Real Estate Personified

June 1 2011

2011-05-27T18:25:00.000-07:00

South Florida Real Estate inventory has decreased with heavy purchasing from Buyers since the beginning of the year.
I believe So Florida has laid a bottom & will flatline for several more years without major increases in prices.
Buyers still desire location, location, location and a property with renovation & upgrades are a plus!

2011-03-14T21:27:00.001-07:00

Real Estate market conditions for March, 2011..
I see the beginnings for a bottoming out of the market.
This may not be THE bottom...but it is the creation of one of the bottoms we are experiencing.
Homes with good locations at good price points are flying out the door.
International Buyers are arriving to Florida from all parts of the world again to pick up the bargains of the century.
By 2013 this Buyers market will start to change..............
If you are thinking about Buying...don't think too long!!!

Savvy Buyers

2010-11-06T07:18:00.000-07:00

In today's booming discounted Real Estate Market...Buyers have tons of resources to hunt and discover, enabling them to find great bargains fitting their needs and criteria.
But often they allow their egos to forget the real importance of tapping into a TRUE Realtor's knowledge of better understanding & specialization in a particular area or aspect of Real Estate.
So, don't forget to move over and let a Professional take over.

Oct 8, 2010

2010-10-08T15:53:00.000-07:00

The 30 year fixed fell for the 9th time in 12 weeks to 4.27% since the 1971 as traders are anticipating the Federal Reserve to pump more money into the economy.

Sept 23, 2010

2010-09-24T13:26:00.000-07:00

Florida Home Sales up 1% in Aug...but prices continue to fall across the board.
Sales for Ft Lauderdale homes were down 16 %, yet in Miami they rose 12%.
Palm Beach homes inched up 5% but the median price sales were down 7% and for the entire state the median sales price was down 9%.
Foreclosures are still mounting & no relief is on the horizon.
Gold and silver prices were up, nearing $1300 for gold and $22 for silver signalling retreats to safer havens.

Barons Report

2010-08-28T20:16:00.000-07:00

SEPT 2010
Due to July's poor Real Estate Sales, excess residential inventory in the Florida area reached a 9.1 months supply. This sparked concerns about the state of recovery for the housing recovery and the effect of foreclosures on the marketplace.
While South Florida Buyers are still snapping up properties at a pace ahead of the national trend, the recent uptick of inventory is a troubling signal.

July , 2010

2010-07-02T06:54:00.000-07:00

Homeowners who responsibly pay their mortgages on time are fighting the housing market with continuing property devaluation with no relief in sight from Lenders or Federal government aids.
Home values are lower than what people currently owe on their homes, so lenders won't give them refinancing on their homes & the government won't assist those people paying on mortgages that are underwater either.
Under the current structure, these people cannot be helped, so many are just throwing their hands up in the air and walking away from their homes.
This is curtailing the economic recovery in our country.

Hurricane Claims

2009-09-20T11:30:00.000-07:00

Many joined the ranks with the thousands of Floridians waiting for Wilma insurance settlements. More than 2,000 homeowners are trying to get payments from their insurers to repair damage from the Oct. 23, 2005, hurricane..
Insurers say most of the 400,000 claims from Wilma have been settled. Reasons for the unsettled claims vary. Some homeowners learn years later how extensive the damage was and that they can ask their insurer for more money, in a process called reopening a claim.
Homeowners have five years after a hurricane to file an insurance claim or lawsuit. With more than a year until the Wilma deadline, lawyers and independent adjusters, also called public adjusters, are advertising that they can help homeowners pursue claims against their insurers.
Some claims remain unsettled because the homeowners aren't happy with their insurers' offers. These homeowners have been in negotiation, mediation or arbitration for months or years.
Some have hired appraisers, lawyers or both in efforts to win settlements.Insurers say they need time to deal with lingering claims. .
Homeowners with insurance problems can complain to the state Department of Financial Services hotline. Financial Services workers can report signs of wrongdoing by insurers to the Office of Insurance Regulation.
Critics say the state should do more."People are fighting three, almost four years now, just to get a roof over their head.
Why that's something the state should tolerate is beyond me," said Paul Berger, a lawyer who founded Claims Solvers, a Coral Springs-based public adjusting firm that the Ayalas hired.
Berger cites a provision of Florida law that seldom is followed: Insurers are required to pay interest if the insurer pays more than 90 days after the claim is filed.

Sept, 09

2009-08-25T18:01:00.000-07:00

Selling your home is now easier than it has been in the last few years….but prepare yourself to lower your asking as rising home prices are not happening.
Real Estate agents are swamped with buyers due to low interest rates, falling home prices, & a wide selection and government incentives for first-time home buyers.
Prices of homes are about 15% lower than last year, but there is still going to be downward pressure on prices.
Weak job markets & unemployment are lending a hand to distressed situations & increased foreclosures.
These scenarios are adding supply to an already crowded housing market & foreclosure sales can hurt prices across an entire neighborhood.
Despite the gloomy outlook for home prices, the housing market does show signs of stabilizing. The problem is that housing markets move slower than stock markets, which often bounce back quickly after a sudden steep decline. While stock market players needed to wait several months for a rebound in equity prices, homeowners may be waiting several years for an improvement in the value of what is typically their biggest investment.

AUGUST, 2009

2009-07-30T16:18:00.000-07:00

The Summer Boca Raton Real Estate Market is picking up sizzling steam.
Realtors are working overtime to accommodate Buyers with showings heaviest during the weekdays.
Realtors are now showings back to back.
Every once in awhile Buyers are having to share showing times with other Buyers.

Properties are now going under contract/pending and communities are posting new Sales.
Statements about the Real Estate market remain cautious, but optimistic might be the key word.

June 09

2009-06-08T17:14:00.000-07:00

Realtors are attending to the demands of Buyers in South Florida...as home showings are brisk, interest rates have stopped their decline and closings are being posted. Sales are up...prices are still down....the Perfect Storm has now been created and there may never be a time like this to purchase propertyagain!

Boca Raton Feb 18, 2009

2009-02-18T12:36:00.000-08:00

Florida’s existing home sales rose in December, making it the fourth consecutive month that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). December’s statewide sales also increased over November’s figures in both the existing home and existing condo markets.Locally Boca Raton has been bustling with Buyers and showing are brisk. Lowball offers are still rampant, but every so often, negotiations bear fruit if Buyers really want a home and the Sellers really want to sell!

2009-02-12T20:21:00.000-08:00

The freeze on Florida home sales is thawing a bit, but home prices are still very much depressed.
Statewide, sales of existing, single-family homes were up 13 percent in the fourth quarter, compared to the same period a year prior, according to the latest statistics from the Florida Association of Realtors.
It marks the second consecutive quarter that the Sunshine State has reported a rise in home sales.
A total of 30,163 existing homes sold statewide in the fourth quarter, up from 26,635 existing homes sold during the same quarter in the previous year.
FAR also reported a 3 percent gain in statewide sales of existing condominiums in the fourth quarter, compared to the same time the previous year.
Foreclosures and a continued glut of homes on the market are keeping home prices down.

The FULL Time Realtor

2009-01-14T05:50:00.000-08:00

The agents that are still in this business, that are focused on it, are going after it in ‘09. They are a go-getter group. They are the type that built this industry.“They’re looking at it as a career path, not just a job, and really focusing on how they can do their job better and how they can serve their clients better.
That involves finding unique ways to cater to potential home buyers – the basic premises of real estate selling.A good agent, no matter the economic status, knows the market inside and out and can compare a home to another in a snap because they have a vast collection of properties that they are educated on at any given time.
The pure objective of a real estate agent is to provide a professional service while protecting a client’s best interest.
A slumping economy, and a directly free-falling market, can test those skills of an agent – making today’s real estate agents, the ones that stuck through tough times, largely the cream of the crop that can see a light at the end of the tunnel.

Bellweather for Jan 09

2009-01-10T05:48:00.000-08:00

South Florida's snowbird season starts officially when the Holiday Season winds down.
Visitors seek relief from the cold, ice and snow storms of the north and flock to our area.
I am located in Boca Raton, which is quite different from the rest of South Florida and vastly different than the rest of the state.
Boca Raton did not have the overbuilding of Miami and Ft Lauderdale as most of the land was developed in the 1970's through the late 1990's.
We do not suffer from new construction projects sitting here unsold...and investors sought our area, but nothing as far reaching as Miami......nevertheless, we suffer like the rest of the country.

My phone starting ringing in earnest Jan 6th and buyers are searching for the best price, best location, and some, the best upgrades. Upper bracket( over $2M) has not suffered as badly as the market between $700,000 and $2M, and postings of sales ARE being recorded.
Price brackets of under $300,000 is the strongest market sector....

Buyers are still seeking short sales and foreclosures, but the banks are slow to respond, if at all, and frustrations are high for Buyers and Sellers.

I think the Boca Raton market is going to see further price reductions come summer as we reach (my opinion)" the bottom."..and then flatline for the coming 2010 season until 2012.
Homes are to be lived in and enjoyed as homes are not liquid assets.

For people who wish good location, good school districts and great weather....seeking a permanent or second resident, Boca Raton will remain a quality purchase, probably retain & come back in value over all other areas....longterm.

2009 PREDICTIONS

2008-12-18T12:50:00.000-08:00

Ten real estate predictions for 2009 is likely to be a year of continuing adjustment to a changing real estate marketplace. Prepare yourself and your business.
• Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell off the still-huge inventory of foreclosures and new homes.
• The Obama administration will act on its plan to crack down on abusive lending practices.
• Mortgage holders in danger of losing their homes will receive more assistance from a variety of programs since the Senate’s Joint Economic Committee has predicted two million foreclosures in 2009.
• Banks’ restructuring should bring increasing calm, making loan modifications and short sales easier to obtain. Eventually this will lead to a decrease in the number of bank-owned properties on the market.
• Mortgage applications will continue to receive a comprehensive review, requiring borrowers to provide extensive income and debt documentation. Those with the best credit will get the best rates.
• The foreclosure crisis has created wiser consumers, with a deeper understanding of real estate, mortgages and credit, enabling better decision-making going forward.
• Green is good with increasing numbers of buyers opting for smaller homes that are within walking distance of school and work.
• Buyers and sellers will be more and more tech savvy, relying on tools like video, webcasts, and mobile search. Consumers and practitioners will benefit from being ahead of the curve.
• Prices will be low as will interest rates, creating great buying opportunities, and likely, inspiring reluctant buyers to make their move.
• The recession will end and buyers will regain confidence in the market.

2008-12-11T14:04:00.000-08:00

MORTGAGE RATES COULD FALL TO 4%
"Government efforts to provide easier credit to consumers and jumpstart flagging home sales could push mortgage rates "well below 4 percent," a federal regulator said Wednesday.James Lockhart, whose agency oversees government-controlled mortgage giants Fannie Mae and Freddie Mac, made the comments at a meeting of Women in Housing & Finance, an industry group. He did not say how long it would take to achieve such a drop and has declined to provide a firm target for mortgage rates.Treasury Department officials have been considering a program to lower mortgage rates, which would not apply to refinanced loans."
In my opinion, they need to make refinancing applicable to all home owners in order to stop foreclosures and shortsales!!! People are becoming jobless and unable to make their usual and customary 30 yr fixed loans as well...

Buyers Coming Back to FLA!

2008-11-20T13:03:00.000-08:00

First-time buyers are stepping forward, overjoyed at the idea of finally being able to afford places of their own. Retirees paying all cash also are getting into the game, yanking their money out of the volatile stock market and putting it back into real estate.
Even investors are returning to the closing table. They’re not flipping properties for quick profits anymore. Instead, they plan to live in the homes or rent them out, at least until the market recovers.
Buyers are purchasing a dozen properties over the next year or so, with plans to rent them as Palm Beach counties homes now sell for less than $295,000, a price not seen here since spring 2004.
It’s no wonder that once-skittish buyers are jumping back into the housing market, creating a sales surge for the first time in four years.“People are starting to say, ‘Wow. How much lower can prices really go?
Buyers have a buy-and-hold strategy.”In July, August and September, sales of existing homes rose each month by as much as 52 percent in Broward and 11 percent in Palm Beach County from a year ago. Condo sales also have been brisk over the same period.
Properties in the $100,000 to $250,000 range appear to be the most popular among buyers, agents say. Despite the recent sales rise, South Florida’s housing market is expected to remain soft into 2009 because of the slow economy and the large supply of homes for sale that will continue to drive down prices.
People view real estate as a safe harbor for their cash.
Real estate has always been a good long-term investment.”

2008-11-13T18:55:00.000-08:00

Nov. 13, 2008 – The housing market may have bust, but many homeowners are still living in a bubble. Despite dismal housing headlines and reports showing falling prices nationwide, owners in some once-hot areas still believe their home is gaining value or at least holding its own. And by hanging onto too-high expectations, sellers are unwittingly keeping the market from finding a bottom. Real estate professionals across the country are reporting difficulty convincing sellers the true market value of their homes.
Most sellers have unrealistic initial listing prices for their homes, plus think their home’s price has increased or stayed the same in the past year.
The median sales price of an existing home dropped 9 percent to $191,600 in September from a year ago, according to the National Association of Realtors.
Most sellers have not acknowledged the severity of the market & have upgraded and remodeled
personalized them, thus creating an extension of themselves.“
This puts Realtors in a precarious position of pricing a house to sell, but not insulting the homeowner by recommending a lower asking price. To a homeowner, a low, but realistic, listing price is “like someone calling your kids ugly,”
Most Realtors agree to list the owner’s asking price as long as they can reevaluate the price in 30 days if the house doesn’t sell.
Homeowners who bought newly built homes at the height of the boom are the most stubborn because they’re trying to get back every penny they spent on customized changes. Sellers are fixated on how much they paid for particular changes, but buyers out there don’t value them.
The market would bottom out sooner if sellers weren’t so stubborn and didn’t keep prices artificially high.
Homeowners can’t stand taking a loss on their properties, yet keeping their home on the market at an inflated price could wind up costing them more. Homeowners need to look at the larger financial picture & determine how much there is to gain or lose by keeping a home on the sales block longer.
Real estate agents press this point on their clients, saying no one wants to buy the most expensive house on the block. After the first reduction in listing price, a psychological barrier, subsequent cuts come easier.
Like any type of loss, there’s a grieving process. First, they’re in denial, then angry, then depressed and hopeless. But then they eventually move on if they want to sell it.

REAL ESTATE MARKET GONE SOUR

2008-10-13T18:25:00.000-07:00

Fear & panic dominates today's economy. This fear has caused stagnation in everything from the use of commercial paper that fund day to day activities of businesses to interbank lending both domestically and internationally.

With respect to the real estate market many investors purchased one or more properties as speculative or long-term investments over the past several years. Those who have been unable to sell their properties are experiencing staggering losses as well as a tremendous drain in dispensable income.

On the other hand, there are many investors who did not partake in the buying frenzy of 2002 - 2006 and as a result they do have cash. These investors along with many others are in the market ready and able to acquire property as either a primary residence or investment. Simply stated, NOW is the time to BUY!

Current real estate prices in many states are dropping to pre-levels that existed years ago. In addition, these prices may even continue to decline further into the later half of 2009 or early 2010. Finally we are entering a viable period of time to purchase quality properties at more than affordable prices. My advice is to take advantage of this opportunity NOW before the rest of the herd picks up the scent!