Real Estate Information

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1.  The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better.  "The recovery is broad-based across many parts of the country.  Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher.  Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970.  As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.

Let’s take a look at the Miami real estate sales statistics for July compared to July 2008 to see how the market is looking in South Florida:

Condo/Coop/Townhouse/Villa Sales in Miami

August 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 35.8 percent compared to 2008. New listings decreased by 25.1 percent. The average sales price dropped 6.1 percent to $236,063 and the year-to-date sales price dropped 41.8 percent to $173,697.

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.  

If you want to learn more about South Florida real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com. 

To begin searching for South Florida homes, please use our complimentary MLS search.  

We hope you are enjoying your long Labor Day weekend! It's the final summer weekend to enjoy the pool, cook out, and mix with family and friends. So, get out the grill, build some memories, relax and have fun. 

Fall is a great time to buy Miami real estate...this Fall especially! It is the last chance to take advantage of the $8000 first-time home buyer tax credit. All indications are the Miami real estate market has bottomed out, making home prices affordable and lower than what they will most likely be next spring. A recovering Miami real estate market and increased sales will bring with it higher prices. 

Enjoy the rest of your holiday and then give us a call. You don't want to lose out on buying your dream home during this incredible Buyers Market! 

Search all Miami real estate and homes for sale.

We hope you are not one of those unlucky people who has had their home equity line of credit unfairly reduced on their Miami real estate. But if you are, there is new booklet from the Federal Reserve Board that might shed some light on your situation. At the very least, it will tell you how to try to get your home equity loan restored.

It's called "Five Tips for Dealing with a Home Equity Line Freeze or Reduction." It's pretty rudimentary, but it should get you started. Check out the Fed's booklet.

Learn more about Miami real estate by visiting HomeInSouthFlorida.com.

Search all Miami real estate and homes for sale.

Summer is winding down and it the kids are heading back to school. Here are some fun websites to help get ready for the Miami Florida's opening bell: 

For the younger kids:
Crayola - fun site full of activities for the little ones
McGruff's Safety Tips - hints for your children's school days
Recipes  - for Brainy Breakfasts to After School Energy Boosters
Kids Domain - Back to School printable activity pages 

For the teenagers:
World Fact Book - a study resource
Fact Monster  - also for study reference
Geosense - online geography based game for two
MSN Learning and Research - homework center

For college prep:
Scholastic Training Systems - levels the playing field for all students
College Power Prep - free software, tips, trainers, and advice
SAT Math  - see exactly which areas need help the most
Vocabulary Syndicate - word puzzles, vocabulary games and competition for prizes makes education fun

While the kids are getting off to school is a good time to look into buying a Miami Florida home!

Search all Miami Florida homes for sale.

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.  The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains.  "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines.  Activity has been consistently much stronger for lower priced homes," he said.  "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."

Miami Fl Real Estate: Condo/Coop/Townhouse/Villa Sales 

July 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 23.5 percent compared to 2008. New listings decreased by 26.1 percent. The average sales price dropped 46.9 percent to $150,074 and the year-to-date sales price dropped 46.9 percent to $162,952.  

If you want to learn more about Miami FL real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com. 

To begin searching for Miami FL homes, please use our complimentary MLS search.  

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed. 

We have talked with you about the $8000 first-time home buyer tax credit, but we haven't told you about special financing that is available to South Florida home buyers on Fannie Mae owned foreclosure homes through the HomePath program.

Some of the benefits of HomePath financing include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees

Give us a call to learn more about this exciting opportunity to help buy your next South Florida home!

Search all South Florida homes for sale.

Something to consider when selling your home is the Capital Gains ramifications. Will you owe Uncle Sam money after the sale of your Miami FL home? Capital Gains are calculated as the difference between what you paid for your property and what you sell it for. Here is how you calculate your Capital Gains.

 Calculating Capital Gains

(+) PURCHASE PRICE - Price paid for property

(+) COST OF PURCHASE - Transfer fees, attorney fees, inspections

(+) COST OF SALE - Repairs, commissions, attorney fees, inspections

(+) COST OF IMPROVEMENT - Room additions, deck, for example, though not replacing existing

(=) ADJUSTED COST BASIS OF YOUR HOME

(-) AMOUNT YOU SELL YOUR HOME

(=) CAPITAL GAIN 

A Special Real Estate Exemption for Capital Gains
Even though the above calculation may indicate you owe Capital Gains, there is a special real estate exemption. Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a Miami FL home is exempt from taxation if you meet the following criteria: 

• You have lived in the home as your principal residence for two out of the last five years.
   
• You have not sold or exchanged another home during the two years preceding the sale. 

NOTE: As of 2003, you may also qualify for this exemption if you meet what the IRS calls "unforeseen circumstances" such as job loss, divorce, or family medical emergency. 

Learn more about selling your Miami FL home by visiting HomeInSouthFlorida.com.

 Search all Miami FL homes for sale. 

Always consult a tax attorney regarding current tax laws.

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers." 

Condo/Coop/Townhouse/Villa Sales in Miami

June 2009 Miamia FL real estate sales statistics for condo/townhouses etc. showed an increase in sales with sold listings up by 10.7 percent compared to 2008. New listings decreased by 30.8 percent. The average sales price dropped 55.7 percent to $144,533 and the year-to-date sales price dropped 46.9 percent to $165,861.  

If you want to learn more about Miami FL real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com. 

To begin searching for Miami FL homes, please use our complimentary MLS search.  

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed. 

The current economic recession has caused many seniors to worry about making ends meet. As retirement savings dwindle, a reverse mortgage can be a life saver. Reverse mortgages offer the opportunity to tap into your home's equity without having to pay back the loan until the house is sold or the home owner dies. But reverse mortgages come with hefty fees, high interest rates and are often sold by aggressive salespeople who push inappropriate financial products on vulnerable seniors. 

If you are considering taking out a reverse mortgage or have a parent or family member who is, don't fall for a pitch from a salesman who cares more about a lucrative commission than determining whether a reverse mortgage makes sense for you. To learn more about reverse mortgages, check out resources at AARP and HUD. 

Need a referral to a reputable lender who will give you straight answers concerning reverse mortgages? Give us a call. We know the best!!

Experts at MarketWatch.com indicate there is no need to be concerned that interest rates inched up in the last couple of weeks...to as much as 5.8%. There had been a concern over increased inflation but that has lessened recently and experts now expect rates to fall again. This may not happen today or tomorrow, but most likely over the next month or so.

You can prepare for the next rate decrease by getting your ducks in a row and starting your loan application, checking your credit score for accuracy, deciding what the rate needs to be for you to move forward and then sticking to it, and remembering even 5.8% is still a good rate and worth considering. 

You'll also want to start looking at homes so you know a good buy when you see one and can jump when the time is right. Give us a call to start your home search.