HAVE QUESTIONS, COMMENTS OR CONCERNS REGARDING REAL ESTATE…NOT READY TO SPEAK TO A REALTOR? NOW YOU HAVE A RELIABLE SOURCE OF INFORMATION WITH NO OBLIGATION.INTRODUCING YOUR REAL ESTATE BLOG FOR ANSWERS TO ALL OF YOUR REAL ESTATE QUESTIONS. ALL YOU HAVE TO DO IS POST A QUESTION, COMMENT, CONCERN ON THIS PAGE. THIS IS AN INTERACTIVE PAGE, SO ANYONE CAN REPLY. IF NEED HELP GETTING STARTED OR FOR MORE INFORMATION CONTACT ME AT Maji@MajiSold.com ALSO, BE SURE TO CHECK OUT THE LOCAL REAL ESTATE PAGE FOR 2005 ANNUAL MORNINGSIDE STATISTICS. |
- Florida’s existing home, condo sales rise in June 2010ORLANDO, Fla., July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June’s statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month’s statewide existing-home median price of $143,400 was 2.1 percent higher than May’s statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month’s median.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state’s MSAs have reported increased sales for 24 consecutive months.
Florida’s median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.
More jobs are key to the continued recovery of the housing market, according to NAR’s latest industry outlook. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” said NAR Chief Economist Lawrence Yun. “We’ll also keep a close eye on market conditions on the Gulf Coast.”
In Florida’s year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.
The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market’s existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.
© 2010 Florida Realtors®
For up to date Miami Dade County Stats, please go to the following site: http://coldwellbanker.net/marketTrend/fla/dade.html
- U.S. Market is ‘Undervalued,’ Report SaysI thought I would share this great article in the International Property Journal this week on undervalued US markets. Both Miami-Dade and the Ft Lauderdale markets are identified as such. It is good reading especially if you are sitting on the fence waiting for the right time to buy. With the current inventory and interest rates being what they are as they remain at historically low levels, we are seeing significant buying opportunities for those looking for value in our markets. However, let us not be confused that all of our price ranges are stable at this time as we measure different segments of our pricing. If you are looking at price ranges with 20 months of inventory or more, it is likely you will continue to see pressure on pricing for homes in those ranges. Study closely the segments of the market you are operating in to determine the value influences you are facing in each of those sub-markets. We have to be more economically prepared than ever before and my goal is to provide counsel and leadership to those working with me at this time. Please contact me if you or someone you know is interested in buying or selling real estate now or within the next six months.
Maji Pace Ramos
For information on market trends please visit www.MiamiHomeTrends.com
U.S. Market is ‘Undervalued,’ Report Says
Posted in Real Estate on March 22, 2010 by Kevin Brass
After two years of falling prices, U.S. housing is undervalued in most markets, according to a new study.
Recent data showing a miniscule 0.1 percent drop in prices in the fourth quarter “indicates that the housing market is still working towards--and is close to achieving--stabilization,” concludes the House Prices in America report prepared by IHS Global Insight and PNC Financial Services Group.
None of the major U.S. metro markets were rated as significantly overvalued by the study. In contrast, 137 of 330 metro areas were listed as overvalued during the peak bubble years.
While these types of reports are often easily dismissed, it’s worth noting that the IHS study correctly spotted vast over-valuations in 2005 and 2006, offering signals that the bubble was about to burst.
In 2005 the study identified 52 metro markets as extremely over valued, primarily in California and Florida. For example, Miami was listed as 49.4 percent overvalued and prices subsequently fell 35.8 percent. Thirty-one metro areas have posted declines of greater than 40 percent from their peaks, the study found.
Although overall the U.S. is now seen as undervalued, the study still found some markets that are rated as over-valued. For example, Honolulu is still overvalued by 13.6 percent and Spokane, Wa., is 13.1 percent overvalued, the study found
The full report and a breakdown of individual markets can be found here or http://www.ihsglobalinsight.com/gcpath/ValuationReport4Q10.pdf - Miami-Dade Pending Home Sales Increase 54 Percent Compared to May 2009Miami, FL –
Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 54 percent in May 2010 compared to May 2009 and .62 percent, from 10,392 to 10,456, compared to the previous month and Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service (SEFMLS).
In addition to international buyers taking advantage of favorable exchange rates and local market opportunities, first-time and existing buyers are benefiting from record-setting affordability conditions, the recently expired home buyer tax credit, and a wide selection of properties to choose from. The consistent increase of pending and closed sales for nearly two years - and now coupled with rising home prices – is indicative of a stabilizing and strengthening market.
Pending sales of condominiums in Miami-Dade County performed better than that of single-family homes in May, up 1.65 percent from 5,818 to 5,914. Pending sales of single-family homes in May dropped .7 percent from the previous month, from 4,574 to 4,542. April figures included the last-minute surge by homebuyers taking advantage of the tax credit that expired on April 20. Compared to May 2009, Miami-Dade pending sales of condominiums increased 92 percent, while pending sales of single-family homes rose 38 percent in May 2010. “Current South Florida real estate market statistics are positive signs of a resurgent market,” said Terri Bersach, RAMB Chairman of the Board. “Pending sales are considerably higher than they were a year ago when the market was already strengthening, and home median prices have begun to increase while average home prices have been increasing for some time. These figures validate the demand for local residential properties and confirm the local market’s recovery.”
Broward County Pending Sales
In Broward County pending home sales fell 3.23 percent, from 8,525 to 8,250 in May, again due to impact of expiring tax credit. Pending sales of condominiums decreased 3.1 percent from 4,679 to 4,531. Pending sales of single-family homes dropped 3.2 percent in May compared to the previous month, from 3,846 to 3,719. Compared to May 2009, Broward pending sales of single-family homes rose 32.3 percent, while pending sales of condominiums increased 71 percent. The total number of pending sales increased 51 percent.
Strengthening Market
Home sales in South Florida have increased dramatically since August 2008 while inventory levels continue to drop and prices for single-family homes began increasing in April while negligible decreases in condominium prices were observed. “While the month-to-month increase for pending sales is somewhat lower than what we had been seeing due to the expiring tax credit, condominium pending and closed sales remain strong,” said Oliver Ruiz, RAMB Residential President. “This is important and necessary to rid the market of excess condominium inventory.”
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales.
About RAMB
The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.
'Copyright RAMB, Reprinted with permission.' - Welcome to 2010Dear Friends,
Welcome to 2010!
I wanted to take a moment and thank you for all of your support. In your honor, I have made my annual donation to the Women’s Fund and am so excited to be a part of their selection committee for the second consecutive year. … Maji
2010 is Full of Promise
“The Miami real estate market has experienced a dramatic recovery over the last year and a half, posting record closed and pending sales increases coupled with strong declines in housing inventory,” said Terri Bersach, 2010 RAMB Chairman of the Board. “The outlook is positive for Miami real estate in 2010, as the recently expanded and extended homebuyers tax credit is expected to further boost sales. Market opportunities resulting from record affordability, low interest rates, and a second wave of short sales and foreclosures will also fuel increased sales this year. Additionally the always-strong international buyer market segment will remain a major force in the South Florida marketplace.”
Miami-Dade Pending Condominium Sales Increase 60 Percent in Nine Months “In the last nine months in Miami-Dade, pending sales of condominiums increased 60.4 percent, while pending sales of single-family homes rose a 26.2 percent. The total number of pending sales increased a significant 43 percent from March 2009 to December 2009. “ -Courtesy of Realtor Association of Miami and the Beaches
Mortgage Market Commentary:
“While we’ve seen rates climbing for four weeks, rates are still likely to remain at low levels in comparison with historical numbers... most experts agree that mortgage rates will rise in 2010.. It appears that the economy is at the very early stages of recovery. “
-Courtesy of David Caporini - Coldwell Banker Home Loans
Warmest Wishes,
Maji Pace Ramos, CRS, e-PRO
Coldwell Banker Residential Real Estate, Inc. Certified Residential Specialist
Master Broker's Forum
305-519-7940 (Direct)
Maji@MajiSold.com
www.MiamiHomeTrends.com
START THE NEW YEAR RIGHT...CALL MAJI, YOUR REAL ESTATE ADVISOR!
_______________________________________________________________________________
Commitment Trust Integrity Service
Make your work to be in keeping with your purpose.
- Leonardo Da Vinci
- CITIZENS REQUIREMENTS HAVE CHANGED!The Florida Legislature has recently enacted a law that will begin to affect closings of homes insured by Citizens Property Insurance Corporation (“Citizens”) beginning on January 1, 2009.
Effective January 1, 2009:
Citizens will not insure any residential structure located within the Wind-Borne Debris Region with an insured value on the structure of $750,000 or more that does not have shutters or other “opening protectors” on all openings (e.g., windows, doors, etc.).
• A property will be in compliance if the shutters or opening protectors comply with the Florida Building Code in effect at the time of installation (a map of the Wind-Borne Debris Region is attached).
• The new shutter requirements do apply to contracts pending before January 1st but which close after.
• The new shutter requirements do not apply to mobile homes or condominiums.
• Anyone insured by Citizens prior to January 1, 2009 will be required to comply with the new shutter requirements in order to renew their policy.
• For properties within those counties that are partially within the Region, Citizens or a county engineer can determine whether or not a property is within the Wind-Borne Debris Region.
- Potential risks by trying to time the market.If you still feel it’s not a good time to buy or if you’re waiting around trying to time the ‘absolute bottom’ of the market…CAUTION!
As you may already know interest rates have been very volatile and since the beginning of the year they’ve increased. The good news is historically speaking they’re still very low...a conforming 30 year fix rate loan is currently ranging between 6.0% - 6.5% with zero points.
Although rates have remained historically low most experts agree they will move higher sooner than we think! One reason for this expectation is that the Federal Government controls inflation by increasing interest rates…and inflation will most likely become a serious concern very soon.
Take a closer look at the potential risks of waiting for home prices to continue to drop versus the potential benefit. Let’s assume we waited another full year and let’s say home prices did indeed drop another 10%. During this same time frame let’s assume interest rates increased by about 1%. (Note: interest rates were at 5.5% in Feb 2008 and now they’re consistently above 6%. Therefore, assuming a 1% increase one year from today is very realistic and might even be considered to be a conservative estimate.)
Here’s the effect this scenario would have in terms of our monthly mortgage payment:
Today…
Sales Price $250k
Down Pmt. $50k (20%)
Loan Amt. $200k
Rate 6.25%
Payment $1231
One Year Later…
Sales Price $225k (10% less)
Down Pmt. $45k (20%)
Loan Amt. $180k
Rate 7.25% (1% higher)
Payment $1228 (potential benefit of waiting…save a whopping $3 per month)
If you’re a renter at $1700 per month, you spent $20,400 in the year waiting - unnecessarily.
The potential risks (reality) we face by playing the “waiting game” or trying to time the “bottom” of the market:
• Lenders continue to tighten their guidelines making credit less available
• “Life” happens and our current ability to qualify today may be affected tomorrow
• More buyers/competition will enter market and create bidding wars which results in price increase
• Purchase after 12-31-08 and we’ll have to wait until 2010 to benefit from Homestead Exemption
• Federal Income Tax Credit of $7,500 available today expires June 30, 2009
• The same dream home available today based on our needs will almost definitely be gone by next year
The fact is very few of us (if any) are able to time the bottom of any market correctly. By the time we see the “bottom” we’re looking at it through our rear view mirror which means the opportunities have past us by.
Unless you’re trying to save $3 dollars per month plus rent, the risks clearly out weigh the benefit. Please call today me today for your Pre-Approval and begin searching for your new home. A Pre-Approval is simple…just 20 minutes and can be done over the phone or in person. There’s no cost and no obligation.
I look forward to speaking with you real soon!
Best Regards,
David Caporini
Sr. Mortgage Advisor
Coldwell Banker Home Loans
305.695.9833 Direct
Email: david.caporini@mortgagefamily.com
Website: http://davidcaporini.coldwellbankerhomeloans.com
Loan Status: www.mortgageloanstatus.com
- New in 2008 - Home ValuesOver the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing home-sales series. Thanks to the power of leverage, a homeowner’s return on investment is even more impressive over time.
For example, over 10 years, a $10,000 investment in the stock market at a normal 10 percent market rate of return would yield $23,600. The same investment as a down payment on a $200,000 home at a normal appreciation rate of 5 percent would return nearly 5 times the stock market return, at $110,300.
The the long-term value of housing is still the best investment.
-National Association of Realtors
January 2008 - New in 2008 - Building WealthA wealth of housing data clearly demonstrates that housing is a good long-term investment. According to a study by the U.S. Department of Housing and Urban Development, 60 percent of a homeowner’s wealth is from the equity they have built in their home. A Federal Reserve study has shown that the average homeowner’s net worth is 46 times the net worth of the average renter.
Homeownership is extremely importnat in creating long-term wealth.
National Association of Realtors
January 2008
