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Local real estate market on a ‘comeback’ says ECAR - Port St Lucie Homes Best Buy

Port st lucie housing market is prime for buyers

Local homes in st lucie county are prime for the investor as homes for sale are well below the average price. Here is an article that I would like to share with you about Florida’s Real Estate market and the comeback that is happening.

The Florida existing housing market made some sizeable leaps during the final month of 2009. According to tatistics released by Florida Realtors, December sales of existing single-family homes jumped 33 percent and condos, a whopping 91 percent.

“The market is on a comeback,” said Emerald Coast Association of Realtors (ECAR) President Mary Ann Windes. “That’s why ECAR’s theme for 2010 is ‘The future’s so bright, we gotta wear shades!’”

Locally, sales of existing single-family homes along the Emerald Coast were up 22 percent. Panama City also saw their numbers rise, albeit modestly at 2 percent, and Pensacola reported a small decline, dipping 2 points.

While most of the markets in Florida saw a decrease in the median sales price including Panama City and Pensacola at 9 and 8 percent, the Emerald Coast was one of only a handful to report an increase, up by 10 percent.

“We’ve been creeping along the bottom of the market for awhile now and we’re seeing a little upward movement in price. Even though we won’t know for sure until we’re well past it, we believe prices hit the bottom in 2009,” said Windes, broker-owner of Real Estate Professionals of Destin Inc.

“It’s too early to say that they’re rising,” she continued, “but I can tell you from personal experience that prices are getting competitive again.”

Condos remained a hot commodity in the chilly month of December, with sales of existing units soaring 91 percent, as compared to the previous year. The Emerald Coast bettered the state’s average, rising 135 points.  Panama City and Pensacola also saw gains, each rising 42 and 70 percent respectively.

Although the median sales price dipped in nearly all Florida markets, gains were reported in three areas, including Pensacola, up 28 percent. While the Emerald Coast and Panama City Beach reported decreases in median sales prices of 8 and 10 percent, both areas skirted under the state’s average drop of 18 percent.

“With the number of buyers increasing in the market, sellers don’t have to reduce their prices to compete, and this seems to be stabilizing prices,” Windes said.

She also noted that short sales and foreclosures appear to be attracting buyers to the market, and this trend probably won’t disappear anytime soon.

“Short sales and foreclosures are a reality of the market and will be for quite some time,” Windes affirmed. “The market continues to adjust to current conditions, as it always does.”

Windes observed that federal tax incentives continue to draw buyers to the market now that the deadline for the first time homebuyers’ $8,000 tax credit, originally implemented in 2009, has been extended to include buyers who sign sales contracts between Nov. 7, 2009 and April 30, 2010, providing they haven’t owned a primary residence in the past three years.

Additionally, a relatively new tax credit allows qualifying repeat buyers to reap up to a $6,500 tax credit, if the home being sold or vacated was used as a primary residence for at least five consecutive years of the past eight.

With all the programs, incentives and other factors affecting the market, it’s particularly important to Rely on a Realtor, said Windes. “Realtors are bound by a higher code of ethics and are required to disclose materially known defects,” she said, listing just a few of the advantages Realtors bring to a transaction. “And Realtors know who’s who among lenders, property and pest inspectors, surveyors, appraisers and closing agents.”

This article was contributed to The Log by the EmeraldCoastRealtors.com

Sharon J Kelly agrees that now is the time to buy 2010 Real Estate in Port St Lucie

What is the Obama loan modification plan all about?

Even if you are not delinquent on your payments, you can still file for an Obama loan modification help if you are facing a financial hardship. Fannie Mae offers early loan workouts to borrowers who face financial difficulties. Even if these borrowers have never been late on their payments, Fannie Mae will offer early loan workouts to help those in need. If you are a qualified homeowner, it is unnecessary for you to have damaged credit scores due to late payments to get the help that you need.

With today’s economy, thousands of people face lay offs and struggle to make their monthly payments on their mortgages. In the past, it was a general requirement that a homeowner had to be 60 to 90 days late on their mortgage payments in order to be considered for a loan modification. This strict policy caused many borrowers to have backed up bills which caused an additional financial hardship. In turn, this huge balance that has been racked up was unaffordable by most homeowners.

If a buyer is able to show his lender that he/she is in danger of defaulting on his/her payments, then their lender will offer them a period of reduced payment for about 3 to 4 weeks. If these new lower payments are all made on time then this reduced payment plan could turn into a more permanent basis. Another thing a buyer can do is prepare for the future if they know that there will be a financial issue. If this is the case, the buyer can contact their lender and apply for a Obama loan modification which will help them out when this financial issue takes place. For example, if a borrower takes a pay cut and will no longer be able to afford their current payment plan, their lender could take this pay cut into consideration and give the borrower a new lower monthly payment plan.

What you must remember is that all lenders will carefully review each borrower’s application and case to make sure that they are in need of a loan modification.  As a homeowner, you will have to submit the correct paperwork, as well as give proof of your current income. This information will help the lender give you your own personalized loan modification. To assure that you have the best possible chances of approval, it is recommended that you learn how to properly complete all the necessary forms.

If you are a homeowner who knows that you will face future payment issues, now is the time to act and apply for a Obama loan modification.  If you think you need to have missed payments to be qualified for a Obama loan modification you are wrong. If you are interested, it is recommended that you begin to research, learn and prepare so that obtaining your end goal is easier for you.

For more information on your current situation and viable alternatives to foreclosure, call 1-800-778-8335.

Difference in a Forbearance Agreement and a Loan Modification

Many individuals confuse a mortgage modification with a forbearance agreement. A forbearance agreement is when a financial institution lets a homeowner not make monthly payments or apply an adjusted mortgage payment for a specific time period. Any interest or late fees that remain unpaid at this point in time will be attached to the loan principal. The financial institution will stop the foreclosure process while in this time frame. This lets the homeowner try to get back on track from their financial problem and allowing them to stay in their home. Many mortgage companies will need homeowners to fill out a forbearance document. This forbearance document is sometimes a bit difficult to complete.

Forbearance agreements can differ greatly from one institution to another. Some financial institutions need the homeowner to supply a tiny monthly installment to help make up the missed payments on top of the regular mortgage payment amount. Let’s say that your regular mortgage payment is $2200.00 a month and you did not make a total of three payments. Your financial institution may ask you to submit an extra amount of $200.00 a month on top of your regular payment of $2200.00. This extra amount is then used towards the payments you did not make. This will continue until your account is paid up to date.
Some forbearance agreements will have the homeowner not make any payments at all for a certain amount of time. This will give the homeowner more time to get back on track. The missed payments and all applicable interest will be tacked on the the principal amount of the loan. The regular terms of the loan will be back in place upon the start of the regular monthly payments.

Other forbearance agreements let the homeowner to stop making monthly mortgage payments all together for a fixed period of time. This allows the homeowner to get back on his/her feet. Any missed mortgage payments and interest are added to the loan principal. The normal terms of the mortgage are back in effect once the monthly mortgage payments start again.

Considering Home Loan Modification? Read Through These Basic Facts

Mortgage Modification really means a permanent change in one or more of the terms of your home loan allowing it to be changed so that you have a lower payment.

Read through the following to determine whether home loan modification is right for you:

• This service is a viable option when the rate or terms of your current home loan make it impossible for you to continue making the payments, thus risking losing your home.
• Mortgage modification is not synonymous with debt consolidation, refinancing loans, or even forbearance. Your lender is agreeing to change the terms of your mortgage originally agreed to when you closed on your home or refinanced.
• Mortgage modifications stop foreclosure proceedings and put you back in good standing with your lender. There are some other facts that explain why lenders actually want to work with you to negotiate a loan modification.

The good thing about loan modification is that you can roll the principal and interest, past due escrow, and late fees into the mortgage modification and thus will not be lost revenue to the lender. Loan modifications may use a step rate approach or an extended term methodology to allow you to repay and get up to speed on your mortgage. It’s a win win situation - as you get more time to pay, and your lender gets more overall interest!

Steer Clear of Foreclosure with a Home Loan Modification

Mortgage lenders don’t want to foreclose on you any more than you want it to happen. Face it - they’re not in the real estate business - they are in the banking business. They’d much rather work with you to modify your home loan. Loan modification lets you spare your credit score the major damage it would take from a foreclosure. And, if you don’t know it yet, let me tell you: Your credit score is your key to the kingdom, so to speak - so keeping it in good shape should always be your goal.

Here are the requirements you must meet in order to be considered a good candidate for a loan modification process to be started on your behalf:

• Your monthly mortgage must be impacted by a verifiable reduction in income
• You must be currently employed or have another source of verifiable, stable and predictable monthly income
• The home loan you wish to modify must be for your primary residence

If your current mortgage payments are too much for you to handle, don’t panic. If you have the ability to pay your mortgage at a lower rate, loan modification may very well be a viable way for you to stay out of foreclosure.

For more loan modification information and other foreclosure options, call 1-800-778-8335.

Article source:  Ezine

Government owned homes (HUD foreclosures) provide exceptional value in today’s economy

If the house you are interested in is a Housing and Urban Development (HUD) foreclosure, then it was last purchased with an Federal Housing Administration (FHA) mortgage. The Federal Government insured the loan, making the previous FHA loan possible. By insuring the loan the Federal Government agrees to repay the Lender for all money lost by the lender in case the property is foreclosed on. It’s a good deal for the Lender as their investment is 100% insured. The Federal Government protects itself by collecting on each transaction of a federally financed property a Mortgage Insurance Premium (MIP) at the time of purchase. The MIP is 2.25% of the mortgage amount and is helpful in several ways.

Because the MIP is charged, the FHA can allow a purchaser to reduce their initial out of pocket cash expenditure from 5% to 3% of the purchase price, making it possible for many more Americans to buy homes. HUD reports in their mission statement that home ownership for the majority of Americans is their goal and that has proven to be the driving force behind their decisions and directives since their inception.

The MIP is pooled with all the other premiums and allows the Federal Government to continue helping homebuyers save money on their homes by keeping the costs down for homebuyers.

Benefits of buying an FHA Foreclosure

• No Appraisal required
• Instant equity
• Flexible Credit requirements
• Low money down.
• HUD will pay all closing costs. (Up to 5% in some states)

Hundreds of government owned homes for sale on the Treasure Coast mean a buyer can experience  significant savings and enjoy a selection from a wide variety of locations.

For more information on government homes on the Treasure Coast, call Sharon Kelly Realty, 1800-778-8335.

Florida’s Existing Home, Condo Sales Rise in 3Q 2009

ORLANDO, Fla., Nov. 10 /PRNewswire/ — Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time the previous year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 3Q 2009 also increased over 2Q 2009’s sales figure in both the existing home and existing condo markets, Florida Realtors’ records show. For 3Q 2009, statewide sales of existing homes rose 2.82 percent over the 2Q 2009 figure; existing condo sales statewide in 3Q 2009 increased 0.37 percent over the 2Q 2009 level.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.

“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” said Tim Becker, the center’s director.

On the positive side, survey respondents expressed increasing optimism about their own business outlook, and predicted great opportunities for future investment. Becker noted that the euro’s favorable exchange rate against the dollar and the availability of desirable commercial property at low prices is encouraging international investors.

“Everybody thinks that Florida will rebound because we have so much going for us - the sun shines every day and there are a lot of advantages to living here,” he said. “Foreign investors see that too and believe their prospects are good for long-term investments.”

All of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year earlier, while 17 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $145,400 in the third quarter; a year earlier, it was $185,600 for a decrease of 22 percent. The 3Q 2009 statewide existing-home median sales price was 1.25 percent higher than 2Q’s statewide existing-home median sales price of $143,600. According to industry 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 a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,797 units sold statewide for the quarter compared to 9,488 in 3Q 2008 for a 56 percent increase. The statewide existing-condo median sales price was $106,100 for the three-month period; in 3Q 2008, it was $160,100 for a decrease of 34 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.16 percent in 3Q 2009; one year earlier, it averaged 6.32 percent.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the third quarter of 2009 to the third quarter of 2008, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in third quarter 2009 to third quarter 2008, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

U.S. EB-5 Investor Visa assists in U.S. residency

For potential international buyers, the U.S. EB-5 Investor Visa program may be their ticket for U.S. residency. 

There are 10,000 EB-5 visas available each year.  To qualify, a nonresident alien must establish a business or invest in an existing business (created or restructured after November 19, 1990), invest $1 million in the business (in some cases, only $500,000) and create full-time employment for at least 10 U.S. workers.   

For more information, visit uscis.gov, and search on “EB-5 Visa”

Source: Florida Realtor Magazine,  November/December 2009

Houses For Under 100k in Port St. Lucie

Nestled on the Florida’s Treasure Coast, Port St. Lucie is a desired location for both tourists and homeowners. The small city has plenty to offer, from its beautiful beaches to its abundant shopping opportunities, residents of Port St. Lucie will never be bored. Since Port St. Lucie is such a desirable location to live, it is surprising to find that there are numerous homes available for less than one hundred thousand dollars. However, there are many foreclosed homes and bank owned homes that are selling for much less than in the past.

Many potential homebuyers are pleasantly pleased to discover that they can finally afford the home they have always dreamed of. In the past these homeowners could only dream of owning a single family home in beautiful Port St. Lucie, Florida. Now they can buy a home that is priced below one hundred thousand dollars in the area they have desired to live.

To find a home under one hundred thousand dollars in the state of Florida used to mean buying a home in a less than desirable city. Now thanks to the many foreclosures and bank owned homes on the market affordable homes are easily found and bought in a great city like Port St. Lucie.

Port St. Lucie has always been a desired location to relocate to. Retirees find the mild weather and many activities perfect for their dream retirement. Families love living in Port St. Lucie because of its excellent school system, low crime rates, and the abundant amount of activities. Because of the amount of people who are drawn to the Port St. Lucie area buying a home here is a great investment. Unlike other areas of the country, where cities are built around companies and factories that can always move or close, Port St. Lucie is built around nature, and nature will always be there.

Owning your own home in Port St. Lucie, Florida is finally possible thanks to the affordable homes selling for less than one hundred thousand dollars. At these low prices northerners can easily afford a second home in the warm, snowless city of Port St. Lucie.

Courtesy of Sharon Kelly

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