MAKE A BRILLIANT MOVE REALTY

Monday, March 25, 2013

Sellers Who Delay May Miss Out

Sellers Who Delay May Miss Out

Some would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.
The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity.
"Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace," Blomquist told HousingWire.
Home owners who wait much longer to sell their home may miss out.
"If you're selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you're leaving behind," says Redfin CEO Glenn Kelman.
Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.
Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)

Presented by Dawn Deegan, Broker-Associate REALTOR® with Charles Rutenberg Realty. She holds the designations of Accredited Buyer Representative (ABR®), Short Sale Foreclosure Resource (SFR), and she is a Graduate of the Realtor® Institute (GRI). She also holds the Transnational Referral Certification (TRC), enabling her to help in real estate endeavors world-wide. Dawn is dedicated to providing only the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This includes Windermere, Orlando, Winter Park, Baldwin Park, and Davenport. Her emphasis is on superior delivery of sophisticated market data, quality and value to you, the Buyer or Seller. Contact Dawn Deegan at 407 286 5272 or at DawnDeegan@cfl.rr.com. Visit her at www.MakeABrilliantMove.com

Thursday, March 14, 2013

Fla. has top foreclosure rate for sixth month



WASHINGTON – March 14, 2013 – Florida posted the nation’s highest state foreclosure rate for the sixth consecutive month in February, according to RealtyTrac’s Foreclosure Market Report for February 2013: One in every 282 housing units with a mortgage had a foreclosure filing during the month – more than three times the national average.

A total of 31,726 Florida properties had a foreclosure filing during February, up 6 percent from the previous month and up 20 percent year-to-year, reaching a 16-month high. Foreclosure filings include default notices, scheduled auctions and bank repossessions.

Florida cities (population of 200,000 or more) also accounted for seven of the nation’s 10 highest metro foreclosure rates in February; Miami’s metro area posted the highest rate in the nation (one in every 219 housing units).

Other Florida MSAs in RealtyTrac’s top 10 include: Orlando at No. 2 (one in 225 housing units with a foreclosure filing); Ocala No. 3 (one in 243); Tampa No. 4 (one in 253); Palm Bay No. 5 (one in 260); Jacksonville No. 8 (one in 302); and Naples No. 9 (one in 318). Foreclosure activity increased from a year ago in all seven Florida cities with top 10 metro foreclosure rates.

Dr. Sean Snaith, head of the Institute for Economic Competitiveness at the University of Central Florida, told the Bradenton Herald that the RealtyTrac data “reflects the length of time it takes for foreclosures to get through the judicial system” in Florida. In California and other states where foreclosures don’t go through the courts, they have been able to resolve foreclosures more quickly, he said.

Nationally, RealtyTrac reports 154,281 U.S. foreclosure filings in February, an increase of 2 percent from the previous month but down 25 percent from February 2012. One in every 849 U.S. housing units saw a foreclosure filing during the month.

“At a high level the U.S. foreclosure inferno has been effectively contained and should be reduced to a slow burn in the next two years,” says Daren Blomquist, vice president at RealtyTrac. “But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside the court system. Foreclosure starts have been steadily building in those states over the last several months and likely will end up as bank repossessions or short sales later this year.”

High-level findings

• U.S. foreclosure starts increased 10 percent from the previous month after three consecutive monthly decreases, but they were still down 25 percent from February 2012.

• U.S. bank repossessions (REOs) decreased 11 percent from the previous month and were down 29 percent from February 2012 to the lowest level since September 2007 – a 65-month low.

© 2013 Florida Realtors®

For more noteworthy news articles, please visit my website and view Blog and NEWS, where I regularly post the most relevant Real Estate related articles. http://www.makeabrilliantmove.com/Blog_RWG7.html

Presented by Dawn Deegan, Broker-Associate REALTOR® with Charles Rutenberg Realty. Dawn holds the designations of Accredited Buyer Representative (ABR®), Short Sale Foreclosure Resource (SFR), and she is a Graduate of the Realtor® Institute (GRI). She also holds the Transnational Referral Certification (TRC), enabling her to help in real estate endeavors world-wide. Dawn is dedicated to providing only the best possible services and expertise to her Buyers and Sellers of residential Real Estate in the Greater Orlando area. This includes Windermere, Orlando, Winter Park, Baldwin Park, and Davenport. Her emphasis is on superior delivery of sophisticated market data, quality and value to you, the Buyer or Seller. Contact Dawn Deegan at 407 286 5272 or at DawnDeegan@cfl.rr.com. Visit her at www.MakeABrilliantMove.com