A Better Idea! Real Estate Services & More

The LATEST News from A Better Idea!

Fri, 30 Mar 2012 19:10:41 -0700

THE LATEST NEWS from A Better Idea!

A Better Idea!
Real Estate Services & more
CALL OR TEXT 321.243.2493
www.321HomeStore.com

Hello BLOG,

Some general information & interesting topics we thought might interest you.

Steps to conquering your debt

Today, the average American household carries about $9,000 in debt, which can hinder their ability to qualify for a mortgage or any other type of loan. Many people try to pay down some of their debt prior to applying for a loan – a task that’s easier said than done. However, American Express offers four easy steps that you can do to help manage your debt:

Know what you owe. Make a list of all the credit cards, student loans and other debts you have and the monthly payments required for each. It's important to know how much money you have to pay out each month so that you can budget accurately. A solid budget is key to your get-out-of-debt strategy. It's easy to find budgeting planners and software online - or consider meeting with a financial advisor.

Set smaller, more realistic goals. Instead of trying to reinvent your budget, look for practical ways to cut costs and get great value for your money. For example, cutting back on spending for clothes and dining out can be a more effective tactic than eliminating them altogether.

Commit to saving money. One of the best ways to save more money is to have your contributions automatically deducted each month. You don't see the money, so you don't miss it. Commit yourself to a savings plan like a 401K or an IRA where you can arrange to have your contributions deducted automatically.

Use a charge card - or cash - instead of a credit card to pay for purchases. Charge cards are payable in full each month and they have no interest payments or finance charges. Plus, charge cards can offer a number of valuable benefit and services, such as rewards and travel and retail protections, at no extra cost.

Trying to avoid getting sick? Keep your hands clean

With flu season upon us, many of us start running when we hear a sneeze and avoid sitting next to anyone with a sniffle. But germs are lurking in far more places than many of us realize and touching everyday objects or even just shaking hands can make us sick. In fact, 80 percent of the germs that cause illness are spread by contact. These germs are spread directly - by shaking hands, for example - or indirectly, when we touch an object that has been touched by other people's "germy" hands.

According to Dr. Philip Tierno, director of clinical microbiology and diagnostic immunology at the New York University Medical Center, just about every place - in the home or outside the home - has illness-causing germs because germs are a normal part of our world. “Being aware of how we make each other sick by transmitting germs through hand contact is the first step toward preventing the illnesses that germs cause."

The answer isn't to stop touching, rather, you should kill potential disease-causing germs on hands by keeping them clean. When possible, wash your hands with soap and warm water. Be sure to rub your hands vigorously together for 15 to 20 seconds. It is the soap combined with the scrubbing action that helps dislodge and remove germs. When hand washing isn’t an option, use an alcohol-based instant hand sanitizer or wipes.

You should also clean your hands after using public restrooms, ATM machines, and escalator handrails as well as before preparing and serving meals at home; before eating in restaurants; after riding on public transportation such as trains, buses, and planes; and after coming home from being outside.

It’s also important to keep your desk, or work area, counter tops, doorknobs, phones, faucets, and other commonly touched areas clean by wiping them down frequently with a product that says “sanitizing” or “disinfectant” on the label. Antibacterial products are meant to be used on the body and only kill a portion of the spectrum of bacteria that can make you sick.

And if you do get sick, despite your best efforts, do everyone a favor around you – stay home and rest.

Are seniors more active and tech savvy homebuyers than expected?

It is often assumed that senior citizens lack the tech-savvy skills of their younger counterparts. Not so, according to survey by ERA Real Estate. The survey of more than 1,500 people, age 50 and older, has revealed changing attitudes about real estate that contradict some long-held assumptions about seniors and technology. The study reported that seniors considering moving in the next five years chose the Internet as the most popular home buying research method.

That’s good news for a REALTOR® with a penchant for e-mail marketing, especially when you consider the size of this market segment. Think of it this way, the oldest Baby Boomers (the largest demographic in the U.S.) are turning 58 this year. That’s a large chunk of today’s “senior citizen” crowd. In fact, last year, 41 percent of all home sellers were 55 years old or older. That number is expected to increase as more boomer homeowners become empty nesters, according to the Senior Advantage Real Estate Council (SAREC®).

Because it has become vital for REALTORS® to understand the many different concerns, wants and needs of these mature consumers to ensure they provide resources and services that are relevant to this growing market segment. "Intelligent real estate planning can be one of the most important issues impacting boomers' financial security," Booth said. "In addition to meeting their own real estate requirements, baby boomers also are in need of identifying a REALTOR® who can provide their parents with appropriate living options. For seniors who have not bought or sold a home in many years, the real estate transaction process can be overwhelming."

However, while mature consumers showed an increased propensity for the Internet to search for real estate information, nearly 92 percent said they were only somewhat to not at all likely to choose a REALTOR® based on Internet research. This may be due in large part because the survey showed an existing relationship with a
broker or REALTOR® was still the second most popular method for researching real estate.

It was often believed that the typical aging homeowner was looking to move to an active adult community and downsize, but survey results show otherwise.

-- Only 8 percent of those considering a move in the next five years indicated that they might consider purchasing a home in an active adult community
-- More than 61 percent consider purchasing a single-family home
-- The average senior lives in a house with three or more bedrooms and two or more baths
-- Only 11 percent felt their current home is too big
-- Nearly 25 percent of respondents thought their home was too small
-- Respondents cited better home or living conditions as the second most popular reason for buying a new residence

Seniors also proved to be more savvy and demanding when it comes to technology. In fact, those considering moving in the next five years chose the Internet as the most popular home buying research method, up from the second most common choice mentioned in study the previous year. However, while mature consumers showed an increased propensity for the Internet to search for real estate information, nearly 92 percent said they were only somewhat to not at all likely to choose a REALTOR® based on Internet research. This may be due in large part because the survey showed an existing relationship with a broker or REALTOR® was still the second most popular method for researching real estate.

"These survey results show that as more and more baby boomers turn 50, it is becoming harder to define the increasingly diverse mature consumer," said Brenda W. Casserly, president and COO, ERA Franchise Systems, Inc. "Marketers today need to recognize the importance of understanding the many different concerns, wants and needs of these mature consumers to ensure they provide resources and services that are relevant and valuable to this growing market segment. At ERA Real Estate, we have set out to be the real estate brokerage of choice for this powerful and under-served consumer."

The ERA Real Estate survey also showed some interesting findings regarding mature consumers' level of concern for some common economic costs. Despite a historically strong real estate market that has seen continued price increases, more respondents expressed greater concern over prescription drug costs (62 percent), hospital-related costs (60 percent), income and other taxes (59 percent) and gas prices (56 percent) than they did over the price of houses (43 percent). This survey represents the latest in an ongoing series of initiatives by ERA Real Estate to monitor and address the concerns of the growing mature consumer market. These efforts include the ERA(R) Sellers Security(R) Plan, a sales program that offers sellers a guaranteed sale price and closing date, a customized and personalized marketing approach that meets the needs of mature consumers as well as a variety of targeted services, resources and financing options. As the first global real estate franchise to deliver the Seniors Real Estate Specialist (SRES(R)) designation to its affiliates online, the ERA system is also committed to educating its sales professionals about the specific needs and concerns of mature buyers and sellers.

Other interesting findings revealed from the ERA survey of mature consumers included:

-- Respondents named "one point of contact" during the transaction process as the service they are most looking for from a REALTOR®
-- Nearly three out of four respondents own their own home
-- Nine out of 10 have owned at least one home in their lifetime, while nearly two-thirds have owned two or more homes
-- The majority (53 percent) of respondents have lived in their current residence for 10+ years
-- 57 percent of respondents would prefer to stay within 50 miles of their family during their next move, while a surprising 16 percent would consider a move of 1,000 miles or more
-- Nearly one quarter of respondents have children living with them or who are receiving financial support
-- Virtually all respondents (96 percent) own a personal computer
-- Three out of four respondents own a DVD player and a cell phone
-- Respondents ranked both in-depth property descriptions and photos or virtual tours as the most important factors when searching for real estate online

InsightExpress, a professional market research firm headquartered in Stamford, Conn., conducted the survey on behalf of ERA Franchise Systems, Inc.

More than 1,500 consumers, age 50 and older, were polled online for the survey.

SELLERS: Why Being Present at a Showing Can Hamper Your Sale

By Keith Loria

RISMEDIA, Friday, February 10, 2012— If your home is on the market, you know just how important it is to keep it clean and tidy in case your agent calls with a last-minute showing. While piling in the car each time a showing rolls around can feel like a chore, real estate professionals across the board agree that it’s best to be out of sight when a potential buyer comes to view your home.

When buyers walk into a home and see the owners present, they become uncomfortable and feel as if they’re intruding, which may cause them to race through the home without getting a real feel as to whether or not they like it.

One rationale for staying behind is that the sellers often think those looking at the home won’t be able to find everything and they must be there to point out the important features. Another reason homeowners think it’s necessary to be present during a showing is because they feel they can better “sell” the property by talking about the positives.

Truth be told, that’s rarely the case. Your real estate agent is trained in providing all the details related to the home, the property and its surroundings, and they also know how to read prospective buyers so they can relay the information at an appropriate time. In fact, if you bombard a seller with too much information all at once, you’re going to leave a less-than-favorable impression.

Let the buyer discover the wonderful things about your home on their own. If you have a nice home with all of the features they’re looking for, they don’t need you pointing things out. You may even hurt your chances of getting the home sold by calling attention to something they aren’t looking for.

When prospective buyers know you’re there —or following them around room to room—they are less likely to open closets or doors because they feel as though they’re intruding. This keeps them from viewing everything the home has to offer, making it less likely that they’ll be interested in putting an offer on the home.

While some sellers choose to wait outside in their car or on the patio during a showing, a better alternative than taking the tour with a prospective buyer, it’s still not ideal. Again, if prospective buyers feel like they’re being rushed, they aren’t going to spend an adequate amount of time viewing your home. Instead, they’ll rush through the home and move on to the next property on their list.

It’s understandable that sellers don’t always want to leave—especially when several showings are scheduled for one day. Plus, with little ones, dinners to cook and work to be done, it’s not always feasible to get up at a moment’s notice to leave. This is especially true during the cold winter months, when you can’t simply take a walk around the block or head to the park and read for an hour.

Remember, you want buyers to spend as much time as they want in your home, envisioning the possibility of living there. While getting out of the house may not always be convenient, it’ll be worth it in the long run.

For a FREE Neighborhood Comparison on your property, visit our website to sign up for monthly email updates.

www.321HomeStore.com CALL or TEXT 321.243.2493

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Just Listed

Wed, 28 Mar 2012 02:09:36 -0700

Hi BLOG,

I thought you might be interested in this new listing. Visit this listing online to see more photos of the property, Microsoft bing™ maps satellite images, and much more.

Feel free to call me at (321) 243-2493 or e-mail me at info@321HomeStore.com.

Leslie Purdy, Broker

MLS#: 635049 $140,000	approx $651.00/mo based on 3.50% down
270 NE Naylor St Palm Bay, Florida 32907
Beds: 4 Garage:	Baths: 2 Rooms: 7 Sq. Ft.: 2448 Built: 1992
Go to this listing on my website.

For more photos click here.

Presented by

LOCKMAR ESTATES! 4 bedroom + office, 2 bath, 2 car garage with plenty of room for a pool, block construction, pickled oak kitchen cabinets with granite tile countertops, BIG back porch, city water + vaulted ceilings. Melbourne/ Palm Bay has plenty of shopping, A-rated Schools, well maintained roads and little traffic. 15 minutes to the Beach & about 1 hour to Disney or Orlando Airport (MCO). Convenient to shopping and many restaurants. PRIVATE LENDER MAY BE AVAILABLE with 50% down.

Leslie Purdy, Broker
(321) 243-2493
info@321HomeStore.com

Other Details
Fireplace(s): 1
Roof: Shingle-Asphalt
County: Brevard
Country: United States
Exterior: Concrete Block
Floor: Carpet,Tile
Listing Area: 341 NE Palm Bay

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Untitled

Thu, 22 Mar 2012 17:53:38 -0700

Hi BLOG,

I thought you might be interested in this new listing. Visit this listing online to see more photos of the property, Microsoft bing™ maps satellite images, and much more.

Feel free to call me at 321.243.2493 or e-mail me at info@321HomeStore.com.

Leslie Purdy

MLS#: 635688 $30,000	approx $136.00/mo based on 3.50% down
118 San Juan Circle 118 Melbourne, Florida 32935
Beds: 2 Garage:	Baths: Rooms: Sq. Ft.: 955 Built: 1979
Go to this listing on my website.

For more photos click here.

Presented by

Great Location! Close to schools!

Leslie Purdy
321.243.2493
info@321HomeStore.com

Other Details
Level(s): 1
Heating/Cooling: Central He
Elementary School: Croton
Jr High/Middle School: Johnson
High School: Eau Gallie
County: Brevard
Country: United States

This message contains advertising material. To discontinue receiving our e-mails, please click here.

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Just Listed

Wed, 21 Mar 2012 17:54:18 -0700

Hi BLOG,

I thought you might be interested in this new listing. Visit this listing online to see more photos of the property, Microsoft bing™ maps satellite images, and much more.

Feel free to call me at 321.243.2493 or e-mail me at info@321HomeStore.com.

Leslie Purdy

MLS#: 635688 $30,000	approx $136.00/mo based on 3.50% down
118 San Juan Circle 118 Melbourne, Florida 32935
Beds: 2 Garage:	Baths: Rooms: Sq. Ft.: 955 Built: 1979
Go to this listing on my website.

For more photos click here.

Presented by

Great Location! Close to schools!

Leslie Purdy
321.243.2493
info@321HomeStore.com

Other Details
Level(s): 1
Heating/Cooling: Central He
Elementary School: Croton
Jr High/Middle School: Johnson
High School: Eau Gallie
County: Brevard
Country: United States

This message contains advertising material. To discontinue receiving our e-mails, please click here.

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Great News for Renters!

Wed, 11 Jan 2012 17:04:48 -0800

Rental history: More important in getting a mortgage

NEW YORK – Jan. 11, 2012 – Borrowers who have a history of paying rent on time may see a boost to their credit score.

Experian, a leading credit report company, added a section to its credit reports last year that reflected on-time rent payments, which helped give a boost in the credit scores to some on-time rent payers. Now the two other major credit-reporting companies are following suit.

CoreLogic and FICO recently announced that they’re also adding a score that reflects payment histories from landlords, The New York Times reports.

“Evidence of positive rental payments could be a plus for consumers,” Joanne Gaskin, FICO’s director of product management global scoring said.

Nearly half of high-risk consumers saw an increase of 100 points or more after their rental history was added to their credit report, says Brannan Johnston, the managing director of Experian’s rent bureau. Consumers with average or higher credit scores, on the other hand, did not see any major difference.

The change also benefits former homeowners who went through a foreclosure. They may be able to rebuild their credit histories quicker now by showing they are “very responsible renters,” according to Tim Grace, senior vice president of CoreLogic.

Source: “A Good Rental History Can Help Borrowers,” The New York Times (Jan. 5, 2012) © Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688 Reprinted with permission. Florida Realtors®. All rights reserved.

With prices, interest rates & down payments so low, you can BUY a home for less than you pay for renting!

Get Homes emailed to you daily at 321HomeStore.com

CLICK HERE to get your FREE Buyer’s Guide

We are not just about Real Estate – we are a FULL Service firm and we’ve been in the Melbourne / Palm Bay area over 30 years. We can help you with just about anything, from Buying & Selling houses to improving your social life and more! J

Leslie Purdy, PA

321243.2493 Call orText

INFO@321HomeStore.com

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Real Estate Services & More

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Short Sale Forgiveness WILL be taxed in 2013

Tue, 10 Jan 2012 11:58:16 -0800

You may owe federal income taxes in 2013 if you have a short sale, foreclosure

WASHINGTON – Jan. 9, 2012 – You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?

Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.

But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.

So if a house sold $50,000 short of what is owed on the mortgage, then the selling homeowners will owe federal income taxes on that $50,000. Homeowners would owe $12,500 if they’re in the 25 percent bracket; $7,500 if in the 15 percent tax section.

Homeowners would be on the hook even if the house sold but the bank had not formally forgiven the loan in a letter: The banks must officially sign off in writing before Dec. 31.

“It’s a huge issue – it will be a shock to many taxpayers after 2012,” said Mark Steber, the Florida-based chief tax officer for Jackson Hewitt Tax Service.

The law first came into affect five years ago as the housing market went bust nationwide.

The Mortgage Debt Relief Act of 2007 “generally allows taxpayers to exclude income from the discharge of debt on their principal residence,” according to the Internal Revenue Service. “Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.”

Up to $2 million of forgiven debt can be forgiven this year, $1 million if married and filing separately, according to the IRS.

Homeowners declaring bankruptcy could escape paying income taxes on any cancellation of debt income if the debt is forgiven in the bankruptcy even if the debtor is solvent, said Nick Jovanovich, a board-certified tax attorney in Fort Lauderdale, Fla.

“Bankruptcy trumps everything,” he said.

Or homeowners might not have to pay income taxes on any cancellation of debt income to the extent that they are insolvent immediately before the cancellation – that is, their debts exceed the value of their assets, Jovanovich added.

Steber and Jovanovich said homeowners should decide now what they are going to do – to give themselves time.

Short sales can take a long time, said Timothy Singer of Coldwell Banker in Fort Lauderdale.

He said he knows of one that had been pending for three years.

But lenders “have been gearing up” and speeding up the process, Singer added.

But even if banks quickly approve a short sale, the would-be buyer may get cold feet and the deal fall through, Singer said.

Then the sellers have to begin again, he said.

Copyright © 2012 the Sun Sentinel (Fort Lauderdale, Fla.), Donna Gehrke-White. Distributed by McClatchy-Tribune News Service.Reprinted with permission. Florida Realtors®. All rights reserved.

We are certified Short Sale Specialists – list NOW so you will be CLOSED by the end of 2012.

Short Sales are SHORT on $$$ (to the lender) and LONG on time.

MOVE or IMPROVE:

Call, text or email us for ALL of your Real Estate needs.

Get Homes emailed to you daily at 321HomeStore.com

CLICK HERE to get your FREE Buyer’s Guide

Leslie Purdy, PA

321243.2493 Call orText

INFO@321HomeStore.com

A Better Idea!

Real Estate Services & More

Melbourne Beach Homes for Sale, Satellite Beach Homes for Sale, Melbourne FL Real Estate, Melbourne Beach FL Real Estate, Cocoa Beach FL Real Estate, Viera FL Real Estate

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New Year Resolutions

Fri, 06 Jan 2012 11:38:35 -0800

1. Buyer Resolution: fix up your financials and buy a home. It’s no secret that the mortgage lending world is tough out there. But don’t let that stop you from buying a home in 2012. The name of the game is to prepare, prepare, prepare.

In particular:

Pull your papers together: Spend January gathering up: your past two years’ federal tax returns and W-2s; your last two months’ pay stubs; and statements from bank and other asset accounts, like retirement accounts and investment accounts. You might also find it handy to have marriage and divorce certificates on hand, as well as the statements from any credit, auto or student loan accounts you hold.
Also, start keeping a running file to collect and keep handy new stubs and statements throughout the year; when you find your dream home, your lender will ask you to refresh your application with the latest versions.
Compile your cash to close: If you’re serious about buying a home this year, you’ve probably already started saving up - or at least know where and how you plan to access your down payment funds. Early this year, meet up with your real estate and mortgage brokers and do a double-check on how much cash you’ll need for your down payment and closing costs to buy the sort of home you’re looking for in a location you’d like.
Also, touch base with your team on timing matters around any gift money or money from your own retirement accounts that you plan to use toward your purchase. You might need some lead time in order to draw your own funds, specific documentation of where the monies came from, or a couple of months for the money to sit and ‘season’ in your own accounts before the lender will greenlight the deal; the best practice is to make yourself aware of any such requirements as soon as possible.
Have your mortgage pro run your credit report. Again, if you’re planning to buy this year, chances are good you’ve already pulled your own reports from the three bureaus. But as you move down the home buying timeline, it’s imperative to get your mortgage broker or banker to pull their versions of your reports, as that what the lender will go by.

This is another task you should check off your to-do list sooner rather than later. If by chance an error or issue does arise, you’ll need some time to remediate your report, whether by paying off that mystery collection, disputing an erroneous ding on your own or paying for your broker to obtain a Rapid Rescore.

2. Seller Resolution: Price it, spruce it and sell it. A too-high price is a sure-fire way to ensure your home lags on the market, causing you more anxiety and costing you more money as the days turn into weeks, months or even longer. Rather than testing the market, the end result of overpricing is usually that you end up receive no or lowball offers, or even resigning yourself to lowering the price below what you could have originally gotten, to offset the stigma of desperation buyers sense when a home has been on the market a long time.

Resolve to price your home right before it goes on the Multiple Listing Service. Study your local market, visit Open Houses similar to yours, look at as many recent comparable sales as possible, and talk to your agent in detail – talk to several agents, if that makes you more comfortable -- before landing on your home’s list price. 2012 is going to be another competitive year for sellers, so manage your own urge to overprice in order to position your home to best the competition.

One more thing – given the intense level of competition among homes, curb appeal can go a long way to entice buyers to come and see your house. Of course, it behooves you to stage the inside too, but don’t overlook outside upgrades like shrubbery, flowers and painting the exterior.

And before you worry about breaking the bank, use your agent as a resource to get insight into what local buyers want, aesthetically, these days. Chances are there are a few critical, inexpensive projects you can undertake to boost buyers’ desire to come in and have a look around. Keep costs down by painting trims, doors, eaves and focusing on landscaping, and using your repair budget on small fixes like driveway cracks and fallen shutters.

3. Owner Resolution: Get right-side up. Over 25 percent of Americans who have a mortgage owe more than their home is currently worth. While getting right-side up, so to speak, is certainly easier said than done, it’s not impossible (especially if you include getting your payments lowered in your definition of right-side up).

2012 might be your year to:

take advantage of newly expanded federal underwater refinance programs like the Home Affordable Refinance Program (HARP 2) and Hardest Hit Funds (if you live in one of the states on this list);
get assertive about getting a loan modification – even if you’ve been rejected before, and even if you have to get help from a non-profit credit counseling organization or a program like NACA’s Home Save program;
get a second job or rent out a room to catch up on payments or pay down your balance or, if all else fails;
put your home on the market, listing it as a short sale.

Keep in mind that the federal income tax exemption on mortgage debt that is forgiven through a foreclosure or short sale is currently set to expire on December 31st of this year, but banks are taking around 2 years after the first missed payment, on average, to foreclose on homes. If you list your home as a short sale with an experienced short sale agent, stat, you have a better chance of avoiding the potentially massive income tax implications of offloading your upside down home than you do if you just stop making the payments and walk away from it!

Talk with a local agent with a their track record of closing short sales, and with a local attorney and CPA before you make this move.

4. Renter Resolution: Make the rent vs. buy decision and start saving, if you decide to buy. Depending on where you live, it might actually be cheaper to own a home than to rent it! Mortgage rates hit record lows last month (below 4% for a 30-year-fixed!), and there are tons of homes on the market, tilting the supply-demand imbalance in buyers’ favor. If you live in an area with a strong buyer’s market and think you might be ready to commit to homeownership, this is exactly the right time to start getting serious about making the decision whether to proceed down the path to home ownership.

It can take months – even years – to save enough cash to buy a home, not to mention the many moons it takes today’s buyers to find and buy a home. So, if you do decide to buy, you’d be wise to start your saving up for a down payment now to maximize your chances of getting into the market while home prices are still relatively low (even if that is a year or more down the road).

In that vein, look for spending cuts you can make that will enable you to save as much as possible each month until you reach your goal. Take on extra work, if you can, to stash more cash in your savings account. And consider setting up a separate savings account called “Home” where you can watch it grow and stay inspired to keep moving toward your goal.

Reprinted from Ask Tara @Trulia

Leslie Purdy, PA

321243.2493 Call orText

INFO@321HomeStore.com

A Better Idea!

Real Estate Services & More

Melbourne Beach Homes for Sale, Satellite Beach Homes for Sale, Melbourne FL Real Estate, Melbourne Beach FL Real Estate, Cocoa Beach FL Real Estate, Viera FL Real Estate

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How long will low mortgage rates last?

Wed, 04 Jan 2012 13:48:21 -0800

How long will low mortgage rates last?

WASHINGTON – Jan. 4, 2012 – For nine consecutive weeks, the 30-year fixed-rate mortgage has been hovering at or below record lows of 4 percent, pushing housing affordability for homebuyers even higher.

But will these low rates stick around much longer?

The Federal Reserve has vowed to keep rates low through 2013 so rates likely will hang around for a few more months, at least, but whether mortgage rates will stay at the current record-lows, many experts say it’s unlikely.

The 30-year fixed-rate mortgage is expected to inch up to an average 4.5 percent for 2012 and increase to 5.4 percent in 2013, according to Freddie Mac economists’ forecasts.

While that forecast means rates are expected to move higher in the coming months, the rates will still be low by historical standards, economists told the Los Angeles Times. For comparison, 30-year rates averaged more than 16 percent in 1981 and 1982. What’s more, until 2000, rates typically were above 8 percent, Freddie Mac notes.

However, many homebuyers have been unable to take advantage of the low rates. Lenders’ tighter underwriting standards for loans following the housing crisis shut out some buyers who have poor credit, low down payments or unsteady employment.

Freddie Mac had predicted that home-purchase applications would comprise two-thirds of all mortgage applications by the end of 2011. But the Mortgage Bankers Associations says that about 80 percent of the mortgage applications instead came from homeowners who wanted to refinance.

Source: “Low Mortgage Rates Likely to Continue Through 2012, Experts Say,” Los Angeles Times (Jan. 3, 2012)

MOVE or IMPROVE:

Call, text or email us for ALL of your Real Estate needs.

Get Homes emailed to you daily at 321HomeStore.com

CLICK HERE to get your FREE Buyer’s Guide

Leslie Purdy, PA

321243.2493 Call orText

INFO@321HomeStore.com

A Better Idea!

Real Estate Services & More

Melbourne Beach Homes for Sale, Satellite Beach Homes for Sale, Melbourne FL Real Estate, Melbourne Beach FL Real Estate, Cocoa Beach FL Real Estate, Viera FL Real Estate

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Investors can FLIP houses now!

Tue, 03 Jan 2012 09:49:28 -0800

FHA extends waiver of anti-flipping regulations through 2012

WASHINGTON – Jan. 2, 2012 – In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration Commissioner Carol J. Galante today extended a temporary waiver of FHA’s anti-flipping regulations through 2012. Read FHA’s anti-flipping waiver.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

With certain exceptions, FHA rules prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, FHA temporarily waived this regulation through Jan. 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales. It will allow homes to resell as quickly as possible.

The extension is effective through Dec. 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing waiver remain the same. The waiver contains strict conditions and guidelines to prevent predatory property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The waiver continues to be limited to sales meeting the following conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases where the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the lender meets specific conditions and documents the justification for the increase in value.

• The waiver is limited to forward mortgages and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.

FHA justified the extension by noting that professional flipping often takes less than 90 days, and making an investor wait deters buyers who must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant for about three months.

The complete wavier is published online in The Federal Register.

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LOCAL DEAL: Kayaking for 1/2 price!

Tue, 03 Jan 2012 08:12:59 -0800

CLICK HERE for the link to Groupon – ½ price Kayaking for your friends & family, too.

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Happy New Year!

Mon, 02 Jan 2012 12:23:29 -0800

New Year, New Changes: Will You Go With The Flow or Fight It?

Happy New Year! I am excited to share with you exciting, new journeys and experiences as 2012 reveals itself to all of us. With each new year comes changes big and small . . . whether we like it or not! And because change is inevitable, and because we have just entered a new year, I [...]

You can read the full email post here:
http://www.harveker.com/2011/12/new-year-new-changes-will-you-go-with-the-flow-or-fight-it/

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GREEN TIP - What to do with an Old Cell Phone?

Thu, 22 Dec 2011 08:53:25 -0800

This holiday season, many people will be receiving new phones – here’s what to do with the old ones:

Recycle It
If you’re really thinking of just tossing that cell phone in the trash, at least think of recycling it instead.

The easiest place to do it is at your cell phone store or at a large electronics store – most stores like this have a bin available where you can just drop in your old cell phone for recycling, ensuring that the chemicals don’t get into the mix.

You can also use a service like RecycleMyCellPhone.org, which will help you print off a mailing label that will allow you to mail the phone to a recycling center. This can be a good option if you live in a very rural area.

Sell It
You can also sell your old cell phone if you want to go to a bit more effort. Services like CellForCash.com will buy your old cell phones for a few dollars (obviously, the price depends on the model). You might be able to get even more than that if you have a local phone reseller who buys old phones – check the yellow pages to see if any are near you.

Donate It
My preferred option, if you’re simply looking to get rid of the phone, is to donate it to an organization that can put it to good use.

My top preference is to donate phones to spousal abuse centers. Such centers can then give the phones to women and children who are in abusive situations so that they can use the phones to call for help in the event of an abusive situation. Check the yellow pages to find a spousal abuse center in your local area.

Another excellent use for used cell phones is the Cell Phones for Soldiers program, which takes used cell phones and gives them to members of the United States military deployed overseas, enabling them to call their families with ease.

Think Outside the Box
There are also many personal uses for old cell phones. Here are four ways you can actually reuse that outdated piece of equipment.

Use it as a 911 phone. Charge it up, turn it off, and stick the phone (along with the old charger) in your glove box. Then, if you’re ever in an accident or other emergency, you can pull the phone from your glove box, flip it on, and use it to dial 911. This will work because all cell phones are required to allow you to dial 911, even without an active service plan to the phone.

Give it to a child to use as a toy. One of my two year old son’s favorite toys for many months was an old Kyocera flip phone with the SIM card removed. He’d open it up, turn it on, and play with it, pretending to talk to Grandma and so on. We didn’t charge it at all – he would use it quite happily without power.

Use it as part of a magic trick. With a single cell phone, you can do any number of “disappearing” or “unbreakable” item tricks, such as this one, where you appear to make the item vanish before someone’s eyes.

Even better, if you happen to have two identical phones, you can do a “switcheroo” trick where you appear to have smashed the phone, show the people the parts, then swap the parts back for the real phone.

All of these tricks can be key pieces of an amateur illusionist’s repertoire.

Experiment with it (or give it to a tinkerer). Another great idea for old cell phones is to use them for tinkering. There are many parts within a cell phone that can be used for building things, including the key pad and the LCD screen. Here’s details on how to reuse a cell phone display and also how to utilize cell phone parts for other uses. I can’t help it – I’m really into this kind of thing (and I’d do a lot more if I had more spare time). Even if you aren’t into this kind of thing, if you know someone who is, an old cell phone can be a treasury of bits and pieces.

What’s the message here? Don’t throw an old cell phone away. There’s still value in it yet, whether it’s in terms of direct compensation by selling it, additional value by reusing it, or social worth by finding a good cause to give the phone to. Reprinted from TheSimpleDollar.com

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Restaurant - $1 Sale Continues

Wed, 21 Dec 2011 13:44:50 -0800

We love to share GREAT DEALS with you, even if it’s not a house! J

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More parents helping kids buy homes

Wed, 21 Dec 2011 12:23:57 -0800

More parents helping kids buy homes

NEW YORK – Dec. 21, 2011 – Twenty percent of baby boomers have helped at least one of their children achieve homeownership by purchasing a home for them, co-signing a mortgage or contributing to the down payment, according to a survey by Better Homes and Gardens Real Estate.

Another 68 percent of those polled plan to help their children or grandchildren become homeowners down the road.

Experts attribute the trend to low home prices, parents wanting to provide some stability in their children’s lives and the fact that their children lack the necessary cash to make home purchases. These parents recognize that cash transactions offer better deals and quicker closings, or they know their children cannot afford a 20 percent down payment or have a type of job, such as freelance or part-time, frowned upon by lenders.

However, experts insist that parents should not jeopardize their budgets or their retirement by helping offspring become homeowners, and they should make sure their children can afford the monthly costs and other expenses that accompany homeownership.

Moreover, if a parent is offering a loan – not a gift – it should be in writing.

Source: CNNMoney (12/09/11) Christie, Les

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Ready to Buy in 2012? Get ready.....

Fri, 16 Dec 2011 15:36:43 -0800

At this point in December, it can start to feel like the New Year – along with all our hopes, dreams, wishes and expectations for it – are barreling down on us. Personally, I’m a rabid

Resolution-setter, and I have a pretty strong track record of making New Year’s changes actually happen – and stick. But what I know after years of using the New Year as a great excuse to set and meet some goals is that it’s very, very helpful to get a head start, ramping-up to new habits, behaviors and target goals achievements starting in December.

If you’re one of the millions who has an eye on 2012 as the year in which you’ll buy a home (first or not), here are five things you can do now to put yourself on the right path:

1. Check your credit. Take my word for it: there is no bad surprise worse than a bad credit surprise. Okay, maybe there is one thing worse – a credit surprise you receive while you’re in the midst of trying to buy a home!

Recent studies have revealed that a record high number of real estate transactions are falling out of escrow, and that credit “issues” are a leading cause of these dead deals. Your best chance at catching and correcting score-lowering errors and other derogatory items before they destroy your personal American Dream is to start checking and correcting while you still have time on your side.

2. Do your research. The more rapidly the real estate market changes, the more it behooves smart buyers to study up before they jump in. And now’s the time – you can start doing online and in-person research into topics ranging from:

· Target neighborhoods. Whether you’re relocating or simply trying to narrow down the local districts to focus on during your 2012 house hunt, December is a great time to start your online research into decision-driving factors like tax rates, school districts, neighborhood character and even prices in various areas. Resident ratings and reviews sites like Trulia and NabeWise can help you make the neighborhood-lifestyle match.

Once you narrow things down and start speaking to local agents, ask them to brief you on the local market dynamics, including how long homes typically stay on the market and whether they generally go for more or less than the asking price, so you can be smart about how you search. (And yes, Virginia, there are areas where homes sell for more than asking, even as we speak!)

· Real estate and mortgage pros. If you don’t already have your pros picked out, now is the time to get on the horn or drop an email or Facebook message to your circle of contacts, asking them for a referral to a broker or agent they love. Follow up by: checking whether these pros are active in answering questions on Trulia Voices, searching for their name and seeing what sort of feedback on them you can cull from the web, then giving them a ring and launching a conversation about whether you and they might be a good partnership.

· Short sales and REOs. Distressed property sales are not for the unwary. If you want to target upside down or foreclosed homes, or are planning to house hunt in an area where many of the listings are described as short sales or foreclosures, get educated about what you can expect from a distressed property purchase transaction before you get your heart set on a short sale.

· What you get for the money. Online house hunting is a powerful tool – especially when it’s cold and wet! But there comes a point in your house hunt where you’ve got to just get out into the actual physical homes you’re seeing online in order to get a strong, accurate sense of what home features, aesthetics and location characteristics correlate with what price points.

· Mortgage musts. You can read a bunch of articles about mortgages and get yourself pretty far down the path toward qualifying for a home loan, but you can only get a personalized action plan for a smooth road ‘home’ by talking with a local mortgage broker and having them assess your basic financials. They might say you need to move funds around, pay a bill down or off or produce some sort of documentation from your employer. And the time to start all that is now.

3. Fluff up your cash cushion. So, you’ve saved up your 3.5 percent down payment. Perhaps you saved a little extra for closing costs. Or maybe you’re even one of those uber-aggressive 20-percent-down-ers. No matter how much you’ve saved, you’ll find that you could use more once you activate your home buying action plan. Mark my words – after closing, you’ll crave extra cash to do some repairs, upgrade a couple of things, buy appliances or even just to hold onto in order to minimize your anxiety about depleting your savings!

So, if homebuying is on your personal 2012 action plan, don’t go hog wild on holiday gifts. Instead, wait until next year and give yourself the gift of a home.

4. Shed some stuff. Sell it. Donate it. Give it to relatives who’ve always coveted it. Just get rid of it. If you do it before year’s end, you can kill three birds with one stone: (a) getting some cold hard cash to go toward your savings, (b) getting some tax receipts so you can deduct the value of your donations in January, (c) minimizing money spent on holiday gifts for loved ones and these two bonus birds – clearing the mental clutter that physical clutter creates and prepping for your move in advance.

5. Sit very, very still. Sometimes, the best way to further our goals is to stop tripping ourselves up. In that vein, commit right now to refrain from making any major financial moves until you buy your home. Don’t quit your job to start that personal chef business (yet), don’t pull a bunch of cash out of your savings account (without getting clearance form your mortgage pro first), and don’t start buying cars and boats on credit – even if you do love the idea of putting the red bow on the car you give your wife, like in the commercials.

I assure you, the bow you’ll be able to put on that house or condo will be much bigger, redder and more tax-advantaged!

Reprinted From Trulia blog

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Today's market once-in-lifetime opportunity

Wed, 30 Nov 2011 13:34:12 -0800

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Today’s market once-in-lifetime opportunity

WASHINGTON – Nov. 30, 2011 – The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey.

Low home prices mixed with low mortgage rates – hovering at 4 percent or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77 percent increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment.

In 12 our of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels.

In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20 percent downpayment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap.

Nationwide, apartment rents are expected to rise by about 4 percent this year, which may make the owning vs. renting picture tilt even higher, according to some analysts.

Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.

Source: “Stronger Lure for Prospective Home Buyers,” The Wall Street Journal (Nov. 26, 2011)

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Q&A: Step-by-step guide to foreclosure

Tue, 29 Nov 2011 12:53:01 -0800

Q&A: Step-by-step guide to foreclosure

WEST PALM BEACH, Fla. – Nov. 29, 2011 –

Question: I read in the paper that the banks are starting the foreclosures again. I just got served with a foreclosure lawsuit. Can you explain the process in layman’s terms?

Answer: Each state has different versions of the foreclosure process. In Florida and some other states, a lender must get permission from a judge before it can repossess your home.

When you are served with a foreclosure lawsuit, your lender files a “complaint” against you, laying out the facts as it sees it. It’s basically telling a story as to why it thinks that it should get your house as payment toward the debt that you owe.

Along with the complaint, it serves several other documents, such as the “summons,” which gives the court power over you, and the “lis pendens,” which is a document filed in the public records to let everyone know that the property is the subject of a lawsuit.

When you are served with a lawsuit, you typically have 20 days to respond or you will be in “default,” which means that you have waived all of your defenses to the lawsuit, allowing the bank to proceed with the foreclosure. This is not a good idea. At this point, your attorney will respond to the suit with a “motion to dismiss” or an “answer.” If your attorney feels that the bank has no chance to win based on everything that it alleged in the complaint, he or she will file a motion to dismiss the suit.

If, however, the suit is not defective as filed, your attorney will file an answer, in which he or she admits or denies each of the bank’s statements from the complaint. The answer also will also set forth your “affirmative defenses.”

An affirmative defense explains why the bank should not get your home even though you may not be making your mortgage payments.

At this point in the lawsuit, several months or more will have gone by and the attorneys will begin “discovery.” That’s the process of getting to the truth by asking each other questions and getting documents from the other side for review.

During the discovery phase, you and your lender will probably go to a “mediation.” In a mediation, both you and your lender will lay out your side of the story before an unbiased third party, the mediator, who will encourage you both to voluntarily settle the case. At a mediation, no one is forced to settle the case. Both sides need to agree.

The discovery process can take six months or more. Once it is complete, you or your lender may make a “motion for summary judgment,” which is basically saying to the court that your side of the case is so strong that there is no possible way for you to lose. Most foreclosure cases end at the summary judgment hearing because the judge rules for the lender. But if the judge thinks there are still some questions to be answered, there will be a trial. At trial, the judge (or jury) will determine the truth and decide who wins the case.

If you win, the lender has failed and you keep your house. If the lender wins, which is much more likely, the judge will set a date for your home to be sold, with the proceeds from the sale going toward paying your lender back for the money that you borrowed.

If the fair market value of your home is not enough to pay your loan back in full, your lender may ask for a “deficiency judgment.” That gives the lender the right to come after you for the difference between the market value of your home and the amount that you owe your lender.

If the sale brings more money than you owe your bank, you get back what’s left over. (Check with an attorney about the process for receiving any refund.)

If you hire an attorney, the entire process typically will take about two years, during which time you can be working with your lender toward a loan modification, short sale or deed in lieu of foreclosure. Of course, if all else fails, there is always bankruptcy, but that’s a different topic for another column.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program. Send him questions online at http://sunsent.nl/mR20t7 or follow him on Twitter @GarySingerLaw.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

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Just Listed! 2150 sq ft built in 2007

Tue, 01 Nov 2011 15:26:00 -0700

CLICK HERE for information on our NEWEST Listing

Our Current Listings Still Available:

Melbourne 3/2/2 POOL; bike to downtown $85k

Eau Gallie COMMERCIAL C-1 + 14 parking spaces $75k

NEW Listings Coming Soon:

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Eau Gallie 2/2 Condo Cement Block $25k

Palm Bay 4/2/2 ½ acre Lockmar $125k

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Boat for Sale

Mon, 31 Oct 2011 16:24:58 -0700

Boat for Sale

Want to buy a boat?
Yes you read it right, a whole amazing island built right on a beautiful yacht. Created by UK-based yacht design company Yacht Island Designs, bringing a whole island onto a yacht.

The design as you can see is inspired by tropical islands, with huts, a pool and to top of that, a whole volcano that is sure not to erupt. Since this is a yacht, it comes packed with special VIP rooms, arcades, gym, lounges, spas and even a helipad. The volcano adds a lot of beauty to the whole look of the yacht, it also happens to have water flowing out of it onto the pool creating this amazing river complementing the whole tropical look.

The back of the yacht has a retractable beach deck where structures float on the sea making the sea accessible to swim in and of course grant access to various water activities such as wake boarding and jet-skis. The whole concept is pure genius and the result looks even better.

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Renters spend 5% more than homeowners

Fri, 28 Oct 2011 15:43:36 -0700

Renters spend 5% more than homeowners

NEW YORK – Oct. 27, 2011 – Rising rents are forcing renters to outspend homeowners on housing costs, according to a new study.

Since 2005, homeowners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. In that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.

In the last 26 years, homeowners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.

Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same – or less – than the median rental payment.

Yet, with the bleak job market, homeownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the homeownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, homeownership rates fell from 71.2 percent to 62.3 percent over that period.

Source: “Renters Outspend Owners on Housing,” RISMedia (Oct. 25, 2011) and Capital Economics

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