All Entries in the "Blog" Category
Open House Sunday, November 1 at Frenchman’s Reserve
517 Les Jardins at Frenchman's Reserve
Contact:
Vicki Copani, Broker Associate Cobblestone Realty e-mail: palmbeachestates@aol.com website: www.VickiCopani.com Mobile: (561) 301-1463Exceptional 5 bedroom, 5.5 bath, 3 car garage in beautiful Frenchman’s Reserve. This two story Carrington Model is located on a corner lot with beautiful Saturnia tile floors throughout, cherry wood cabinetry, granite counters throughout the kitchen and a gorgeous and inviting tropical pool. Custom window treatments throughout the home is included. This home was originally priced at 1,250,000 and is currently being offered for $875,000. Enjoy the golf and social amenities available in this luxury golf community.
Now Best Time to Buy in Luxury Golf Community
It may seem counter-intuitive—after all, people are tightening their bootstraps all across the nation—but right now is the best market in decades to purchase a luxury golf community home. These difficult economic times present tremendous opportunities to purchase the golf community home of your dreams.
If you’ve given up on your hopes of owning a vacation or retirement home in Southeast Florida, don’t throw in the towel just yet. You may be surprised at how affordable golf community homes really are.
Help get the economy back on track by going against the grain and purchasing a luxury home in a golf course community. Home prices are lower than ever, especially in the once soaring Florida market, and you could get the deal of a lifetime. Not to mention, interest rates are definitely on your side. If you strike while the iron is hot, you could be the proud owner of a luxurious golf community home.
The economy is on the mend so the opportunity to get a great deal on a golf community home won’t last forever. The market will recover. It always does. You could get a spectacular home at a great price.
Mike Galleher is a Broker Associate with Cobblestone Realty. Mike specializes in golf communities in Jupiter, Palm Beach Gardens, Stuart, Hobe Sound and the greater Martin and Palm Beach Counties. To find your dream home, call Mike at (772) 285-6637 or e-mail Mike at mgalleher@cobblestonefl.com or visit his website at jupitergolfrealestate.com.
Open House in Jupiter, Florida
When: Sunday, October 11, 2009
Time: 1:00 p.m. – 4:00 p.m.
Where: 294 Caravelle, JupiterListed for $580,000 Listing Agent: Mary Howarth, Broker Associate E-mail: mhowarth@cobblestonefl.com Mobile: (561) 371-9750
Ever dream of living in a Divosta decorated model? Now you can! Over 3,100 sq. ft. of fabulous interior design and all on one floor. Loaded with upgrades, crown moulding, built-ins, custome window treatments on a very private lot. Nothing behind you. Move in immediately. VIEW THE FULL LISTING HERE
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
2088 Ardley Ct
Juno Beach, FL 33408
Located in the heart of Juno Beach and easily accessible to nearby shopping, dining, grocery store, schools and much, much more. Juno Beach has kept it’s charm over the years without busy development and yet still easily meets all your needs. The community is off of US1, north of PGA Boulevard and south of Donald Ross Road.
Contact Joe Quirk at (561) 427-9326 or email for more information.
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.
- 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.
- Twitter – Another social networking site your REALTOR® may use and can help keep you informed with real estate activity in your area.
- 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.
- 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.
- Trulia – Mega website that is complete with advice, tools and listings.
- 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.
- Zillow is one of the mega real estate website great for mortgage calculators, advice and community information.
- 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.
- 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.
- 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!
Top 5 Mortgage Questions Among First-Time Home Buyers
Here’s what we did. We reviewed all of the questions emailed to the Home Buying Institute over the last six months. We made a list of the most common mortgage-related questions sent in by home buyers, and we answered them below. What’s the result? A must-read article for first-time home buyers!
So here they are, starting with the most common mortgage question we receive…
1. What credit score do I need to get a mortgage?
In the past, we did not get this question as much as we do today. Yet, it has quickly risen to #1 in terms of frequency. There are two reasons for this — economic recession and media coverage. The housing crisis of 2008 led to a full-scale economic recession in 2009. Long story short, it’s harder to qualify for a mortgage loan in the current economy. Lenders today are more strict with their lending criteria, including credit scores. There has been plenty of media coverage about all of this, and that’s why so many home buyers are asking this question. So let’s answer it.
First, you need to realize that the numbers I’m about to give you are only averages. Every lender has its own standards and criteria, and they vary a lot. Lenders will also review other criteria, in addition to your credit score (income, debt, affordability, etc.). In the current economy, you’ll probably need a credit score of at least 670 to qualify for a mortgage loan. In order to get the best rates on a mortgage, you’ll need a score of 750 or higher. Again, these numbers are not set in stone. They are merely averages taken from recent surveys.
2. How much of a mortgage loan can I afford?
The most important thing to understand is that you must answer this question for yourself. A mortgage lender cannot tell you how much you can afford to pay each month — they can only tell you what they’re willing to lend you. It’s possible to get approved for a mortgage that’s too big for you. It happens all the time, and it often ends up with a foreclosure situation. So you need to set your home buying budget early on in the process, before you start talking to lenders.
This is a relatively simple process. All you need to do is subtract your monthly expenses from your net monthly income (after taxes), and you’ll have a rough idea of what you afford to pay toward a mortgage each month. When you add up your monthly expenses, include everything but your current rent payments — you won’t have a rent when you buy a home. Be sure to account for entertainment / leisure expenses, retirement and savings contributions, and whatever debts you currently have. Subtract these expenses from your monthly income, and use that figure as a monthly limit for your mortgage. Do not exceed that maximum amount, even if a lender approves you for more. Stay within your budget!
3. How do I apply for an FHA loan?
Let’s start with a quick definition. An FHA loan is any home loan that’s insured by the Federal Housing Administration, which is part of the Department of Housing and Urban Development / HUD. The FHA does not actually make loans to consumers — rather, they insure the loans made by primary lenders.
These loans offer certain benefits to first-time home buyers. Lenders receive guaranteed repayment from the federal government, even if the homeowner ends up defaulting on the loan. This government backing makes it easier for home buyers to qualify for FHA loans. You don’t have to put as much money down (as little as 3.5%), and your credit score doesn’t have to be perfect. That’s the primary appeal of FHA home loans.
To apply for an FHA loan, you would need to start on the FHA website. From there, you can find a list of FHA-approved lenders in your area, and you can apply for the program directly through those lenders. You can actually start this process through either the HUD or the FHA websites. Here are the links:
After you submit an application with an FHA-approved lender, they will review your financial situation and tell you (A) if you’re qualified for the program and (B) what kind of rate / terms you might get.
4. How do I get pre-approved for a mortgage loan?
It’s wise to get pre-approved for a mortgage loan before you start house hunting. It helps you limit your search to the types of homes you can actually afford. Sellers will also take your offer more seriously if you have your financing lined up. Fortunately, it’s a straightforward process. Just contact your chosen lender and tell them you want to get pre-approved for a mortgage. They will set up an appointment and tell you what to bring (W-2 statements, bank statements, pay stubs, etc.).
Afterward, the lender will tell you how much they are willing to lend you, based on your financial situation. They’ll also give you a pre-approval letter with the same information.
5. Should I choose a fixed or adjustable-rate mortgage?
A fixed-rate mortgage keeps the same interest rate over the entire life of the loan. On the contrary, an adjustable-rate mortgage (ARM) has an interest rate that will adjust or “reset” every few years. These days, most ARM loans start with a fixed rate for a certain period of time, typically three to five years, and will start adjusting after that. During the initial fixed-rate period, an ARM loan will usually have a lower rate than a regular fixed-rate mortgage. This is why some home buyers choose ARM loans in the first place — to get a lower rate, and thus a smaller mortgage payment each month.
I generally recommend fixed-rate mortgages for people who are going to stay in a house for a long period of time, more than a few years. The only time I would even consider an adjustable / ARM loan would be a short-term residency, where I knew I would be selling the home within a few years. For example, I did my final military tour in Maryland, and I knew I’d be moving out of the state after two years. So I used an ARM loan to get a lower interest rate, and I sold the home long before the three-year point where it would start adjusting. This is the only type of situation where I recommend the ARM loan. For long-term residency, I recommend a fixed-rate mortgage for predictability.
You should learn everything you can about fixed and adjustable mortgages, and choose the one that best suits your needs. Once you learn about the various pros and cons of each option, and obvious choice will begin to emerge.
© 2009, Cornett Communications.
About the Author: Brandon Cornett is a consumer advocate and publisher of the Home Buying Institute. You may visit the author’s website at www.HomeBuyingInstitute.com to learn more about this topic.
Is FSBO the Way to Go?
Home sellers were living large in the peak of the real estate market. In Jupiter, Florida many home buyers were sleeping overnight on local builders’ doorsteps for a chance to purchase a home. Since that time, the market has taken a dive. Short sales are more common and foreclosures have not only permeated the market, but have contributed to the dramatic decrease in home prices.
Now many home sellers wonder if selling their home themselves is a more profitable option. I always tell people who ask to take a look at the facts and understand the amount of work involved to sell your home yourself.
Most Difficult Tasks for FSBO Sellers:
Getting the right price . . . 15% Understanding paperwork . . .18% Preparing/fixing up home for sale . . . 15% Attracting potential buyers . . . 9% Having enough time to devote to all aspects of the sale . . . 7%FSBO Methods Used to Market Home:
Yard Sign . . . 50% Friends/neighbors . . . 29% Newspaper ad . . . 31% Open House . . . 25% Listing on the Internet . . . 21%Typical Home Sold:
FSBO. . . $187,200 Agent Assisted. . . $247,000The most difficult task for FSBO Sellers is understanding the paperwork followed by getting the right price/fixing up home for sale. Your first option would be to hire a real estate attorney who can interpret documents and advise you on the rules and regulations for selling your home yourself. After the cost, consider the availability of your attorney. Questions arise at unexpected times and will you be able to get answers from your attorney quickly? The second option is hiring a REALTOR® (see my article Why Hire a REALTOR®). A REALTOR® is trained to understand paperwork, pricing your home and helping you to prepare your home for sale.
The largest and most time consuming part of the job is marketing your home. How will you get the news out that your home is for sale? The most used for FSBO’s is the yard sign. No question, it is a great marketing tool for us REALTORS®. However, using that alone may not get your home sold. Most REALTORS® use all of the marketing methods listed above and more including the MLS (Multiple Listing Service) a primary selling tool in real estate. The MLS alone markets to over 14,000 other REALTORS® in our area. It is a powerful
tool.
The most powerful statistic is the price of the typical home sold. In the above scenario, an agent assisted home sold for $59,800 more. In our area, the standard REALTORS® commission rate is 6%. Subtract that from your sale price ($14,820). You end up with $44,980 more than if you had sold the home yourself.
Source: 2007 National Association of REALTORS® Profile of Home Buyers and Sellers
Joe Quirk, Broker for Cobblestone Realty in Jupiter, Florida. He is also a real estate investor and has investment property throughout Palm Beach County. Contact Joe at (561) 427-9326, by e-mail, or visit our website www.CobblestoneFL.com to learn more.
How to Make Your Home for Sale Outbeat Your Competition
There was a time not long ago, your home would sell the same week that it was listed in the Jupiter real estate market. But that was then and this is now. Times are tough and many clients ask, “How do I make my home competitive in this real estate market?” In this market, this is the time to present your home at its best. Many of the properties in Jupiter, Palm Beach Gardens and even Juno Beach are short sale or foreclosures. That can be to your advantage. Most of those homes are not kept up as well. Here is where you have the opportunity to outshine your competitors.
There are a few basic things you need to do to make sure their home gets noticed first, gets viewed first, and sells first. These things are a combination of enhancing the home’s curb appeal and interior detail, plus a few thoughtful touches that make the viewing experience more enjoyable for prospective home buyers.
First, take a look a your home’s exterior. Now compare that to photos of other homes listed in your neighborhood. Visually, which home is more appealing? If it is not your home, you have some work to do. It’s hard to look at your home with a detached eye, but it is necessary. Set aside the years of good memories and try to “be the buyer,” note any small details that need fixing or a cosmetic touch up and get those done.
Next, turn your attention to the inside. Most homes are a bit to cluttered to show off the details of a home’s interior. This is not to say that a home is messy, it’s just “lived in.” Try to minimize the amount of furniture and “stuff” in your home. If necessary, remove some things and put them in storage. You are going to be moving soon anyway, why not get a head start on it? The more “open” your home feels, the better for showing. Remember to clean off all counters and clean the closets. Buyers are nosey and will open all the closets, cabinets and cupboards to ensure there is enough room for their things.
Lastly, make sure that your home is welcoming when people come to view it. Keep the temperature cool if it is one of your typical hot days in Florida. It will probably be necessary to clean the home daily to maintain its pristine condition. Also, little things like pleasant aromas can help people to feel more at home, cinnamon or chocolate chip cookies are very comforting smells. But if you utilize these, make sure there are some snacks available as viewers might get the munchies!
