Cape Coral Florida Real Estate

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WASHINGTON – Jan. 30, 2012 – The National Association of Realtors® conducts a monthly study on Realtors outlooks about the housing market, and the Realtors Confidence Index for single-family home sales in December increased to 31.6 from November’s 30.4. However, it increased 7.1 points in one year – since December 2010 – when it was 24.5. Overall, the Index has shown a slowly improving market outlook.

The index for townhouses was 18.5 in December down slightly down from November’s 18.7. A year earlier, however, it was 12.6. The index for condos also decreased to 14.3 from November’s 15.3, but one year earlier it was only 10.3.

The index also measured Realtors’ outlooks by region. Overall, the West had the highest outlook at 35.0, but the South – which includes Florida – came in second at 33.3. One year earlier, the South’s index stood at 25.1.

Overall, 55 percent of Realtors surveyed expect prices to rise over the next year, an increase from 50 percent only one month earlier; and 7 percent of Realtors expect prices to rise 5 percent or more compared to November’s 6 percent. On the flip side, 38 percent of Realtors expect prices to fall, but that’s less than the 43 percent who said the same thing one month earlier.

In an analysis, NAR Chief Economist Lawrence Yun said 2012 kicks off with “a significant amount of good news. … Existing home sales in December were up from a year ago. Pending sales – that is, contract signings – were 5 percent ahead of a year ago. Housing inventory – the number of homes available for sale – has declined (both for existing and newly built homes). Housing affordability continues at record high levels.”

Yun says that one major problem still hangs over the housing market, however: Many middle-class buyers have been shut out of the market because they cannot obtain a mortgage.

“Loan qualifications have become so strict since 2009 that only borrowers with super-high credit scores and spotless credit history are able to obtain mortgages,” Yun says. According to one-third of the Realtors surveyed, access to credit was the most important factor limiting clients’ ability to buy a home.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

WASHINGTON – Jan. 13, 2012 – Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. But few are able to take advantage of the historic rates.

Freddie Mac said Thursday the average rate on the 30-year fixed mortgage fell to 3.89 percent. That’s below the previous record of 3.91 percent reached three weeks ago.

Records for mortgage rates date back to the 1950s.

The average on the 15-year fixed mortgage ticked down to 3.16 percent. That’s down from a record 3.21 percent three weeks ago.

Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect.

Average fixed mortgage rates hovered around 4 percent at the end of 2011. Yet many Americans either can’t take advantage of the rates or have already done so. High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years.

Mortgage applications have fallen slightly on a seasonally adjusted basis over the past four weeks, according to the Mortgage Bankers Association.

Frank Nothaft, Freddie Mac’s chief economist, said that until hiring picks up and unemployment drops significantly, the impact of lower mortgage rates will remain muted.

Previously occupied homes are selling just slightly ahead of 2010’s dismal pace. New-home sales in 2011 will likely be the worst year on records going back half a century.

Builders hope that the low rates could boost sales next year. Low mortgage rates were cited as a key reason the National Association of Home Builders survey of builder sentiment rose in December to its highest level in more than a year.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan fell to 0.7 from 0.8; the average on the 15-year fixed mortgage was unchanged at 0.8.

For the five-year adjustable loan, the average rate declined to 2.82 percent from 2.86 percent. The average on the one-year adjustable loan fell to 2.76 percent from 2.80 percent.

The average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6

See why my Exclusive Buyer agency services are in so much demand.
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30+ years of helping buyers

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1. Fla.’s existing home, condo sales up in November

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

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Why you are protected with Joe and will save money.

Seniors close to retirement can boost return on investment

Q: Will I save money if I make my regular monthly payment early?

A: No, paying early merely allows the firm servicing your loan to earn interest on your money until the payment due date. This is not the case, however, if you have a simple interest mortgage (SIM). Because it accrues interest daily, the earlier you pay a SIM, the more interest you save.

Q: How do I know if my mortgage is "simple interest"?

A: Your note will say that interest accrues daily. Also, the monthly payment on a SIM varies month to month, so if your payment is always the same, you do not have a SIM.

Q: What is the best time of the month to make an extra payment?

A: If you include it with your regular payment and pay before the grace period, the extra payment will be applied to the current balance. If you make the extra payment after the grace period, it might be applied to the current balance, or it might not be credited until the following month, depending on the systems/policies of the servicer. You should find out where the servicer's cutoff is for receiving credit in the current month.

Q: If I make a large extra payment, will my future scheduled payments be lower?

A: On a fixed-rate mortgage, the scheduled payment is not affected by the extra payment. You just pay down the balance faster. On an adjustable-rate mortgage, the scheduled payment remains the same until the next rate adjustment. At that point, the payment is recalculated based on the reduced balance, the new rate and the original term. So unless it is offset by a rate increase, the payment will drop.

Q: Would I be better off investing excess funds rather than paying down the loan balance?

A: Not very likely. Paying down the loan balance is an investment carrying a yield equal to the mortgage rate, with no default risk. There are no riskless investments today that pay a yield that even comes close.

Q: Would this apply to a high-tax-bracket borrower who deducts mortgage interest payments?

A: Yes, what matters is the after-tax yield on the mortgage repayment relative to other investments, and the tax-rate adjustment affects them equally.

Q: Isn't it better to make extra payments in the early years of a mortgage when the regular payment goes largely to interest than in later years when most of it goes to principal?

A: No, the return on investment is not affected by where the mortgage is in its life cycle. While the allocation of scheduled payments between principal and interest changes over the life of the mortgage, extra payments go entirely to principal, no matter what stage of its life cycle the mortgage is in.

Q: Is there a way to escape a prepayment penalty clause?

A: No, the clause is there to protect the lender, or the ultimate investor if the loan was sold, which it probably was. Investors pay extra for the protection. I have never heard of a case where a prepayment penalty clause was voluntarily waived.

Q: Should seniors close to retirement pay off their mortgage?

A: It is a prudent move if they have the assets to do it, because the rate they are paying on their mortgage is higher than the return they can earn on assets having a high degree of safety. Paying off their mortgage also clears the way for a reverse mortgage in the future, should the need for additional income arise.

Q: If I have two mortgages, which do I pay down first?

A: In general, pay down the mortgage carrying the higher rate. However, if that mortgage is fixed-rate while the lower-rate mortgage is adjustable-rate, the decision must consider the possibility that the rate on the adjustable will increase in the future.

Q: Is a biweekly payment mortgage a painless way to pay it off sooner?

A: Making half the monthly payment every two weeks is not painless, because it requires an extra monthly payment every year, and the lender will charge you for the privilege. An alternative approach that is equally effective, and which is entirely within your control, is to increase your scheduled monthly payment by 1/12 of the payment.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

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WASHINGTON – Dec. 16, 2011 – When it comes to remodeling, exterior replacement projects have routinely rewarded homeowners with more bang for their buck when it comes time to sell a home.

This year is no different, as Realtors® recently rated many exterior improvements as the most valuable home investment projects, part of the “2011-12 Remodeling Cost vs. Value Report.”

“This year’s ‘Remodeling Cost vs. Value Report’ shows the value of putting your home’s best facade forward, so to speak,” said National Association of Realtors President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami and 2002 Florida Realtors president. “Inexpensive exterior replacement projects are not only crucial to a home’s regular upkeep, but are also expected to recoup close to 70 percent of costs. Specific exterior projects such as siding, and window and door replacements are part of regular home maintenance, so many homeowners are already undertaking them. These projects also do not require expensive materials, and they have the added bonus of instantly adding curb appeal.”

HouseLogic.com, NAR’s consumer website, lists a number of remodeling projects along with the recouped value of the project based on a national average. According to the “Cost vs. Value,” seven of the top 10 are exterior replacement projects. Realtors judged an upscale fiber-cement siding replacement as the project expected to return the most money, with an estimated 78 percent of costs recouped upon resale.

Two additional siding replacement projects were in the top 10, including foam-backed vinyl siding, expected to return 69.6 percent of costs, and upscale vinyl siding, expected to recoup 69.5 percent of costs. Three door replacements were also among the top exterior replacement projects. The steel entry door replacement is the least expensive project in the report, costing little more than $1,200 on average and expected to recoup 73 percent of costs.

The upscale garage door replacement jumped seven spots to number six this year, primarily due to the average cost of the project declining more than 15 percent nationally. The upscale and midrange garage door replacement projects are expected to return more than 71 percent of costs. One window replacement project – upscale vinyl – rounded out the last exterior replacement project in the top 10, expected to recoup 69.1 percent of costs.

The “2011-12 Remodeling Cost vs. Value Report” compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 14th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with NAR.

Realtors provided insight into local markets and buyer home preferences within those markets. Overall, Realtors estimated that homeowners would recoup an average of 57.7 percent of their investment in 35 different improvement projects, down from an average of 60 percent last year. Due to a weak economy, high unemployment in the construction industry and the increasing cost of materials, the price of remodeling projects rose, leaving many homeowners hesitant to tackle projects or encouraging them to scale back on their plans.

Three interior remodeling projects are also considered worthwhile investments. A midrange attic bedroom is expected to return 72.5 percent of costs upon resale; of all the projects in the report, it is the least expensive way to add a bedroom and bathroom within a home’s existing footprint. A minor kitchen remodel, expected to return 72.1 percent of costs, is fourth overall, ranking two places higher than last year. Nationally, the average cost for the project is just under $20,000 and is the least expensive way to give an existing kitchen a complete facelift. A wood deck addition, landing at number seven overall, is expected to recoup 70.1 percent of costs. Improvement projects that are expected to return the least are a sunroom addition and a home office remodel, both estimated to recoup less than 46 percent of costs.

“Resale value is just one factor among many that homeowners need to take into account when making a decision to remodel,” said Veissi. “The desirability and resale value of particular remodeling projects also varies by region and metropolitan area. A Realtor can help homeowners decide what low-cost improvement projects will provide the most upon resale in a particular market.”

Most regions followed the national trends; however the Pacific region, consisting of Alaska, Hawaii, California, Oregon and Washington has the highest average cost-value ratio in the country, at 71.3 percent. This is largely because the high cost of remodeling in the region is more than offset by high values at resale. The next best performing regions were West South Central (67.7 percent) and South Atlantic (67.3 percent), mainly due to the low construction costs in the areas and relatively strong resale values.

The regions in which the cost-value ratio is slightly above the national average are New England (60.5 percent), East South Central (59.8 percent) and Mountain (58.5 percent). Three remaining regions performed slightly below the national average. These are the Middle Atlantic (56.8 percent), East North Central (55.3 percent) and West North Central (49.5 percent).

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

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WASHINGTON – Dec. 16, 2011 –
Low rates offer a historic opportunity for those who can afford to buy or refinance. Still, many people either can’t take advantage of the record-low rates or have already done so.

The rate on the 30-year home loan fell from 3.99 percent the previous week, Freddie Mac said Thursday. This week’s 3.94 percent average matches the lowest on records dating to the 1950s.

The average rate on the 30-year fixed mortgage has dropped to 3.94 percent, the record low set in October.
The average on the 15-year fixed mortgage fell to 3.21 percent from 3.27 percent. That’s also a record.

Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.

Should the Federal Reserve launch a new program of bond purchases in the coming months to try to help the economy that could further drive down mortgage rates.

Rates have been below 5 percent for all but two weeks this year. Even so, this year could end up as the worst for home sales in 14 years.

Frank Nothaft, Freddie Mac’s chief economist, said that despite the super-low loan rates, foreclosures and falling home values have created a “rough environment for housing.”

Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures – and those were the worst in 13 years. New-home sales appear headed for their worst year on records dating back half a century.

Mortgage applications have risen slightly in recent weeks but are up from extremely low levels, according to the Mortgage Bankers Association. Last week, refinancings rose more than 9 percent, while loan applications to buy homes fell more than 8 percent.

Some lenders have reported an increase in applications through the Obama administration’s refinancing program. That program was broadened in October to allow up to 1 million more homeowners lower their mortgage payments. But the MBA said such government-assisted loans account for just a small portion of refinancing.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don’t want to sink money into a home that could lose value over the next three to four years.

The average on the 30-year fixed loan has been below 5 percent for all but two weeks in the past year. And many homeowners who have the necessary credit and home equity to refinance already have.

To calculate average the rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8.

For the five-year adjustable loan, the average rate fell to 2.86 percent from 2.93 percent. The average on the one-year adjustable loan ticked up to 2.81 percent from 2.8 percent.

The average fee on the five-year loan rose from 0.5 to 0.6. And the fee on the one-year adjustable loan was unchanged at 0.6

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

See why my Exclusive Buyer agency services are in so much demand.
Why you are protected with Joe and will save money.

After you read this article you should also know that appraisers have to sign a liability clause making them responsible if the home is foreclosed etc and it is worth less than appraised for years.
How to prevent or help this.

When you are a client of mine, I know a lender that has an in house mortgage company thus there is a relationship.
Get a low appraisal and you doubt the value and have to come up with more cash or no loan.

WASHINGTON – Dec. 12, 2011 – In many recent cases, new homes are being appraised for less than the cost of construction, according to the National Association of Home Builders. Builders are blaming flawed appraisals for holding back the housing market’s recovery, saying that new homes should not be compared to foreclosed homes that have sat vacant and are in disrepair.

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” says NAHB Chairman Bob Nielsen.

Sixty percent of builders say they’ve had problems with appraisals coming in below their contract sales price, according to a recent survey by NAHB. One out of three say they’ve had signed sales contracts canceled in the last six months because appraisals were less than the contract sales price.

In a separate study by the National Association of Realtors® from June, 16 percent of real estate professionals also reported an increase in deals being canceled mostly due to low appraisals.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more homeowners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen said in a statement.

NAHB is calling on regulators to make major reforms to appraisal practices and oversight to prevent flawed appraisals from continuing to hamper a housing market recovery.

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30+ years of helping buyers

See why my  Exclusive buyers agent services are in so much demand by buyers.
Why you are protected with Joe and will save money.

MIAMI – Dec. 12, 2011 – Buy a house for half a million dollars and get a visa to stay in the United States for three years.

That’s part of a bill in Congress that aims to stoke the weak U.S. real estate market by luring more wealthy foreign buyers. But the plan is getting mixed reviews in South Florida, one of the country’s hardest-hit housing markets.

Critics say the incentives for foreign investors, as written, won’t attract many buyers. For example, the bill does not let foreigners work while they’re here, and it does not offer them a path to permanent residency. That’s what many Chinese investors want, said developer Lon Tabatchnik, who is luring Chinese investors to his Margaritaville hotel project in Hollywood with a different visa program.

“The Chinese aren’t coming here for a three-year vacation,” Tabatchnik said. “They’re coming here to work and educate their children.”

The bill also would classify the housing investors as full-time residents, requiring them to pay U.S. taxes on their worldwide income. Many Latin Americans and Europeans now buy U.S. real estate as an investment but don’t stay full-time, so they won’t be taxed on their global holdings, said immigration lawyer Larry Behar of Fort Lauderdale.

The provisions are part of a bill co-sponsored by Sens. Charles Schumer, D-New York, and Mike Lee, R-Utah, that would change travel visa programs to lure more foreigners to America. Its real estate portion would let foreigners stay in the country for three years if they invest at least $500,000 in housing, including at least $250,000 for what would become their principal residence. The travel visa could be renewed.

Many Florida lawmakers are still studying the bill, dubbed VISIT-USA. Some say they’re encouraged by creative efforts to reduce the state’s glut in housing.

“In Florida, if we can help the real-estate market, we can help the general economy,” said Rep. Ted Deutch, D-Boca Raton. He said the terms of the bill could be tweaked to boost its effectiveness.

Travel leaders in South Florida give rave reviews to provisions that would modernize the visa process. It now can take three months for qualified applicants in Brazil and China to get U.S. travel visas.

The bill would let foreigners pay extra to get their visas processed within three business days and let U.S. officials interview applicants by video conference to speed approvals, among other measures.

But details of the travel visa-for-homes proposal are prompting the most concerns locally. Behar said the new bill might distract Congress from extending a different law that brings foreign investment to job-creating ventures. The employment-based visa program, known as EB5, is helping fund Miami’s Life-Science Technology Park and other regional projects. EB5 will expire Sept. 30 unless renewed.

“At the end of the day, it really has to be about job creation for Americans,” Behar said. The Schumer-Lee bill does not require that new jobs be created.

Said developer Mo Abbas, who promotes EB5 projects in Hollywood: “In my opinion, the bill will result in sellers’ inflating residential prices so their homes qualify for the proposed three-year tourist visa. What we need is long-term investment, not a quick fix.”

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

 WASHINGTON – Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.

Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.

In 12 our of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.

In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.

Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)

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30+ years of helping buyers

Shoot me an email as to why you are waiting while prices rise and interest rates the lowest in 60 years please.

WASHINGTON – Nov. 30, 2011 – Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

“Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows, and there is a pent-up demand from buyers who normally would have entered the market in recent years,” says Lawrence Yun, NAR chief economist. “We hope this is indicates more buyers are taking advantage of the excellent affordability conditions. Many consumers recognize that homebuyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West, the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

“Although contract signings are up, not all contracts lead to closings,” Yun says. “Many potential homebuyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one. Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying – or they might get a loan but with less favorable terms.”

See why my services are in so much demand by buyers.
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Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

See why my services are in so much demand by buyers.
Why you are protected with Joe and will save money.

NEW YORK – Nov. 29, 2011 – The Conference Board Consumer Confidence Index, which declined in October, surged almost 15 points in November.

The Index now stands at 56.0, up from 40.9 in October. The Present Situation Index increased 11.2 points to 38.3 from 27.1. The Expectations Index, which gauges attitudes about the economy’s condition six months from now, went up 17.8 points to 67.8 from 50.0.

“Confidence has bounced back to levels last seen during the summer (July 2011, 59.2),” says Lynn Franco, Director of The Conference Board Consumer Research Center. “Consumers’ assessment of current conditions finally improved after six months of steady declines. Consumers’ apprehension regarding the short-term outlook for business conditions, jobs and income prospects eased considerably. Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”

Consumers’ appraisal of present-day conditions
Those stating business conditions are “good” increased to 13.3 percent from 11.2 percent, while those stating business conditions are “bad” declined to 38.2 percent from 43.7 percent. Consumers’ appraisal of the labor market was also more upbeat.

Those claiming jobs are “plentiful” increased to 5.8 percent from 3.6 percent, while those saying jobs are “hard to get” decreased to 42.1 percent from 46.9 percent.

Consumers’ short-term outlook
The Expectation Index, which declined last month, was less negative in November. The proportion of consumers anticipating business conditions to improve over the next six months increased to 13.6 percent from 10.2 percent, while those anticipating business conditions will worsen declined to 15.8 percent from 21.3 percent.

Consumers’ outlook for the job market also improved. Those expecting more jobs in the months ahead rose to 12.9 percent from 10.8 percent, while those expecting fewer jobs decreased to 24.1 percent from 27.6 percent. The proportion of consumers anticipating an increase in their incomes rose to 14.9 percent from 11.1 percent.

Nielsen, a global provider of information and analytics, conducts the monthly Consumer Confidence Survey based on a probability-design random sample. The cutoff date for the preliminary results was Nov. 15.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

Think you cannot get a loan at these low rates?

Perhaps! But I know how to help get the best possible rates.

I know whom to contact. That is how I make a living

What is in it for you?

• The lowest prices.
• The best interest rates in 60 years.
• What else? What else do you need?

A home. That I can help you with.

WASHINGTON – Nov. 28, 2011 – Average interest rates on a 30-year, fixed-rate mortgage dropped slightly to 3.98 percent last week, remaining at 60-year lows for the fourth week in a row, Freddie Mac reported.

The decline was only .02 percent from last week’s average 4 percent interest rate.

Freddie Mac spokesman Chad Wandler said the recent interest rates haven’t been near such lows for at least 60 years since long-term rates began being recorded.

Last year at this time, the 30-year, fixed-rate averaged at 4.4 percent.

An average 15-year fixed-rate mortgage also slightly declined last week to 3.3 percent, down from the previous week’s 3.31 percent.

A year ago, the average was at 3.71 percent, according to Freddie Mac.

“Mortgage rates eased slightly with fixed rate loans hovering above all-time lows,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Freddie Mac’s longer name is the Federal Home Loan Mortgage Corp. It is a government-sponsored enterprise set up in 1970 to buy mortgages on the secondary market to expand the money available for home loans.

See why my services are in so much demand by buyers.
Why you are protected with Joe and will save money.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
I invite you to do a free search. http://www.sunnyspotrealty.net/AdvancedSearch
Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

Appraisers signing an Indemnification clause.
Why it is very bad for you.

An indemnification clause is a clause that makes the appraiser liable for many things including * Overvaluing a property for a loan that goes into default months or years later.
This is the way the lender can force the appraiser to under value the home to protect the bank. This is being included in many "Broker opinion of value" statements. How this hurts you if getting a loan. An under appraisal means you must come up with a lot more cash to close since the loan amount will not justify the sales price. Plus you mistakenly now think you over paid for the home.

What to do?

Take my advice and use my lender. In house appraiser means this is much less likely to happen to you.

See why my services are in so much demand by buyers.
Why you are protected with Joe and will save money.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
I invite you to do a free search. http://www.sunnyspotrealty.net/AdvancedSearch
Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

ORLANDO, Fla. – Nov. 21, 2011 – Florida’s existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.

“Statewide, both sales and prices are above where they were this time last year,” noted Florida Realtors Chief Economist Dr. John Tuccillo. “The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.

“These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions,” Tuccillo said. “These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while.”

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.

In Florida’s year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.

“The latest unemployment figures indicate that Florida’s jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is a great time to consult a local Realtor® about homeownership opportunities in your local housing market.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Related: NAR: Oct. existing home sales rise, unsold inventory declines

See why my services are in so much demand by buyers.
Why you are protected with Joe and will save money.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

Top cities in the rebound. Report has a serious lag time problem.

This is about 6 months old news. Cape Coral and Fort Myers included.
Free Search links below.

CHICAGO – Nov. 17, 2011 – Two national studies – one from Realtor.com and one from Trulia – suggest that some Florida markets are poised for a real estate rebound.

“This is a positive trend for Florida,” says John Tuccillo, Florida Realtors chief economist. “While Trulia and Realtor.com aren’t completely accurate in home prices and sales – mainly because they base their numbers on only homes listed on their website – it’s useful to look at visitor behavior and note the trends. If Trulia says more visitors are doing a home search in the Miami market, for example, it probably follows that Miami is experiencing an upswing in demand.”

Realtor.com’s Top Ten Turnaround Report

In Realtor.com’s “Top Ten Turnaround Report,” six Florida cities were considered good bets for an upswing in sales. Realtor.com, which is owned by The National Association of Realtors®, says it created a formula to rank a city’s turnaround potential based on recent price appreciation, changes in inventory, median age of inventory, number of Realtor.com searches by visitors and area unemployment.

Realtor.com attributes the Florida cities’ success to year-over-year home price increases, reductions in inventory, lower unemployment rates and, in some cases, an upswing in international buyers.

Realtor.com’s turnaround list includes:

1. Miami: Ranked No. 1 in the report, Miami hit the top based on “a healthy inventory that is only half the size from a year ago,” a lower foreclosure rate than the national average, and an increase in condo sales.
2. Orlando: While No. 2, Realtor.com says Orlando had more home searches than any other city when compared to the total number of listings. It also had a significant drop in the number of foreclosures.
3. Fort Myers-Cape Coral: Median prices in Fort Myers-Cape Coral have increased year-over-year, foreclosures are down, inventory is lower and foreign buyers are attracted to the area’s real estate prices.
4. Phoenix-Mesa, Ariz.
5. Fort Lauderdale: Inventory has decreased and prices have increased, says Realtor.com.
6. Sarasota-Bradenton: About one in 10 foreign buyers look in Sarasota-Bradenton for a home, Realtor.com says. Listing prices have increased and inventory has decreased.
7. Lakeland-Winter Haven: According to Realtor.com, the number of distressed sales has decreased significantly and prices have gone up.
8. Boise City, Idaho
9. Fort Wayne, Ind.
10. Ann Arbor, Mich.

Trulia’s Metro Movers Report

Trulia has debuted a new report that analyzed its home searches.

In one study, Trulia looked at the number of people who searched for housing in a city – including renters – and compared it to the number of city residents looking elsewhere for a home. An area with a high number of inbound searches and a low number of outbound searches, Trulia reasons, suggests an increased demand for housing.

According to the study, the North Port-Bradenton-Sarasota area had six times more searches by inbound people than outbound people, landing it in the list’s No. 1 position, but four other Florida cities also made the top 10 list:

1. North Port-Bradenton-Sarasota
2. Riverside-San Bernardino-Ontario, CA
3. Charleston-North Charleston-Summerville, SC
4. Fort Lauderdale-Pompano Beach-Deerfield Beach
5. Cape Coral-Fort Myers
6. West Palm Beach-Boca Raton-Boynton Beach
7. Fort Worth-Arlington, TX
8. Oxnard-Thousand Oaks-Ventura, CA
9. Las Vegas-Paradise, NV
10. Orlando-Kissimmee-Sanford

Trulia also looked at the Chicago and New York City markets to see where residents wanted to move. Three Florida cities ranked in the top 10 for Chicago residents: Tampa-St. Petersburg-Clearwater (No. 4), Cape Coral-Fort Myers (No. 6) and Orlando-Kissimmee-Sanford (No. 10).

In New York City, five Florida cities made the list: Miami-Miami-Beach-Kendall (No. 2), Orlando-Kissimmee-Sanford (No. 3), West Palm Beach-Boca Raton-Boynton Beach (No. 5), Fort Lauderdale-Pompano Beach-Deerfield Beach (No. 6) and Tampa-St. Petersburg-Clearwater (No. 7).

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

WASHINGTON – Nov. 14, 2011 – Improving housing affordability mixed with low mortgage rates means that homeowners are paying a lot less for their monthly mortgage payment than they did just a few years ago. In fact, they’re paying nearly 40 percent less on their monthly mortgage payment than homeowners paid in 2006.

According to Fiserv, the monthly mortgage payment for a median-priced single-family home today is $700 – a drop of close to 40 percent from 2006, when it was $1,140.

“Housing affordability has improved dramatically because of declines in both prices and mortgage interest rates,” David Stiff, chief economist at Fiserv, said in a statement. “Nationally, purchase mortgage payments now account for only 13 percent of monthly median family income, the lowest percentage on record (since 1971), and compared to 23 percent in the first quarter of 2006.”

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30+ years of helping buyers

Interest rates fell to new lows in September. Low interest rates increase affordability and should make it easier for buyers to qualify. Yet stories of buyers waiting months to gain loan approval and home purchase transactions not closing on time due to lender's strict underwriting are all too common.

Some buyers are turned down for illogical reasons. For instance, if you have investments -- even if they're performing well -- an underwriter might deny the mortgage because your portfolio doesn't fall into the underwriter's risk assessment model.

One couple was turned down because the husband had worked at his current job for less than a year -- even though he was making more money at the new job than he was before.

These buyers were well-qualified. The wife had worked several years for one employer and was able to qualify for the loan on her own. So, the transaction closed, although two months late.

You could run into underwriting problems if you're self-employed, as W-2 income is much easier to verify. Other hurdles are lapses in employment and owning a lot of property. Some lenders won't lend to buyers who have more than three or four residential properties.

If you're buying a new home before selling your current home, you'll need to have 30 percent equity in your current home. This needs to be verified by the lender's appraiser. Also, the lender will want to see a copy of the cashed check from the tenant for the first month's rent to verify rental income if needed to qualify.

HOUSE HUNTING TIP: As soon as you're serious about buying a home, find the best mortgage broker or loan agent you can to assist you. Don't make your selection based on interest rates alone. A good track record counts for a lot. Joseph Beauvais reccomends one with 100% track record with him.

Closing the deal should be your primary goal. If you have to pay 0.25 percent more to assure your transaction closes on time and that you're not turned down at the last minute, it's worth it.

Be candid with your loan professional about anything in your financial picture that might impact loan qualification. A good loan agent or broker will be able to assess your financial situation and anticipate what you'll need to do to satisfy the underwriter.

Be aware that appraisal issues can impact your loan approval. For example, if a previous owner added square footage without a building permit, the additional square footage probably won't be included as livable square feet.
If possible, use a lender within the area of your purchase so a known local appraiser is used.

If the appraisal comes in for less than the purchase price, the lender might not lend you enough to close the deal. Include an appraisal contingency in your contract.

As of Oct. 1, the conforming jumbo mortgage limit for expensive housing markets like New York City and San Francisco dropped from $729,750 to $625,500. In some cases, conforming jumbo lenders have moved into the market to pick up some slack. You can expect to pay about 0.25 percent more for a 30-year fixed-rate conventional jumbo loan, in some cases. However, today's lower interest rates will help boost affordability.

There are more jumbo financing options available now. Adjustable-rate mortgages that are fixed for 10 years and then revert to an adjustable have a starting rate about 0.25 percent less than a 30-year fixed jumbo. A five-year fixed starts about 0.5 percent to 0.75 percent lower, but is riskier.

THE CLOSING: Because of the risk factor, the lender may want you to have a large cash reserve. Your retirement account counts toward this.

30+ years of helping buyers

1. What are buyers waiting for?

2. Interest rates fall

1. NEW YORK – Oct. 28, 2011 – With low home prices and ultra-low interest rates, the housing market now offers “perhaps the best deals of a generation,” notes a recent article by Bloomberg Businessweek.

Since the housing boom of 2006, home prices have fallen about 31 percent. Also, mortgage rates have been hovering at record lows for the past few weeks – in the 4 percent range or even lower on 30-year fixed-rate mortgages, according to Freddie Mac’s mortgage market survey.

“It’s hard to see the possibility of losing on a home purchase right now, with these mortgage rates,” says economist Dean Baker. “Prices may go lower, but not by much.”

The article notes the following scenario: Buying a $300,000 home with a 4 percent mortgage rate and a 20 percent down payment would mean a $1,145 monthly payment. The Mortgage Bankers Association recently predicted that home prices may fall another 3.5 percent by mid-2012, but mortgage rates will increase by a half-point. Under that same loan scenario, a home would sell for $289,000 while the monthly mortgage bill would be $1,171 – only a $26 difference.

For those who can qualify for a mortgage, “playing the waiting game” won’t result in much gain, Nariman Behravesh, chief economist at IHS in Englewood, Colo., told Bloomberg Businessweek.

2. WASHINGTON – Oct. 28, 2011 – The average rate on the 30-year fixed mortgage was nearly unchanged for a second straight week after rising from a record low.

Freddie Mac said Thursday that the rate on the 30-year loan fell to 4.10 percent from 4.11 percent last week. Three weeks ago, it dropped to 3.94 percent. The National Bureau of Economic Research says that’s the lowest rate ever.

The average rate on the 15-year fixed mortgage was unchanged at 3.38 percent. Three weeks ago, it hit a record low of 3.26 percent.

Low rates have done little to jolt the struggling housing market. Sales remain depressed, and home prices are still dropping in many markets.

High unemployment and declining wages have made it harder for many people to qualify for loans. Most of those who can afford to refinance already have. The number of Americans who bought previously occupied homes fell in September and is on pace to match last year’s dismal figures – the worst in 13 years.

Sales of new homes rose last month after four straight monthly declines. But the increase was largely because builders cut their prices, and it followed a peak buying season that was the worst on records going back nearly 50 years.

Many borrowers are unable to take advantage of the low rates because they can’t meet banks’ restrictive lending standards, or are unable to scrape together a down payment.

The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent.

The Federal Reserve has been helped push rates lower by buying longer-dated Treasurys, such as 10-year Treasury notes. Mortgage rates tend to track the yield on the 10-year note. Buying by the Fed pulls the yield lower.

Rates have been below 5 percent for all but two weeks in the past year. Just five years ago they were closer to 6.5 percent.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for the 30-year fixed mortgage was unchanged at 0.8 point. The average fee for the 15-year loan fell to 0.7 point from 0.8 point.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.

The average rate on the five-year adjustable loan rose to 3.08 percent from 3.01 percent. It hit a record low of 2.96 percent three weeks ago.

The average rate on the one-year adjustable loan fell to 2.90 percent from 2.94 percent. It fell last month to 2.81 percent, the lowest on records dating to 1984.

The average fee on the five-year adjustable loan fell to 0.5 point from 0.6 point. The average fee on the one-year adjustable loan was unchanged at 0.6 percent

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

28 years of knowledge.

As an Exclusive Buyer's agent in and around Cape Coral and Fort Myers Florida, I have noticed a trend that is expanding.

Most of you knew that short sales have a meaningless price and the bank can change the price at any time.

Next are foreclosures, in which the bank sets a price, once an offer is submitted they can order a new appraisal and raise the price due to our market values increasing. Rejecting legitimate offers or counter offer.

My fears are that homes for sale which are neither short sales nor foreclosures will follow the trend.

30 years of working with buyers tells me this may well happen.

Imagine, you view a home with a listing price of 200,000. Love it, make a full price offer and they come back with a counter offer of 225,000. What is the point of having a listing agreement or an asking price?

This is not good and I am, today, trying to figure out a way to combat this.

Any suggestions?

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

This Friday night will mark the kickoff of what organizers hope to be the next big reason to spend time in South Cape.

Nights on the Parkway is a new event that will take place from 6pm to pm on the third Friday of every month. Organizers say Nights on the Parkway will incorporate a variety of entertainment and the unique businesses and give attendees a one of a kind experience.

Each month many of the businesses along Cape Coral Parkway will extend their hours, giving those who attend the opportunity to browse the many shops and unique businesses that populate the South Cape district. There will also be a diverse collection of local entertainers spread out on the sidewalks of the parkway from Vincennes Boulevard to Cape Coral Street, as well as on SE 47th Terrace, all around Big John’s Plaza. Entertainers will provide everything from music, artists, dance and much more.

The event will also be something for the entire family to enjoy. While adults are browsing the individual businesses, there will be face painting, clowns and other activities for children.

The thought behind the event is to provide Cape Coral with family friendly fun, while at the same time promoting the businesses that call South Cape home, “South Cape is a great area. We want to show that to as many people as possible. “We also want it to be an entertaining an event that people will look forward to attending each month,” says Carole Glorioso of John Micheals Fine Jewelry.

A sentiment shared by South Cape's own Community Redevelopment Agency, "We are so excited to see the business community working together to make South Cape a destination location for fun, family friendly events," says CRA Public Relations Manager Helen Ramey.

Glorioso says each month’s event will have a different theme. For the first event, there will be a Halloween theme. Kids will be able to trick or treat from business to business. Cape Coral business Razzle Dazzle will be hosting a fashion show, and The Cape Dog Bakery will put on a “Doggie Halloween Costume Contest”. Cape Dog Bakery is encouraging dog owners to bring their pets down dressed in costume for the chance to win prizes.

While the Parkway itself will still be open to traffic, Glorioso says they hope to at least slow it down enough to attract more and more people each month, “We are hoping these events help the businesses in this area. We think it will help them no matter what type business they are. It will get people walking in their door during the event and then when the event ends hopefully people will visit the bars and restaurants to continue the fun.”

If you are interested in attending Nights on the Parkway, the festivities begin at 6pm and will continue until 9pm. Parking is available in all of the public parking areas. For more information on the event contact Carol Glorioso at (239) 549-2099.

Below is a list of some of the entertainment and activities taking place this Friday night.

Music
• Carmen -Love Child Band
• Emma Briggs Coleman- Singer/Guitarist
• Di Babi Blu
• X2- Local Solo Guitar Player
• Hedi Henrich

Art
• Cape Coral Art League Suzie Nelke and 3 artists
• Artist Dreams Gallery- Local artists painting on the sidewalks

Fashion & Dance
• Fashion Show at Razzle Dazzle
• Zumba Dancers

Family Entertainment
• Face Painters
• Clowns
• Doggie Halloween Costume Contest at the Cape Dog Bakery

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

ORLANDO, Fla. – Nov. 9, 2011 – Florida’s existing home and existing condo sales continued to show gains in third quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.

Existing home sales rose 12 percent in 3Q 2011 with a total of 46,759 homes sold statewide; during the same period the year before, a total of 41,728 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the third quarter rose 13 percent compared to the year-ago sales figure.

Florida’s existing-home median sales price continued to stabilize and remained level at $136,000 for the three-month period; in 3Q 2010, it was $135,900. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for existing condo sales, 20,383 units sold statewide in the third quarter compared to 17,980 units in 3Q 2010 for a 13 percent increase. The statewide existing-condo median sales price was $89,600 in the third quarter; a year earlier, it was $83,700 for a 7 percent increase.

“The quarterly numbers confirm the general improvement in Florida’s housing market in both sales and prices that we’ve been seeing since January 2011,” said Florida Realtors Chief Economist Dr. John Tuccillo. “However, this positive trend isn’t receiving the attention it’s due because of the interaction of people’s expectations, perceptions and reality. When you come out of a recession, people expect the real estate market to take a huge jump forward, and when it doesn’t, they perceive that the market is ‘bad’ or still down. However, the reality is that the Florida market is improving and it has been for some time – it’s just improving more slowly than initial expectations.”

Mortgage rates continued to hover around historical lows in the third quarter. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.31 percent in 3Q 2011; one year earlier, it averaged 4.45 percent.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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30+ years of helping buyers

If you have never been to Cape Coral Florida or just not getting around, I invite you to view this short video.

It is not about me but rather what Cape Coral Fl has to offer.

Click on this; Browsing Cape Coral Fl

It is as small a file to view as possible with so much to show.

If you wish, you may download "internet download manager"

and it will save on your computer to view as much as you want.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

30+ years of helping buyers

This is national news. Not for each locality.

Cape Coral has been on the rise for many months.

I can prove what I say!

WASHINGTON – Oct. 31, 2011 – The nation’s largest home builders say that buyer traffic has picked up, sales increased and prices are stabilizing, according to The Wall Street Journal. The Commerce Department reported that, for the first time in five months, new-home sales rose, increasing 5.7 percent in September. Builder confidence also rose, reaching its highest level in a year in October, according to an index of builder sentiment by the National Association of Home Builders.

Falling home prices and low mortgage rates have encouraged buyers, some builders report. Builders say they’re trimming some of the big losses plaguing them since the housing bubble burst; but they note they still have a long climb out of one of the worst years on record for new-home sales.

PulteGroup Inc., the second largest builder in the country, reported an 8 percent increase in revenue to $1.14 billion in the most recent quarter. The company also reported narrower losses in the most recent quarter: $139.3 million in losses this quarter compared to $995.1 million a year earlier, The Wall Street Journal notes.

Ryland Group Inc. also narrowed its losses: $21.3 million from $29.9 million the year prior. Its revenue also increased, rising 23 percent to $249 million, and its closings also rose 20 percent and orders climbed 30 percent.

“Hopefully, this is an indication that we reached a baseline of demand for new homes in this country and that better days are ahead,” Larry Nicholson, Ryland’s chief executive, said in a conference call with investors.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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28 years of knowledge.

Criminal used a previously unknown weapon to commit crimes in Cape Coral Florida.
They imported 200 snow balls from Massachusetts in an attempt to evade police.

Once a year I have a need for humor. Sorry if you live in Massachusetts.

Tell my daughter to visit soon.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

28 years of knowledge.

 NEW YORK – Oct. 27, 2011 – Rental demand and prices continue to soar, and investors are cashing in. Rents are rising at a 5.17 percent annual rate – up from last year’s 4.72 percent rate. If rents continue to grow at their current pace, they won’t be too far behind the record-high reached in 2000 of 6.18 percent, according to Axiometrics Inc.

The rental market has added about 1.4 million new renters this year, some of whom were former homeowners who faced foreclosure or a short sale. Renters are increasingly showing an appetite for single-family homes owned by investors.

As such, the number of investors in the market is growing. Investors make up anywhere between 20 and 40 percent of monthly existing home sales, according to home-sale data. With home prices and interest rates low, more aspiring investors are jumping in. Nearly 60 percent of investors in a recent survey by Realtor.com considered themselves newcomers to real estate investing.

“This is a long-term investment,” says Greg Rand, CEO of OwnAmerica. “Rents are a steady return on your investment through the years, leaving you with an attractive asset when prices improve. And they will. The best profits in real estate accrue to long-term investors who take a long-term view.”

Source: “Rising Rents Improve Investors’ Return,” RISMedia (Oct. 20, 2011)

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28 years of knowledge.

 From 9-27-11 there are 948 pending sales in Lee county of homes, condo, villas and townhomes.

For the same period there were 890 closed sales.

Our area is having a drastic rise on sales and prices are going up.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
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28 years of knowledge.

Today's experts spout off the latest statistics about long-term wealth, home values, and interest rates, yet there's a much more sentimental side to homeownership. In fact, many home buyers are drawn to homeownership for these warm and fuzzy reasons.

Owning a home allows you to put down roots, both figuratively and literally. On one hand you become part of a neighborhood and community. When you rent, neighbors come and go as quickly as leases renew. Homeowners, however, tend to stay put longer.

What does this mean for you? You can develop, many times, lifelong relationships. This also means your home will see you through many of life's important milestones.

It makes sense. Many people enter the realm of homeownership as young couples looking to build a nest. They plan on starting their own family and need room to expand and grow. These family homes will see many firsts and will be the container of countless memories. Additionally, homeownership gives families more room to entertain and this means extended family will also share in building memories.

It's not just young families, though, that seek homeownership. Families with teenagers seek larger homes to room their growing brood. Retiring adults may wish to start a new phase and new memories, seeking out warmer climates or smaller, more manageable homes.

These little moments are what life is all about. Memories from Christmas mornings and summer vacations will fill minds for years to come.

On the other hand you literally can put down roots by planting trees and shrubs! Renters are rarely afforded the luxury of gardening. In fact, digging up the landlord's yard is frowned upon. As a homeowner you are able to create your own green oasis, including trees that will mature alongside your children and gardens that will feed your hungry pack.

There is a certain pride that comes with homeownership. This little piece of property and land is yours. There's no one that can evict you or take it away. This security allows people to form deep attachments to both the land and home.

This pride of ownership spurs many owners to make improvements and additions, both to keep the home in working order and to make it more comfortable and usable, which in turns improves neighborhood values and overall curb appeal.

Why do people buy? They may be initially motivated by changes in circumstance, such as a new job or a new family, but they buy based on emotional responses. People want a house that can become their home, where they'll fill it with good times and memories. Be sure to remember this sentimental side of homeownership the next time you read about stocks, bonds, and housing woes.

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

28 years of knowledge.

ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.

“One of the most overlooked statistical trends in all of real estate is the growth in home sales, both single-family and condo, in the state of Florida,” said Florida Realtors Chief Economist Dr. John Tuccillo. “We’ve seen an upward trend in sales since January 2011, and September’s sales were a full 10 percent above September 2010. Even prices, which have been static over the past few months, are well above where they were in January 2011.

“One of the reasons for this is stabilization in the distressed property market. This is not a problem that’s going away, but there’s a degree of certainty that is helping the market.”

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in September; 11 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $133,900; a year ago, it was $135,000 for only a 1 percent decrease. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564; and in New York, it was $220,000.

In Florida’s year-to-year comparison for condos, 6,666 units sold statewide in September, a 10 percent gain over the 6,035 units sold in September 2010. The statewide existing condo median sales price last month was $87,200; a year earlier, it was $81,800 for a 7 percent increase.

“Historically low mortgage rates and stabilizing home prices all across Florida’s local housing markets continue to attract potential buyers – housing affordability conditions are very favorable right now,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “However, financially qualified buyers are still being denied home loans because of overly restrictive lending requirements, and that’s a significant obstacle to the housing recovery.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.11 percent in September, down from the 4.35 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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Two part Blog

WASHINGTON (AP) – Oct. 19, 2011 – Homes were built in September at the fastest pace in 17 months, a hopeful sign for the struggling housing market.

The Commerce Department says builders began work on a seasonally adjusted 658,000 homes last month, a 15 percent increase from August and the most since April 2010.

Still, that’s roughly half the 1.2 million that economists say is consistent with healthy housing markets.

Single-family homes, roughly two-thirds of home construction, rose 1.7 percent. Apartment building surged 53.4 percent. Building permits, a gauge of future construction, fell 5 percent.

While home construction represents a small portion of the housing market, it has an outsize impact on the economy. Each home built creates an average of three jobs for a year and about $90,000 in taxes, according to the National Association of Home Builders.

When will REO sales finally reach the peak?

NEW YORK – Oct. 19, 2011 – Properties repossessed through foreclosure may not peak until 2013, HousingWire reports, quoting several analysts and recent reports.

Foreclosure sales are expected to reach 1.48 million properties in 2013, according to analysts from Bank of America Merrill Lynch.

However, with the surge, “we do not expect to see anywhere near the downward pressure on home prices that we had back in 2008, since the expected percent changes in liquidation volumes are so much smaller,” the analysts said.

The increase in foreclosures is expected to mostly change from private banks’ portfolios – which nearly half are from now – to the government’s backlog of properties, with an increase in foreclosures forecasted from Fannie Mae, Freddie Mac, and the Department of Housing and Urban Development’s portfolios. Overall, they are expected to liquidate about 595,000 properties in 2013.

To handle the expected surge, the government continues to consider ideas, including proposals of turning some of the foreclosures into rentals, and a plan from the Federal Housing Finance Agency to refinance more underwater borrowers so they’ll be less likely to walk away from their property.

But some analysts are skeptical that a surge in foreclosures will come without an intervention from the government.

“Do they really think that the government under any administration would let 500,000 homes hit the mark and crash prices all over again, six years after the first crash?” Scott Sambucci, chief analyst at Altos Research, told HousingWire.

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 WASHINGTON – Oct. 14, 2011 – The average rate on the 30-year fixed mortgage rose sharply this week after falling below 4 percent for the first time in history.
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Freddie Mac said Thursday that the rate on the 30-year fixed loan rose to 4.12 percent. That’s up from 3.94 percent last week, the lowest rate ever according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 3.37 percent from 3.26 percent, also a record.

Super low rates haven’t been enough to lift the housing market, which has struggled in recent years with anemic sales and declining home prices.

Rates have been below 5 percent for all but two weeks in the past year. Just five years ago they were closer to 6.5 percent.

Yet sales of previously occupied homes this year are on track to be among the worst in 14 years. Sales of new homes are on pace to finish the year as the lowest on records dating back a half-century.

For many Americans, buying a house is too big a risk in this economy. Unemployment has been stuck near 9 percent for more than two years, raises are scarce and millions of foreclosures are forcing down home prices.

Others can’t qualify for the historically low rates. Banks are also insisting on higher credit scores and 20 percent downpayments for first-time buyers. Many repeat buyers have too little equity invested in their homes to qualify for loans.

Just half of Americans say they’ll ever be able to save enough money to save for a downpayment, according to a survey by the National Foundation for Credit Counseling.

Mortgage rates are low because they tend to track the yield on the 10-year Treasury note. The yield is up this week after falling steadily in previous weeks. The decline was largely because investors are worried about the U.S. economy and the debt crisis in Europe. So they have shifted their money out of stocks and into the relative safety of Treasurys.

Low mortgage rates have fueled a modest boom in refinancing. Still, most people who can afford to refinance have already locked in rates below 5 percent.

Economists say rates need to fall at least a full percentage point before it makes sense to refinance again. The reason is homeowners typically pay a few thousand dollars in closing costs when they refinance.

The low rates being offered also don’t include extra fees, known as points, which many borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fees for the 30-year loan stayed at 0.8 point. The 15-year fixed loan rose to 0.8.

And more Americans refinancing their mortgages are not likely to provide much benefit to the economy. At least 25 percent of U.S. homeowners have little or no equity in their homes. So unlike in the past, people who refinance now don’t tend to draw money out for home-improvement projects or other big expenditures that would contribute to economic growth.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage increased to 3.06 percent from 2.96 percent. That followed six straight weeks of record lows for that loan.

The average rate for the one-year adjustable-rate mortgage fell to 2.90 percent from 2.95 percent. Its average of 2.86 percent three weeks ago was the lowest on records going back to 1984.

The average fees on the five-year loan stayed at 0.6; and the one-year rose to 0.6

Looking for a Canal home on a saltwater canal in Cape Coral etc.Florida?
Call me for any of your needs. Joseph Beauvais 239-770-0686.

28 years of knowledge.