Buyer’s Closing Costs

April 13, 2018 by MyFloridaHouse

A Buyer’s Guide to Closing Costs Infographic

Would you like to get an overview over the closing cost to expect as a typical buyer ?
Here is a very good infographic prepared by the Florida Realtors Association.

Click the image below to learn more!

A new window with an infographic in a pdf file about closing costs
will open and you can download or print the article!

Enjoy

Gitta

Keywords:
Closing Costs, Buyer, Infographic, PDF, download, FAR, Florida Realtors Association, Bying, Selling, Home, Property, Real Estate.

Evaluating the housing market since the Great Recession

March 2, 2018 by MyFloridaHouse

Evaluating the housing market since the Great Recession

IRVINE, Calif. – March 1, 2018 – A new CoreLogic® report, “Evaluating the Housing Market Since the Great Recession,” reviews the 11-year economic cycle surrounding the last U.S. housing market downturn. It takes a look at the boom and bust years between 2006 and 2011 and the ensuing recovery, with data through December 2017.

Residential home prices began to peak in some parts of the country as early as 2005, according to the report. Home prices collapsed in 2007, when Wall Street began to back out of residential mortgage-backed securities. After falling 33 percent during the recession, prices in most markets have returned to peak levels, growing 51 percent nationally since bottoming out in March 2011.

The average home price is now 1 percent higher than it was at the peak in 2006, and the average year-over-year home equity gain was $14,888 in the third quarter of 2017. This indicates the housing market has widely recovered.

While the nation’s average home price has stabilized, not all of the 50 states are back to their pre-recession price levels. Nevada suffered the biggest drop during the recession, with a 60 percent peak-to-trough decline in home prices. Even after experiencing a 93 percent increase from its trough-to-current home price level, Nevada home prices are still 23 percent below the pre-recession peak, and 9 percent of mortgaged properties remained underwater in the third quarter of 2017.

Some states faired relatively well through the national housing downturn, with 10 posting peak-to-trough declines of less than 10 percent. North Dakota’s peak-to-trough decline was the smallest at 2 percent. Due in part to the energy boom, North Dakota home prices have risen 48 percent above the prior peak in July 2008.

Similarly, Nebraska and Iowa home prices both dropped by 5 percent during the recession. Nebraska now stands 27 percent higher than its lowest home price level during the recession, and Iowa is now 15 percent above its prior peak in 2006.

Evaluating the housing market since the Great Recession:

“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011,” said Dr. Frank Nothaft, chief economist for CoreLogic. “After reaching bottom in 2011, our national price index is up more than 50 percent. West Coast states, such as California, Washington and Oregon are seeing some of the largest trough-to-current growth rates in home prices.

“Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”

Local job market dynamics and other factors helped determine the severity of the housing downturn at the regional level. Las Vegas, Miami and Chicago each arrived at their respective peaks at different times during the boom and experienced significant peak-to-trough home price declines during the recession. These markets have been slower to recover and their home prices are below their pre-recession peaks.

Other metro areas such as San Francisco and Denver, which both have technology sectors and low unemployment, have experienced consistent home price growth. In the third quarter of 2017, the average year-over-year equity gain in San Francisco and Denver was $73,217, and $22,102, respectively, and only 1 percent of homes in those markets remained underwater.

The data in this report represents home price activity reported through December 2017 and home equity data through the third quarter of 2017.

Read the full article “Evaluating the housing market since the Great Recession” on The Florida Realtors Website here:
Evaluating the housing market since the Great Recession

Keywords

Evaluating the housing market, Great Recession, Home Sales, Prices, Market Condition, Core Logic, Local Job Market, US Housing, 2017, 2006, Economics

Florida Home Sales Price Gains 2017

February 18, 2018 by MyFloridaHouse

2017 Ends with more Florida home sales price gains

ORLANDO, Fla.– Feb. 13, 2018 –

Florida Home Sales Price Gains 2017

Florida’s housing market wrapped up 2017 with more sales, higher median sale prices and fewer sales of distressed properties compared to the year before, according to the latest housing data released by Florida Realtors®.

“This past year, the still-tight inventory of homes for sale in Florida couldn’t meet growing buyer demand,” says2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If supply could have kept pace, home sales likely would have been even stronger in 2017 – and of course, the state also felt the impact of Hurricane Irma that made landfall in the Keys on Sept. 10, 2017.

“Florida’s economy is growing, the jobs outlook remains strong and more people are moving to the Sunshine State. And while mortgage interest rates are rising, they are still at favorably low levels. All of these factors are positive signs for the state’s housing market in 2018.”

Florida Home Sales Price Gains 2017 / Year-end 2017

Statewide closed sales of existing single-family homes totaled 271,868 in 2017, up 1.2 percent compared to the 2016 figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations.

Florida Home Sales Price Gains 2017:
The statewide median sales price for single-family existing homes in 2017 was $237,500, up 8 percent from the previous year. New pending sales for existing single-family homes rose 0.1 percent in 2017 compared to 2016.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 111,088 units sold statewide in 2017, up 2.9 percent from 2016. The closed sales data reflected fewer short sales and foreclosures statewide in 2017 compared to the previous year: Short sales for condo-townhouse properties declined 37.6 percent and foreclosures dropped 49.2 percent; short sales for single-family homes dropped 36.9 percent while foreclosures declined 46.5 percent.

Another strong indicator for the Florida Home Sales Price Gains 2017:

The statewide median price for townhouse-condo properties in 2017 was $172,500, up 7.8 percent over the previous year. New pending sales for townhouse-condos for the year increased 2.3 percent compared to a year ago.

At the end of 2017 and also for 4Q 2017, inventory for single-family homes stood at a 3.6-months’ supply, while inventory for townhouse-condo properties was at a 5.6-months’ supply, according to Florida Realtors.

“Overall, 2017 was a strong year for single-family home resales in Florida,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “New listings of existing homes priced between $200,000 and $600,000 were up in a significant way compared to 2016, but these properties were quickly absorbed thanks to strong buyer demand driven by Florida’s booming economy. As a result, mid-range inventory remained somewhat flat on a year-over-year basis, while the number of listings priced below $200,000 continued to decline dramatically.

“Annual sales growth in Florida’s resale market for single-family luxury homes nearly ground to a halt in 2016, but this segment experienced a decent uptick in sales in 2017. Fewer new listings and more realistic pricing expectations by sellers were likely contributors to this renewed growth. The housing shortage impacting Florida and the rest of the nation continues to be contained to the lower price tiers, whereas the opposite issue – an overabundance of listings – is having the opposite impact on many local luxury markets.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2017, up significantly from the previous year’s average of 3.65 percent, according to Freddie Mac.

Florida Home Sales Price Gains 2017 / 4Q 2017

Statewide closed sales of existing single-family homes totaled 63,436 in the fourth quarter of 2017, up 2 percent compared to the year-ago figure, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

“The fourth quarter figures show that the vast majority of Florida’s local housing markets recovered quite quickly from Hurricane Irma,” O’Connor notes. “Closed sales were up year-over-year, and prices continued to climb as if nothing happened at all. Inventory continued to fall in the fourth quarter as well, so the longer-term trends in the housing market as of the beginning of 2017 appear to have remained in place at year’s end.”

The statewide median sales price for existing single-family homes for the quarter was $240,000, up 7.2 percent from 4Q 2016. New pending sales for existing single-family homes for the quarter rose 5.4 percent compared to a year ago, while new listings increased 4 percent.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 25,544 units sold statewide in 4Q 2017, up 4.7 percent compared to the same period a year earlier. The closed sales data reflected fewer short sales and foreclosures statewide in the fourth quarter compared to the same time a year ago: Short sales for condo-townhouse properties declined 24.9 percent and foreclosures dropped 41.8 percent; short sales for single-family homes dropped 34.4 percent and foreclosures declined 44.3 percent.

The statewide median price for townhouse-condo properties in 4Q 2017 was $175,000, up 6.6 percent over the previous year. New pending sales for townhouse-condos for the quarter increased 8.7 percent compared to a year ago, while new listings rose 6.8 percent.

To see the full statewide housing activity reports including this Florida Home Sales Price Gains 2017 report, go to Florida Realtors Research & Statistics section on floridarealtors.org.

Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

Read the full article about Florida Home Sales Price Gains 2017 on The Florida Realtors Website here: The full FAR article
Keywords

Florida Home Sales Price Gains 2017, Home Sales, Prices,

NAR Home Staging Report 2017

February 15, 2018 by MyFloridaHouse

NAR Home Staging Report 2017

Why home staging ?

A lot of my customers are leaving their homes while we start the listing process, taking most if not all of their furniture with them.

Others are still living in their homes, but furniture placement and decoration are often “personal taste” like the collection of dolls, photos, pillows, rugs, vases etc. or just “living with that since a long time” like clutter on top of cabinets, collected cardboard boxes or sport articles.

Empty rooms, like cluttered or very personalized rooms, make it difficult for buyers to “see themselves” living in that space and of course make it harder to sell.

That’s why we do home staging.
We stage empty rooms with furniture like beds and nightstands, wall pictures, window treatments, tables with dining sets, Florida room seats and pillows, decorations, bathrooms with towels and colored soap blocks, making the home look “live in ready” and giving the buyer a picture how it could “look like”.
And we are cleaning out clutter, sometimes move furniture or even get “some stuff” out of the house to make it look roomier.

My team and I know how important home staging is, and we see the results in time on market, offers, and of course feedback from my colleagues.

While it’s easy for a seller to SEE the difference, it’s always great if you get a positive feedback from acknowledged and reputable sources about home staging.

So I was very glad to see this report in our Florida Realtor Magazine.

Here are a few images from this home staging report 2017 and below a link to the whole article.

Hope you enjoy this! If so, feel free to share it and leave a comment.

NAR Home Staging Report 2017

Read the full article here

Moving Overseas

February 12, 2018 by MyFloridaHouse

Americans Moving Overseas. –How to prepare.

Moving overeas- while this article is primarily targeting Real Estate professionals, I thought it might be useful to many of my customers as well.
If you need more information, of course I am CIPS certified and as you probably guess, as a German citizen know a LOT about the European market
and can help you in making decisions, finding spaces and making contact!

Hope this “moving overseas” article is useful to you!

Posted in International Real Estate, NAR Global, Research, by Charlee Gibson on February 2, 2018

The Full Article Here:

Thanks to our many resources, you probably have a good idea who is buying up property in the United States.

However, have you considered looking at the countries Americans are moving to?

The U.S. State Department estimated that 9 million U.S. citizens lived abroad in 2016, which is a substantial increase over the previous decade.
REALTORS® located both in the U.S. and abroad can benefit from understanding who is buying abroad,
where they are buying, and what’s driving their decision to move.

1. Where are Americans moving?
Check out where REALTORS® report their clients were moving in NAR’s
2017 Profile of International Activity in U.S. Residential Real Estate.

newnew1

2. Why are they moving?

Americans choose to move abroad for a variety of reasons, and understanding these influencing factors
can help you market your services to them.
For instance, someone purchasing a vacation home now might ultimately plan to use it for retirement.
Have your RSPS or SRES designation, in addition to CIPS? Use those credentials to market yourself!

new22

3. What referral contacts do I have in those countries?

After identifying what markets are hotspots for those in your market, check to see if there’s a CIPS designee
in that market to assist potential clients.
By using your network to share referral business, you are putting your client (and reputation) in the hands
of someone who is trained in international transactions and opening the door for that designee to send future
referral business to you.
There are nearly 4,000 CIPS designees in 48 countries.
Search for a CIPS designee and start making the connections you can’t afford not to have.

Charlee Gibson

Charlee Gibson is a Marketing Coordinator for the National Association of REALTORS® Commercial & Global Services division.
She can be reached at cgibson@realtors.org.

Tags:Being a REALTOR®,Certified International Property Specilalist,
CIPS,foreign buyers,foreign investment,global business,
Global Real Estate,immigration,International Clients,overseas buyers,
Research,resources,RSPS,SRES

Realtor® of the Year 2017

February 11, 2018 by MyFloridaHouse

Realtor® of the Year 2017

I am proud and humbled being voted the “Realtor of the Year 2017″ by the Realtors Association of Citrus County !
I ‘m especially proud that I had the support of my RACC Board of Directors colleagues and the past and present President”,
and humbled because there are so many other Realtors doing a great job in here in Citrus County!

More about this award for me as “Realtor of the Year” and the achievements of my colleague Rob Tessmer Jr.
at Coldwell Banker Investors Realty awarded the “President’s’ distinguished Service Award for 2017”
in teh article of our home town newspaper, the Citrus County Chronicle, that I have copied below!

A big thank you to all who have voted me to the “Realtor of the Year” !!

Realtor® of the Year 2017

SHARON ANDERSON
For the Chronicle

Two Realtors from Coldwell Banker Investors Realty of Citrus County took home the gold, so to speak, when
the Realtors Association of Citrus County (RACC) designated them the recipients of two of its most coveted awards for 2017.

Gitta Barth was named “Realtor of the Year” and outgoing RACC President Donnie Bass selected Rob Tessmer Jr.
to receive the “President’s Distinguished Service” Award.

The announcements were made at the annual RACC Installation and Awards Dinner, held December 16 at the Plantation on Crystal River.

“These awards are given to those who have provided outstanding service to their fellow Realtors, their community, and to the local, state
or national Realtor associations,” reads a news release from the Coldwell Banker’s office in Inverness.

“Congratulations to both Gitta and Rob Jr. for receiving these awards as acknowledgement for their hard work and
exceptional commitment to the real estate business.”

2017 December Housing Data Report

January 30, 2018 by MyFloridaHouse

2017 December Housing Data Report

WASHINGTON (January 24, 2018) — The 2017 December Housing Data Report shows that existing-home sales subsided in most of the country in December, but 2017 as a whole edged up 1.1 percent and ended up being the best year for sales in 11 years, according to the National Association of Realtors®.

Total existing-home sales, (more here on NAR’s existing home sales post), which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million).

In December, existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a downwardly revised 5.78 million in November. After last month’s decline, sales are still 1.1 percent above a year ago.

Lawrence Yun, NAR chief economist, says the housing market performed remarkably well for the U.S. economy in 2017, with substantial wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” said Yun. “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”
The information in this infographic is from the December 2017 Existing-Home Sales data.

2017 December Housing Data Report

Read the full article about the 2017 December Housing Data Report here:
The full NAR article

2017 November Housing Snapshot

January 6, 2018 by MyFloridaHouse

2017 November Housing Data Snapshot

WASHINGTON (December 20, 2017) —
2017 November Housing Data Snapshot-
Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors®. All major regions except for the West saw a significant hike in sales activity last month.

Total existing-home sales¹, https://www.nar.realtor/existing-home-sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 5.6 percent² to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October. After last month’s increase, sales are 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million).

Lawrence Yun, NAR chief economist, says home sales in most of the country expanded at a tremendous clip in November. “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said. “As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month. The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”

The median existing-home price³ for all housing types in November was $248,000, up 5.8 percent from November 2016 ($234,400). November’s price increase marks the 69^th straight month of year-over-year gains.

Total housing inventory⁴ at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.

2017 November Housing Data Snapshot Infographic

Negotiating repairs with an AS IS contract

January 3, 2018 by MyFloridaHouse

Negotiating repairs with an AS IS contract

While this article is primary intended for Realtors, I think it has a lot of good information for buyers and sellers as well.

If you have any further questions, contact me and I’m happy to help or get you into contact with an experiences Real Estate Lawyer.

Negotiating repairs with an AS IS contract
By Meredith Caruso

Jan. 2, 2018 – One of the most popular contracts Florida Realtors has available for members is the Florida Realtors/Florida Bar “AS IS” Residential Contract for Sale and Purchase (“FR/Bar AS IS”).
As the name implies, the seller listed the property “as is,” which means the seller has no obligation to make repairs.

However, many Florida Realtors Legal Hotline calls involve a buyer requesting repairs from a seller after the inspection results come in during the inspection period.
While nothing prevents parties from renegotiating the terms of an existing contract, it’s important to understand the nuances and risks in doing so in order to facilitate a smooth transaction.

It’s imperative to recognize this: There is no obligation on the seller’s part to make any repairs, nor to even respond to a request for repairs.

As a buyer’s agent, it’s important to communicate this upfront with buyers because you want to have a plan in place if the seller says “no” or simply doesn’t respond. The buyer has a strong right of cancellation during the inspection period, but once that period expires, that’s it. There may be other contingencies within the contract, but the time to cancel for any reason within the buyer’s sole discretion is gone.

In some cases, a buyer hasn’t heard back from the seller, the end of his inspection period is fast approaching, and he isn’t sure what to do.
In this case, your buyer must make a decision: Either stay in the deal and potentially take the property “as is” without the requested repairs or cancel before the inspection period ends.

What if a seller agrees to make repairs?

Assuming the seller does agree to a buyer’s repair request, their agreement should be written into the contract under the additional terms or as an addendum to the contract.

While it seems easy enough to jot something down, however, Realtors should understand the importance of the language used in this repair agreement – and they should also understand the potential liability they’re taking on if they take it upon themselves to draft this addendum.

Is the seller agreeing to fix an electrical problem? Great. But simply stating that the seller will do so is not adequately covering the parties.
Far too often, calls to the Legal Hotline involve questions about the way in which the seller completed those agreed-upon repairs.
But most of the time, the language used in the repair addendum didn’t address any repair standards or said what would happen if the seller didn’t make the repair at all or did it inadequately by the buyer’s standards.

The Florida Realtors contracts that obligate sellers to make repairs contain additional language regarding repair standards as well as when the repairs should be made. This language isn’t in the FR/Bar AS IS contract.

An addendum that involves many repairs, of varying degrees, likely should be drafted by an attorney to ensure appropriate language is used to protect the buyer and seller.

As stated in articles before, the language in the Florida Realtors contracts varies, and what may be in one isn’t necessarily contained in the other.
Recognizing your limitations in assisting your buyer or seller is a good way to avoid running into problems later.

Meredith Caruso is Manager of Member Legal Communications for Florida Realtors

c 2017 Florida Realtors

###

Negotiating repairs with an AS IS contract

© 2017 Florida Realtors
Negotiating repairs with an AS IS contract
Find this article on the website of the Florida Realtors®

New Homes for Sale 10 December 2017 (from my Advertising)

December 20, 2017 by MyFloridaHouse

New Homes for Sale 10 December 2017 from my advertising in the “Home Front” inset of the Citrus County Chronicle

New Homes for Sale 10 December 2017

New Homes for Sale 10 December:

Property Details for 9583 S Pleasant Grove Rd

Amazing country estate on 10 ac sitting high on the hill with scenic views! Custom built residence with 12 ft ceilings and open , airy floor plan.
Wall to wall sliders in the great room open up to the large covered patio and screened pool and hot tub for a great view of the countryside!
Culinary kitchen comes with Corian counters and breakfast nook. The sitting area with its large bay windows capturing the sunrise in the morning is the focal point in the master suite. Outside, the grassy pastures are cross fenced. The utility building houses the workshop and is perfect for crafting or recreational activities; and there is a pole barn for equipment/machinery.

For more information and to take the interactive tour, please visit http://www.MyFloridaFarm.com/

New Homes for Sale 10 December:

Property Details for 12139 Palmetto Way

Rainbow River – Love the location! Discover this gem (2,842 sqft) positioned on .46 acres with stunning vistas over the Rainbow River from the living room, screened porch, or sitting at the desk in your office! Stroll down to your dock, take the boat and cruise the crystal clear river for snorkeling, swimming or tubing. Go down-stream and within minutes it joins the Withlacoochee River, with miles & miles of waterways part of the Florida Paddling Trail! Outdoor enthusiast will embrace numerous trail heads for biking and hiking close by! Additional bonus: 3 room workshop with separate entry – ideal for a home based business or to be converted into a mother-in law apartment!
For more information and to take the interactive tour, please visit http://www.MyRainbowRiverHome.com/

New Homes for Sale 10 December:

Property Details for 5688 E Sweetgrass Ct

Horse Lovers Dream – Stage Coach Ranch Estates, close to Forest and Tillis Head!!! Custom built in 2004 this gorgeous 3/2/2 estate sits on 10 acre in the gated equestrian community of Stage Coach Ranch Estates. The large living and dining area centers around the impressive Kiva fireplace; open kitchen with breakfast nook, laminate and tile floors throughout and a large covered lanai overlooking the nicely landscaped yard are just a few of the numerous features this home has to offer! 3 stall horse-barn with tack room and 12′ x 48′ workshop w/ 230V, 60’round pen, fenced paddocks and a riding trail complete the enticing package! Country living at its best!

For more information and to take the interactive tour, please visit http://www.OurCountryEstate.com/

« Previous Page

Buyer’s Closing Costs

A Buyer’s Guide to Closing Costs Infographic

Evaluating the housing market since the Great Recession

Evaluating the housing market since the Great Recession

Evaluating the housing market since the Great Recession:

Florida Home Sales Price Gains 2017

2017 Ends with more Florida home sales price gains

NAR Home Staging Report 2017

NAR Home Staging Report 2017

NAR Home Staging Report 2017

Moving Overseas

Americans Moving Overseas. –How to prepare.

Charlee Gibson

Realtor® of the Year 2017

Realtor® of the Year 2017

Realtor® of the Year 2017

2017 December Housing Data Report

2017 November Housing Snapshot

Negotiating repairs with an AS IS contract

Negotiating repairs with an AS IS contract

New Homes for Sale 10 December 2017 (from my Advertising)

Property Details for 9583 S Pleasant Grove Rd

Property Details for 12139 Palmetto Way

Property Details for 5688 E Sweetgrass Ct

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