News for The Brooks, FL - Thursday September 17th, 2009 4:52pm
Hey Everyone,

Unless you have been living under a rock for the past year or so, everyone is aware of the $8,000 tax credit available for first-time home buyers that close on their home before Dec. 1st, 2009. Since the release of this credit, there have been several misconceptions that have cropped up, so here are some important caveats to the tax credit:

1) You or your spouse may not have previously owned a home for three years prior to the home purchase

2) You must reside in the home (as your primary residence) for the next three years to stay in the program

3) The tax credit is for 10% of the purchase price of the home, up to $8,000 (not an automatic $8,000)

4) You cannot make more than $75,000 if you're a single-filer, or $150,000 for married couples filing jointly

5) The credit will not be received automatically; people who qualify will need to amend their 2008 tax returns, or file on 2009 taxes

6) The credit goes against other owed taxes first - should a qualified person have no other outstanding tax dues, then they would receive a check for the credit amount.

Hope this helps - the clock is ticking, so if you plan on qualifying for the tax credit, get your offers in now!!

As always, please feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit my website at www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Monday September 14th, 2009 4:04pm
Hey Everyone,

Bank failures have been a common occurence in the past couple of years, and in a recent article released by FAR (courtesy of United Press International), statistics show disappointing numbers for 2009.

According to a recent CNN report, the number of failed banks in 2009 have tripled since last year, and have cost the FDIC hundreds of millions of dollars in debt. In addition, the FDIC is predicting future losses to amount up to approximately $70 billion over the next five years (due to more failed banks).

On a slightly better note, the monies needed to financially bail the banks out has decreased down to $10.4 billion (from $13 billion), but the rate of "problem banks" is the highest it's been in 15 years. Many of the failed banks were smaller institutions that tanked when real estate values plummeted, and unemployment soared.

Hopefully, with the real estate market picking back up, the security and stability of these smaller banks will increase with time. For now, it looks like more bank failures are to be expected, so make sure to choose your banking institution carefully.

As always, please feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit my website at www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Friday September 11th, 2009 1:06pm
Hey Everyone,

With unemployment being such an important factor in today's economy, I thought I would post some recent statistics released from FAR (courtesy of Information, Inc.) about the current top 10 cities for employment.

What makes these cities rank in the top 10 for jobs varies - some have an abundance of government positions, large health care facilities, or offer many jobs related to the city's natural resources. The common thread among them is that they have all maintained a steady economy, making them top picks for those seeking to relocate. See the alphabetical list below of places to look into:

*Anchorage, AK
*Arlington, VA
*Columbus, OH
*Honolulu, HI
*Houston, TX
*Oklahoma, OK
*Salt Lake City, UT
*Shreveport, LA
*Tallahassee, FL
*Wichita, KS

As always, feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit my website at www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Thursday September 10th, 2009 3:53pm
Hey Everyone,

I know a lot of media has been done on the $8,000 tax credit available for first-time buyers, but it can't hurt to put out a friendly reminder. As most people know, the government is allowing first-time home buyers (pending they meet specific guidelines) to write off an $8,000 credit on their taxes, should they be purchasing a home for the first time by December 1st, 2009. What many buyers may not be aware of, is that the home has to be closed on (in full) by that date for them to take advantage of this great deal. That means the new owner has to already have keys in hand, not just putting in an offer, or making it halfway through the approval process.

In light of this little tidbit, it is STRONGLY recommended that people looking to "cash in" on this perk, so to speak, get serious about their home purchase. If you are in the market for a primary home, now is the time to put in offers, as many deals these days are taking longer and longer to process through the banks. Don't be one of the unfortunate few who will be a day late and a dollar short!

As always, please feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Wednesday September 9th, 2009 4:30pm
Hey Everyone,

I just read an article from FAR that discusses a survey conducted about international buyers, and their role in Florida's real estate market. It's pretty interesting, so I just wanted to share the info, and find out if any of you out there have your own statistics to contribute.

54% - the percentage of Florida realtors who has worked with an international client in the past year
86% - the percentage of international clients that purchased an existing residence, versus new construction
52% - the percentage of buyers who purchased a single-family home; of the remaining percentage, 34% purchased condominiums, and a whopping 76% bought townhomes
1 in 4 - the ratio of buyers that choose to buy within the South Florida market; an even larger number of people (32%) purchased in areas outside of Florida's major metropolitan cities

The full survey can be found on the Florida Realtors website, and shows that international buyers make up a noticeable chunk of real estate activity. If you or other agents you know find themselves working with a large number of international clients, please let us know.

As always, please feel free to call me with any of your Real Estate questions at 239-357-9558, or visit my website at www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Friday September 4th, 2009 9:30am
Hey Everyone,

With the real estate market offering so many foreclosure properties at such low prices, it only makes sense for prospective homeowners to try to jump into the pool to save some hard-earned money on a home. With good credit, a respectable down payment, and patience, housing opportunities for those previously unable to purchase a home have grown enormously since the housing boom of years past. Now that so many people have been able to capitalize on this flurry of foreclosure activity, a new and not often mentioned trend has begun to take place: foreclosure guilt.

A recent article from FAR and USA Today spoke about this occurrence, and how it can affect homeowners. Foreclosure guilt is, in essence, what a new homebuyer can feel once purchasing a foreclosed property, and can result from a multitude of reasons. Take, for example, the new homeowner's friends and family, who have either lost their jobs, are upside-down on their mortgages, or have already foreclosed on their own homes. Some new homeowners buy foreclosures that have been trashed out or not fully taken care of by the previous owner, due to their financial hardships. Circumstances like these can certainly take the pride out of new home ownership, and leave the homeowner feeling guilty about capitalizing on someone else's misfortune.

While foreclosure guilt is not exactly "running rampant", it can certainly present itself in communities with high rates of foreclosures. When you are physically living in a property that you know others have worked very hard to buy and keep, it makes it difficult to separate yourself from the guilt that may accompany the sale.

What do you think? Have you or someone you have known experienced this personally? Please share your thoughts and opinions!

As always, feel free to contact me at 239-357-9558 with all of your Real Estate questions, or visit www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Wednesday September 2nd, 2009 1:11pm
Hey Everyone,

With so many foreclosures hitting the real estate industry, it's no wonder that homeowners are turning to loan modification programs to prevent them (and their properties) from going into foreclosure. As most of us probably know, loan modification programs make it easier for homeowners to pay their mortgages by extending the loan term, and reducing interest rates. While it's no easy feat to qualify for a loan modification, struggling property owners are now being faced with the fact that it may hurt their credit score.

In a recent article published by the Florida Association of Realtors, what's known in the credit world as the "Big Three" - Equifax, Experian, and Transunion - have implemented new regulations that allow them to report new loan modifications as "partial payment". This change may seem small, but can actually lower a person's overall credit score by 50 points or more! With a national percentage of approximately 32.2% of homeowner's "upside down" on their mortgages, and Florida ringing in at an alarming 49% (courtesy of First American Core Logic), it seems like property owners are faced with a major Catch 22 - take the foreclosure hit and lose your home, or lose points on your credit score from working with your lender on a loan modification. Certainly, losing credit score points is a better situation to be in than short-selling or foreclosing on a home, but the message still seems to put homeowners in a lose-lose proposition.

Any thoughts or ideas? I am sure many of you out there have stories or comments to tell on this, so please share them!

As always, feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit my website at www.BuyRentSellFL.com. Take care until next time!

News for The Brooks, FL - Tuesday September 1st, 2009 2:51pm
Hey Everyone,

I just read about some important stats and figures released in a recent article from the Florida Association of Realtors, and felt the need to share. Everyone is aware that foreclosures are striking homeowners at an alarming rate, but recent figures have shown that 23% of Florida's home loans are past due or in some stage of foreclosure in the second quarter. This number represents approximately 807,000 loans out of the 3.5 million outstanding mortgages in Florida.

What is more telling about these statistics is that there were more borrowers with fixed loan rates defaulting on home loans versus sub-prime borrowers (those with flawed credit histories and default rates). Delinquencies and foreclosures among prime borrowers actually increased 1.74%, up to 12.42%, indicating that the current unemployment rate and falling home prices are affecting the foreclosure rates in a major way.

Jim Brinkmann, chief economist of the Mortgage Bankers Association, commented: "Florida deserves special mention as the worst state in the country," (with regard to foreclosures and delinquent mortgages). Florida, along with California, Nevada, and Arizona, helps to make up approximately 44% of delinquent mortgages nationally.

What are your thoughts on this? Researchers believe that foreclosures should start to diminish once employment rates improve (around the middle of next year) but do you agree? Thoughts and opinions are always welcome!

As always, please feel free to call me at 239-357-9558 with any of your Real Estate questions, or visit my website at www.BuyRentSellFL.com. Take care until next time!