Positive trends-more closed sales,higher median prices,new listings and fewer days on the market dominated November Florida Real Estate news. Also the decision by the Fed to slightly raise rates will not have a negative effect on home sales. The rate rise has spurred new sales. Median sales price for a SFR is around 200,000 up 13.6%, and for a condo the Median price is around 150,000 up 7.1% compared to last November. Inventory continues to be tight which really helps a seller in this market. Also there are still lower priced properties needing work which are a bargain. This is a great time to be a seller or investor in Florida. 

Here’s a look at the trends that will shape the housing market. If we can assist you in anyway please give our firm a call.

Kathy and Tony

Source: The 5 Real Estate Trends That Will Shape 2016 – Real Estate News and Advice – realtor.com

To sell the priciest homes in the country you need the gift of prose. The higher the price the more flowery are the words. Some of the beauties: Majestically poised along the shimmering Gulf. The unique harmony of this haven of serenity suitable for undisturbed reflection. The realtors know how to use the buzzwords and love the prose challenge. The facts are homes listed for 10 million or more score at a 12th grade level,homes listed at 750,000 or less score out at a 7th grade level. When it comes to multi million dollar homes it is adverbs and adjectives galore. Luxury agents try to be more persuasive, where moderate agents are more a a matter of fact. Anybody who is going to spend over 10 million needs to be romanced. The prose factor is big.

The 5 Most Common Problems for New Real Estate Agents

1 Inexperience with regulations and paperwork

New agents go mad trying to gather information and prepare agreements at every turn . Answer: Have a mentor you can trust and rely on.

2 Failure to plan personal finances.

This is not a get rich quick scheme. You will work the business part time for the 1st year. Answer: Have other sources of income and adequate savings for the 1st year.

3 Trying to appeal to everyone.  A shotgun approach to pleasing everyone just does not work. Answer: Know your audience and cultivate the prospects. You do not have to perform business with everyone if it is not a good fit.

4 Taking the wrong approach online. A world of leads s online and that is where I will get business. Answer: Just not true old fashioned business cards and meeting people still works best.

5 Poor interaction with colleagues. You do not get along with others in your office or environment. Answer: Open your ears and listen, Quiet your tongue and get smart.

To help your move go smoothly, we offer these 10 common pitfalls we hope you can avoid.

1. Failing to research your mover:  If you hire a moving company thoroughly research them by checking Better Business Bureau and ensure they are licensed by your States Department of Transportation.
2. Avoid spending too much on packing: Boxes and newspaper are easy to come by, and often free of charge. Spend a little extra time prepping to save money on packaging. Ask friends and relatives for storage bins they are not using and return them when done. 
3. Packing heavy items in big boxes:  Heavy items should be treated like large items and be packaged by themselves, your back will thank you later.
4. Forgetting to take measurements:  Know ahead of time if there will be any problems getting an item through the front door.
5. Packing flammable, explosive or corrosive materials: You’ll be in violation of the law and put yourself and your movers in danger.
6. Losing your Bill of Laden:  Bill of Laden is a contract between you and your movers, this is essential if any problems arise so keep with care.
7. Leaving boxes blank:  Some people are uncomfortable writing items contained with in the box so they don’t record anything on them instead try numbering your boxes or bins and create a list that tells you what is inside each numbered box.
8. Taking taxes too lightly:  There are specific guidelines as to which move-related items are tax-deductible and which aren’t. Make sure to check out the IRS website in advance of your move, and keep all relevant receipts.
9. Disrespect movers: Make sure to introduce yourself to everyone on your moving crew and have refreshments at the ready. Making a good impression could protect your belongings over the long haul. 
10. Forgetting to Change Address: Very important and in most cases be handled ahead of time, let your bills, company you work for,  drivers license, voter ID, &  post office know of your new address.

Average down payments for Conventional 30 year fixed rate mortgages have risen in the 3rd quarter of this year. The average down payment amount is pushing 18 % up fro 17 % in the prior quarter and form 16.79 % from year to year.  The average down payment in real dollars is 48925, an increase of 4000 dollars from the prior quarter. The average down payment for all mortgages is now close to 50000. This down payment increase is the result of a very competitive market and the buyer wants to eliminate any chance of a turndown by a lender. The increase in down payment also makes the monthly obligation lower and the chance to build equity increases rapidly.  The saving of a down payment is not easy but it makes the skin in the investment a better deal. For any question regarding down payments or housing needs please contact us.

Buying the most expensive house in the neighborhood is not always the best strategy. Buyers may have bragging rights but challenges during resale. When owning the nicest home on the block if you perform upgrades you may doing a larger mismatch between your home and surrounding homes.  If you are looking at a home for investment it make sense to look at a home with room for improvements as a way to build equity and even pay it off when it does sell. Experts say and recommend that buying the worst house in the neighborhood is the best strategy because you can add value on your own. Recurring maintenance, refreshing paint and making minor repairs the previous owner ignored adds instant value. The rule now is if choosing between an awful house in a good neighborhood or a nice house in a fair neighborhood, choose the former. If you put in the sweat equity you can have an investment.

Families in Milwaukee living in Public Housing are exceeding the income limits established by the government in regard to remaining residents of Public Housing. The reason is people have to meet the income requirement when they sign up. Once they sign up and get approved for the program their stay is indefinite if the resident or residents do not disclose their new income status. When audited, one family was making more than $100000 with both the husband and wife working. We all thought the goal of public housing is to provide decent, safe and sanitary housing to low income families. A report form the HUDS office of the inspector general found there are 25000 families exceeding income limits with 2000 of that number exceeding income of $100000.  There are flaws and there is incompetence, here we we see incompetence.

THE WILLINGNESS OF AMERICA’S VETERANS TO SACRIFICE FOR OUR COUNTRY EVERYDAY HAS EARNED THEM OUR EVER LASTING GRATITUDE!

Kathy and Tony

Home shoppers no longer need to tremble all the way to the lenders office or have nightmares over being denied a home loan. A new report confirms its getting easier to get a mortgage and as a bonus borrower costs are still low.  The federal government and enterprises have taken several steps to to open up the credit box and and the efforts may be finally paying off. Credit scores on closed loans declined to their lowest level since Ellie Mae started collecting data in the early 2011. The Fico score average is down to 721 form 733. Closing rates remain high as well with more than 66% of all applications closing for the 3rd consecutive month. Closing rates on on purchase mortgage loans rose to 71%.  The other great news is a 30 year mortgage is below 4% and a 15 year mortgage is 2.98%. Great time to buy.