Real Estate In Florida

If you are considering buying a home in the near future, there are several critical factors which you should be aware of. By and large, the current market is a buyer’s market. That does not mean; however, that most buyers will be able to simply sweep in and pick up a sweet deal for just pennies on the dollar. If you really want to take advantage of the current market, you need to make sure you go in fully prepared.

1. First, you need to make sure you recognize that when it comes to real estate a few months ago, or in some cases, a few weeks ago might as well have been two years ago. Dynamics within the industry are rapidly changing and you simply cannot rely on how the market looked even six months ago. What someone was asking for their house a few months ago is not relevant. You need to make sure that you update yourself on the current market within the local area where you will be buying.

2. In addition, if you have previously purchased a home you need to make sure that you do not fall into the trap of thinking that what you paid for your last home is relevant. This is because it is not. You do need to make sure that you give some thought to the difference between the amount you will be selling your current home for and what it will cost you to purchase a new home. These are definitely much more realistic numbers and will give you a better idea of what you can afford and more importantly what you cannot afford.

3. A few years ago the market was rife with people who were gung-ho about selling their home on their own. For many people, the idea of selling their home on their own meant being able to save the commission. If you already own a home that you will be selling in order to fund the purchase of your next home, it is critical that you understand that now is not the right market to try to go it alone. Yes, you might save the commission, but your home might also sit on the market for a year or longer. There is far more inventory on the current market than there was even two years ago and it is much more difficult to sell a home today. Save yourself the hassle, trouble and time and hire a professional who can help you to get the attention you need to sell your home.

4. Make sure you are aware of the current interest rates. At the current time, any interest rate that is between 6 and 7 is a good number. If you can get an interest rate in that range, grab it and run and be happy for it.

5. You should also understand that there really is a big difference between working with a mortgage professional. While there are any number of people out there right now hustling trying to help find loans for buyers, when you are making an important financial decision such as buying a home you will need to make sure that you are working with someone you can trust. It really can make a big difference in the long run.

6. You also need to give some thought to how long you plan to be in your next home before you actually commit to buying it. If you do not plan on staying in a home for at least the next five to seven years then you need to seriously think about waiting to buy. In the event that the market continues to drop somewhat over the next year and you buy a home today, you could be set to experience a depreciation in the value of the home you buy. That is not necessarily a problem unless you plan to sell it in the next couple of years. If you are in it for the long haul, overall, it will not make that much difference to you. If you plan to sell in less than one or two years; however, it could be a big problem.

7. Finally, recognize that despite the dire numbers and predictions, there really never has been a better time to buy a home; provided that you are ready. If you are in it with a long-term commitment in mind and you are financially ready, there are some great deals available. Over the course of time you will likely find that you will be glad you made the decision to purchase.

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007, when it was 100.7.

Affordability at Record High

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

“Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.

First-Time Buyers

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

By Region

Northeast: The Pending Home Sales Index declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008.

Midwest: The index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago.

South: Pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008.

West: The index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

“Keep the Momentum Going”

NAR President Charles McMillan said Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he said.

“To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sectors of the economy,” McMillan said.

NAR’s Housing Affordability Index stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates, and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later?’ to ‘I don’t want to miss out on a recovery.’”

Source: NAR

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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For Sale: 4BR/2BA Single Family House in Brooksville, FL, $130,000

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For Sale: 3BR/2BA Single Family House in Brooksville, FL, $162,859

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A fellow real estate agent Larry Easto summarizes why a real estate agent would fire a buyer client.

You wonder how the buyer would handle the situation if the roles were reversed.

The buyer client(s) can also fire the real estate agent. If the agent does not submit properties that meet the pre-determined criteria that a buyer has outlined. The criteria could change after the first few showings but if the criteria continually changes or the client(s) just can not come to agreement then it’s time to here those words 

                                                        YOU’RE FIRED

In challenging markets…like the one we currently face…it’s difficult to find new clients.

Why would you even consider firing a client?

Purely and simply, even the best client relationships can turn bad…and when they do, it’s time to end them by firing the client.

Most of us are too busy to allow deteriorating client relationships to drain time and energy from attracting new clients and serving existing clients. With that in mind, here are 5 reasons for firing a client.

1. Perfection Obsession

These are the buyers who are obsessed with finding a perfect home, in a perfect location and at a perfect purchase price.

Or they are sellers who insist on selling their homes on the terms and conditions that they consider perfect.

Perfection rarely exists in our world, and besides, your responsibility is to give clients the best possible service, helping them find the best possible deal…not the perfect one.

2. Lack of Trust

This can cut both ways.

For whatever reason, you no longer trust your client or vice versa.

Since trust is a key element, of all client relationships, once the trust is gone for either party, the relationship is essentially over.

3. Miscommunication

Sometimes miscommunication is inadvertent or accidental.

Others times it is deliberate.

In either case, when miscommunication becomes a common element it represents a problem to be addressed.

If the problem of miscommunication itself cannot be resolved, it’s time to end the relationship.

4. Conflicting Advice

We all have advisors who offer opinions and suggestions on our decisions.

Some of these people are professionally trained, qualified and well informed. Others are well intentioned but otherwise poorly informed and mis-directed friends relatives and acquaintances.

It is the second group of advice-givers that have the most potential for causing problems in client relationships.

When clients start to be guided more by this group than by your professional advice, it’s best to reserve your time, energy and expertise for clients who value it.

If clients do not value what you offer them…fire them.

5. Indecision

Certainly changed circumstances result in changes in clients needs and wants.

However, when clients continually change their minds for no obvious reason, it’s hard to be sure of what they really want.

If they don’t know what they really want…how can you help them?

Is it not better to devote your resources to helping clients achieve what they know they want?

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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• Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
• Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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MIAMI – June 15, 2009 – Gerson Lehman Group reports that international realty buyers believe the Florida housing market is poised for recovery, and they are paying close attention to distressed properties in the state. The report says these international buyers view homes in the United States as “desirable, profitable and secure” investments.

“Those who delay buying their dream home in Florida may soon find that they have to pay considerably more for the same property in just a few months,” advises the report’s author, Howard Liggett, president of Distressed Real Estate Consulting Services.

Liggett cites data from the National Association of Realtors® and the Florida Association of Realtors® indicating that 25 percent of international buyers are Canadian, 21 percent are British, and 21 percent are western European.

Source: 
Halifax International Expat Focus (06/12/2009) Musk, Jamie

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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Daily Real Estate News  |  June 11, 2009

Legislation introduced in Congress Wednesday would expand the tax credit now limited to first-time homebuyers to any purchaser of a home and increase the maximum available to $15,000.

The tax credit passed earlier this year is limited to $8,000 and has income caps.

U.S. Sen. Johnny Isakson, a Georgia Republican, introduced the legislation, and Senate Banking Committee Chair Christopher Dodd, a Connecticut Democrat, quickly stepped up to co-sponsor.

The National Association of REALTORS® and the National Association of Home Builders have said they would like to see the tax credit improved.

Source: The Wall Street Journal, Jessica Holzer (06/10/2009)

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you’ve already filed your taxes, at REALTOR.org.
Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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WASHINGTON – May 22, 2009 – News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development (HUD) says.

“The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told Realtor® Magazine Wednesday afternoon.

Under the guidance that’s under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households’ federal tax credit.

The loans were announced on the opening day of NAR’s 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it’s expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: Realtor® Magazine Online

Bio
Lawrence F. Sanek is a licensed real estate broker and owner of Castle Dream Real Estate, LLC Brooksville, Florida. He is also an engineer with experience in the structural and architectural disciplines. He has many years of experience in selling real estate and enjoys helping families relocate to Florida or to another area in Florida and to Capture The Dream. Visit his website at Castle Dream Real Estate, LLC or contact him direct at 1-888-51-DREAM (37326) or email him at Sanek

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