HousesforsalestaugustineBlog

December 17th, 2011 5:41 PM

Who are the new homebuyers?

By Judy Martel · Bankrate.com
 
Homebuying conditions look great on paper, but a bunch of factors is preventing traditional first-time buyers or those looking to trade up from getting into the game. Consequently, the new buyers are more often investors with cash or cautious buyers of spec homes.

We're currently enjoying "the best housing affordability conditions in a generation," according to Ron Phipps, president of National Association of Realtors (NAR). Home prices continue to sink and mortgage rates are below 5 percent, setting up a perfect storm for buyers with good credit. Trouble is, many homeowners can't sell their existing home because they owe more on the loan than the home is worth. And tighter lending standards mean first-time buyers are having difficulty obtaining financing.

Posted by Rossella Baron on December 17th, 2011 5:41 PMPost a Comment (2)

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December 13th, 2011 3:24 PM
By Judy Martel, Bankrate.com

As one way to unload the glut of housing inventory languishing on the market, two senators want to introduce a bill today that gives foreigners who buy a home in the U.S. a residence visa.

Foreigners would have to invest at least $500,000 in residential real estate (buyers can invest in more than one home as long as one is for $250,000 and the total is at least $500,000) and supporters of the proposal say it will help compensate for the lack of U.S. buyers.

Some of the worst-faring housing markets in the U.S. are attractive to foreign buyers, including parts of Florida, California and Arizona. The National Association of Realtors (NAR) reports that international homebuyers accounted for $82 billion in home sales in the year ending in March. If you are looking to buy a house for sale in St Augustine, this is the right moment.

Posted by Rossella Baron on December 13th, 2011 3:24 PMPost a Comment (0)

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December 8th, 2011 3:15 PM
Come see me for a tour of some north east florida homes in the St. Augustine area. I specialize in short sale and rental properties.
Posted by Rossella Baron on December 8th, 2011 3:15 PMPost a Comment (0)

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Post-Tax Credit Buyers May Save Money
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.

Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)
Posted by Rossella Baron on May 28th, 2010 5:11 PMPost a Comment (0)

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Congress is considering new tax proposals that would place additional burdens on owners and investors in residential and commercial real estate.

The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens".

Posted by Rossella Baron on May 28th, 2010 4:59 PMPost a Comment (1)

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The Worker, Homeownership, and Business Assistance Act of 2009 authorizes an extension of the tax credit for qualified first-time home buyers and expands the tax credit to include existing homeowners. With home prices lower than they have been in a long time, this is a great opportunity for many clients to purchase a home.
Posted by Rossella Baron on May 17th, 2010 4:56 PMPost a Comment (2)

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Fannie sweetens offer to avoid foreclosure

WASHINGTON - April 26, 2010 - Struggling borrowers who give up their homes through a "deed in lieu of foreclosure" or a short sale will be able to obtain a new Fannie Mae loan in two years. Currently, these owners must wait at least four years.

The new policy, which takes effect in July, is designed to make foreclosure alternatives more attractive. The policy applies only to Fannie Mae's willingness to approve a mortgage, however. Homeowners' credit scores will still take a hit following a short sale or deed in lieu of foreclosure.

To qualify for a mortgage after the two year wait, Fannie Mae says borrowers must make a 20 percent downpayment; but those who lost a job or have other extenuating circumstances will be able to make a 10 percent downpayment.

Freddie Mac - which, with Fannie Mae, insures over half the mortgages in the U.S. - currently makes homeowners wait four years after a short sale or deed in lieu of foreclosure before it will back a new mortgage. Owners who go through a foreclosure wait five years. For both Fannie Mae and Freddie Mac, the waits can be shorter in some cases if borrowers show extenuating circumstances.

Source: Wall Street Journal (04/26/10) P. A2; Timiraos, Nick

Posted by Rossella Baron on April 27th, 2010 10:40 AMPost a Comment (1)

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April 23rd, 2010 6:13 PM

Home Buyer Tax Credit Extended for Some

As you know, to be eligible for the home buyer tax credit, purchasers must be under contract by April 30th and close on or before June 30th. But did you know that for certain members of the military and certain other federal employees that the tax credit is extended for an additional year? Some of the highlights are as follows:

  • Qualified military and certain federal employees who served on qualified extended duty outside of the U.S. for at least 90 days during December 31, 2008 and ending before May 1, 2010
  • Must be under binding contract on or before April 30, 2011
  • Must close on or before June 30, 2011
Posted by Rossella Baron on April 23rd, 2010 6:13 PMPost a Comment (1)

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April 20th, 2010 11:03 AM

Low Inflation Benefits Mortgage Markets

This week's economic data and comments from Fed officials painted a picture of a gradually improving economy with very low inflation. March Core CPI inflation rose at a tame 1.1% annual rate. This economic environment is favorable for bond markets, and mortgage rates ended the week a little lower.

While mortgage rates have dropped over the last two weeks, the move lower has not been a straight line down. Mortgage rates have been fluctuating sharply from day to day, and even hour to hour this month. Volatility in mortgage markets has increased significantly since the end of the Fed's MBS purchase program on March 31. With the Fed steadily in the market in just one direction (purchasing, but never selling), other investors were generally reluctant to take opposing positions. Now that the Fed is on the sidelines, the market has returned to more normal conditions, meaning that investors freely react to economic news and changing sentiment.

This week's housing sector reflected improvement. March Housing Starts exceeded expectations, rising 2% from February to the highest level since November 2008. Housing Starts were 20% higher than one year ago. Building Permits, a leading indicator, also beat the consensus forecast. The April NAHB Homebuilder confidence index jumped to the highest level since September 2009 as home buyers take advantage of tax credits set to expire soon.

Also Notable:

  • The Fed Beige Book report indicated improving economic conditions in all but one of the twelve regions
  • Bernanke stated that he expects the labor market to slowly recover
  • Goldman Sachs was charged with fraud on subprime mortgages by the SEC
  • The Dow stock index reached an 18-month high
Posted by Rossella Baron on April 20th, 2010 11:03 AMPost a Comment (1)

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Increased Recycling in Honor of the 40th Anniversary of Earth Day - The Solid Waste Management Division would like to announce the celebration of the 40th Anniversary of Earth Day by giving back to residents of St. Johns County by going even greener and accepting more items to be recycled in St. Johns County. Both of the residential franchised haulers, Advanced Disposal and Seaboard Waste Systems, have teamed with St. Johns County to collect even more recyclable items curbside. They will be delivering an additional 14-gallon recycling bin to all customers to allow for the expected increase in recycling. The items that will now be accepted include: plastic bottles and jugs labeled #1 through #7; empty pill bottles; water bottles; green, brown and clear glass bottles; metal and aluminum cans; cereal boxes (with the inserts discarded); newspapers and inserts; junk mail; magazines; catalogs; telephone books; brown paper bags; corrugated cardboard (cut into 2x3 sheets); office and copy paper; shredded paper in a closed paper bag; file folders; file or packing boxes; and brown or gray fiber packages. Items that will not be collected are plastic bags, milk cartons, juice boxes, motor oil containers, pool chemical bottles, pesticide or fertilizer bottles, and loose shredded paper.
Posted by Rossella Baron on April 12th, 2010 3:43 PMPost a Comment (0)

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