LOS ANGELES – Sept 10, 2009 – First-time homebuyers have just 12 weeks to find and close on a home to qualify for the $8,000 federal tax credit by Nov. 30 – before the Dec. 1, 2009, deadline.
Those just beginning the process will have to beat the average time it takes to buy a home, a challenge that real estate professionals can help buyers meet even though it’s taking longer today to close most transactions today, according to Realtor.com officials.
On average, first-time buyers search 12 weeks to find a home, while closing can take up to 60 days, depending on individual circumstances and local regulations.
Additionally, the tax credit has proved to be extremely popular this year: studies show that taking advantage of the first-time homebuyer’s federal tax credit and relevant state incentives is the most important reason motivating 10.8 percent of buyers today. In fact, approximately 1.14 million buyers have already filed for the credit. Many more are expected to file for the credit when income taxes are due April 2010.
Historically high affordability is a major factor driving first-time homebuyers today, a growing group that accounted for one third of all purchases in July 2009, according to a survey by the National Association of Realtors®.
NAR’s affordability index in July 2009 was 36.0 percentage points higher than July 2008. Under these conditions, the typical median-income family can allocate 15.8 percent of their gross income to mortgage payments, well below the traditional allowance of 25 percent. Interest rates, which play a major factor in affordability, remain low, and averaged 5.22 percent in July for a 30-year fixed rate loan.
Realtor.com President Errol Samuelson said, “The national median home today costs approximately $174,100. By moving quickly to find and close on a home by Nov. 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost 4.5 percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years, and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue this once-in-a-generation opportunity to become homeowners.”
He added that by combining the effective use of technology for information-gathering with expert advice from local Realtors, today’s first-time home buyers can beat the clock and use the $8,000 federal tax credit, along with any available state-level credits, to purchase a home before the Dec. 1 deadline.
“By moving quickly, being prepared to make decisions in the face of increased competition, and using the expertise of a real estate professional, first-time homebuyers can still close on time and qualify for the $8,000 federal tax credit,” Samuelson said.
Thursday, September 10, 2009
Wednesday, September 9, 2009
Housing Market Indicators
FAR - News and Events: "Housing Market Indicators:
Florida existing home sales:
(month-to-previous-year comparison)
33%
Florida existing condo sales:
(month-to-previous-year comparison)
48%
Florida existing home median price:$147,000
Florida existing condo median price:$108,300
Florida consumer confidence: 67
National existing home sales:
(month-to-previous-month comparison; all housing types)
7.2%
National existing home median price
$178,400
National (Freddie Mac) mortgage rate
(all housing types)5.2%"
Florida existing home sales:
(month-to-previous-year comparison)
33%
Florida existing condo sales:
(month-to-previous-year comparison)
48%
Florida existing home median price:$147,000
Florida existing condo median price:$108,300
Florida consumer confidence: 67
National existing home sales:
(month-to-previous-month comparison; all housing types)
7.2%
National existing home median price
$178,400
National (Freddie Mac) mortgage rate
(all housing types)5.2%"
Thursday, September 3, 2009
New Condominium Regulations by FHA
In the most recent FHA guidelines and regulations that are set to be implemented October 1st, 2009 is the following:FHA Concentration
a. Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.
b. Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.
What this states is that FHA will not back more than 30% of any given building. This applies to all condominium projects of 4 or more units. The condominium market is still in shambles and this is going to further reduce the accessability to financing.
At this point in time there are very few condos that are financable by FHA. In downtown Orlando there are only 2 highrise condos that are FHA approved. If you were considering investing or purchasing condos in the near future it appears there will be a rough road ahead for the foreseeable future. There could be many unintended consquences to this enactment like higher vacancies, more investor owned units, decreasing value, and higher HOA fees. Although on the other hand can you blame FHA for not wanting to fund the instability of this market at this time?
This article breaks down the situation of the condo market and it's volatilty expanding on some of the points above.
http://www.realtytrac.com/ContentManagement/RealtyTracLibrary.aspx?channelid=8&ItemID=6783
Thursday, August 27, 2009
New Listings
New Listing near UCF – 2/2 Condo
Short Sale. Listing price may not be sufficient to pay total of all liens and costs of sale, and sale of propety at full listing price may require approval of seller's lender(s), and such appproval may be conditoned upon gross commission being reduced. Must see this condo to believe. Excellent shape and Fabulous price close to UCF. This 2 bedroom 2 bath corner unit has a large great room with vaulted ceilings. The kitchen is spacious and comes complete with all appliances. The screened porch overlooks a serene conservation area that is perfect for dinners outside. A large closet on the lanai allows for plenty of storage space. Back inside the bedrooms are spacious and each have a full bath close by. The community features a large pool with barbeque grills and picnic areas, a basketball court and beach volleyball. With low HOA fees and rising gas costs, why live anywhere else?
Ventura Country Club Subdivision on the 3rd Fairway
Act quickly to enjoy this SPECTACULAR GOLF FRONT POOL home in gorgeous Ventura Country Club community. Ammenities include: STAINLESS STEEL APPLIANCES, SCREENED HEATED POOL WITH OVERSIZED PAVERED DECK, TILE ROOF, NEW LANDSCAPING,VOLUME CEILINGS, FIREPLACE and SPLIT floor plan. As you enter this home the living room with new carpet is a grand space for entertaining along with the dining room which is open and airy. The family room with wood burning fireplace and volume ceilings has a gorgeous view of the pool and a golf course. The kitchen with stainless steel appliances has loads of storage space, a breakfast bar and a separate area for dining. Enjoy the large master bedroom with golf course view and master bathroom with walk in closet, dual vanities, garden tub and separate shower. The Ventura Country Club Community along with the well renowned golf course and pro shop has a pool, tennis courts and the 19th Hole Restaurant. Schedule your appointment today.
890 Country Charm Cir - $385,000
Brand New Listing in a gated Lake Charm Subdivision
Gorgeous mediterranean style home in a gated community in the heart of Oviedo. This five bedroom home with an over sized bonus room has every upgrade you could ever desire. From the gourmet kitchen with granite counter tops, 42-inch cabinets, and stainless steel appliances, to the upgraded lighting throughout, this house is sure to please the most discriminating buyer. The kitchen opens to the spacious family room wired for 7.1 surround sound system and opens to the spectacular screened lanai. The lanai is a full 44 by 22 feet, 2-stories high, and overlooks a large shaded fenced yard with mature oak trees. The fence has a 10' wide gate on one side. The master bedroom is downstairs with walk-in closets and a master bath with dual vanities, garden tub, and a separate shower. The upstairs boasts four extra large bedrooms, two and a half baths, along with a bonus room that is 15 by 25 and is also wired for 7.1 surround sound and has a built in for a big screen tv. Located on a corner lot with a 3 car garage, this home is meticulously maintained and ready to sell.
Brand New Listing in a gated Lake Charm Subdivision
Gorgeous mediterranean style home in a gated community in the heart of Oviedo. This five bedroom home with an over sized bonus room has every upgrade you could ever desire. From the gourmet kitchen with granite counter tops, 42-inch cabinets, and stainless steel appliances, to the upgraded lighting throughout, this house is sure to please the most discriminating buyer. The kitchen opens to the spacious family room wired for 7.1 surround sound system and opens to the spectacular screened lanai. The lanai is a full 44 by 22 feet, 2-stories high, and overlooks a large shaded fenced yard with mature oak trees. The fence has a 10' wide gate on one side. The master bedroom is downstairs with walk-in closets and a master bath with dual vanities, garden tub, and a separate shower. The upstairs boasts four extra large bedrooms, two and a half baths, along with a bonus room that is 15 by 25 and is also wired for 7.1 surround sound and has a built in for a big screen tv. Located on a corner lot with a 3 car garage, this home is meticulously maintained and ready to sell.
1010 Ragsdale Rd. - $175,000New Listing in Alafaya Woods
This beautiful and unique pool home located on a cul-de-sac and backing up to conservation has everything to offer. GREAT SCHOOLS, NEWER ROOF, NEWER POOL, ALL APPLIANCES, is NOT a short sale and can close quickly. When you enter the front door will see the mexican-cermanic tile throughout the main living areas. The large family room and kitchen with eat in breakfast area overlooks the pool. All this and a separate dining room make this a great home for entertaining. The french doors in the family room open to the 28'x16' pavered deck around the newer pool complete with screen enclosure and solar heating. Outside the screen you can walk up the custom built stairs to the sun deck over the patio that overlooks a conservation area. Back inside the house and down the hall there are four bedrooms and two full bathrooms. There are minor aesthetic repairs that need to be made, but with a little TLC this will quickly become the perfect home for you. Call for more information.
Perception of the Markets
I finished my last blog by asking a few questions. One was "how much does perception play into the status of the market?" Here is an article talking heavily on perception of the average consumer which fits great with previous discussion.
Fla. consumer confidence jumps 3 points Good news about housing and stocks lifts Florida’s consumer confidence.
GAINESVILLE, Fla. – Aug. 26, 2009 – Rising housing prices, stock market gains and the lack of any new setbacks in the national economy boosted Florida’s consumer confidence three points to 70 this month, according to a new University of Florida (UF) survey.“We had anticipated an increase in consumer confidence in August based on what appeared to be an unjustifiable two-point drop in July following what was already a two-point decline the previous month,” said Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “While the economic environment is by no means bright, the decline in July seemed unsustainable given the lack of any very bad economic news and some encouraging signs in Florida’s housing market and the stock market.”
Three of the five components in the index rose, one fell and one stayed the same. Perceptions of personal finances now compared with a year ago remained unchanged at 43, still only four points above its all-time low of 39. Perceptions of U.S. economic conditions over the next year jumped 10 points to 73; perceptions of U.S. economic conditions over the next five years rose eight points to 80; and perceptions of personal finances a year from now increased five points to 84. The only component to drop was perceptions of whether it is a good time to buy big-ticket items, which fell five points to 72.“We are not out of this recession yet, particularly here in Florida, but things are not nearly as bad as they were a year ago,” McCarty said.
Home sales have picked up both nationally and in Florida, and falling prices suggest a bottoming out of the housing slump, McCarty said. The latest report from the Florida Association of Realtors® shows median prices for existing single-family homes flat from last month and still up for the year.If foreclosures continue, they could depress home prices, McCarty said. The Mortgage Bankers Association has reported that 23 percent of Florida mortgages in the second quarter of 2009 were either in foreclosure or late on payments.
The hardest hit area for foreclosures is along the southwest coast, including Fort Myers, Sarasota and Punta Gorda, all of which are disproportionately dependent on retirees, McCarty said. A slowing of the retiree housing market is a big factor in Florida’s population decline last year for the first time since 1946, which the bureau reported last week, he said.“We expect consumer confidence to stay mired in the upper 60s and low 70s as the recovery develops,” McCarty said. “Unfortunately, while Florida housing is showing signs of improving, the overall state economy in the long run will likely lag other parts of the country given the prospects for a turnaround in employment.“As the country moves into recovery over the next year, real estate, construction spending and tourism – all of which have been major sectors in Florida economy’s over the past two decades – will certainly stabilize, but not grow as they had,” he said. “Florida needs a new approach.”The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for August was conducted from 425 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.
Fla. consumer confidence jumps 3 points Good news about housing and stocks lifts Florida’s consumer confidence.
GAINESVILLE, Fla. – Aug. 26, 2009 – Rising housing prices, stock market gains and the lack of any new setbacks in the national economy boosted Florida’s consumer confidence three points to 70 this month, according to a new University of Florida (UF) survey.“We had anticipated an increase in consumer confidence in August based on what appeared to be an unjustifiable two-point drop in July following what was already a two-point decline the previous month,” said Chris McCarty, survey director of UF’s Bureau of Economic and Business Research. “While the economic environment is by no means bright, the decline in July seemed unsustainable given the lack of any very bad economic news and some encouraging signs in Florida’s housing market and the stock market.”
Three of the five components in the index rose, one fell and one stayed the same. Perceptions of personal finances now compared with a year ago remained unchanged at 43, still only four points above its all-time low of 39. Perceptions of U.S. economic conditions over the next year jumped 10 points to 73; perceptions of U.S. economic conditions over the next five years rose eight points to 80; and perceptions of personal finances a year from now increased five points to 84. The only component to drop was perceptions of whether it is a good time to buy big-ticket items, which fell five points to 72.“We are not out of this recession yet, particularly here in Florida, but things are not nearly as bad as they were a year ago,” McCarty said.
Home sales have picked up both nationally and in Florida, and falling prices suggest a bottoming out of the housing slump, McCarty said. The latest report from the Florida Association of Realtors® shows median prices for existing single-family homes flat from last month and still up for the year.If foreclosures continue, they could depress home prices, McCarty said. The Mortgage Bankers Association has reported that 23 percent of Florida mortgages in the second quarter of 2009 were either in foreclosure or late on payments.
The hardest hit area for foreclosures is along the southwest coast, including Fort Myers, Sarasota and Punta Gorda, all of which are disproportionately dependent on retirees, McCarty said. A slowing of the retiree housing market is a big factor in Florida’s population decline last year for the first time since 1946, which the bureau reported last week, he said.“We expect consumer confidence to stay mired in the upper 60s and low 70s as the recovery develops,” McCarty said. “Unfortunately, while Florida housing is showing signs of improving, the overall state economy in the long run will likely lag other parts of the country given the prospects for a turnaround in employment.“As the country moves into recovery over the next year, real estate, construction spending and tourism – all of which have been major sectors in Florida economy’s over the past two decades – will certainly stabilize, but not grow as they had,” he said. “Florida needs a new approach.”The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for August was conducted from 425 responses. The index is benchmarked to 1966, so a value of 100 represents the same level of confidence for that year.
Wednesday, August 19, 2009
Listings
1022 Pinehurst Gorgeous updated pool home located on cul de sac in golf community in Oviedo. Don't take long to act on this house with NEWER ROOF, NEWER A/C, Newly painted inside and out, 2006 pool with upgraded pop up auto poolcleaning system, newly renovated bathrooms and extensive molding. The kitchen is a chef's delight with loads of cabinet and counter space, a prep island and a pass through to the dining room. The family room has gorgeous wall molding, a wood burning fireplace and french doors that open into a separate den or study. The screened enclosed patio is an extension of the house with cable and electrical outlets. Enjoy the breeze as you overlook the pool surrounded with tropical foliage. Located across from the Twin Rivers Country Club and a short walk to Riverside Park with pool, tennis and racquetball courts. Act quickly before this one slips away. See the full listing: http://www.realtor.com/realestateandhomes-detail/Oviedo_FL_32765_1111429439
2606 Sweet Creek XingFabulous 4105 sqft on 5 acre country estate in gated neighborhood conveniently located off of SR 419 in Seminole County. This home has a feel of a mountain lodge with a soaring rock fireplace, gorgeous wood ceilings, wood cross beams and large wooden deck with gas heated hot tub. Enjoy the tranquility of this natural setting from your large screened porch or from your new, oversized, built in hot tub. Horses are not only allowed but encouraged in this equestrian friendly community. The upstairs has a loft with a view of the main lodge area, 2 bedrooms and a bath. The oversized Master bedroom is sure to please with room to spare. The master bathroom is complete with a jetted tub, separate walk in shower, dual vanity, and bidet. 
The kitchen is reminiscent of a farm house with a bricked arch oven along with a large cooking island and cabinets galore. Off the kitchen there is a quiet in law suite with a large bedroom, bathroom, and walk in closets, which is perfect for guests. If you love to entertain, the bonus room is what you have been looking for with over 500 square feet, a wet bar, built ins and volume ceilings. There is an extra large mudroom with loads of closet space that also houses the water softener. The utility room is so big that is currently doubling as an office. All of this along with skiing lake access to LAKE PICKETT with community features that include a boat ramp and dock. This is a truly unique property that doesn't come along very often. Come and see this quiet place in the country. See Full Listing: http://www.realtor.com/realestateandhomes-detail/Chuluota_FL_32766_1109940726
The kitchen is reminiscent of a farm house with a bricked arch oven along with a large cooking island and cabinets galore. Off the kitchen there is a quiet in law suite with a large bedroom, bathroom, and walk in closets, which is perfect for guests. If you love to entertain, the bonus room is what you have been looking for with over 500 square feet, a wet bar, built ins and volume ceilings. There is an extra large mudroom with loads of closet space that also houses the water softener. The utility room is so big that is currently doubling as an office. All of this along with skiing lake access to LAKE PICKETT with community features that include a boat ramp and dock. This is a truly unique property that doesn't come along very often. Come and see this quiet place in the country. See Full Listing: http://www.realtor.com/realestateandhomes-detail/Chuluota_FL_32766_1109940726
3157 Heirloom
Spectacular 5 bedroom 4 bath house on conservation in highly sought after Sanctuary subdivision in Oviedo. As you enter the home you will be amazed at the soaring ceilings, tile floors, and the elegant living room that overlooks the covered patio and private backyard. The master suite with spa like bath is sure to please with a jetted tub, walk in shower with multiple heads, double sink and vanity. The second bedroom downstairs, located near the master, could be used as a study or den. The recently renovated kitchen is a chefs delight with gorgeous 42" cabinets, stainless steel appliances, granite countertops, breakfast bar and large cooking island. Perfectly set up for gatherings of family and friends, the kitchen is open to the large den and breakfast area. The formal dining room with elegant chandelier has a pass through to the kitchen for easy servicing. The elegant staircase leads to a spacious loft along with 3 bedrooms and 2 full baths. Security system, 3 car garage, new gutter system, recently upgraded irrigation system, new sod and a one year home warranty make this home a must see. Call today for a showing before this one disappears. See full listing: http://www.realtor.com/realestateandhomes-detail/Oviedo_FL_32766_1111018327
Friday, August 14, 2009
READING THE TRENDS…BUYER’S MARKET?
I've been sending out market trends to my email list as well as posting articles on my Facebook group page and mentioning the numbers in previous blogs. The problem with sending these numbers is that without a historical reference of the real estate market, the numbers mean nothing. You have to know where you came from to be able to predict where you are going. As a Realtor I can see the changes in the market on a daily basis. For example, when there are 30 showings on a home within the first two weeks of being on the market. This is the case of 1022 Pinehurst in Oviedo. There have been tons of showings with great feedback. Although there are no offers yet, we know it's just a matter of time. There are other examples such as...
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