“THIS IS LYNN KIMBALL, WITH SIGNATURE PROPERTIES. AS WE APPROACH OUR 26TH YEAR IN THE REAL ESTATE BUSINESS IN HIGHLANDS, WE WOULD LIKE TO THANK ALL OF OUR CLIENTS AND THE WONDERFUL PEOPLE IN OUR COMMUNITY FOR MAKING IT POSSIBLE. WE ARE SO BLESSED TO HAVE THE PRIVILEGE OF LIVING IN ONE OF THE MOST BEAUTIFUL PLACES IN GOD’S CREATION. FOR ENDLESS REASONS, HIGHLANDS/CASHIERS REAL ESTATE HAS ALWAYS BEEN DESIRABLE. IN ADDITION TO THE EXCEPTIONAL BEAUTY OF THESE MOUNTAINS AND ALL THE WONDERS THEY HOLD, OUR QUAINT HISTORIC COMMUNITY OFFERS A DOWNHOME ATMOSPHERE WITH A FLAIR FOR THE REFINED. PERHAPS THE GREATEST NATURAL ASSET FOUND IN THESE MOUNTAINS, IS THE WARM AND WELCOMING SPIRIT OF ITS PEOPLE. WE INVITE VISITORS TO COME AND SEE IF THIS IS THE PLACE…AND THE PACE…YOU’VE BEEN LOOKING FOR. THE AGENTS AT SIGNATURE PROPERTIES WILL APPRECIATE THE OPPORTUNITY TO APPLY FOR THE POSITION AS YOUR REALTOR. PLEASE COME BY OUR OFFICE LOCATED ON HWY 64 EAST ACROSS FROM HIGHLANDS FALLS COUNTRY CLUB OR CALL US AT 828-526-4101. SIGNATURE PROPERTIES, SERVING THE HIGHLANDS CASHIERS AREA SINCE 1985.”
Highlands Newspaper Article- Sept. 30, 2010
Highlands Newspaper
September 30, 2010
Lynn Kimball, Owner/Broker
Signature Properties
I recently experienced the most difficult sales transaction of my 38 years in the real estate business. I have found that emotional roller coasters always come with good lessons when we are honest and willing to look. The following ones are worth sharing.
In this economy, buyers don’t come easy….in more ways than one. They are few and far between and they come with high expectations of low prices. With over 1700 residential and 1600 vacant land listings in the Highlands-Cashiers Multiple Listing Service, there have been 290 residential and 40 land sales over the past 12 months. Anyone willing to step out and buy real estate in this uncertain economy deserves a good deal. As a property owner, the market dictates that unless you are willing to sell low, you can save yourself a lot of time and frustration by leaving your property off the market. If you decide to sell, it is important to realize the value of a buyer. Put yourself in their place. If you were buying right now, wouldn’t you want the best deal you could find? Honor the fact that your property has attracted one of the few buyers who have such a large variety of properties to choose from.
For today’s buyer, a little sensitivity goes a long way. Many sellers are in financial straits or at best their assets have been substantially reduced. Selling can also be an emotionally draining experience. Instead of adding insult to injury, try allowing a seller to maintain some dignity. Be nice. For instance, if a home is being sold furnished, allow the owner some leeway with items they’d like to keep. Give them some flexibility with moving dates. Don’t pick apart the home inspection asking for insignificant repairs. Again, put yourself in their place. Try a little kindness.
I you are a buyer or seller and find yourself dealing with a difficult personality in a sales transaction, keep your eye on the prize. The truth is each needs the other in order to accomplish their goals. When a person acts mean spirited or inflexible, it is usually a result of fear that someone is taking advantage of them. In this day and time when most of us have been rattled by the effects of the economy, some understanding and compassion goes a long way. Everyone will benefit in the end.
Finding The Balance In Today’s Market
Highlands Newspaper
August 5, 2010
Lynn Kimball, Owner/Broker
Signature Properties
FINDING THE BALANCE IN TODAY’S MARKET
I may not gain popularity by what I’m about to share, however, finding the balance in our current real estate market is imperative to success for both buyers and sellers. As you well know, the real estate industry as a whole has suffered throughout our country. It is important to note that the level of diminished prices and low number of property sales is relative to the LOCATION of the property. For instance, prices in most of Florida have plunged 50% or more. This is not so in all areas. Some parts of our country have seen more severe declines, while others have dropped by a smaller margin. Therefore, consideration of listing to sale price ratios should be based on the location and relative market value of the property.
It appears that the impact of the economy on Highlands is averaging about 25 to 30% off of previous SALE prices seen during the boom market. Previous LISTING (or ASKING) prices are irrelevant because the upsurge created an atmosphere where many listings were simply priced out of the market from the start. There are exceptions both up and down. In our local counties of Macon and Jackson, sales prices have historically been inconsistent with County Tax Appraisals, so this would not be the best data to use in determining property values.
As a Seller, how do you determine an asking price that will gain attention among the multitude of available properties for sale? Obtaining professional advice from an experienced REALTOR is a good start. With access to Multiple Listing, an agent can extract properties which have sold recently, although there are not many. Also you will find real estate sales from the boom market, but the percentage of decline should be taken into consideration. It is most important to understand current listing prices on comparable properties and price your property within the lower end of the competition.
As a Buyer, how do you know where to start when there is a myriad of asking prices on comparable properties? A Realtor’s job is to know the best available properties in each price range. By looking at several properties in your given range, you will gain some perspective on a good value. Upon locating a property that meets your needs and desires, ask your REALTOR to provide you with the identical information I described above for the Seller. Some additional questions a Buyer might ask:
- Has the property been priced to reflect the current market value?
- Is the property listed at a price which reflects values during the boom market?
- Are there extenuating circumstances that may lead you to believe a property could be purchased below today’s market value, such as a bank foreclosure or short sale?
At this point you should be prepared to make an educated offer.
Whether buying or selling, knowledge of the facts will lead you closer to finding the balance for a successful outcome.
An experienced professional will be honored to apply for the position as your REALTOR and be grateful for the opportunity. Signature Properties has been serving Highlands and Cashiers for over 25 years. Signature agents have well over 150 years of combined experience. For further information, you are invited to contact Signature Properties at 828-526-4101, email lynnkimball@signatureproperties-nc.com or visit our office located on HWY 64 East, 2 miles from downtown Highlands, across from Highlands Falls Country Club. Please visit our new, user friendly website at www.signatureproperties-nc.com.
One of the Oldest Professions
The Federal Reserve is currently keeping interest rates down in an attempt to boost the economy. Their theory is that lower rates will encourage people to make investments in real estate, businesses and consumer purchases. But what about those who depend on earning interest to make a living? This small, yet significant segment of society, are also the consumers who are likely to make larger purchases. In the meantime, these potential consumers are hanging on to their portfolios waiting for the market to improve. They are clinging to their cash assets, with little return, waiting for a sign that investing their money will become more secure as well as profitable.
For these folks, I am suggesting a new perspective on a very old profession. Recession can be perfect timing for unparalleled opportunities, if we are properly advised. Holding mortgages can be one of the few tangible and solid investments during these times.
With regard to mortgages locally, real estate values in the Highlands-Cashiers area are holding better than most parts of the country. I believe this is because our typical property owner does not entirely depend on the economy for survival. Although our property values have decreased some, all indications point to leveling off. We are not seeing appreciation rates as of yet, but they will surely come in due time.
Mortgage loans have been the backbone of the banking industry since the foundation of our country. They have recently become problematic due to poor lending practices prior to the recession. Many lenders gave higher loan to value mortgages on properties with inflated values. In many cases these loans were made to unqualified buyers or to those depending entirely on their existing pre-recession income.
Certificates of deposit (CD’s) are the most secure investment, but they are currently earning an average interest rate of 2%. If you happen to own property free and clear of mortgages, you could sell and easily earn a 4 to 5% return by holding owner financing for a qualified buyer. If you want to consider a potentially higher profit margin, there are still some foreclosures and short sales available which can be purchased far below today’s market value. By buying low and reselling these properties at their higher value, holding seller financing at 4 to 5% interest could increase your profits substantially. Mortgages can also be relatively short term investments. It is not uncommon for mortgages have interest only monthly payments with a scheduled balloon payoff in three to five years. Again, the typical Highlands-Cashiers buyer is affluent and more often than not they pay cash for real estate. However, in these times they may want a mortgage until they can sell an existing property or they may be awaiting a scheduled pay-off from another investment.
My suggestion is to hold a mortgage substantially lower than the current market value of the property. In the remote case that foreclosure becomes necessary, you will be in a position to sell the property again, at the market value at that time, with the possibility of receiving even higher profits. Upon selling you could cash-out, reinvest or hold yet another mortgage on the property at the going interest rate at that time.
In this New Year, let’s consider a fresh prospective on a conservative, yet traditionally profitable venture. Holding a mortgage is a sensible and practical approach to investment in today’s economy. A professional agent with experience in owner financing and knowledge of the local real estate market will appreciate the opportunity to apply for the position as your Realtor.
Why Highlands? – Why Now?
Discussions of the real estate market these days are generally met with mournful sighs. Does this mean that property ownership should be discouraged?
Not according to our founding fathers. Have the mountains and specifically Highlands become a less desirable location? Those of us who have made a permanent or secondary home on this plateau would argue this point into eternity.
Let’s examine the definition of real estate.
Real:
- absolute
- concrete
- irrefutable
Estate:
- property
- person’s possessions
- assets
Real property is a limited, absolute commodity in which location determines its value.
Although we are tempted to complain about the changing economy, some things have not changed. Location, location, location has always been the determining factor in real estate values and for the majority of successful businesses. Our town is still uniquely situated amongst one of the most beautiful and majestic lands of God’s creation. The climate remains ideal for those wanting to escape the summer heat. Steeped in history, our community has continually offered a rare combination of down-home comforts with a flair for the refined. And perhaps the greatest natural asset found in Highlands is the warm and welcoming spirit of its people. These are some of the many reasons we chose to come here and why others will continue to flock to our area.
Economists tell us that the real estate industry drives the economy. Real estate values in Highlands are the best they have been in many years, while interest rates are the lowest we have seen in this generation….offering a rare opportunity. Real property is the only commodity that is no longer being made and does not disappear. It is suggested that investment portfolios with a basis in real estate have the most stability and opportunity for growth. For all of the reasons stated above, the timing is perfect to make an investment in Highlands’ real future.
We are on the verge of our busiest and most visited season in Highlands. An optimistic attitude is essential to our success in business and all areas of life. Spring is an ideal time for new beginnings and fresh attitudes. Signature Properties wishes each and every one of you a joyous and prosperous season.
Condo – Highlands Falls Country Club – $260,000
Quietly nestled in the woods with only the sounds of a small stream and birds. This 2 bedroom/2 bath condo is delightfully furnished, new wood floors, no steps, high ceilings, stone woodburning fireplace, a screened porch with wooded views and a second porch off living room and master bedroom. Very charming, inviting, secluded and private. Club membership optional.
Click Here for Full Listing Information
Highlands Commercial and Residential $260,000
2BD/2BA Apartment on upper level, very nicely done with full kitchen and additional space on lower level for commercial or turn into residential. Apartment has interior and exterior access. Live and work in same building or use as rental – lots of options, zoned B-5 Mixed Use ETJ.
Click Here for Full Listing Information
OWNER FINANCING IN TODAY’S MARKET
The Highlands Newspaper
June 2, 2011
This may sound scary to the Seller who has been watching bank foreclosures and short sales across the country at record highs. Why would Sellers want to put themselves in this position? Let’s take a fresh look at why holding a mortgage can be one of the few tangible and solid investments during these times. For those who are in a position to offer this as a selling tool, recession can bring unparalleled opportunities, when properly advised.
Although real estate values have decreased in our local market, the Highlands-Cashiers area is holding better in value and with fewer foreclosures than most parts of the country. I believe this is because our typical property owner does not depend entirely on the economy for survival. The majority of landholders are second homeowners and/or investors. Many have paid cash for their properties. In fact, a good portion of this small, yet significant segment of society depend on earning interest to make a living.
The Federal Reserve is currently keeping interest rates at an all-time low in an attempt to boost the economy. Their theory is that lower rates will encourage people to make investments in real estate, small businesses and consumer purchases. This theory remains ineffective because banks are now being governed with such conservative lending practices, it is extremely difficult for consumers to qualify for loans. Interesting enough, these difficulties do not just extend to the average borrower. The well-to-do who hold large portfolios of cash and non-liquid assets are having trouble getting financing because many are not showing consistent annual income (a large key today in qualifying for a loan). This is due in part because they are earning very little interest. Thus, both buyers and sellers are suffering, even though this is one of the best times in history to purchase property at exceptional values.
Certificates of deposit (CD’s) are still the most secure investment, but they are currently earning an average interest rate of .0+%. If you happen to own property free and clear of mortgages, you could sell and easily earn a 3 to 5% return by holding owner financing. This could off-set selling your property at a lower value than previously expected, plus increase your annual income substantially. Mortgages can be relatively short term investments. It is not uncommon for a mortgage to have interest only monthly payments with a scheduled balloon payoff in three to five years. Again, the typical Highlands-Cashiers buyer is affluent and more often than not they pay cash for real estate. However, in these times they may desire a mortgage until they can sell an existing property or they may be awaiting a scheduled pay-off from another investment.
Mortgage loans have been the backbone of the banking industry since the foundation of our country. They have only recently become problematic due to poor lending practices prior to the recession. In the remote case that foreclosure becomes necessary, seller financing puts one in a position to sell the property again at the market value at that time, with the possibility of receiving even higher profits. Upon selling the property again, the seller could cash-out, reinvest, do a 1031 exchange or hold yet another mortgage on the property at the going interest rate at that time.
Let’s consider a fresh prospective on a conservative, yet traditionally profitable venture. Holding a mortgage is a sensible and practical approach to investment in today’s economy. A professional agent with experience in owner financing and knowledge of the local real estate market will appreciate the opportunity to apply for the position as your Realtor.
Signature Properties has been committed to selling real estate in the Highlands-Cashiers area for over 25 years.