Monday, January 31, 2011

Pending home sales continue to increase

Rismedia: Pending home sales improved in December 2010. In South Florida, pending home sales [the number of listed homes and condos that went under contract] has increased each month. Although the number of homes and condos being sold continues to increase, prices have not. As fewer homes go on the market and more homes are being bought, the number of homes for sale decreases, which should lead to price stabilization.

Want to know what's going on in your neighborhood? Contact me for a confidential and no obligation evaluation.

Lori Fein, MBA, Realtor, Prudential Florida Realty 305-336-1272/
I give you the information to make smart decisions.

Tuesday, January 25, 2011

Selling? What improvements should be made before listing

Thought this was a great article on the subject from Hope you find it useful, too. Please click on the link to take you to their site.

Monday, January 24, 2011

Miami a top city to buy or rent, according to leading real estate website

According to the RealDeal, a report by San Francisco-based Trulia says Miami and Las Vegas are the top cities to buy rather than rent. Buyers and renters currently on the fence about whether to buy or rent should note that interest rates are still at record lows and prices seem to be stabalizing in some areas. Inventory -- the number of for sale properties in any given market -- is also a barameter. In many markets like Aventura, inventory is declining as buyers are coming from all over the world to buy Aventura, Miami Beach, Sunny Isles Beach, Hallandale and Hollywood. Want to get started now? go to or contact me for a personal buyers consultation.

Friday, January 7, 2011

Who Purchased a Home in Florida, Why and How.. Report just released by Florida Association of Realtors

this just in from the Florida Association of Realtors [FAR]...

Florida Realtors Report: 2010 Profile of Home Buyers and Sellers

FAR released details from the 2010 Profile of Home Buyers and Sellers in Florida, which describes characteristics and motivation of today’s homebuyers.

I found it interesting and thought you may, too. Here is the link:

Characteristics of homebuyers

• Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide.
• The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old.
• The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200.
• The median income was $53,500 among first-time buyers and $84,300 among repeat buyers.
• Nineteen percent of recent homebuyers were single females, and 11 percent were single males. Nationwide, twenty percent of recent buyers were single females, and 12 percent were single males.
• For 30 percent of recent homebuyers, the primary reason for the home purchase was a desire to own a home.

Characteristics of homes purchased

• New home purchases were at the lowest level in nine years nationwide – 15 percent of all recent home purchases. But in Florida, 18 percent of homes were new.
• The typical home purchased was 1,800 square feet, built in 1998, and it had three bedrooms and two full bathrooms.
• Seventy-eight percent of homebuyers purchased a detached single-family home.
• The median price of a home was $161,000 compared to $179,000 nationwide.
• When considering the purchase of a home, 73 percent of buyers considered commuting costs very or somewhat important.

The home search process

• For four in ten homebuyers, the first step in the home-buying process was looking online for properties.
• Eighty-nine percent of buyers used the Internet to search for homes.
• Real estate agents were viewed as a useful information source by 98 percent of the buyers who used an agent while searching for a home.
• The typical buyer searched for 12 weeks and viewed 15 homes. This compares to 12 weeks and 12 homes viewed by the typical buyer nationwide.

Home buying and real estate professionals

• Seventy-nine percent of buyers purchased their home through a real estate agent or broker.
• Seven percent of buyers purchased a home in foreclosure – slightly higher than the share of buyers nationally.
• Forty-four percent of buyers found their agent through a referral from a friend or family member.
• Seventy-two percent of buyers would definitely use their real estate again or recommend the same agent to others.

Financing the home purchase

• Eighty percent of homebuyers financed their home purchase compared to a much higher percentage, 91 percent, of buyers nationwide.
• The typical buyer financed 93 percent of their home purchase.
• Forty-six percent of buyers said they made some sacrifices, such as reducing spending on luxury items, entertainment or clothing.
• Twenty-eight percent of buyers reported their mortgage application and approval process was somewhat more difficult than expected, and 16 percent reported it was much more difficult than expected.

Thursday, January 6, 2011

Short sales up 49 percent in South Florida

This just in from the
Short sales up 49 percent in South Florida
January 05, 2011 12:45PM
Residential short sales rose 49 percent year-over-year in 2010, according to a report from Condo Vultures. There were 16,800 residential properties sold in the tri-county area in 2010 that were transacted at prices below the outstanding loan amount owed by sellers. In 2009, only 11,300 properties were sold in short sales, according to an analysis by Condo Vulture's sell-side brokerage wing, CVR Realty. "All indications are that shortfalls will increasingly be the primary focus of buyers searching for properties in the South Florida market," said Hernan Osorio, director of sales at CVR. TRD