Archive for September, 2009

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe.  If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Housing Supply Shrinking Home Sales Increasing

The July residential statistics have been released from our regional Board of REALTORS® and shows our housing inventory in the local market has decreased by seven months since January.  Covering Palm Beach County, Martin County and St. Lucie County, the association states that 12.6% more of homes were sold this year over last year.  Leaving our current housing inventory for single family homes at 13.5 months for Palm Beach  County, 6.9 months for St. Lucie County and 15.3 months for Martin County.  Townhomes and condos were at least 4 months longer in inventory across the board in all three counties.

However, median sale prices decreased from 2008 to 2009.  St. Lucie County suffered the biggest drop in prices at a -28.5% decrease from $144,000 to $103,000.  Martin County decreased -20.7% from $290,000 to $230,000 and Palm Beach County a -16.5% decrease from $285,000 – $238,000.  Personally, I like the sound of that.  Prices are lower and demand is picking up.  I see a potential for some sweet equity down the road.  A great time to buy and a great time to invest.

It looks like Palm Beach County is strong with current real estate sales activity.  As of July 2008 total number of units pending and contingent is a strong 3,394 single family homes versus St. Lucie County with 1,709 and Martin County with 450 single family homes.

Lets see what happens over the next few months.  I’m hoping the tax credit is at least extended and sales continue.  Without the tax credit extension, I predict sales will drop off.  But, I just don’t see our government letting that happen.  We’re headed in the right direction. UP!

Juno Isles Florida Ranch Home for Sale

$269,000

Must Have Real Estate Tools for Home Buyers

Realtor.com statistics show that 86% of home buyers begin their home search online.  There is a proliferation of real estate tools on the Internet.  Using the right tools can save you time and help you to find the home of your dreams.  I’ve listed ten must have tools for your real estate search.  Using them effectively will help your real estate search go smoothly for you.

1. Facebook – See if your REALTOR®, is on Facebook.  Many REALTORS® use this tool to communicate with clients, convey important news about the industry and showcase property.  This is a great way for home buyers to keep close to your REALTOR’S® real estate activity.
2. Twitter – Another social networking site your REALTOR® may use and can help keep you informed with real estate activity in your area.
3. Phone Apps – Many of the mega sites such as Trulia and Zillow have created apps for the iPhone to help you with your real estate search.  Look at all the apps available.  Some of the better known aren’t necessarily the highest rated apps.  Doing a search now, I find Redfin scores higher in review ratings.
4. ActiveRain – The social networking site for REALTORS®.  A great place to find a REALTOR® and find homes for sale in your area.  Visit ActiveRain.com.
5. Trulia – Mega website that is complete with advice, tools and listings.
6. MLS Listings -  The most accurate way to receive current listings of homes for sale in the area.  Many times we have had clients call about listings from the bigger websites and found the listing to be old and no longer available.  Get current listings here.
7. Zillow is one of the mega real estate website great for mortgage calculators, advice and community information.
8. Realtor.com is the official site of the National Association of REALTORS®.  The most informative and knowledgeable site from the industry leaders of Real Estate.  Find your home value, finance calculators, Home Buyers Guide and more.
9. Books – A huge book reader myself, there are a wealth of books for home buyers.  No matter what your topic of interest, credit repair, first time home buyer, etc. there is a book for you.  We have a few book recommendations from Amazon on our blog site.  Be sure to check them out.
10. BloggingJupino.com – Our blog provides local real estate and community information.  If you are interested in buying a home in Jupiter, Palm Beach Gardens, Tequesta or Juno Beach, bookmark BloggingJupino.com for in depth real estate, community information and news.

Find which tools work best for you.  You may find a couple that you work with most and stick with them.  You may find other tools or websites not listed here that work better for you.  It only helps you if you use it.  Let us know if you find another cool and fabulous tool by commenting below.  We’d like to hear back from you – your feedback is important to us!