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Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®
When you begin to consider remodeling or home improvements, homeowners should consider the return on investment(ROI) or recouping of their costs. Many updates are preformed simply because the homeowner desires that upgraded kitchen or bathroom. It is important to remember that many, if not most, updates are not great ROI, because they are more for personal reasons rather than a cost vs. value.
“It can be a daunting task to even decide on what home improvement projects to undertake, let alone to physically tackle and complete them,” says National Association of Realtors (NAR) President Chris Polychron. “Realtors know what buyers are looking for during their search, and curb appeal is and always will be important. That explains why Realtors once again rated exterior projects as some of the most attractive and valuable for homeowners.”
Seeing these reports now for many years in a row I have noticed one update that always stands above the rest in terms of cost vs value; the steel entry door. According to Realtors, a new steel entry door returns about 101.8% of its costs upon resale compared to 96.6% last year. For my sellers and marketing the property to future home buyers we always start at the curb first and front entry way next. These areas are two of the most important areas to focus. Why, because first impressions do matter and the entrance to every home being marketed for sale should be warm and inviting. If you cannot afford to replace the front door, then we suggest a good painting and replacing all door hardware for that fresh and clean look.
The good news is the steel entry door is consistently the least expensive project in the report.
Rounding out the top 10 projects in terms of cost recouped:
© 2015 Florida Realtors® http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=317926
What does this mean?
Well Lawrence Yun, NAR’s Chief Economist predicts an approximate 7% rise in existing home sales for 2015. The key will be a strengthening economy and job growth. Yun sees more first-time buyers entering the market as well in 2015 with expected new mortgage products, low down payments and PMI(private Mortgage Insurance.) He warns if interest rise this year it could add hurdles to buyers and sellers. Many sellers have locked in such low interest rates over the past few years they may be very reluctant to commit to a much higher future rate. Yun’s preliminary analysis of sale in 2014 appeared to by around 4.94 million, which is about 3% below 2013. However the median existing sales price increased 5.6% from 2013 to 2014.
Watch this video for more information on the economy and housing market:
Source: National Association of REALTORS® ; http://realtormag.realtor.org/daily-news/2015/01/08/nar-home-sales-only-going-up-from-here?om_rid=AAEWoH&om_mid=_BUrvNWB8$sIYZV&om_ntype=RMODaily
Existing-home sales continued to rise in October and are now up year-over-year for the first time in 2014, NAR Chief Economist Lawrence Yun says during a Nov. 20 press conference in Washington. This is good news for our local Ocala/ Marion County market because the inventory is moving closer to a balanced market. The largest issue facing the future is a lack of inventory in many price ranges. If you are a seller and thinking your home might not be worth what you owe, you could be be mistaken. There are still great deals to be found for buyers too. Want to chat more about real estate or discuss your homes value, please contact me today.
If so, you could get another opportunity to save your home with the recent changes in loan modification rules by the Federal Housing Finance Agency. Fannie Mae and Freddie Mac announced the elimination of an eligibility cap that forbid loan modifications to homeowners with delinquencies of 720 days or more. This change was made to the “streamlined modification” program which was created in 2013 and touted as an automatic route to lower mortgage payments because no paperwork or application is required. According to the FHFA it is estimated that nearly half of borrowers nationwide would be eligible now under these new guidelines and all lenders must comply with the cap elimination by April 1, 2015 and all are encouraged to make the change immediately. All borrowers who were previously denied a modification must be reevaluated.
We’ve had multiple clients receive approvals under this program,” said Paul Baltrun, director of corporate development for the Law Office of Paul A. Krasker in West Palm Beach. “It’s very little paperwork, mostly just phone conversations with the lender, and the turn time is quicker.” If the borrower agrees and makes three on-time payments, the modification becomes permanent. Baltrun said it’s hard to gauge how many people the change will affect. Although the worst of the foreclosure crisis is over, he said a significant number of homeowners are still looking for modifications because they have lost jobs, or have used up their savings trying to stay in their home.”I think it will help a small number of people in specific circumstances,” said Baltrun, who believes removing the cap is a good change. “Why would someone who is 721 days late be declined when someone who is 719 days late is approved?
Also, borrowers are encouraged to apply for other loan modification plans, such as Home Affordable Modification Program, which could offer a better deal. About 3% of Florida homeowners with mortgages were 90 days late or more on payments during the second quarter of 2014 and nearly 10% were either 90 days delinquent, or in foreclosure. That puts Florida only second behind New Jersey with the highest foreclosure and delinquency rate in the nation, but a far improvement from the near 18% back in 2011. IN Florida streamlining this process is crucial because the foreclosure process is moving quicker and quicker through the process which mean less time for negotiating with the bank before foreclosure judgement is issued.
Source: floridarealtors.org and Copyright © 2014 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.
According to the National Association of REALTORS pending homes sales jumped for the month of July and have continued to increase for four of the last five months and states all major regions experienced healthy gains except for Midwest which saw a slight decline. Marion County saw a slight -2.2% drop in pending contracts for the month, but “closed sales” were up 17.7% and I expect to see the trend in pending contracts start to increase in coming months as kids go back to school and months start to cool off, hopefully. Our biggest hurdle, in todays market, is “new listings” which in July 2014 were 6.7% compared to this same time last year and “inventory”(Active Listing) is down 2.7% as well.
We are now at what many experts would call a balanced market because our numbers show we are at a 6.2 month supply. This means that if agents did not list anymore properties, it would take approximately 6 months for all inventory to be sold based on the current closed sales.
CLICK HERE FOR JULY MONTHLY MARKET REPORT
Did you know? Experian became the first credit reporting agency to add on-time rental payments to its database. Rental payment data being added to credit files can potentially help renters become homeowners and we can only hope the other credit agencies will follow suit. For many Americans establishing credit can be difficult because many credit card companies and retail stores are not approving credit applications as easily as in past years. Potential buyers are now going to see they will have a credit score and hopefully help them achieve a lower risk category too, Experian says. “Consumer financing rapidly changed during the economic upheaval, and regulatory changes forced lenders to tighten the standards for the underwriting process,” says Genevieve Juillard, president of Experian Consumer Information Services. “This excluded many Americans from the opportunity to attain credit due to a limited or no credit history. Residents who pay their rent on time month after month should be rewarded and not overlooked simply because they rent instead of own the place they call home.”
Experian recently conducted an analysis to determine how the new rental information has aided consumers’ credit files. The study shows that the addition of rental history on a subprime mortgage moved the participant up at least one higher(or less risk) by the addition of the newly added field. What does this mean for potential buyer? It means more affordable credit and additional credit opportunities.
To read more about the lead being taken by Experian click here>>>>>>Experian-rentbureau-credit-for-rent-analysis
“Real difficulties can be overcome; it is only the imaginary ones that are unconquerable.”
– Theodore Newton Vail U.S. telephone industrialist
Source: http://realtormag.realtor.org/daily-news/2014/08/08/study-rental-payment-history-can-help-boosts-credit-scores?om_rid=AAEWoH&om_mid=_BT5TNOB87s9Kmy&om_ntype=RMODaily
These tips are to remind home owners there are some advantages to owning your own home. You can hopefully help lower your tax bill with these ownership-related tax deductions and credits.
Please remember this article provides general information and should not be relied upon as tax or legal advice. Contact a local professional in your market area for help and guidance. Source: houselogic.com/home-advice/tax-deductions/home-tax-deductions/8/
“Life isn’t fair, but it’s good!” Unknown Author
There has been talk in the news lately about rising student debt preventing young Americans from become homeowners. The Federal Reserve Bank of New York reported last week that student loan debt rose more than 5% in the forth quarter of 2013 and now tops $1 Trillion(or $1,000,000,000) now thats a lot of $0’s and a lot of debt. “From Feb. 20 to 23, Redfin surveyed 1,912 home-buying clients, of which 965 were buying a home for the first time. Among the first-timers, 16 percent said that student debt had previously kept them from buying a home,” says Redfin Special Report by Ellen Haberle.
Of course this is small pool of buyers and the article does not discuss the geographical area this survey covers. Buying a home in Washington D.C. compared to Ocala, Florida sure does make a difference in your buying power. Despite these statistics, many lenders do not view student loan debt in the same manner as credit cards or car loans. If there is a concern contact a local Realtor for guidance or check with your current lending/banking institution.
I think many of the buyers waiting on the fence could miss the great value and extremely low rates. Many parts of the country we are finding rental rates much higher than traditional mortgage loan payments and often times less square footage with lower quality of life. If you think your student loans will keep you from getting a mortgage? CALL/TEXT 352-572-1739 or Info@HomesForSaleOcalaMarion.com to find out how I can help you make that dream of homeownership happen sooner rather than later.
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In my over 13 years of experience selling real estate in Ocala Marion County area this conversation comes up several times a year, if not more. Many buyers do not need or require a 3rd bedroom or 2nd bathroom at the time of their purchase. But as a Realtor, I make sure we discuss all aspects of the home purchase including the potential future resale value and more importantly the future marketability of the property. As you can see below the extra third bedroom home sales are considerably higher and some months even double the number of closed sales. The additional second bathroom shows an even larger increase in number compared to home with only one bathroom.
In my opinion, if at all possible and within budget. always opt for the home with a third bedroom. Most importantly, demand that second bathroom in your new home, condo, townhouse or manufactured home. Humans are nomadic(person who does not stay long in one place, always on the move) and there are few of us who live in a home for more than seven years based on recent statistics. The small additional upfront cost could equal an important boost in future marketability and demand of your investment.