Pending sales jump as inventory drops making it a great time to buy AND sell. The article in the link from THE REALDEAL.com shows pending sales South Florida inventory in February while below you will find information for Aventura condos and townhomes.
Although Feb 2012 had an extra day over Feb 2011, clearly the number of residential listings going under contract is increasing. In Aventura, pending sales for condos went up 23% in year over year as well as over January. Right now there are only 19 bank owned listings for sale in Aventura and 56 short sales listed for sale -- about 8% of what is for sale. Last year more than 35% of sales of Aventura condos were short sales or foreclosures. Interest rates are back below 4%. Now are you ready to buy?
Showing posts with label buying real estate. Show all posts
Showing posts with label buying real estate. Show all posts
Saturday, March 31, 2012
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 www.searchaventura.com 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:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=252091
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.
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:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=252091
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.
Wednesday, February 24, 2010
Property tax savings with Homestead Exemption. Deadline to apply is March 1.
If you purchased your primary residence last year, don't forget to file for your Homestead Exemption Application so that you can take advantage of the 'Save our Homes' feature in the state of Florida. All Property Tax Exemption Applications are due on or before March 1st.
State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.
To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010
To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net
I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!
State law in Florida allows Florida homeowners to claim up to a $50,000 Homestead Exemption on their primary residence. The first $25,000 of this exemption applies to all taxing authorities.
The second $25,000 excludes School Board taxes and applies to properties with assessed values greater than $50,000. That means that amount is deducted from the assessed value before tax rate is applied.
To be eligible for a 2010 exemption, you must be on the title and your property must be your permanent residence as of January 1, 2010
To get your application, go to the following websites and follow the links. If you already have a homestead exemption and still reside in your property, you don't have to do anything.
Miami Dade County, go on to www.miamidade.gov
Broward County, go to www.bcpa.net
I reminded all my clients who purchased their primary residence and moved in before January 1. If you bought your condo, townhouse or home in Aventura, Miami Beach, Hollywood, Hallandale or anywhere in Florida, and you are eligible if it is your primary and permanent residence. Time is running out. Click on the links above and go get your tax savings, today!
Friday, February 12, 2010
Real estate headlines
Every day real estate is in the news. Here is a smattering of this week's headlines and experiences:
Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "
This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582
With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.
Reprinted with permission. Florida Realtors®. All rights reserved
Mortgage rates: 30 year fixed rate drops below 5% again. Expected to stay low in the short term. The Florida Association of Realtors reports that Federal Reserve Chairman Ben Bernanke "said Wednesday he doesn’t expect the central bank to sell its ...mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers. "
This just in from the Florida Association of Realtors: "Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association." Read more here: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232582
With the number of sales so high, the inventory of homes and condos priced appropriately has declined. This should lead to a shift in the market and we already are seeing it turn into a buyer's market in some neighborhoods. Yes, some properties are receiving multiple offers. Location, location, location. It's important for buyers and sellers to be informed and up to date on market factors, what's happening with short sales and foreclosures and inventory in order to make informed decisions. Stay tuned or follow me here or on Twitter or call anytime to stay informed.
Reprinted with permission. Florida Realtors®. All rights reserved
Tuesday, February 2, 2010
HUD and CPSC issue guide on identifying toxic drywall
The Florida Association of Realtors posted an article on guidelines issued by U.S. Department of Housing and Urban Development (HUD) and the U.S. Consumer Product Safety Commission (CPSC) on how to identify the presence of metal corrosion, as well as other indicators of problem drywall in homes.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
Here's what they wrote: "The guidance takes into account visual signs of metal corrosion, evidence of drywall installation in the relevant time period, and the identification of other corroborating evidence or characteristics.HUD and CPSC’s two-step guidance requires a visual inspection that must show blackening of copper electrical wiring and/or air conditioning evaporator coils; and the installation of new drywall (for new construction or renovations) between 2001 and 2008. " Click on link for more information.
Thursday, November 5, 2009
Homebuyer Tax Credit passes House and Senate
This just in from the Florida Association of Realtors... WASHINGTON – Nov. 5, 2009 – The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it’s very close to gaining a longer life.The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow. Until the president signs the bill, however, it is not law.In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.Florida downpayment assistanceAfter the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a downpayment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm
Thursday, September 24, 2009
Housing marekt resales report released today.
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.
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.
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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