Archive for the 'General RE Info' Category
Weston Short Sales Market Update-Single Family Homes
March 10th, 2010 categories: General RE Info, Market Update, short sales
Weston Short Sale Inventory is Leveled
Weston Single Family Homes Short Sales available for Sale have been decreasing by a couple of points as time goes by. It’s not a significant number but the good news is that the percentage has not increased.
Regarding Short Sale Properties there are Pending Sales input as under contract as far back as April 2008. We never know if the information is totally accurate because not always the information is updated in the MLS in a timely manner as it should.
There are as of Today 8 Active Short Sale Listings in the MLS over $1,000,000.
Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property contact me.
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
| Discussion: No Comments »
Weston Single Family Homes Sold in Weston on February 2010
March 10th, 2010 categories: General RE Info, Market Update
There were 37 Closed Sales in Weston during the month of February, 2010.
Of those Sales:
15 were paid Cash (40.5%)
5 FHA Financed (13.5%)
17 Conventional Loans (46%)
The number of cash transactions is still very high and competing against cash buyers when presenting offers may be challenging. On the other hand it’s encouraging to see that some FHA’s went through.
Almost 70% of the sales were regular sales and 30% of the sales were distressed sales (5 short sales and 6 Foreclosures/REO’s).
Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property contact me.
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
| Discussion: No Comments »
Banks & HAFA-Home Affordable Foreclosure Alternative Program
February 24th, 2010 categories: General RE Info, Tips For Buyers, Tips for Sellers
Encouraging Short Sales as an Alternative to Foreclosure
In an effort to help distressed homeowners the Treasury Department released in November Guidelines to reduce the number of Foreclosures and ease the Short Sale Process. The program should be in effect on April 5th, 2010. Short Sales have been streamlined by Banks as time goes by it’s still a lengthy and painful process. In average a successful Short Sale Transaction had 2 or 3 Buyers during the process. The first one either tired or waiting or not interested in the price the Bank countered at opened the door for second or third Buyers.
Bank of America, is particularly known for its lengthy Short Sale Time line specially with Countrywide Loans. The process will be streamlined through the use of an interactive website easing communication and document uploading. Their goal is to offer pre-approved short sale solicitations and provide approvals within 2 weeks from the time an offer is submitted.
If you are a Bank of America borrower and you are considering a short sale, contact Bank of America Short Sale Team at 1-866-880-1232.
Wells Fargo created Field Short Sale Teams to provide local assistance to homeowners and their Real Estate Agents. Each case is reviewed by a Short Sale Specialist on site. Their goal is to obtain approvals within 7-10 Days and close in 37 days (from start to finish). For a limited time they are offering seller’s incentives to help with moving costs (your local short sale field rep will confirm availability).
If you need a market evaluation of your home to determine if you are facing a Short Sale scenario, please call me at (954) 588-7260 or e-mail me garcia.i@ewm.com
Make sure you list your property with a Real Estate Agent that will treat the Sale of your home with the same care and diligence as a non-distressed sale.
| Discussion: No Comments »
Single Family Homes Sold in West Broward: 2008-2009 Comparison
January 5th, 2010 categories: General RE Info, Market Update, Miramar, Pembroke Pines, Tips For Buyers, Tips for Sellers
The increase in closed sales can be found all around the West Broward. Interestingly Weston’s increase has not been as abrupt as in other areas. It may be caused by any or the combination of several reasons:
| Discussion: No Comments »
SW Broward Single Family Homes for Sale and Sold as of 01/01/2010
January 4th, 2010 categories: Cooper City, Davie, General RE Info, Market Update, Miramar, Pembroke Pines, Properties in Weston, SW Ranches, Tips For Buyers, Tips for Sellers
In most cities we can notice a very low number of homes for sale available. When we have less than 6 Months of Inventory it is considered a Seller’s Market. If you have been in the market purchasing in the last few months you have probably experienced
| Discussion: No Comments »
Can you Prevent Foreclosure?
November 16th, 2009 categories: General RE Info, Mortgage, Tips for Sellers
Show me the Money!
I often hear about the lengthy letter borrowers are sending lenders to explain their hardship. Once the letter is sent they expect the bank will contact them right away to offer a loan modification; but it doesn’t work that way and borrowers get frustrated. Even though having gone through some financial issues help banks being more empathic; what they really want to know is if you can afford a “modified payment”.
Fannie Mae uploaded a Video in YouTube explaining the documents your lender need to be able to help you. Before you call your Lender gather the following information:
- Mortgage Statement
- Condo/Homeowners Association Statement (if applicable)
- Pay stubs and W-2’s if employed or Profit and Loss Statement if Self Employed
- Income Tax Returns
- Statements on every other debt, balance owed and monthly Payment. Including lines of credit, credit cards, car loan, student loans in other words….document every single penny you owe. Remember that this is not to tell the bank how broke you are but to help them figure out if you qualify for a “new loan”.
- And of course a letter stating the reason why you can’t pay the current mortgage payment.
Be truthful, don’t hide anything!!! and Good Luck
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
If you think that selling your home can be a way to prevent foreclosure and for a FREE market analysis, please call me at (954) 588-7260 or contact me.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=eedfbab7-f3c3-4b15-ab04-5ac145879ecd)
| Discussion: No Comments »
Myths and Reality of Foreclosures Sold in Weston, Pembroke Pines-Miramar Florida
October 8th, 2009 categories: General RE Info, Great Deals, Market Update, Tips For Buyers
Single Family Homes Foreclosure Sales in Numbers
In my personal Facebook account I have no idea how many of my friends are fellow Real Estate agents, but I can tell you that MANY. Yesterday the following Video kept coming and I couldn’t resist the temptation to share it with you. At the beginning I had second thoughts if I should post it. That is the perception among many Real Estate agents and Buyer; sadly in certain way it is not far from the truth in our every day dealings.
Since I am believer that numbers don’t lie I researched what happened in the West Broward Market regarding Foreclosure Sales in the last 6 months.
">
/0.jpg" alt="YouTube Preview Image" />
I counted 201 Sales of Bank Owned-Foreclosed Properties in the area in the last 6 months.
93 Sold below Asking price.
Min. -0.04%
Max. -27.97%
Median -4.71%
Average -6.19%
15 Sold at Asking Price
93 Sold above Asking price.
Min. +.16%
Max. + 23.94%
Median +4.04%
Average +5.62%
How were they paid?
CASH 26.86%
CONVENTIONAL 46.76%
FHA 24.38%
OTHER 2%
Average Days on Market
Min. 0
Max. 435
Median 18
Average 48.1
The interesting part of this Myth-Reality Conundrum is that Perception always prevails over Reality. When we call to make appointments half of the properties are already under contract. In certain Price ranges we have to present 2,4,6 or even 9 offers to get one signed contract. As frustrating as it is for both Buyers and Agents there is no way around for now.
Please share your experience!
| Discussion: No Comments »
How Weston Real Estate Market Compares?
September 18th, 2009 categories: General RE Info, Market Update
*Inventories keep decreasing in most areas of Broward County
*Closed Sales keep increasing in most areas. Weston’s Closed Sales decreased in 5.8% compared to last year and pending sales decreased in 18.3%. The decrease in available properties could be the reason why. I am working with a few clients that can’t find what they are looking for. Buyer’s Expectations are still very high and most of them are looking for bargains that do not exists.
*In West Broward is notorious the increase in Closed Sales in Cooper City and Pembroke Pines/Miramar East of Flamingo. In my opinion it is due to the fact that compared to other areas Buyer’s can find more SF for their Money.
If you want detailed information please leave a comment or contact us directly
| Discussion: No Comments »
As Property Values Go Down…Will The Property Taxes Follow?
July 29th, 2009 categories: General RE Info, Market Update, Tips For Buyers
The Answers is… Not Necessarily; Someone Has to Pay the Bills.
As an illustration, let me play with some numbers. Let’s assume that the Municipality needs $1,000.00 to operate and generates revenues of $400.00 from other sources. That balance of $ 600.00 needs to be collected through property taxes. Even if the value of the properties change the same amount needs to be collected. It means that if values go down each property will pay a higher mill rate.
The only way to reduce Property Taxes is by lowering expenses or increase other sources of income. The cities have been fighting the reduction of those expenses for a long time stating that the services they provide would have to be cut; specially those related to security. Some of them have pension plans for their employers that are unsustainable and can’t be changed. Individuals can get some savings by filing for Homestead and other Exemptions (only applicable to US Residents).
Our Property Appraiser in Broward County uses distress sales to asses values, some other counties are not. You can go to www.bcpa.net and find out the estimated taxes for 2009. In Dade County, for example, they are not being used.
SOMETHING NEW ABOUT OUR 2009 REAL PROPERTY ASSESSMENTS
“Starting with the new 2009 real property assessments, our residential land values and improvement (building) values are correctly apportioned. (…) Using mass-appraisal methods, we equalized land values this year by neighborhood — not just by subdivision within a neighborhood. This means the square-foot land value for dry lots in a neighborhood should be the same as for other comparable dry lots in the same area … lots along a golf course will be valued the same as other lots along the same golf course … waterfront lots will be valued the same as other similar waterfront lots (and point lots valued the same as other nearby point lots) … and so on. If you believe we incorrectly paired your lot (versus your neighbor’s land value), please contact Land Section Supervisor Mark Taravella.”
Source: www.bcpa.net
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=9c791206-67d3-4f90-9b9e-67ad5a7c67e3)
| Discussion: No Comments »
How Weston Real Estate Market Compares? 2nd Quarter 2009
July 21st, 2009 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
Months of Inventory June 09-Weston Florida
There are no set rules to determine how a real estate market will perform in the future, the industry uses Months of Inventory based on Closed Sales (total inventory divided by the number of houses sold per month) as a guideline. Months of Inventory based on Closes sales is a much powerful indicator that the traditional “Days on the Market” used to measure the length of time a property may remain on the market.
Seller’s Market or Buyer’s Market?
Months of Inventory also let’s us track if the market is balanced, leaning toward sellers or buyers, in a concrete way. If the market keeps on that trend of activity it calculates the number of months it would take for the market to deplete the currently active inventory. It is generally agreed that areas with 6 to 9 months of inventory are considered to have a normal or balanced market. Areas with more than 9 months of Inventory are referred to as buyer’s markets, while areas with less than 6 months of inventory are considered to be a seller’s market.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=1b4c2849-9f17-4eca-b980-e3c29ee7593a)
| Discussion: No Comments »
