Why Are Rates Rising? Should I Buy Florida Real Estate?

Why Are Rates Rising? Should I Buy Florida Real Estate?
Rates are on the rise and some people may wonder if now is the time to buy Florida real estate? Well that all depends on what the best fit for you and your family. If your looking to retire to Florida or expand your investment portfolio. Now may be a great time to take a look at what the Florida real estate market has to offer. Here’s an interesting video explaining a little bit about why mortgage rates are rising.

Port Charlotte Waterfront Homes

Florida Homebuyers May Miss The Boat…

Florida homebuyers may miss the boat, when it come to making a decision on purchasing Florida real estate. Prices are low and there is plenty of Florida inventory to choose from, BUT let’s not forget about the interest rates. Florida homes are more affordable today than at any time in recorded history, but it’s not because home prices are down. It’s because mortgage rates are.

Nobody can predict the future and you have to make that decision, whether you want to buy that Florida home now or wait a little longer yourself. Also you should look into USDA LOANS you may qualify for.

Here are the following example: 

If you have 20 percent to put down on a 300,000 home, today, you can borrow at 4.500% and pay $1,216 monthly.

If you want to wait for a price reduction and, 3 month later, get it — all the way to $285,000. You’ll be ecstatic…..until you talk to a lender to find out mortgage rates are up at 5.5 %.

That same home — selling for $15,000 less —

now costs $1,295 to carry. It’s a $79 monthly increase, and $28,440 in extra payments over the life of the loan.

Sure you get a great price, SHOULD the real estate market decrease, but rising mortgage rates mean higher monthly mortgage payments.

Port Charlotte Foreclosures in Port Charlotte Florida.

 Are you searching for Port Charlotte, FL foreclosures. Find foreclosure properties in Port Charlotte including pre-foreclosures, bank owned homes, Fannie Mae, REO and more at PortCharlotteForeclosurehomes.com

23056 Peru Ave 

Address:
Last Sale Price: $100
Last Sale Date: 10/01/1998
Market Value: $94,642
Assessed Value: $94,642
Total Land Area: 11,750 sf
Waterfront: No
Total Area:   3,108 sf
Living Area:   2,070 sf
Bedrooms: 3    Bathrooms: 2
Year Built: 1978    Stories: 1
Pool: No    Garage: Yes
Estimated Range Based On Value Ratio
$57,600  $88,400  $125,400
Estimated Range Based On Price per SF
$31,300  $100,200  $180,500
Address
Comparable Properties
22499 Rye Ave $101,400
3248 Glencove St $81,100
3081 Scranton St $48,400
3081 Lockwood St $92,600
22465 Oceanside Ave $102,800

Find Homes For Sale in Port Charlotte. Search Port Charlotte, Florida real estate, recently sold properties, foreclosures, new homes, school information and more at FlaOpenHouse.com

Should You Buy Florida Real Estate In 2012?

Should You Buy Florida Real Estate In 2012? Well lets talk turkey about Florida Real Estate market and economy. Florida, as you may already know was one of the states hit hardest by the bursting housing bubble. 2012 looks to be promising year. With US. Troops home and consumer spending up. We can all hope for better day in the sunshine state. However there was a report that
Florida is getting hit the hardest by the first round of store closures announced by Sears Holdings(SHLD) .


Here’s what you need to know when buying Florida Real Estate:

  • How To Avoiding Chines Drywall
  • Should You Buy Distressed Properties
  • Best Area For Buying a Florida Home
  • Should You Sell Your Florida Home
  • How To Find The Best Realtor /AgentThere are so many factors when purchasing Florida Real Estate. However with that said and out the way. The good part about buying Florida Real Estate is the saving. You can buy a home that once sold for $500,000 and buy that same house for $250,000. This may be a distress sale, REO, Foreclosure home.

    Whats a Distress Sale?Distressed Sale – Definition of Distressed Sale on Investopedia – When property, stocks or other assets are sold in an urgent manner, often at a loss

    What Is REO Homes?

  • REO is an acronym for real estate owned and is used in the context of foreclosed properties owned by the lender or bank.What Is Foreclosure?
  • Foreclosure is to shut out, to bar, to extinguish a mortgagor’s right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.Find Florida Foreclosure Homes Here

 

Florida real estate—Florida homes for sale in Florida

Florida real estate, Florida homes for sale what a hot topic. So many searches for Florida real estate. People from all over the country want to move to sunny Florida. With our nice warm beaches and are beautiful palm trees. It’s a dream for some or should i say match made in heaven.

Those who live up north understand the true value of living in the sunshine state. I have heard time after time how people from up north have to shovel snow before they have to go to work. I could not imagine having to shovel snow before going to work. I guess many of us Floridians can not fathom or realize what we have here in Florida.

According to TOLUSE OLORUNNIPA of the Miamiherald.com New Yorkers, Washingtonians and Atlantans are logging more and more internet searches for South Florida real estate. Areas like Washington have been hit with early Storm Warning.

Trulia Top Florida Real Estate Cities Below:

Aventura real estate (2,191)
Boca Raton real estate (4,616)
Bonita Springs real estate (2,612)
Boynton Beach real estate (3,057)
Bradenton real estate (4,129)
Cape Coral real estate (6,264)
Clearwater real estate (2,559)
Coral Springs real estate (1,811)
Delray Beach real estate (2,720)
Fort Lauderdale real estate (6,498)
Fort Myers real estate (6,971)
Gainesville real estate (2,387)
Hialeah real estate (2,590)
Hollywood real estate (3,804)
Homestead real estate (2,794)
Jacksonville real estate (12,167)
Kissimmee real estate (2,791)
Lake Worth real estate (2,390)
Lakeland real estate (2,639)
Lehigh Acres real estate (3,070)
Marco Island real estate (2,222)
Miami Beach real estate (4,496)
Miami real estate (22,572)
Miramar real estate (1,869)
Naples real estate (9,944)
New Port Richey real estate (1,946)
New Smyrna Beach real estate (1,747)
North Port real estate (2,388)
Ocala real estate (5,540)
Orlando real estate (9,744)
Ormond Beach real estate (1,679)
Palm Coast real estate (3,596)
Panama City Beach real estate (2,047)
Pembroke Pines real estate (2,140)
Pensacola real estate (4,526)
Pompano Beach real estate (3,259)
Port Charlotte real estate (4,070)
Port Saint Lucie real estate (2,785)
Punta Gorda real estate (3,281)
Riverview real estate (1,797)
Saint Augustine real estate (3,384)
Saint Petersburg real estate (3,873)
Santa Rosa Beach real estate (1,725)
Sarasota real estate (4,806)
Spring Hill real estate (2,224)
Sunny Isles Beach real estate (1,930)
Tallahassee real estate (2,993)
Tampa real estate (8,594)
Vero Beach real estate (2,864)
West Palm Beach real estate (5,719)
Search Florida Real Estate today…

Bank of America Relocation Assistance $5,000 to $20,000

With all the trouble that’s going on with Bank of America. This program may benefit distress home owners. Please read below what Bank of America is offering distress home owners across the state of Florida.


Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs – such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America’s proprietary program – is that deficiency may be waived for the homeowner.

Eligibility:

  • Homeowners with property in Florida
  • Short sales initiated without an offer between September 26 and November 30
  • The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
  • Successful closing of the eligible short sale by August 31, 2012
  • Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance

Exclusions:

  • Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
  • Lot loans are ineligible for participation
  • Properties outside the state of Florida are ineligible for participation
  • Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance

Florida Recession-Proof Cities For Real Estate in Florida…

When i hear Recession-Proof Cities For Real Estate, it brings great joy. In this real estate market home sale are all over the place, mostly on the low side. Recession-Proof Cities For Real Estate have been brougth to my attention by Forbes.com. Take Fort Myers, Florida, for example. It lands on Forbes list of Recession-Resistant Cities For Real Estate in Florida. Fort Myers has lots to offer like beautiful scenery and constant sunshine; a warm, year-round climate, and fairly low utility costs. It also
has very nice people and wonderful restaurants and more…  However  this area, along with much of South West Florida, relies primarily on tourism. As a result, jobs are mainly servicerelated, and not always very easy to get. When the tourist season ends, companies cut back on hours, and steady work is a challenge to get during the off-season unless you are lucky.

Fort Myers Florida Demographics:

As of the census of 2000, there were 6,561 people, 3,425 households, and 2,048 families residing in the town. The population density was 2,290.9 people per square mile (885.7/km²). There were 8,429 housing units at an average density of 2,943.2/sq mi (1,137.9/km²). The racial makeup of the town was 97.24% White, 0.08% African American, 0.38% Native American, 0.29% Asian, 0.03% Pacific Islander, 0.99% from other races, and 0.99% from two or more races. Hispanic or Latino of any race were 3.46% of the population. Read more

Here are the nation’s 4 out of 10 most recession-proof cities:

Fort Myers, Florida
Median home price: $126,100
Second Quarter 2011 Price Increase: 3.7%
First Quarter 2011 Price Increase: 2.9%
Price Plunge Since Peak: 58.6% decline

Port St. Lucie, Florida
Median home price: $112,600
Second Quarter 2011 Price Increase: 2.5%
First Quarter 2011 Price Increase: 1.1%
Price Plunge Since Peak: 55.7% decline

Sarasota, Florida
Median home price: $143,000
Second Quarter 2011 Price Increase: 6.7%
First Quarter 2011 Price Increase: 3.4%
Price Plunge Since Peak: 22.1% decline

Destin, Florida
Median home price: $159,300
Second Quarter 2011 Price Increase: 5.6%
First Quarter 2011 Price Increase: 0.9%
Price Plunge Since Peak: 37.2% decline

Here are Reports From Forbes.com and Fox news links Below:

How To Hire a Florida Real Estate Agent – Realtor (FL)

Find A Florida Realtor/Agent Here.

Hiring a Florida Real Estate Agent – Realtor (FL) You should think of a Florida Realtor® the moment you think of selling your home – even if you’renot 100% sure yet.
The real estate agent will fill you in with as much information as you want about the market condition, your home’s estimated value, staging ideas and the list goes on. You will not know every requirement for selling a home, most especially if this is your first time selling.  You may, however, start listing some things that you may want to think about when choosing your Florida Realtor®.

Some of them are listed below:

  • Is the Florida agent active in your area at this time and knowledgeable about the area?
  • Have you checked your Florida agent’s references? Most agents will be happy to provide you with a list of satisfied customers you can contact.

Does Your Florida Realtor:

  • Make you feel confident with there ability to preform?
  • Listen when you talk and does not talk over you.
  • Are they knowledgeable on current real estate trends in your area.
  • List your home on the Multiple Listings Service (MLS)
  • Do they promote your home on a personalized website with (SEO) Optimization?
  • Create personal virtual tours to market your home over the internet.
  • Following up with real estate agents and give you feed back from potential buyers.

Note: Please make sure that your Florida Agent/Realtor does not agree with everything you say.  A goodagent will make suggestions or sometimes even disagree with you.  Realtors® can back uptheir comments with facts, so ask away. Find Florida seller advice here.

Florida Chinese Drywall Maybe a Silent killer

Normal shut off valve
Normal shut off valveCorroded shut off valve

Florida Chinese Drywall Maybe a Silent killer. What we know about Chinese Drywall.

Between 2001 and 2007, millions of sheets of drywall were imported to Florida and others US. States. Much of this drywall contained toxic sulfur compounds, which went unnoticed until recently. Thousands and thousands of homes were built with this toxic drywall. Chinese drywall imported into the United States has resulted in a serious and growing problem for many homeowners, caught unaware of the potential impacts of this toxic material upon their homes, personal property and health.
Toxic Chinese drywall can out-gas harmful sulfur/sulfide compounds that can cause a variety of problems in your home, including damage to wiring and appliances, and health issues for you and your family. The health department has received more than 100 complaints from homeowners about the drywall that has polluted their homes.

Can Chinese Drywall Be Dangerous To Your Health?

Chinese drywall was found by Lawrence Berkley National Laboratories to emit hydrogen sulfide up to 100 times greater than non-Chinese produced drywall. Hydrogen sulfide is a hazardous gas which, in high concentrations, can be fatal. We have personally been in many homes in Port Charlotte Florida that have Chinese Drywall. and they have a rotten egg smell or well water smell. However you will see corrosion on exposed wiring and other copper material such as facets, pipes, outlets, shut off valve. Also blackening of copper in and around the air handler unit. Its’s Always a GREAT idea to get any home inspected for Chinese drywall.

I have also found that many Bank Owned Homes have Chinese drywall in them.

Quick Note: Most Banks Will Not Disclose That Some Of Their Homes May Contain Chinese Drywall.

The most commonly reported symptoms include:

  • Headaches and cough
  • Irritated and itchy eyes
  • Difficulty in breathing
  • Bloody or runny nose
  • Frequent sinus infections and asthma attacks