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Weston Single Family Homes Sold During February 2013

Weston, a Very Interesting Real Estate Market…

Weston’s Real Estate activity is still very stable. Even though the number of homes sold is not impressive the facts behind in our opinion are… including the fact that there were not more closed sales because there is lack of Inventory.

Here are some Facts:

THE FIRSTS FEW MONTHS OF THE YEAR IN WESTON ARE NORMALLY OUR “LOW SEASON”

24 HOMES SOLD UNDER $ 400,000 AND WE HAVE UNDER 48 ACTIVE LISTINGS UNDER $ 4000M000, this means less than 2 months of Inventory based on Closed Sales (less than 6 months of Inventory based on Closed sales is considered a Seller’s Market)

5 HOMES SOLD AT FULL ASKING PRICE

10 (41.66%) HOMES UNDER $400,000 SOLD ABOVE ASKING PRICE BETWEEN 8.95% AND .04%

17 (70.83%) HOMES UNDER $ 400,000 SOLD CASH

This leaves the Buyers with low Down Payments in a very difficult situation…. we hope the craziness we experienced  a few years ago doesn’t come back. We can’t imagine how the High season will bring!!!

Weston Closeed Sales February 2013 by type of financing and type of transaction

To see a detailed list of Homes sold By Community please click on MORE Read the rest of this entry »

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Weston and Nearby Communities Homes Sold by Type of Transaction

SF Homes Sold Between January and July 2012

We keep track of Weston’s Housing Market very closely and we find it’s very important to check every few months how our real estate performs compared with other nearby communities. Many of our Buyers when looking to buy in Weston also consider these other cities.

Weston has performed very well compared with neighboring cities with slightly over 30% of distressed sales and the lowest percentage of foreclosures. Compared with SW Ranches which is a very small market, Weston’s numbers shows a very “healthy”* market.
* The use of the word healthy we know may be audacious, we mean…. healthier than other markets by contrast.

Weston’s Real estate market was the last the feel the pain of the market downturn and the first to show signs of recovery.

Broward Homes Sold Jan-July 2012 by type of Transaction

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If you are interested in finding how much your home is worth, please call us at (954) 588-7260 or
contact us.

Source: MLS and Trendgraphix. The data is provided for informative purposes and doesn’t imply that the authors were involved directly in these transactions.

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Are You A Bank of America or Countrywide Borrower?

Good News For You…

Bank of America-CountrywideBank of America is committed to help troubled borrowers with Loan Modifications and Short Sales.

To read the complete article written by Oppenheim Law please click on the picture…

To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in box subscribe here.
If you are interested in visiting this home or to find how much your home is worth, please call me at (954) 588-7260 or
contact us.

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Are We Close to an End of the Mortgage Nightmare?

By the First Quarter of 2012 the Large Wave of Mortgage Resets will be Over

In November of 2008 I posted a very simple article that contained the following graph and asked for the opinion of the financial experts. It is noticeable that on 2011 we will have the largest number of Option Adjustable Rate Mortgages that will reset. This means that many borrowers were qualified to pay the minimum payment based on the starting rate and once they reset the monthly payment may be 4 or 5 times what they were qualified for. When it was done everyone expected the prices would go up forever and that time they could sell the property and make money, needless to say things didn’t go according to plans.

Please do not forget this takes the data for all USA and every market has responds differently.

If you see in my Monthly Weston Market Updates*, even though based on this graph 2010 should have been a year with a large number of distressed properties (short sales and foreclosures) hitting the market, during 2009 and 2010 there was not a significant difference.We expect 2011 to keep the same trend…

*To find the Articles with Market Update Information: go to the bottom right of the page and search for the Category: Market Update.

Credit Suize Mortgage Rates ResetsTo stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in-box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or
contact me.

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Fannie Mae Launches www.KnowYourOptions.com

fannie mae know your optinsA Comprehensive Site…with an explanation of every possible option to guide you through tough times; even a link to free housing councelors.

We all have heard of the many, but some times hard to get options, to stay in the home. With detailed explanations of the benefits, how does each option works,  how to start the process and even videos of people facing similar situations.

Options to Stay in Your Home:
Refinance
Repayment Plan
Forbearance
Modification
Deed-for Lease

Options to Leave Your Home:
Short Sale
Deed-in-Lieu

It is very important to study your options before making a decision like letting go your home to foreclosure. As time goes by Short Sales with some banks are moving faster than in the past I also know a lot of people who have been able to refinance there home. The clue for any of the options is patience and preparation. Provide all the requested information and chances are you will find your best alternative. I have noticed that homeowners get easily discourage if they try to contact their bank and don’t get any feedback…you have to get educated and KEEP TRYING.

Good Luck!!!

If you want to know how much your home is worth and what you can expect if you decide to do a short sale contact me at 954-588-7260.

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Weston Single Family Homes Sold: June 2010

99 Single Family Homes Closed on June 2010 in Weston

June has always been a very active month in Weston… It’s interesting to note the decrease in Cash Transactions compared with previous months. In February they represented over 40% of the closed sales.

Picture 7

Sales by Community:

Weston Homes Sold

Picture 2 10-51-13

Picture 3 10-51-13

Picture 4 10-51-05

Picture 6 10-51-05

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Short Sales vs. Strategic Defaults

The Financial Conundrum

I have been very concerned for the last couple of years with the long term effect of Short Sales and Strategic Defaults. Sometimes selling a property as a short sale is the only option but what about strategic defaults?

Each person’s circumstances are different and you should do what makes you feel more comfortable.  I am an advocate to try a loan modification first even though in many cases they are just a way to push forward a financial problem. It may not be the wisest “financial decision” but I think it buys time to work out the problem when the waters have calmed down. Unless there is a reduction of principal the only way to work out the loans is to create a balloon payment; which means at the end of the loan period or upon selling the property a lump sum has to be paid. If someone stays in the property long enough there should be enough equity to pay for it. If it has to be sold anytime in the first years of the loan most likely it will become a short sale but the borrower’s financial situation and the lenders circumstances will be different and you can deal with it then. I am not a financial advisor and I don’t pretend to be one…I know it is a controversial opinion but I think in the long run it will benefit everyone.

I understand trends are important and many people feel that if everyone is doing it, it may be right. I wish I had a crystal ball and be able to see the future as of what will happen in 5-10 years to all the short sales and foreclosures deficiency judgments. For now just make sure you research and  understand what you are getting into. Do your homework, talk to at least 3 attorneys and hear different points of view.

I am sharing an article from Current Matters that refers to this topic…

I recently had an email conversation with a well respected real estate professional about the difference between strategic defaults and short sales. We both agreed that we needed to share our conversation with the readers of this blog. Original Question: I have

via A Conversation on Short Sales vs. Strategic Defaults.

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Monkey See, Monkey Do? Strategic Mortgage Defaults…

There is a World of Difference Between a Real Distress Situation and a Strategic Default.

MonkeysI don’t mean to be disrespectful but I am always scared of “Trends” when they involve financial decisions. Strategic Mortgage Defaults reminds me too much the times when everyone was an investor expecting to flip a property for a huge profit.

How many people did their due diligence?
How many people could afford the worst case scenario?
How many people did it because “everyone is doing it”?

I understand that a Strategic Default can be a preventive measure expecting to protect other assets a homeowner may have. Let’s say the Mortgage, Taxes and Insurance on a Property add up to $ 2,500.00 a month and the same property can be rented for $ 1,600.00 this means reducing annual expenses by $ 10,800 a year that are probably being taken out from the homeowners savings account. The worst is the uncertainty of when the property will recoup the lost value.

My main concern is the downward spiral it creates. As more properties hit the Market as Short Sales or Foreclosures prices may tend to decrease.

In reality this is one of those situations that are a catch 22…there is no wrong or right answer. The most important thing is to make an informed decision understanding the many consequences it may bring and that probably the unpaid balance will not disappear and the credit score will end taking a hit.

Some related articles:
Fed-Up Homeowners who can pay their mortgage, Don’t – RISMEDIA
Strategic Defaults lessons fromthe great depression – THE NEW YORK TIMES
Walking away from your mortgage has consequences – USA TODAY
What might happen if you walk away from your mortgage – MONEY

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I Leased a Property and It Is Being Sold as a Short Sale or Foreclosed…What should I do?

STOCKTON, CA - APRIL 29:  (FILE PHOTO) A forec...
Image by Getty Images via Daylife

The Answer is: Consult an Attorney…

From several conversations with attorneys I have gathered the following information. You particular circumstances may differ so please do your due diligence before making any decision.

Is the Property being sold as a Short Sale or being Foreclosed?

If the Property is being sold as a Short Sale and the Lease is current the new owner must honor the lease term. Very often, by the time the Short Sale is approved, the original lease has expired and the tenant is living in the property with on a month to month lease. Beware of oral agreement since they are harder to enforce than written contracts. In some cases the Tenant lives in the property until the amount given as advanced rent and security deposit is exhausted. It is advised to have a  written agreement with the owner because the owner’s default in paying his mortgage doesn’t give the tenant the right to default in his rental payments. One of the most common complaints from tenants when they keep paying their rent is either the lack of maintenance to the property. Attorneys always advice their clients to keep paying the Association/Condo dues while the Short Sale is being processed.
A good landlord/tenant relationship is key to ensure a smooth transition. Being it to grant access to prospective buyers and be able to commit with a closing date or transferring the lease to the new buyer.

If the Property is Foreclosed the new owner has the right to request the Tenant to vacate the property. Tenant is normally aware that a foreclosure is taking place well in advance.  The new owner can provide the Tenant with a “3 Day Notice” and if the tenant doesn’t leave most likely an eviction will take place. Under some circumstances the new owner offers incentives to ensure the property is left in good conditions and the tenant vacates without the need of being evicted.

If the Property is a Fannie Mae Foreclosure you may get some Help!

Some Qualified renters may be offered month to month Leases and even help to relocate. For additional information:

Fannie Mae Support for Renters

Fannie Mae Renters FQA’s

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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 call me at (954) 588-7260 or contact me.

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Weston Short Sales Market Update-Single Family Homes

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.

RE1 8 Photo View (MLX) IG

Weston Short Sales
SHORT SALES LISTINGS, PENDING AND CLOSED SALES

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.


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