Martin County Residential Market Report

07.15.09 by
Here are the graphs I’ve compiled from the latest Market Report for Martin County Residential Sales and Listings with data supplied by the Realtor Association of Martin County:
Our 3-month average absorption rate is now down below 14 months. Single month average is 13.7 for June. Definitely trending in a positive direction. The ideal range for a balanced market is 6 months.
The Definition of Absorption Rate: Number of weeks it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. The absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.

For June, the average sales price had an uptick for the first time in many months. This is mostly from the mix of homes sold rather than a trend on sales prices. But, it is another positive sign. Listing prices have also started to trend higher.

For additional information about Martin County real estate on Florida’s Treasure Coast, visit our website GabeSanders.com or call us at (772) 888-2885.

Price Reduced on Sewalls Point Pool Home

07.13.09 by

Situated on an over ½ Acre high elevation lot in Sewalls Point, this is an extremely solid CBS home with a very private setting yet close to everything, the beaches, shopping, schools and marinas. Large, screened heated pool and spa overlooking a private fenced back yard with lots of room. Accordion hurricane shutters throughout. Side entry garage and a private gated entry. Split plan with pocket doors throughout home for those that prefer privacy. Wood floors throughout. All this at a fabulous price.

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

One’s Loss Is Another’s Gain

07.11.09 by

While falling values are not good indicators for sellers, they’re great news for buyers, lifting affordability to historically high levels. For example, to purchase a median-priced home of $164,600 with 20% down and an interest rate of 5.1%, a buyer would need an annual income of just under $35,000.

With the lowest interest rates we’ve seen in forty years, now is an opportune time to lock in a rate on a fixed loan. Rates are already showing signs of rising, and waiting too long could negatively affect your ability to secure such a mortgage.

In addition to rising interest rates, the fees on loan applications may also start increasing. This is because lenders have reassessed their risk-to-reward ratios in light of all the recent loan defaults. Around the corner, we might expect higher mortgage insurance premiums and closing costs, not to mention tougher and tougher terms for qualification.

With interest rates and loan fees still at very affordable levels, now is the time to make your move and secure your financial stability through home ownership. If you buy a $150,000 home today and it appreciates at a very conservative 3% annually, that home would be worth nearly $164,000 in three years.

Don’t let all the negative stories about real estate blind you to the many positive factors for buyers in today’s market.

If you’re considering purchasing a home and want to know what’s happening in the local real estate market, visit our website GabeSanders.com or call us at (772) 888-2885.

Price Reduced on Waterfront Pool Home with Dock and Ocean Access

07.06.09 by
North River Shores, Stuart – Announcing a price reduction on 1765 NW Harbor Pl., a 1,588 sq. ft., 3 bath, 2 bdrm single story. Now MLS® $499,000 USD – Bargain Priced.

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Up On The Downsize

06.27.09 by
For any number of reasons, more people than ever are downsizing these days. Whether it’s a reduction in income, a reduction in family size, or just a desire for easier living, smaller homes are becoming more attractive.There are challenges associated with downsizing, but experience has taught some valuable lessons that you may find useful. Once you’ve decided to sell, start the moving process immediately. Your home will even show better once you’ve begun packing things away. As you decide what to keep, consider donating unwanted items or holding a yard sale.

Solicit family members for help, and see how many belongings might be passed along to family and friends. After all, they say that charity begins at home, right?

You can also “digitize” paper records with a scanner, save them on your computer, or use an online storage service for an added layer of security. Just be sure electronic versions of certain records are legally acceptable.

If you’re still left with a lot of furniture and accessories, you should strongly consider including such items in the listing for your home. First-time buyers may be particularly attracted to such an offering, saving them time and money on furnishing their home, and expediting the entire transaction.

These tips may help you downsize, but of course, any move presents its challenges. If you’re planning to sell your home soon and would like accurate and up-to-date information on its current value, visit our website GabeSanders.com or call us at (772) 888-2885.

Repeat buyers are fueling a turnaround in housing

06.20.09 by
Present homeowners are the group contributing most right now to the monthly increase in existing home sales.
They are an especially big factor in the uptick in midprice home sales. Additionally, they are reducing the national inventory of unsold homes, according to the National Association of Realtors.
First-time buyers are playing a role in allowing homeowners to move up to larger or more expensive homes. When first-timers buy an existing home, the owners are free to trade up.
It’s a great move for both buyer and seller. The first-time buyers can take advantage of the government program that subsidizes their purchase. Homeowners moving up have many choices, some of which are priced well below what they would have sold for a few years ago.
Multiple offers
The bargains are not so cut-and-dry. If the home is in a good neighborhood and is a good value, it could draw multiple offers. Title service companies say one in 10 such homes draw multiple offers at this time, as opposed to one in 30 last fall.
Multiple bids usually indicate a market in which prices are rising and buyers outnumber sellers. Right now, however, most properties that receive multiple bids are distressed or foreclosed homes on which buyers are competing while still looking for a bargain.
Bidders need help
Bargain hunters can be deceived about the true value of a property. They could end up saddled with one in a declining area or one that has basic construction flaws.
Going it alone in a property search takes a great deal of time and expertise the buyer probably doesn’t have.
A real estate agent can make important recommendations, arrange for inspections, and guide the buyer through the entire buying and financing process.
With the agent’s help, a successful and trouble-free purchase can be arranged.
If you’re looking to purchase a home on Florida’s Treasure Coast, we know our neighborhoods, why not visit our website GabeSanders.com or call us at (772) 888-2885.

How Much is Your Love Worth?

06.20.09 by
Okay, so you love that house. But just how much is your love worth? That’s the question that faces every home buyer during any economic season. Sometimes the answer is easy. In hot markets, the answer can be short and sweet: If you have to ask, you can’t afford it. Not too long ago, in the sizzling markets of California, if you even took the time to ask, the property was already gone.
Enter the cooler markets. Today, most markets have a good supply of houses and buyers can take a little time to look for the right house at the right price and make a reasonable offer. Still, how you set the bid for your dream house matters.

Real estate agents make it their business to know what houses sell in neighborhoods and for how much. That’s why asking a real estate agent for a neighborhood market assessment can be such a crucial step in setting your bid price.

Agents will compare the sellers asking price to other homes in the area. Typically in volatile markets, agents will look at selling prices for homes in an area during a two to four-month period. In stable markets, they might use a 12-month standard.
Added to actual sale prices, you can consult Websites such as Zillow or Trulia for a general idea of pricing. Zillow, which does not list houses in every market, gives estimated values for individual properties. Trulia gives estimated home values for neighborhoods. The problem is that no computerized estimate can tell you about the charm of a home ­- or how motivated a seller is.
You can also consider the home’s tax assessment. But this is very often nothing like the whole story since low assessments are rarely challenged.
Even knowing what the seller paid for a home doesn’t tell you much about current property values. It might, however, tell you something about how much equity and emotional attachment the seller has to a home.
Sometimes hiring an appraiser can give home buyers a little comfort since buyers can insist that the house appraises for the asking price.
Nonetheless, even in cool markets, an insultingly low bid on a great house will probably not get you into your dream home since, whether there is a buyer or not, a charming home is still valuable and is worth holding for the right buyer.
Best case: Do your research and trust your real estate expert’s analysis.
If you’re considering a purchase. we know and understand our local market. Visit our website GabeSanders.com or call us at (772) 888-2885.

Read the Fine Print

06.13.09 by

After all your preparations and marketing efforts, what do you do when you get that first offer? Don’t jump for joy or wallow in disappointment until you’ve read all the terms. Price is just the beginning, and other contingencies will ultimately affect your bottom line.

In reviewing the offer, pay attention to seller concessions, which can range from asking you to pay closing costs to include an allowance for roof repairs. Buyers may also request the inclusion of certain articles of personal property not physically attached to the home. This might include the refrigerator or pieces of furniture. You can decline or accept the terms, but it’s best to establish in your listing those items included and excluded in the sale.

Mortgage and appraisal contingencies indicate that the buyer will seek financing at a certain rate and terms and that the appraisal must satisfy the lender. Make sure that all of the terms are realistic, and that there is a reasonable time limit for the buyers to secure their financing.

These and other terms in the offer impact how much you net from your sale, regardless of what actual buying price is stated. It’s possible that a “full price” offer could result in thousands less than a lower offer with fewer contingencies, so please consult with a representative before listing and before accepting or rejecting any offers.

Understanding real estate dilemmas and their solutions is our business, and we’ll happily share our knowledge with you. Why not visit our website GabeSanders.com or call us at (772) 888-2885.

Understanding the Language of Loans

06.06.09 by

Your Realtor may not write your home loan, but that’s who will probably be there when you begin discussing mortgage options. Knowing some of the nuts and bolts before you start your home search can help you find the right loan.

Factors affecting your terms are the amount, the length of the loan, and the loan-to-value ratio (how much of the home’s value you are financing). Larger loans carry more risk to the lender, so the interest rate may be higher.

Similarly, a smaller down payment represents more risk, possibly warranting a higher interest rate. Get the best rate by putting down as close to 20% as possible.

The difference between 15- and 30-year loans is also critical. Payments for a shorter term will be larger, but you’ll build equity much faster, and enjoy a slightly lower interest rate.

Also, understand the workings of an adjustable-rate mortgage (ARM). You need to be fully prepared for what may happen to your payments after the first adjustment. However, something like a 5/1 ARM (a fixed rate for five years and an adjustment each year thereafter), could be a good idea if you’re buying your first home and don’t plan to stay longer than five years.

Discuss your hopes and objectives with an agent, who can help guide you down the road to homeownership.

If you’re considering purchasing a home, but feel ‘out of touch’ with what’s happening in real estate visit our website GabeSanders.com or call us at (772) 888-2885.

Springtree in Stuart Florida

05.30.09 by

Springtree is a beautiful small development just west of US 1 in Stuart, Florida. Conveniently located between Indian Street and Salerno Road, Springtree is close to shopping, restaurants, beaches and easy access to I-95 for commuters. This community is a wonderful family neighborhood and in the Martin County ‘A’ rated school district.

 

Engle Homes completed this community between the years of 2000 and 2003. This is a gated community with a lighted lake and fountain as the centerpiece of the community. Many homes boast wonderful private lakeside views. Springtree also has a number of preserve areas as well as a playground to keep the tots occupied.

For real estate information about Springtree or other fine Treasure Coast Florida Homes, visit our website GabeSanders.com or call us at (772) 888-2885.

 

The Difference Between Selling And Dwelling

05.30.09 by
There is a special mindset associated with “staging” your home to sell in a soft market. Staging refers simply to the act of improving your home’s appearance in order to appeal to the widest segment of potential buyers. The approach you must adopt is to see your home with an objective eye.
Stop looking at your home as your “home,” and start visualizing it as the “product” it becomes when it enters the market. Both a real estate agent and a professional home stager can help to market your product successfully by highlighting positive features and downplaying less attractive aspects.
Since you may have a strong emotional attachment to your home, you may not fully appreciate hearing about a better way to show your offering, but try to recognize that the way you decorate to SELL may be quite different from the way you decorate to dwell. The appearance of space often trumps its functionality when impressing buyers.
Your goal is to sell quickly at a fair price. A survey by a large national real estate brokerage showed that staged homes sell in half the time, and another survey of REALTORS® showed that a $500 “staging” investment recouped 343% of that cost. So be prepared to swallow a little pride, move some furniture, and field better offers on the road to your successful sale.
Understanding real estate dilemmas and their solutions is our business, and we’ll happily share our knowledge with you. For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Spacious Pool Home for Sale on 5 Acres in Palm City Farms

05.28.09 by
Secluded yet Close
• 2,344 sq. ft., 2 bath, 3 bdrm single story “Spacious Floor Plan” – MLS® $449,000 USD – Great 5 Acre Location

Palm City Farms, Palm City – Nicely updated and spacious CBS home on 5 private acres in Palm City Farms. A private paved road leads you to this wonderfully secluded setting, yet close to shopping, “A” rated schools, and restaurants. A large patio area with a screened oversized pool (new in 2003) is perfect for entertaining or lounging in the Florida sun. Spacious rooms with lots of closet space include a formal living room, dining room, large kitchen family room combination with a wood-burning stove, and office. The land is completely fenced and includes a large stocked pond with a dock. Fish, ducks, and turtles abound for nature lovers. Native trees and open spaces make for an incredible private oasis. New roof and AC in 2001.

 For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Pierpoint Yacht Club Condo for Sale

05.26.09 by

• 1,300 sq. ft., 2 bath, 2 bdrm condo “2’nd floor, end unit” – MLS® $99,000 USD – Exceptional value

Pierpoint Yacht Club, Stuart – 2nd-floor end unit, 2 Bedroom Condo located just steps from the wide Saint Lucie River in Pierpoint Yacht Club. Located in the heart of Stuart, close to beaches, restaurants, and shopping as well as downtown Stuart, yet in a wonderfully private and secluded setting. This premium adult community features a community fishing pier with docks and an active clubhouse with a fitness center and two community pools. Come take a look at this wonderful opportunity.

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

4 BR Lakefront Pool Home for Sale in Springtree, Stuart Florida

05.25.09 by
2,118 sq. ft., 2.5 bath, 4 bdrm 2 story – MLS® $250,000 USD – Priced to Sell
Springtree, Stuart – 4 Bedroom Screened Pool Home with gorgeous lake views in the private convenient gated community of Springtree.

This family-friendly community is close to Martin County beaches, convenient shopping, and wonderful restaurants. This district includes all ‘A’ rated schools. This home has generous room sizes and ample storage. Well located in the community with no neighbors across the street. Very aggressively priced featuring a kitchen with a gas stove, tankless gas hot water heater as well as gas heat for the pool and spa. Breakfast nook w/bay window that to the family room, the master suite has dual vanities, roman tub, separate shower. The second floor has accordion storm shutters for easy operation. Ready for immediate occupancy and a quick closing if desired.

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Price Reduced on Riverfront Lots in Fort Pierce

05.23.09 by
SPECTACULAR WATERFRONT PROPERTY WITH 150+/- ft on North Fork of St. Lucie. River Place subdivision is quiet and reminiscent of Old Florida. 1.27 acre parcel. 3 adjoining waterfront lots also available. Invest in 1 or all of them for a 4.5 acre estate with 800 feet on the water
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Price Reduced on Immaculate Waterfront Pool Home in North River Shores

05.23.09 by

North River Shores, Stuart – Announcing a price reduction on 2196 NW Fork Road, a 3,989 sq. ft., 3 bath, 3 bdrm 2 story “Solid Concrete Construction”. Now MLS® $850,000 USD – .

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

Price Reduced on Waterfront Pool Home fixer upper in North River Shores

05.23.09 by
North River Shores, Stuart – Announcing a price reduction on 1765 NW Harbor Pl., a 1,588 sq. ft., 3 bath, 2 bdrm single story. Now MLS® $525,000 USD – Bargain Priced.

For more info, visit our website GabeSanders.com or call us at (772) 888-2885.

An Offer They Can’t Refuse

05.22.09 by

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.

Singles qualify for full $8,000 tax credit

05.16.09 by

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.

Launch an Offensive

05.16.09 by

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.