Real Estate Market crashes in Biloxi and Ocean Springs!!

"Ocean Springs and Biloxi real estate market is taking a dive!!" At least that's what I keep hearing. Seems like everywhere I go I hear people are saying "the market's going down." I just don't see it. Now true, the market did take a HUGH spike after Katrina worked her magic, as my illustration shows. And some homes were sold for way more than they were worth because of the low availability and high demand for housing. Some people were taking advantage of and may realize now that their house isn't worth what they paid. Now it is true that the market has slowed down. Home's don't sell in 30 minutes of listing as they once did. But the market still averages somewhere around 90 days to sell your home. But prices are still increasing at a rather nice appreciation curve. So, if you are worried about the market here, I say, don't be. Everything is alright. But hey, that's my opinion.

Don't use new Realtors!! Why should you?

Do you recognize this man? If not you probably live under a rock, or possible inside one. Can you believe that there was a time when even this guy was new to the game? Yet, NOBODY wants to give the new guy a chance. What do you think would have happened if no one gave "The Donald" a chance? A lot of people would have missed out on A LOT of money. See the thing is experience doesn't build creative thought, thinking outside the box, or how to look at things in a new way. It just builds repetition, that's it. So why do so many people refuse to use a new Realtor? Why? Because they just don't know what they are doing right??!! It's that simple!! Or is it? Ask yourself this, who is more creative and motivated, the new guy or the guy that has been doing this for 20yrs? Who do you think is actually going to work harder for you and really earn your business? My money is on the new guy.

But wait it's not that simple either. See, a lot of people new to a profession, whether it be real estate or auto mechanic, think they know it all. That's a fatal mistake, these guys will get you in trouble. You have to be educated yes, but you also have to be responsible and intelligent enough to realize you don't know everything. No one does. Especially in this game of real estate, laws and guidelines change everyday. Which is why sometimes the ones that make the biggest mistakes are the ones who have been around the longest because they feel like they do know it all.

I'll share a personal experience with you. On my very first deal as a sellers agent I was in negotiations with a buyers agent that had been doing real estate for 20yrs. Naturally you would think that the senior agent had the upper hand in negotiation right? Wrong! Not only did I negotiate a better deal for my client, the other agent made a fatal mistake they could have potentially cost her client thousands and thousands of dollars. Why did she make this mistake? I honestly don't know. But I do know that I was educated to catch the mistake.

Anyway, I'll let you be for now as I don't want to take up too much of your time today. But in closing I ask you to remember this; experience is great but I'll take motivation and action any day over blind experience.

New listing in Gulf Park Estates!!!

Are you looking for the right house at the right price? Well look no further!! I just listed a beautiful home in Gulf Park Estates in Ocean Springs MS. It's close to everything in Ocean Springs. Minutes from schools, food, and yes even Wal-Mart. For full listing details check my website at www.sergeantrealestate.com. And when you're ready to see it, give the Sarge a call. Take care!!

Sorry for being gone!!

Sorry I've been a little distant lately guys. My Internet has been on the fritz for a long time. Thanks a lot CABLEONE!!! Sorry b--t--s!! Excuse me eluding to vulgar language. But I'm back now. For how long, who knows?

The 2 most important things to ask for when buying a home.

What is the most important thing to ask for when buying a home? Is it a loan? The interest rate? The terms of the loan? What school's will your kids attend? Well I guess it's really a matter of opinion, but here's my opinion and the why. I actually have 2 things.

First, get the sellers disclosure. This nice little piece of paper is a legally binding document from the seller, not their agent, given to you. This tells you everything about the history of the home and the best part is if the seller lies on it you can sue him or her. Everyone seems to love suing anybody for anything these days. Here's your chance. This tells you things like; did the home flood; are you in a flood zone; ever had termites; etc. A very valuable piece of paper. And remember, no Realtor is allowed to touch, as far as filling it out goes, this which means you get it straight from the sellers own written hand. If you're buying make sure you ask for it. And for Pete's sake, if you're selling make sure you fill one out. It's the law.

Second, Get a home inspection done by a professional. Just so we understand each other, I'll say it one more time and speak slower, louder, and more clearly ( I do tend to mumble at times), because it's very important. GET...A...HOME...INSPECTION...DONE...BY...A... PROFESSIONAL. This can save you thousands of dollars in later repairs, purchase price, closing costs, etc, etc, etc. GET ONE!! Basically a home inspection verifies everything the seller told you on his "sellers disclosure" form. Usually around 10-15 days before closing a home inspection should be performed. But no more than 30 days.

Well there's a little more real estate knowledge for you. Hope it helps you out. If you got questions, feel free to contact me.

Mississippi Bond Program!! Talk about a GREAT DEAL!!

Man!! Do you wanna hear about the sweetest deal in Mississippi? Well sit back and let me drop a little knowledge on you.

Mississippi has a program called the "Mississippi Bond Program" that actually gives you money for a down payment to buy a house. Now how awesome is that? They will actually give you 3% of the purchase price, up to $200,000, to use as a down payment to purchase your new home. Now, the even cooler part. It can be used in conjuction with a FHA loan which only requires 3% down payment and they allow you to finance the remaining 97%. Do the math folks!! If they allow you to finance 97% and the bond gives you 3% that equals 100%. That's right!! You have to pay exactly 0% to buy a home; aside from any closing costs you are required to pay according to your negotiation with the sellers.

But wait, there's more. The program had a fixed interest rate of 5.78%, but it just got better. They lowered the rate to 5.4%. I'll say that again in case we didn't understand the first time, no offense of course. You get a 5.4% fixed interest rate for 30 years, 3% down payment GRANT given to you and you can finance the remaining balance. Now, I'm no mortgage broker, which I will never claim to be, but I don't know of ANY program that can top that offer, not even VA. Call your local broker and ask them about it, it's one sweet deal. And when you're ready to buy that house call me, Sergeant Real Estate.

What's up with sub-prime loans?

Do I need a sub-prime loan? Will I still be able to buy a house? Are these questions you've been asking yourself?

Did you see the heart attack the stock market experienced last month around subprime loan problems? So many people, including myself before, sat there staring at the TV wondering, "what is a sub-prime loan?" The answer is very simple, it's a loan other than prime. "WOW! Thanks for the tip Sarge!!" I know, I know, it sounded like a rather dumb answer huh? Well, sub-prime loans are given to folks that don't qualify for a prime loan. People who have bad credit, or maybe not very good credit, people who don't have money for down payments, etc. A lot of times these loans are made to people who shouldn't really have a home loan. Many more sub-prime loans go into default than prime loans. Because of this sub-prime lenders usually have higher marketing costs due to unaccepted applications, defaults, etc. Sub-prime loans usually come with higher interest rates, fee's, and expenses when closing on such a loan to help the lender recoup some of it's losses.

Unfortunately too many sub-prime loans have went into default lately which has caused an accordion effect throughout the stock markets sub-prime lenders. Causing some of them to even stop taking applications and possibly looking at future bankruptcy. This caused a ripple effect in the mortgage lending community and even got the federal reserves attention. Some experts believe that the fed will lower interest rates in the future. Which means, if they lower rates on the money they loan banks then banks can lower rates on the money they loan us. In short, it's a good thing for those of us who don't have sub-prime loan problems.

So will the sub-prime loan crisis affect you getting a loan? Yea, a little bit. The loan requirements are becoming more stringent on the mortgage brokers and banks alike. But if you have good credit and qualified for a prime loan before you should be ok now. But please, don't take my word for it, consult an expert in the mortgage field. I'm a Realtor remember?

As a side note before I leave you; do you think when you buy a house it's really yours? If so, try and not make, say about, 3 payments, then see who really owns the house? Not you! The mortgage company. Don't' know what that has to do with anything here but I just wanted to share that.

Thanks for your time.