December
24
2010
On a national note, pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.
The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index
remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.
Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts
and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage
gain, but activity needs to improve further to reach healthy, sustainable levels.
The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will
help the recovery process going into 2011,” he said. “More importantly, a return to more normal loan underwriting standards and removal of unnecessary
underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said.
Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the
vintages of 2002 and 2003 before the housing boom. The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in
October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago.
Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.
Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest
deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential
and commercial real estate industries.
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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has
been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically
representing about 20 percent of transactions for existing home sales.
In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record
years for existing-home sales.
NOTE: The next Pending Home Sales Index will be released December 30 with release dates being moved up for 2011, and existing-home sales for November will be reported December 22; release times are 10:00 a.m. EST.
December
7
2010
The sluggish market has created a problem with appraisal values in our area due to the fact that there have been many distressed sales and foreclosures over the past year. Appraisers have been stretched to document a property’s true value because the closed sales to support the value just haven’t been there to use.
On November 30th, 2010, I closed on two houses that will be beneficial in improving the market here in Picayune and Pearl River County, MS:
This home, located at 17 Laurel Grove Drive, is in the North Hill Subdivision in Carriere. It is a 4 bedroom home on an acre of land with an inground swimming pool, and it sold for full price, cash (and it never even had a “for sale” sign in the yard):
This home, located at 29 West Robin Drive, is in the Eagle Heights Subdivision in Picayune, MS, and features 3 bedrooms, an open floorplan, and a beautiful covered back patio for entertaining. It sold for $220,000:
November
17
2010
Pearl River County, Mississippi, is dotted with many lovely neighborhoods that fit a wide range of interests. Not all of these neighborhoods fall in the traditional “suburbia” sense of the word. Some areas have small lots, and some have sprawling acreage with farmland.
For a list of many of the neighborhoods in Pearl River County including Picayune, Carriere, McNeill, and Poplarville, be sure to visit PRC Homes for a list of Neighborhoods.
November
5
2010
If you are looking for a place to retire to that will give you the most “bang for your buck”, you should consider moving to Picayune, in Pearl River County, Mississippi! Registered as a Certified Retirement Community, Picayune offers some great features for retirees.
According to the Kiplinger Retiree Tax Guide to Mississippi, “It not only exempts Social Security benefits from state income taxes, but it also excludes all qualified retirement income — including distributions from IRAs, 401(k)s, 403bs, and qualified public, private and military pensions — from state income taxes. Remaining income is taxed at a maximum 5%. Mississippi is home to some of the cheapest property taxes in the nation. Residential property is taxed at 10% of its assessed value. Motor vehicles are taxed at 30% of their value. Homeowners 65 and older qualify for a homestead exemption on the first $75,000 of value. The state has a 7% sales tax, but prescription drugs, residential utilities and health-care services are exempt. County and city taxes may add an additional 3% to the state sales-tax rate. There is no inheritance tax.”
Combine that with the fact that Picayune is in the center of tourism opportunities, being central of a 50 mile radius of New Orleans, Hattiesburg, and the Mississippi Gulf Coast, and you have a great place to retire to, while being able to enjoy a warmer climate, and lots of entertainment opportunities.
For more information about retiring in Mississippi, please contact Carol Fitzwilliam at the Pearl River County Tourism Council.
October
27
2010
Since Halloween will be falling on Sunday this year, Picayune and Poplarville have moved their trick-or-treating celebrations. An article in the Picayune Item details the dates/times that these cities will be celebrating : http://picayuneitem.com/local/x356200007/Halloween-celebrations-differ-in-cities
In the 12 years that I have lived in Pearl River County, I can tell you that Halloween has always been moved to the evening prior, when the event falls on Sunday on the calendar, showing respect for the Sabbath Day and Christian Worship.
BUT according to the Hide-A-Way Lake Lodge, they will be holding trick-or-treating on Sunday.
If you are looking for last minute ideas on treats to make for your Halloween guests, FamilyFun.com has some really cute ideas: http://familyfun.go.com/halloween/halloween-recipes/
FoodNetwork.com also has some great recipes for treats for your spooks: http://www.foodnetwork.com/halloween/package/index.html
Both of these sites also have great ideas for Costumes, Crafts, and Party Games.
I hope you have a howling good time in however you choose to celebrate this Halloween!!
October
13
2010
Kellie’s Po-Boy – Now open in NEW LOCATION!
2322 Hwy 43 South – Picayune MS 39466
601-799-5909
Kellie’s is finally re-opened, and I have to tell you, I’m stuffed on one of the best Shrimp Po-Boys around! If you are looking for New Orleans style cooking, you need to visit Kellie and her team. I promise you, you won’t be disappointed!
September
3
2010
In order to vote on Nov. 2, 2010, you, your family, friends and contacts will have to register before Oct. 2. Absentee voting is 45 days before the
election. The easiest thing is click on the Secretary of State’s web site below and handle the process by mail or on the phone. Remember that if someone
is 17 now and will be 18 by election they may register now. If you think you are registered but are not sure, call your Circuit Clerk’s office today and
find out.
Mississippi Voter Registration Form:
Mississippi Voter Registration Form
Print and complete the form. Mail to the Circuit Clerk in your home county at least 30 days before the election.
Link to Absentee Voting:
http://www.sos.ms.gov/elections_voter_info_center_absentee.aspx
Call your county voter registrar and ask for instructions on absentee voting. The number for the Circuit Clerk for Pearl River County MS is 601-749-7700.
August
30
2010
Most people work hard for their money. Why sit by while it slips through the cracks? There are simple and inexpensive steps that you can take to make your home more energy efficient and these solutions often bring big returns. As a bonus, they benefit the environment as well as the family piggy bank. In this article we look at some simple and inexpensive ways to reduce energy consumption in the home.
Lowe’s is happy to provide this information as a service to you.
August
24
2010
by Tessa Skeens | Owner & Lead Staging Designer
Happened to be home when Oprah was on this afternoon. The topic was Makeunders. Women who needed less not more. But this also applies to homes. Nate Berkus did a room Makeunder and it inspired me!
Every home that goes on sale needs a makeunder. The less of you, the quicker your home will sell. The bigger and more spacious your home looks the higher it’s perceived value.
This means it’s really important to edit your stuff so what’s really important greets you (and your buyers) when you walk in the door. You want your homes’ features to shine, you want buyers to say AH!
The trouble is we tend to keep adding stuff to our homes and don’t stop to edit.
I compare it to getting dressed. You’ve got a great look going but then you keep adding accessories to your outfit. A scarf or two. All of a sudden your great look gets lost. No one will be able to focus on that perfect necklace or pair of shoes because there’s too much to look at.
The best outfits are the ones with a simple color palette. A nice pair of jeans, a contrasting top and jacket and some great accent jewelry and shoes.
Your home is no different. It’s an extension of who you are but it shouldn’t be the catchall for everything you’ve ever wanted to bring home. Layering is wonderful but you have to know when to stop before your look gets lost.
Start with one room. Treat it like an extension of yourself. How would you dress it?
10 Easy Tips to “Make Under” Your Home
1. Keep in simple, Pick one or two main colors for your walls and floor. The fewer colors the more spacious your home will look.
2. Pick a third and fourth (if desired) accent color . Use these colors sparingly.
3. Keep your surfaces consistent. Walls should be the same material if possible and painted or finsihed in the same color on all walls. Floors also. Keep flooring consistent throughout the house.
4. Group your family photos on one wall and use similar frames and mats to keep a unified look. Edit your photos first and keep only the ones you love.
5. Group your plants also. Your plants will thrive and it reduces watering time. Toss out any that are unhealthy or dying.
6. If a room has more than one use make sure there’s a dedicated space for each use. Screens or dividers can help separate living from office or exercise space.
7. Keep your window treatments clean and simple. Heavy window treatments that cut down on light can overpower a room. Invest in some light colored curtain panels instead hung on a simple pole. These look great over inexpensive 2″ blinds.
8. Remove area rugs on carpet. Visually they cut up the floor space and make the room feel smaller.
9. Edit your collections. Keep only pieces you love on display. Again grouping them will create impact and reduce visual busy-ness.
10. Keep it to 5. When in doubt, keep no more than 5 toys or 5 plants or 5 pillows or 5 frames or 5 lamps for example in a room at one time. If you want to add a new piece, take out an old one.
Remember keep it simple. Whether you are getting ready to sell your home or just want to live lighter, a professional home staging consultation can help you with your “makeunder”.
Photos are not samples of Hampton Redesign staging but chosen to represent how a simplified color palette can makeunder a room.
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Hampton Redesign 817-891-9563 www.hamptonredesign.com
