South Florida On The Market

A new report shows that the current economic climate was a factor in the large increase of multi-generational households. A new poll by Generations United shows that 66 percent of adults believe the economy has influenced more family members to share a roof, and 21 percent reported that they think it was the only factor. The number of Americans living in multi-generational households jumped 10 percent since 2007, with a record 51.4 million individuals of all ages living in said households, according to the source. The survey reports that 40 percent of polled adults reported that job loss, a change in job status or underemployment as a reason, while 20 percent said healthcare costs prompted the formation. Fourteen percent reported that foreclosure or other housing loss initiated the change. Additionally, many agreed that there should be more government programs and policies in support of multi-generational households, while 63 percent said that social security plays a vital role in t

The housing market has shown to be improving steadily from recent reports, and while the winter is typically known as a bad time for sellers, Inman.com says it could be the best. The source says that homeowners with property already on the market should keep it on and homeowners debating listing should go for it. Sellers don't often put their homes on the market at the end or beginning of the year, so as the amount of competition dwindles down, a new home on the market could be appealing for potential buyers. The source suggests that the home be move-in ready, as potential buyers are most likely looking for an easy move during the holidays. Additionally, current mortgage rates and low average home prices are often very appealing to potential buyers. According to the source, the supply and demand of homes plays a large role in the odds that a home is ready to be on the market, while the health of the local housing market is always more important than the national market.

Results from Freddie Mac's Primary Mortgage Market Survey show that fixed mortgage rates have met or are near all-time-lows. The 30-year-fixed matched the average all-time record low of 3.94 percent for the week ending December 15. This number is down from last week when it averaged 3.99 percent and much lower than last year's reported 4.83 percent. A new record was set for 15-year-fixed mortgage rates, at 3.21 percent. This is down from last week's average of 3.27 percent and 4.17 percent reported this time last year. The previous record was recently set in October of this year. The 5-year-adjustable-rate mortgage also set a new all-time record low at 2.86 percent. "Mortgage rates were at of near all-time record lows this week amid a rough environment for housing," said Frank Nothaft, Freddie Mac's vice president and chief economist of Freddie Mac. Many economists predict that the continuance of low mortgage rates and new record-lows will help convi

1. Location counts. You've probably heard the old real estate joke about "location, location, location," but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years. 2. Make a list . Do you (and your spouse, if you're married) really know what you need and want in your home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. Your goal is to fin

1. The purchase When buying your own home, most of the expenses are not tax deductible. But there is one exception that is worth finding. The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. In addition, if the day you purchase is on any day other than the first of the month, you will likely pay a charge for "daily interest" between the day of closing and the end of the month. Look on line 901 of your HUD settlement statement. Much more importantly, the IRS says that, in most cases, loan discount points and origination fees are tax deductible to the buyer, regardless of who pays them. Look at lines 801 and 802 of your settlement statement and see if you hit the jackpot. This is a particularly unusual deduction because you get the benefit even if the seller paid your closing costs. And because origination fees of 1% and more are common, this can amount to a lot of cash. 2. Mortgage interest In genera

If you are a first time homeowner, or are purchasing a home after a major life change such as marriage or having children, what should you consider to be sure your new home can grow with your changing family? The time and effort that go into purchasing and decorating a new home, not to mention finding it in the first place, means that you’ll want to ensure that your home will be right for you and your family for years to come. So what should you look for in your new home so that it will give you enjoyment and be functional both now and in the future? Size Though a cute two-bedroom home may be right for a newlywed couple, this type of space will likely soon be outgrown if there are any children in your future or if you and your spouse like to entertain. You will also want to consider the number of bathrooms and the facilities in them. Having only one toilet or shower can certainly put stress on a growing family. Features Special features of a home, such as a finished basement, cen

There are many benefits to eco-friendly living. Here are 10 big ones:   1. Lower utility and water bills. Having energy-efficient appliances in the kitchen and media room can reduce monthly utility bills. Tankless water heaters mean less time and water wasted waiting for water to warm up in the sink or shower. 2. Healthier indoor air quality. Green-certified homes offer reduced exposure to mold, mildew and other indoor toxins. This is especially beneficial to sufferers of asthma and bronchial disorders. 3. Tax benefits. DSIRE is a database of state incentives for renewable energy and energy efficiency. Through the Energy Policy Act of 2005, the U.S. government offers several tax breaks and incentives for efficiency upgrades to homes. The Department of Energy offers federal tax incentives. The USGBC lists local tax breaks. The Environmental Protection Agency (EPA) also offers sources for green funding, as does the Energy Star program. 4. Higher real estate resale value. Acc

When you are shopping for a home, it makes sense to know your price range. Often the first step a real estate agent will take is prequalify you for a loan. This might be a ballpark figure or estimate based on typical loan setups, or you may formally apply for a loan and become preapproved. When you are preapproved, you need to submit various documents that specify your income and expenses. The lender then gives you a letter specifying the loan amount you qualify for based on your specific financial situation. Sellers prefer preapproved buyers because they know that the buyer will not have problems securing a loan for the home. What to know how much you can afford? To start, you need to total all of your income. Next, separately total all of your debt obligations: car payment, credit card balance, and so on. You can then use this information to get a rough estimate or a formal preapproval. 　 Getting a ballpark figure Roughly, you can afford two to two-and-a-half times your gross in

Miami metro home sales in the third quarter jumped 51% from a year ago, according to the Miami Association of Realtors . Home sales, including existing single-family homes and condos, totaled 6,412, up from 4,239 last year. Existing condo sales increased 48%, and single-family home sales went up 47%. Statewide sales for Florida also saw an increase from last year, with single-family homes up 12% and condos up 13%. Nationally, the National Association of Realtors reported home sales fell 0.1% from the second quarter, though they increased 17% from a year earlier. Miami's home sales have increased 13 consecutive quarters dating back to the third quarter 2008, according to the local realtor association. "Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment," association chairman Jack Levine said in a Wednesday release. "Local sales are expected to set a record this year that sho

1. NOT ENOUGH MARKETING 　 Gone are the days when an agent could simply put a sign in you front yard, place your listing on the internet, do one or two open houses and wait for a buyer. Today's top performers launch an aggressive marketing plan that includes listing open houses for other real estate agents, newspaper ads, weekend open houses, listing flyers and placements in multiple websites. Computers and the Internet also have changed the face of real estate. According to the National Association of Realtors, today more than one-third of all home buyers use the Internet for house hunting. The best real estate agents are computer-savvy. They have your listing in color on their laptops to show clients and communicate frequently via e-mail, a particular boon when working with out-of-town buyers. 　 2. BAD AGENT 　 Yep, they exist: Real estate agents who mislead, misfire and misbehave. Their bad advice can cost you plenty of time and money. Some real estate agents will a

Are short sales getting easier? Some homeowners are reporting that banks are now not only more willing to consider a short sale, but are even offering incentives to complete a short sale. For example, a homeowner in Chicago says his lender approved his short sale and then gave him a $20,000 check after the deal was finalized for selling the home as a short sale instead of letting it sink into foreclosure. Lenders accepting a lower mortgage payoff from an underwater seller traditionally isn’t thought of an easy transaction to complete. Lenders weren’t so willing a few years ago. But as the number of Americans underwater on their mortgages grow, more lenders are reconsidering as they try to avoid the extra costs incurred to their bottom-lines that a foreclosure can cause. For 2011, short sales accounted for about 8 percent of total home sales, and rose 7 percent over 2010 totals, according to CoreLogic data. Short sales are up by 59 percent year-over-year in Illinois, 32 percent in Michi

President Obama has opened up refinancing opportunities to more Homeowners who owe more than their home is worth (a.k.a. “underwater”) through the Home Affordable Refinance Program (HARP)! If you are wondering what this means...and if you can benefit...here is some helpful information. The President's proposal is not a new program, but a revision to the current Home Affordable Refinance Program (HARP). One of the biggest changes under new HARP provisions: Now Homeowners can refinance no matter how “underwater” they are! Next, an Appraisal is not necessary IF Fannie Mae or Freddie Mac can electronically estimate the value through their valuation models, saving YOU Time & Money! Keep in mind that these updates to HARP apply only to people whose mortgage is currently secured by Fannie Mae or Freddie Mac...and whose loan was securitized by Fannie Mae or Freddie Mac prior to May 31, 2009. How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?

 (Sunrise, Florida) - Prudential Florida Realty announced their growth in Palm Beach County as Broker/Owner Scott McVey and the Sales Professionals of Blue Water Realty merged their office with Prudential Florida Realty’s Boynton Beach Branch Office and Family of Services.  “We are excited about the merger with Prudential Florida Realty and want to thank all those who have helped us become successful over the years.  With Prudential Florida Realty’s strong reputation throughout the country coupled with a respected world-wide brand, we know that the transition will be to the benefit of all we continue to service and have served in the past,” commented McVey, Broker/Owner, Blue Water Realty.  “I am thoroughly impressed with all Prudential Florida Realty has to offer.  Our passion for the industry and core values merges together nicely - offering a superior customer experience with integrity, trust, and an uncompromised reputation!” “We are very pleased to welcome the Sales Profession

Listing a home with obvious, even if small, problems are one of the biggest mistakes sellers make. Buyers prefer problem-free houses and as a seller, your top priority must be to overcome any obstacles between you and the sale. Fixing stuff that’s broken and selling a home that appears to have been well maintained will often overcome any real or imagined problems a buyer will have. Conversely, not fixing problems sends a loud message that you don’t care enough about your home. And, don’t forget, the home inspector will not miss problems, even if the buyer didn’t see them. In today’s slow housing market, seller’s should fix anything that a home buyer would expect to be working on the day of the sale, including: 1. Odors and Smells: Obviously, a big turn off for buyer’s in any market, and often poses health concerns. Stinky houses don’t sell. Find the source of of your problem and remove it.  2. Appliances: All appliances advertised as a part of the sale should be clean and in wo

In May 2011, Bayfront 2011 Property LLC, a wholly-owned subsidiary of Genting Malaysia Berhad, purchased about 13.9 acres of land in downtown Miami for US$236 million with plans to build a mixed-use development. The parcel includes the building currently housing The Miami Herald Media Company and an adjacent parking lot. Resorts World Miami, as the development will be called, will include hotel, convention, entertainment, restaurant, retail, residential and commercial facilities – all designed in accordance with the City’s comprehensive zoning code, Miami 21. The resort will include more than ten million square feet of development, and will cost about US$3 billion. All told, Resorts World Miami is expected to create 15,000 direct and indirect construction jobs and another 30,000 direct and indirect positions on an ongoing basis. The site is bounded by 800 feet of waterfront on Biscayne Bay to the east, MacArthur Causeway (part of I-395) on the south, Biscayne Boulevard (part of U

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large dow