Looking to improve the value on your Lexington Oaks home in order to attract buyers or increase its overall worth? Instead of sinking thousands of dollars into your home, using simple tricks from Florida real estate experts can help you to see a higher sales price, regardless of the competition you’re up against in the marketplace. Call in a real estate expert or interior designer to give you a free consultation on what you can do to improve your home (you’ll steal their valuable ideas without forking over a ton of cash), make your home more “green-friendly”, and get a landscaper to make your yard look more attractive by planting beautiful trees, laying out a new brick path or even just trimming the hedges. It’s the simple tricks that help increase the values on homes.
Want to learn how to save up enough of a down payment for one of the many Land O Lakes, FL homes? Then you’re in luck – thanks to the recession’s impact on the Florida real estate market, now has never been a better time to relocate your family and enjoy the infamous Florida lifestyle!
Yet with all of the financial responsibilities that are clamoring for your attention – not to mention your money – saving up for a down payment on a piece of Land O Lakes real estate might seem like the final straw that will break both your back and your budget. Now that “no down payment” mortgages are long gone, you might think that it will take decades until you can scrape together enough money for a sizable down payment on a home. However, with all of these tips and tools under your belt, you’ll be signing your name on the mortgage contract sooner than you think:
Make It Automatic. It’s easy to save up for a large down payment if you can do it without a second thought! Many savvy savers take advantage of automatic saving plans that are available through their banks – and you should take a page out of their book! Simply get your payroll office or bank to deposit a certain amount of your paycheck into an account set aside for your down payment. If you don’t see the money, it’s easy to forget about it until it’s swelled into a decent down payment.
Sell An Asset. If you want to give your savings a jump start, then find valuable assets that you may have tossed aside and sell them! Whether you have a car that’s just taking up space or you have a few valuable collectibles that you no longer need, sell it to give your savings an encouraging boost. Be sure to get a good offer before you sell your assets, however, since you want to get as much money as possible.
Put Extra Paychecks To Good Use. If you get a yearly bonus for your excellent performance in the work place, don’t spend it on extra holiday presents – instead, immediately put it towards that down payment on your home. It’s a great way to give your savings a huge boost, and will put you that much closer towards the home of your dreams. If you get paid twice a month, you may have already noticed that you get a third paycheck every few months. Consider these “extra” paychecks that should be put towards your down payment, since your household budget (which you have, right?) is based off of a month with two paychecks. In general, any extra money that you receive should be tucked away for your new home!
Get Help From The Government. If you’ve been scrimping and saving and are still coming up short, then you can get help from the government by looking into several down payment assistance programs. However, don’t depend on these programs for all of the down payment, as mortgage lenders will frown on your loan application.
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NEW YORK – Aug. 13, 2009 – The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.
Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous in saying that Bernanke should be rehired.
“He deserves a lot of credit for stabilizing the financial markets,” says Joseph Carson of AllianceBernstein. “Confidence in recovery would be damaged if he was not reappointed.”
Poll respondents believe Bernanke has more than a 70 percent chance of being asked by President Barack Obama to remain at the helm of the central bank.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Source: The Wall Street Journal, Phil Izzo (08/12/2009)
ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.
Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.
“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.
“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”
Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. 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, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.
Continuing 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 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.
© 2009 FLORIDA ASSOCIATION OF REALTORS
It seems as though everyone is talking about how it’s a “buyer’s market” out there in the Florida real estate world – but how are you supposed to take advantages of all the incredible homes in Lutz, FL unless you get approved for a mortgage? Now that the recession is in full swing, mortgage lenders are more cautious than ever with their loans; that means that you stand a good chance of not getting that mortgage unless you know these tips and techniques. Get ready to get approved by your mortgage lender and move into your dream home by the end of the year!
• There’s no mysterious factor or piece of information that will get you an immediate “yes” from your mortgage lender; in fact, your lender follows a traditional formula that takes the mystery out of the entire loan process. A potential mortgage lender wants to see that you have the capacity to cover any and all mortgage costs for one of the Lutz homes for sale, you are a trustworthy and responsible character (which can be gleaned from your credit report), you have a sizable down payment to put towards the cost of the home (most down payments should run the gamut from 3 1/2 – 20 percent of the home cost) and have plenty of collateral should you default on payment. Therefore, don’t rely on just your great credit or that large down payment to get approved for a loan – you need a combination of all four of these factors.
• Believe it or not, many people show up to the meeting with a potential mortgage lender with no paperwork in hand – and that immediately sets off warning bells in a lender’s mind! If you can’t be bothered to do the research to determine what you need to bring to the office, then chances are that you aren’t responsible in other areas of your life as well, including your finances. Bring a month’s worth of pay stubs, two years’ worth of tax forms and three to six months of bank statements. Self-employed consumers should bring tax paperwork from two to three years and statements from your accountant.
• Don’t take on anymore debt during the three to six months before you apply for a loan. Avoid applying for new credit cards, don’t make any major purchases, and don’t challenge your lender if they request any additional paperwork. That’s another way to make their warning bells ring and deny you for the loan for one of the Lutz homes for sale!
• Avoid looking for a different job during the loan application process. Since your lender wants to see your job stability, a sudden change in employment might lead to your loan getting denied. Save that job search for a couple of years after you get that mortgage and move into your Lutz real estate.
• Don’t overextend your budget for this mortgage! Your lender will be impressed if your monthly mortgage payment is close to what you already pay in rent, so aim for that figure to get yourself in one of the Lutz homes for sale.
FYI: A great real estate directory I ran across a few days ago is neighborcity
If you prefer living by the city while still having access to the great outdoors, then house in Tampa can offer you some incredible deals. Housing prices are still at record-lows for the area – not to mention that foreclosures filings are still on the rise since February 2009.
If you want to keep your wallet full while still owning a piece of real estate, then try looking at bank-owned homes, as these houses will definitely give you the opportunity to find a great bargain while still capturing the luxury and elegance that Tampa real estate is so well-known for. Hire a real estate agent to help you sift through all of the listings, and don’t be afraid to attend a few foreclosure auctions. Who knows – you just may end up finding the home of your dreams!
Often regarding as one of the most beautiful suburbs of Tampa Florida, Riverview – especially foreclosures – have offered homeowners the world over the chance to enjoy the renowned Florida lifestyle. But now that national news reports that foreclosures might have finally bottomed out, does this mean that there’s less cheap homes for sale in Riverview?
No matter how cynical you may be about the staying power of the recession, there’s no denying that little green shoots of economic recovery have begun to spring up all over the world. Despite a few hopeful stories here and there, many financial and Riverview real estate experts are warning homeowners not to become too excited about the slight economic turnaround, especially when it comes to foreclosures. While the housing industry has been hit with two waves of foreclosures – both of which were comprised by subprime mortgage borrowers – experts believe that there’s a new wave of foreclosures that are about to hit the economy with a heavy impact. The victims: those that have lost their jobs thanks to the crippling recession. The winners: people looking for cheap homes.
Prime borrowers – those consumers who were considered to have good credit and a stable job history – are now feeling the pinch of the credit crisis, as the loss of employment has made meeting those mortgage payments altogether impossible. Financial experts warn that there could be a lasting impact from the “prime housing crisis”, as this will destroy the credit of those consumers who were once able to help encourage the growth of the economy, push home prices down even further thanks to the increasing saturation of foreclosures on the market and increase losses at major banks.
However, there’s not all doom and gloom involved in this next wave of foreclosures. Investors who are looking for long-term opportunity with cheap homes will definitely appreciate the prices of homes that are on the market today – and with the economy showing undeniable signs of growth, there’s a real possibility that these investors will see a return on their investments in the near future. Here’s a quick rundown of what you need to remember when looking into purchasing real estate in Riverview:
• Stay in the market for the long-term. Too many investors jump in to buying a home with the belief that they’re immediately going to make a handsome profit off of their investments. However, the real estate market is oversaturated with foreclosures and other cheap homes, so it’s highly unlikely that you’ll reap financial rewards so soon. Make sure that you’re in it for the long haul, and you’ll be better able to handle any market fluctuations.
• Be sure that your credit is on top of its game. Mortgages are still available with interest rates at historic lows – you just need great credit in order to take advantage of these deals. Be sure that any errors on your credit report are cleared up and you’ve eliminated any toxic debts (large credit card balances, personal loans and any other bad debts).