Should I Sell My Home Now or Wait Until the Spring?

Here are several reasons why choosing to sell your home now may be a better decision than waiting until the spring:

Less Competition
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition. The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.

Simply put, it’s the supply and demand theory. If there are less homes for sale, there are less homes that a potential buyer can choose from, therefore increasing the demand for your home. Not only will less competition increase the probability for showings, but it will also increase the probability that an offer will be received and you will get the maximum amount of money for your home.

Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period! Many homeowners believe that buyers aren't out there during the fall and winter months. This simply is not the case. Serious buyers are always out there! Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.

The fall and winter months are also a great time for a potential buyer to see what a specific neighborhood is like. Do your neighbors have pumpkins on their front step? Are there lots of Trick-or-Treaters wandering the neighborhood on Halloween? Do any of your neighbors have any light displays for the holidays? There are buyers out there who will look at these types of things when determining whether your home is in the right neighborhood for them or not.

The Best Agents Are Always Up To The Challenge
Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that. A great real estate agent can make suggestions and give some of their tips on how to sell a home during the fall or winter seasons. If a real estate agent doesn't have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.

Staging For The Holiday Season
Many sellers believe staging a home is the main reason a home sells. While staging certainly helps sell homes, some buyers have a difficult time envisioning themselves in a home no matter what you do. However, there are some buyers who can easily be "sold" on a home because it is staged. Simple “seasonal” staging such as adjusting the color of the decor or having an aroma in the air that is relative to the time of year can go a long way with some potential buyers and possibly be the difference between a home selling or not.

Mortgage Rates Are Low
If you've read about real estate in the past year, it's likely you've read that the mortgage rates are very low. You also probably read that there is an expectation that the rates will increase very soon. Since mortgage rates are so low right now, buyers are able to afford more expensive homes. If mortgage rates increase over the fall and winter months while you're waiting for the spring market, it could cost you thousands of dollars as it could eliminate many buyers from the real estate marketplace! Less demand for your home will mean less money. Bottom line: take advantage of selling your home while the rates are this low.

Quicker Transactions
Right now, there are fewer real estate transactions than there will be in the spring. The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do. All of these factors should lead to a quicker transaction and closing for all the parties involved. One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.

By considering all of the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.

This Is South Florida!

Fortune International Group - Why We Love Miami

Foreign Buyers Impact Luxury Coastal Cities, Not Overall U.S. Housing Market

Miami still receives dominant share of foreign residential buyers each year

According to the newly released 2017 Q2 Zillow Home Price Expectations Survey, international buyers of residential real estate in the U.S. don't have a significant impact on the overall housing market. They are far more influential at the top end of the market.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts and economists about the impact of international buyers on the U.S. real estate market. Overall, international buyers have a modest effect on inventory and home values, according to the panelists. At the high end of the market, though, the respondents said international buyers have a major impact on home values.

The National Association of Realtors also reported last week that during 2016 foreign U.S. home buyers:

Purchased $102.6 billion of residential property from April 2015-March 2016, a decrease from $103.9 billion in the previous 12-month period.
Purchased 214,885 residential properties, an approximately three percent increase from 208,947 in the previous 12-month period.
Foreign buyers typically purchase more expensive properties.
Although foreigners purchased property nationwide, five states accounted for 51 percent of total residential property purchases: Florida (22 percent), California (15 percent), Texas (10 percent), Arizona (four percent), and New York (four percent).
Since the housing crash, housing affordability has been a significant issue for many Americans. Rapidly increasing rents had the dual effect of financially incentivizing homeownership and making it harder to save for a down payment. At the same time, lagging new construction and high negative equity rates have kept inventory low, pushing up home values and making it harder to find an affordable home. Increased activity from international buyers of U.S. real estate has also fueled concerns about affordability.

Most of the panelists surveyed expect that international buying activity will decrease or stay at the same level in the coming year, signaling that outside influences aren't likely to be the most significant driver of the U.S. housing market over the next year.

Expectations for overall home price growth are stronger now than they were a year ago. A year ago, panelists predicted that home prices would rise 3.4 percent in 2017. Now, they expect to see a 4.8 percent increase. Their forecasts for home price growth in 2018 are also more optimistic now compared to last year.

"International buyers are popular scapegoats for rising real estate prices and shrinking inventory, but domestic factors have had a bigger influence on the housing market, much more so than demand from overseas," said Zillow Chief Economist Dr. Svenja Gudell. "Older millennials are reaching prime homebuying age, increasing demand for housing, but we are still well behind historical norms when it comes to building new homes. The fact that economists and experts are revising their expectations upward for future home value growth is a sign that these trends will continue to exert upward pressure on prices going forward."

Some cities with expensive housing markets - including Vancouver, Canada, Paris, and Sydney - have introduced policies in attempts to limit international home buying activity, However, most panelists agreed these measures are unlikely to affect housing affordability, or may even be counterproductive. Only about 20 percent of respondents think these policies are an effective response to improve housing affordability.

"On the heels of last year's nearly seven percent national home value appreciation rate, the prospect that prices will increase less than five percent overall this year might be dispiriting to some," said Pulsenomics founder Terry Loebs. "Yet, 4.8 percent is not only well above the historical average annual gain, it's the most optimistic projection for 2017 that we've seen from our expert panel over the past five years. Although most pessimistic experts still expect a sharp slowdown to commence in 2018, even this group anticipates home values to increase an average of nearly four percent this year. Given these projections, it's a pretty safe bet that U.S. home equity growth will exceed $1 trillion for the sixth consecutive year, and continue to buttress consumer confidence and household spending in 2017, especially if more of today's renters can afford the transition to homeownership."

How to Sell a Condo in a tough Market, It's Not Like Selling a House!

Condos have their own unique selling points and challenges that are good to know before you put yours on the market.

If condo sales are slow in your area and you want to sell immediately, make your condo the most attractive product on the market. Which means you may need to know the ins and outs of how to sell a condo. So heed the advice below on how to pinpoint the right time, price, marketing tactics, and more so you can maximize your return on the sale, once someone bites. And No, it's not just like selling a house.

When to sell a condo

Condos tend to sell faster than single-family homes even in a down markets, because condos are typically smaller, cost less, and have lower overall maintenance costs. The time of year is a strategic consideration. If your place is near a beach, golf course, or country club, you’ll get the best price right before the tourist season hits. If seasonal factors affect your location, consider playing the waiting game to net more money. But don’t assume your condo will sit for long; prepare to move quickly if an offer rolls in.

How much is the condo worth?

This is probably the trickiest part of selling any property. Price it too high, and a lot of potential buyers won’t even take a look. Price it too low, and you’ll lose out on an opportunity to maximize your return. Since Condos complexes have very similar or even identical units. This makes it much easier to get comparables, which are the recent closed sales of similar units in your building and/or area.

Competitive Pricing is the key factor in selling your Condo. Check out the asking prices for condos in your building and area. This will help you price your condo appropriately. Look at recent condo sales and listing prices. Make sure you compare condos in the same building, size, floor, view and condition (Unit upgrades, etc.). Corner or end units are considered quieter than those in the middle and as such, can command a higher price. List your condo at or slightly below the most competitive prices on the market. This will get the attention of buyers and their agents.

Prepared to negotiate. But set a desired price and a bottom line price. The bottom line price is the absolute lowest you will go in trying to sell your condo. Remember, in a down market you may need to sell for less than you would like. (Call me for a Free Condo Evaluation, I can recommend an asking price and strategy to maximixe your return).

Make your condo the most attractive product on the market. Since condos can be a bit more cookie cutter than single family homes, you might have to work a bit harder to make it stand out (particularly if other similar units in your complex are for sale at the same time). To show your condo at its best, you'll want to clean it, fix the stuff that's in obvious need of repair, and declutter your possessions. If possible, give it a fresh painting and to give the illusion of more space, throw away or box up and store everything that is not absolutely essential. Present your condo in the best possible light!

Once your condo is ready, start the marketing process. With condos, this largely means emphasizing your complex's unique selling points. One of the best features to accentuate when selling your condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important selling point is to focus on the amenities of the complex. Does yours have a pool? Fitness center? A parking garage? A meeting room or lounge? Concierge services? Promote the amenities that come with your condo.Make sure you show them up with professional photos.

Emphasize on the assets of your own individual condo unit. If your condo has a great view, convenient location, or recently remodeled bathroom, be sure to include that in your marketing materials. If you're not sure what to focus on, Get a real estate agent for suggestions. The agent's fresh perspective could help you highlight the unique selling points of your place.

Advertise in the right places. Maximize the market exposure of your Unit. A well-connected real estate agent will place your condo on the Multiple Listing Service (MLS) and publicize it on the realty agency's website. Place your condo with pictures and a detailed description in print and online publications such as http://www.Miamipropertyconsultant.com

Offering Incentives if possible. Offer closing cost help such as a closing cost credit, pointing out that buyers in a tough market struggle to gather enough cash for closing costs after making a down payment and signing off on a mortgage. This will make your condo more attractive than others on the market. Pay condo association dues in advance. Your buyers might hesitate to make an offer because of the condo dues they will have to pay every month in addition to their mortgage payment. Offer to pay out the dues for the year, so they get a head start. Include appliances. A condo furnished with a refrigerator, washer and dryer will sell more quickly than a condo that comes with nothing. Throw in your appliances without raising your asking price, and the package will look more attractive to potential buyers.

Brickell Key getting water taxi site, park

A site on Brickell Key is being dedicated as a public park and water taxi pick up and drop off location.
Miami city commissioners meeting today (5/11) are to consider accepting a right-of-way deed of dedication for upland property on the key, a man-made triangular island at the foot of Southeast Eighth Street.

It is part of a development agreement the city has with property owner-developer Swire Properties.
The legislation is a resolution authorizing and directing City Manager Daniel Alfonso to accept, pursuant to a right-of-way deed, the dedication of upland from Swire Pacific Holdings Inc.
The land is to be used “as a public linear park and for use as a public water taxi pick up and drop off location” and associated purposes, according to the resolution.
Also called Claughton Island, the 44-acre island is connected to the mainland by a bridge. The island is home to high-rises offering office space, hotel rooms and luxury condos.
Swire took over the development of Brickell Key in the 1980s.
A sketch presented with the deed marks the park and water taxi site just north of where Brickell Key Drive bridge (Southeast Eighth Street) connects with the island.
A plan for the build-out of Brickell Key, with the construction of a new residential tower, was given the go-ahead in October 2015. City commissioners approved the second and final reading of an amendment to the Brickell Key Development of Regional Impact, or DRI, order.
The change reduced the permitted non-residential floor area by 676,116 square feet while increasing the number of residential units by 668, and required a 3.75-acre linear park on the island.
Swire Properties plans to bring a new residential tower to the southern corner of the island.
At the time of the amended DRI order, Swire said references to the 3.5-acre park were confirmation of an existing “linear pedestrian park already in place around the island.”
The amended development order is noted in this week’s resolution, stating the order permitted a 3.5-acre linear park and a quarter-acre park on the island.
Swire has determined that to satisfy its obligation, in part, to dedicate public park land it will convey property to the city for a park and water taxi site, according to the resolution.
The new deed includes a reverter clause should the property ever cease to be used for a public park and water taxi stop.
Dedicating the site for public water taxi use comes at a time when city and county officials are seriously considering the encouragement of water-borne transportation, and are busy identifying potential sites for water taxi stops.
Miami-Dade County is considering a fleet of water transit solutions to help lessen traffic gridlock on area streets and highways.
Even the term “water bus” is being used as the county examines all aspects of water transportation, from the size of vessels to fares to projected ridership.
The county’s transit department is looking at both a water bus system for commuters with a fixed schedule and route, and water taxis.
City Commissioner Wifredo “Willy” Gort has been calling for a waterways transportation plan for years.

(http://www.miamitodaynews.com/2017/05/09/brickell-key-getting-water-taxi-site-park/).

Mortgage Rates in U.S. Hit 2017 Lows in Mid-April

According to Freddie Mac's latest Primary Mortgage Market Survey released April 13, 2017, the 30-year mortgage rate in the U.S. dropped for the fourth consecutive week and hitting a new low for 2017.

Sean Becketti, chief economist of Freddie Mac said, "Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points. The 30-year mortgage rate fell 2 basis points to 4.08 percent. Not only did the average 30-year fixed-rate mortgage decline for the fourth consecutive week in our survey, it also fell to a new 2017 low."


Freddie Mac News Facts

30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.5 point for the week ending April 13, 2017, down from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.58 percent.
15-year FRM this week averaged 3.34 percent with an average 0.5 point, down from last week when it averaged 3.36 percent. A year ago at this time, the 15-year FRM averaged 2.86 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.19 percent. A year ago, the 5-year ARM averaged 2.84
Several closely watched mortgage rates fell on Friday. The average rates on 30-year fixed and 15-year fixed mortgages both receded. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, held firm.

Mortgage rates are constantly changing, but they have remained in a historically low range for quite some time. If you're in the market for a mortgage, it could be a great time to lock in a rate. Just be sure to shop around.

(Read more:http://www.worldpropertyjournal.com/real-estate-news and

http://www.bankrate.com)