, if they’re interested in having the crawfish, their servers will deliver to them at their table.

Come on out and join us on April 2, for some live music and some crawfish!

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What Are HOA Fees? How These Dues Make Homeownership Easier Than Ever

On January 9, 2017   /   Uncategorized  
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By: Lisa Johnson Mandell

So you’re searching for a home in your price range, and you finally find one that has all the bells and whistles your heart desires. The only problem is, there’s a little thing called HOA fees attached. So what exactly are HOA fees, and what do you get for laying out all that extra cash?

First things first: HOA is an abbreviation for “homeowners association,” which applies to the owners of condos, townhouses, or freestanding homes in a planned community. The fee, which is usually charged monthly, goes to maintain the common areas of that community.

“Because multiple parties live in the same building or complex, all residents must be equally responsible for maintaining the common areas such as landscaping, elevators, swimming pools, clubhouses, parking garages, fitness rooms, sidewalks, security gates, roofing, and building exteriors,” says finance expert Amy Fontanelle. HOA fees also include insurance payments to cover those common areas.

Sure, homeowners already taking on a mortgage may hate coughing up more money for HOA dues. But they actually let you off the hook for a ton of home maintenance work. So before you start kvetching, consider all that HOA fees can do for you.

How much are HOA fees?

For a typical single-family home, HOA fees can cost homeowners around $200 to $300 per month, although they will be lower or much higher depending on the size of your unit and the amenities.

To give you an idea of the range of HOA fees, a 1,000-square-foot condo in Des Moines, IA, with no pool, spa, community room, or gym in the community has an HOA fee of $100 per month, which covers utilities, landscaping, and snow removal.

On the other end of the spectrum, there’s Hollywood’s fancy Sierra Towers condo building, which is filled to the brim with amenities like 24-hour concierge service and valet parking. They charge residents of a 3,400-square-foot condo about $4,000 per month in HOA fees. Suddenly that $250 monthly fee you’re considering feels a bit more reasonable, doesn’t it?

What is an HOA reserve fund?

HOA fees are usually divided into two parts: One portion goes toward monthly expenses, and the remaining money goes into a reserve fund, to save for long-term repairs and replacements such as roofs, plumbing, and exterior paint. Reserve funds also cover emergency expenses that arise when natural disasters, vandals, or just the unavoidable wear and tear strike.

What is an assessment?

Be aware that when your community is hit with extreme maintenance expenses—like a flood in the underground parking lot due to a broken water heater or a pipe bursting—homeowners insurance will cover some of it, but whatever’s left will have to be paid by your HOA.

Typically in these cases the HOA will tap the reserve fund, which may become depleted as a result. As a result, your HOA board may require you and your fellow homeowners in the community to pay a special assessment bill above and beyond your monthly HOA fee. Luckily, though, these assessments are typically temporary until the reserve is back up to a comfortable level.

What happens if I can’t pay the HOA fees?

Rest assured that most lending institutions take the HOA fee into consideration when they write up your mortgage. In other words, they evaluate your monthly income compared with your monthly expenses, and they won’t make a loan on the desired property unless they feel you can safely cover everything: your mortgage payment, taxes, and HOA fees.

But hey, life happens. If you lose your job or are unable to pay your HOA fees, you might be able to work something out with the HOA board. Be sure to talk to it before you miss even one payment. If you fall too far behind, the consequences could be the same as if you fail to make your mortgage payments. Bob Tankel, a Florida attorney specializing in HOA law, says you could be evicted or, in extreme instances, the board has the right to foreclose on your property.

The ins and outs of your HOA fees and what they cover in your new community will be spelled out in the covenants, conditions, and restrictions. Tankel suggests reading your CC&Rs carefully before you even buy your condo, and referring to it frequently once you move in so you’ll always know what to expect.

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Want to Sell Your House? Don’t Do These 4 Things

On January 11, 2015   /   Tips for Selling your House, Uncategorized  
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sell house

By: Anne Miller

When potential buyers drive up to your home, they’re full of hope.

They imagine themselves baking in the kitchen and their kids playing in the yard. Most of all they think: “Could this be my home?”

Then they look closer. They see a mess by the driveway and the peeling paint near the roofline. Very quickly, they decide to keep driving—and keep looking. They don’t want your home. The exterior tells them the interior might have the same negative impact.

They’ve already done research on your neighborhood and know your asking price. Now they’re just driving by to see if your home has that “it” factor—not an “ick” factor.

Where do most sellers go wrong? Here are the main mistakes they make:

1. Ignore curb appeal

How your home appears from the curb is extremely important. It’s the proverbial first impression. If your home looks inviting from the outside—the yard maintained, the garden manicured and the paint fresh—potential buyers will take an interest in it. If not, they might think the interior is likely unkempt, too—and they’ll move on.

2. Crowd the buyer

When you sell your home, take yourself out of the picture. If you happen to be home, greet any potential buyers and then allow them to walk through your home undisturbed. Give them a chance to picture their couches in the living room or their dining set in the dining room. Let them have space to discuss what they’re seeing.

Some sellers crowd a buyer, thinking that any newcomer will want all the details of every renovation and every nook. Don’t do this. Let the buyer be. You can always provide an info sheet to describe anything you feel should be mentioned.

3. Offer that ‘lived-in’ look

Prospective buyers don’t want to see your clutter. It’s distracting and makes it hard for them to picture themselves in your home. A mess can often hide aspects of the home that would entice someone else to buy.

When you’re selling, keep a tidy home and tuck away all your family photos and knickknacks. Try to create as many open, clear spaces as you can. Clean off counters and other surfaces. Even the toaster and blender should be stored away when you show your home.

Ideally you will have time to give all the rooms a fresh coat of paint. You don’t need to hire an interior designer, but do look over your home with an unbiased eye. Is it warm and inviting? Pleasing to the eye?

4. Let odors linger

If you smoke or have pets, your home will likely have an odor. Although you might be used to it, others may not appreciate it.

Removing pet urine smells out of carpets takes care; you’ll likely need to use special solutions or a steam cleaner. With rugs, you may just have to buy new ones. Vinegar will work on most flooring. If you have a litter box, change it daily while showing your home.

If you smoke, try to smoke outside as much as possible. Most nonsmokers are sensitive to the smell of smoke. Not only will they want to leave, they may also find the prospect of cleansing a home of smoke odor a turnoff. You may be so used to it that you hardly notice the odor, but others will walk out the door quickly.

If there is a heavy smell in the home from years of smoking indoors, try washing the walls with vinegar. And don’t forget the curtains, shades and anything else that might collect the tar and resin from the smoke.

For any unwanted smells, try baking soda. Sprinkle it around the house, on the furniture and on the carpets. Let it sit for a day so the granules can absorb the odors and then vacuum it all up. You may have to do this a few times.

Think of it as vacuuming your way to a good deal on your home.

Based on an original article by Laura Sherman

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4 Traits of Successful VA Home Buyers

On November 15, 2014   /   Uncategorized  
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veterans

By: Veterans United

Veterans and service members have access to a $0 down loan program created to expand access to homeownership.

However, being eligible for a VA loan and actually getting one aren’t the same things. Satisfying the program’s eligibility requirements is a key step, but prospective buyers still need to meet credit, income and other benchmarks.

VA home buyers who get the most from this hard-earned benefit often share some common characteristics. Here’s a look at four big ones.

1. They Know the (Credit) Score

Most VA lenders will require a minimum credit score. The cutoff can vary, but a 620 FICO score is a pretty good representation. That’s considerably lower than what veterans would need for conventional financing, but it can still be a tough figure to hit.

Get copies of your credit reports for free at AnnualCreditReport.com before starting the home-buying journey. Look for mistakes, bad information or any other issues that could be affecting your score.

2. They Have a Handle on Debt

You don’t need to be debt-free to land a VA loan—not even close. But the relationship between your income and debt will play a key role in how much home you can buy.

Paying down high-interest debt can help strengthen your financial profile and maximize your purchasing power. Lenders will often have caps on how much “derogatory” credit you can have, so work to pay down any accounts in collection.

Judgments and liens will have to be cleared up before a loan can close.

3. They Get Pre-Approved

VA loan pre-approval is critical in the current home-buying market. It also makes a ton of sense for prospective buyers. Getting pre-approved gives you a clear window into what you can afford and how much house you can buy. It also shows sellers and their real estate agents you’re a legit buyer likely to make it to closing day.

You can start looking at homes without loan pre-approval. But that also opens the possibility of falling in love with a home and even getting under contract on one that you can’t actually afford.

4. They Prepare for Upfront Costs

The biggest benefit of VA loans is the ability to purchase with $0 down. But home buying comes with other upfront costs. Savvy VA home buyers have at least some cash on hand for an earnest money deposit and to cover the costs of an appraisal and a home inspection.

These expenses can vary depending on where you’re buying and other factors. The good news is VA home buyers can look to recoup most of these costs at closing.

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This article was written by Chris Birk, Director of Education at Veterans United Home Loans and author of “The Book on VA Loans: An Essential Guide to Maximizing Your Home Loan Benefits.”

 

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