South Florida Real Estate Blog - Updates & Realty News

You already know that the quality of your buyer's agent can make or break a deal. To find a quality South Florida real estate agent, you know that you need to interview several agents and consider their years of experience and levels of service.

There's one thing you might not have thought to take into account when hiring a buyer's agent: the communities in which they specialize. Here are six benefits of hiring a neighborhood specialist:

1. Get insider's knowledge of the  real estate market: Your neighborhood specialist knows the history of neighborhood homes including who owned them and when. He knows which streets are considered the most desirable and why. He's up to date on neighborhood nuisances and their influence on home values. He's aware of pending legislation and neighborhood regulations.
   
2. Work with locals who know their businesses: A neighborhood agent develops a professional network of local contacts who will be very useful to you when buying a home. A neighborhood real estate agent personally knows the local home inspector, mortgage broker, title company and contractor and will introduce you to them.
   
3. Receive personal recommendations: In addition to understanding the local real estate market inside and out, a real estate agent who specializes in a particular area knows the businesses in the neighborhood. He can recommend the best dry cleaner, dog walker and doctor from his own personal experience. He can also tell you which businesses to avoid.
   
4. Save time: When you tell the neighborhood specialist the type of home you want to buy, she knows where to find that home. She knows about new homes that are not yet on the market but are coming soon. She knows which properties you should stay away from and which you should snap up quickly, if you like them. In other words, she saves you precious time you'd otherwise spend trying to find that elusive, perfect piece of South Florida real estate.
   
5. Discover the real scoop: Want to know what's really going on in a community? Ask the real estate agent who specializes in that community. She can tell you what's really going on. She knows the quality of the schools, the condition of the roads and the amount of crime in the neighborhood.
   
6. Save money: The neighborhood specialist knows what makes some homes on a particular street worth more (or less) than others. He knows the supply and demand of the houses in that area. He knows how long the property has been on the market, and if it was previously on the market. Bottom-line, he knows what you should pay for a neighborhood home and the terms you should ask for.

If you're looking for an agent who specializes in South Florida real estate, give us a call today at 407-876-5771

The news is everywhere – and it’s good! Those who own or want to own South Florida homes can take a deep breath. Home equity is on the rise, according to a recent study by Zillow.com, an online real estate valuation researcher. And, Federal Reserve economists agree. Although home equity isn’t what it was three years ago, it’s on the rise.

The Fed’s most recent “flow of funds” survey indicates that the net equity of national homeowners grew by almost $1 trillion over the first three quarters of 2009, and rose further by $418 billion between June and September of last year. Compared to before the bubble popped, that’s really not that impressive. However, after three straight years of steadily dropping equities, it could signify the long awaited end of the housing crash.

In the housing markets of several cities, negative home equity is dropping; Los Angeles, San Francisco, Miami and Seattle are just a few examples. Good news for those with South Florida homes, but even better news for some of the hardest hit cities, such as Phoenix, AZ, and Fort Myers, FL.

This is the best news yet for those trying to sell their homes, especially with most residential real estate markets' busiest season coming up. Rising home equity means the high possibility of more interested buyers. As well, a few things have been happening over the past couple of months that just might be the beginning of a run on housing sales:

• Median home prices are rising slowly but surely; potential homebuyers are getting a little more serious. Rather than wait for a cheaper house, they’re starting to realize that it might not get any cheaper.
  
• The housing supply is shrinking. At the peak, we had 11 months worth of back supply. By the end of 2009, we were down to 7.2.
  
• 30 year fixed mortgages dropped to the lowest point of 4.95% (median), and are now slowly on the rise. Buyers waiting for lower mortgage rates – just like those waiting for lower housing prices – are getting serious about buying now.

Last and most importantly, consumer confidence is growing – something we badly need to get the economy on track.

What’s the moral of the story? If your house is one of the South Florida homes up for sale and you’ve been sick with worry that it might not get taken off the block, take a deep breath. Things are getting better and, if you hang in there, may end up better than you hoped.

If you’re trying to sell your home, we can help. Call us at 407-876-5771 for more information.

If you’re thinking of building a new South Florida home, you should consider incorporating some green building practices or materials into your plans. Green building designs can include anything from using recycled materials to installing a rainwater collection system outside your home.

Here are just a few reasons why a green home is better for your health, your bank account and the environment:

• Better health. Surprisingly, indoor air pollution from toxic materials and cleaning products is usually far worse than outdoor air pollution. This aggravates conditions like asthma and allergies. Green homes tend to have better ventilation and fewer problems with mold and mildew. A simple switch to toxin-free building materials and cleaning products makes everyone breathe easier inside your South Florida home.
• Lower cost. It’s true that building a green home will cost more upfront. However, the difference is probably not as great as you think. Green building materials are more available and less expensive than they used to be because more people are using them. You have to look at more than just the cost of the home, though. A green home will consume up to 40% less energy and up to 50% less water than a standard home. This means you will save money on your utility bill each month.
• More environmentally friendly. Green homes use less energy which helps us reduce our dependency on non-renewable energy sources. Plumbing, environmentally-friendly bathroom fixtures and water-conserving irrigation systems lower water consumption and help protect our water resources. Most green building materials are made with recycled products and reduce the amount of waste that ends up in our landfills.

You can build a green South Florida home that’s ideal for your family. To help you get the best price and terms for your new home, call me before you visit the new home building sites. Even better, call me today to find out how we can help you save money when building a new home. You can reach us at 407-876-5771.

Not everyone decorates their home for Valentine’s Day, but enough do that it brings to mind the question, “How much decoration is too much when your South Florida home is for sale?”

Decorations, although beautiful to you, are a matter of personal taste and style. Since this is a buyer’s market, something as simple as the wrong decorations can push a potential buyer from saying "Yes!" to saying "No."

Rules for Decorating South Florida Homes for Sale

Here are a few tips on decorating for Valentine’s or any other day when you're trying to sell your home:

• Choose decorations that are small and unobtrusive. Large decorations put too much emphasis on themselves. When you’re trying to sell your home, these take away from the overall appearance of the interior.
  
• Finding buyers is all about allowing them to see themselves living in the home. When choosing your decorations, or deciding to decorate at all, keep this firmly in mind. Ornamentation made of bright colors may be fun, but can also be overwhelming.
  
• If you’re ever at a loss on how to decorate or stage a home for sale, take a trip through furniture stores. Stores that sell furniture often have furniture set up in “living” displays so people can see what the pieces look like together. Look at the displays, take pictures and notes, and then apply the knowledge you gain to make your own home look like a display.

Decorating and staging correctly can make a huge difference on how buyers see the South Florida homes for sale. The few tips above can help make your home shine.

Ready to sell your home? We can help. Call us at 407-876-5771 for more information.

Nothing will turn off a potential buyer quicker than an offensive odor in your South Florida home for sale. It may make them think you don’t take care of your home. At the very least, the odor will interfere with their ability to picture themselves in your home. Take the time to remove odors from your home.

Here are 5 tips to make your home smell fresh and clean:

1. Clean your carpets. Your carpets are fibers that absorb odor. Have your carpets cleaned by a professional to remove odors stuck in the carpet and pad. Another option is to rent a carpet cleaner and clean them yourself.

2. Paint. Sometimes odors like smoke can be trapped in your walls. A fresh coat of paint will not only brighten your room, it can seal the walls and mask the offending odors. Just choose a neutral shade and paint at least two coats.

3. Open your windows. Open the windows to let in fresh air. This will also help eliminate odors from your home.

4. Replace your attic insulation. Cooking odors can rise to the ceiling and get trapped in your attic insulation. The only way to remove that odor is to remove the insulation and replace it. If at all possible, do this before you put up your Orlando home for sale.

5. Light candles and bring in air fresheners. If all else fails or as an extra precaution, place candles or air fresheners in each room. Choose light scents that won’t overpower the room. You just want enough fragrance to lightly mask odors.

Get your home in its best shape possible to convince a buyer to purchase your home. Let me help you prepare your South Florida home for sale. Call us today at 407-876-5771.

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More than 100,000 homeowners in Broward and Palm Beach counties faced foreclosure last year, up 42 percent from 2008, RealtyTrac Inc. said Thursday.

The outlook for 2010 appears just as grim as residents struggle to make mortgage payments amid job losses and salary cuts.

Broward County had 69,633 borrowers in some stage of foreclosure in 2009, compared with 47,387 in 2008. Broward had Florida's fifth-highest foreclosure rate, at one in every 12 properties.

In Palm Beach County, 30,870 homeowners received a default notice during 2009, compared with 23,399 in 2008. One in every 21 Palm Beach County homes was in some stage of foreclosure.

For the year, Palm Beach, Broward and Miami-Dade counties had the nation's 10th-highest foreclosure rate among metro areas with populations of 200,000 or more.

"There are not any indications that the foreclosure picture will be any different in 2010 than it was in 2009," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach. "The unemployment rate doesn't do justice to the number of people working part time instead of full time or those who have been re-employed at a significantly lower rate of pay." complete story

Source: Sun-Sentinel.com - Paul Owners

Stop Foreclosure  Save Your Credit Florida Short Sales

Time to Get Off the Fence 

South Florida MLS - South Florida Foreclosures

More than 97,000 foreclosures were filed in 2009 in Palm Beach, Broward and Miami-Dade counties, according to a Condo Vultures report released this morning.

Earlier last year,Condo Vultures was predicting that foreclosures in the tri-county area would surpass 100,000 in 2009, but that estimate was scaled back following new federal loan modification efforts.

“As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures LLC. “The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida.”

While foreclosures didn’t surpass the “psychologically significant” 100,000 mark, they did increase 29 percent compared to 2008.

In 2007, just 32,000 foreclosures were filed in the tri-county area.

Palm Beach County saw a 17 percent increase in foreclosure filings in 2009, reaching 28,592 actions.

In 2008, there were 24,449 actions filed against properties in Palm Beach County.

In 2007, just 9,029 foreclosure actions filed in Palm Beach County, according to the report.

Source: PalmBeachPost.com

Stop Foreclosure  Save Your Credit Florida Short Sales

Walk Away From your Mortgage Calculator

IS IT IN MY ECONOMIC INTEREST TO WALK AWAY?   
You decide.  This calculator is just a tool to help.  Numerous variables are involved but the biggest is probably your assessment of the future of housing pricing.  No one can predict future prices, but the conventional wisdoms says that it is probably not realistic to believe that housing prices will increase by more than 4%-8% per year on average.

WHAT WILL HAPPEN IF I WALK AWAY?
It depends on the particulars of your situation.  In many states, including California, in many circumstances the “bank” has no legal or practical recourse against homeowners who stop paying their mortgages except to take their homes through foreclosure and put derogatory entries in their credit reports. 

LOAN MODIFICATION? 
The more it is in your economic interest to walk away, the more the bank should be willing to make a deal with you to get you to stay and pay.  The banks will try to base modification negotiations on what you can afford as opposed to what you should afford. 

SHORT SALE?  A short sale in Florida offers homeowners a way to avoid foreclosure and help save their credit.  We have a team of licensed Orlando Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sale of all types of property.

Walk Away From your Mortgage Calculator

Source: PayOrGO.com

Stop Foreclosure  Save Your Credit Florida Short Sales

Massachusetts Real Estate Resources

• Quincy MA Homes for Sale: Quincy Massachusetts Real Estate, Quincy Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy Massachusetts. Search by MBTA and other advanced criteria
• Newton MA Real Estate: Newton Massachusetts Real Estate, Newton Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Newton Massachusetts. Search by MBTA and other advanced criteria
• Worcester MA Real Estate: Worcester Massachusetts Real Estate, Worchester Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Worchester Massachusetts. Search by MBTA and other advanced criteria
• Lowell MA Homes for Sale: Lowell Massachusetts Real Estate, Lowell Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Lowell Massachusetts. Search by MBTA and other advanced criteria
• Quincy MA Real Estate: Quincy Massachusetts Real Estate, Quincy Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy Massachusetts. Search by MBTA and other advanced criteria

While the number of foreclosures may be starting to drop both locally and nationally, a new report says 2010 will bring another large drop in property value, especially in South Florida. Combining that with the likelihood many mortgages will become upside down as a result; and it looks like the foreclosure crisis may be far from over.

Moody's Economy.com chief economist Mark Zandi told CNNmoney.com home prices will fall between 5 and 10 percent more in some areas like Miami where Zandi expects home prices to plummet 30 percent in 2010.

Zandi estimated that 2.4 million homes will end up in foreclosure in 2010, according to CNN. As a result, banks will put those properties on the market aggressively in 2010 which will then result in a flood of inventory and a precipitous drop in prices.

In addition, Zandi said two other factors could drive prices down over the next year. Zandi pointed to high unemployment and the possibility of Congress deciding to pull their support from the market prematurely.

The area with one of the largest potential for decline is South Florida. Miami's market is expected to drop 33 percent in 2010, according to Zandi.

Source: CBS4.com

Stop Foreclosure  Save Your Credit Florida Short Sales

When Will This Horror Show Come to an End? -- the title of a recent report by Wachovia Corp. economists -- aptly summarizes what's on many South Floridians' minds these days.

The deep downturn in the housing market, rampant home foreclosures, rising unemployment, collapsing banks -- and especially the credit crunch -- have most people feeling a bit off-balance.

''The situation is unprecedented,'' said David Denslow, an economist at the University of Florida. ``Our ordinary models don't explain what's going on. All those ordinary models aren't working, and now everybody is groping. No one knows what's really salient.''

But this much seems clear: 2009 will be a difficult year.

Here's a sector-by-sector look at how major drivers of the South Florida economy are expected to fare this year:

HOUSING

Falling home prices expected

In many ways, the region's economic woes started a few years ago with the housing boom.

From 2002 to 2006, fueled by low interest rates and easy credit, the median home price in Miami-Dade doubled, from $185,000 to $375,000. Thousands of people found work building huge condo towers and subdivisions, and their prosperity spread throughout the economy.

Then, last year, the dream became a nightmare. Home prices had risen far beyond most people's ability to buy, forcing down demand. Speculators were buying up condos at prices so high that no landlord could make money renting them.

Last year homes prices were back down to 2003 levels, foreclosures began to skyrocket and credit markets slowed and then seized up almost entirely.

Now, most experts think South Florida home and condominium prices will continue to fall in 2009, but probably not as fast as in 2008.

''2008 is probably the worst we will see,'' said Jack Winston, principal at Goodkin Consulting in Miami, ``but we still have a hangover going into 2009 and I don't think we'll start to get rid of that headache until the end of the year.'' complete story

Source: MiamiHerald.com - Scott Andron

Stop Foreclosure  Save Your Credit Florida Short Sales

Walk-Away’s…Financially Smart or Financial Suicide?

Stop Foreclosure  Save Your Credit Florida Short Sales