Real Estate in and around Stuart Florida
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
In real estate investment, one person’s misfortune is another’s opportunity. Indeed, with so many foreclosed properties on the market, buyers are poised to take advantage of a literally once-in-a-lifetime chance at investment or ownership.
Every opportunity presents some challenges, however, and you’ll need more than luck to effectively buy a distressed property. These transactions are more complex than traditional sales, and you are strongly advised to seek the advice and representation of a real estate professional well versed in this new marketplace.
While a bank-owned home may look like a great deal, don’t assume that any offer will be accepted. Most banks list their foreclosed properties through real estate brokerages, and while they want to sell as quickly as possible, the listing agents have a fiduciary responsibility to get a good price for the owner.
An insultingly low offer can table the transaction permanently, so proceed with common sense and a trusted representative. Keep in mind when negotiating your offer that you should have an additional 10% of the price tag set aside for repairs. A foreclosed property, particularly an older one, will almost certainly require some overhauls.
In addition to your agent, consult with a local real estate attorney who can advise you about current foreclosure laws, which vary significantly from state to state. Know exactly who’s at the door when your opportunity knocks!
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
It’s good news for people who are single, divorced or widowed: They get the same income tax credit when buying a home as married couples do.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit for up to $8,000 when you purchase a home before December 1 of 2009. Whether the buyer is an individual or a married couple, they qualify for the same amount.
One exception: If the buyer is married and buying a home as an individual, that person only gets a $4,000 tax deduction.
Couples qualify for the tax credit if they have an income of $150,000 or less. A single buyer has to have an income of $75,000 or less. (If their income is higher, they get only a percentage of the $8,000 tax credit.)
Other provisions of the Act: First, you have to be a first-time buyer. If you haven’t owned a home in three years, you qualify as a first-time buyer.
Second, the amount of your credit depends on the price you pay for the home. The credit is 10 percent of the price up to $80,000. If you buy a place for $50,000, for example, you would get a tax credit of $5,000.
If you buy a house for more than $80,000, you will get the $8,000 tax credit rather than 10 percent of the purchase price.
Get your tax refund right away when you buy
You don’t have to wait until you file your 2009 income tax return to get a tax credit and refund. You can file an amended 2008 return and claim the credit now. You will receive a check for $8,000 (or 10 percent of the home’s purchase price up to $80,000) minus any amount still owed on previous years’ taxes.
The Act can also help you save money to buy a home. If you are certain that you will buy before December 1, 2009, you can reduce or eliminate withholding taxes from your paycheck. Save that amount toward your down payment. File a new W-4 at work.
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
When buyers become scarce, sellers have to step up and make their offerings stand out to attract attention. Without spending a fortune, sellers can easily highlight several of their home’s features.
First, beat buyers to the punch with a pre-listing home inspection. By discovering and fixing problems before buyers ever see the home, you can impress them with a worry-free, move-in-now opportunity. Leave your repair receipts out during showings, so that buyers can see all the improvements you’ve made just for them!
Once the mechanical and structural features of your home have been addressed, move on to the aesthetic details. First impressions count, so make sure your home is inviting from the curb. Spiff up landscaping, paint, entries, and windows.
Inside, pay attention to bath and kitchen details, because those rooms are often the most important when buyers are making a decision. Aside from deep cleaning, consider updating bath and kitchen features with new and contemporary drawer pulls, faucets, and even sinks.
Finally, get a jump on your moving by organizing your closets and ditching or packing all you possibly can. A good guideline is to reduce your closets to half-full so that the buyers can easily picture the space for their own storage needs.
A few “preemptive strikes” should be all you need to attract buyers and offers, so ask your agent for tips today!
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
Have you ever thought of a home as a commodity? A commodity can be defined as a raw material or product that can be bought and sold. A home is not a raw material, but it is certainly built out of many, like a box full of wood, steel, cement, glass, and copper.
Over the long term, home prices usually rise along with the cost of the commodities it takes for construction. While high inventories of housing may be keeping prices lower right now, the cost of the raw materials that are intrinsically tied to a home’s value is rising, and rapidly.
With increasingly higher construction costs on the horizon, buying now is an ideal investment and a hedge against the rising cost of commodities. Every home is a store of value for all the materials, the land, and the labor involved in its construction. So the long-term value of a home is tightly connected to the cost of its production, making it a very different type of investment from stocks or bonds.
Investing in commodities has always been a great way to make lemonade from the economy’s lemons. And what better way to buy into the commodities market than by purchasing a home? Sooner or later, home prices will be pushed higher by the rising cost of raw materials, so make your move now!
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
Lexington Lakes, Stuart – Announcing a price reduction on 1590 SE Sheffield Ter. Unit 201, a 1,417 sq. ft., 2 bath, 3 bdrm 2’nd floor condo with a garage. Now MLS® $99,000 USD – Affordable New Construction.
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
If you’re planning to go bargain hunting, you are likely to come face to face with a special challenge: the long-vacant home. Many of these properties have been foreclosed, and now rest in the hands of the bank. The owners are long gone.
While the greatest percentage of these “distressed properties” are still in fair to good condition, how can you be sure of possible defects in the home when the previous owners are not available to disclose such facts?
Since the bank owners and their real estate agents may not know all the details about the previous owners, you would be well-served by ordering a “pre-inspection” if you find an attractive property at a low price. Hire an inspector for a preliminary look, and do not make an offer until you know more.
You can pay just a couple hundred dollars for a brief inspection, money well spent before you submit a bid. Having an idea of the home’s true condition can help you determine your offer, or help you make a decision to walk away from the deal, without any obligation.
If the utilities are cut off, ask your representative about getting them turned on during the inspection, which is critical to the inspection’s accuracy. Take a careful look at recent sales in the neighborhood, and make your offer armed with knowledge and confidence!
Understanding real estate dilemmas and their solutions are our business, and we’ll happily share our knowledge with you. Why not give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com and www.TreasureCoastFLHomes.com. Our office is located at 1121 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
When selling a home, two situations may occur which are red flag indicators of a lengthy sale time. Each requires the property owners’ attention in cooperation with their sales agent, and involves either the price or condition of the home.
The first involves a home that has been on the market for 60-90 days, but has been shown only once or twice. More buyers are beginning to enter today’s real estate market, and homes for sale should be attracting a number of prospects.
When buyers choose not to tour a home, the reason is often the price. Homes that are attractive, but not being shown, are often priced “above” the market. The key to increased showings, then, is to learn the market price of the home, then reset the price.
The second “red flag” occurs when a home is being shown often, but neither sells nor attracts offers. The home’s condition is often the culprit in this situation. Buyers learn the price, then drive by, making a judgment that it is an attractive home. Once they see the home, however, their interest evaporates.
The solution can be a critical “walk-through” by the sellers’ agent to identify needed repairs and cosmetic improvements. Until corrected, traffic is likely to remain high, while the chances of selling remain low. Remove these red flags and prepare for a sale!
If you’re planning to sell your home soon and would like accurate and up to date information on its current value, give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
Americans need to become consumers again.
In the American economy, some 70 percent of activity is derived from consumers. But when consumers hunker down and quit spending, economic activity decreases.
The history of America shows it has always had a tendency for action. It has made this country great. People and companies believed in the possibilities of the future and spent their money accordingly.
Today, the mood is the opposite. Economists warn that if we don’t jolt consumers and the economy back to life, we could fall into what economist John Maynard Keynes called the “paradox of thrift.” That is, if everyone saves during a slack period, economic activity will decrease, even more, making everyone poorer.
If we don’t start spending and investing again, we also run the risk of experiencing what was known as Japan’s “lost decade of the 1990s.”
There have been signs that investors are putting money back to work again. Retail sales are slowly rising, and housing starts for February were up more than 22 percent. Sales of existing homes increased by about 5 percent. But we have still a long, long way to go.
The rush to hoard cash and pinch pennies is understandable, given that the net worth of many investments has declined dramatically, say experts writing in Newsweek.
But for our $14 trillion economy to recover and thrive, money hoarders need to open their wallets again and become consumers.
No one is recommending big credit card debt, but worthy and affordable purchases or investments should no longer be put on hold.
The 30-year mortgage: In mid-March, 30-year conventional mortgages carried interest rates of from 4.875 percent to 5.125 percent depending on the lender, the state, and the buyer’s credit score. (See bankrate.com and others)
At 5 percent interest, the monthly payment on a 30-year mortgage for a $100,000 loan is $536.83, which many homeowners could easily afford.
The 15-year mortgage: Some home buyers look forward to paying off the mortgage before they retire or before their children enter college. The 15-year mortgage is a good choice for them.
It’s nice to know that while it will pay off in half the time, they won’t be paying twice as much each month. The 15-year payment for a $100,000 loan is less than you would think. At an interest rate of 4.25 percent, it would be $752.28 a month. Over the life of the mortgage, they would save almost $67,000 in interest.
When the home you want does not have a mortgage or has one the seller is willing to carry, seller financing can be a great deal for a person buying a home.
Usually, the seller will want 10 percent down, but not always. The interest rate charged could be a point above the lowest bank rate. But one big advantage: The seller usually doesn’t require mortgage insurance, meaning the monthly payment will be lower in any case.
The loan can be constructed on a 30-year basis. Most seller-finance deals, however, last for five to seven years, then are settled with a balloon payment for the balance.
Sometimes, a buyer who opts for seller financing will be in a better position five or seven years down the road and will then be able to qualify for a 30-year conventional mortgage.
When buying a seller-financed property, be sure to get a current appraisal. Get title insurance for a few hundred dollars. It will show any tax liens and any other claims that could affect a property transfer.
A recent profile of buyers and sellers compiled by the National Association of REALTORS® has revealed promising, if not surprising statistics about the changing face of the marketplace. The percentage of first-time buyers is on the rise, and they are making their purchases for the long term.
Frankly, this makes sense, because first-time buyers aren’t struggling with the sale of an existing home. Combine that advantage with low home prices, large inventories, and low interest rates, and the result is a positive trend for both buyers and sellers.
Recently enacted tax credits and modifications in the Federal Housing Administration are also helping buyers, along with predicted increased credit flow from a federal funds injection into the banking system. More buyers entering the marketplace means more sales, reduced inventories and increasing home values.
The profile of sellers shows that over 90% used a real estate brokerage to market and sell their property. Buyers profiled listed the most important agent services as helping to find the right home and negotiate satisfactory terms and prices.
If you’re planning a purchase, and need funds for a down payment, learn from buyers in the study who mostly used savings or a gift from family, and who also chose a fixed-rate mortgage over 90% of the time. Consult with a trusted agent today, and get on board the homeownership train.
We know and understand all the financing methods available on the Treasure Coast of Florida. Why not give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
What has taken decades of planning and discussion is finally about to begin. The Florida Department of transportation started releasing bidding for the new bridge to join Stuart and Palm City by 36’th Street in Palm City and Indian Street in Stuart. This long awaited project has been approved using $128 million of Federal stimulus monies and $72 million that has been raised previously through federal, state and county collections.
This bridge will alleviate congestion on the one existing Palm City Bridge that is the main route between Stuart and Palm City. In addition to making access easier between Stuart and Palm City, this project is estimated to employ 3500 workers and have a tremendous trickle down benefit for the local economy and employment levels.
While it took a very long time to be approved, many residents feel it couldn’t have come at a better time.
Want more information? Visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com . Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
Martin County Florida’s single family home inventory in June declined for the fifth consecutive month, which is an indication of market improvement.
There are 2409 homes available through the Multiple Listing Service, a decrease of 71 homes from the previous month and 495 since January 2008. The month-to-month inventory declined 20.5 percent since January.
The current inventory reflects a 16-month supply at the current sales pace.
Martin County had 152 single family home sales in June, a 5 percent improvement from the 144 home sales in the month prior, and 12 percent above the 134 homes sold in June 2007.
To date, 754 homes have been sold by Realtors so far this year, a 4.3 percent increase from the 722 sales posted in the same period a year ago.
The median sales price of a home in Martin County in June fell to $234,950, a 3.1 percent increase over May’s $227,500, but 32.5 percent below the June 2007’s $337,000.
Condos sales in Martin County increased 22.2 percent in June, from 35 in June 2007 to 45 last month. Condo median prices fell 30.7 percent from $260,000 in June 2007 to $180,000 for June of 2008.
There are currently 1168 condos available for sale in the MLS as compared to 1281 in June of 2007.
These numbers show signs of positive activity in home and condo sales while showing that we’re not at the end of price declines yet. If inventory levels continue their decline, we should see a leveling of prices when absorption rates reach less than 9 months.
Understanding real estate dilemmas and their solutions is our business, and we’ll happily share our knowledge with you. Why not give us a call at (772) 323-6996 or visit us on the web at http://www.gabesanders.com/ and http://www.treasurecoastflhomes.com/. Our office is located at 1121 SE Ocean Blvd. in Stuart, Florida (Sewall’s Point); please ask for Gabe Sanders or .
Martin County escaped the slowdown in home sales experienced across the rest of the Treasure Coast during January, but not the continued slide in prices.
Realtors sold 93 homes, the same number as in January 2006, according to figures provided Tuesday by the Martin County Realtors Association. The median home price dropped to $296,000 from $310,000 between the two months, the association said.
Martin County’s report was a positive indictor for the market, said Jennifer Atkisson-Lovett, president of the Realtors Association of Martin County. “We are seeing our residential market begin to show signs of recovery as our number of pending sales are much better than 2006,” Atkisson-Lovett said. “We feel confident about the 2007 market as the pending sales have increased, and buyers are recognizing the outstanding values for investment that are abound in this market.”
Martin’s condominium market was mixed in January. There were 29 Realtor sales in that month versus 50 a year earlier, according to the association. The median price jumped, though, to $305,000 from $219,900 between the two months.
When lumped with the Port St. Lucie-Fort Pierce market, the housing market looked weaker. The Florida Association of Realtors said Tuesday that its members sold 252 existing single-family homes in that metropolitan area during January, down from 343 a year earlier. The median price dropped 8 percent to $241,000 from $261,500. Realtors sold 51 existing condos versus 62 in January 2005. The median price rose 6 percent to $225,000 between the two months.
“Basically, this shows that people listing their homes for sale are not marking them down to the proper market prices,” said Brad Hunter, director of the housing research firm Metrostudy in West Palm Beach. “At least there are still buyers in the market.”
Don Santos, past president of the Treasure Coast Builders Association and president of Santos Construction, said the numbers reflected that it’s still a buyer’s market. “I didn’t expect there would be a turnaround this month,” Santos said. “But I actually think the numbers are a good sign because we’re not seeing 30 percent and 35 percent drop-offs anymore. The bright side is a lot of consumers can really get good deals now.”
The West Palm Beach-Boca Raton area saw 496 sales of existing homes, down 15 percent from the 586 recorded during the same period last year. Prices dropped 1 percent to $388,000 from $393,700 last year.
Statewide, sales of single- family existing homes totaled 9, 382 last month compared to 12,906 homes sold in January 2006 for a 27 percent decrease.
Nationwide, The National Association of Realtors said sales of previously owned homes rose by 3 percent while the median price dropped to $210,600, a decline of 3.1 percent from a year ago.
Stuart Florida Real Estate
Real Estate in and around Stuart Florida
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Phone: 772-323-6996
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