Jackie Roveda's Blog

Signs of the Bottom of the Housing Market?

Jackie Roveda (Morris & Raper Realtors) — Sat, 14 Feb 2009 16:31:14 -0800

Via Frank & Sharon Alters, ePRO, GRI Fleming Island FL Real Estate (Watson Realty ):

The Real Estate industry is a leading indicator of economic cycles. We are the first into a down cycle and also the first out. There are signs that the market is bottoming. There are other factors that could skew a recovery, but the activity reported by some agents on Active Rain throughout the country and in our own market is worth considering.

Historically, real estate values cannot be sustained long without income rising accordingly. This fact was lost in the boom years between 2003-2007 (in some areas of the country the years vary).

During 2007 one by one, sub-prime lenders folded. I remember when GreenPoint folded. They were the go-to guys for challenged buyers long before sub-prime was a buzz word. Apparently greed got the better of them.

The CEO and Founder of Watson Realty has hinted that we are at the bottom of the market. Sales in our office are up 18% over 2008 and we closed over $8,000,000 in January. Showings are almost triple since the first of the year.

Quote from Househunt article.

"- Delinquencies. Another indicator is the rate of late payments on subprime mortgages. Because the delinquency rate on each "graduating class" of mortgages tends to peak about 18 to 24 months after the loans were originated, the mortgages from 1999 to 2005 have already peaked, the class of 2006 is starting to peak and the class of 2007 is "still going through the roof with no sign of abating," Dotzour says. There is no class of 2008 because such mortgages have been virtually extinct this year.

"The party stopped in about July 2007, so if you take that out 18 months, that's the spring of 2009. At that point, the last class of subprime mortgages will have peaked in terms of delinquency ... so the pressure on prices coming from foreclosures is likely to peak" at that time or perhaps 90 days later, Dotzour says."

http://tiny.cc/eAOl7

Since the first of the year, people have commented on Active Rain posts that investors are back in the market (John Novak, Las Vegas, mentioned this in a comment on a post), that there are declining inventories and rise in sales - (Elizabeth Weintraub, Sacramento)

http://tiny.cc/wDHrT

and that properties priced correctly are selling quickly (Bill Gassett, Metrowest, MA)

http://tiny.cc/k9hFw

Did I mention we have had multiple offers on several properties?

Here's a new post (concerning multiple offers) by Elizabeth Bolton in Cambridge, MA

http://tiny.cc/NofTF

Zip Realty noted inventory in 29 major markets was down 13 percent from January 2008 in the Wall Street Journal. In January, inventory normally climbs, recovering from holiday lag. Inventory must bottom first before prices stabilize.

While all real estate is local, these reports are coming from different areas of the country, not just one area.

Fannie and Freddie have extended the moratorium on foreclosures until the end of February. There is talk of banks allowing people to stay in their homes and rent them, or banks share equity when the properties are sold, or putting a balloon on the end of the mortgage for the amount the property is upside down. Banks are short selling homes back to the owners, refinancng them at the lower rate.

The Senate quickly passed a $15,000 tax credit incentive last week that is expected to also pass in the House. This is amended. The credit is now $8000 for first time homebuyers and as it stands as of 2/12/09, does not have to be paid back. There are guidelines that have to be met to get the full amount. This is still subject to another vote, so nothing is final yet. Please see below for full information:

http://tiny.cc/vB6uB

If this passes, some of the buyers on the fence will return to the market, finding low interest rates and a tax free loan irresistible. Consider also the pent up demand that exists in the market place - people hesitant to buy until 'bottom.'

Are we seeing signs of the market bottoming, or is it a mere lull?

Please share what's going on in your market.

Photo by Big Stock Photo

The Estates at Ivy Creek is now on Youtube! View the video now!

Jackie Roveda (Morris & Raper Realtors) — Sun, 08 Feb 2009 13:12:23 -0800

The Barrington at The Estates at Ivy Creek is a gorgeous home located in a well-established Swim/Tennis neighborhood! 2 story foyer, 2 story family room, master with fireplace & sitting area, granite countertops, hardwoods. This is new construction & is your last opportunity to purchase new construction in this neighborhood! Great Mill Creek Schools! Agent there on weekends...so feel free to visit. 85 N. to Hamilton Mill Road (Exit 120), turn left. At Pucketts Mill Road turn left again, go 1 mile. The Estates at Ivy Creek are on the right.

The Estates at Ivy Creek has a new website! Check it out!

Jackie Roveda (Morris & Raper Realtors) — Sun, 01 Feb 2009 12:59:20 -0800

The Estates at Ivy Creek has a new website www.2825ivyhilldrive.com which features a virtual tour of the remaining homes. Discover a way of life that's truly relaxing, recreational and convenient. You'll discover an inviting pool area to enjoy on those hot summer days and a lighted tennis court to help relieve your stress from a busy day. Or imagine taking a relaxing stroll beside a trickling brook. It's all here for you at The Estates at Ivy Creek. Hurry before we sell out! Contact Jackie Roveda at Jlroveda@comcast.net or 678/697-8736.

Visit Quinton Crossing 10 Foreclosed Homes! Will look at Offers!

Jackie Roveda (Morris & Raper Realtors) — Sun, 07 Dec 2008 15:01:37 -0800

The Ashton at Quinton Crossing in Lawrenceville Ga! Bank Owned Homes

Jackie Roveda (Morris & Raper Realtors) — Sun, 07 Dec 2008 14:25:40 -0800

Links

Quinton Crossing

Photo Gallery

Entrance into Family Room	Formal Dining Room
Kitchen view into keeping room	Entrance into Master on Main	Master Bath
Secondary Bedroom	view of family room

Description

5 Bedrooms 3.5 Baths Lot 29The Ashton! This extraordinary home features a 2 Story foyer, Vaulted Living Room, Formal Dining Room, Vaulted Great Room w/fireplace, and large deck off back! Large kitchen with breakfast bar, friendly keeping room w/fireplace & breakfast area! Owners Suite on Main with trey ceilings, rope lighting, Door to deck. Vaulted master bath w/ His N Her vanities & walk in closet. 2nd Floor features 4 more good-sized bedrooms; one with private bath. Currently the Model Home. GE Profile appliances. Home Warranty Grayson Schools

Features

Bedrooms:	5
Bathrooms:	3.5
Parking Spaces:	3
Year Built:	2006
Subdivision:	Quinton Crossing
Lot Size:	1/3 acre
Garage Size:	3 car
School District:	Grayson
Square Footage:	3500
Agent Name:	Jackie Roveda
Broker:	Morris and Raper Realtors
MLS #:	3793493

Location

558 Martha Sue Drive Lawrenceville GA 30045

vFlyer Id: 2088385

10 Reasons to Buy a House DURING the Holidays

Jackie Roveda (Morris & Raper Realtors) — Wed, 03 Dec 2008 14:20:41 -0800

Via Scott Eaves:

TOP 10 Reasons to BUY A HOME DURING THE HOLIDAYS!

Uncertainty regarding loan programs and limits that may not be available in 2009.

Because there are fewer buyers shopping for a home at this time, you may be in a stronger negotiating position.

The transaction load is lighter for lenders at this time, so your file may be handled quicker, more efficiently, and more accurately. This is also true for closing attorneys.

t's nice to get a feel for a home when it's decorated for the holidays.

You may have more vacation or free time instead of having to ask off work to look at homes or complete paperwork, signings, etc.

You can show your visiting friends and family your prospective new home.

With fewer buyers on the market at this time, it may be easier to schedule inspections, etc., allowing you to shorten a contingency period in exchange for a more favorable price or lock in an interest rate on your loan.

You'll be enjoying your new home in the spring as opposed to waiting to move in.

January is typically the best time of the year to buy decorating items or home improvement items, as the retail industry doesn't want a huge slump after the boom in holiday shopping.

What could be a better gift for the family than a NEW HOME FOR THE HOLIDAYS!

Scott Eaves, Associate Broker
(404) 518-3820 - DIRECT
(404) 920-3439 - FAX
www.scottsellsatlanta.com

Keller Williams Realty/Atlanta Classic
3800 Camp Creek Parkway
Suite 18-100 Atlanta, GA 30331
(404) 564-9500

The Ashton at Quinton Crossing in Lawrenceville Ga! Bank Owned Homes

Jackie Roveda (Morris & Raper Realtors) — Wed, 26 Nov 2008 15:39:35 -0800

The Ashton at Quinton Crossing in Lawrenceville, Ga. Gorgeous custom homes priced to sell! We will look at any offers on available homes. Enjoy our video of our model home! Call 678-377-4744 for more information!

UPDATE - Mortgage Rates Will DROP Today - November 25, 2008

Jackie Roveda (Morris & Raper Realtors) — Tue, 25 Nov 2008 10:38:30 -0800

Via Lewis Corcoran:

Bonds and Mortgage Backed Securities (MBS) opened well in positive territory this morning after the Feds announced a program to purchase up to $100 Billion in direct obligations of the Government Sponsored Enterprises (GSEs) (Fannie Mae, Freddie Mac, and the Federal Home Loan Banks), and up to $500 Billion in mortgage backed securities.

The 10 Year Bond opened up 1-6/32 from yesterday's close and is currently up 1-14/32

FNMA 30 Year Mortgage Backed Securities (MBS) opened up 1-7/32 from yesterday's close and is currently up 1-21/32

Remember, on MBS, as the price goes up, the yield goes down - and so do mortgage interest rates.

This news alone has caused rates to drop by almost .50% - that right a half of 1 percent - overnight! If you have been waiting to buy a home or refinance a mortgage, now's the time. Lenders will be swamped with business, so get your loan in!

The Carmichael! Huge Master with Sitting Room and Fireplace! Quinton Crossing located in the heart of Grayson!

Jackie Roveda (Morris & Raper Realtors) — Sun, 16 Nov 2008 14:41:03 -0800

Links

Quinton Crossing

Photo Gallery

Beautiful staircase	Formal dining	Formal living room
Sunken family room	Gorgeous kitchen with built-ins	Huge Master with Sitting Room
Gorgeous huge master bath	Fireplace over tub	Huge Shower

Description

The Carmichael! This gorgeous home features a sunken great room, a 2 story Hemispherical Domed Foyer, formal living room with side-porch, formal dining room. Large kitchen with built in buffet, breakfast area, gorgeous cabinets. All 4 bedrooms are upstairs. The Huge Owners Suite is a treasure with it’s own sitting room with columns, 2 way fireplace for bed & bath, His N Hers sinks w/dressing table, Large shower with dual shower heads. Extra large Owners closet! Bedroom 2 features private bath. Bedrooms 3 & 4 share a Jack N Jill with separate sink areas. The details in this home are exciting! Come see for yourself & make it yours today! Square footage is approximate. Home Warranty

Features

Bedrooms:	4
Bathrooms:	3.5
Parking Spaces:	3
Year Built:	2006
Subdivision:	Quinton Crossing
Lot Size:	.34
Garage Size:	3 car
School District:	Grayson
Square Footage:	3300
Agent Name:	Jackie Roveda
Broker:	Morris & Raper REALTORS
MLS #:	3793486

Location

598 Martha Sue Drive Lawrenceville GA 30045

vFlyer Id: 2016549

http://podcasts.odiogo.com/jackies-blog/podcasts-xml.php

The Marlin! A Exquisite Custom Home Located in Quinton Crossing! Visit Us Today!

Jackie Roveda (Morris & Raper Realtors) — Sun, 16 Nov 2008 14:25:43 -0800

Photo Gallery

Side view of Marlin	Entrance into family room	Family room looking into keeping room
Another view family room	Dining room	Master fireplace
Partial master	Sitting Room Master	Bathtub w/see through fireplace
Gorgeous cabinets with granite countertops

Description

The Marlin! This Executive home is perfectly exquisite! 2 Story Foyer, Formal Dining Room, 2 Story Great Room, Large kitchen with island, vaulted breakfast room, vaulted family room w/fireplace. Owners Suite on main features trey ceilings, an octagon shaped sitting room with His or Hers Walk-in closet & covered porch, see through fireplace for bed & bath. Vaulted bath features His N Her Vanities, large shower , His or Hers Walk-in closet. 2nd Floor features a loft area, bedroom w/private bath, 2 more bedrooms share Jack N Jill bath with separate sink area. Lots of room! All this executive space w/a full unfinished basement stubbed for bath! Square footage is approximate. Home Warranty.

All information is believed to be accurate but is not warranted. Subject to errors & omissions. Prices/promotions subject to change without notice. Equal Housing Opportunity.

Features

Bedrooms:	4
Bathrooms:	3.5
Parking Spaces:	3
Year Built:	2006
Subdivision:	Quinton Crossing
Lot Size:	.34
Garage Size:	3 car
School District:	Grayson
Square Footage:	3300
Agent Name:	Jackie Roveda
Broker:	Morris & Raper REALTORS
MLS #:	3793486

Location

598 Martha Sue Drive Lawrenceville Ga 30045

vFlyer Id: 2016486

http://podcasts.odiogo.com/jackies-blog/podcasts-xml.php

Foreclosed Prices - Top Quality - Grayson Schools -

Jackie Roveda (Morris & Raper Realtors) — Sun, 16 Nov 2008 13:47:29 -0800

Quinton Crossing is an intimate community located in the heart of Grayson, Georgia. Although we have a Lawrenceville address; the school district is Grayson. Ten perfect homes just waiting for you or your client! Gorgeous trim, unusual outside stone and brick mixtures, front porches, many basement homes. This is all bank-owned foreclosures that were originally priced from the $400's to the $500's! Our current prices are from the $300's to the $400's! This is all new construction, bank-owned property. Call 678-697-8736 for more details! Visit our website at http://www.quintoncrossing.com

Photo Gallery

Kitchen	Another View Kitchen	Keeping Room
Master Bath

Description

5 Bedrooms 3 Full Baths Lot 28

The Covington Ridge! This gorgeous home features exquisite molding, one of a kind lighting, 2 story foyer, great room, keeping room w/stacked stone fireplace, on-site finished hardwood floors, sunny breakfast area, guest/office on main with full bath,3 good-sized bedrooms upstairs with one sharing a Jack & Jill bath & the third w/private bath. The large Owners Suite is on the second floor & features trey ceilings w/rope lighting. The Owners bath is large with His N Her Vanities, Jetted Tub, Southern charm front porch & side porch. Home Warranty! **All of this plus a full unfinished basement that has been stubbed for future bath. Exact Square Footage is unknown.

Features

Bedrooms:	5
Bathrooms:	3
Parking Spaces:	2
Year Built:	2006
Subdivision:	Quinton Crossing
Lot Size:	1/3 acre
Garage Size:	Double
School District:	Grayson
Square Footage:	3300
Agent Name:	Jackie Roveda
Broker:	Morris & Raper REALTORS
MLS #:	3793489

Location

549 Martha Sue Drive Lawrenceville GA 30045

vFlyer Id: 2002630

The Estates at Ivy Creek! Last opportunity! $10,000 Broker Bonus

Jackie Roveda (Morris & Raper Realtors) — Wed, 12 Nov 2008 15:14:01 -0800

Take 10% off List Price Plus $10,000 Selling bonus! Must close by 12/31/08 Call 678-697-8736 for details!

Links

Morris and Raper

Photo Gallery

Foyer	Family room	Kitchen
Breakfast area	Loft	Loft 2
Master	Master 2	Master Bath
Family room

Description

This gorgeous home features all of the upgrades! Last opportunity for this community! Jones and Minear

Features

Bedrooms:	5
Bathrooms:	3.5
Parking Spaces:	2
Year Built:	2006
Subdivision:	The Estates at Ivy Creek
Lot Size:	.25
Garage Size:	2 car
School District:	Mill Creek
Square Footage:	3300
Agent Name:	Jackie Roveda
Broker:	Morris and Raper Realtors
MLS #:	3752896

Location

2825 Ivy Hill Drive Buford Ga 30519

vFlyer Id: 2016619