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Aug. 24, 2010 – Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®.
Eleven of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors® (NAR).
Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide last month compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Florida’s median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less.
2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville, noted that the Gulf oil spill, along with uncertainty over its impact, has affected the state’s housing market.
The national median sales price for existing single-family homes in June 2010 was $184,200, up 1.3 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $331,150 in June; in California, it was $311,950; in Maryland, it was $265,268; and in New York, it was $220,750.
More jobs continue to be key to the housing sector’s recovery, according to NAR’s latest industry outlook. The interest rate for a 30-year fixed-rate mortgage averaged 4.56 percent in July, down from the 5.22 percent averaged in July 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
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Existing-home sales were sharply lower in July following expiration of the homebuyer tax credit, but home prices continued to gain, according to the National Association of Realtors.
Existing home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.
Sales are at the lowest level since the total existing-home sales series launched in 1999, and single-family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.
According to Freddie Mac, the national average commitment for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.56 percent in July from 4.74 percent in June; the rate was 5.22 percent in July 2009. Last week, Freddie Mac reported the 30-year fixed was down to 4.42 percent.
The national median existing-home price for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales are unchanged from June, accounting for 32 percent of transactions in July; they were 31 percent in July 2009.
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How do you make your house your own?
The answer is different for everyone. What is universal is that when we buy real estate, we’re really adopting a particular lifestyle as well. That’s what makes buying and selling real estate such a difficult, complicated process... and in the end such an enjoyable, satisfying one. We can provide insight into every aspect of Lake Worth real estate, but also into the often-overlooked aspect of the transaction: adjusting to your new home. Provided below are a few helpful hints and reports that could be very useful.
When you call one of our qualified and experienced agents to represent you, know that the business aspect of your transaction will be treated with the utmost importance... but that the human element will never be forgotten. We look forward to chatting,
Exit Realty Premier, your Lake Worth Experts
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Selling your home is an involved process that affects your family and your future. Before you begin this process, you'll want to ensure that you have the most up-to-date information. When should you sell? How do you get the best price? What kinds of renovations should be made prior to the sale?
These home selling reports will assist you in answering the many questions that arise during the home selling process. When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal - selling your home fast, and for the best price. |
Please contact me if you have any questions about selling your Lake Worth Florida property.
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value. In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. Please contact our experienced agents if you have any questions about buying a home in Lake Worth or elsewhere in Florida.
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Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception. Our goal is to walk you through the mortgage process and answer any questions you might have and put together a free proposal to lower your monthly payments.
Why National City Mortgage is special:
1. Customer receives evaluation of their credit report by an expert for free.
2. Extensive analysis of property value rather than just word of mouth.
3. Free education! Never turn down a free education Go to www.exitrealtypalmbeach.com |
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Do not be confused when thinking about buying a house in Lake Worth. There is the City of Lake Worth, that starts at the Intra Coastal Waterway in Palm Beach County Florida, then there is a very large area to the West, while still having a the name Lake Worth, is not within the City limits and sometimes referred to as West Lake Worth.
What does this mean to someone considering buying a home in Lake Worth? The city of Lake Worth has it’s own local government. There are elected City Officials such as a Mayor, a City Council, and other officials governing the City of Lake Worth. Lake Worth has their own Police Department, City Hall, and Lake Worth even has their own electric company and water treatment plant.
Once you go West, outside of the City limits, to “Western Lake Worth”, the Government is that of Palm Beach County. Once out of the City Of Lake Worth, the Palm Beach County Sherriffs Department has jurisdiction, the Water Company becomes Palm Beach County Water District, and what many people find important is the power company in the Western area of Lake Worth is Florida Power and Light.
Now the difference in the City of Lake Worth, and the portion of Lake Worth that is not within the City limits becomes important to some people because in the City of Lake Worth the power company has earned a reputation of being rundown, unreliable, and the rates for electricity in the City of Lake Worth have become known to be considerably higher than that of Florida Power and Light used in Western Lake Worth. A similar situation exists with the water companies in Lake Worth and Western Lake Worth.
However, some people do choose to live in the City of Lake Worth despite these things and don’t mind the typically older homes and smaller lots. One of the reasons may be people choose the City of Lake Worth is the downtown is very quaint with the main street lined with many shops and restaurants as well as the close proximity to the ocean as well as the beautiful beach right in the City of Lake Worth.
Out in Western Lake Worth, it is desirable to many that choose newer homes, planned communities, larger lots, and a larger diverse of shopping from the many strip centers and huge malls. Many also choose the Western Lake Worth area for the newer and higher rated schools.
Which ever you choose, the City of Lake Worth or the Western Lake Worth area, make sure you have a Realtor that knows the facts and can assist you in making the correct decision for you,
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Having heavily been involved in short sales in Lake Worth, Wellington, and Boynton as well as the remainder of Palm Beach County for the past 2 years, I have seen a lot, but cannot yet say I have see it all. The incompetency of the banks is overwhelming, and says a lot as to why most of them are going broke and need government bail outs. The normal protocol for buyers and sellers involved in a real estate transaction are as follows. The seller sets a price, the buyer makes an offer, the seller either accepts the offer or counters with a more acceptable price after determining what their acceptable bottom line is after all expenses. The buyer either accepts or rejects the counter, or may even counter again. The process is based on the price, minus expenses and is usually determined based on the sellers net proceeds. The geniuses that work in the banks have devised their own system. In reality they are not the sellers, but do have complete control over the transaction in terms of price, offers, and bottom line what is acceptable. Now, here is a typical scenario. Asking price on the short sale is $ 200,000.00, the buyer realizing this is a good buy offers $ 200,000.00. The bank, I assume crunches the numbers and determines the price is acceptable, but is only acceptable if they don’t have to pay the $ 2,000.00 obligation the seller has to the home owners association, and doesn’t want to pay the $ 3,000.00 the seller owes for the previous years taxes, and decides that the Realtor that did 3 times as much work as a normal file should discount their commission by let’s say 1%, or $ 2,000.00 in this case. The total is $ 7,000.00. Now, the bankers, in their infinite wisdom say OK, we will accept the offer, however, we will not pay the above sellers obligations, so now you have to go back to the buyer. 9 out of 10 times the buyers says I didn’t live their and am not paying last years taxes, and I am not paying last years HOA, and I am the buyer, I am certainly not paying any Real Estate commission. Reality is if the bank came back and said $ 207,000.00, they buyer would probably accept it, instead of the deal falling apart and now the process for the sale of that home will have to begin all over again. This also makes it difficult for FHA buyers that are working with little cash because even if they agree to pay, usually these amounts cannot be rolled into the mortgage and they don’t have the extra cash to pay. I have seen cases where the deal fell apart for these exact reasons time and time again, But it gets better, the deal falls apart and another buyer steps up, and pays $ 210,000.00 for the house. Even with the bank paying all they refused to pay before, they would net an additional $ 3,000.00. What do they say? The $ 210,000.00 is great but, we are still not paying the HOA, the sellers taxes, and are still not paying the Realtor, that got them the additional $ 10,000.00, all of their commission. The people negotiating these deals are out of control, incompetent, and act without logic. They are hindering the process, causing damage to both sellers and buyers, and are actually violating the law. What they are doing is torcherous interference of a contract. That however is for a whole new blog. Write your Legislatures, let’s simplify this process. If you are doing a short sale in Lake Worth, Wellington, and Boynton as well as the remainder of Palm Beach County, contact us, we do have the expertise and experience to head off and extinguish potential problems.
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Although the Federal Government has put some guidelines in affect, short sales continue to be a very lengthy process, The reason being, is the guidelines are not law and are basically suggested to the banks, but they are not forced to abide by the guidelines when doing a short sale. At Exit Realty Premier, we have become as expert as anyone can be doing a short sale. We have marketed and closed many short sales for home owners in Lake Worth, Wellington, Boynton Beach, and many other areas in Palm Beach and Broward Counties. Along with our well trained agents, many that are certified in short sales, we use a team of attorney’s that handle all the negotiation with the bank and even defend our clients in case they are served with foreclosure proceedings while the short sale is in process. This gives us and the homeowner more time to complete the short sale before the bank has a chance to complete the foreclosure process. We market your home as if you are paying top dollar with the most comprehensive marketing tools in the business and provide you with licensed Florida Real Estate Attorney’s that are experts in the short sale and foreclosure process and we do all this without one dollar out of pocket from you. We and all of our associates we use to market, sell, negotiate, and close your short sale, will get paid from your lender. If you are a buyer and are interested in buying a short sale in Lake Worth, Wellington, Boynton Beach, or anywhere in Palm Beach or even Broward County, our short sale experienced agent’s have the knowledge and tools in place to make closing that short sale a reality. Most times we know what the banks are looking for in a short sale and are constantly improving the documentation that is necessary to complete your short sale. So, whether you are interested in buying or selling a short sale in Lake Worth, Wellington, Boynton Beach, or anywhere in Palm Beach or even Broward County, give us a call.
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The banks in this country better wise up. If the short sale process is not streamlined quickly, Realtors that can hang on, waiting months for the banks to get their head out of their butts to make a decision and get a short sale closed, will eventually stop showing short sales. Especially after being tortured for months with no response and then having the buyer walk, have the banks tell us what THEIR policy is in terms of commission. It is becoming a waste of time to sell these properties. The rest of the Realtors that actually need to make a living will get out of the business all together. I also see more real estate brokerages and mortgage companies closing their doors as a result of the banks dragging their heels in the short sale process. The government needs to set some guidelines and make the banks responsible to speed up the short sale process. It is not in anyone’s interest to have the process take as long as it does. The physical work that goes into a file is minimal for a bank. Order a BPO, get the results, set an acceptable price, and let the realtor do their job and pay them a fair wage. Consumers set prices all the time, how long does it take? The entire system is ridiculous. The bank knows how costly it is to foreclose and then take ownership of the house. Why do these pathetic morons keep making Realtors jump through hoops, then delay the process so long, that the buyer gets disgusted and ends up moving on.
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Realtors nationwide are working triple time trying to get short sales closed. The short sale as we have all come to learn is when the bank takes less than what the homeowner owes as a payoff on the mortgage when they sell the house. This is better for the banks than a foreclosure for a few reasons. It saves on legal fees, it saves time, the homeowner usually maintains the house so there is no need for repairs and they never have to become property managers. Everyone knows a short sale is a better option for all than a foreclosure.
If the banks know that, and they do, then why are they so difficult to deal with. I have heard they are overwhelmed with the number of short sales, they are under staffed, under paid, but the fact is the talent in the banks has left or been terminated for $ 10.00 and hour paper pushers that couldn’t make a decision if they had a loaded gun pointed at their heads. They need to take some of the money the government has thrown at them and devise a system and hire enough people at a decent wage to get this train moving. Instead of the bank taking 10 minutes to order a BPO and coming up with a price when they are notified of a short sale situation, they tell the Realtors to list the property and bring them an offer. Then the Realtor consults with the seller, tries to predict what the bank will take, spend time and money marketing and showing the property, they get an offer and send it in to the bank. Does the bank immediately order the BPO and get back to the Realtor with a price? No, now they begin the torture. After you spend countless hours on hold to be told that they are not the right person to speak to and keep calling back and wind up faxing the same documents 4-5 times, then you wait. Not days, not weeks, usually months, MONTHS, to get an answer back from the bank. By that time the buyer is so disgusted they have either moved on to something else or have just decided they don’t want to buy anymore. Then you are back to square one. When the one out of 10 times the bank is a little more timely or the buyer actually sticks it out, then the bank gets penny wise and dollar foolish about what they “allow.” Or now at the end of the game what “their policies” are. No one else’s policies matter, not the title company, the Realtor, or the buyer. Now they want everyone else involved in the deal to pay for their screw up. They tell the Realtor to take 20-40% less in commission for three times the work, to help them make up for their screw up. The system is horrendous and needs to be changed or the mess the banks have created will just get worse and the market will be flooded with foreclosures and the price will again rapidly drop.
If anyone reads this that works in a bank in this capacity, I would love to hear from you. If you need more info about short sales just visit our website at www.exitrealtypalmbeach.com or write me at vdefrisco@exitrealtypalmbeach.com .
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Want 8,000 reasons to buy a home now? If you are a first time home buyer congress has passed a bill the was signed into law by the President, to stimulate home sales and bolster the economy. The credit is available to first time home buyers who purchase a home after Jan. 1, 2009 and before Dec 1, 2009, so you better hurry because time is running out. It is important to take a look at what defines a first time home buyer. Congress defines a first time home buyer as anyone that has not owned a personal residence in 3 years prior to their 2009 purchase. This is not a gimmick and actually gives people an additional $ 8,000.00 towards the purchase a single family residence, townhouse, or condominium. It is a tax credit, not a deduction or deferment and does not have to be paid back. Many individuals have taken advantage of this wonderful program and it’s results combined with many other economic factors seems to be working. According to the Florida Association of Realtors home sales rose for the 3rd straight month in Palm Beach County and the median home price rose 7% from May to June. Those numbers are very impressive and tells me the bottom is here. The market in Lake Worth, Wellington, and surrounding areas has really changed. It is not uncommon to see multiple offers in these areas and buyers seem to be back in droves. If you have a need or are seriously considering buying, now is the time. If you would like more information on the tax credit go to www.exitrealtypalmbeach.com and click on the link.
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If you are having difficulty making your mortgage payments, you are not alone. Statistics will show that nationwide, foreclosures had decreased in the first quarter of 2009. However, don’t be fooled, with Federal government throwing money at the banks in the billions, banks have held off foreclosing hoping for a more amicable solution using government funds to bail out many worthy homeowners. This will prevent more inventory from flooding the market and help stabilize prices. That is all good, but doesn’t change the fact that record numbers of people are still behind on their payments and are waiting for either an offer from the bank to modify their loan or foreclosure notice. Others have decided they want out, but have a desire to leave their credit somewhat in tact. That is when a short sale is most beneficial. A short sale comes into play when the owner owes more than the property is worth and the bank agrees to a short payoff, less than what is owed to them. As easy as this may sound, it is quite a painful process to the seller and the buyer. The banks are overwhelmed with the volume of requests to do short sales, the process can be very lengthy. In addition to having a good reason why you need to do a short sale, there is a lot of forms that need to be filled out as well as documentation of income that must be provided. The least stressful and most proficient way to complete this process is to hire a Realtor that is a Certified Distressed Property Expert and preferably still works with an attorney to assist with the transaction. This should cost you nothing up front and if they do their job, they will collect their fees from the lender. At Exit Realty Premier in Lake Worth, this is precisely how we work. We specialize in short sales in Lake Worth, Boynton Beach, Wellington, Royal Palm Beach, and Delray Beach. We do provide this service anywhere in Palm Beach County as well as Broward County. There are no fees charged by us to the seller at anytime and even hire a licensed Florida Real Estate Attorney to negotiate and guide you through the process. If you would like any information on how this works, please contact me, I am the broker and will be happy to discuss the details and answer any questions you may have. Call me on my direct line. Victor DeFrisco, 561-951-3759
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Whether you are buying or selling a home in the Lake Worth, Boynton Beach, Wellington, and surrounding areas, chances are you will be involved in a short sale. So many home owners are in short a sale situation, it has recently set the prices of the market. The good news is, houses in the Lake Worth, Boynton Beach, Wellington, and surrounding areas are again affordable. People who couldn’t buy are able to buy, and people that wouldn’t buy are realizing prices are bottoming out. It is not uncommon for foreclosed properties to have multiple offers and to sell over the asking price in Lake Worth, Boynton Beach, Wellington, and surrounding areas. The short sales are seeing 1, 2, even 3 or 4 back up offers. The ratio between new listings and sales is beginning to even out and inventory is finally shrinking. Some new home communities have even raised prices as well as cutting back on free upgrades and incentives. It is a great time to buy. To quote the renowned real estate trainer David Knox, when posed the question, “how do you know when the market has hit bottom?” The answer is when prices start going up. If you think you are going to pick the bottom, chances are you are not. While a short sale is still a painful process to buy, basically due to the incompetency that exists in the banks, it still could save you a lot of money. At our company, Exit Realty Premier, we retain and pay for an attorney to represent our sellers, and this seems to streamline the process. If you are in a short sale situation in the Lake Worth, Boynton Beach, Wellington, or any of the surrounding areas, call us. We are truly the experts. We will market and sell your home with absolutely no cost to you and we will even pay a licensed Florida Real Estate attorney to represent you. If you would like a free consultation related to buying or selling, please call Victor DeFrisco at 561-967-3948. If you plan on buying a short sale we are the experts. Many of our agent have completed the courses and have the designation and distinction of being a Certified Distressed Property Expert. Also we have a good in house inventory of short sale homes the attorney works on closing.
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We are posting this to let everyone know we are offering free assistance to all distressed homeowners in Lake Worth, Wellington, Boynton Beach and all of Palm Beach County. We have put together a team of professionals combining Realtors, attorney’s, and title companies that will perform their services at absolutely no cost to you if you wish to short sale your home. The service will start with a free, confidential, consultation with a Realtor trained in short sales. From there you will have a free consultation with a licensed Real Estate Attorney and between the two you will be advised of your options. If it is agreed that a short sale is the course of action, we will immediately go to work for you. We will market your home without any short cuts. We will do multiple photographs, advertise your home on MLS, all major search engines, as well as multiple websites. We will advertise in multiple print publications and even create full color brochures for the buyers that visit the home. We will keep you abreast of all developments and present all offers to you. When we get an offer, the attorney will handle all contact and negotiations with your lender. When an agreement is reached we will coordinate with the title company and move forward to closing. We will all have your interest in mind and will keep you informed every step of the way. For all of these services there will be absolutely no cost to you, we will get the lender to pay all the fees. In this trying time you will be dealing with all well trained, competent, and compassionate people. If you have any questions please call me, Victor DeFrisco at 561-951-3759 and I will answer any questions you might have. You can also email me at vdefrisco@exitrealtypalmbeach.com.
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