Fall into Fall: Selling past the summer

10.17.16 by

Fall into Fall: Selling past the summer

Fall Foliage

Hey, now wait a minute; where did the summer go? Suddenly the sun seems a bit less bright, and the temperatures are dropping. People are coming home from vacation and venturing back into the bounds of reality; exchanging surfboards and swimsuits for keyboards and pantsuits.

So what does all of this mean for you as a buyer or a seller? Well basically it is time for you to fall into fall; to dive headfirst into a whole new season of buying and selling.

The fall months open up a plethora of possibilities for you as a buyer or seller; and in a multitude of ways. Here are just a few:

1. Snowbirds. As the weather gets cooler, senior citizens who reside in warm weather states like Florida and California tend to ‘migrate’ to the north. These folks, generally referred to as snowbirds, will be looking for a place to stay during their time up north; and whether that place may take the form of a single family home or a condo rental, an apartment or a time share, as a trained home sales professional I can help them find a place to “land and perch.”

2. Students. At the other side of the age scale are college students just returning from what was sure to be a downright riotous summer break; ready once again to resume classes—and, of course, to find a home place that is convenient to their institution of learning. Not every college student has a strong and overwhelming desire to spend their school days in the confines of a cramped dorm; indeed, some may wish to find apartments, cottages, or even small houses to call home while they’re cramming for finals—and I can help!

3. New ‘lookers.’ As folks switch their brains out of vacation mode and return to the business of serious living, they may find themselves considering the purchase of a new home. I, as a trained and skilled real estate professional can lend them a helping hand—along with possibly helping them to find the home of their dreams.

Sure, we all miss the fun and beauty of those ebullient, unforgettable summer months. Yet as a Realtor, the balmy, lovely months of autumn can hold a bounty of promise in terms of new and exciting buying and selling opportunities. Don’t be afraid to fall into fall!

Think Like a Buyer

07.20.16 by

Think Like a Buyer

for-sale

If you are planning to sell your Martin County home anytime in the near future, then you no doubt feel that your residence will make an exemplary addition to today’s flourishing real estate market. And while you are probably absolutely right in this assertion, you may want to take a moment and look at your home from the prospective of a potential buyer.

As someone who is bound to view and inspect a vast number of homes before they make a final buying decision, a buyer is going to view your home through a very special lens, and from a most unique prospective. As such, you must be willing to surrender your personal and highly sentimental view of your house (one that you hold with good reason, as your residence is beautiful), and investigate your home from the prospective of someone who might consider making it their own.

1. Does your home look buyable? Your home no doubt holds a great deal of sentimental appeal for you. Yet if you were seeing the house for the first time, would you consider it clean and attractive?

2. Is your home competitive with other homes available in your area’s current real estate market? Remember that today’s buyers have a rich selection of homes from which to choose; so it might benefit you to peruse current real estate listings advertised online, in the newspaper and in MLS books and real estate magazines. See how your house stacks up in terms of benefits and amenities offered, along with its asking price.

3. Is your home located in a desirable location? It always helps if your home is located in a community that comes complete with rich and varied occupational, educational, cultural and recreational opportunities. The crime rates, tax rates, environmental landscape, and governmental structure of your community also might play roles in a person’s eventual decision to buy or not to buy your home. The better your community, the better your prospects of selling a home located in this community.

4. Is your home one that you would buy yourself? If you were visiting your home for the first time, would you consider buying it? It might sound like a silly question, but it is one you must ask when putting your residence up for sale—and answer to the very best of your ability, to get the optimum price for your beautiful home. Happy selling!

If you’d like some help in pricing your home, just fill out this form and we will get an approximate price to get you started.  Though, this is still no substitute for a full CMA (Comparative Market Analysis).

Jensen Beach Homebuyers Should Check on Credit Report Inclusions

05.27.15 by

 Jensen Beach Homebuyers Should Check on Credit Report Inclusions

Finance

Here is a one-question True or False exam that every future local first-time home buyer should take:

True or False:

One sure way to build a strong credit report is to pay your bills on time.

(Answer: It depends)

Particularly for a first-time Jensen Beach home buyer, being able to present a strong credit report can make the difference between being able to afford a quality home that satisfies all your ‘must haves’—or one you just sort of settle for.

It’s about how much you can comfortably afford. The interest rate you will be offered is directly related to your bill-paying history, and a percentage point (or more) can make a big difference in your monthly budget. Because lending institutions charge more or less based upon the degree of risk they believe a loan carries, the stronger your credit report, the “more house” your monthly payment will cover.

Of course, since a string of unbroken records of punctual payments is what lenders look for, you might think that the answer to my one-question True or False exam would be an unqualified ‘True’—but not so fast. There’s a small catch is in the unbroken records that they look for. The word records.

Just paying your bills on time doesn’t build a strong credit report unless there are records of it—and for Martin County first-timers who have been paying rent for years, all those prompt payments could well be missing in action. The surprising reason lies in the nature of our whole credit reporting system.

It’s voluntary.

As the L.A. Times spotlighted last summer, landlords, phone and cable companies, “and many other creditors don’t report your payments” to the big three credit bureaus (Equifax, Experian and TransUnion). They aren’t required to do so. If you’re planning on becoming one of our Jensen Beach’s first-time home buyers, that might be a big deal—especially since rent payments usually make up the lion’s share of what you buy on credit. But you can do something about it!

Recognizing the difficulty some first timers were having in qualifying for home loans precisely because of such missing data, about five years ago, the credit bureaus teamed up with services like RentTrack that enable tenants to pay their rents online—and get credit for them. TransUnion and Experian also introduced services like “ResidentCredit” and “RentBureau” that encourage property managers to report rent payments for their tenants. That makes sense for landlords, too, because when rent payments are recorded, it enables them to better gauge the creditworthiness of their next batch of applicants.

Making sure your payments are being recorded will put today’s renters ahead of the game when they eventually decide they’re ready for the next step: home ownership. It simplifies the answer to that One-Question True or False credit report question greatly…to a simple “True”!

 Jensen Beach Homebuyers Should Check on Credit Report Inclusions

First-Time Florida Home Buyers Can Get $2K Per Year

04.20.15 by

First-Time Florida Home Buyers Can Get $2K Per Year

 A little-known state program that pays first-time homebuyers up to $2,000 a year has more than tripled its number of participants in a year.

Administrators expect an even higher surge of homebuyers applying this year as the real estate market strengthens.

The state-run Florida Housing Finance Corp. runs the program, which gives first-time homebuyers money back each year based on how much interest they pay on their mortgage.

Once approved, low- and moderate-income homeowners can claim up to half of mortgage interest they paid as a tax credit on their federal income tax return, said Cecka Rose Green, communications director of Florida Housing Finance. The credit is capped at $2,000 each year, she said.

“It’s a $2,000 reduction, dollar for dollar,” Green said. “It keeps money coming back to homeowners.”

The tax credit is good for 30 years or the life of the mortgage as part of the Florida Housing Mortgage Credit Certificate Program, Green said.

Any mortgage interest not counted to receive the credit can still be deducted on federal income tax return, according to Florida Housing Finance.

The program started in 2005, but it didn’t take off during the housing boom, when many Floridians couldn’t afford to buy, she said. Then the housing crash occurred and that scared off many potential homebuyers, she said. The program was restarted two years ago, and 157 homeowners got into it in the first year, she said.

Participation more than tripled in 2014, with 523 homeowners participating, including 51 in Broward and 24 in Palm Beach County, Green said.

It should be even more this year, she said. “Home price have stabilized – it’s now looking to be a great time to buy,” Green said.

Average 30-year fixed-rate mortgages averaged 3.66 percent this week, down from an average of 4.34 percent a year ago, according to the survey of Freddie Mac, the secondary lender.

But two years into the restarted program, many first-time buyers still don’t know about it, said Adam R. Cohn, branch manager of Standard Mortgage Co. of Boca Raton.sold

The program has another advantage beyond the yearly money back, Cohn said. “The beauty of the program is that homebuyers can use that income to qualify for a loan,” he said. “That helps buyers qualify for a higher mortgage.”

To qualify in Broward, income must be less than $82,800 a year for one to two people in a household or $96,377 for three or more. Homes must cost less than $337,500, or $412,500 in a targeted area.

In Palm Beach County, income must be less than $78,720 a year to qualify for one to two people in a household or $91,840 for three or more. Homes must cost less than $337,500, or $412,500 in a targeted area.

The Florida Housing Finance has a list of approved lenders who can take applications for the program at http://www.floridahousing.org.

Copyright © 2015 the Sun Sentinel (Fort Lauderdale, Fla.), Donna Gehrke-White. Distributed by Tribune Content Agency, LLC.

A Smile Goes A Long Way When Dealing with Multiple Offers

05.20.12 by

A Smile Goes A Long Way When Dealing with Multiple Offers

Indeed, multiple offers are back this season. I can actually count on more than one hand times that buyers have lost out on a home this season. It’s always devastating for them! The supply in south Florida, while still very high, does not have the excess investment properties, must-sell Sellers (who already purchased something else), and builder spec homes. 90% of that surplus of inventory dissipated in the past 6 years like a slow dripping faucet. Eventually the drips (buyer purchases) add up and the bathtub overflows. If the bathtub size (supply) were expanding, this would be ok, but builders have been constructing homes at historic lows. In Palm Beach County, we have seen a 12% drop in supply from this year compared to last year. Today’s buyer on average also has different values. They want new construction (which is now defined as 2000+ since there is no new inventory), low HOA fees (this has replaced luxury items), and location-location-location. Homes fitting this description are the ones typically receiving the multiple offers. The other category are short sales, since they are marketed at a must-sell price or sometimes below. Whether the short sale gets approved or not is an entirely different story. If a buyer is purchasing in this category, they need to be aware that they aren’t in a complete buyer’s market anymore. Below are the following strategies I work on with Buyers.

Prepare a Buyer
It’s important the client is aware of what is available, what is under contract, and what has sold. Going through details of statistics in advance is vital.

Exhaust Them
Most clients just don’t believe the market isn’t god-awful until they lose out on something. It’s important to show everything and then some. Sometimes looking at everything gets the point through.

Story Telling
I share stories about how clients lost something in advance.

Visualize
I ask my clients to visualize that they lost the house and how would they feel in a week if they lost it. Try to picture the future.

Promise
Visualizing is not enough. I make them promise and shake my hand that they won’t come back and say I wished you pushed me harder. This gets them to really think about it.

New Properties Will Come On Higher
Homes that have been on the market the longest are often the ripest to sell. When homes sell faster, prices go up. The new listing is going to want more for a least the first 90-180 days.

Give The Lady What She Wants
An old selling by Chicago merchant, Marshall Fields. Give the Seller what they want. Be nice, offer cash or at minimum a preapproval letter, close to 10% down, closing time that the Seller wants. No one wants to do business with an insulting bottom dweller. The Seller doesn’t want headaches. Present yourself as the nice person you are. A smile goes a long way.

Speed
Like in the Rocky Balboa movie. Mickey had Rocky chase those chickens. Get your offers in fast with the same day or next day acceptance time. Sellers will take the time that is allotted to them. Make decisions faster and cut down on the possibility of multiple offers from coming in from the get-go.

Awareness
Sign up for internet IDX automatic emails on an hourly basis. Knowing about the listing first will give you a head’s-up over the competition.

AS IS Contracts
While not always great for the Seller, they offer free options on tying up the house. Once under contract, Sellers will usually agree to repair items because they will have to fix it up for the next guy. Once under contract, the negotiating power will even itself out.  

This is a guest blog courtesy of Jeff Lichtenstein who specializes in luxury real estate in Singer Island oceanfront condos and  Jupiter real estate in South Florida.  His website is at www.JeffRealty.com

Auditioning For the Stage

09.07.10 by


A “staged” home always makes an impression on buyers, and it’s a marketing tool you should consider, particularly if you’ll be moved out of your Treasure Coast Florida Home while it’s listed for sale.  Your real estate agent may already have connections to staging professionals, but if you’re going to conduct your own interviews, here are some points to cover.

First, it’s an absolute must to meet in person and to see their portfolio.  Many stagers often have specialties, so you’ll want to know what experience they have preparing your type of home, and working with listings that are in your selling price range.  You want to be sure that the furnishings and decor that they provide are appropriate for your setting.

Next, focus on the stager’s training and background.  Since this realty-related industry is largely unregulated, you’ll need to ask if they have been trained, and if they have any certifications.  If the stager you’re interviewing also has some background in real estate, that’s a bonus, because there’s more to marketing your home than interior appeal, and any other ideas they can bring to the table won’t hurt.

Ultimately, it may be simpler for you to just ask your real estate agent for recommendations because it’s likely that the agent has already screened stagers for skill and professionalism, and can make a perfect match for your needs.

the Gabe Sanders real estate team

Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Search the MLS for Free

Stuart Florida Real Estate

Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you’ll be emailed all homes that meet your search criteria. You’ll get internet access to a website that includes pictures, prices, and addresses to real estate that’s listed in the MLS!

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

Make Your Move NOW!

07.25.09 by

ALERT: Buyers only have until December 1, 2009 to take advantage of the first-time buyers tax credit authorized in the American Recovery and Reinvestment Act of 2009. Consult now with your tax advisor and real estate representative to get moving!

Most first-time buyers (who haven’t owned a home in three years) will qualify. If you’re married, you and your spouse must both satisfy this description.

There are income limits for claiming the credit of up to 10% of the home’s purchase price, which maxes out at $8,000. If your modified adjusted gross income (on IRS Form 1040, line 37) is less than $75,000 for individuals or $150,000 for married filing jointly, you can claim the maximum credit. For incomes up to $95,000 or $170,000 respectively, the credit is reduced.

This is not a tax “deduction,” but a tax “credit,” meaning that the amount you claim is reduced from your total tax bill! If you will owe less than $8,000 on your 2009 return, you’ll get a REFUND from the IRS for the difference!

The biggest news is that in response to pressure from the National Association of REALTORS®, FHA lenders will allow buyers to use the credit to cover closing costs, buy down the rate, or as an additional down payment! I urge you to take this money from the government and make your move before December!

the Gabe Sanders real estate team

Stuart Florida Real Estate

Residential Homes, Condos and Land

Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

Seller Financing Can Be an Option for Some Buyers, Sellers

04.14.09 by

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.