A seller's market might be emerging once again in the South Florida real estate market.
The Realtors Association of the Palm Beaches reported Palm Beach County's median sales price for existing homes increased 12% in August 2012 from the previous year; unit sales were up 8% during the same time frame.
The levels of inventory is contracting and buyers are finding they do not have the same leverage they recently enjoyed. The vast majority of people I have worked with recently marveled at the lack of current inventory. I have heard, "can't be all there is" and "are you sure there aren't more available" when I send search results.
When speaking with people who are thinking of selling their home and/or renting it, they all seem to be keenly aware that prices are moving up for both-- and inventory is moving quickly.
The market is continuously changing. Contact me for more information.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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, September 21, 2012
Thursday, September 13, 2012
Homebuyer Mistakes: Homes For Sale: Homes For Rent
A recent article entitled "Five Common Mistakes Homebuyers Make" in the Sun-Sentinel caught my eye. The article started out stating that housing market has enjoyed a resurgence during the past few months. We talked about this in a few recent posts. Because of the change in the market, some homebuyers are making common mistakes, the article argues. I think it is worth discussing these "common five mistakes."
1) Sticking with low-ball offers- given the current state of the market, a "steal" is no longer in the works.
2) Taking too long to "sleep on it"- the article states what we have been discussing as well, which is "properites prices appropriately in desirable neighborhoods tend to go under contract within days or weeks or sometimes hours."
3) Littering the contract with contingencies- a 30 day inspection period or being contingent on a relative touring the property won't "fly" in the current market. It is recommended that the contract come in "clean."
4) Failing to make a personal impression on the seller- some homes get two or three bids and the article states the winning bid is not only about money. The article suggests buyers should meet the seller's agent, strike up a conversation with the listing agent because they have input with the owner as to who will ultimately have the winning bid.
5) Waiting to get pre-approved for a mortgage before starting the search - I couldn't agree more. Getting financing in place is important in the market, which the article states is about 50% cash buyers in South Florida. Some sellers even require a pre-approval letter before an offer is made.
The article talks about what is a "pre-approved" buyer-- the article states, " a pre-approved buyers has submitted pay stubs, bank statements and other paper-work and received a commitment for a specific mortage amount from a lender."
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
1) Sticking with low-ball offers- given the current state of the market, a "steal" is no longer in the works.
2) Taking too long to "sleep on it"- the article states what we have been discussing as well, which is "properites prices appropriately in desirable neighborhoods tend to go under contract within days or weeks or sometimes hours."
3) Littering the contract with contingencies- a 30 day inspection period or being contingent on a relative touring the property won't "fly" in the current market. It is recommended that the contract come in "clean."
4) Failing to make a personal impression on the seller- some homes get two or three bids and the article states the winning bid is not only about money. The article suggests buyers should meet the seller's agent, strike up a conversation with the listing agent because they have input with the owner as to who will ultimately have the winning bid.
5) Waiting to get pre-approved for a mortgage before starting the search - I couldn't agree more. Getting financing in place is important in the market, which the article states is about 50% cash buyers in South Florida. Some sellers even require a pre-approval letter before an offer is made.
The article talks about what is a "pre-approved" buyer-- the article states, " a pre-approved buyers has submitted pay stubs, bank statements and other paper-work and received a commitment for a specific mortage amount from a lender."
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
Saturday, September 1, 2012
Short Sales: Do You Have To Be Late On Payments To Apply? Homes For Sale: Homes For Rent
In the Sunday, August 26th Sun-Sentinel, the "Ask a Real Estate Pro" I came away with an interesting question about short sales-- do you need to be late on your payments to be eligible for a short sale. The writer explained that he has a hardship, but was not 45 days late on payment. As a result of the non-late payment, he was denied on his short sale request.
The author of the article, Gary Singer, recommended trying a short sale while still making payments. He explained some lenders are willing to work while the owner is still current on payments. Mr. Singer explained he has been told some lenders require the loan to be delinquent as a way of scaring away "strategic" short sellers.
Mr. Singer further explained sometimes the difference between a denial and an approval has more to do with the individual negotiator than the lender themselves. In addition, he points out that lenders also change their policies.
When I work with my clients when both representing homeowners and buyers, I tend to lean towards going after the short sales that are delinquent on their payments. It eliminates potential confusion and hassles for both sides of the potential transaction. However, as Mr. Singer points out, it is possible to pursue a short sale without the payment delinquency.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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 author of the article, Gary Singer, recommended trying a short sale while still making payments. He explained some lenders are willing to work while the owner is still current on payments. Mr. Singer explained he has been told some lenders require the loan to be delinquent as a way of scaring away "strategic" short sellers.
Mr. Singer further explained sometimes the difference between a denial and an approval has more to do with the individual negotiator than the lender themselves. In addition, he points out that lenders also change their policies.
When I work with my clients when both representing homeowners and buyers, I tend to lean towards going after the short sales that are delinquent on their payments. It eliminates potential confusion and hassles for both sides of the potential transaction. However, as Mr. Singer points out, it is possible to pursue a short sale without the payment delinquency.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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
Case Shiller Index: June 2012: Sustained US Housing Recovery? Homes For Sale: Homes For Rent
The June 2012 Case-Shiller Home Price Index seems to show signs of a sustained US housing recovery.
The following is a quote from the report: "We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around."
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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 following is a quote from the report: "We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around."
The US housing market was up 2.3% on a sequential basis in June 2012 and up 0.5% on a year-over-year basis.
The South Florida housing market continued its positive trends with 1.6% growth on a sequential basis in June 2012 and 4.4% annual growth. As discussed in previous posts, the inventory levels seems to have decreased during the past three months. The trend has resulted in more buyer interest in current listings with prices increasing, according to the Case Shiller Index.
Other markets of interest:
| May-12 | Monthly | Sequential | Annual |
| Metropolitan Area | Level | Change | Change |
| Boston | 154.43 | 2.50% | 0.00% |
| Chicago | 113.61 | 4.60% | -1.70% |
| Miami | 145.62 | 1.60% | 4.40% |
| Minneapolis | 118.74 | 4.80% | 5.70% |
| New York | 163.4 | 2.10% | -2.10% |
| Tampa | 132.84 | 1.90% | 3.40% |
| Composite 10 | 155.02 | 2.20% | 0.10% |
| Composite 20 | 142.21 | 2.30% | 0.50% |
| Source: | |||
| S&P Indices | |||
| Firserv |
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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 http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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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