Take The Time Now to Review Your Homeowners Insurance

Trying to get just the right amount of homeowners insurance for your house and possessions seem like a difficult task. If you underinsure your home and suffer a devastating loss — flood, fire, theft — then you risk not being able to return to the lifestyle you’ve worked hard to achieve. Yet if you over-insure, you’re throwing money away every year on unnecessarily high premiums.


All homeowners insurance isn’t created equal. That’s why it pays to review your coverage periodically to ensure your policy meets your evolving needs. Begin by understanding the types of coverage available.

Actual cash value coverage reimburses you for the value of your home based on its current condition. If your home was built 10 years ago, you’d receive only the depreciated value of decade-old windows, cabinets, appliances, and so on. Most insurers recommend the more comprehensive replacement cost coverage. With it you’ll be reimbursed for the amount it will cost to rebuild your home like new with the same kind and quality of materials. Depreciation doesn’t factor into the settlement equation.

To get the full benefit of replacement coverage, you need to purchase enough insurance to cover the total cost to rebuild your home, excluding the value of the land. Many people make the mistake of insuring at the market value. But the amount you could sell your home for today isn’t necessarily the same as how much it would cost to rebuild.

Be sure you’re also insured at the right value for your home’s contents and for personal liability. Most insurance polices provide only actual cash value on contents. To get replacement cost coverage, you’ll need to purchase an endorsement. If you have valuables not covered by your policy—silverware, jewelry, furs—purchase endorsements for those, too.

Many people pay no attention to the liability coverage limits in their policies. If you have a dinner party and a guest falls down your front steps, you don’t want to be underinsured.

If you’re concerned about increasing your premiums by adding endorsement after endorsement, ask whether you can save money by splitting your deductible, paying a higher amount for certain claims and a lower amount for others. Bundled endorsements can save you a few bucks, but only if you require them all.

Make sure you have the right coverage for you, your family and your home!

Client Testimonial from Michael M.

We're excited anytime we can help someone buy or sell a home here in Savannah or refer them to a great agent in our network across the country. We recently sold Michael and Amanda a home on beautiful Tybee Island. Our Buyer Specialist, Mark Gugliuzza, took the lead at showing them homes and successfully guiding them through to closing. Read what Michael and Amanda had to say about The Don Callahan Real Estate Group below.

"Everyone I worked with at your office was friendly, courteous and more than willing to help in any way they could. I was also impressed by Don's nearly "instant availability" to meet with me for more complex questions and scenarios. I was very impressed that Don showed up for my closing even though we weren't working with him directly. I thought that it displayed good character and a dedication to his clients. I can't recommend you guys highly enough. I also put a shout out on Twitter about you guys right after closing! Great work and thanks again!!!

Mark did a truly outstanding job as our Buyer's Agent. He was very flexible, knowledgable friendly and professional. He provided excellent service with an emphasis on attention to detail and personal attention. He was also very patient with us as our taste in houses changed almost daily. He provided insight into the benefits and potential negatives of each house and neighborhood we looked at. He is very well informed in the real estate market and even provided a wealth of information about historic homes and financing. Mark's attitude was always positive and upbeat and we really enjoyed working with him. He truly took a lot of the stress out of the home buying process. I wish he was our listing agent back in Virginia!!"

JUST LISTED! - Great Bungalow in Avondale

JUST LISTED! - Great Bungalow in Avondale Community of Savannah


This great little bungalow in Avondale is ripe for the picking! Boasting hardwood floors and nice details throughout, the home has both separate dining room and living room areas. The kitchen is fully renovated, well-equipped and has granite countertops. There are two generously sized bedrooms and a third bonus/bedroom. The bathroom has stylish tile floors. Home sits on a generous lot with established plantings and a fenced back yard.

For more information on this Savannah home visit: http://www.buyorsellsavannahhomes.com/listing/mlsid/345/propertyid/93732/syndicated/1/cgltguid/4108A66D-216F-4675-BDD3-EC89BABEE89A/?ts=crg

To Search the Savannah MLS visit: http://www.buyorsellsavannahhomes.com/search/

Savannah is a charming and captivating coastal town. From the oak-shaded mossy squares of Downtown to the funky "bohemian" vibe of the Starland District to the laid back Low Country attitudes of the Islands and everything in between. The city's multi-faceted character continues to engage those of us that call it home and makes us want to know more about the place we already feel we know so well.

 
 
 

News You Can Use

One of our favorite Mortgage Lenders, Michael Caputo, sent us the following information. Ever wonder what the big hype is over the Greek economy and why we should care about it? Read below.

I had an agent ask what all the talk was about Greece and why we care about it.


First, How Mortgage Rates Work

Rates come from the price of a mortgage-backed bond that's bought and sold on Wall Street, and that has its pricing set in the same way as a stock does -- supply and demand. When demand for bonds is high, in other words, prices rise.

Rising prices means lower rates on mortgage for buyers and refinancing households.

By contrast, though, when demand for mortgage bonds is low, bond prices fall. This leads to higher mortgage rates for everyone.

The relationship between mortgage bond demand and mortgage rates holds for most types of loans including the conforming, FHA, USDA and "high-cost" conventional varieties.

Because mortgage rates are based on the price of mortgage-backed bonds -- as a rate shopper -- one of the most important questions you can ask your lender is "What is the mortgage bond market doing today?".

It's your best insight into where mortgage rates might go next.

Mortgage Rates Sink On Economy, Greece

Since April, demand for mortgage bonds has been high; so high, in fact, that rates plunged to an all-time low, reaching sub-4 percent levels we never thought we'd see.

Mortgage rates have been low because investors need safe places to park their funds. Equity markets are unpredictable and global economies are on shaky ground, at best. And, when in doubt, investors move their money to the safest places they know.

Those places include the U.S. mortgage-backed bond market.

Mortgage rates have been down since April on weak, U.S. economic data and the likelihood of a Greece sovereign debt default. This is because the U.S. economy is a powerhouse and because a Greece default would send shockwaves throughout the Eurozone banking system.

In the U.S., as jobs data sank; economic output reduced; confidence dropped; and home prices idled this summer, demand for mortgage bonds picked up as investors fled stock markets, leading mortgage rates lower.

Greece's issues contributed, too. Markets were of unsure whether Eurozone leaders would offer a bona fide relief program to Greece, and as those doubts grew stronger, mortgage rates sank more.

But then an interesting thing happened.

Mortgage Rates Now "Single-Minded" On Greece

3 weeks ago, mortgage rates bottomed. It was the day before the October jobs report was released and it appeared unlikely that Greece would receive an aid package.

Since that date, however, the U.S. economy has shown signs of life.

The jobs market rebounded strongly, posting healthy gains

Home sales and homebuilder confidence rose nationwide

Retail sales and consumer spending outperformed expectations

To a recovering economy, these are all good signs. However, mortgage rates failed to rise to reflect that. Instead, markets remain captivated by what may -- or may not -- happen in Greece.

That mortgage rates are still low signals that concerns for Greece -- and the rest of the Eurozone -- have cast a long shadow on the mortgage bond markets. You can trace each day's mortgage rate movement to comments regarding Greece. The stock market is moving in kind.

Today's mortgage market has a one-track mind. As Greece goes, so goes mortgage rates

Rate Alert : Greece Aid Expected

Eurozone leaders are expected to announce an aid package for Greece. This is the news for which mortgage markets have been waiting since April 2011. If the program is deemed "good enough", stock markets will soar and bond markets will sink.

This will take rates higher.

There's too much risk in today's market. If you're shopping for a mortgage right now, do the safe thing -- get your mortgage rate locked.

That takes us to Thursday morning where the European Union reached a deal on the bank debt situation. Stocks will do very well today and mortgage rates will go up.

Savannah Historic Districts

Did you know that Savannah has eight historic districts? Watch this video to see Don describe the location and home styles in each.

Want Your House Sold? Talk to Me.

When I agree to list a house for sale, there are many elements that we (the seller and my team) address prior to entering the market. Price, any disrepair and the appearance are a few of the most important ones. It has been my experience that once I get a stager into the house to help the homeowner de-clutter and de-personalize, the house shows much better. So with all these elements in place and a proper price agreed upon, it is then and only then that my sign goes up in the yard.


How I present this listing to the public is what is going to help sell it. So, then the photographer comes in. In today’s market it is said that the vast majority of Buyers are first introduced to their home on the internet. How my listing is presented on the many websites I have affiliation with is of utmost importance to me. I want clear, crisp, uncluttered images. I like to be able to see what is outside the window in addition to what’s in the room. The house needs to be presented so any Buyer can envision themselves living there.

I like to tell sellers don't get taken out of the game before the game starts. What we mean by that, is you shouldn't give buyers a reason to discount your home, before they even get a chance to see it. Recently, I was working with a buyer, who assumed a home wasn't very nice, because the Multiple Listing Service (MLS) report only contained a few pictures. As real estate brokers, we can talk until we're blue in the face about the need to give consumers lots of photos, but we constantly see listings that don't show many.

The Savannah MLS recently adjusted the amount of images an agent can upload from 12 to 25. I am so excited about this that I could just bust. I pay for prominent placement and the ability to add additional images on many affiliate websites I market homes for sale on. I do this because I know the public wants to know what they are looking at before ever getting into a house. I would never want one of my listings to be over looked because it wasn’t presented to the public in the most positive light possible.

The next time you are looking at Real Estate for Sale, ask yourself before dismissing a house, "Is it really not a good property for me or did the Realtor not do the best job possible presenting it?" If it is my listing, I expect you will be impressed or I didn’t do my job properly.

Real Estate News Update

Jobs Exceed Expectations

Most of the news this week was not good for mortgage rates. The economic data was generally a little stronger than expected, and investor concerns about Europe decreased. As a result, after reaching new lows early in the week, mortgage rates ended the week higher.

Against a consensus forecast of 60K, the economy added 103K jobs in September, and the data for July and August was revised higher by 99K. The Unemployment Rate remained at 9.1%, as expected. Average Hourly Earnings, a proxy for wage growth, increased 0.2% from August. The good news for the economy is that the Employment report surpassed expectations and makes a recession look less likely.

Maximum Number of Mortgages

One individual can mortgage up to eight homes now. Our limit was 4 if the subject property was an investment or second home. There is no limit on the number of mortgages an individual can have if the subject property is going to be the primary home for the borrower. Keep this in mind for any of your investor clients who have been holding at 4 properties because of the previous rule.

The All Important Credit Score

Credit scores are critical to getting approved and the interest rate a borrower can get. The concept of risk-based pricing makes it more important than ever for a borrower to make sure their credit score is as high as possible. We now offer the Credit Expert system to all of our clients as a part of the pre-approval process. Using this score illustrator helps us show the borrower how different actions will influence their score. Have you ever been unsure if you should pay off or pay down a credit card? Wonder no more as we can show you the impact to help you improve your score and lower your interest rate. If you would like a demonstration of this, just let me know.

A real estate news update from Michael Caputo at Starkey Mortgage. Contact Michael at mcaputo@starkeymtg.com.

Do You Know Your Credit Score?

Our friend Michael Caputo at Starkey Mortgage sent us some great information the other day about credit scores. Whether you're looking to buy or not, it's always good to keep tabs on your credit score. See his article below.

It is always a good idea to check the accuracy of the data on your credit report. Consumers can receive a free copy of their credit report each year by visiting http://www.annualcreditreport.com/ 

Eligibility for a particular loan program and the interest rate associated with it can be impacted by a borrower’s credit score. After reviewing the report, a consumer can initiate a dispute on line.
If there are any errors on the report that need to be corrected. http://www.equifax.com/ has a tremendous amount of resources designed to help an individual improve their credit history and better manage.
The credit that they have. The higher the credit score, the lower the perceived risk for an mortgage applicant. Please feel free to call anytime to review your credit report and discuss ways to improve your credit score.

Michael Caputo
Starkey Mortgage
912-658-2366

DOCOMOMO US National Tour Day 2011

Explore Savannah's Modern architectural heritage during the DOCOMOMO US National Tour Day 2011 on Friday, October 7th and Saturday, October 8th. Included are tours that provide a sampling of the best Modern designs found in the city. Friday's panel discussion and reception offer a rare chance to gain insight into these sites and how these pioneering projects were received in a city better known for its historic 18th through 20th century architecture.

DOCOMOMO stands for DOcumentation and COnservation of buildings, sites and neighborhoods of the MOdern MOvement. Initially founded in 1988 in The Netherlands, there are now DOCOMOMO working parties in over 40 countries. The organization is dedicated to the study of significant works of Modern Movement architecture, landscape design and urban planning around the world. DOCOMOMO US is the official Working Party of the United States.


Friday, October 7th
6:30pm (free event) @ Benedictine Military School
Reception, Tour, and Panel Discussion

Saturday, October 8th
8:30am (ticket required)  @ Historic Kennedy Pharmacy
Continental Breakfast and Walking Tour

Afternoon (ticket required)
Tour of Homes and Savannah's Modern Neighborhoods

Tickets are available online at www.myHSF.org and Friday evening and Saturday morning events.
The Tour is presented by DOCOMOMO/US, Georgia Chapter and Historic Savannah Foundation.

The Team Concept

Just like players on a baseball team, each member of The Don Callahan Real Estate Group has his/her own responsibilities and area of the field to cover. Watch this short video to learn more about our team dynamic.