Star Chat April 2016 by The All-Star Team, REALTORS

Volume 18, Issue 4 / April 2016

DeLois Smith

Adam Watkins Brenda Blackwell Linda Seifert

Debra Pace

Dennis Baum

Scott Holmes

4 REASONS TO BUY A HOME THIS SPRING by: Scott Holmes

Dana Palmer

Jennifer Upton

Paula Claret

Ame Karoly

SOURCE: keepingcurrentmatters.com

Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.5% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years. The bottom in home prices has come and gone. Home values will continue to appreciate for years.Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30year mortgage have remained around 4%. Most experts predict that they will begin to rise over the next 12 months. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year. An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home. 3. Either Way You are Paying a Mortgage As a paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does end up making more financial sense than renting.” 4. It’s Time to Move On with Your Life The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy. If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. The Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and Freddie Mac all project that mortgage interest rates will increase by about three-quarters of a percentage point by this time next year. What Does This Mean as a Buyer? Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.5% predicted by CoreLogic over the next twelve months: This year can prove to be an important year for those looking to purchase real estate whether as their primary home or as investment property. Please talk to me or another Realtor on our Team today to understand the benefits available to you in order to leverage the lower interest rates coupled with moderate housing prices, both of which appear to be increasing over the next year. So, in relating a home to ship on the ocean, wouldn’t you rather ride a rising tidewater in an updated or larger ship (with a lower interest rate)? As an example, a $200k home vs a $300k home with both homes having a simple 5% increase in value would net the $300k homeowner an additional $5k of value. Notwithstanding any interest rate improvements, this could be something to consider in your portfolio!

NAR Generational Trends by: Adam Watkins I’ve had the opportunity to serve on various committees through our local, state, and national association. My most recent appointment is to the Research Committee of the National Association of REALTORS under the direction of one of the nation’s leading economists, Dr. Lawrence Yun. For a Finance/Economics major who enjoys data, I can’t tell you how excited I am to serve. The research arm of NAR is quite vast, and it tracks housing trends and economic trends of all types. For instance, I’ve always found generational trends absolutely fascinating! Perhaps you have as well. The real estate business is not the only field where the differences in generational preferences exert their influences, but we certainly have a front row seat to witness how a millennial purchaser or seller interacts with us compared to a member of the “Greatest Generation,” for instance. Perhaps many of us may have already grown weary of the coverage that millennials have gotten over the last 5 to 7 years, especially some of those Baby Boomers out there who, for decades, have enjoyed the spotlight as the largest generation in history - until now, of course. Or what about us Generation X members (of which I am one of the youngest), who’ve gone relatively unnoticed. Well, recent research is showing that millennials are moving to the suburbs just like their parents did, and for some very practical reasons. So, before you give up on the latest, biggest generation, I hope you’ll enjoy this article provided by our Research Committee at NAR. It’s been edited for length and content and was released in early-March. WASHINGTON (March 9, 2016) – “A growing share of homebuyers are millennials, and more of them are purchasing single-family homes outside of urban areas, according to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends study, which evaluates the generational differences of recent home buyers and sellers. The share of millennials buying in an urban or central city area decreased to 17 percent (21 percent a year ago) in this year’s survey, and fewer of them (10 percent) purchased a multifamily home compared to a year ago (15 percent). Overall, the majority of buyers in all generations continue to purchase a single-family home in a suburban area, and the younger the buyer, the older the home they purchased. Lawrence Yun, NAR chief economist, says while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they’re ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.” For the third straight year, the largest group of recent buyers were millennials, who composed 35 percent of all buyers (32 percent in 2014), more than the combined amount of younger and older boomers (31 percent). Generation X were 26 percent of buyers, and the Silent Generation made up 9 percent. This year’s survey underlined the challenges debt had on some buyers’ ability to purchase a home. While debt delayed saving for a down payment for a median of four years for all buyers, the number of years postponed increased from three years for millennials to six years for older boomers. Among the share of buyers who said saving for a down payment was the most difficult task, millennials were most likely to cite student debt (53 percent) as the debt that delayed saving, while credit card debt was indicated more by Gen X (44 percent) and younger boomers (36 percent). According to Yun, student debt is likely impacting more than just the millennial generation’s ability to buy a home. “Whether it’s from financing their own education or borrowed for their children, it’s somewhat surprising to see a higher median amount of student debt among Gen X ($28,000) and younger boomer buyers ($29,100) compared to millennials ($25,000),” adds Yun. “One of the many reasons housing supply has been subdued in recent years may be because a segment of homeowners have decided to delay trading up or moving down in order to pay down their debt, including from student loans.” Nearly all buyers predominantly used the Internet and a real estate agent during the home search process. Eighty-seven percent of millennials and Gen X buyers used an agent, and they were also the most likely to use mobile or tablet applications and mobile or tablet search engines during their search. Gen X buyers were the most likely to visit an open house. NAR President Tom Salomone, brokerowner of Real Estate II Inc. in Coral Springs, Florida, says buyers of all ages continue to seek the advice and guidance of Realtors®. “Supply shortages, strong competition and rising home prices in today’s market can make buying a home very stressful,” he said. “While the Internet is the initial go-to destination to search for available listings, consumers want the expertise and insights of a Realtor® to help them find the right home within their budget.” Among the biggest factors influencing neighborhood choice, millennials were most influenced by the quality of the neighborhood (63 percent) and convenience to jobs (60 percent); convenience to schools was most desired by Gen X buyers, and proximity to friends and family by the Silent Generation. Those more likely to be trading up (Gen X homeowners) or trading down (older boomers) represented the largest share of sellers in the past year, at 25 percent and 24 percent, respectively. Millennials – also likely to be move-up buyers – stayed in their home the shortest amount of time before selling (five years). Across every generation at 88 percent or above, sellers overwhelmingly used a real estate agent or broker to sell their home. When asked what sellers wanted most from their real estate agent, younger sellers were more likely to want their agent to help price their home competitively or sell within a specific timeframe, whereas help finding a buyer was desired more by younger and older boomers.” I found this too interesting and impactful not to share, and it helps guide our understanding of trends for the future as we serve you and those you entrust to our care! Best, Survey generational breakdowns: millennials (ages 35 and under); Generation X (ages 36-50); Adam & Team younger boomers (ages 51-60); older boomers (ages 61-69); and the Silent Generation (ages 70-90)

All Star Events The DeLois Smith All Star Team is holding our first area food drive the week of April 11 - 15, 2016. You can drop dry food items off at our Oak Grove or Petal Office to be distributed between the local food banks.

County Wide Day Out Against Litter

Lamar County Board of Supervisors in conjunction with the Town of Sumrall, City of Lumberton, and City of Purvis is holding a county wide litter pick up day. We are asking for everyone to take pride in Lamar County and do your part in making Lamar County cleaner along its roadways. Saturday, April 16th, 2016 you can do your part and make a difference. Lamar County will be providing bags, grabbers, and safety vests along with food and beverages, awards, and presentations all related to litter. Lamar County is launching its efforts to bring awareness and prevention of litter along county road sides. Volunteers will gather at one of five community centers or voting precincts where they will get a litter grabber, trash bags, and a safety vest. Later that day, there will be food, refreshments, and awards for the team that picked up the most trash.

ALL STAR TEAM Client Quotes “Thank you so much to Delois Smith and her All Star Team for all their hard work in the sale of my mother’s home. DeLois worked tirelessly and professionally during all phases of the selling process. I particularly liked the email notices of showings and feedback on the property. It did not matter the time of day or day of the week with DeLois and her team. Quick responses were the standard procedure by every staff member I encountered. Thank you for your patience and perserverance to complete the sale.” Brenda Donahoe, Seller

real estate market data

Visit GoAllStarTeam.com to view all area homes for sale!

Tour of Homes Sunday, April 3, 2016, 1:00 PM - 5:00 PM

Petal

Hattiesburg

Canebrake

Oak Grove

1:00 to 1:30 pm

1:30 to 2:00 pm

111 Larawood Point

1217 Crestwood Drive

Longleaf Acres 4BD/4BA - $395,000 Amazing waterfront! Rich appointments throughout including granite slab counters, oak hardwood floors, and sweeping lake views!

Woodhaven 3BD/3.5BA - $265,000 Accessible to everything! Complete with motherin-law suite, home office, upscale kitchen, master bath, and laundry. In a cul-de-sac!

3 Bellerose Canebrake Golf 3BD/2.5BA - $334,900 Pristine Garden home! Built with attention to detail with a state-of-the-art Kitchen, granite counter tops, separate Formal Dining, Sunroom, fenced yard, and more!

103 Fern

Timber Ridge 4BD/2BA Move-in Ready! Cathedral & Raised Ceilings, Central Vacuum, and Music System. Second level Bonus Room could be Play Room or 4th Bedroom Directions: Old Hwy 11 to left on Windridge, first right on TimberRidge, right on Fern

Directions: Richburg Road to Nellwood. Follow Nellwood to stop sign. Turn left on Crestwood.

Directions: West entrance to Canebrake. First left on Bellerose.

Petal

Oak Grove

1:30 to 2:00 pm

2:00 to 2:30 pm

Directions: Eastabuchie Rd to Longleaf Acres. Straight at stop sign onto Pine Ridge. Left on Larawood.

105 Red Oak Point

105 Heartwood Point

4 Summer Place

100 Summer Place

Trailwood West 4BD/3BA/2HaBA - $429,000 Breathtaking, Ultra-Custom Executive Home with All the Bells & Whistles! Gourmet Kitchen, Upstairs Movie Theater Room, and More!

Longleaf Acres 4BD/2.5BA - $275,000 Prime Waterfront with over 3,000 Square Feet! Freshly Painted with Screened Porch, Pier, and Workshop with Half Bath on Over an Acre!

Summer Place 4BD/2.5BA - $249,500 You’ll Love the Wonderful Yard with Lovely Bridge Sitting on a Corner Lot. Plus a Deluxe Workshop!

Summer Place 4BD/2BA/2HaBA - $295,000 Meticulously Upgraded! Large 1.7 acre Lot w/ Multiple Living Areas, Sunroom, Greenhouse, Gazebo/Outdoor Living Area, & Workshop!

Directions: Hwy 42 to TWW Red light. Right on Broken Arrow, then Left onto Red Oak. Home is on the Right.

Directions: Longleaf Drive to Pine Ridge, Immediate Left (veer onto) Heartwood Point. House on Right.

Directions: Old Hwy 24 to Cameron Rd. Turn left onto Summer Place. Home on the Left.

Directions: Old HWY 24 to Cameron Rd. Then Left on Summer Place Drive.House is on right.

Oak Grove

2:00 to 2:30 pm

2:30 to 3:00 pm

121 Shadow Lake Drive

111 Crystal Creek

141 Baracuda Drive

187 Tallulah Ridge

Shadow Ridge 4BD/2.5BA - $289,500 Handsome, Custom, One-story, Golf Course Home on a One Acre Lot with Privacy Fenced Back Yard! Home Warranty Included.

Bent Creek 4BD/3.5BA - $349,900 B-E-A-U-TIFUL! Two-story home with stunning curb appeal. Home has two master suites and is an ideal layout for the growing family!

Lake Serene 3BD/2.5BA - $235,000 Sunsational! Affordable & Updated Waterfront Living to Enjoy Peaceful Fishing When You Want or Use the Main Lake for Skiing or Boating!

Backwater 4BD/3.5BA - $457,500 Stunning New Construction by AAA Homes! Designer Kitchen with Walk-in Pantry, Open Dining & Keeping Room, Plus Separate Office!

Directions: Hwy 98W to Shadow Ridge Subdivision. Right on Shadow Lake Dr.

Directions: Old Hwy 24 to Bent Creek. Left at stop sign and stay straight, then Right on Crystal Creek. Home on left.

Directions: Hwy 98W to King Rd. Turn right. Left on Baracuda Dr. Home on the Right.

Directions: Hwy 98W to Woodstone S/D to Backwater to Tallulah Ridge.

Petal

Oak Grove

2:30 to 3:00 pm

3:00 to 3:30 pm

3:30 to 4:00 pm

45 W Temple Road

300 Longleaf Drive

213 Legacy Boulevard

309 Mt Pleasant Drive Legacy 4BD/2.5BA - $ 198,500 WOW! Like-new home, built in 2015, has granite counters and stainless appliances plus Bonus Room in Oak Grove for under $200k!

Longleaf Acres 3BD/2.5BA - $228,500 Family-friendly floor plan with spacious rooms and abundant oak cabinetry on a large 1.38 acre lot! Mature blueberry bushes and more!

Legacy 3BD/2.5BA - $178,900 What a GREAT value! Brick flooring in the Kitchen and Wood flooring throughout the Bedrooms with an adorable white Picket Fence!

Oak Grove

Petal

3:30 to 4:00 pm

Timber Line Ridge 5BD/4BA - $359,000 Your piece of paradise found!Executive spread with large in-ground pool, outdoor fireplace, pool house with full bath! Directions: Hwy 42 to Sunrise Rd. Right on W Temple. House on Right.

106 Gettysburg Way Bent Creek West 4BD/2.5BA - $294,900 Warm and charming Colonial with 2nd level Bonus Room! New carpeting, fresh interior paint, & new granite counters in the Kitchen! Directions: Old Hwy 24 to Bent Creek West S/D. Take Second Right on Gettysburg.

Directions: I59N to Monroe exit, take Hwy 11 left to Longleaf Acres. Follow Longleaf Drive across spillway .

Directions: 98W to Old Hwy 11. Legacy S/D entrance is across the street from OG Middle School. Home on Left..

Directions: Old Hwy 11 to Legacy S/D. From Legacy Blvd. take 1st left and 2nd right onto Mt. Pleasant. 2nd Home on Left.

20 Spencer Cove

86 Auburn Place

1 High Meadows

The Trace 3rd Add 4BD/3.5BA - $589,500 Prestigous, private cove on 2.3 acres and a backyard fish pond. Gorgeous doesn’t even begin to describe it! Must see!

The Trace 4BD/2BA - $231,500 Immaculate, one-story split bedroom plan. Lovely flooring including floating 5” lock-in maple and Old Chicago brick throughout!

The Meadows 3BD/2BA - $163,500 Stellar new construction by AAA Homes! Designer kitchen has center island, granite slab countertops, subway tile backsplash, and stainless appliances!

Directions: Hwy 98W, Right on King Rd to stop sign, R on Hatten, R on W. 4th, then take 2nd left on Spencer Cove.

Directions: Hwy 98W to King Road, Right into The Trace S/D. Right on Auburn.

Directions: Hwy 42 to Sunrise Rd. Right at 2nd 4-way stop. Right at T. The Meadows S/D is on the Right.

Oak Grove

4:00 to 4:30 pm

4:30 to 5:00 pm

77 Baracuda Drive

56 Woodville Trace

73 Cambrooke

187 Balboa Drive

Lake Serene 3BD/2.5BA - $249,900 Simply Breathtaking! Picture Perfect Water Views From Every Window on the Back of The Home. Almost 250’ of Lake Serene Water Front!

The Trace 4BD/2.5BA - $339,500 Tranquil Waterfront Setting! Rich in Detail, Two Fireplaces, 3-car Side Entry Garage Plus Hide-Away Covered RV Parking!

Bent Creek West 4BD/3BA - $269,500 Well-designed 3-way split plan! Lots of upgrades throughout including a gas cook top for the gourmet chef in your family!

Lake Serene 4BD/5BA - $585,000 Dramatic Two-Story with Beautiful and Private In-ground Pool! Gourmet Kitchen with Complete Appliance Package on a Large 1.6 acre lot!

Directions: Hwy 98W to King Rd. Turn right. Left on Baracuda Dr.

Directions: Hwy 98W, right on King Rd, right into The Trace, Right on Auburn, left on Woodville.

Directions: Old Hwy 24, to Bent Creek West Entrance, R on Gettysburg Way, R Highland, L Stonewall, L on Cambrooke.

Directions: Hwy 98 W to West Lake Serene Entrance. Go past the Clubhouse & take a Left on Balboa.