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. |
- 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
- Homebuyer Tax Credit extended and expanded!If an individual is under contract but will not close until July 1, 2010, they would be eligible for the tax credit (assuming they meet all other qualifications).They must have entered into the contract by May 1, 2010 and close before 7/1/2010.
For repeat buyers, there is a special rule for long time residents of the same principal residence. If an individual or their spouse has owned or used the same residence as such individual principal residence for any 5 consecutive year period during the 8 year period ending on the date of the purchase of a subsequent residence then such individual shall be treated as a first time homebuyer for purposes of this section with respect to the purchase of such subsequent residence. The timing outlined above would apply in terms of contract timing and closing.
Here is one example for repeat buyers.
12/31/2009 - Customer purchases a new principal residence.
12/31/2001-12/31/2009 – Customer owned a primary residence from 11/6/2003-11/6/2008
Customer can be treated as a first time homebuyer for the 12/31/2009 purchase and would be eligible for tax credit (assuming they meet all other qualifications) of $6500 (joint) or $3250 (individual). No credit allowed for purchase price over $800,000. There are also income limitations.
Here is link to the bill http://thomas.loc.gov/cgi-bin/query/D?c111:5:./temp/~c111bh5WJ8 if you are interested. - Official TAX CREDIT INFO and WEBSITE for FAQ'SI know you are inundated with info and questions on this program, but here is official website to assist: http://www.federalhousingtaxcredit.com/home.html
$8,000 First-time Home Buyer Tax Credit at a Glance
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Courtesy of
David Caporini
Sr. Mortgage Advisor
Coldwell Banker Home Loans
Phone: 305.803.5845
Florida Lic.# MB0844523
Apply online: http://davidcaporini.coldwellbankerhomeloans.com
- 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
