Federal Housing Administration will continue to lend.

I’m sure that everyone has heard of the news this morning. With the government under a shutdown process, I decided to take a look into how that affects the current housing market.

As of Monday night, the House and Senate remained at a standstill over the funding for Obama’s new health care law, sending the government into a shutdown. Because of this shutdown, we’re seeing many federal run places take a hit. As of today, the Statue of Liberty, National Zoo, Grand Canyon and parks across the country will be closing its doors. The entire DC area is seeing massive door closings due to this indecision.

Luckily for us in the Real Estate world, it looks like the Federal Housing Administration (FHA) will not stop working on applications for housing loans like it previously said it would do. The Department of Housing and Urban Development has retracted its previous statement saying that they would completely shut down all applications. And given the fact that FHA will be working with a much smaller staff than the normal staff, 96% less actually, at least we aren’t seeing a complete shut down.

That’s all for now! Thanks for reading, and please comment!

This month in real estate…

Last month, Marketing Director, Kristina Skalak and Broker In Charge, Joe Salvo, traveled to Washington DC to promote Seabrook Island at the Ideal Living Resort and Retirement Real Estate Expo. Some 900 registrants from the metro area signed up to attend and about 50 other communities from the South East were represented.

It was a great opportunity to talk “one on one” with folks who are getting ready to retire to our part of the country. One thing quickly became clear, but not a surprise, to us as attendees visited our beautiful Seabrook Island booth. The big draw is our unbeatable combination of our Ocean Beaches, Privacy and proximity to Charleston.

They spent hours in very detailed discussions with attendees and came back with hundreds leads from potential Seabrookers with whom we will follow up. There is nothing better than face to face contact with prospects and we will be doing more of these shows in the coming year, while adding the new Seabrook Island branding messages at the same time.

In the meantime, the number of sales on Seabrook Island will grow for the fifth straight year in 2013. Right now Joe projects it to be up about 15-20% from 2012, with some 140+ closed sales versus last year’s 119. This is great progress from the low of 79 at the depth of the national recession in 2009 as we move toward getting back to annual sales of 200 plus.

That’s all for now!
Thanks for reading!