Pricing your home for the market

It is important to price your home right when you first list it. his along with a solid marketing plan can allow you to get the best price within the time frame you need.

It is important to know that statistics show that an overpriced home on the market more than 60 days is likely to sell at a lower price than a home priced for a quick sale.  For example, lets say a home is priced at $220,000 – 10% over the $200,000 comparable market price. Three months later, the seller drops the price by 10% to $198,000, BUT the market price fell an additional 10% to $180,000 from the original market price of $200,000 just 60 days before. So unfortunately the home is still overpriced. 

If you would like a market analysis for your home, or would like to schedule an appointment, we would be more than happy to help. 

June new home sales rise 11 percent in the U.S.

WASHINGTON (AP) – July 27, 2009 – New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.
The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.
Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.
Courtesy of the Florida Association of Realtors and The Associated Press, Alan Zibel, AP real estate writer.

Please contact us if you would like a market analysis of your area.  We look forward to serving you.

Celebration – Artisan Park Auction

Only 6 days left to get registered for the Auction in Artisan Park. Contact us today for the rules and regulations and to get registered.

Opening bids will be starting as low as $115,000. 10 to be sold absolute!

We look forward to working with you.

Real Estate Developments in United States, Belize, Costa Rica and the Caribbean

In the box above you will see a variety of developments throughout the United States, Belize, Costa Rica, and Dominican Republic. If you see something that is of interest to you, just click on the box. If you would like more details about the development please feel free to contact us directly. We look forward to assisting you.

Cost of waiting to buy

The numbers are aligned: HUGE selection, LOW interest rates, $8000 tax credit, and LOW prices are the recipe for successful home ownership. If now is the right time for you and your family to begin the process of looking for a home, call us today to get started.

COST OF WAITING TO BUY:
Sales Price                                         $250,000
Down payment – FHA 3.5%              8,750
Mortgage = 30 year at 5.25%       $241,250
Payment                                               $1,332.19

Say Home DECREASES, BUT interest rates INCREASE to 6.25%
Sales Price                                         $237,500
Down payment – FHA 3.5%              8,312.50
Mortgage = 30 year at 6.25%       $229,188
Payment                                               $1,411.15  - an increase of $79 in your monthly payment

We look forward to helping you to reach your dreams! Contact us for a consultation

Stats for Hunters Creek/Southchase/Deerfield

Hunter’s Creek offers a combination of condominiums, townhomes and single family homes.  Here is a brief snapshot of the current state of the market:

As of July 18, 2009 :
There are currently 220 HOMES for Sale listed in othe MLS system (down from 246 last month) ranging from $68,000 for a 3 bed/1 bath in Sky Lake to $629,000 for a 5 bedroom/4 bathroom home in Hunters Creek on Lake Gatlin.
There are 112 Condominiums/Towhomes for Sale in the MLS (down from 136 last month) ranging from $34,900 for a 1 bed/1 bath in Palms Villa Residences to $254,000 for a 4 bedroom/3 bathroom townhome in Chartres Gardens
ACTIVE: HOMES
220 Total: 101 are pre-foreclosure/short sales/bank-owned  (making up 45% of the inventory).
ACTIVE: CONDOMINIUMS/TOWNHOMES 
112 Total:  81 are pre-foreclosure/short sales/bank-owned  (making up 72% of the inventory).

PENDING: HOMES
182 Total:  144 are pre-foreclosure/short sales/bank-owned  (making up 79% of the inventory). 
PENDING: CONDOMINIUMS/TOWNHOMES 
83 Total:  74 are pre-foreclosure/short sales/bank-owned  (making up 89% of the inventory).

SOLD: HOMES (last 30 DAYS) 
35 Total:  21 are pre-foreclosure/short sales/bank-owned  (making up 60% of the inventory). 
SOLD: CONDOMINIUMS/TOWNHOMES 
21 Total: 17 are pre-foreclosure/short sales/bank-owned  (making up 80% of the inventory).

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market.

If you would like a Market Analysis for your home, please contact us directly.

We look forward to serving you.

Windsor Hills – only 15 builder inventory left

Windsor Hills Reserve

Home Design     Sq. Ft.                   Bed/Bath            Base Price

Seville                       2,336                    5/5                              $385,120

Spencer                     2,382                   5/5                              $384,780

Brentwood               2,812                   6/4                               $405,320

*includes granite, stainless steel appliances, 18’’ tile, pool, spa, extended deck, 42’’ maple cabinetry

Homesite                      Floorplan                                Lot Premium

159                                     OPEN                                           $10,000

160-168                          Brentwood                                 $10,000

175                                   OPEN                                             $5,500

196-199                         OPEN                                              $8,000

$6,000 off CLOSING COSTS when financing with our Preferred Lenders (Wells Fargo, Colonial, HSBC)

For more information such as floor plans, HOA breakdown, amenities, etc be sure to visit our website.

Are prices/inventory stabilizing?

If you are contemplating about buying your first home, investment home, or second home, now is the time to buy.

The following statistics are courtesy of the Orlando Regional Realtor Association:

• A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.
• In June 2009 there were 43.12 percent more homes SOLD than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent
• There were 2,131 closings in June. Of those June sales, 45.99 percent of the homes were either bank-owned or distressed
• The median price of all Orlando homes sold in June is $131,200 (a 39.26 percent decrease compared to June 2008).
• Pending Sales in June = 7,230
• The area’s average interest rate increased in June to 5.48 percent
• There are currently 17,831 homes available for purchase through the MLS. Compared to last year, the June 2009 inventory level is 27.44 percent lower than it was in June 2008 (24,575).
• The inventory level’s 8.37-month supply is the lowest since July 2006.

If you would like more statistics or would like to schedule an appointment, please contact us.

First Time Home Buyer Seminar – Tomorrow, July 14th

Florida’s $8K program effective July 1st but not available yet

Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available.

While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.
Florida Homebuyer Opportunity Program (FLHOP)
The Florida Legislature created the state program during the recent legislative session, and it’s part of the 2010 budget effective July 1, 2009.

• Money for homebuyers may not be available until the first week of August. Lawmakers funded the program through doc stamp taxes applicable in the new fiscal year rather than through a lump sum commitment; and since today is the start of the new fiscal year, the program won’t be fully funded until the state collects new doc stamp taxes.
• Florida’s downpayment loan program can work with FHA loans. Florida Housing Finance Corporation (FHFC) – the state agency that funnels housing money to local housing agencies – received confirmation from FHA that borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5 percent downpayment, unlike the FHA downpayment loan program through private lenders.
• Florida’s local housing administrators will oversee the downpayment funds at the local level. (To find the administrator in your area, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx). • Realtors can start to promote the program to potential homebuyers. It takes time to close on a home, and local housing authorities should be taking applications now.
• FHFC says they’ve trained local administrators on procedures for the Florida downpayment program. Local housing authorities will have flexibility over the $8,000 loan, be able to include penalties, and create a structure dictating how the new homebuyer will pay back the money.
It’s important to note that this money is a bridge loan to buyers; but once it’s repaid, local governments and housing authorities can keep the money and use it locally for affordable housing projects.
For specific questions about the $8,000 tax credit, homebuyers should consult a tax professional.
© 2009 FLORIDA ASSOCIATION OF REALTORS®

Should you have any questions, please contact us.

Celebration stats as of July 2, 2009

Celebration offers a combination of condominiums, townhomes and single family homes.  Here is a brief snapshot of the current state of the market here in Celebration.

As of July 3rd there are currently 378 properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Georgetown at $99,900 (Short Sale) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 378:  71 are pre-foreclosure/short sales/bank-owned (making up 18% of the inventory).
HOMES 
179 TOTAL: 30 are pre-foreclosure/short sales/bank-owned  

CONDOMINIUMS/TOWNHOMES
199 TOTAL: 41 are pre-foreclosure/short sales/bank-owned

PENDING = 94: 57 are pre-foreclosure/short sales/bank-owned, making up 60% of the pending inventory.
HOMES 
43 TOTAL: 23 are pre-foreclosure/short sales/bank-owned  

CONDOMINIUMS/TOWNHOMES 
51 TOTAL: 34 are pre-foreclosure/short sales/bank-owned

SOLD (June 3rd to July 2nd)= 22: 9 are pre-foreclosure/short sales/bank-owned, making up 40% of the pending inventory.
HOMES 
7 TOTAL: 1 was pre-foreclosure/short sales/bank-owned  

CONDOMINIUMS/TOWNHOMES 
15 TOTAL: 8 are pre-foreclosure/short sales/bank-owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

AUCTION – Celebration’s Artisan Park Condominiums!

Contact us NOW for more details. Auction is taking place August 1st. Call us to register!

Starting bids as low as $95K for a 2 bed/2 bath.