Gainesville FL Real Estate Blog

If you’re thinking of selling your Gainesville home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won’t cover your total mortgage obligation and closing costs, and you don’t have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. 

1. Consider loan modification first. If you are thinking of selling your Gainesville home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: 

• Refinancing your loan at a lower interest rate
• Providing a different payment plan to help you get caught up
• Providing a forbearance period if your situation is temporary 

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The number of Gainesville and Alachua County foreclosure homes dropped dramatically in April compared to the previous March with 190 new foreclosure filings in April compared to 400 filings in March, according to RealtyTrac.com.

Gainesville and Alachua County Foreclosure Activity and Home Price Index

Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Gainesville and Alachua County Foreclosure Geographical Comparison

Gainesville and Alachua County foreclosure rate is .57% less than the state of Florida statistics and .10% less than national figures.

There are currently 1,156 Gainesville and Alachua County foreclosure homes with an average salesa price of $104,106. The estimated median home value in Gainesville and Alachua County is $146,619.

Are you or someone you know behind on your mortgage payments and facing a Gainesville foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with extensive training in helping families in distress and facing possible foreclosure. Give me a call for a private consultation.

Gainesville ranks #50 in Forbes Magazine 11th annual ranking of Best Places for Business and Careers.

The rankings are determined by a series of metrics established by Forbes ranking factors including local colleges, educational attainment of residents, and quality of life offerings.

Gainesville came in #77 for ‘Job Growth Projection’, #63 for ‘Cost of Doing Business’, and #13 for ‘Educational Attainment.’

Once again we are proud of live in Gainesville!

Will Gainesville Home Buyers Benefit From Stimulus Bill? 

It looks as if our legislators in Washington are finally making positive steps toward fixing the house mess and helping Gainesville home buyers by including housing legislation in the Economic Stimulus Bill.

Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

Now, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions are included in the final passage of a stimulus bill they could have a positive impact on Gainesville real estate.

This legislation has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all.

But is it light at the end of the tunnel for Gainesville home buyers and would help the housing crisis immensely as you can imagine.

Visit GatorHomes.com to learn more about Gainesville real estate.

Search all Gainesville real estate and homes for sale.

Amidst the economic gloom and doom, there’s some good news to report about Gainesville. Among large metro areas, Gainesville ranked #34 in the Best Performing Cities in 2008 survey conducted by the Milken Institute/Greenstreet Real Estate Partners. The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.

Cities were ranked according to how well they are creating and sustaining jobs and economic growth. The ranking depicts those U.S. metropolitan areas that are recording the top economic performance for wage and salary growth.

Nationally, Ginesville ranked #34 in wage and salary growth for 2008, moving up from the #52 ranking in 2007. In other rankings, Gainesville is # 79 for 5-year job growth, and #63 for 1-year job growth. In Florida, Gainesville ranked fourth behind Orlando, Ocala and Pensacola.

Do You Believe In Santa Claus Gainesville?

If you are a skeptic, this story may turn you into a believer. The author is unknown.

I remember my first Christmas adventure with Grandma. I was just a kid. I remember tearing across town on my bike to visit her on the day my big sister dropped the bomb: “There is no Santa Claus,” she jeered. Even dummies know that!” My Grandma was not the gushy kind, never had been. I fled to her that day because I knew she would be straight with me. I knew Grandma always told the truth, and I knew that the truth always went down a whole lot easier when swallowed with one of her “world-famous” cinnamon buns. I knew they were world-famous, because Grandma said so. It had to be true. Grandma was home, and the buns were still warm. Between bites, I told her everything. She was ready for me.

“No Santa Claus?” she snorted….”Ridiculous! Don’t believe it.
That rumor has been going around for years, and it makes me mad, plain mad!! Now, put on your coat, and let’s go.” “Go where Grandma?” I hadn’t even finished with my second cinnamon bun yet.

“Where” turned out to be Kerby’s General Store, the one store in town that had a little bit of just about everything. As we walked through its doors, Grandma handed me ten dollars.

That was a bundle in those days. “Take this money,” she said, “and buy something for someone who needs it. I’ll wait for you in the car.” Then she turned and walked out of Kerby’s. I was only eight years old. I’d often gone shopping with my mother, but never had I shopped for anything all by myself.

The store seemed big and crowded, full of people scrambling to finish their Christmas shopping. For a few moments I just stood there, confused, clutching that ten-dollar bill, wondering what to buy, and who on earth to buy it for. I thought of everybody I knew: my family, my friends, my neighbors, the kids at school, and the people who went to my church.

I was just about thought out, when I suddenly thought of Bobby Decker. He was a kid with bad breath and messy hair, and he sat right behind me in Mrs. Pollock’s grade-two class. Bobby Decker didn’t have a coat. I knew that because he never went out to recess during the winter. His mother always wrote a note, telling the teacher that he had a cough, but all we kids knew that Bobby Decker didn’t have a cough; he didn’t have a good coat. I fingered the ten-dollar bill with growing excitement. I would buy Bobby Decker a coat!

I settled on a red corduroy one that had a hood to it. It looked real warm, and he would like that. “Is this a Christmas present for someone?” the lady behind the counter asked kindly, as I laid my ten dollars down. “Yes, ma’am,” I replied shyly. “It’s for Bobby.” The nice lady smiled at me, as I told her about how Bobby really needed a good winter coat.

I didn’t get any change, but she put the coat in a bag, smiled again, and wished me a Merry Christmas.

That evening, Grandma helped me wrap the coat (a little tag fell out of the coat, and Grandma tucked it in her Bible) in Christmas paper and ribbons and wrote, “To Bobby, From Santa Claus” on it. Grandma drove to Bobby Decker’s house, explaining as we went that I was now and forever officially, one of Santa’s helpers. Grandma parked down the street from Bobby’s house, and she and I crept noiselessly and hid in the bushes by his front walk. Then Grandma gave me a nudge. “All right, Santa Claus,” she whispered, “get going.”

I took a deep breath, dashed for his front door, threw the present down on his step, pounded his door and flew back to the safety of the bushes and Grandma.

Together we waited breathlessly in the darkness for the front door to open.

Finally it did, and there stood Bobby.

Fifty years haven’t dimmed the thrill of those moments spent shivering, beside my Grandma, in Bobby Decker’s bushes.

That night, I realized that those awful rumors about Santa Claus were just what Grandma said they were: ridiculous. Santa was alive and well, and we were on his team. I still have the Bible, with the coat tag tucked inside: $19.95.

Think about doing something this holiday season that will make you one of Santa’s helpers!

Gainesville Real Estate: 5 Reasons Buying A Vacation Home Is A Good Idea

With the stock market in turmoil, many people are looking for alternative investments. Most of us are scared to death of jumping into the market right now and wondering what to do with their nest egg…other than sticking it under the mattress.

Christine Karpinski, director of Owner Community for HomeAway.com (an online vacation home rental marketplace) and author of How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment, says buying a vacation home is an excellent home is a good investment right now.

Gainesville home values are down right now, but history shows they always rebound, making a vacation home a great long-term investment. Christine doesn’t recommend buying with the thought of flipping it in a year, but buying as a long term investment.

You are probably asking why buying a vacation home is a good investment.

First, there are deals to be had. Prices are lower than a few years ago during the peak of the housing bubble. The excessive number of foreclosures is also keeping prices down and inventory up, making sellers more negotiable.

Interest rates also remain reasonably low, with rates hovering 6-6.5 percent. If you have good credit, there is mortgage money to be had.

Below are Christine Karpinski’s 5 Reasons Why the Vacation Home Rental Market Is Holding Strong…Even in our Weak Economy

1. It’s easy for consumers to find information on vacation homes. By visiting respectable websites travelers can quickly find the vacation home that’s right for them. HomeAway’s network of vacation rentals includes over 300,000 properties all over the world, making it possible for almost anyone to find one within a two- to three-hour driving distance from their home.

2. Vacation homes tend to be less expensive than hotel rooms. This is especially true if you’re traveling with extended family or a group of friends. HomeAway recently contrasted a three-bedroom vacation rental private condo in Orlando with a popular three-star hotel and found that the condo was cheaper by more than $1,700! “That’s a big difference, and in a tenuous economy it seems even bigger,” notes Karpinski.

3. When airfare gets expensive, people start taking road trips instead. Even with gas prices relatively high, it’s still far cheaper to drive a couple hundred miles to your mountain cabin than to fly to some lavish vacation destination. “Even with the bad economy, people need to take vacations,” says Karpinski. “In fact, psychologically, they may need to get away more than ever. A fairly inexpensive stay in a nearby vacation home is the perfect solution.”

4. The weak dollar makes U.S. tourist destinations attractive to European travelers, whose currency is still strong. “On my recent trip to Hawaii, I noticed a lot of German tourists,” notes Karpinski. “And when I speak to many of the vacation homeowners I work with, they confirm that they’ve encountered a surprisingly high number of European travelers lately.”

5. Business travelers still need a place to stay. When corporations must meet with business associates-who increasingly hail from overseas-they need good lodging solutions. Enter the vacation home. “More and more executives are putting their guests up in vacation homes instead of cramped, impersonal hotel rooms,” notes Karpinski. “It’s a far more comfortable option; plus many companies work out deals with homeowners whereby they can get ‘volume discounts.’ It’s a win/win for all parties involved.”

Learn more about buying a Gainesville vacation home by visiting GatorHomes.com or give us a call, 352-332-8841.

Search all Gainesville vacation homes for sale.

One of the biggest decision Gainesville second-home buyers must decide is whether or not to rent their property when they are not using it. According to the U.S. Census Bureau, one-half of all second-home owners leave their home unoccupied for more than 330 days a year. The question becomes, will your vacation home be a financial burden or a financial cow with the rental income is can generate, thus paying for itself

Renting does have its pros and cons. Some owners don’t like the idea of ‘strangers’ in their home. Others don’t want the hassle of being a landlord, especially a long distance landlord. And then there is the decision to give up the prime vacation season for rental income. The flip side is renting your vacation home provides a stream of easy money.

EscapeHomes.com offers advice and tips when considering a Gainesville vacation home purchase and deciding whether renting out that home is right for you:

Before You Buy
If you already know you will rent your vacation home, consider these questions as you look at properties:

•  Is there a rental market in the area?
•  What is the average rent that your neighbors receive?
•  If you are looking in a development, are there any by-laws which restrict your rental capabilities?
•  Is this a seasonal area or year-round location?

The answers to these questions will help you select a more lucrative property for your vacation home.

Rental Seasons
How do you decide when to rent your property and when to use it yourself? Since you are buying primarily for your own fun and enjoyment, you shouldn’t sacrifice this. If the home is in a one-season area, for example, summers at the Maine coast, then giving up that time of year for rental income defeats the purpose of having the home. In this case, you might look for a long-term (9-month) renter for the off-season, among the local population, while you use it in the summer. On the other hand, if you buy a winter ski condo or chalet, it is still highly rentable in the summer time for the mountaineering types. If you buy a property for weekend use, perhaps there are local people who need a Monday-Friday escape option. In short, if you balance your own needs with the market demands, you get both fun and money.

Practical Considerations
For successful renting, first find out the going rental market rate. Second, determine if you want to market it yourself, or use a rental agent. Self-marketing takes time, but often generates more qualified renters as you are not competing with all the other properties of an agent. Third, be sure to arrange for a property manager. This is different from a rental agency. The manager will take 10 to 20 percent of the rent, and free you up from cleaning, being on call for maintenance (especially important if you live far away), and dealing with the daily needs of the renters.

Make it Personal
By far, the most important factor in success is your personal investment in the process. This means your personal contact with your renters. From a simple welcome note and local maps to a thank-you note and on-going contact, your relationship creates a repeat flow of guests who not only love your second home as much as you do but also pay for the privilege of using it. What could be better?

If you are considering buying a Gainesville vacation home, give us a call, 352-332-8841, we are glad to provide you with the information you need to make a good buying and renting decision.

Think you want to rent out your Gainesville vacation home, but don’t want to handle the day-to-day details yourself, we can recommend a Gainesville Property Manager.

Search all Gainesville vacation homes for sale.

You’ve probably seen lots of financial arguments about why you should invest in Gainesville real estate and own your own home rather than rent. This includes budgeting (no rent increases) and the tax savings you’ll most likely have. Now we’re going to give you some reasons you probably haven’t heard.

1. Freedom to pursue other goals in life once the major goal of Gainesville home ownership is achieved.

Strange as it sounds, many of our first-time buyers have told us that once they bought the house, other things in their life started to fall into place. It’s as if not owning took so much of their mental energy that other goals were not worked on until that big goal was reached. So buy a home and get on with your life!

2. A greater sense of belonging to the Gainesville community.

Once you own a home, you feel more attached to the city in which you live. You’re more interested in what happens in Gainesville, to the roads, schools, and shopping areas. Some people even become involved in local politics.

3. A commitment to something, a sense of stability.

Home ownership is an anchor, something that cannot be pulled out from under you. You’ll never get a notice that you have to move. You’re kids will never have to change schools. It gives you freedom to plan years ahead.

4. You can change things, a feeling of being in control.

It’s your home. You can add to it, remodel it, change the landscaping, do whatever projects you want. You have a feeling of being in control of something in your life. At work we don’t always have control of what happens, but your home is your castle and you have dominion over it. You can see what you’re building take shape before your eyes.

5. More control over the children than in an apartment complex

In a neighborhood, kids usually play in the yards or go to friend’s houses a few doors away. Our clients have told us that in an apartment complex they never knew where the kids were. They could be in any of hundreds of apartments, doing who knows what. In a home you get to know the neighbors and watch out for each other’s kids.

6. Children do better in school and feel more secure.

This one surprised us, but buyers have reported to us that their kids calmed down in school after they bought a house. We don’t know why, but it seems to work that way. We remember a single mom watching her son play in the yard, making steps in the slope and building things. She didn’t have to tell him to leave everything alone, like she did at the apartment complex. I guess kids feel the same need for control we adults do.

7. Time and money saved by not going to the Laundromat.

A small point, but if you have kids, you know the value of this one. You gain a whole evening a week when you buy a house! The wash gets done in between other things, or while you’re at work. What would you do with the extra evening you’ll have? How about going out for dessert with your spouse with all those quarters?

We’ve been in a Gainesville home of our own for so long; we take these benefits for granted. We forgot what it’s like to be renters! If you have anything you can add to the list, please let us know. We would love to hear from you! 

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