Conflicting Reports on Housing Market Today. Sales Down Nationally. Up in Florida.
Location, Location, Location
is the only constant when evaluating the housing market.
Want to know what is going on in your neighborhood?
Today, housing market sales statistics were released, as they are every month by the National Association of Realtors. The media and many industry experts follow these statistics to look for signs of market recovery or other indicators.
If you are buying or selling, it's important to remember that location, supply and demand and a number of other factors drive the real estate market. What's happening in one city can be very different from another -- even in the same county. That's why it is so important when buying or selling to work with a Realtor who knows the immediate area well.
For example, the National Association of Realtors reports that nationwide, existing home sales [resales] dropped 2.7% in August from the month before and are up just 5.1% from the prior year. Median sales price, as expected, is down 12.5% from prior year. Source National Association of Realtors.
In Florida, resales continue to rise, marking 12 months in a row that sales activity have increased in a year-to-year comparison, according to the Florida Association of Realtors. Existing home sales rose 28 percent statewide over prior year.
In Miami Dade County, the number of existing home sales declined by about 18% from July to August of 2009 and increased over 30% from same month prior year.
In Aventura, the number of sales for condos and townhouses increased by just one over last year and increased about 15% from same month prior year.
The numbers are as different as the neighborhoods they represent.
So, when you read or listen to the media hype, know that it depends on where you live or where you want to buy. If you really want to know what's going on in a particular neighborhood. Ask a Realtor.
If you are interested in Miami Dade or Broward Counties, from Miami Beach, north to Aventura, Surfside, Bay Harbor, Bal Harbour, North Miami Beach, Sunny Isles, Hallandale to Hollywood, ask me.
Search Properties For Free at www.FeinRealtor.com
Want to be among the first to learn about new listings or recent sales in your desired neighborhood? E-mail Lori Fein at Lori@FeinRealtor.com and include the neighborhood, type of home [condo, single family, townhouse], number of bedrooms and any other criteria you desire, i.e. pool, garage.
Thursday, September 24, 2009
Wednesday, September 23, 2009
Immigration population slowing
Wow. For years we have read and experienced first hand the growing number of new residents in the area that come from other countries. Our new friends and neighbors created an unprecedented growth spurt for Florida.
Now I read that the trend is stalling. Miami-Dade County's population, which has grown steadily over the years, hasn't changed much since 2006, according to data released yesterday from the annual American Community Survey. The impact on the real estate market may be felt down the road as prices and sales are driven by supply and demand.
There have been a lot of articles on the subject over the last two days. This one from Florida Association of Realtors is easy to read and important to note:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223862
Now I read that the trend is stalling. Miami-Dade County's population, which has grown steadily over the years, hasn't changed much since 2006, according to data released yesterday from the annual American Community Survey. The impact on the real estate market may be felt down the road as prices and sales are driven by supply and demand.
There have been a lot of articles on the subject over the last two days. This one from Florida Association of Realtors is easy to read and important to note:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223862
Friday, August 28, 2009
Property Taxes
Those of us who own property in Miami-Dade County should have received our property tax notice this week. With all the talk and news about declining property values, you may wonder why your tax bill didn't decline, too.
Although many homes' ASSESED VALUES were reduced, there many be an INCREASE in the millage rate. Otherwise it may be that the assessed values are based on last year.
The Miami-Dade County property tax bill is based on 'market value' which is defined by sales of comparable property nearby. Values of 2009 tax bills are based on what a property was worth January 1, 2009, which means the county property taxes are based on sales from last year. That means if your property value has declined this year because of falling prices, your tax bill won't represent those changes.
Background information:
Real Estate Taxes are collected on an annual basis by the Tax Collector's Office. The tax year runs from January through December and taxes are due before April 1 the following year with discounts applied if paid earlier.
Explanation of distribution of property taxes can be found with 2009 proposed mileage at
http://www.miamidade.gov/taxcollector/property_tax_whereitgoes.asp
Want to know more about Homestead Exemption? http://www.miamidade.gov/pa/exempt_homestead.asp
Do You Want to Try to Appeal Your Tax Bill?
If you think your tax assessed value does not reflect the market price of 2008, you can try to appeal your taxes. It's important to have documented evidence of an error and follow the guidelines carefully. In Miami-Dade County, file a petition with the Miami Dade County's Value Adjustment Board before the Sept. 18 deadline. Pay your property taxes and if your case has merit, you will receive a reimbursement for part of what you paid.
Here is a website to guide you:
http://www2.miami-dadeclerk.com/vab/FAQs.aspx#HowDoIgoaboutappealingmypropertytaxes?
Portability -- Another opportunity for property tax savings
Thinking about selling your home and moving to a larger home in Florida to take advantage of lower property values? Buying a larger, higher priced home today should more than make up for the equivalent lower property value of your current home. Since 2008, homeowners may be able to transfer (or port) the savings they have accumulated (known as the Homestead Assessment Difference) to another homesteaded property up to $500,000. Ask me how!
Although many homes' ASSESED VALUES were reduced, there many be an INCREASE in the millage rate. Otherwise it may be that the assessed values are based on last year.
The Miami-Dade County property tax bill is based on 'market value' which is defined by sales of comparable property nearby. Values of 2009 tax bills are based on what a property was worth January 1, 2009, which means the county property taxes are based on sales from last year. That means if your property value has declined this year because of falling prices, your tax bill won't represent those changes.
Background information:
Real Estate Taxes are collected on an annual basis by the Tax Collector's Office. The tax year runs from January through December and taxes are due before April 1 the following year with discounts applied if paid earlier.
Explanation of distribution of property taxes can be found with 2009 proposed mileage at
http://www.miamidade.gov/taxcollector/property_tax_whereitgoes.asp
Want to know more about Homestead Exemption? http://www.miamidade.gov/pa/exempt_homestead.asp
Do You Want to Try to Appeal Your Tax Bill?
If you think your tax assessed value does not reflect the market price of 2008, you can try to appeal your taxes. It's important to have documented evidence of an error and follow the guidelines carefully. In Miami-Dade County, file a petition with the Miami Dade County's Value Adjustment Board before the Sept. 18 deadline. Pay your property taxes and if your case has merit, you will receive a reimbursement for part of what you paid.
Here is a website to guide you:
http://www2.miami-dadeclerk.com/vab/FAQs.aspx#HowDoIgoaboutappealingmypropertytaxes?
Portability -- Another opportunity for property tax savings
Thinking about selling your home and moving to a larger home in Florida to take advantage of lower property values? Buying a larger, higher priced home today should more than make up for the equivalent lower property value of your current home. Since 2008, homeowners may be able to transfer (or port) the savings they have accumulated (known as the Homestead Assessment Difference) to another homesteaded property up to $500,000. Ask me how!
Thursday, August 6, 2009
Mariner Village and Harbor Village Townhouses for sale
Here are the townhouses currently listed for sale in Mariner Village and Harbor Village in the Waterways the Southeast Florida Multiple Listing Serivce. Want to see photos and descriptions? Go to http://www.feinrealtor.com and click on search properties or ask me. Email your request to lori@feinrealtor.com or call me if you have questions about anything you see. Thank you.What's new in the City of Aventura
Aventura tennis players: Founders Park tennis courts will be closed for fence repairs on Friday, August 7, 2009 and they are expected to reopen at 8 AM on Saturday, August 8, 2009.
The City of Aventura supports the observance of National “Stop on Red” Week from August 2 – 8 and reminds motorists in the City to always stop on red traffic lights. Also, don't forget to stop on red when making a right turn.
Want more updates from the City of Aventura? Go to www.cityofaventura.com
The City of Aventura supports the observance of National “Stop on Red” Week from August 2 – 8 and reminds motorists in the City to always stop on red traffic lights. Also, don't forget to stop on red when making a right turn.
Want more updates from the City of Aventura? Go to www.cityofaventura.com
Friday, July 10, 2009
Mortgage rates drop again!
Mortgage rates dropped a second straight week! Great news for homebuyers. Add the $8k tax credit for first time homebuyers and motivated home sellers and foreclosures and buyers are making steals and deals. See below from the FLorida Association of Realtors.
McLEAN, Va. – July 10, 2009 – Average rates for 30-year mortgages fell for the second-straight week, but still remained above record lows reached earlier this year, Freddie Mac said Thursday.The average rate for a 30-year fixed home loan was 5.2 percent this week, down from 5.32 percent last week, Freddie Mac said. At this time last year, the average rate for a 30-year fixed mortgage averaged 6.37 percent.Rates on 30-year mortgages fell to a record low of 4.78 percent earlier this year, spurring refinance activity.But rates then rose as high as 5.6 percent in June after yields on long-term government debt, which are closely tied to mortgages rates, climbed as investors worried that the huge surplus of government debt hitting the market could trigger inflation.Since then, the yield on the 10-year Treasury note has fallen back from an eight-month high of 4.01 percent reached in June to 3.38 percent on Thursday.Frank Nothaft, Freddie Mac’s chief economist, said rates for 30-year fixed-rate mortgages fell for the second week in a row to the lowest level in six weeks “amid market concerns over a weakening labor market.”“The weak employment situation coupled with declining home values in many markets has added to greater defaults on home equity loans and lines of credit,” Nothaft said.The American Bankers Association reported that the number of home equity loans that were 30 days or more delinquent rose to a record high of 3.52 percent in the first quarter, Nothaft noted.Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.This week, the average rate on a 15-year fixed-rate mortgage fell to 4.69 percent, down from 4.77 percent last week, according to Freddie Mac.Average rates on five-year, adjustable-rate mortgages were 4.82 percent, down from 4.88 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.82 percent from 4.94 percent.The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year fixed rate mortgages averaged 0.7 point, while the fee for five-year and one-year adjustable rate mortgages was 0.6 point.
McLEAN, Va. – July 10, 2009 – Average rates for 30-year mortgages fell for the second-straight week, but still remained above record lows reached earlier this year, Freddie Mac said Thursday.The average rate for a 30-year fixed home loan was 5.2 percent this week, down from 5.32 percent last week, Freddie Mac said. At this time last year, the average rate for a 30-year fixed mortgage averaged 6.37 percent.Rates on 30-year mortgages fell to a record low of 4.78 percent earlier this year, spurring refinance activity.But rates then rose as high as 5.6 percent in June after yields on long-term government debt, which are closely tied to mortgages rates, climbed as investors worried that the huge surplus of government debt hitting the market could trigger inflation.Since then, the yield on the 10-year Treasury note has fallen back from an eight-month high of 4.01 percent reached in June to 3.38 percent on Thursday.Frank Nothaft, Freddie Mac’s chief economist, said rates for 30-year fixed-rate mortgages fell for the second week in a row to the lowest level in six weeks “amid market concerns over a weakening labor market.”“The weak employment situation coupled with declining home values in many markets has added to greater defaults on home equity loans and lines of credit,” Nothaft said.The American Bankers Association reported that the number of home equity loans that were 30 days or more delinquent rose to a record high of 3.52 percent in the first quarter, Nothaft noted.Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.This week, the average rate on a 15-year fixed-rate mortgage fell to 4.69 percent, down from 4.77 percent last week, according to Freddie Mac.Average rates on five-year, adjustable-rate mortgages were 4.82 percent, down from 4.88 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.82 percent from 4.94 percent.The rates do not include add-on fees known as points. The nationwide fee for 30-year and 15-year fixed rate mortgages averaged 0.7 point, while the fee for five-year and one-year adjustable rate mortgages was 0.6 point.
Wednesday, July 1, 2009
Florida's $8k program effective today but not available yet, according to FAR
This just in from the Florida Association of Realtors re:
Florida’s $8K program effective today but not available yet
TALLAHASSEE, Fla. – July 1, 2009 – Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available. As a result, some Realtors struggling to help homebuyers find the system confusing. While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.
If you want to take advantage of the $8k tax rebate for first time home buyers [or if you haven't bought or lived in your primary residence for more than 3 years, call me or start your search on line at www.lorifeinsells.com
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