powersouthrealty

May 2012 Real Estate update

adminandy — Mon, 14 May 2012 21:08:15 +0000

May 2012 KCM

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Miami condo prices jump 38 percent in first quarter, inventory falls 33 percent

adminandy — Thu, 10 May 2012 15:46:12 +0000

The median sales price of a Miami-Dade County condominium rose by 38 percent in the first quarter, compared to the same period in 2011, according to a report from the Miami Association of Realtors. The median single-family home sales price rose to $174,799, a 14 percent increase compared to the first three months of 2011. “In the first quarter, we have seen further decline of housing inventory in Miami-Dade County, coupled with consistent and significant price appreciation,” said Martha, 2012 Chairman of the Board of the Miami Association of Realtors. “Record home sales, which were greatly boosted by foreign buyers and investors in Miami-Dade County, have further strengthened the local real estate market and economy.” The price increases came despite short sales and REOs continuing to account for a significant proportion of closed home sales. Inventory in Miami fell by 33 percent in the same period. — Alexander Britell

Tiffany Alexander

adminandy — Mon, 07 May 2012 03:02:17 +0000

Sales Associates

Phone: 954-496-4582

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Violet Hill

adminandy — Mon, 07 May 2012 02:56:51 +0000

Sales Associates

Phone: 954-722-1022

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Bruce Barlett

adminandy — Mon, 07 May 2012 02:51:42 +0000

Sales Associates

Phone: 954-270-3426

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Is housing as cheap as it’ll ever get?

adminandy — Fri, 04 May 2012 20:42:00 +0000

Homebuyers who want a bargain may want to act now because the housing market is in the midst of a turnaround, economists say.

Home prices have fallen and mortgage rates are hovering near record lows, pushing home affordability for the average family to record highs. Meanwhile, rents have been on the rise, making owning a home cheaper than renting in most areas of the country, according to recent surveys.

But the housing deals aren’t expected to stick around much longer.

An improving job market, a decrease in the number of homeowners falling behind on their mortgage, and an anticipated improvement in access to mortgages is expected to help home prices start bouncing back by next year, economists say.

Investors eyeing profits in rentals also have been snapping up bank-owned properties, which Clear Capital’s Alex Villacorte attributes as helping to lead to an increase in prices on foreclosed properties. This “could have a significant impact on the market overall in terms of providing a rising floor to home values,” Villacorte told CNNMoney.

Some areas are already seeing prices rise. In Phoenix, housing prices have already increased 8.4 percent during the three months ending April 30, and Miami saw prices bump up 4.6 percent quarter over quarter, according to Clear Capital data.

“Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000,” Tanya Marchiol, founder of Team Investments in Phoenix, told CNNMoney.

Loan rates, demand predictions

Buyers may want to act more quickly because mortgage rates are expected to tick up slightly by the end of the year. The increase is being sparked by greater demand, says Doug Lebda, CEO of LendingTree. He predicts 30-year fixed-rate mortgages will inch up to 4.5 percent by the end of the year, which is still low, however, by historical standards.

The Mortgage Bankers Association is also predicting a big leap in mortgage loans next year. For this year, MBA estimates that buyers will take out loans totaling about $415 billion, but by 2013 that number is expected to nearly double to $706 billion.

Source: “Buying a Home Won’t get Much Cheaper,” CNNMoney (May 3, 2012) and “Time To Trade The Lease For A Mortgage?” NPR (May 1, 2012)

Real Estate’s Bidding Wars Are Back

adminandy — Thu, 03 May 2012 13:45:55 +0000

Real Estate’s Bidding Wars Are Back

Pending-home sales in March hit their highest level since April 2010, spurring the return of real-estate bidding wars.

Fritz Salomon

adminandy — Fri, 27 Apr 2012 00:38:26 +0000

Sales Associates

Phone: 954-479-4598

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Brenda Nelson

adminandy — Fri, 27 Apr 2012 00:34:09 +0000

Sales Associates

Phone: 954-205-4643

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Economist: Florida existing home prices could rise 10 percent in 2012

adminandy — Wed, 18 Apr 2012 14:28:40 +0000

Existing home prices in Florida could increase by as much as 10 percent by the end of this year, according to Lawrence Yun, the chief economist for the National Association of Realtors, the Palm Beach Post reported. “Compared to other parts of the country, the Florida market, particularly the South Florida market, is [recovering] very rapidly from oversupply to a shortage of inventory,” Yun said at a conference in Palm Beach. “That clearly implies we will begin to see some modest turnaround