Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Tuesday, January 25, 2011
Selling? What improvements should be made before listing
Thought this was a great article on the subject from rismedia.com. Hope you find it useful, too. Please click on the link to take you to their site.
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.
Tuesday, June 30, 2009
Condo owners in Florida, including Aventura condos, Miami Beach condos, Sunny Isles Beach Hallandale condos
Owners of a condo or a townhouse with condo associations, take note re: HO-6 “WALLS IN” INSURANCE
This just in from Michele J. Baena, Senior Home Mortgage Consultant,
Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage….
As of July 1, borrowers must obtain Homeowners - 6 (HO-6) “walls-in” insurance for all condominium projects with attached units. Most borrowers will not be familiar with walls-in insurance requirements or will think their monthly association dues cover the needed insurance.
Typically, Condominium Associations do not insure the interior of the condo unit. It is the responsibility of the condo owner to properly insure interior improvements, such as: kitchen cabinetry, bathroom or lighting fixtures, upgraded flooring, extensive sound systems and appliances.
Insurance Requirements:
Walls-in coverage is required for all improvements and betterments within the condo unit. In most instances, coverage is provided by a separate, borrower-maintained and borrower-provided HO-6 policy (or comparable policy).
The amount of coverage is determined by the borrower’s hazard insurance provider.
The policy must indicate that claims (settlements) for damage to the unit will be paid on a replacement-cost basis.
The maximum deductible allowed is 5%.
NOTE: If a Condominium Association’s master insurance policy provides walls-in unit coverage, the borrower does not need to obtain insurance (see next section). The master policy must include replacement coverage of improvements and betterments the borrower makes on the unit.
If a borrower disputes the need for their individual borrower-provided HO-6 policy because they believe their Condo Association’s master insurance policy covers their individual unit, they can follow up with their Condo Association, Property Manager, REALTOR or builder to verify coverage is included in their master policy. If the borrower is informed coverage is provided, they will need to obtain:
Declaration (of Condominium, CC&Rs, or Master Deed)
By-Laws
Articles of Incorporation
Recorded Condo Plan/Plat/Survey Map
All applicable recorded/executed items
It will then have to be submitted for verification. michele.baena@floridahomefinancegroup.com, www.homeloans.com/michele-baena APPLY ON LINE
This just in from Michele J. Baena, Senior Home Mortgage Consultant,
Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage….
As of July 1, borrowers must obtain Homeowners - 6 (HO-6) “walls-in” insurance for all condominium projects with attached units. Most borrowers will not be familiar with walls-in insurance requirements or will think their monthly association dues cover the needed insurance.
Typically, Condominium Associations do not insure the interior of the condo unit. It is the responsibility of the condo owner to properly insure interior improvements, such as: kitchen cabinetry, bathroom or lighting fixtures, upgraded flooring, extensive sound systems and appliances.
Insurance Requirements:
Walls-in coverage is required for all improvements and betterments within the condo unit. In most instances, coverage is provided by a separate, borrower-maintained and borrower-provided HO-6 policy (or comparable policy).
The amount of coverage is determined by the borrower’s hazard insurance provider.
The policy must indicate that claims (settlements) for damage to the unit will be paid on a replacement-cost basis.
The maximum deductible allowed is 5%.
NOTE: If a Condominium Association’s master insurance policy provides walls-in unit coverage, the borrower does not need to obtain insurance (see next section). The master policy must include replacement coverage of improvements and betterments the borrower makes on the unit.
If a borrower disputes the need for their individual borrower-provided HO-6 policy because they believe their Condo Association’s master insurance policy covers their individual unit, they can follow up with their Condo Association, Property Manager, REALTOR or builder to verify coverage is included in their master policy. If the borrower is informed coverage is provided, they will need to obtain:
Declaration (of Condominium, CC&Rs, or Master Deed)
By-Laws
Articles of Incorporation
Recorded Condo Plan/Plat/Survey Map
All applicable recorded/executed items
It will then have to be submitted for verification. michele.baena@floridahomefinancegroup.com, www.homeloans.com/michele-baena APPLY ON LINE
Thursday, June 11, 2009
First time homebuyer $8000 Tax credit
Mortgage rates are at an all time low, sellers are motivated, owning a home is a great investment in your future, and can lead to many, many years of happy memories.
And now….. Another great reason to buy a home now – an $8,000 tax credit for first time homebuyers!
If you qualify and buy your primary home residence before December 1, 2009, then you’re eligible for the credit—allowing you to deduct 10% of the purchase price of your home up to $8,000 when you file your taxes. A lot of people thought the $8,000 tax credit would be available for closing costs or to supplement the down payment of the purchase. Not so unless you live in Florida.
In Florida, the buyer can now access a down payment program (DAP) that is funded by the State of Florida based on a bill the Governor signed May 29. However, don't get too excited as it comes with strings attached, according to Michele Baena, Senior Home Mortgage Consultant, Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage.
She reminds us that the buyer can only use the down payment assistance [DAP] with an FHA loan and the Buyer must still come up with the first 3.5% down payment from their own funds (just like they do today). The DAP can be used to pay for closing costs, pre-paids, discounts points to lower rate or additional down payment. Lender also has to review tax returns carefully to make sure borrower will be eligible for the $8000 tax credit. DAP will also need to be counted as a second lien at the time of purchase and may have a monthly payment calculated into the ratios.
Michelle offers a simpler solution that accomplishes the same thing as the new legislation and is a lot less complicated.
Have the buyer go FHA and come up with their own 3.5% down payment (Gift or otherwise) just like you would have to under the new legislation. Have the SELLER pay the closing costs and pre-paids. Once the loan closes the buyer can wait until they file their 2009 tax returns in 2010 or they can easily file an amended tax return right after closing at no cost and get the $8000 tax credit right after they close.
If you use conventional financing, [most often you will need 20% down], or if you pay cash for the purchase, you would file an amended tax return for the $8,000 tax credit.
Want more information about the tax credit? Go to www.irs.gov or www.HousingMarketFacts.com, from the National Association of Realtors, for more information.
Ready to get started and search for your new home in South Florida, go to www.lorifeinsells.com to search properties for free.
And now….. Another great reason to buy a home now – an $8,000 tax credit for first time homebuyers!
If you qualify and buy your primary home residence before December 1, 2009, then you’re eligible for the credit—allowing you to deduct 10% of the purchase price of your home up to $8,000 when you file your taxes. A lot of people thought the $8,000 tax credit would be available for closing costs or to supplement the down payment of the purchase. Not so unless you live in Florida.
In Florida, the buyer can now access a down payment program (DAP) that is funded by the State of Florida based on a bill the Governor signed May 29. However, don't get too excited as it comes with strings attached, according to Michele Baena, Senior Home Mortgage Consultant, Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage.
She reminds us that the buyer can only use the down payment assistance [DAP] with an FHA loan and the Buyer must still come up with the first 3.5% down payment from their own funds (just like they do today). The DAP can be used to pay for closing costs, pre-paids, discounts points to lower rate or additional down payment. Lender also has to review tax returns carefully to make sure borrower will be eligible for the $8000 tax credit. DAP will also need to be counted as a second lien at the time of purchase and may have a monthly payment calculated into the ratios.
Michelle offers a simpler solution that accomplishes the same thing as the new legislation and is a lot less complicated.
Have the buyer go FHA and come up with their own 3.5% down payment (Gift or otherwise) just like you would have to under the new legislation. Have the SELLER pay the closing costs and pre-paids. Once the loan closes the buyer can wait until they file their 2009 tax returns in 2010 or they can easily file an amended tax return right after closing at no cost and get the $8000 tax credit right after they close.
If you use conventional financing, [most often you will need 20% down], or if you pay cash for the purchase, you would file an amended tax return for the $8,000 tax credit.
Want more information about the tax credit? Go to www.irs.gov or www.HousingMarketFacts.com, from the National Association of Realtors, for more information.
Ready to get started and search for your new home in South Florida, go to www.lorifeinsells.com to search properties for free.
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