The South Florida real estate market is still a "buyer's market;" however, there is more competition for the homes on the market.
CondoVultures, a consulting firm, reports the South Florida housing inventory is down 58% from Thanksgiving weekend in 2008.
Broward County has seen its inventory reduced by 64% and Miami-Dade is down 63%. Better news for those seeking homes in Palm Beach County, which saw only a 45% decline in housing inventory since 2008.
A reduced pace of foreclosures and an influx of foreign buyers are largely credited with the reduction in for-sale inventory of homes.
I am noticing this trend in the markets recently as I have been working with clients in: Boynton Beach, Boca Raton and Delray Beach. The circle of homes that I deem to be "gems" has slimmed down and my clients are focused on those that remain. I am advising clients to move quickly if they see something they want to own.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Friday, November 25, 2011
Tuesday, November 22, 2011
South Florida Home Sales For October 2011: Homes For Sale: Homes For Rent
The volume of home sales has been picking up in South Florida during 2011. One reason believed to be helping the market is the foreign investors have found the market attractive. These buyers tend to have a longer-term outlook and think the inventory in the region is affordable.
Palm Beach County saw sales of existing homes increase 27% in October 2011 over October 2010. The increase was 16% for Broward County during the same timeframe.
However, the increase in sales came at a lower median price. Palm Beach County's median sales price in October 2010 was 16% off of October 2011. The median sales price declined 7% in Broward County on a year-over-year basis during October 2011.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Palm Beach County saw sales of existing homes increase 27% in October 2011 over October 2010. The increase was 16% for Broward County during the same timeframe.
However, the increase in sales came at a lower median price. Palm Beach County's median sales price in October 2010 was 16% off of October 2011. The median sales price declined 7% in Broward County on a year-over-year basis during October 2011.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, November 13, 2011
Case-Shiller Index August 2011: More Of The Same: Homes For Sale: Homes For Rent
The US housing market as measured by the Case-Shiller Index shows relatively steady prices on a sequential basis and slight year-over-year declines in August 2011. There was a 0.2% increase in the major Case-Shiller composites in August 2011 over July 2011. On a year-over-year basis, the major composites showed about a 3.5% decline in August 2011.
The average home price in the US were back to the levels in mid-2003. The average US home, when measured from their peak in June/July 2006, are down about 31.0%.
The South Florida market was down about 0.3% on a sequential basis in August 2011 and down about 4.6% on a year-over-year basis.
Some other markets of interest were as follows:
August 2011 August/July July/June
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 155.59 -0.1% 0.8% -1.7%
Chicago 119.40 1.4% 1.9% -5.8%
Miami 140.75 -0.3% 1.2% -4.6%
Minneapolis 115.62 0.4% 2.7% -8.5%
New York 169.19 0.4% 1.2% -3.4%
Tampa 129.51 -0.1% 0.8% -5.8%
Composite-10 156.36 0.2% 0.8% -3.5%
Composite-20 142.84 0.2% 0.9% -3.8%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The average home price in the US were back to the levels in mid-2003. The average US home, when measured from their peak in June/July 2006, are down about 31.0%.
The South Florida market was down about 0.3% on a sequential basis in August 2011 and down about 4.6% on a year-over-year basis.
Some other markets of interest were as follows:
August 2011 August/July July/June
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 155.59 -0.1% 0.8% -1.7%
Chicago 119.40 1.4% 1.9% -5.8%
Miami 140.75 -0.3% 1.2% -4.6%
Minneapolis 115.62 0.4% 2.7% -8.5%
New York 169.19 0.4% 1.2% -3.4%
Tampa 129.51 -0.1% 0.8% -5.8%
Composite-10 156.36 0.2% 0.8% -3.5%
Composite-20 142.84 0.2% 0.9% -3.8%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
How Much Mortgage Can We Afford?: Homes For Sale: Homes For Rent
In my work as a Realtor, when I deal with buyers seeking a home, a main issue is the mortgage. Especially in the current market, where a mortgage is not as easy to obtain as they once were, being approved for a mortgage is important.
I have contacts in the mortgage world and can put you in touch with some, should you require a mortgage and/or have specific questions. However, I will address some of the basics.
Most prospective homeowners can assume they will be approved for a mortgage that costs between 2 times and 2 and half times their gross income. Meaning, a person earning $100,000 per year can afford to mortgage about $200,000 to $250,000; this is a rule of thumb.
A downpayment of at least 20% of the purchase price is generally required. Many first time prospective homeowners are having this requirement as one of the major obstacles.
Be aware of the percentage of your yearly gross income that will go towards your mortgage each month. The total of the mortgage principal and interest payment, home taxes and housing insurance should NOT exceed 28% of your gross monthly income.
Your debt situation will also be scrutinized. Your gross income to cover your debts should not be more than 36%. The debts include your mortgage, credit cards, child support and other loan payments. If you earn $100,000 per year, the most you should have in debt-related expenses should be $3,000. To calculate this, multiply your gross income by 0.36 and divide by 12.
For more specific questions, you can contact me. If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
I have contacts in the mortgage world and can put you in touch with some, should you require a mortgage and/or have specific questions. However, I will address some of the basics.
Most prospective homeowners can assume they will be approved for a mortgage that costs between 2 times and 2 and half times their gross income. Meaning, a person earning $100,000 per year can afford to mortgage about $200,000 to $250,000; this is a rule of thumb.
A downpayment of at least 20% of the purchase price is generally required. Many first time prospective homeowners are having this requirement as one of the major obstacles.
Be aware of the percentage of your yearly gross income that will go towards your mortgage each month. The total of the mortgage principal and interest payment, home taxes and housing insurance should NOT exceed 28% of your gross monthly income.
Your debt situation will also be scrutinized. Your gross income to cover your debts should not be more than 36%. The debts include your mortgage, credit cards, child support and other loan payments. If you earn $100,000 per year, the most you should have in debt-related expenses should be $3,000. To calculate this, multiply your gross income by 0.36 and divide by 12.
For more specific questions, you can contact me. If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Tuesday, November 1, 2011
Banks To Offer Own Refinancing Plan?: Homes For Sale: Homes For Rent
The Wall Street Journal recently reported the large US banks are working on a plan that would make mortgage refinancing available to "underwater" homeowners. Those borrowers with houses that are worth less than their loans would be eligible so long as they are current on mortgage payments.
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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