Real Estate of Florida

All About Short Sales

2009-07-02T15:23:00.008-04:00

Now that you're hearing so much about them, you may be wondering what exactly a "short sale" is. In most cases, it is a property for sale whose owner is facing foreclosure and trying to preserve his/her credit rating.

Short sales are different from other property sales. Instead of only involving two parties, the buyer and seller, a short sale also involves the holder of the mortgage loan. The seller has approached his or her mortgage holder requesting to sell the property for less than the balance owed on the mortgage, thus the expression “short” sale. The mortgage holder may reject that request and proceed into foreclosure, but many banks are ready now to accept less money for a property than is owed on it because a short sale will likely cost the bank less than putting the property through foreclosure. A short sale can be a good deal for the seller and it can also make the property a good deal for a buyer.

If you are a buyer looking for a great deal, a short sale properties can be an attractive option although you need to understand the differences between a normal real estate purchase and a "short sale." In a short sale, the buyer and seller negotiate and agree on a price as with a normal real estate transaction. The differences are as follows. You will have to offer to buy the property "as is." The seller is very unlikely to agree to pay for any repair needs uncovered during a home inspection. You also will not be able to stipulate any contingencies. At this point, the process moves out of the seller’s hands to the bank’s loss-mitigation department.

To increase your chances of a successful offer, make your offer price reasonable and include a substantial earnest money deposit. If you plan to use a mortgage to pay for the home, include a lender approval letter with your offer.

A buyer's offer usually takes about 30 or more days to get through the bank's loss mitigation process. Mortgage holders seldom make counter-offers and some banks will not notify you or your Realtor if the offer has been rejected... only if it is accepted.

If you are a prospective short sale buyer, any licensed Florida Realtor will work with you to get you the best possible deal.

$1.8 Billion In Stimulus Funding Coming to Florida

2009-06-20T18:14:00.005-04:00

The U.S. government just released $1.8 billion in stimulus money for education to Florida, two weeks after the state applied for a waiver required because the state underfunded education in previous years.

"The $1.8 billion Florida will receive today is part of the single largest boost in education funding in recent history," Secretary of Education Arne Duncan said in a statement. 'Florida can now utilize these funds to save jobs and lay the groundwork for a generation for education reform."

Although the money is expected to plug holes in school-district budgets to save jobs, South Florida's school districts might still see layoffs. Some observers fell, however, that contrary to all the rhetoric about `how it's to save all these layoffs, the reality is it's only going to help the state have fewer layoffs.

School districts won't be getting the funds directly from Washington. Florida law makers, confident the state would get the money, allocated funds to shore up the education portion of the 2009-10 budget the Legislature approved last week. That means that legislators could tout a small increase in per-student spending in Florida. But they reshuffled and reduced other parts of the education budget to do so, leaving school districts with less money than they had last year.

In addition to the $1.8 billion in so-called state stabilization funds, Florida has received almost $600 million in education stimulus dollars -- including about half the money the federal government designated for low-income schools, programs for disadvantaged students and other grants. Another $891 million in stabilization money will also become available this fall.

To receive the funds, the state had to assure the federal government that it would closely track education statistics, including annual student improvements, the effectiveness of state standards and assessments, and interventions in turning around under performing schools.

Florida will also have to report how many jobs will be saved using the stimulus money, how the funds are used and what state and local tax increases are avoided because of the federal dollars.

You Can Control the Energy Cost of Heating & Cooling Your Home

2009-06-15T18:30:00.004-04:00

As we enter the warmer part of the year in Florida, it is useful to remember that as much as 50% of the energy used in your home goes to heating and cooling. If you are trying to save money or you're trying to embrace a "greener", or more eco-friendly lifestyle, do you know enough about the nature of heat transfer to make the right decisions? Let's review the basics of how "heat" works.

Heating and cooling your home are both instances of "heat transfer." First, let's dispense with the notion that heat always rises. That is true in only one form of heat transfer. In general, heat energy flows in all directions equally. There are three different ways in which heat is transferred; conduction, convection and radiation.

Conduction is the form of heat transfer through a material, for example, the walls of your home in summer and winter. For any given amount of in-wall insulation, measured in its R-value, conduction is what accounts for the heat loss (or for cooling, heat-build-up) through the walls and roof.

Convection heat transfer occurs when heat travels in a moving fluid or gas, for example the heat energy that moves along with the passage of air. The "wind chill factor" you hear about in northern state weather reports is a measure of how much heat energy is transferred by convection when you're outside due to the effect of wind.

The third form of heat transfer is radiation. Radiation is the transfer of heat energy through empty space, or the way the sun warms the Earth. Radiant heating is not affected by being in contact with a solid material the way conduction loss does, or by moving along in a fluid or gas the way convection does. Radiant heat transfer is what warms your home when the sun is out.

You can use your knowledge of these 3 forms of heat transfer to make your home building or remodeling project more energy efficient.

You can reduce the amount of heat build-up or conversely, cooling loss due to conduction through your walls by increasing the R-value of the insulation in the walls by adding more. Installing double pane windows and sliding glass doors, if your home wasn't built with them originally, will reduce conductive loss of those items. The gases between the two panes of glass (like argon and krypton) along with films and coatings (like "low-E") can increase the insulating value of your doors and windows from R-2 to R-6 or more.

Caulking or using foam insulation material to seal crevices or openings around doors, windows and electrical outlets will reduce convection heating or cooling loss caused by air infiltration.

Fireplaces are a big source of convective heat transfer as air continuously flows up the chimney if the flue damper isn't air-tight. If you have, or are planning, on a fireplace put air-tight glass doors in front of it and keep the flue damper closed when the fireplace is not in use. But, beware, don't forget to open that damper before your start the fireplace. Just remember to close it again when the fireplace has cooled back down.

Many sources of heat build-up (or cooling loss) are affected by more than one form of heat transfer. Since windows and sliding glass doors suffer from both conductive and convective heat transfer, consider using high energy-efficiency Energy Star doors and windows for any building or remodeling project. As another example, while radiant heat transfer is why a home with a roof exposed to the sun gets warmer due to radiation, you can use convection to your advantage to alleviate part of the problem. Installing a heat-activated fan system in your attic will use convection to blow the heated air in your attic out through vents preventing it from transferring its heat energy, through conduction and convection, into your living space below.

If your home is in a particularly sunny locale, you may want plant large deciduous trees, such as river birch, on the south side of the home for shade from the sun in the summer. Equally, you can avoid radiant heat build-up from the sun by closing drapes and blinds on the southern side of your home in the summer, yet take advantage of the sun's radiant heat transfer by keeping the drapes and blinds open during the day to allow sunlight to enter and warm your home during cooler months.

If it's time to replace your heat pump or any appliance, look for Energy Star-rated appliances. Energy Star-rated appliances like clothes washers, dryers, refrigerators, dishwashers and dehumidifiers not only use less electricity; they also transfer less heat into your home through all three forms of heat transfer, conduction, convection and radiation.

Pay attention to smaller changes that offer big savings, many of which are more efficient because of their lower heat transfers. Use energy-saving compact fluorescent lamp bulbs. Turn off all lights when not in use; lights generate radiant heat. Keep shrubs and other obstructions from blocking free air flow around your external heat pump unit which relies upon convection to dissipate its heat build-up. And, change your furnace filter every 3 months. A dirty filter slows down air movement reducing the effectiveness of the convection heat transfer your air conditioning system relies upon.

Understanding the different kinds of heat transfer and how to use that knowledge to reduce your home's energy consumption can save you a serious amount of money as well as make your home more comfortable to live in.

Foreign Nationals Are Finding Florida Homes Attractively Priced

2009-04-21T12:06:00.009-04:00

While there have been many contributors to the decline of home prices and home sales in Florida, an increase in the number of foreign national home buyers has limited the damage. The National Association of Realtors (NAR) conducted a survey in 2008 of over 4,800 Realtors who had completed over 4,000 real estate transactions involving a foreign buyer. They found that foreign national buyers recognize U.S. real estate as desirable, profitable and secure investments.

The U.S. credit crunch and the flood of homes and condos for sale in Florida has created some outstanding opportunities for foreign nationals. According to Cheryl Stimac, a Tampa Florida real estate broker, "Snowbirds from Canada and the United Kingdom are flocking to the warmer climate particularly in Florida." "The relative weakness of the dollar, she said. "along with reduced prices have given 'snowbirds' who have dreamed of owning a second home in Florida the opportunity to fulfill their dreams."

If you are a Canadian or other foreign national, before you purchase your get-away spot, though, you would be well-advised to understand the differences between your own local and U.S. home buying processes, as well as the tax implications of owning a second home in the U.S.. An experienced Sarasota Realtor like Rich Stover, can help you understand the Florida real estate buying process and its implications.

Focus on Existing Properties in Established Developments
Real estate consultants have been recently advising foreign nationals to give preference to existing properties in established developments. This avoids the problems associated with unsuccessful developments where the nature of the development and the surrounding area can change quite dramatically if the original developer goes into default and the property is taken over by a different developer. While this may mean that you the buyer miss the opportunity to buy at so-called "pre-construction" bargain prices, nut the reduction in risk may prove well worth the slightly higher price you'll pay.

Qualifying to Buy
Since it is more difficult to track down foreign nationals in case of a mortgage default, Florida lenders require more up-front evidence of financial stability from their foreign national buyers. Some lenders require that buyers place closing costs plus 12 months of principal, interest, taxes, and insurance (PITI) in a U.S. bank account. They may also require foreign nationals to put more money down, as much as 25 - 30% and demonstrate that they have liquid reserves available to cover three to six mortgage payments.

Financing and Closing Costs
Begin the loan pre-approval process before you begin searching for a home or condo in Florida> In this way, when you find the that dream second-home you’ve been searching for, you will be negotiating price with the seller from a position of strength. The seller will know upfront that you are fully prepared and "qualified" to buy.

Expect the length of your mortgage loan to differ from what you may be used to. For example, rather than the Canadian standard of one to ten-year mortgages, U.S. mortgages are typically written for 15 or 30 year terms.

It may take more time to complete a real estate sale in the U.S. Be prepared to wait three to five weeks or more to close on your Florida real estate property once you have a signed purchase contract. During that period, all of the third-parties involved (inspectors, appraisers, insurance companies, title companies, etc.) will be conducting their portions of the transaction.

Minimizing Your Taxes & Protecting Your National Health Benefits
Understand that even though you are a citizen of Canada or other nation, you may be treated as a U.S. citizen for tax purposes if you spend too much time at your Florida get-away. In general, limiting your time in Florida to less than six months each year minimizes your tax implications and may not compromise your national health care benefits.

If you rent your Florida property for the portion of the year that you spend in your own country, you will need to file a federal U.S. income tax return. You will have to declare your rental income, but you may be able to deduct expenses such as maintenance, utilities or mortgage interest. Since Florida doesn’t have a state income tax, income from the property will only be taxed by the federal government.

Property Taxes
Be aware that non-residents of Florida do not get all of the property tax advantages granted to permanent residents of Florida, so be sure to inquire as to the difference this will make in your on-going costs. Again, a competent Realtor can explain these restrictions to you.

Property Insurance
Property insurance in Florida can be expensive. One way to limit this is look for properties built after the most recent set of building code updates, mandating that structures be able to withstand higher winds. Insurance companies charge less to insure properties that meet the latest code requirements. Homes and condos that are not located directly on or adjacent to the waterfront or in designated "flood zones," cost less to insure.

Avoiding Estate Taxes and Probate
Foreign nationals can reduce their exposure to U.S. estate taxes. For example, one of the best ways for Canadians is by placing a non-recourse mortgage against the property. A non-recourse mortgage gives the mortgage-holder recourse only against the property, itself, not against any other assets of the borrower.

The U.S. probate process of transferring property to beneficiaries can be lengthy and costly. Putting the deed to your Florida home in the name of a Cross Border Revocable Living Trust (CBRLT) rather than in an individual's name may offer several advantages. Properties held by a CBRLT are exempt from Florida probate and thus have no filing requirements for U.S. or Canadian tax authorities, for example.

There may be other benefits under U.S. or your own country's rules to avoid estate and probate costs. Check with a Florida-based attorney to see what benefits may be available to you. A competent Florida Real Estate professional can help you identify a competent attorney who deals with cross-border property investments.

In summary, as a foreign national considering buying a home or condominium in Florida there are things you need to understand. Nonetheless, there has never been a better time to buy that seasonal or second home you've been dreaming about, especially here in the Tampa Bay and Sarasota areas.

There are Florida Realtors ready and able to assit you in identifying and buying good real estate properties for either you own enjoyment or as investments. For example, Mary Bernas, a Longboat Key real estate luxury homes specialist and Andree Huffine, a Sarasota real estate expert stand ready to assist you.

The Seller Can Help You Buy Your New Home

2009-04-08T08:53:00.004-04:00

If you and your family are ready now to buy your first home, but you're not sure you have enough cash stashed away, there are ways in which a home seller can assist you in buying his home. A competent Realtor can review all of your options but here are a few examples.

FHA MORTGAGE WITH SELLER FINANCED CLOSING COSTS
An FHA mortgage requires as little as 3.5% of the purchase price as a down payment. These mortgages have been available for years. Your Realtor, working with the home seller and an FHA-approved mortgage provider, can structure a mortgage loan so that the seller pays all or nearly all of your closing costs. The seller cannot assist you with the 3.5% down payment, but can pay just about everything else at your closing. In the current market environment, many home sellers are willing to participate in this type of arrangement to get their home sold.

BUY DOWNS – There are many variations of "Buy Downs," Some are permanent, where the interest rate is reduced over the full life of the loan. Others are temporary, allowing you to reduce the interest rate, and therefore your monthly payment, for the first 1 - 3 years. The most popular is what's known as a "3-2-1 Buy Down." Here's how it works. For the first year your rate is 3% below the market interest rate; the second year 2% below, and for the third year the interest rate you pay is 1% below the agreed-upon interest rate. This allows you to grow into your loan payments over 3 years. If you expect your family income to grow over that period by enough to cover the eventual cost, this may be an attractive option for you. "Buying down" your first 3 years of loan payments in this manner will cost the seller about 4.5% of the loan amount. Here is an example on the purchase of a home with a $225,000 mortgage with a fixed rate of 6.5%. The full monthly rate on this mortgage would be $1,422.15/month. Using a 3-2-1- buy down, the first year's payments would be $1,010.35, the second year's is $1,140.04, the third year's - $1,277.53, and then for the remaining 27 years, $1,422.15. The "buy down" of the first 3 years payments saved you, the buyer, over $10,000 in mortgage payments in addition to making your payments more affordable for those first 3 years.

SELLER FINANCING – Less frequently, but occasionally, there are sellers who own their home outright (no mortgage on the property) who will agree to assist you by holding your mortgage. In this case, you do not have to qualify through the normal bank financing route. In effect the seller, instead of a bank or other mortgage company, becomes your mortgage provider. Such a mortgage can be written with essentially any terms and conditions that you and the seller agree upon ranging from financing 100% of the purchase price to requiring a minimal or larger down payment, with or without a "balloon payment" at some point in the future, and for a term of 10, 15, 25 or 30 years.

Such private lenders frequently charge a higher interest rate and may want to use this approach to get the highest possible price for their property so you need to deal with a competent Realtor who can negotiate your way through this option for you. But, if cash on hand is the problem you are dealing, this approach may be an option.

The point of this discussion is this. If you have a decent credit rating (FICO score) and you're ready to buy your first home, don't be scared off because you don't think you have enough saved up yet. The price of homes and the interest rates available are as low right now as they have been in a long time. Meet and discuss your options with a competent Realtor like those listed in this directory of Florida Real Estate professionals. You may be closer to your dream of home ownership than you have dared to hope.

Planning to Sell. - Focus on Your Kitchen

2009-03-29T17:00:00.007-04:00

When it's time to put your home on the market, many real estate experts recommend that you focus on the kitchen first. For many potential buyers, especially the wives, the kitchen is the most important room in the home. The condition and appearance of the kitchen has the power to make or break an offer.

So, if you want your home to sell quickly at a good price, do everything you can to enhance it before you start showing the home to buyers. Remember however as you appraoch this task that the money you spend is a cost of selling. Don't do a complete remodelling unless the kitchen really needs it. A good Realtor, like Judie Berger, Sarasota real estate expert, or Brian Ward who focuses on Bradenton FL real estate can give you advice on the extent of remodeling that you should invest in.

Start by creating space. You want you kitchen to look large, light and roomy. Clear the counters of all clutter. Take everything you can out of drawers and shelves and move it into storage. Remove all those magnets from the refrigerator and if the refrig looks scratched, give it a fresh coat of porcelain paint. What you want them to see is a warm, open and inviting space, not your old pots, pans and toaster.

Consider fresh paint. Paint is the most profitable improvement. A fresh coat of light, neutral colored paint on your kitchen walls will make them look spotless and new. Exactly the look you want.

Pay particular attention to the sink. If your faucet looks old and dated, replace it with a new one. It will go a long way towards improving the look of the whole kitchen, for very little money.

If your counter tops look old and tired, you should consider new ones. Today you can buy corian or even granite countertops at reasonable prices. Talk to your local Home Depot or Lowe's hardware satore. Remember to stick with neutral colors, nothing too flashy.

Check the stove and oven. The oven should be spotless. If the stove is a glass-top mmodel, scrub it until there is no residue at all on it. A sparkling range looks great. A dirty one laeves the prospect wondering if the rest of the house is any better maintained. Don't let them even "go there".

Freshen up the cabinets. Replacing cabinets is expensive and seldom makes a good investment. But you can paint them, or put new, modern looking pulls on them for very little money. A fresh rub-down with a good cleaner-polish will give them a fresh look.

Check the windows. You'd be amazed how many people forget to wash the window over the sink or the sliding glass doors next to the dining area. if the trim looks dull, a fresh coat of paint there will also add sizzle.

Finally, a trick that works amazingly well. Just before prospective buyers come, bake a fresh batch of cookies in your oven. And, yes, leave the cookies out for them to sample.

In short, buyers will quickly notice any shortcomings in your kitchen, so do everything you can to freshen it up and give it a modern, open, airy and spacious and "inviting" look.

Come to Bradenton Florida - Homes are Selling Again

2009-03-14T14:14:00.007-04:00

While home sales volumes and prices in many other parts of the U.S. have fallen for more than 6 months in a row, the Bradenton - Sarasota Florida real estate market is the fourth highest selling market in all of Florida.

Home sales for January, 2009 rose by 4% over the same month in 2008 largely because of a reduction in the median price of homes in this market. The median price in Bradenton, for example, has fallen to $144,800 from $246,300 just a year ago. This is the lowest it has been since November, 2001.

The decrease in home prices has meant that home ownership is once again affordable for the average family. So, more families, young couples with children as well as single professionals and senior citizens, are looking at homes in the Bradenton Florida area. There are currently about 2,650 existing homes for sale and another 1,800 homes working their way through foreclosure in Bradenton at this point so there are plenty of exisitng homes to consider.

When people started looking at homes here, they also learned something else very appealing. Mortgage interest rates are at an all-time low. QuickenLoans.com, for example, is currently quoting a 30-year fixed rate mortgage at 4.75% (APR 4.967%) and a 15-year fixed rate mortgage at 4.25% (APR 4.622%).

For those with more limited down payment funds, an FHA Express 30-year fixed rate mortgage can be had for 5.00% (APR 5.185%). With an FHA Express loan, your down payment can be as low as 3.5% of the price of the home and first-time buyers, defined as anyone who has not owned a home in the past 3 years, are eligible for an income tax credit of 10% of the purchase price of the home, up to a $8,000 credit.

If you are a young family that has been wishing homes in Bradenton Florida were more affordable so you could bring the pleasures and benefits of home ownership to your family, it's time to start looking.

If you are a senior looking for a warmer clime in which to retire, or maybe just a seasonal golf course or waterfront home or condo to escape the harsh northern winters, Bradenton Florida may be the right place and this may be the right time to make your move to the Florida SunCoast.

If you would like more information on the Bradenton Florida area, you may want to visit Rich Stover's Sarasota and Bradenton real estate website or Bob Henley's Sarasota real estate website. Both sites provide information on the many golf course and waterfront communities in the Sarasota - Bradenton area, all of which offer an absolutely delightful Florida SunCoast lifestyle.

Are Home Mortgages Really Available Now

2009-03-08T21:12:00.006-04:00

The simple answer is "yes" but the mortgage you can get today is way different from the one you might have gotten away with as recently as last year. There are at least four mortgage sources you might want to consider if you are hoping to buy a home in the Sarasota area while prices are still low.

Before the big "mortgage meltdown," people were able to qualify for a mortgage without even having to prove their actual income, among other things. Today, you'll not only have to be able to document your famly income, but you'll also have to provide information on other assets and liabilities that you have. Mortgage lenders now also want to accurately measure your "debt-to-income ratio", that is, what percentage of you total and take-home pay will be consumed by this mortgage if it is approved. And, there are now few, if any, no-down payment or ridiculously-low down payment loans.

If you meet these qualifications, there is mortgage money available. Mortgage approvals are now based on the more reasonable bases on which mortgages were granted before all the foolishness began a few years ago and the mortgage business eventually crashed and burned when the housing bubble burst. Mortgages being provided today "have to make-sense" in terms of the borrower's ability to repay the loan over time. No longer can you and/or the mortgage provider bet on housing prices going up and up forever so regardless of how silly the situation was at mortgage origination, there would be endless increases in the value of the home
to "bail both the buyer and the mortgage company out the ridiculous mortgage granted." Nonetheless, there are mortgages available today to those who can qualify for them.

FHA-insured mortgages

Federal Housing Administration (FHA) -insured mortgages have been available for decades, focused predominantly on low-to moderate-income families who may not meet
requirements for a conventional loan where up to a 20% down payment is required. FHA-insured mortgages can require as little as 3% down payment with no pre-payment penalty. Credit scores and debt-to-income ratios have been relaxed somewhat to allow more families to buy one of the many homes on the market right now.

Of course, there is always, "good news" and "not so good news" in situations like this. First the "not so good news." With the lower down-payment on an FHA mortgage comes an upfront "mortgage insurance fee" that must be paid at closing plus a monthly mortgage insurance premium (MIP) that essentially adds a half-percentage point to your interest rate.

But the "good news" is that your Realtor, working with the seller and mortgage provider, can structure your loan so that the home seller pays nealt all of your closing costs, other than the down payment, for you. In the current market environment, many home sellers are willing to participate in this type of arrangement to get their home sold.

FHA-insured mortgages with the lowest interest rates will go only to buyers with a debt-to-income ratio of less 33% or less where your "debt" is the total monthly cost of the home, including principal, interest, property taxes and insurance (PITI) plus any other monthly debt you owe like auto payments, credit card debt, student loans, etc.

Under the stimulus package signed by President Barack Obama this month, more American families will now be eligible to purchase or refinance their homes using affordable FHA-insured mortgages. This act allows FHA to increase through year-end, 2009, its maximum loan limits for FHA, Freddie Mac, and Fannie Mae loans. These
limits are equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA, and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.

Credit Union Loans
While they tend to issue mortgages only to their own members, the credit union you may participate in at work or in your community may also be a source of an attractive mortgage. Most credit unions avoided the mortgage melt-down because they stuck to solidly-based mortgage underwriting principles. As not-for-profit firms, credit unions had no incentive to get involved in the "make a quick buck on closing fees and sell it off the same day" sub-prime mortgage schemes and scams.

Credit union fixed and adjustable rate mortgages (ARMs) are often written at lower interest rates than are available at conventional banks.

"Hope for Homeowners" Mortgages
The "Housing and Economic Recovery Act of 2008" created "Hope For Homeowners" (H4H) program which allows troubled mortgage holders to avoid facing foreclosure by refinancing their existing mortgage into a more affordable, FHA Secure mortgage, provided the federal government participates in any increase in the value of the home over time and the holder of the existing mortgage agrees to go along with the re-financing. This program increases the allowable loan to value ratio (LTV) to 96.5% for some H4H loans and allows lenders to extend mortgage terms from 30 to 40 years further reducing the monthly payment. More information on H4H loan programs is available on the HUD Hope for Homeowners website.

The American Recovery and Reinvestment Act of 2009 (ARRA)
The ARRA offers assistance to first-time home buyers by providing an $8,000 tax credit for the purchase of a principal residence between January 1, 2009 and December 1, 2009. The tax credit is claimed on your tax return reducing the purchaser's income tax. Two bonus features of this program are:

The tax credit does not have to be paid back

If any credit amount is unused, that amount will be refunded as a check to the purchaser.

Local and State Programs in Your Own Area
If you are a first-time homebuyer or a low-to-moderate income family, you should investigate whether ther are local or state housing assistance programs that can be helpful. Some programs offer very low-interest loans or even grants to families these agencies want to attract into their communities. These programs are also sometimes aimed at municipal employees, police officers, firefighters and other first-responders the local area has difficulty recruiting.

So the answer is definitely "yes, mortgages are definitely available" and you should contact your Realtor today to see if you can qualify for one of these programs.

Is It Time for You to Think About Buying a Florida Home

2009-02-28T18:39:00.002-05:00

In spite of the national economic downturn, home sales in the Sarasota and Bradenton area of Florida rose again in January, 2009 bucking the national trend.

Bill Geller, President of the Sarasota Association of Realtors, is reported as having said that "even during downturns in the economy, opportunities exist for savvy buyers." The Sarasota - Bradenton real estate maket includes just about every type and size of residence and neighborhood one could want. The area, including our island keys offers waterfront homes and condos, golf course communities of wonderful new and existing homes as well as exciting places to live downtown in the heart of all the social, arts and cultural action.

There is no denying that over the past few years, home prices in our area have risen to a point where homes were becoming unaffordable to many people who eiher already lived here or who would like to move to our sunny Sarasota Florida area. But as of January, 2009, the median home price for a single family home in the Sarasota market fell below $150,000, meaning homes in our area are once again becoming affordable for middle-class working families.

The recently enacted American Recovery and Reinvestment Act (known as the "stimulus package") includes a $75 billion Housing Support and Foreclosure Prevention program and also provides a tax credit of $8,000 for eligible first-time home buyers. These two programs, combined with historically low mortgage interest rates, are getting people interested in buying homes again and that is good news for everyone.

Once people start buying homes, they will need furniture, new carpeting, appliances, lawn mowers, and all sorts of help moving into and decorating their new homes. All of these will provide jobs and further strengthen the economic recovery thqt is just now beginning to take hold in this area.

Sarasota is perfectly situated with a good jobs market, beautiful weather, a plethora of arts and cultural attractions as well as over 80 golf courses, and now once again, affordable homes and condos.

Isn't it time you got serious about buying your dream home here in Sunny Sarasota Florida. Give me a call at 941-228-2321 or e-mail me at brianward@remax.net. You may also want to visit my Sarasota real estate website for even more information on the delightful Sarasota lifestyle.

Real People Are Starting to Buy Homes in Florida

2009-02-20T15:58:00.004-05:00

A recent newspaper article stated something that applies pretty generally to all of Southwest and Central Florida. At last, "real people" are starting to buy homes again. Realtors from Marco Island to Tampa Bay are beginning to see more prospective buyers who are looking for "homes of their own." Previously, Realtors have been seeing mostly bottom-feeders looking to "steal a home" in a short sale or foreclosure and speculators looking to make money by "flipping" a home as an investment option.

Why is this happening? In large part, this trend is occurring because the prices of homes and condos have come down far enough so that the average family can actually afford to buy one. Previously, in many Florida communities, home prices had become so high that the average family could not afford to buy one based upon their family income and other non-housing expenses to which they were already committed.

In Lee and Collier Counties, for example, existing home sales increased by 155% in January. Across the U.S., in the 4th quarter of 2008 about 41% of all real estate transactions were either foreclosures or short sales. This dramatically reduced the number of properties on the market and dragged prices down. In Sarasota County, the number of existing home sales topped 500 for the third month in a row after having fallen below that level for several months in 2008.

Across the U.S., new home construction fell again in January, 2009. New-construction home sales are essentially limited to distress sales of homebuilders’ existing model home inventories plus a few custom homes. While this may seem like negative news, the fact is that the dramatic reduction in the number of new homes being built helps the real estate industry work off the high volume of homes on the market.

Using Lee and Collier County Florida as examples, the current inventory of existing homes on the market is now down to 4.2 months, a big drop from the 21.5 months supply on the market a year ago. The number of homes for sale in Sarasota dropped to just over 4,400 in January, 2009 from numbers far higher than that last year.

So, what should you do about this if you are considering buying a home ? Here are the steps you need to take to go from "dreaming" to "owning" a home in Southwest or Sarasota Florida:

Hire a real estate professional.

An important first step is selecting a professional to help you find your dream home. Have a REALTOR® explain the advantages of using a realtor acting as your buyer's agent.
Shop mortgage rates and terms and get pre-qualified (or better, pre-approved) for a loan.

A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8% vs. 7.5% is about $35 per month. Over 30 years, that's $12,600.

Being pre-qualified determines how much you can afford, whereas pre-approval further indicates to the seller that you really can afford to buy the property on which you are making an offer.
Outline what you want vs what you'd like.

Create a realistic idea of the property you want... What features are important to you? Make 2 lists: one of "must-have" items and one of the features you'd enjoy but aren't absolutely essential.
Tour Homes that meet your needs and affordability.

Ask your Realtor to show you only homes that meet your needs and desires within your affordability. Make notes on what you liked and didn't like on each. Review your notes frequently to eliminate homes that no longer best fit your goals.
Know which features that will help or hurt resale.

In some areas, a swimming pool can actually detract from a home's value and make it harder to sell. In areas with two-car attached garages, a single-car or detached garage may affect the future value of the home. Your Realtor can point out features that hurt or help resale value.
Make an offer on the one home that best meets your needs and desires.

Once you've pinpointed your dream house, it's time to make an offer. Rely upon your Buyer's Agent Realtor's expertise to bring order and calm to the process.
Arrange for a home inspection.

After your offer is accepted, set up a home inspection. It's common to find problems, many of which are easily resolved. Your realtor can help find a reputable inspector.
Conduct a walk-through inspection just before closing.

Demand a final "walk through" before finalizing the home buying paperwork to be certain that everything that was supposed to be included in the sale is still in the home and that all committed repairs have been made.
Close the Sale.

Before closing, your Realtor will help you complete a "closing checklist" and avoid last-minute snags.
Prepare to enjoy life in your new home.

Before you move in your furniture, take care of some basics: turning on electricity, water and gas, cleaning or replacing the carpet, and notifying friends and the local post office of your new address.

Sarasota - Florida's premier "Golf Town"

2009-01-24T13:37:00.005-05:00

If golf is your passion, Sarasota Florida may be the premier "golf town" you must visit before you decide where to buy a home. There are over 80 golf courses in metropolitan Sarasota Bradenton including several in nearby Osprey and Venice as well as on Longboat Key. Many of these courses are surrounded by golf course communities offering you the luxury and convenience of walking or taking a golf cart to the first tee or the club house.

Golf in Sarasota Florida traces its roots to the late 1880s, when Sir John Hamilton Gillespie traveled from Scotland to the hinterlands of "Sara Sota" with his golf clubs and a vision of what this land of natural beauty could become.

Our golf courses are open 12 months a year. Whether you enjoy the recreational and social amenities of an upscale country club lifestyle or you're just looking for a new "home course" there is a golf course or golf course community here that will fit you "to a tee." There are private, semi-private, and publc courses that will surely fit your needs and desires, whatever your level of play.

If you would like to know more about Sarasota and Mantee County golf course communities, visit the Sarasota Golf Course Communities section of Andree Huffine's Sarasota real estate website. If your needs are more immediate, call Andree directly at (941) 308-6752. She would be delighted to answer your questions and arrange to show you any or all of the many desirable golf communities in the "Sunny Paradise" that is Sarasota Florida.

Introducing McClellan Park in Sarasota Florida

2008-12-29T16:15:00.007-05:00

In Sarasota Florida, McClellan Park is an exclusive “West of the Trail” location, a neighborhood of mostly older homes, set in a tranquil area of narrow, winding streets. There's a sense of history here; a quiet neighborhood holding onto its inherent charms.

McClellan Park manages to preserve its historic charm while blending into the magnificent new Southside shopping and restaurant district that lies to its immediate east on Sarasota's Tamiami Trail. Set into a tranquil grid of narrow, winding streets, this lushly canopied neighborhood is definitely an "Oasis,"
an impressive blend of vintage “Old Florida” architectured residences. Many are smaller cottage-style homes. Others have undergone faithful renovations that still exude the character for which this splendid neighborhood is so well-known. Still others are completely new homes resulting from a "tear-down" of the previous properties replaced by gorgeous new executive-sized homes. Yet, even these have maintained the architectural integrity of the neighborhood.

McClellan Park, one of the oldest neighborhoods in Sarasota, is located in the original settlement that eventually became the city of Sarasota. There is a lot of history here but it is also an extremely convenient location. With many shopping venues just down the street, and it's proximity to downtown Sarasota, McClellan Park is also close to the gorgeous powdery-soft white beaches of Siesta Key.

Homes in McClellan Park are atractive to all ages and incomes from young couples to retirees.

If you'd like to know more about McClellan Park and homes for sale in this delghtful Sarasota neighborhood, you may want to contact Rich Stover, a resident of this neighborhood as well as an homes and competent Sarasota Realtor. He would be delighted to show you McClellan Park and other
attractive downtown Sarasota neighborhoods and real estate offerings.

Intro to Heritage Harbour, Bradenton FL golf course community

2008-12-13T14:52:00.005-05:00

Heritage Harbour is a new master planned golf course community in Bradenton, Florida bordering the Manatee River east of I-75. Heritage Harbour is situated on more than 2,500 acres of riverfront property including 200 acres of island in the Manatee River.

Residents of Heritage Harbour enjoy numerous amenities offered by this popular new community inclucing golf, convenient shopping and the many outdoor activities. The community is comprised of manicured natural preserves and lush landscaping, beautiful boulevards and the grand Signature Lighthouse adjacent to Central Park.
The centerpiece of Central Park is 70-acre Beacon Lake surrounded by a trail for walking, jogging, skating,and biking. In this wonderful park, you and your family can enjoy swimming, tennis, basketball and volleyball, as well as fishing, canoeing and just relaxing in a gazebo.

The Stoneybrook golf course at Heritage Harbour is a test of championship caliber golf. The 18-hole, par-72 course plays through a landscape highlighted by mature woods, wetland preserves, ponds, and lakes.

If you would like to know more about the Heritage Harbour golf course community, there are several competent Sarasota Bradenton area realtors who would be delighted to show you around this wonderful new golf course community in Bradenton, the city on the northern border of Sarasota, Florida.

South Florida Home Sales Surging At Last

2008-12-08T12:41:00.003-05:00

Buying a South Florida home is suddenly back in vogue again as prices continue to fall to levels not seen in long time. Homebuyers are jumping back into the South Florida home market and creating a surge of home sales not seen for several years.

First-time buyers are delighted at finally being able to afford a home of their own. Retirees with cash are also getting into the game, pulling their money out of the stock market and investing in South Florida real estate at prices they thought they might never see again. With mortgage rates at historic lows, even traditional real estate investors are returning to the market. No, they re not "flipping properties" this time. These investors plan to either live the home themselves or rent them until the Florida real estate market recovers from its disasterous recent past.

Typical resale homes in Broward and Palm Beach counties now sell for an average of less than $295,000, prices lower than at any time since early 2004 according to the Florida Association of Realtors (FAR).

Pre-foreclosure sales go for even less as Florida job losses and falling home and condo prices sent another 90,000 homes into foreclosure in the past quarter. Resale condominiums are now selling for 40% less than just two years ago. Properties in the $100,000 to $250,000 price range, however, are the most popular purchases.

On the dowside, however,with the U.S. economy as a whole slumping badly and the huge supply of existing and pre-foreclosure short sale and bank-owned homes and condos already on the, prices may stay low and not begin to recover until well into 2009 or even later.

If you have been thinking about buying South Florida real estate, this is a great time to get serious about it. In the Sarasota Bradenton market, for example, you may want to contact Mary Bernas, Longboat Key Realtor, Beverly Rabalais, Sarasota Realtor or Bob Henley, who specializes in the Venice FL real estate market. To find competent realtors for other parts of Florida, visit the Best Realtors in Florida website.

What Effect will the Obama Election Have on Florida Real Estate

2008-11-22T12:14:00.008-05:00

The election of Senator Barack Obama as President of the United States, along with substantial gains by Democrats in both the U.S. House of Representatives and Senate leads to the question, "How will the policies of the new Obama administration affect the real estate housing industry, especially here in Florida?"

National Association of Realtors (NAR) President Charles McMillan has said, “Realtors® are excited by this historic election and are ready to work with our new president and the new Congress on issues that are at the heart of the American dream of home ownership.”

Availability of affordable mortgage financing and small business health insurance coverage are at the top of NAR's and local realtor's list of priorities. Thankfully, those two issues are also priorities of both major political parties.

REFORM OF FANNIE MAE & FREDDIE MAC
It is expected that the Obama Administration and the new Congress will focus first on regulatory reform of the country’s financial services industry. Lawmakers will be looking at what went wrong and what, if anything, needs to be changed or regulated in new ways to ensure proper hadnling and accounting for mortgage and other asset-backed securities. This review will focus on potential changes to the two manjor secondary mortgage market companies, Fannie Mae and Freddie Mac.

The nomination by President-elect Obama of Tim Geithner, formerly head of the New York Federal Reserve bank, as Secretary of the Treasury appears to be a step in the right direction. Mr. Geithner is a talented and experienced expert on the U.S. and global financial world and he worked for many years to stabilize the financial markets of the world including the financial crisis in Japan some years ago.

ANOTHER STIMULUS PACKAGE
The Obama administration will also push Congress to enact another economic stimulus package. Hopefully, this new stimulus package will do more to stimulate jobs and therefore make home ownership more affordable than the previous stimulus package. NAR and its sister organization in Florida, the Florida Association of Realtors (FAR) will also continue to press Congress to make the conforming high-cost loan limit of $729,750 permanent and to eliminate the repayment requirement in the currrent first-time homebuyer tax credit, both of which would stimulate the housing market.

FORECLOSURE ASSISTANCE & AFFORDABLE MORTGAGE FINANCING
NAR also expects the Obama administration and Congress to assure that Wall Street banks that are being "rescued" use some of that $700 billion to slow down the rate of home foreclosures and make home mortgage financing more available at reasonable rates. Many Florida communities, and particularly Sarasota nd Fort Myers, are witnessing painful downward pricing pressure on homes for sale inventories due to the huge overhang of homes and condominiums in foreclosure.

HEALTH INSURANCE REFORM
Looking a bit further ahead, Congress, with leadership from the new President, is expected to also take on comprehensive health insurance reform, an issue that impacts real estate professions as well as all small businesses. Making small business health insurance more affordable would be a great benefit to Realtors as well as to the millions of other small businesses in the U.S.

While in the short-term, everything is focused on turning the U.S. and global economies around, looking forward to the new Obama administration, there seem to be as many opportunities as challenges.

Because many of the issues facing the real estate industry are supported by both the Democratic and Repulican parties, it seems as though we have a good chance for improvement in the real estate market. And, it is certainly true that the Florida real estate industry can use all the help it can get and the sooner the better.

Efest Eco-Living Festival Coming November 15th

2008-11-11T17:42:00.004-05:00

EFest is a major green living music and arts festival that unites hundreds of organizations and thousands of individuals that care about our environment. It’s a relatively small but growing, initiative say it's supporters in Lakewood Ranch and the surrounding area. But, they say, "the more people know about "green living," the better off we’re going to be in the long run."

The 4th annual EFest, to be held at the Sarasota Polo Club grounds November 15th and 16th is expected to attract over 25,000 people. EFest will feature more than 175 exhibitors, over a dozen bands and dance groups, dozens of food and beverage vendors and an eco-fashion show. there will also be a panel discussion with experts and community leaders,

Designed to bring awareness about preserving the environment, EFest provide visitors with access to community resources and teaches them about green alternatives to help them live more eco-conscious lives, according to Randy Moore, the executive director for EFest Florida, a non-profit organization.

One lucky visitor to EFest will win a Vespa scooter this year. Efest will be raffling a number of other great items including two bikes from Village Bikes located in Sarasota and Lakewood Ranch, two kayaks from Economy Tackle, a solar water heater from EcoTechnologies, an air purification system from EZ Breathe Ventilation Systems, golf for four at the Lakewood Ranch Country Club, multiple eco-tours in Florida, home delivery of organic groceries, and more.

A big problem in American society is our tendency to buy something, use it for a whle and then throw it away, filling a landfill somewhere. One of the ways EFest promotes environmental awareness is through a "Trash to Treasures Eco-Art Contest," which features art made of recycled, discarded, and reused items.

EFest will also include an area called the Children’s Eco-Village, which includes about 40 exhibitors and will show children how to grow a sustainable garden, according to Heidi Allwood, owner of Little Bookworms and Lakewood Ranch Book Sellers, a coordinator of the Children’s Eco-Village.

The EFest festival to be held this year in Lakewood Ranch is just one more example of the many and varied activities that go on regularly in the Bradenton, Lakewood Ranch and Manatee County area of Southwest Florida that make life here so enjoyable.

For more information about the Bradenton Florida lifestyle, you may want to visit one of the following sources of additional information at Rich Stover's Sarasota Bradenton Real Estate website.

New Sarasota Area Real Estate Website

2008-11-05T11:26:00.003-05:00

Please take a few minutes now to look over the newest Sarasota - Bradenton Florida area real estate website. Brian Ward is an experienced buyer agent who has earned the coveted "Accredited Buyer Representtive" (ABR) designation.

Brian serves the entire Bradenton / Manatee County and the Sarasota - Venice Sarasota County area. We invite you to take a tour of this comprehensive, new Sarasota and Bradenton Real Estate website. You can learn more about Brian and his qualifications on his Meet Brian Ward webpage.

More Federal Aid for Florida Foreclosures May Be Coming

2008-11-03T14:14:00.005-05:00

A number of U.S. government agencies are working together on a new plan that could help 3 million homeowners avoid foreclosures. These negotiations could still fail, but federal government agencies are contemplating using $50 billion of the recently-passed federal bailout plan to guarantee up to $500 billion of residential home mortgages. Florida, because of its enormous reliance on the real estate industry, could benefit greatly under this plan since the housing meltdown has had a major negative effect on the state's economy.

Under the plan, the government would agree to absorb half of the losses on home loans if the mortgage company agrees to lower the borrowers' monthly payments for at least 5 years. Details f how the plan would work are still being negotiated but this is the cetnral concept of the plan at this point.

In another recent development, more than $540 million in federal funds is on its way to Florida, earmarked to purchase foreclosed homes at a discount. “Florida has felt the sting of our nation’s housing market challenges, and these funds will provide a welcome boost to our state’s economy by helping Florida families stay in their homes,” said Gov. Charlie Crist.

Governor Crist credited Florida’s Congressional delegation with securing the support from the U.S. Department of Housing and Urban Development’s Community Development Block Grants under the Housing and Economic
Recovery Act of 2008 passed by Congress earlier this year. The funds will provide assistance to state and local governments to acquire and re-develop foreclosed properties that might otherwise be abandoned and blight their neighborhoods.

Florida had the nation's second-highest foreclosure rate in September, an ignominious record achieved by beating out depressed housing markets in California and Arizona, according to the firm RealtyTrac. Foreclosure filings last month afflicted 47,956 Florida properties, or one in every 178 homes. Only Nevada, with one in 82 properties facing foreclosure, is worse off.

In the Sarasota real estate market, there were 1,437 foreclosures in September, up 39% from the previous month according to data released last week by RealtyTrac Inc. But, Hillsborough County showed the biggest monthly increase in the state with 4,663 properties falling into foreclosure in Tampa Bay in the month. Pinellas County had 1,813 foreclosure cases, while Pasco and Hernando counties had 1,175 and 374 cases, respectively.

"Anything we can do to get foreclosure numbers down will quicken the stabilization of the market," said Ritch Workman, president of the 2100-member Florida Association of Mortgage Brokers.

The new federal government foreclosure-assistance program now being negotiated would be run by the Federal Deposit Insurance Corp (FDIC).

No one understands the process involved in short sales and foreclosure sales better than an experienced real estate professional. In Tampa Bay, for example, you may want to visit Cheryl Stimac's Tampa Florida real estate website or call her directly at 813-263-6806 for further information. Or, you may also want to visit Brian Ward's Sarasota FL Real Estate website or call him at 941-228-2321 for information in that real estate market.

Canadians Are Finding Florida Real Estate Values Attractive

2008-10-11T16:02:00.007-04:00

Florida offers warm temperaures, a refuge from the cold snow filled winters in Canada and, at this point, an attractive real estate market. Many Canadians looking for a warmer alternative are taking advantage of a weak US Dollar to purchase homes in many differetn parts of Florida.

With the supply of high-quality, reasonably priced Florida homes on the rise, house-hunting Canadians have their pick of everything from high-rise condos and townhomes to single-family homes in every conceivable type of neighborhood, golf course communities, waterfront homes and condos on the beach and on a marina as well as more traditional neighborhoods.

The National Association of Realtors (NAR) says that Canadians represented about 11% of all international home buyers who purchased homes in 2007 in the United States. In Florida, Canadians account for 9% of all 2007 home and condo buyers. When the results are in for 2008, this percentage is undoubtedly even higher.

American lenders will give loans to Canadian real estate buyers, but because of the presumed added risk involved, they often demand a down payment of up to 50% of the purchase price. Interestingly though, about 47% of Canadians pay cash for their Florida homes while the other 53% take out mortgages.

Purchasing a piece of the paradise that is Florida has never been for affordable for Canadians whether they are looking for a getaway from the harsh Canadian winter weather or as an eventual permanent retirement home.

For more information on waterfront, golf course, and downtown living spaces in the Sarasota Bradenton area, you may want to visit Rich Stover's Sarasota Florida real estate website. Those more interested in homes and condos in the Osprey or Venice Florida area may wish to visit the Sarasota & Venice FL real estate website of Bob Henley. And those more interested in Tampa Bay, should check out Cheryl Stimac's informative Tampa Bay Florida real estate website. You will be glad you did.

Test Revised for New Florida Immigrants

2008-10-02T13:44:00.007-04:00

It will come as no surprise to most that the state of Florida welcomes a large number of immigrants each year and for that reason the state was involved in a pilot program of a new immigration test.

In ddition to Miami FL, the pilot program cities included Albany, NY; Boston; Charleston, SC; Denver, CO; El Paso and San Antonio, TX; Kansas City, MO; Tucson, AZ; and Yakima, WA.

According to a recent article in the Palm Beach Post, the decision to revise the immigration test was made last year by the U.S. Citizenship and Immigration Services but the new test was not implemented until now to give immigrant advocate groups, English as a Second Language schools and other adult education facilities time to develop new training materials and curriculum to prepare immigrants for the test.

Many of the previous test questions have been replaced with questions designed to be more profound and to test the prospective citizen's knowledge of the basic civic concepts essential to being an American. The emphasis on rote memorization been been removed from the test.

The pilot program began with 142 questions. Those that showed higher than normal failure rates or which did not include basic historical and civic concepts were either changed to clarify the question or dropped bringing the total number of questions down to 100.

Several questions ask for more meaningful answers than the current test. For example, the old test asked "what country did we fight during the Revolutionary War." The new test changes the question to, "why did the colonists fight the British." Other questions were made simpler. In the previous test immigrants were required to name both Senators from their state. Now they will only need to be able to name one senator.

The way the process works is as follows: immigrants study the full 100 questions in preparing for the test. But, when they actually take their test, they are required to orally answer only ten questions and get at least six of them correct. In addition, they now have to read a sentence in English and write a sentence given to them.

Southwest Florida is Getting Back on Its Feet

2008-09-19T11:01:00.005-04:00

The Southwest Florida real estate market continued to show increasing strength in the past month. There wer solid and continuing signs of sales growth in Naples, Bonita Springs and Fort Myers mas well as the stirrings of life in the Sarasota, Bradenton and Tampa Bay areas.

While dramatically reduced prices are partially responsible for the home sales increases, other factors are also having important impacts. International buyers are finding many properties at what they consider bargain prices especially given the weak American dollar. Lower interest rates on home mortgages are helping first-time buyers and those buying second homes so buyers froma ll over are grabbing their piece of the Sunny Southwest Florida lifestyle.

If you, too, are looking for a home or condominium as either a seasonal getaway or for full-time living in Florida. this may be the right time to make your move to the Sunshine State. You may want to contact one of the these experienced Realtors, Andree Huffine, your Sarasota Realtor, Judie Berger, a Siesta Key real estate specialist, or Cheryl Stimac, an experienced Tampa Bay real estate expert.

South Florida Home Sales May Be Nearing A Bottom

2008-08-27T15:16:00.007-04:00

According to the South Florida Sun Sentinel, sales of existing homes increased in Palm Beach County last month. Driven by deep home price reductions, propsective home buyers bought 652 houses in July, up 8% from a year ago, the Florida Association of Realtors (FAR) says. The median price of $291,300 decreased 22% from $372,200 a year ago.

South Florida's housing slump seems likely to last into 2009 with the market not starting to rebound until double-digit price declines end and prices and sales volumes begin to increase. Many current transactions are foreclosures or other distressed-sales where homeowners or lenders have slashed the price. The Florida real estate market is simply flooded with low-ball offers.

During the first half of this year, 27% of Palm Beach County sellers, for example, sold their homes at a loss, up from 2% in 2007.

Buyer response to the federal government's housing stimulus package that includes a $7,500 tax credit for first-time buyers is helping. And some more sales are occurring because Florida voters approved legistlation that allows homeowners to take advantage of property-tax savings when they move from one home to another.

The million-dollar question is, "where is the bottom of this real estate downturn?" On the other hand, prospective buyers need to recognize that it doesn't make sense to wait forever for prices to fall further when mortgage rates are expected to rise in coming months. What a buyer may gain in price, he might lose in the financing of the home. The only person really in control here is the cash buyer.

In the state of Florida, home sales in July increased slightly from a year ago, while the median price fell 19% to $193,600 from last year. Nationally, home sales were 13.2% lower than a year ago. The median price for a home sold in July dropped to $212,000, down 7.1%.

"People are now responding to lower prices," said Lawrence Yun, chief economist for the National Association of Realtors (NAR). But he said that there is still too much uncertainty about the housing market's future to mark a definite bottom yet.

Home Inspections, Not Just for Home Buyers

2008-08-23T13:53:00.003-04:00

If you buy a home here in Florida without a professional inspection, you're assuming an unnecessary risk. But sellers of Florida homes and condos can also benefit by having a professional home inspection before the home is put on the market.

If you're about to sell your home, your first reaction might be "Why? I don't want an inspector to uncover hidden problems that I'll have to pay to repair." Or, "Then, I'll have to disclose the problem and reduce my asking price to compensate the buyer for the needed repair."

Well, actually, there are several good reasons why, as a home seller, you will be well served by a professionally-conducted home inspection before you put the property on the market. Why?

Your Listing Agent Realtor® can and most likely will advise you of any visible or cosmetic improvements that will help your home sell more quickly or at a higher price -- a fresh coat of paint, more neutral colors, removing excess furniture to make rooms seem bigger, etc. But your Realtor® cannot see less obvious problems like small roof leaks or electrical or code violation problems that will be picked up by a professional home inspector.

Think about it. Any good Realtor®, acting as a Buyer's Agent, will strongly recommend that his buyers demand a professional inspection as a contingency in any offer they make for your home. It's not as though you are going to get through this home sale without an inspection anyway so why not get it behind you upfront.

There are real benefits to you if a professional inspector seconds your opinion that your home is in good condition structurally and is in full compliance with local codes, you have an great marketing tool that will help your home sell more quickly at the highest possible price.

Your pre-sale inspection report shows the propsective buyer that you're so confident in the integrity of your home that you paid to have it inspected upfront and either it passed or you made the necessary repairs on your own. Your credibility as an honest home seller is immediately apparent.

A clean pre-inspection report by a reputable professional also adds validity to your asking price. It also gives your prospective buyers an extra measure of confidence about your home versus others they may be considering.

Having your Florida home for sale pre-inspected can not only prevent any issues from occurring at the "11th hour" just before closing, it can also be a great selling tool. Think of a pre-sale home inspection as "an inexpensive insurance policy" for a smooth home selling experience.

Tips for Florida First-Time Home Buyers

2008-08-18T15:45:00.013-04:00

As you start the grand adventure of buying your first home, you will find it a much easier and comfortable task if you are prepared for the task ahead of you. The following steps will assure that your home-hunting experience is as joyful and rewarding an experience as possible.

Get to know a Realtor you feel you can trust. A Professional Realtor, experienced in both new construction and resale homes, can act as your Buyers Agent and advise you on:

the merits of buying a new versus an existing home

various builder's strengths and weaknesses

how certain home upgrades affect future home value

the most economical way to finance your home

Your Buyers Agent will be happy to guide you through the many home buying steps from offer to closing without undue stress. Its true .... an experienced Realtor can and will save you time, money and grief.

Learn about the market before you shop for a home. Before you can purchase a home you need to feel comfortable about where you are buying and the price range you are dealing with. You can get an idea of the real estate market by researching properties for sale on the local MLS on or Realtor.com. But the best way to learn about the market is to enlist the assistance of a licensed Florida Realtor ®.

Know how much to offer. Knowing how much to offer is one of the most difficult parts of buying a home. Your Buyers Agent can provide you with a list of recently sold properties of comparable size, location and amenities so you can compare selling prices. Then you'll know whether this property is realistically priced.

If a property has been on the market a while, the owner may accept a below-market offer. But, if the property is very desirable, the seller may just reject your offer wasting everyone's time. Your Buyers Agent Realtor can give you good advice on the right price to offer.

Some parts of Florida are more in demand than others. Property prices in the most in-demand areas continued to go up until just recently. Although they may have come down a bit recently, properties in very desirable areas have not gone down by much.

Officially cancel your inactive credit cards. If you have an credit card you're not using with a $5,000 limit, even though you owe nothing on it, some mortgage lenders consider that a potential future debt. Too many inactive credit cards with significant credit limits could keep you from obtaining a mortgage loan. Don't just cut up your extra cards; officially cLL and cancel them.

If you'll need a mortgage, shop for a lender before you shop for a home. Get pre-qualified (and preferably pre-approved). Pre-approval is powerful leverage during price negotiation.

If you need a mortgage, don't assume your credit is spotless. Ask your preferred lender to pull your credit report. It may contain errors or old unpaid balances that need to be addressed before you formally apply for a loan.

Between pre-qualification and closing, consult your mortgage lender before any major purchases. Credit purchases affect your qualification for a mortgage, even after you've been approved; right up to the day of closing on your home. For example, if you're going to buy furniture for your new home on credit, wait until after closing to avoid possibly impairing your mortgage approval

Be careful from whom you take advice. Don't count on Uncle Bob, a
Realtor 20 years ago. Home builder's salesmen and Realtors representing the seller won't necessarily tell you all you need to know. Your Buyer's Agent, on the other hand, is required by law to tell you everything he or she knows that could affect the value of the home.

Seller's and Realtors representing sellers of resale homes don't always tell the whole truth about the condition of the property. After you've gotten a purchase contract agreed to, get a professional home inspection so the Seller, not you, pays to correct any problems.

Buy a home you can really afford. There are tax advantages to owning a home, but, there are also on-going expenses (maintenance costs, decorating, lawn care, trash pickup, etc.) that you may forget in the excitement. "Buy a bit less home, rather than a bit more home than you think you can afford," is good advice.

On a new construction home, decide which features you want and stick with it. Some new home sales people will try to sell you upgrades which add little, if any, value to your home when you evenutally sell it. Your Buyer's Agent Realtor can help you know which upgrades do and don't add resale value.

For more information on Florida Real Estate, visit our website Real Estate of Florida. It's packed with useful information.

Mortgage Interest Rates Drop for 2nd Week in a Row

2008-08-06T18:56:00.004-04:00

Interest rates on 30-year fixed mortgages fell for the second week in a row on increased speculation that the Federal Reserve would not raise interest rates before the end of the year.

Mortgage interest rates moved lower last week across the full spectrum of home mortgage types for the second week in a row.

30-year fixed-rate mortgages moved lower again this week averaging 6.26% plus an average 0.6 points in the week ending Thursday, down from 6.37% last week. Last year at this time, the 30-year loan averaged 6.73%.

15-year fixed rate mortgages this week averaged 5.78% plus an average 0.6 points, down from last week when it averaged 5.91%. A year ago at this time, the 15-year fixed rate mortgage averaged 6.38%.

This week, 5-year adjustable-rate mortgages (ARMs) averaged 5.80% with an average 0.6 points, down from last week's average of 5.82%. A year ago in July, 2007, the 5-year ARM averaged 6.35%.

One-year Treasury-indexed ARMs averaged 5.10% this week with an average 0.6 points, down from last week when it averaged 5.17%. At this time last year, the 1-year ARM averaged 5.72%.

Those who are ready to buy a home or second home in Florida might want to take advantage of this interest ratembreak which coincides with a very high inventory of unsold homes on the market. It's time to "make your move."