Although my own experience working with clients has varied, short sales seem to be losing some appeal. The reason is buyers are complaining the sale transaction process is taking too long.
I can attest recently that my clients decided to forego their offer when the second extension period had lapsed. On the flip side of the coin, recently I have had satisfied customers who had a relatively quick turnaround time and enjoyed the discounted price the short sale offered.
The approval time for short sales can take several months after the potential buyers submits an offer. According to the HousingPulse Tracing Survey, the average time for short sales is 16.6 weeks. The survey found the majority of this time is spent waiting for approval from the lenders.
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
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, October 1, 2011
Saturday, September 17, 2011
More Foreclosures In August 2011: Homes For Sale: Homes For Rent
The trend continues as more homeowners fell behind on their mortgages, according to Realty Trac, an online marketer of foreclosed properties. Foreclosure filings were up 7.0% in August 2011 over July 2011. However, this is 33.0% below August 2010.
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
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)
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
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
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)
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, September 4, 2011
Hamlet Country Club in Delray Beach: Quarterly Update: Homes For Sale: Homes For Rent
The Hamlet Country Club community has a world-class golf and country club located in the heart of Delray Beach, Florida.
Located on Atlantic Avenue, minutes from the oceanic charm of Downtown Delray, the Hamlet Country Club is a gated community of quaint to estate properties surrounding one of the finest private golf courses in Palm Beach County. Club amenities, including an 18-hole championship golf course, complete practice facilities, a full service Clubhouse, Har-Tru tennis courts and a fitness center, are available to both Resident and Non Resident members.
During the past twelve months we estimate the average sold information for a single family home is as follows:
3 bedrooms
2 bathrooms
2,795 square feet
$231,000 sales price
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)
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
Located on Atlantic Avenue, minutes from the oceanic charm of Downtown Delray, the Hamlet Country Club is a gated community of quaint to estate properties surrounding one of the finest private golf courses in Palm Beach County. Club amenities, including an 18-hole championship golf course, complete practice facilities, a full service Clubhouse, Har-Tru tennis courts and a fitness center, are available to both Resident and Non Resident members.
During the past twelve months we estimate the average sold information for a single family home is as follows:
3 bedrooms
2 bathrooms
2,795 square feet
$231,000 sales price
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)
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
Thursday, September 1, 2011
Consumer Confidence, A Factor To Follow In The Housing Market: Homes For Sale: Homes For Rent
As we have discussed, one the important factors to follow in the housing market is consumer confidence. The more confident the consumer, the more likely there will be increased demand in the housing market.
The Conference Board, an industry group, said its index of consumer confidence dropped to 44.5 in August 2011 from 59.2 the month before. This is the lowest level in two years.
With consumers being more cautious, we would expect the housing market to show an increased level of softness. Indications are the buyer's market will continue into the near-term, in our opinion. The recent economic data, along with a deterioration in consumer confidence seems to point to sequential price reductions in the housing market, in our view. However, we do not anticipate large drops as was the case during the beginning the of "bubble" deflating.
We think this means those seeking to sell their homes need to price attractively and market aggressively. Qualified buyers should remain in the "driver's seat" for the foreseeable future.
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)
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 Conference Board, an industry group, said its index of consumer confidence dropped to 44.5 in August 2011 from 59.2 the month before. This is the lowest level in two years.
With consumers being more cautious, we would expect the housing market to show an increased level of softness. Indications are the buyer's market will continue into the near-term, in our opinion. The recent economic data, along with a deterioration in consumer confidence seems to point to sequential price reductions in the housing market, in our view. However, we do not anticipate large drops as was the case during the beginning the of "bubble" deflating.
We think this means those seeking to sell their homes need to price attractively and market aggressively. Qualified buyers should remain in the "driver's seat" for the foreseeable future.
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)
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
Your Credit Score, Getting A Mortgage, Renting And Buying A Home: Homes For Sale: Homes For Rent
Your credit score is important when looking to lease, rent out or purchase a home. According to CreditKarma.com, the threshold to be approved for a mortgage is a 660 credit score. The 660 score is also the threshold to be approved for unsecured credit, according to CreditKarma.com. I think this is also a good number to use when you are a landlord looking to approve a tenant or a tenant seeking to lease a home.
According to CreditKarma.com, about 40% of consumers have a credit below 660. This means that 4 out of 10 Americans would likely be denied for a mortgage. Obviously this hurts demand and weakens the overall housing market.
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)
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
According to CreditKarma.com, about 40% of consumers have a credit below 660. This means that 4 out of 10 Americans would likely be denied for a mortgage. Obviously this hurts demand and weakens the overall housing market.
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)
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
Wednesday, August 31, 2011
Case Shiller Index June 2011: Mixed Signals: Homes For Sale: Homes For Rent
On a national basis, the Case Shiller Index showed a sequential improvement in 2Q:11 from the 1Q:11 low, but still posted an annual decline of 5.9% versus 2Q:10. Nationally, home prices are back to levels seen in 2003.
David Blitzer, the chairman of the Index Committe at S & P Indeces implied there are mixed signals on the housing market throughout the country. He suggests that we are in a state of regional housing markets, as opposed to a "national market" where everything rose and fell together.
The South Florida region showed a 0.6% sequential drop home prices in June 2011 over May 2011; this compares with a 1.1% average increase for the nation. On a year-over-year basis, the price of the average home fell 5.1% in June 2011 versus June 2010; and this compares with an average 4.5% year-over-year decrease for the nation.
Some areas of interest were as follows:
June 2011 June/May May/April
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 154.47 2.4% 2.6% -2.1%
Chicago 115.61 3.2% 1.7% -7.4%
Cleveland 100.68 1.5% 1.2% -6.1%
Miami 139.46 0.6% 1.2% -5.1%
Minneapolis 112.31 3.2% 2.7% -10.8%
New York 166.59 0.9% 0.7% -3.6%
Tampa 128.90 1.3% 0.7% -7.0%
Composite-10 154.88 1.1% 1.0% -3.8%
Composite-20 141.30 1.1% 1.0% -4.5%
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 to 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)
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
David Blitzer, the chairman of the Index Committe at S & P Indeces implied there are mixed signals on the housing market throughout the country. He suggests that we are in a state of regional housing markets, as opposed to a "national market" where everything rose and fell together.
The South Florida region showed a 0.6% sequential drop home prices in June 2011 over May 2011; this compares with a 1.1% average increase for the nation. On a year-over-year basis, the price of the average home fell 5.1% in June 2011 versus June 2010; and this compares with an average 4.5% year-over-year decrease for the nation.
Some areas of interest were as follows:
June 2011 June/May May/April
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 154.47 2.4% 2.6% -2.1%
Chicago 115.61 3.2% 1.7% -7.4%
Cleveland 100.68 1.5% 1.2% -6.1%
Miami 139.46 0.6% 1.2% -5.1%
Minneapolis 112.31 3.2% 2.7% -10.8%
New York 166.59 0.9% 0.7% -3.6%
Tampa 128.90 1.3% 0.7% -7.0%
Composite-10 154.88 1.1% 1.0% -3.8%
Composite-20 141.30 1.1% 1.0% -4.5%
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 to 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)
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
Saturday, August 13, 2011
Is Now A Good Time To Buy A Home?: Homes For Sale: Homes For Rent
Is now a good time to buy a home? I think the answer is yes IF: you have a stable job and expect to live in the home for 10 years or more. Yes, interest rates could fall a bit more and prices as well-- but if you plan to live in your new home for 10 years or more, I think the benefits of buying near-term would outweigh the costs at this time.
Let's look at some of the factors in making such a decision:
Interest rates: Now is a good time to buy on interest rates alone. As mortgage interest rates rise, purchasing power falls. Rates are near historic lows right now.
The Federal Reserve will eventually raise some benchmark rates and it also has a large portfolio of mortgage securities to sell off in the future-- this will put upward pressure on rates.
Also, inflation is beginning to rise and some analysts think it will continue to creep upward. As inflation increases, lenders will want to hedge against the US Dollar being worth less-- and will raise interest rates as a means to that end.
Home Prices: The banks are trying to keep home prices from plummeting by slowly releasing distressed properties into the market. The predictions on home prices vary from a minimal decline from here to another 25% decrease. But, this is a very local issue that needs to be looked at carefully in the area of interest.
When the market does hit a bottom, it will most likely not rally like we had seen in the "bubble" period. The real annual return on a home is approximately the rate of inflation. Therefore, homebuyers should not be investors looking to "flip" homes for a profit, in my view.
Lastly, even if prices were to decline further a rising interest rate might wipe away as much purchasing power if you wait.
Mortgages: Banks have tightened their lending requirements post-bubble. A bigger downpayment is required and your credit history is very important. Currently the government guarantees over 90% of the mortgages in the market. The government will most likely begin backing away from this practice and when it does will most likely require about 20% as a downpayment.
Financial Situation: The housing market will most likely continue to be soft in the coming years. The sale of a home will not be quick or easy, most likely. It is important to purchase a home you feel you will be able to afford for a while and you should not stretch your budget to afford it.
Also, the buy versus rent argument goes that rents may rise while your fixed mortgage costs will not. A fixed interest rate mortgage is a good hedge for inflation because inflation will cause wage increases; this coupled with your fixed costs will help make it easier to afford the payments.
Again, if you are economically stable and plan to live in the home for 10 years or more, I think now is a good time to take advantage of the current advantageous affordability levels of homeownership.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
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
Let's look at some of the factors in making such a decision:
Interest rates: Now is a good time to buy on interest rates alone. As mortgage interest rates rise, purchasing power falls. Rates are near historic lows right now.
The Federal Reserve will eventually raise some benchmark rates and it also has a large portfolio of mortgage securities to sell off in the future-- this will put upward pressure on rates.
Also, inflation is beginning to rise and some analysts think it will continue to creep upward. As inflation increases, lenders will want to hedge against the US Dollar being worth less-- and will raise interest rates as a means to that end.
Home Prices: The banks are trying to keep home prices from plummeting by slowly releasing distressed properties into the market. The predictions on home prices vary from a minimal decline from here to another 25% decrease. But, this is a very local issue that needs to be looked at carefully in the area of interest.
When the market does hit a bottom, it will most likely not rally like we had seen in the "bubble" period. The real annual return on a home is approximately the rate of inflation. Therefore, homebuyers should not be investors looking to "flip" homes for a profit, in my view.
Lastly, even if prices were to decline further a rising interest rate might wipe away as much purchasing power if you wait.
Mortgages: Banks have tightened their lending requirements post-bubble. A bigger downpayment is required and your credit history is very important. Currently the government guarantees over 90% of the mortgages in the market. The government will most likely begin backing away from this practice and when it does will most likely require about 20% as a downpayment.
Financial Situation: The housing market will most likely continue to be soft in the coming years. The sale of a home will not be quick or easy, most likely. It is important to purchase a home you feel you will be able to afford for a while and you should not stretch your budget to afford it.
Also, the buy versus rent argument goes that rents may rise while your fixed mortgage costs will not. A fixed interest rate mortgage is a good hedge for inflation because inflation will cause wage increases; this coupled with your fixed costs will help make it easier to afford the payments.
Again, if you are economically stable and plan to live in the home for 10 years or more, I think now is a good time to take advantage of the current advantageous affordability levels of homeownership.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
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
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