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Fannie Mae Approved Condo List Florida

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Here is the updated list from Fannie Mae on PERS approved condos as of March 1st. There are a few additions to the list since December. If you remember, Fannie Mae has a task force dedicated to examining projects across the State to get them appoved. Once approved it allows us to do 80% financing on a conventional basis, for not only owner occupied buyers but 2nd home and investor buyers as well.

Click on this link “Fannie Mae Condo Approval 3-01-10”

Let me know if you have any questions.

John Fenech
Sunbelt Lending Services
Regional Loan Manager
Ph: 800-858-5674 or 727-827-1818
Fax: 856-917-2610

Nine tips to sell your home in 2010

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Signs of a recovery in the real estate market indicate this may not be the “Winter of your Discount Tent.” Home sales, value and mortgage applications have risen slightly as mortgage rates stand at a historic low.

This slight glimmer of positive news is offset by estimates that about 48 percent of all U.S. mortgages will be underwater by 2011. Foreclosures and short sales continue to plague the market, keeping a lid on home prices. As a result, 2010 will continue to be a buyer’s market.

That doesn’t mean, however, that all hope is lost of selling your home this year. Here are nine tips to sell your home in 2010.

1. Don’t wait for a recovery

Home values aren’t likely to rebound to previous highs for several years, perhaps even a decade. While you may face a loss by selling now, that negative figure may only be a paper loss, particularly if you’ve owned your home for some time.

2. Make improvements

If you have access to credit, invest in improving and repairing your home before placing it on the market, rather than trying to go for a quick as-is sale. Rehabs are more affordable now, thanks to the availability of low financing, reduced construction materials costs and lower contractor charges. Focus on upgrades to kitchens and bathrooms, especially counters and cabinets, as these yield the highest returns. Get three different estimates from contractors and add another 10 percent for unexpected costs.

4. Hire professionals

You need professionals, not friends or relatives, to repair, upgrade and sell the biggest investment you’ll likely own. Ask for credentials, references and a history of recent performance. Your appraiser should have at least five years experience with an appropriate license or certification. The same applies to hiring a home inspector. Talk to at least two or three appraisers and inspectors before selecting one.

5. Get downpayment assistance

Federal and local governments offer several downpayment assistance programs for first-time home buyers. Look for other city, county and state programs that will piggyback on federal programs for assistance. Search for “downpayment assistance programs” with the name of your region.

6. Take Uncle Sam’s help

The $8,000 first-time homebuyer tax credit program that helped jump-start the real estate market in 2009 has been extended into 2010 and expanded. First-time homebuyers qualify if they sign a binding contract to buy a home by April 30 and close by June 30. The program’s maximum income limits have jumped from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples.

A separate $6,500 tax credit has been added for those who have owned their homes for at least five years and want to upgrade. Homeowners drowning in their present real estate loans are eligible for a loan-modification program with their current mortgage company or loan service through the Making Home Affordable Program (http://makinghomeaffordable.gov/).

7. Price accordingly

Listings move when a property is appropriately priced. Others gather dust because the owners haven’t adjusted their expectations to the present market. This doesn’t mean, however, you should severely drop your price on a well-maintained home to avoid extended problems. Research your market and price accordingly.

8. Energy tax credits

Through Dec. 31, homeowners who buy and install specific energy-efficient windows, insulation, roofs, doors and heating and air-conditioning equipment can apply for a 30-percent tax credit of up to $1,500 of their costs on each product.

Go one step further and earn a 30-percent tax credit through 2016 (without a spending limit) when you purchase such energy-saving products as solar energy systems, geothermal heat pumps, small wind systems, residential fuel cells and micro-turbine systems. Visit EnergyStar’s Federal Tax Credits for Energy Efficiency (http://www.energystar.gov/index.cfm?ctax-credits.tx-index) for a complete summary.

9. It’s not personal

Buyers want to imagine themselves in your house for years to come. Excess decor and knick-knacks distract from this vision. Ask your Realtor’s advice or hire a home stager to bring your house back to zero before beginning to show it. A general rule of thumb is to eliminate or store at least half the items in every room.

Don’t get defensive about colors, design patterns or flooring you installed. Just grit your teeth and think of the closing check while your agent serves as a buffer. Remember the customer is always right, unless, of course, they’re low-balling you.

www.freeshipping.org. Distributed by McClatchy-Tribune Information Services.

Lifeline needed for underwater homeowners – Is Walking away the only option?

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Link To Lifeline Needed For Underwater Homeowners

I’m meeting more and more homeowners who just don’t want to wait for the market value of their homes to catch-up to the price they paid or the mortgage they have. If you’re home has a lot of equity and you’re underwater, maybe you are struggling to make the payments. There is hope, really! Check out making homes affordable to see if you can get help.

If you don’t qualify for this government program try contacting your lender and see if they can assist with a loan modification (CLICK HERE FOR ANSWERS) if don’t get assistance from the lender, DON’T walk away from your home the problems don’t disappear! Infact it will get a lot worse.

Lenders are willing and advising borrowers to short sell their homes because you are helping them save them money. It cost the bank on average $50,000-$80,000 to foreclose on a home. By Short Selling you’re home you are helping the lender solve a problem they have. Both you and the lender have a problem, you can’t afford the house and they are not getting interest paid on the loan. Some lenders are also giving borrowers (the seller) cash at closing to help move. Wells Fargo offered one of my clients $2,500!

Check out a video I did on short sales and why it’s better for you than walking away and facing a foreclosure!
I’m here to help so feel free to call me anytime or shoot me an email.

Florida’s existing home, condo sales up in October 2009

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ORLANDO, Fla. – Nov. 23, 2009 – Florida’s existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October’s statewide sales also increased over sales activity in September in both the existing home and existing condominium markets.

Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September.

Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year’s sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September.

All of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state’s MSAs have reported increased sales for 16 consecutive months.

Florida’s median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that 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 the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900.

According to NAR’s latest industry outlook, the housing market is continuing its positive momentum. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth,” said NAR Chief Economist Lawrence Yun. “That, in turn, would help fully remove consumer fears, which would then revive the broader economy.”

In Florida’s year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market’s existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.

Housing Affordability Hovers Near Record-High Level for Third Consecutive Quarter

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November 23, 2009—Nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 70.1% of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3% during the previous quarter and up from 56.1% during the third quarter of 2008.

“At a time when housing is at its most affordable, we applaud the recent actions taken by Congress and President Obama to stimulate housing by extending the federal tax credit beyond its Nov. 30 deadline and expanding it to a wider group of eligible home buyers,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices.”

Indianapolis was the most affordable major housing market in the country during the third quarter, a position the metro area now has held for 17 consecutive quarters. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100.

Also near the top of the list of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa., and three Michigan metropolitan areas, Detroit-Livonia-Dearborn; Warren-Troy-Farmington Hills; and Grand Rapids-Wyoming.

Five smaller housing markets posted even higher affordability scores than Indianapolis, with Kokomo, Ind. outscoring all others. There, 96.7% of homes sold during the third quarter of 2009 were affordable to median-income earners. Other smaller housing markets near the top of the index included Springfield, Ohio; Bay City, Mich.; Mansfield, Ohio; and Elkhart-Goshen, Ind.

New York-White Plains-Wayne, N.Y.-N.J., was the nation’s least affordable major housing market during the third quarter of 2009, the New York metro area’s sixth consecutive appearance at the bottom of the list. Slightly more than 19% of all homes sold during the third quarter were affordable to those earning the New York area’s median income of $64,800.

The other major metro areas near the bottom of the affordability scale included San Francisco; Honolulu; Santa Ana-Anaheim-Irvine, Calif.; and Nassau-Suffolk, N.Y.

San Luis Obispo-Paso Robles, Calif. was the least affordable of the smaller metro housing markets in the country during the third quarter. Others near the bottom of the chart included Ocean City, N.J.; Santa Cruz-Watsonville, Calif.; Santa Barbara-Santa Maria-Goleta, Calif.; and Brownsville-Harlingen, Texas.

For more information, visit www.nahb.org.

Read more: http://rismedia.com/2009-11-22/housing-affordability-hovers-near-record-high-level-for-third-consecutive-quarter/#ixzz0XgWDUSaO

Senators differ on extending homebuyer tax credit

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WASHINGTON (AP) – Oct. 27, 2009 – Top Democrats in the Senate are pressing a plan that would extend a popular tax credit for first-time homebuyers but gradually phase it out over the course of next year.

The proposal, by Majority Leader Harry Reid, D-Nev., and Senate Finance Committee Chairman Max Baucus, D-Mont., would extend the $8,000 tax credit – which expires Nov. 30 – through March 31. Its value would drop by $2,000 for each of the subsequent three quarters of 2010.

The plan, which could face a vote in the Senate this week, appears aimed at countering a far more generous $17 billion bipartisan plan that would extend the $8,000 credit through June 30, 2010, boost the income cap for eligibility and open the credit to all buyers, rather than first-timers.

Senators are maneuvering to add the homebuyer tax credit extension to legislation to extend unemployment benefits by up to 20 weeks. That bill faces a key test vote on Tuesday.

Supporters say the tax credit has helped revive the housing market and say that if it’s cut off as scheduled at the end of next month, home sales could drop off.

Reid sought to schedule a vote on the competing measures on Monday but was blocked by top Senate Republican Mitch McConnell of Kentucky, who is demanding votes on unrelated GOP proposals.

One such proposal would require people receiving unemployment insurance to be processed through the E-Verify program to prove legal immigration status and would require all federal contractors to use E-Verify. E-Verify is an Internet-based system that employers use to check on the immigration status of new hires.

The Democratic plan also would extend the ability of money-losing businesses to claim refunds on taxes paid during profitable times up to four years ago. All businesses could take advantage of the credit; when passed in February it was limited to smaller companies with annual revenues of $15 million or less.

The provision is especially popular with homebuilders who made huge profits in the housing boom but are struggling today. Critics say it’s a giveaway to some of the very companies that helped build up the housing bubble years ago.

New U.S. home sales rise 0.7 percent in August

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WASHINGTON (AP) – Sept. 25, 2009 – New U.S. home sales posted a tepid 0.7 percent increase last month, missing Wall Street expectations and providing more evidence that the housing market recovery remains tentative.

The Commerce Department said Friday sales inched up to a seasonally adjusted annual rate of 429,000 from a downwardly revised 426,000 in July. Economists surveyed by Thomson Reuters had expected a pace of 440,000.

While it was the fifth straight increase and the strongest report in 11 months, sales were 4.3 percent lower than the same month last year. Sales have risen 30 percent from the bottom in January, but are off about 70 percent from the peak of four years ago.

The report was the second straight disappointing sign for the U.S. housing market, which is struggling to emerge from the most severe bust in generations. On Thursday, the National Association of Realtors said sales of previously occupied homes, which make up the bulk of the market, dipped 2.7 percent last month.

While August’s housing reports have been disappointing, “we believe both remain on an upward trend,” wrote David Resler, chief economist with Nomura Securities.

Builders continue to make severe cuts in prices to attract buyers. The median sales price of $195,200 was off 11.7 percent from $221,000 a year earlier, and 9.5 percent below July’s level of $215,600. That was the largest monthly drop on records dating to 1963.

There were 262,000 new homes for sale at the end of August, down more than 3 percent from July and the lowest in nearly 17 years. At the current sales pace, that represents 7.3 months of supply – the smallest amount since early 2007. The decline means builders have scaled back construction to the point where supply and demand are coming into balance.

Still, it’s taking more than a year to sell the homes on the market.

“No one ever said that the homebuilders were breaking out the bubbly and party hats and doing the cha-cha around town,” wrote Jennifer Lee, economist with BMO Capital Markets.

Buyers, meanwhile, are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify. Builders and real estate agents are pressing Congress for that credit to be extended.

Sales varied dramatically around the country. The best performance was in the West, where sales rose more than 12 percent, and the worst was in the Northeast, where sales sank more than 16 percent. They were unchanged in the South, and down nearly 6 percent in the Midwest.

Meanwhile, KB Home posted a smaller third-quarter loss of $66 million on Friday as new home orders increased and the builder cut costs. Though the results missed analysts’ expectations, KB Home said its new orders jumped 62 percent in the third quarter from the year before, with every region showing annual growth.

And fewer homebuyers backed out. The company’s cancellation rate dropped to 27 percent during the quarter, compared with 51 percent a year ago.

Has the Real Estate Market Bottomed in Pinellas County?

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It sure looks like the Pinellas market has bounced from the bottom as a whole. Now there are some neighborhoods which went up so fast that they are still correcting. The inventory levels are still coming down and at this pace we could see a 6 months supply by the end of the year, which most experts say would put us back into a sellers market. It would be a week sellers market based on the unemployment rate.

Have you have been sitting on the fence waiting for the prices to get better? If so, you may want to get active in your search for a home.

Also time is running out for the first time home buyers $8,000 tax credit. At this point you want to avoid short sale because they take on average 3-4 month to get approvals and you just don’t have the time!

See the stats for yourself..

mls-stats Aug 09

Need help locating a home? Call me and I’ll setup a custom home search for you today!

Maintaining Curb Appeal Through Winter

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Winter can pose unique challenges for those trying to sell their homes. Cold weather and the hustle and bustle of the holiday season can keep would-be buyers at bay. That’s why it’s especially important to maintain strong curb appeal throughout the winter months.

Curb appeal, of course, is the first impression one gets from simply viewing the outside of the home. Just as many folks judge a book by its cover, homebuyers draw certain conclusions about a home just from what they’ve viewed outside. Here are some easy tricks to entice buyers to stop by your home and actually step inside.

First, start with the home itself. Remember that all the upgrades inside the house are useless if you can’t get buyers inside. Giving the house a fresh coat of paint or repainting/staining the front door can both make a huge impact. Also, check the condition of the roof and gutters and fix or replace them if necessary. And don’t forget to paint or clean the garage doors and windows.

Secondly, think about sprucing up the front porch. Updating lighting or sconces can really frame the entrance to the home nicely. Also, something as simple as replacing a worn-out doormat can add an element of warmth to a home. Consider placing urns or planters on either side of the front door.

In winter, it’s ideal to use evergreens or colorful poinsettias. Of course, if you’re anticipating a hard freeze, you might need to protect those potted plants by covering them with a blanket, sheet or plastic. And if your street number is located on the porch, be sure that it is easy to see from the street.

Next, address your landscaping. Keep in mind that a clean lawn can go a long way. Make sure to clean up any toys or trash you see and only set out your garbage can or recycling bin on pick-up days. Neatly rake leaves and debris and place your compost pile in the back or side yard; you don’t want anything to distract from the beauty of your home.

If you live in an area that experiences harsh winters, it’s understandable that your yard isn’t exactly going to be lush. But including certain plants into your year-round landscape can help alleviate the drabness of winter. Evergreens, pines, hemlock, spruce and vibrant holly bushes can really shine through the coldest of months. And adding bird feeders to your lawn can attract and provide shelter for wild birds.

It’s also essential to make sure that buyers can reach your front door easily and safely. Repair cracks in the sidewalks and driveway and make sure that all walkways are cleaned, edged and properly illuminated.

Lastly, make sure your prospective buyers can picture themselves living in your house. This means not going overboard on holiday decorations. You want your décor to be tasteful, but not to overpower the home itself. Give the buyer a chance to envision your home in its everyday condition.

It doesn’t require a lot of money to improve your homes curb appeal. But what it does take is careful planning, due diligence and a bit of creativity.