Martin County Real Estate Continues Positive Trend

Martin County Florida Real Estate Market Report for July 2008

Martin County Florida’s single family home inventory in July declined for the sixth consecutive month, continuing this year’s trend of an improving market.

There are 2342 homes available through the Multiple Listing Service, a decrease of 67 homes from the previous month and 562 home decrease since January 2008. The month-to-month inventory declined 20 percent since January.
The current inventory reflects a 16-month supply at the current sales pace.
Martin County had 148 single family home sales in July, a slight decrease of 4 homes from the 152 home sales in the month prior, but 32.5 percent above the 116 homes sold in July 2007.
Through July 2008, 902 homes have been sold by Realtors so far this year, a 7.6 percent increase from the 838 sales posted in the same period a year ago.
The median sales price of a home in Martin County in July fell to $233,225, a slight decrease over Junes’ $234,950, just under 15 percent below the July 2007’s $273,520.
Condos sales in Martin County decreased by 9 units from June 2008, to 36 sales and 7 Units more than in July of 2008 with 29 sales. Condo median prices fell 11.5 percent from $160,000 in July 2007 to $141,500 for July of 2008.
There are currently 1147 condos available for sale in the MLS as compared to 1239 in July of 2007, resulting in an absorption rate of just under 32 months.
These numbers show signs of positive activity in home and condo sales while showing that we’re not at quite at the bottom of the ‘bubble’ yet. If inventory levels continue their decline, we should see a leveling of prices when absorption rates reach less than 9 months. Real Estate remains very local and some neighborhoods are seeing very good activity, while others lag.

If you require any additional information, please call us and we’ll happily share our knowledge with you. Direct Line: (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 (Sewall’s Point); please ask for Gabe Sanders or .

BUYING WITH A MORTGAGE – HELLO, FICO!

You’d have to be living on another planet if you haven’t heard reports of subprime mortgages and their effect on the real estate industry. If you’re planning to buy a home, it’s apparent that loan qualification these days is more challenging. Sellers also feel the effect from fewer qualified buyers who can make a confident, full price offer.

In preparing a loan application, the most critical factor is usually your FICO score (developed by the Fair Isaac Corporation). You may be aware that your score can range from 300 to 850 points, and that your score affects your terms and interest rate. However, there are some details you may find interesting.

You don’t have simply one score, you have three – one from each credit reporting bureau (Equifax, Experian and TransUnion), and each score may differ by as many as 100 points. Your score is formulated from percentages of five different factors: your payment history (35%), your debt (30%), length of your credit history (15%), your credit types (10%), and any newly issued credit (10%).

In order to qualify for a “prime” loan, you’ll need a FICO score of at least 620, but you’ll get the best terms and interest rate if your score is above 720. Your best bet is to check your scores and reported history well in advance of a planned purchase.

If you’re considering purchasing a home, but feel ‘out of touch’ with what’s happening in real estate give us a call today at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 1121 SE Ocean Blvd. in Stuart, Florida (Sewall’s Point); please ask for Gabe Sanders or .

Price Reduced Wide Waterfront Pool Home with Dock

Price Reduced Wide Waterfront Pool Home with Dock

Sewalls Point, Sewall’s Point – Announcing a price reduction on 104 N Sewalls Point Rd., a 3,034 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $990,000 – Waterfront Opportunity.

Property information

Homes for sale in Lexington Lakes, Stuart, Florida

New townhome for sale in Stuart Florida

Direct link to this property: http://2803sebirminghamdr.treasurecoastflhomes.com/

For more information go to http://www.treasurecoastflhomes.com/

Home buying not always the best investment

Buying a home is often called the American dream. But for those who buy with a 3 percent down payment (or no down payment at all), it can be a poor proposition.

A Harvard University study of home sales in Philadelphia, Boston, Denver, and Chicago found that sellers of low-priced homes lost money up to 40 percent of the time once transaction costs were included.

Economists at Wellesley College say whether home ownership is a good or bad investment often depends on the time of purchase. The odds of taking a loss are higher if the seller bought after home prices had already risen and if the buyer stayed in the home for only a few years.

Regular investing in stocks and bonds could be a better alternative. Returns on housing tend to be lower than returns on stocks. The risk of losing money is high when most of a family’s wealth is tied up in a single asset. Factors to consider:

* When satisfactory rentals are not available, buying a family home could be the best option in any case.
* Owning a home can cost more than renting when house payments, taxes, insurance, and maintenance are considered.
* For those who don’t plan to stay in a home for seven years or more, the risk of losing money on a home sale is higher.
* Buyers may not benefit from the tax deduction for interest because their standard deduction is a better deal.
* Easy home-equity loans could mean little forced saving or equity building.
* Those who make a small down payment may pay higher mortgage interest rates and the cost of mortgage insurance.

Over time, buying a home can be a good wealth-building strategy. When housing prices rise, the owner benefits. But housing prices, like the stock market can be cyclical and often don’t rise very much in some areas, and many people don’t stay in a home long enough to build equity. Knowledge of local conditions is the key to making a successful real estate decision.

In the Stuart and Martin County areas, we are nearing or at the bottom of a correction and there are some very good opportunities for home buyers that plan to stay in their home for a number of years. For other areas on the Treasure Coast, please contact me and I can go through a list of options and probabilities for different action scenarios tailored individually for you.