It’s not Yesterday’s Real Estate Game

Current Trends in Real Estate affects buyers and sellers alike. Inventory is lower than low PLUS low interest rates EQUALS Seller’s home values rise.

What does this all mean? 

Homes sell quicker, in some days selling in days, but more and more homes are selling in Hours. Buyers & Sellers should be prepared in case of a bidding war. Negotiations are Hot!

What to do?

Buyers – Be prepared with pre-approval letter, your highest and best number in your head and communicate with your Realtor about your concerns with the property.

Sellers – price it right, make sure your home shows it’s absolute best and be sure your Realtor can help you negotiate and show you the scenario of each and every offer you receive.

The Game Changer…

Mortgage companies have alot more foreclosures to release but haven’t yet. When they will, is anyone’s guess. 

Cindi Benton is a Realtor with

Keller Williams – Jupiter – Tequesta – Hobe Sound

Assisting Buyers & Sellers in Florida for 15 years.

From Northeast Florida to Southeast Florida…. Where’s YOUR Playground?

561-523-1225

 

The Same But Different

I am so excited to be moving the blog to my own website… CindiBenton.com! We will be live on May 1st and I hope to see you over there. I will be way more organized and will be able to read my fellow bloggers more as well!
Looking forward to blogging away!

In the meantime, check out The South Florida Daily newsletter…

http://paper.li/FloridaLiveinIt/1367095239

Cindi Benton, Realtor
Keller Williams Realty
Assisting Buyers & Sellers in Florida for 15 years.
From Northeast Florida to Southeast Florida…. Where’s YOUR Playground?
561-523-1225

FHA 203K and Fannie Mae Homepath Renovation Loans

A foreclosure waiting for the perfect buyer.

There’s some changes coming ’round the bend, my friends… If you are still thinking about purchasing a home with an FHA mortgage, you should know that the Mortgage Insurance Premiums are on the move… Up.
The Renovation Loans, FHA 203K and Fannie Mae Homepath loans, are also making a few changes… Read up below. Call me with any questions, we can make this so much easier than it sounds.

•FHA Changes Start April 1 –
The Annual Mortgage Insurance Premiums are going up again, and for FHA loans with standard down payments, PMI will now remain for the LIFE OF THE LOAN. Buyers must be assigned a FHA Case number prior to April 1st which essentially means by this Friday, March 29. Thinking about getting an FHA Loan? Your best bet is not to wait much longer…

• Are there any restrictions for Well & Septic on Conventional Renovation loans?

NO. Unlike FHA, when using a conventional renovation loan on home that has well & septic there are no specific guidelines to hold you up. No distances, etc.

• Did HUD make changes on As-Is Values and Appraisals?

Yes. On a HUD REO the As-Is appraisal value is valid until the appraisal expires after 120 days. So, if you offer more than the As-Is value for the sales price you must bring the additional cash to closing on top of the required 3.5% down payment. Regardless if you use a FHA 203k loan with a new appraisal, the original AS-Is value must be recognized for 120 days.

• When is an appraisal ordered on a FHA 203k or conventional renovation loan?

The appraisal is not ordered until the Scope of Repairs is completed and signed by both parties. The appraisal is done subject-to the After-Improved value, so while you get the value ahead of time, the actual work is not done until AFTER CLOSING. On FHA 203k loans you get up to 110% of the after-improved value – or 10% buffer.

• What are the minimum down payment requirements for a HomePath mortgage?

For owner-occupied properties its 3%. For second homes its 10% and for investment properties its 10% down. This applies even to condos. However, for 2-4 unit properties there are additional down payment requirements.

First Time Homebuyer.. How Old Were You?

You can nap After Closing

Giving my new buyer a couple hours to catch her breath before we head back out this afternoon. I just LOVE working with first time home buyers!
They are like a sponge, soaking up all the information I have for them to take in. I can’t wait for my favorite part. Writing the contract and going through all the Pre-Closing steps with them. They are going to Learn So Much!

I believe she is my youngest homebuyer to boot. I was 25 and scared to death when we purchased our first home, it was new construction and I was sooo happy we had a REALTOR we could trust and rely on. Which reminds me, I need to send him a Thank You card. I had so much fun I wanted to share the experience with other homebuyers. It’s a huge decision and process buying any home, much less your first one. But I like to make sure you have fun in the process.

How old were you when you purchased your first home? I’d love to hear your stories!

Florida is Where IT’s At…

  I’m not the only Realtor in this Great State that thinks the market is not only coming back, but is growing by leaps and bounds. The shortage of homes and properties for sale with the onslaught of new buyers from near and far, is putting the competition right back at each front door. Finding the perfect home, making a decent offer and getting to the closing table is back to being fun and exciting again and we are ALL excited about that!

Read more from the newest article from realtor.org….

Forget ‘improving’ or ‘rebound’ – Fla. is ‘on fire’

WEST PALM BEACH, Fla. – March 8, 2013 – Lesley Deutch, senior vice president at John Burns Real Estate Consulting, said the “Florida market is on fire” in her latest update on the state’s housing market.
Deutch says she traveled the state recently and visited more than 20 communities. While recovery reports differ between Florida cities and urban areas, she reports five major trends:
1. Land prices. While the price of land continues to rise quickly statewide, Orlando feels the most pressure. Deutch says she saw some submarkets where “land and finished lot prices have now surpassed peak levels.” In Orlando, she sees developers buying raw land “just to gain a position and market share.”
2. Home prices. Some communities, such as Orlando and Naples, are seeing 1- to 2-percent new-home price increases monthly, Deutch says. The hallmarks of a seller’s market have also returned, such as lotteries. She expects a 2013 price increase of at least 10 percent in many Florida markets.
3. 55-plus market. Deutch reports a 20- to 25-percent jump in potential buyers interested in active adult living, according to builders in Southwest Florida. She also notes a boost in customer traffic in second- and third-tier markets.
4. Foreign buyers. It’s more than Miami, Deutch says. While in Orlando, she visited a sales office that had three active buyers: One from Brazil, one from Germany and one from China.
5. Foreclosures. While the state has a notoriously long foreclosure process, Deutch says banks are slowly releasing foreclosures. But investors continue to buy new foreclosures shortly after they hit the market. © 2013 Florida Realtors®

 

Cindi Benton, Realtor

Assisting Buyers & Sellers in Florida for 15 years.

From Northeast Florida to Southeast Florida…. Where’s YOUR Playground?

561-523-1225 or 904-612-5236

Everyone is Looking for a New Home…

I love January and February for the sole reason that our Eagles go shopping for their winter food and new digs. I wish she would let me show her where the perfect tree is for her and her little ones. I have a feeling she knows I could help though, since every year at the same time she comes to visit me and drops a big fish at my back door. lol

No kidding! I’ve named her Maggie. Short for Magnificent. She doesn’t know this, of course. But now you know. ‘Til next year, Maggie

 

Cindi Benton, Realtor
Assisting Buyers & Sellers in Florida for 15 years.
From Northeast Florida to Southeast Florida…. Where’s YOUR Playground?
561-523-1225 or 904-612-5236

Time for Spring Planting… Plan Before Planting

Trees send out roots looking for moisture. If there is not enough close by, then those roots are going to spread their search much wider.

Yes, Spring is in the air and we are all excited about getting out there and making the yard look pretty once again. However…. when thinking about new trees and shrubs, remember what can end up causing headaches and repair bills down the road.

 

Trees send out roots looking for moisture. If there is not enough close by, then those roots are going to spread their search much wider to navigate in and around obstacles in the soil looking for water. If there is a crevice that the root can get through, like an air pocket or previous crack, in a driveway or pipes to the septic tank, the roots will find a way to grow in, around and through whatever is in their way to find water.

 

I’ve had to repair and replace a septic system due to damage from a Maple tree at the lake. It was absolutely amazing the kind of damage that tree did to concrete and ceramic. Within 3 years the Live Oak tree in my backyard moved pavers up and away from the ground and cracked my porch foundation. 

It is better to plan ahead than to chop down a huge tree in the years ahead. Choosing your trees carefully and considering their proximity to the home, driveways and service pipes before planting them is the best bet.  So for trees and shrubbery with fast growing root systems, like Maples, Willows, Oaks, Magnolia, Citrus, Evergreens, Boxwoods & Holly Shrubs and Ivy… don’t plant too close to foundations, driveways or septic systems. Trust me, you’ll be a much happier homeowner for years to come.

 

If you already have these plants and see an invasion on the horizon, there are other ways to stop the massive damage before it happens by using barriers or even salt. Contact your local tree nursery and ask the experts if you have a concern in your yard.

Good Luck and Happy Spring!

Cindi Benton, Realtor
Assisting Buyers & Sellers in Florida for 15 years.
From Northeast Florida to Southeast Florida…. Where’s YOUR Playground?
561-523-1225 or 904-612-5236
cindibenton.com